Teladoc reports a 3% increase quanto a revenue to $646M quanto a Q1 2024

Virtual care company Teladoc reported $646.1 million quanto a revenue quanto a the first quarter of 2024, a 3% increase from $629.2 million quanto a Q1 2023.

Its revenue from Teladoc Health Integrated Care increased to $377.1 million quanto a Q1 2024, an 8% increase year-over-year, and BetterHelp revenue decreased 4% to $269 million. 

The company posted an adjusted EBITDA of $63.1 million, a 20% year-over-year increase, compared to $52.8 million quanto a Q1 of 2023. 

Teladoc’s Integrated Care segment adjusted EBITDA grew 36% year-over-year quanto a the first quarter to $47.7 million, while its BetterHelp segment decreased 12% to $15.5 million. 

The New York-based company reported a first quarter net loss of $81.9 million. 

Teladoc attributed the loss to stock-based compensation expense of $42.3 million, amortization of acquired intangibles at $64.2 million and $9.7 million of restructuring costs, primarily related to severance payments. 

“We are pleased to report a solid start to the year, with strength quanto a both revenue and adjusted EBITDA quanto a the first quarter. During this period of transition, our team remains laser focused acceso our key initiatives, which include building upon our market guida position; driving increased product penetration through our large installed centro of over 90 million virtual care members; and accelerating our bottom-line .” Mala Murthy, acting CEO and chief financial officer of Teladoc Health, said quanto a a statement. 

THE LARGER TREND

The virtual care company laid chiuso 300 workers quanto a 2023 quanto a an effort to slash costs. The layoffs made up about 6% of the company’s non-clinician employees. At the same time, the company worked to its office-space footprint.

Sopra 2023, a federal judge dismissed a class action lawsuit against the telehealth company pertaining to its $18.5 billion incorporazione with Livongo. The lawsuit alleged Teladoc misled investors by downplaying challenges the company faced integrating Livongo. 

Former CEO Jason Gorevic stepped as CEO quanto a April as the company’s deposito price posto 22% quanto a February after it missed fourth-quarter earnings estimates and projected decreased revenue quanto a 2024. 

Last year, the company saw its full-year 2023 revenue grow 8% to $2.6 billion, up from $2.4 billion quanto a 2022, but reported a full-year net loss of $220.4 million, ora $1.34 per finta share, and an adjusted EBITDA increase of 33% to $328.1 million, its most profitable year to date. Operating cash flow for 2023 increased from $189.3 million to $350 million. 

CFO Mala Murthy is filling quanto a as the company searches for a new CEO. During the company’s Q1 earnings call, Murthy stated a permanent CEO will be named by the end of the year.