Teladoc racks up billions more in goodwill charges, gives downbeat earnings forecast

The company logged a net loss of $3.8 billion, or $23.49 a share, compared with a loss of $10.9 million, or 7 cents a share, in the year-earlier quarter. Analysts tracked by FactSet were expecting a 25-cent loss per share.

Teladoc recorded $3.8 billion in impairment charges during the quarter, building on charges taken earlier in the year. Taken into account that goodwill impairment, the company reported a net loss of $13.7 billion for 2022.

Teladoc recorded fourth-quarter adjusted earnings before interest, taxes, depreciation, and amortization (Ebitda) of $94 million, up from $77 million a year before, while the FactSet consensus was for $92 million.

Revenue rose to $638 million from $554 million a year prior, and exceeded the FactSet consensus, which was for $633 million.

“Despite a challenging macro environment, we were able to expand our product offerings and enhance the level of care delivered across our integrated whole-person platform,” Chief Executive Jason Gorevic said in a release.

The company is “committed to a balanced approach to growth and margin which will allow us to invest in key initiatives across our product roadmap,” he added.

For the first quarter, Teladoc anticipates $610 million to $625 million in revenue, along with $42 million to $50 million in adjusted Ebitda. Analysts tracked by FactSet were modeling $652 million in revenue and $62 million in adjusted Ebitda.

Looking at the full year, Teladoc expects $2.550 billion to $2.675 billion in revenue as well as $275 million to $325 million in adjusted Ebitda. The FactSet consensus was for $2.712 billion in revenue and adjusted Ebitda of $297 million.

Shares of Teladoc have fallen by more than half over the past year, as the S&P 500
SPX,
-0.16%
has lost 7%.