Teladoc Health, Inc. reported a total revenue of $2.57 billion for the fiscal year ending December 31, 2024, a slight decrease of 1% from $2.60 billion in 2023. The decline was primarily attributed to a 3% drop in access fees, particularly within the BetterHelp segment, which saw a decrease in paying users. However, the company experienced an 11% increase in other revenues, mainly driven by higher visit revenues. The U.S. market accounted for approximately 84% of total revenue, with international revenue rising by 12% to $409.6 million.
The company's financial performance was significantly impacted by a non-cash goodwill impairment charge of $790 million, which contributed to a net loss of $1.00 billion for the year, compared to a loss of $220.4 million in 2023. This impairment was linked to sustained decreases in the company's market capitalization and changes in the operating results of the BetterHelp reporting unit. Adjusted EBITDA for 2024 was reported at $310.7 million, down from $328.1 million in the previous year, reflecting a 5% decline.
Operationally, Teladoc Health reported an increase in its Integrated Care segment, which generated $1.53 billion in revenue, up 4% from the previous year. This growth was driven by higher chronic care program enrollment and telemedicine product revenue. In contrast, the BetterHelp segment experienced an 8% decline in total revenue to $1.04 billion, primarily due to an 11% decrease in average monthly paying users, which fell to 410,000.
The company continues to focus on strategic initiatives, including the planned acquisition of Catapult Health, which is expected to enhance its Integrated Care offerings. Teladoc Health aims to expand its services and improve member engagement through various product enhancements and geographic expansion. The company also reported a workforce of approximately 5,500 employees as of December 31, 2024, with ongoing efforts to attract and retain talent in a competitive market.
Looking ahead, Teladoc Health anticipates continued positive operating cash flows and believes its existing cash reserves will be sufficient to meet its working capital needs for at least the next 12 months. However, the company acknowledges the potential for fluctuations in its quarterly results and the impact of economic conditions on its business performance.
About Teladoc Health, Inc.
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