Teladoc Health, Inc. has recently released its 10-K report, detailing its operations and financial performance for the fiscal year ended December 31, 2022. The company provides virtual healthcare services globally through its Integrated Care and BetterHelp segments. Teladoc Health aims to make virtual care the first step in any healthcare journey by offering primary care, mental health, chronic condition management, and more.
Financial Metrics:
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U.S. Integrated Care Members: The number of U.S. Integrated Care members increased by 6.3 million, or 8%, to 89.6 million at December 31, 2023, compared to the same period in 2022.
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Chronic Care Program Enrollment: Chronic care program enrollment increased by 14% to 1.16 million at December 31, 2023, compared to 1.02 million at December 31, 2022.
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Average Monthly Revenue Per U.S. Integrated Care Member: Average monthly revenue per U.S. Integrated Care member decreased to $1.41 in the year ended December 31, 2023, from $1.42 in the same period in 2022.
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BetterHelp Paying Users: BetterHelp paying users increased by 9% to 0.46 million as of December 31, 2023, compared to 0.42 million as of December 31, 2022.
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Efficiency Program and Restructuring: Teladoc Health is focused on driving growth both organically and through acquisitions. The company is taking steps to accelerate progress on bottom-line performance to achieve a more balanced approach to growth and margin, which is expected to result in restructuring costs in the year ending December 31, 2024.
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Seasonality: Teladoc Health's business is historically subject to seasonality, with higher visit and other fee revenue during the first and fourth quarters of each year in the Integrated Care segment. The BetterHelp segment reduces marketing activity during the fourth quarter due to the higher cost of customer acquisition during the end-of-year holiday season.
The market has reacted to these announcements by moving the company's shares -4.5% to a price of $14.53. For more information, read the company's full 10-K submission here.