Teladoc declines after withdrawing annual, long term forecast

Teladoc Health

01/08/2024 10:24

** Shares of virtual healthcare provider Teladoc  TDOC.N 
fall 16% at $7.93 premarket 
    ** Late on Wednesday, TDOC withdrew its full year 2024
guidance for the company, as well as for its mental health
services segment known as BetterHelp 
    ** TDOC also withdraws its three year forecast for the
company and both operating segments 
    ** TDOC reports second-quarter net loss of $837.7 million,
or $4.92 per share, compared to $65.2 mln, or $0.40 per share
reported last year 
    ** Co recorded a non-cash impairment charge of $790 million
in the quarter due to changes in estimates related to future
cash flows from its BetterHelp business 
    ** At least five brokerages cut their price targets on the
stock 
    ** Up to last close, TDOC down 56% YTD 

 (Reporting by Bhanvi Satija in Bengaluru)
 ((Bhanvi.Satija@thomsonreuters.com; Outside U.S. +91
9873062788;))