Teladoc falls on downbeat 2024 forecast

Teladoc Health

21/02/2024 12:14

** Shares of virtual healthcare provider Teladoc  TDOC.N 
fall 20.2% to $16.35 premarket
    ** At least 6 brokerages including RBC Capital Markets, TD
Cowen and Piper Sandler cut their PTs on TDOC 
    ** Late on Tuesday, company said it sees 2024 revenue
between $2.64 bln and $2.74 bln, vs analysts' estimates of $2.77
bln - LSEG data
    ** TDOC reported Q4 revenue of $660.5 mln, missing estimates
of $671.4 mln
    ** Company expects flat- to mid-single-digit 2024 revenue
growth in its mental health services segment, BetterHelp
     ** TD Cowen says it finds a more challenging environment
facing TDOC, with BetterHelp growth constrained by elevated
costs of acquiring new customers and slower-than-expected uptake
in Chronic Care atop a mature, slowing urgent care and medical
telehealth business 
    ** Five of 27 brokerages rate the stock "buy" or higher, 22
"hold"; their median PT is $20
    ** Up to last close, stock down 31.9% in the last 12 months

 (Reporting by Puyaan Singh)
 ((Puyaan.Singh@thomsonreuters.com;))