Teladoc slumps to record low after withdrawing annual, long-term forecasts

Teladoc Health

01/08/2024 16:24

(Updates)
    ** Virtual healthcare provider Teladoc's  TDOC.N  shares
fall 13% to record low of $8.22
    ** Company withdrew its forecasts for 2024 on Wednesday, as
well as forecasts for its mental health services unit BetterHelp
    ** Teladoc also withdrew three-year forecasts for company,
as well as for segments BetterHelp and Integrated Care
    ** Company recorded non-cash impairment charge of $790 mln
in Q2 due to changed estimates for future cash flows from
BetterHelp
    ** Continued advertising cost pressures suggest BetterHelp
likely to face growth headwinds - J.P.Morgan
    ** Fixing BetterHelp and growing company's chronic care unit
seem like a "tall order" for TDOC - brokerage
    ** Teladoc reported Q2 net loss of $837.7 mln, or $4.92 per
share, compared with loss of $65.2 mln, or $0.40 per share, a
year earlier
    ** At least 5 brokerages cut PTs on company's shares 
    ** As of last close, TDOC down 56% YTD

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