TDOC
Teladoc Health Inc
What I got from the Teladoc 2024 Annual Report
✅ annual report opened with a letter from the CEO (which we love to see!)
He opens the letter with honesty (again, a huge positive):
"Teladoc Health faced headwinds in 2024, including an evolving marketplace and operational challenges experienced by the company earlier in the year."
They have two segments:
Integrated Care
BetterHelp
BetterHelp is the largest direct-to-consumer virtual therapy business.
They acquired Catapult Health in 2024. Catapult Health specializes in at-home wellness cehck ups.
Product wise, they introduced AI capabilities into a "virtual sitter". At hospitals, they literally pay someone to sit and make sure a patient is safe (doesn't get out of bed, pull lines, etc). This is a great move and could be safely handled by virtual sitter (and increase the capacity of inpatient care)
He ends his letter with four main priorities moving forward
Driving value for our customers
Enabling quality health care by leveraging technology,
Advancing innovation and clinical excellence,
Unlocking enterprise synergies.
Page 9 of annual report says that they have 94 million customers in the US-- which is huge.
Here, they also say that 86% of revenue comes from access fees... DAMN that's revenue concentration and extremely surprising. However, it is recurring revenue, so that's great.
on page 64, they report report goodwill impairment for BetterHelp. This is sketch. They are carrying $283M in goodwill for BH. They impaired it from $790M, which is INSANE... they purchased the business in 2015 for $3.5M in cash + a $1M promissory note.
Alright that's my first read of the annual report, I'll go into to research steps to really flesh out my research, I left a lot out because I knew I'd hit it in the steps