What's Their Growth Strategy?

I LOVE when companies layout their growth strategy in the annual report, which Teladoc does. Here's a summary (can be found on pdf pg 13 here)

Enable A Virtual First Strategy for Consumer Healthcare Access

They want to position telehealth as the first place individuals go when they need care
"The virtual first model is built on our integrated platform, combining smart technologies, AI and machine learning, rich data exchange, digital self-management tools, integrated remote patient monitoring devices, analytics, and scalability to streamline care and drive better outcomes. Our platform matches the expectations of today’s digital consumer by delivering a new kind of healthcare experience that is personalized, convenient, and connected"

Expand our Suite of Services to Address Unmet Needs

virtual care in a hospital room (weird)
virtual post-discharge follow ups (that makes a lot of sense!)
In-patient connected care - they want to turn hospital TVs into virtual endpoints, enabling remote admissions, discharge planning, patient education, nursing coverage, and provider consultations... ehhh I could see this being super helpful or a horrid cost-cutting measure for hospitals. The latter might be good for TDOC in the shortrun, but I don't think customers will tolerate in the longterm

Increase Engagement and Long-term Relationships with Our Members by Driving Expanded Access & Enhanced Touch Points

basically upsell existing customers. their platform will make this esaier, but it's not the type of growth they need to get out of the mud.

Expand Penetration of our Suite of Services Among Existing Clients

boring, same thing as the above basically

Leverage Existing Distribution Channels and Expand Penetration of Global Markets

Probably their most obvious growth segment. But that's always everyone's go-to move that seldom works out... "we're expanding internationally". Ok, let's see it.

Drive Direct-To-Consumer Channel Growth

Mostly includes the BetterHelp segment, which accounts for such a small amount of revenue, I don't think it'll move the needle too much, although they do say in the annual report that they are trying to explore insurance coverage for BetterHelp, which could help tick up revenue.

Expand Through Focused Investments and Acquisitions

NOOOOOO! Fix your core business before getting addicted to the M&A drug!

Alright, after completing the first pillar, "Understanding the business", I'm ready to say I'm going to pass on this business. It's outside my Circle of Competence and there seems to be so much uncertainty for their growth. I could be wrong here, but I'm willing to take that risk.