Teladoc Health, Inc. Q1 FY2026 earnings call

• Market environment in US integrated care segment has evolved, with shift from subscription-based to visit-based arrangements. • Enhanced flagship 24-7 care offering, and advancements in AI with new data infrastructure and Prism care delivery platform. • BetterHelp's insurance rollout progressing well, live in 30 states, 6,000 providers credentialed, 150M+ insurance contracted lives. • Operational excellence focus, using AI to reduce administrative burden in BetterHelp. • Strategic priorities include building stronger business, addressing convertible notes, and capital allocation.

Consolidated revenue was $614 million. Integrated care segment: Q1 revenue $395 million, up 1.5% y/y, upper end of guidance range; adjusted EBITDA $56 million, up 12% y/y, 14.2% margin. BetterHelp: Q1 revenue $218 million, 9% lower y/y; insurance-based revenue $13 million, up $6 million q/q, high end of expectations; adjusted EBITDA $2 million, 0.9% margin

2026 consolidated revenue $2.48B - $2.58B, adjusted EBITDA $267M - $306M, free cash flow $130M - $170M. Second quarter consolidated revenue $597M - $626M, adjusted EBITDA $55M - $67M. Integrated care full year adjusted EBITDA margin 15.1% - 16.1%. BetterHelp 2026 revenue guidance range down 6.5% - down 1.0%, insurance revenue $90M - $105M; second quarter BetterHelp revenue down 11.75% - down 5.25%, insurance revenue $18M - $22M

Q: David Roman with Goldman Sachs asked about integrated care return to growth and BetterHelp growth trajectory.

A: Chuck and Mike responded on integrated care mix shift, product innovation, and BetterHelp insurance rollout progress and market stabilization.

Q: Sarah James with Cantor Fitzgerald asked about ACA subsidy-related disenrollment and visit utilization.

A: Chuck responded on ACA market evolution and mix shift impact.

Q: Daniel Grossleit with Citi asked about Better Health Insurance rollout drivers and DTC business retention.

A: Chuck responded on BetterHelp insurance execution, therapist capacity, and DTC business stance.

Q: Jalinder Singh with Truist Securities asked about chronic care business selling season and RFP trends.

A: Chuck responded on chronic care selling season, strategic conversations, and product innovation.

Q: Jessica Tasson with Piper Sandler asked about chronic care product innovation and GLP-1.

A: Chuck responded on chronic care innovation and GLP-1 market stance.

Q: Sean Dodge with BMO Capital Markets asked about integrated care revenue initiatives.

A: Chuck responded on integrated care product innovation and activation points.

Q: Charles Rhee with TD Cowan asked about BetterHelp cannibalization and revenue lift.

A: Chuck responded on BetterHelp insurance revenue lift and cannibalization.

Q: Brian Ten Quillett with Jefferies asked about Better Health therapist capacity and adoption.

A: Chuck responded on BetterHelp therapist capacity and progress.

Q: Alan Lutz with Bank of America asked about BetterHelp average copay and 800 bps revenue lift.

A: Chuck responded on BetterHelp copay and 800 bps revenue lift explanation.

Q: Elizabeth Anderson with Evercore ISI asked about BetterHelp state rollout pace.

A: Chuck responded on BetterHelp state rollout progress and gating factors.

Q: George Hill with Deutsche Bank asked about BetterHelp margin expansion.

A: Chuck responded on BetterHelp margin expansion and opportunity.

Q: Michael Charney with Lerink Partners asked about BetterHelp 800 bps growth differential.

A: Chuck responded on BetterHelp growth differential and revenue growth drivers.

Q: Scott Schoenhass with KeyBank asked about chronic care product cycle and margin.

A: Chuck responded on chronic care product innovation and margin leverage.

Q: Peter Warndorf with Barclays asked about integrated care membership and CFO search.

A: Chuck responded on integrated care membership and CFO search.

Q: Jeff Garrow with Stevens asked about BetterHelp gross margins and ad spend efficiency.

A: Chuck responded on BetterHelp gross margins and ad spend efficiency.

Q: Ryan McDonnell with Needham asked about integrated care implementation delays and visit-based contracts.

A: Chuck responded on integrated care implementation delays and visit-based contracts visibility