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Teladoc loses $3 billion in three months, stock plummets 24%

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Shares of Teladoc Inc. plunged more than 24% in after-hours trading Thursday after the telehealth company took another multibillion-dollar impairment charge, helping to bring its total losses for the first six months of the year up to nearly $10 billion.

Teladoc
TDOC,
+7.59%

executives disclosed a $3.0 billion goodwill impairment charge during the second quarter after taking a $6.3 billion charge in the first quarter. The company’s release didn’t offer further details about the latest charge.

Taking into account the $3.0 billion impairment, the company reported a second-quarter net loss of $3.1 billion, or $19.22 a share, compared with a loss of $133.8 million, or 86 cents a share, in the year-prior quarter. The FactSet consensus was for a 61-cent GAAP loss per share.

Teladoc also posted adjusted earnings before interest, taxes, depreciation and amortization (Ebitda) of $46.7 million, down from $66.8 million a year before, while analysts were expecting $45.3 million.

Revenue increased to $592.4 million from $503.1 million, whereas analysts had been projecting $588 million.

“While we continue to see increased uncertainty in the macroeconomic backdrop, we remain confident in our ability to execute against our strategy to deliver a unified care experience that we believe only Teladoc Health has the breadth and scale to achieve,” Chief Executive Jason Gorevic said in a release.

For the third quarter, Teladoc executives anticipate revenue of $600 million to $620 million. The FactSet consensus was for $617 million.

Shares of the company have lost 53% so far this year as the S&P 500
SPX,
+2.62%

has fallen 16%.

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