Teladoc reported a second-quarter loss of $3.1 billion, or $19.22 a share.
Courtesy of Teladoc
was falling nearly 25% in premarket trading Thursday after the remote healthcare provider posted a wider-than-expected quarterly loss after recording a $3 billion impairment charge.
Teladoc (ticker: TDOC) reported a second-quarter loss of $3.1 billion, or $19.22 a share, which included the charge that came to $18.78 on a per-share basis. A year earlier, Teladoc reported a loss of 86 cents a share.
Revenue in the quarter rose 18% to $592.4 million. Adjusted earnings before interest, taxes, depreciation and amortization in the period were $46.7 million, down from $66.8 million a year earlier.
Analysts surveyed by FactSet has expected Teladoc to report a second-quarter loss of 61 cents a share on revenue of $588 million.
The second-quarter impairment charge follows a $6.6 billion noncash goodwill impairment charge the company recorded in the first quarter.
Teladoc said it expects third-quarter revenue of $600 million to $620 million. The company said it anticipates third-quarter adjusted Ebitda of $35 million to $45 million, well below Wall Street forecasts of about $64 million.
Analysts at Citi, which rate Teladoc at Neutral/High Risk, said they think it will be “exceedingly difficult” for the company to “hit even the low-end of the guided range this year (particularly Ebitda).”
“TDOC’s 2Q results and conference call did not inspire confidence,” Citi said in a research note. “BetterHelp and chronic care headwinds continue to weigh” on Teladoc’s growth outlook.
The stock fell almost 25% in…