Teladoc Health cuts revenue forecast amid BetterHelp slowdown

Teladoc Health's shares fell more than 20% after the company trimmed its 2026 revenue outlook to $2.36‑$2.45 billion, down from the prior $2.48‑$2.58 billion range. The downgrade reflects weaker cash‑pay demand for its BetterHelp mental‑health platform and capacity constraints as insurance‑covered services outpace provider availability. CEO Chuck Divita said insurance revenue in BetterHelp nearly hit the high end of expectations, but cash‑pay pressure accelerated in late May and June. Advertising spend for BetterHelp is also being reduced, with the segment’s 2026 revenue now expected to decline 19%‑12.7% versus an earlier forecast of a 6.5%‑1% drop.

In its quarterly earnings release, Teladoc reported a loss of $0.21 per share, beating analysts' consensus of $0.24 loss. The company posted a negative net margin of 6.81% and a negative return on equity of 11.45%, and updated its EPS guidance for Q3 2026 to a loss of $0.30‑$0.20 and full‑year 2026 to a loss of $1.00‑$0.75. The stock traded down about 1.6% after the results, hovering around $9.20. Teladoc, valued at roughly $1.7 billion, has seen its shares rise more than 30% year‑to‑date despite these recent setbacks.