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Transforming how better health happens J.P. Morgan Healthcare Conference January 2026
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© Teladoc Health, Inc. All rights reserved. 2 Safe Harbor This presentation contains, and the officers of Teladoc Health, Inc. (the “Company” or “Teladoc Health”) may make, “forward-looking” statements that are based on management’s beliefs and assumptions and on information currently available to management. These forward-looking statements include, without limitation, information concerning possible or assumed future results of operations, including descriptions of the Company’s business plan and strategies. These statements often include words such as “outlook,” ‘‘anticipate,’’ ‘‘expect,’’ ‘‘suggest,’’ ‘‘plan,’’ ‘‘believe,’’ ‘‘intend,’’ ‘‘estimate,’’ ‘‘target,’’ ‘‘project,’’ ‘‘should,’’ ‘‘could,’’ ‘‘would,’’ ‘‘may,’’ ‘‘will,’’ ‘‘forecast,’’ and other similar expressions. Forward-looking statements involve known and unknown risks, uncertainties, and other factors that may cause the Company’s actualresults, performance, or achievements to be materially different from any future results, performance, or achievements expressed or implied by the forward-looking statements. These statements are based on certain assumptions that Teladoc Health has made in light of the Company’s experience in the industryand its perception of historical trends, current conditions, expected future developments, and other factors the Company believes are appropriate under the circumstances as of the date hereof. These and other important factors may cause the Company’s actual results, performance, or achievements to differ materially from those expressed or implied by these forward-looking statements. Such risks and other factors that may impact management’s beliefs and assumptions are more particularly described in Teladoc Health’s filings with the U.S. Securities and Exchange Commission (the “SEC”), including under “Item 1A.—Risk Factors” in the Company’s Annual Report on Form 10-K, and under similar headings in the Company’s subsequently filed Quarterly Reports on Form 10-Q, and could cause the Company’s results to differ materially from those expressed in forward-looking statements. As a result, Teladoc Health cannot guarantee future results, outcomes, levels of activity, performance, developments, or achievements, and there can be no assurance that the Company’s expectations, intentions, anticipations, beliefs, or projections will result or be achieved or accomplished. The forward-looking statements in this presentation are made only as of the date hereof. Except as required by law, Teladoc Health assumes no obligation to update these forward-looking statements, or to update the reasons actual results could differ materially from those anticipated in the forward-looking statements, even if new information becomes available in the future. This presentation may contain estimates and other statistical data made by independent parties and by Teladoc Health relatingto market size and growth and other data about the Company’s industry. This data involves a number of assumptions and limitations, and you are cautioned not to give undue weight to such estimates. This presentation may include certain non-GAAP financial measures as defined by SEC rules. Teladoc Health believes that the presentation of such non-GAAP financial measures enhances an investor's understanding of the Company’s financial performance. Teladoc Health uses certain non-GAAP financial measures for business planning purposes and in measuring the Company’s performance relative to that of its competitors. For additional information regarding these non-GAAP financial measures, including reconciliations to the most directly comparable financial measure calculated according to GAAP, refer theappendix to this presentation.
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© Teladoc Health, Inc. All rights reserved. 3 We are delivering and orchestrating care, transforming virtual care into a catalyst for how better health happens. Teladoc Health is the global leader in virtual care INTEGRATED CARE BETTERHELP 1. Trailing 12 months as of 9/30/25 2. Total visits delivered across U.S. Integrated Care and BetterHelp platforms (trailing 12 months as of 9/30/25) 3. Teladoc Health Medical Group providers, coaches and BetterHelp network providers who provided services in the trailing 12 mon ths as of 9/30/25 $2.5B $272M 17M+ 40K+ 12K+ Revenue1 AEBITDA1 Visits2 Clinicians3 Clients Unmatched Reach global coverage with local relevance and impact Broad Product Portfolio supports range of episodic and longitudinal care needs Diverse Distribution across payers, employers, institutions and consumers Proprietary Technology along with data and AI to elevate experiences and impact UNIQUE CAPABILITIES DELIVERED AT SCALE TWO OPERATING SEGMENTS
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© Teladoc Health, Inc. All rights reserved. 4 Integrated Care Segment Broad spectrum of solutions, powered by data, AI and technology • Virtual care delivery (24/7 urgent care, primary care, preventive care, select specialties) • Chronic condition management (diabetes, hypertension, weight) • Mental health (content, coaching, therapy, psychiatry) • Purpose-built technology platforms and proprietary devices Scaled position in US and abroad • Leading market position with health plans, employers and health systems • Key international markets including EU countries, UK, Canada and Australia 1. Trailing 12 months as of 9/30/25 2. As of 9/30/25 102M+ U.S. members with access to 1 or more service2 1.2M enrollees in chronic care programs2 1M+ mental health visits on an annual basis1 15K+ care locations enabled with virtual care technology2 $1.6B Revenue1 $227M AEBITDA1 PERFORMANCE LEVERS Virtual care services and technology, clinical expertise addressing comprehensive health needs at scale Population expansion Visits/engagementProduct penetration Program enrollment
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© Teladoc Health, Inc. All rights reserved. 5 BetterHelp Segment 1. Trailing 12 months as of 9/30/25 2. As of 9/30/25 1.3M+ unique paying users in last 12 months2 5M+ users treated since inception2 35K+ therapist network2 90%+ user to therapist match within 48 hours PERFORMANCE LEVERS Leading virtual therapy platform globally, improving access and outcomes at scale User activation Engagement Covered benefits Non-U.S. markets $1.0B Revenue1 $45M AEBITDA1 Consumer-oriented operating model • Self-pay and growing in-network insurance coverage option Addressing significant unmet need • 40% of new users accessing mental health therapy for the first time Connecting people to high-quality, personalized mental health support • Largest and most diverse therapist network • AI-powered intake and provider matching drives engagement, retention and clinical outcomes Sizable presence beyond the U.S. • >20% of revenues from non-U.S. markets1
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© Teladoc Health, Inc. All rights reserved. 6 Teladoc Health is uniquely positioned to address key healthcare challenges Teladoc Health’s virtual care business model drives measurable outcomes and meaningful ROI, creating value and positively impact cost of care. Teladoc Health offers integrated chronic condition programs that include clinical care, coaching and support, creating sustainable health improvement. Teladoc Health delivers personalized mental health services at scale, increasing access to care and helping people live their healthiest lives. Teladoc Health equips care teams to deliver high-quality virtual care, applying the power of technology to efficiently extend provider capacity. MEDICAL COST INFLATION CHRONIC DISEASE PREVALENCE PRESSURE ON CARE PROVIDERS MENTAL HEALTH CHALLENGES
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© Teladoc Health, Inc. All rights reserved. 7 Clear strategic priorities set the foundation for sustainable long-term performance Enhancing U.S. Integrated Care through innovation to deliver greater value and impact for clients and members Building upon our leading global presence by expanding our international business to serve unique market needs Advancing our scaled mental health position to increase access and improve mental health and wellbeing Driving operational excellence to consistently drive results, elevate performance and optimize efficiency
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© Teladoc Health, Inc. All rights reserved. 8 • Accelerated product development and innovation • Launched important new technology advancements • Acquired and integrated Catapult Health, expanding preventive care • Accelerated in-network insurance coverage via UpLift acquisition and integration with BetterHelp • Rolled out localized models in several non-U.S. markets • Entered EAP market by launching Wellbound In 2025, we advanced key initiatives and strengthened the company’s position • Delivered double-digit organic revenue growth in Integrated Care International business1 • Extended unique hybrid care models • Deepened Australia presence via Telecare acquisition • Streamlined organization for agility and market focus • Achieved ISO 9001 certification for key U.S. Integrated Care processes • Exceeded prior cost and productivity targets 1. For each quarter of 2025 through 9/30, on a constant currency basis Enhancing U.S. Integrated Care Advancing our scaled mental health position Building upon our leading global presence Driving operational excellence
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© Teladoc Health, Inc. All rights reserved. 9 Launched new 24/7 Care capabilities, serving more needs and delivering greater value for clients and members With millions of 24/7 Care visits each year, we support better health at meaningful scale • Treating a wider range of conditions including more complex needs • Empowering providers to see and act on preventive care opportunities • Leveraging specialist expertise with real- time provider-to-provider consults • Connecting patients to other Teladoc Health services and in-person care High-quality clinical team enabled by our proprietary Prism care delivery platform Drive engagement 2026 FOCUS +95% of member needs addressed in a 24/7 Care visit, reducing ER visits and unnecessary follow-ups and referrals1 ~70% of members agreed to take action on care gaps surfaced by provider during the 24/7 Care visit1 +$500 average cost savings per provider-to-provider specialist consult1 1. Teladoc Health program data Drive engagement Expand member access Deliver client value Add new use cases
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© Teladoc Health, Inc. All rights reserved. 10 Driving value by delivering high-quality integrated care that improves cardiometabolic health Unique holistic approach across populations, conditions and needs: diabetes, hypertension, mental health, sleep, weight and nutrition • Identifying members with high and rising risk using AI-enabled stratification models that support targeted interventions • Capturing health data with new connected devices, CGM integrations and in-home labs with virtual visits • Ability to coordinate care with other primary and specialty providers to enhance outcomes, engagement and cost efficiency • Sustaining health improvement with personalized experiences that engage members in their own health Deepen engagement Activate eligible members2026 FOCUS Deliver health outcomes 46% of patients newly assessed with one or more chronic disease in a VirtualCheckup4 66% decrease in members with poor control of A1c, blood pressure and BMI1 1. Teladoc Health program data, members with blood pressure>=140/90, BMI >40 and eA1c >9% 2. Dzubur, Eldin. Long-term benefits of digital mental health program use during months of poor chronic disease management. 2023. 3. Analysis based on Teladoc Health’s Cardiometabolic Health Value Model, including national average prevalence expectations, national average annual salary expectations, and Teladoc Health’s optimized enrollment expectations averaged over 3-years 4. Catapult Health program data 5.4x value on investment for Teladoc Health chronic care programs based on direct and indirect savings3 +80% greater improvement in blood glucose when also engaged in mental heatlh2
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© Teladoc Health, Inc. All rights reserved. 11 Expanded hybrid care models, combining our proprietary technology and care delivery services Increasing access to high quality care, including rural and remote locations • Addressing staffing challenges by extending provider capacity in hospitals and health systems • Delivering high patient and provider satisfaction that supports broader rollouts • Expanding Teladoc Health revenue opportunity with innovative use cases Hybrid model contributing to strong international Integrated Care growth Virtual Emergency and Primary Care Virtual Primary and Specialty Care Deepen existing market penetration Extend to new geographies Virtual Outpatient, Primary and Elder Care 2026 FOCUS Add new use cases
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© Teladoc Health, Inc. All rights reserved. 12 Accelerating BetterHelp insurance coverage: more consumer choice and a catalyst for strengthening business outlook Strong BetterHelp brand awareness and reach brings millions of users to platform • Broad health plan access with robust pipeline of new opportunities • Scaling insurance provider network leveraging BetterHelp’s extensive therapist network • Methodically rolling out access to ensure strong user experience and ability to meet consumer demand Expect insurance acceptance to improve conversion rate and sessions per user +120M covered lives through in-network arrangements +3K credentialed providers in the BetterHelp network1 12 states and D.C. accepting insurance1 1. As of 12/31/25 Launch new statesScale provider capacity Expand in-network coverage Optimize marketing2026 FOCUS
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© Teladoc Health, Inc. All rights reserved. 13 Strong Financial Position Cash and Cash Equivalents $170M Free Cash Flow TTM Supports strategic priorities and investments to drive future growth 1. As of Sept 30, 2025 ~1.0x Net-Debt to TTM Adjusted EBITDA BALANCE SHEET AND CASH FLOW HIGHLIGHTS 1 $726M KEY LEVERS Expand revenue • Deepen member engagement • Extend products and penetration • Enhance international reach Grow profitability • Drive operating leverage • Manage costs and margin profile • Grow AEBITDA and cash flows Ensure financial strength • Support strategy through investments • Manage capital and leverage position • Opportunistic capital deployment
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© Teladoc Health, Inc. All rights reserved. 14 Teladoc Health is the global leader in virtual care, demonstrating the power of virtual care as a catalyst for better health by driving value for clients, patients and shareholders. Industry leadership at unmatched scale, positioned to expand and deepen customer relationships Technology elevates care experiences and enables efficiency, driving impact and advancing the strategy Diversified product portfolio and operating approaches, innovating to address unique market needs Durable business model and financial performance (margin, free cash flow and capital position) INVESTMENT HIGHLIGHTS
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Appendix
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© Teladoc Health, Inc. All rights reserved. 16 Reconciliation of GAAP Net Loss to Adjusted EBITDA (in 000s) FY 2022 FY 2023 FY 2024 3Q-24 LTM 3Q-25 LTM Net loss $(13,659,531) $(220,368) $(1,001,245) $(981,726) $(223,588) Add: Provision for income taxes (3,812) 760 7,592 10,869 (26,495) Other expense (income), net 859 (4,445) 6,035 (2,843) (2,650) Interest expense 21,944 22,282 23,803 22,495 21,610 Interest income (12,674) (46,782) (57,071) (56,547) (44,050) Depreciation of property and equipment 244,620 11,138 10,183 9,996 13,494 Amortization of intangible assets 11,407 325,933 363,365 371,553 345,265 Restructuring costs 7,416 16,942 20,355 15,652 17,591 Acquisition, integration, and transformation costs 15,620 21,110 1,743 5,549 7,233 Goodwill impairments 13,402,812 — 790,000 790,000 71,763 Stock-based compensation 217,852 201,550 145,951 165,321 91,975 Adjusted EBITDA $246,513 $328,120 $310,711 $350,319 $272,148 Integrated Care 135,153 191,871 232,902 235,712 227,058 BetterHelp 114,116 136,249 77,809 114,607 45,090 Other (2,756) — — — — Adjusted EBITDA $246,513 $328,120 $310,711 $350,319 $272,148
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© Teladoc Health, Inc. All rights reserved. 17 (in 000s) FY 2022 FY 2023 FY 2024 3Q-24 LTM 3Q-25 LTM Net cash provided by operating activities $189,292 $350,021 $293,680 $337,860 $292,517 Capital expenditures (16,480) (11,464) (10,790) (6,062) (12,406) Capitalized software development costs (156,284) (144,884) (113,262) (124,853) (110,374) Free Cash Flow $16,528 $193,673 $169,628 $206,945 $169,737 Reconciliation of Net Cash Provided by Operating Activities to Free Cash Flow
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© Teladoc Health, Inc. All rights reserved. 18 Non-GAAP Financial Measures 18 • Adjusted EBITDA (“AEBITDA”) consists of net loss before provision for income taxes; other (income) expense, net; interest income; interest expense; depreciation of property and equipment; amortization of intangible assets; restructuring costs; acquisition, integration, and transformation cost; goodwill impairment; loss on extinguishment of deb; and stock-based compensation. • Free cash flow is net cash provided by (used in) operating activities less capital expenditures and capitalized software development costs. • Our use of these non-GAAP terms may vary from that of others in our industry, and other companies may calculate such measures differently than we do, limiting their usefulness as comparative measures. Non-GAAP measures have important limitations as analytical tools and you should not consider them in isolation, and they should not be considered as an alternative to net loss before provision for income taxes, net loss, net loss per share, net cash from operating activities or any other measures derived in accordance with GAAP. Some of these limitations are: • AEBITDA eliminates the impact of the provision for income taxes on our results of operations, and it does not reflect other (income) expense, net; interest income; interest expense, and loss on extinguishment of deb; • AEBITDA does not reflect restructuring costs. Restructuring costs may include certain lease impairment costs, certain losses related to early lease terminations, and severance; • AEBITDA does not reflect significant acquisition, integration, and transformation costs. Acquisition, integration and transformation costs include investment banking, financing, legal, accounting, consultancy, integration, fair value changes related to contingent consideration, and certain other transaction costs related to mergers and acquisitions. It also includes costs related to certain business transformation initiatives focused on integrating and optimizing various operations and systems, including upgrading our customer relationship management (CRM) and enterprise resource planning (ERP) systems. These transformation cost adjustments made to our results do not represent normal, recurring, operating expenses necessary to operate the business but, rather, incremental costs incurred in connection with our acquisition and integration activities; and • AEBITDA does not reflect goodwill impairment; and • AEBITDA does not reflect the significant non-cash stock-based compensation expense which should be viewed as a component of recurring operating costs. • In addition, although depreciation and amortization are non-cash charges, the assets being depreciated and amortized will often have to be replaced in the future, and AEBITDA do not reflect any expenditures for such replacements. • We compensate for these limitations by using these non-GAAP measures along with other comparative tools, together with GAAP measurements, to assist in the evaluation of operating performance. Such GAAP measurements include net loss, net loss per share, net cash provided by operating activities, and other performance measures. • In evaluating these financial measures, you should be aware that in the future we may incur expenses similar to those eliminated in this presentation. Our presentation of these non-GAAP measures should not be construed as an inference that our future results will be unaffected by unusual or nonrecurring items
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Thank you Website ir.TeladocHealth.com Contact ir@teladochealth.com