Slides
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2Q-26 Quarterly Results
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© Teladoc Health, Inc. All rights reserved. 2 Cautionary Note • 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 industry and 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. Such risks and other factors that have in the past and/or may in the future cause actual results to differ materially include, among others, the rate and magnitude of declines in BetterHelp cash-pay users and revenue; the extent to which insurance availability changes users’ payment choices; available provider capacity including on a state and payer-specific basis; the timing, cost and effectiveness of provider recruitment, credentialing, enrollment, activation, compensation and retention; the performance of insurance-specific eligibility, matching, booking, scheduling, utilization, session-duration, claims and collection workflows; the effectiveness and revenue consequences of changes in advertising and marketing spending; the effects of BetterHelp’s reduced near-term emphasis and investment outside the United States; the cost, timing and effectiveness of platform and provider-capacity investments; the margin effects of the insurance mix; potential impairment of BetterHelp goodwill; and the other risks 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 regardingthese non-GAAP financial measures, including reconciliations to the most directly comparable financial measure calculated according to GAAP, refer the appendix to this presentation. Teladoc Health has not provided a full line-item reconciliation for net loss to adjusted EBITDA outlook because the Company does not provide outlook on the individual reconciling items between net loss and adjusted EBITDA. This is due to the uncertainty as to timing, and the potential variability, of the individual reconciling items such as impairments, stock-based compensation and the related tax impact, provision for income taxes, acquisition, integration, and transformation costs, and restructuringcosts, the effect of which may be significant. Accordingly, a full line-item reconciliation of the GAAP measure to the corresponding non-GAAP financial measure outlook is not available without unreasonable effort.
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© Teladoc Health, Inc. All rights reserved. 3 (1) Net loss per share includes amortization of intangibles of $0.49 per share pre-tax and stock-based compensation expense of $0.05 per share pre-tax. (2) See reconciliation of GAAP to non-GAAP measures included in the Appendix of this presentation. Key Financial Data 2Q-26 Revenue of $607M, (4)% y/y 2Q-26 Net loss per share of $(0.21)(1) 2Q-26 Adj. EBITDA(2) of $65.7M, (5)% y/y FY-26 Revenue outlook range of $2,362M to $2,447M • 3Q-26 Revenue outlook range of $569M to $609M FY-26 Adj. EBITDA outlook range of $271M to $303M • 3Q-26 Adj. EBITDA outlook range of $62M to $74M FY-26 Net loss per share outlook range of $(1.00) to $(0.75) • 3Q-26 Net loss per share outlook range of $(0.30) to $(0.20)
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© Teladoc Health, Inc. All rights reserved. 4 2Q-26 Consolidated Revenue & Adj. EBITDA Revenue ($ millions) Adj. EBITDA ($ millions)(1) (1) See reconciliation of GAAP to non-GAAP measures included in the Appendix of this presentation.
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© Teladoc Health, Inc. All rights reserved. 5 Quarterly Segment(1) Results Integrated Care Segment Revenue ($ millions) BetterHelp Segment Revenue ($ millions) Integrated Care Segment Adjusted EBITDA ($ millions) BetterHelp Segment Adjusted EBITDA ($ millions) (1) The Company has two reportable segments: Integrated Care and BetterHelp. The Integrated Care segment includes a suite of global virtual medical services including general medical, expert medical services, specialty medical, chronic condition management, mental health, and enabling technologies and enterprise telehealth solutions for hospitals and health systems. The BetterHelp segment includes virtual therapy and other wellness services provided on a global basis which are predominantly marketed and sold on a direct-to-consumer basis, including both those who pay directly out-of-pocket and those who utilize their insurance coverage.
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© Teladoc Health, Inc. All rights reserved. 6 2Q-26 Revenue: U.S. & International U.S. Revenue ($ millions) International Revenue ($ millions)
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© Teladoc Health, Inc. All rights reserved. 7 Quarterly Key Operating Metrics U.S. Integrated Care Members(1) (millions) BetterHelp Paying Users(2) (thousands) Chronic Care Program Enrollment(4) (thousands) 1. U.S. Integrated Care Members represent the number of unique individuals at the end of the applicable period who have access to Teladoc Health's suite of integrated care services in the U.S. under paid access fee and/or visit-based arrangements. 2. BetterHelp Paying Users represent the average number of global monthly paying users of our BetterHelp therapy and psychiatry services during the applicable period, including both those who pay directly out-of-pocket and those who utilize their insurance coverage. 3. Average monthly revenue per U.S. Integrated Care member is calculated by dividing the total revenue generated from the Integrated Care segment by the average number of U.S. Integrated Care Members (see note 1) during the applicable period. 4. Chronic Care Program Enrollment represents the total number of enrollees across Teladoc Health's suite of chronic care programs at the end of a given period. Average Monthly Revenue per U.S. Integrated Care Member(3)
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© Teladoc Health, Inc. All rights reserved. 8 Quarterly Adjusted EBITDA & Adjusted EBITDA Margin (1) See reconciliation of GAAP to non-GAAP measures included in the Appendix of this presentation. Adj. EBITDA(1) ($ millions) & Adj. EBITDA Margin
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© Teladoc Health, Inc. All rights reserved. 9 • Cash and Cash Equivalents (as of June 30, 2026): $774M • Convertible Senior Notes (as of June 30, 2026): $997M • Operating Cash Flow (2Q-26): $65M • Free Cash Flow (1) (2Q-26): $36M Balance Sheet and Cash Flow Highlights (1) See reconciliation of GAAP to non-GAAP measures included in the Appendix of this presentation.
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© Teladoc Health, Inc. All rights reserved. 10 Outlook: 3Q-26 and FY-26 3Q-26 Y/Y % Growth FY-26 Y/Y % Growth Revenue ($M) $569 to $609 (9)% to (3)% $2,362 to $2,447 (7)% to (3)% Net loss per share $(0.30) to $(0.20) NM $(1.00) to $(0.75) NM Adj. EBITDA ($M) $62 to $74 (11)% to 6% $271 to $303 (4)% to 8% US Integrated Care Members (M) 99.0 to 100.5 (3)% to (2)% 98.5 to 100.5 (3)% to (1)% NM = not meaningful
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Appendix
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© Teladoc Health, Inc. All rights reserved. 12 Reconciliation of GAAP Net Loss to Adjusted EBITDA 2Q-25 3Q-25 4Q-25 1Q-26 2Q-26 Net loss $(32,660) $(49,507) $(25,143) $(63,837) $(38,908) Add: Provision for income taxes (7,763) (715) (8,475) 2,995 997 Other expense (income), net (8,371) 815 (378) 196 2,191 Interest expense 4,473 4,526 4,950 5,368 5,109 Interest income (10,064) (7,081) (6,951) (6,490) (6,481) Depreciation of property and equipment 4,338 2,612 2,800 2,461 2,468 Amortization of intangible assets 88,664 85,757 92,039 89,826 88,442 Restructuring costs 5,692 1,950 6,796 11,975 904 Acquisition, integration, and transformation costs 2,658 1,931 2,233 1,064 1,690 Goodwill impairment — 12,625 — — — Stock-based compensation 22,344 16,996 15,911 14,611 9,301 Adjusted EBITDA $69,311 $69,909 $83,782 $58,169 $65,713 (in 000s)
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© Teladoc Health, Inc. All rights reserved. 13 (in 000s) Reconciliation of GAAP Net Cash Provided by Operating Activities to Free Cash Flow 2Q-26 Net cash provided by operating activities $64,662 Capital expenditures (928) Capitalized software development costs (27,990) Capex (28,918) Free Cash Flow $35,744