Earnings release
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Exhibit 99.1 Teladoc Health Reports Third Quarter 2026 Results NEW YORK, October 28, 2026— Teladoc Health, Inc. (NYSE: TDOC), the global leader in virtual care, today reportedfinancial results for the three months ended September 30, 2026 (“Third Quarter 2026”). Unless otherwise noted, percentageand other changes are relative to the three months ended September 30, 2025 (“Third Quarter 2025”). Highlights • Third Quarter 2026 revenue of $605.1 million, down 3% year-over-year• Third Quarter 2026 net loss of $26.9 million, or $0.15 per share• Third Quarter 2026 adjusted EBITDA of $79.4 million, up 14% year-over-year• Integrated Care segment revenue of $398.5 million, up 2% year-over-year, and adjusted EBITDA margin of 18.8%• BetterHelp segment revenue of $206.6 million, down 13% year-over-year, and adjusted EBITDA margin of 2.2% “We delivered third quarter results near the upper end of our guidance range for consolidated revenue and above our range forconsolidated adjusted EBITDA, reflecting solid execution across our two segments,” said Chuck Divita, Chief ExecutiveOfficer of Teladoc Health.“Within the Integrated Care segment, we continue to advance our innovation agenda, including the implementation of TeladocOne with our early launch partners, while also expanding our capabilities through initiatives such as hybrid care and AI-enabled solutions. In the BetterHelp segment, insurance revenue exceeded our expectations, and we are making encouragingprogress expanding provider capacity and scaling access to covered services. While there is more work ahead, we remainfocused on disciplined execution against our strategic priorities. The actions we are taking are showing traction, and webelieve will position us well for the opportunities ahead.” Key Financial Data (In thousands, except per share data, unaudited) Three Months Ended Nine Months Ended September 30, September 30, 2026 2025 Change 2026 2025 Change Revenue $ 605,102 $ 626,439 (3)% $ 1,825,874 $ 1,887,708 (3)% Net loss $ (26,934) $ (49,507) 46 % $ (129,679) $ (175,179) 26 % Net loss per share $ (0.15) $ (0.28) 46 % $ (0.72) $ (1.00) 28 % Adjusted EBITDA (1) $ 79,358 $ 69,909 14 % $ 203,240 $ 197,313 3 % See note (1) in the Notes section that follows. Third Quarter 2026 Revenue decreased 3% to $605.1 million from $626.4 million in Third Quarter 2025. Access fees revenue decreased 10% to$466.7 million while other revenue increased 31% to $138.4 million. U.S. revenue decreased 4% to $489.2 million whileInternational revenue decreased 1% to $115.9 million. 1
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Integrated Care segment revenue increased 2% to $398.5 million in Third Quarter 2026 while BetterHelp segment revenuedecreased 13% to $206.6 million, reflecting continued actions to prioritize Insurance Covered Services and the continuingdecline in users paying directly out of pocket. Net loss totaled $26.9 million, or $0.15 per share, for Third Quarter 2026, compared to $49.5 million, or $0.28 per share, for Third Quarter 2025. Results for Third Quarter 2026 included amortization of intangibles of $88.3 million, or $0.49 per share pre-tax, stock-based compensation expense of $11.6 million, or $0.06 per share pre-tax, and restructuring costs related to severance costs and costs associated with office space reductions of $4.4 million, or $0.02 per share pre-tax. Results for Third Quarter 2025 included amortization of intangibles of $85.8 million, or $0.48 per share pre-tax, stock-basedcompensation expense of $17.0 million or $0.10 per share pre-tax, and a non-cash goodwill impairment charge of$12.6 million, or $0.07 per share pre-tax. Net loss for Third Quarter 2025 also included restructuring costs related toseverance costs and costs associated with office space reductions of $2.0 million, or $0.01 per share pre-tax. The non-cashgoodwill impairment charge recorded in Third Quarter 2025 was the result of the fair value of the Integrated Care segmentbeing less than its carrying value at the time of the acquisition of Telecare Australia Pty Ltd ("Telecare"). Adjusted EBITDA increased 14% to $79.4 million, compared to $69.9 million for Third Quarter 2025. The Integrated Caresegment adjusted EBITDA increased $8.8 million and the BetterHelp segment adjusted EBITDA increased $0.6 million inThird Quarter 2026. Nine Months Ended September 30, 2026 Revenue decreased 3% to $1,825.9 million from $1,887.7 million in the first nine months of 2025. Access fees revenuedecreased 9% to $1,425.6 million while other revenue increased 26% to $400.3 million. U.S. revenue decreased 6% to$1,468.1 million while International revenue increased 7% to $357.8 million. Integrated Care segment revenue increased 2% to $1,188.2 million in the first nine months of 2026 while BetterHelp segmentrevenue decreased 11% to $637.7 million. Net loss totaled $129.7 million, or $0.72 per share, for the first nine months of 2026, compared to $175.2 million, or $1.00 pershare, for the first nine months of 2025. Results for the first nine months of 2026 included amortization of intangibles of$266.6 million, or $1.48 per share pre-tax, and stock-based compensation expense of $35.5 million, or $0.20 per share pre-tax. Net loss for the first nine months of 2026 also included restructuring costs of $17.3 million, or $0.10 per share pre-tax,primarily related to severance costs. Results for the first nine months of 2025 included amortization of intangibles of $258.7 million, or $1.47 per share pre-tax,non-cash goodwill impairment charges of $71.8 million, or $0.41 per share pre-tax, and stock-based compensation expense of$64.5 million, or $0.37 per share pre-tax. Net loss for the first nine months of 2025 also included restructuring costs related toseverance costs and costs associated with office space reductions of $12.0 million, or $0.07 per share pre-tax. These itemswere partially offset by a discrete tax benefit of $20.1 million, or $0.11 per share, related to the completion of a research anddevelopment tax credit study and acquisition related tax benefits of $11.1 million, or $0.06 per share. The non-cash goodwill impairment charges recorded in the first nine months of 2025 were the results of the fair value of theIntegrated Care segment being less than its carrying value at the time of the acquisitions of Catapult Health, LLC andTelecare. Adjusted EBITDA increased 3% to $203.2 million, compared to $197.3 million for the first nine months of 2025. TheIntegrated Care segment adjusted EBITDA increase of $22.5 million was offset by a $16.6 million decrease in BetterHelpsegment adjusted EBITDA in the first nine months of 2026. Capex and Cash Flow Cash flow from operations was $106.5 million in Third Quarter 2026, compared to $99.3 million in Third Quarter 2025, andwas $180.6 million in the first nine months of 2026, compared to $206.6 million in the first nine months of 2025. Capitalexpenditures and capitalized software development costs (together, “Capex”) were $30.5 million in Third Quarter 2026,compared to $31.3 million in Third Quarter 2025, and were $95.3 million in the first nine months of 2026, compared to$93.1 million in the first nine months of 2025. (1) (1) 2
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Free cash flow was $75.9 million in Third Quarter 2026, compared to $67.9 million in Third Quarter 2025, and was$85.4 million in the first nine months of 2026, compared to $113.5 million in the first nine months of 2025. Financial Outlook The outlook provided below is based on current market conditions and expectations and what we know today. For the full year of 2026, we expect: Full Year 2026 Outlook Range Revenue $2,395 - $2,441 million Adjusted EBITDA $277 - $303 million Net loss per share ($0.95) - ($0.75) Free Cash Flow $135 - $165 million U.S. Integrated Care Members (2) 99.5 - 100.5 million Integrated Care Revenue growth percentage (year-over-year) 1.1% - 2.1% Adjusted EBITDA margin 16.0% - 16.6% BetterHelp Revenue growth percentage (year-over-year) (16.1%) - (12.9%) Adjusted EBITDA margin 2.7% - 4.3% For the fourth quarter of 2026, we expect: 4Q 2026 Outlook Range Revenue $569 - $615 million Adjusted EBITDA $74 - $100 million Net loss per share ($0.23) - ($0.03) U.S. Integrated Care Members (2) 99.5 - 100.5 million Integrated Care Revenue growth percentage (year-over-year) 0.0% - 3.8% Adjusted EBITDA margin 14.5% - 16.8% BetterHelp Revenue growth percentage (year-over-year) (31.5%) - (18.5%) Adjusted EBITDA margin 9.2% - 15.1% See note (2) in the Notes section that follows. 3
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Earnings Conference Call The Third Quarter 2026 earnings conference call and webcast will be held Wednesday, October 28, 2026 at 5:00 p.m. E.T. Theconference call can be accessed by dialing 833-461-5787 for U.S. participants and using the meeting ID # 404 870 451. Forinternational participants, please visit the following link for global dial-in numbers, using the same meeting ID # 404 870 451:https://help.events.q4inc.com/eahc/international-dial-in-numbers. A live audio webcast will also be available online athttp://ir.teladoc.com/news-and-events/events-and-presentations/. A replay of the call will be available via webcast for on-demand listening shortly after the completion of the call, at the same web link, and will remain available for approximately 90days. About Teladoc Health Teladoc Health is the global leader in virtual care. The company is delivering and orchestrating care across patients, careproviders, platforms, and partners — transforming virtual care into a catalyst for how better health happens. Through ourrelationships with health plans, employers, providers, health systems and consumers, we are enabling more access, drivingbetter outcomes, extending provider capacity and lowering costs. Learn more at www.teladochealth.com. Cautionary Note Regarding Forward-Looking Statements This press release contains “forward-looking statements” within the meaning of the safe harbor provisions of the U.S. PrivateSecurities Litigation Reform Act of 1995. Forward-looking statements can be identified by words such as: “anticipate,”“intend,” “plan,” “believe,” “project,” “estimate,” “expect,” “may,” “should,” “will” and similar references to future periods.Examples of forward-looking statements include, among others, the information under the caption “Financial Outlook” andstatements we make regarding future financial or operating results, future numbers of members, BetterHelp paying users orclients, litigation outcomes, regulatory developments, market developments, new products and growth strategies, initiatives toimprove our efficiency and competitiveness, and the effects of any of the foregoing on our future results of operations orfinancial condition. Forward-looking statements are neither historical facts nor assurances of future performance. Instead, they are based only onour current beliefs, expectations and assumptions regarding the future of our business, future plans and strategies, projections,anticipated events and trends, the economy and other future conditions. Because forward-looking statements relate to thefuture, they are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict and many ofwhich are outside of our control. Our actual results and financial condition may differ materially from those indicated in theforward-looking statements. Important factors that have in the past and/or may in the future cause our actual results andfinancial condition to differ materially from those indicated in the forward-looking statements include, among others, thefollowing: (i) changes in laws and regulations applicable to our business model; (ii) changes in market conditions andreceptivity to our services and offerings, including our ability to effectively compete; (iii) results of litigation or regulatoryactions; (iv) the loss of one or more key clients or the loss of a significant number of members or BetterHelp paying users; (v)a decrease in revenue from users who pay directly out-of-pocket without offsetting growth in insurance-covered services inour BetterHelp segment; (vi) changes in valuations or useful lives of our assets; (vii) changes in our abilities to recruit andretain qualified providers into our network; (viii) the impact of and risk related to impairment losses with respect to goodwillor other assets; (ix) the success of our initiatives to improve our efficiency and competitiveness; (x) imposed and threatenedtariffs by the United States and its trading partners, and any resulting disruptions or inefficiencies in our supply chain; (xi) theperformance of our new products, including Teladoc One; (xii) the rate and magnitude of declines in BetterHelp cash-payusers and revenue; (xiii) the extent to which insurance availability changes users’ payment choices; (xiv) available providercapacity including on a state and payer specific basis; (xv) the timing, cost and effectiveness of provider recruitment,credentialing, enrollment, activation, compensation and retention; (xvi) the performance of insurance-specific eligibility,matching, booking, scheduling, utilization, session-duration, claims and collection workflows; (xvii) the effectiveness andrevenue consequences of changes in advertising and marketing spending; (xviii) the effects of BetterHelp’s reduced near termemphasis and investment outside the United States; (xix) the cost, timing and effectiveness of platform and provider-capacityinvestments; (xx) the margin effects of the insurance mix; and (xxi) potential impairment of BetterHelp goodwill. For adetailed discussion of the risk factors that could affect our actual results, please refer to the risk factors identified in our SECreports, including, but not limited to, our Annual Report on Form 10-K and Quarterly Reports on Form 10-Q, as filed with theSEC. 4
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Any forward-looking statement made by us in this press release is based only on information currently available to us andspeaks only as of the date on which it is made. We undertake no obligation to publicly update any forward-looking statement,whether written or oral, that may be made from time to time, whether as a result of new information, future developments orotherwise, except as required by law. 5
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TELADOC HEALTH, INC.CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS(In thousands, except share and per share data, unaudited) Three Months EndedSeptember 30, Nine Months EndedSeptember 30, 2026 2025 2026 2025 Revenue $ 605,102 $ 626,439 $ 1,825,874 $ 1,887,708 Costs and expenses: Cost of revenue (exclusive of depreciation and amortization,which are shown separately below) 190,258 187,179 578,621 574,545 Advertising and marketing 123,978 167,985 418,902 503,717 Sales 49,578 48,209 150,245 146,853 Technology and development 65,546 67,572 196,272 206,314 General and administrative 107,400 102,581 313,522 323,469 Goodwill impairment — 12,625 — 71,763 Acquisition, integration, and transformation costs 1,565 1,931 4,319 6,777 Restructuring costs 4,404 1,950 17,283 11,989 Amortization of intangible assets 88,286 85,757 266,554 258,725 Depreciation of property and equipment 2,186 2,612 7,115 10,514 Total costs and expenses 633,201 678,401 1,952,833 2,114,666 Loss from operations (28,099) (51,962) (126,959) (226,958) Interest income (7,040) (7,081) (20,011) (29,819) Interest expense 4,935 4,526 15,412 14,764 Other expense (income), net 285 815 2,672 (9,991) Loss before provision for income taxes (26,279) (50,222) (125,032) (201,912) Provision for income taxes 655 (715) 4,647 (26,733) Net loss $ (26,934) $ (49,507) $ (129,679) $ (175,179) Net loss per share, basic and diluted $ (0.15) $ (0.28) $ (0.72) $ (1.00) Weighted-average shares used to compute basic and diluted netloss per share 181,876,281 176,934,781 180,684,939 175,678,949 Stock-based Compensation Summary Compensation expense for stock-based awards was classified as follows (in thousands, unaudited): Three Months EndedSeptember 30, Nine Months EndedSeptember 30, 2026 2025 2026 2025 Cost of revenue (exclusive of depreciation and amortization,which are shown separately) $ 104 $ 509 $ 575 $ 1,588 Advertising and marketing 471 1,083 1,757 3,888 Sales 1,545 3,156 5,082 11,009 Technology and development 2,066 4,129 6,528 14,161 General and administrative 7,430 8,119 21,586 33,857 Total stock-based compensation expense (3) $ 11,616 $ 16,996 $ 35,528 $ 64,503 See note (3) in the Notes section that follows. 6
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Revenues Three Months Ended Nine Months Ended September 30, September 30, (In thousands, unaudited) 2026 2025 Change 2026 2025 Change Revenue by Type Access Fees $ 466,721 $ 520,907 (10)% $ 1,425,591 $ 1,570,346 (9)% Other 138,381 105,532 31 % 400,283 317,362 26 % Total Revenue $ 605,102 $ 626,439 (3)% $ 1,825,874 $ 1,887,708 (3)% Revenue by Geography U.S. $ 489,214 $ 509,774 (4)% $ 1,468,079 $ 1,554,433 (6)% International 115,888 116,665 (1)% 357,795 333,275 7 % Total Revenue $ 605,102 $ 626,439 (3)% $ 1,825,874 $ 1,887,708 (3)% Summary Operating Metrics Consolidated Three Months Ended Nine Months Ended September 30, September 30, (In millions) 2026 2025 Change 2026 2025 Change Total Visits 4.0 4.1 (2)% 12.5 12.7 (2)% Integrated Care As of September 30, (In millions) 2026 2025 Change U.S. Integrated Care Members (2) 100.1 102.5 (2)% Chronic Care Program Enrollment (4) 1.344 1.165 15 % Three Months Ended Nine Months Ended September 30, September 30, 2026 2025 Change 2026 2025 Change Average Monthly RevenuePer U.S. Integrated Care Member (5) $ 1.33 $ 1.27 5 % $ 1.31 $ 1.27 3 % BetterHelp Average for Average for Three Months Ended Nine Months Ended September 30, September 30, (In millions) 2026 2025 Change 2026 2025 Change BetterHelp Paying Users (6) 0.336 0.382 (12)% 0.348 0.389 (11)% See notes (2), (4), (5), and (6) in the Notes section that follows. 7
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Operating Results by Segment (see note (7) in the Notes section that follows) The following table presents operating results by reportable segment for the periods indicated: Three Months Ended Nine Months Ended September 30, September 30, (In thousands, unaudited) 2026 2025 Change 2026 2025 Change Integrated Care Revenue $ 398,461 $ 389,538 2 % $ 1,188,211 $ 1,170,516 2 % Adjusted EBITDA $ 74,881 $ 66,068 13 % $ 196,400 $ 173,897 13% Adjusted EBITDA margin % 18.8 % 17.0 % 16.5 % 14.9 % BetterHelp Consumer and Other $ 174,533 $ 233,226 (25)% $ 570,848 $ 711,389 (20)% Insurance Covered Services 32,108 3,675 n/m 66,815 5,803 n/m Total Revenue $ 206,641 $ 236,901 (13)% $ 637,663 $ 717,192 (11)% Adjusted EBITDA $ 4,477 $ 3,841 17 % $ 6,840 $ 23,416 (71)% Adjusted EBITDA margin % 2.2 % 1.6 % 1.1 % 3.3 % n/m - not meaningful 8
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TELADOC HEALTH, INC.CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS(In thousands, unaudited) Nine Months EndedSeptember 30, 2026 2025 Cash flows from operating activities: Net loss $ (129,679)$ (175,179) Adjustments to reconcile net loss to net cash flows from operating activities: Goodwill impairment — 71,763 Amortization of intangible assets 266,554 258,725 Stock-based compensation 35,528 64,503 Depreciation of property and equipment 7,115 10,514 Amortization of right-of-use assets 5,006 7,973 Provision for allowances for doubtful accounts 1,176 (481) Deferred income taxes (1,535) (31,449) Other, net 4,279 3,272 Changes in operating assets and liabilities: Accounts receivable (38,958) 7,664 Prepaid expenses and other current assets (7,289) (1,326) Inventory 6,113 (1,039) Other assets 4,022 6,391 Accounts payable (694) 16,256 Accrued expenses and other current liabilities 51,066 (2,247) Accrued compensation (15,806) (4,795) Deferred revenue 429 (9,777) Operating lease liabilities (6,677) (10,249) Other liabilities (14) (3,904) Net cash provided by operating activities 180,636 206,615 Cash flows from investing activities: Capital expenditures (3,802) (6,274) Capitalized software development costs (91,460) (86,862) Proceeds from the sale of investment — 740 Acquisitions accounted for as business combinations, net of cash acquired — (81,904) Asset acquisition resulting in net intangible assets (12,675) (29,569) Payments for investments (1,000) (27,875) Other, net 3 60 Net cash used in investing activities (108,934) (231,684) Cash flows from financing activities: Proceeds from the exercise of stock options 37 81 Proceeds from employee stock purchase plan 1,654 1,901 Repayment of convertible senior notes — (550,629) Payment of credit facility issuance costs — (4,109) Other, net (2,848) — Net cash used in financing activities (1,157) (552,756) Net increase (decrease) in cash and cash equivalents 70,545 (577,825) Effect of foreign currency exchange rate changes (1,720) 5,747 Cash and cash equivalents at beginning of the period 781,084 1,298,327 Cash and cash equivalents at end of the period $ 849,909 $ 726,249 9
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TELADOC HEALTH, INC.CONDENSED CONSOLIDATED BALANCE SHEETS(In thousands, except share and per share data, unaudited) September 30,2026 December 31,2025 ASSETS Current assets: Cash and cash equivalents $ 849,909 $ 781,084 Accounts receivable, net of allowance for doubtful accounts of $3,345 and $4,033 at September 30, 2026 andDecember 31, 2025, respectively 230,949 192,826 Inventories 30,747 38,203 Prepaid expenses and other current assets 114,405 107,016 Total current assets 1,226,010 1,119,129 Property and equipment, net 24,406 26,972 Goodwill 283,190 283,190 Intangible assets, net 1,117,143 1,297,087 Operating lease—right-of-use assets 21,849 26,119 Other assets 102,477 105,803 Total assets $ 2,775,075 $ 2,858,300 LIABILITIES AND STOCKHOLDERS’ EQUITY Current liabilities: Accounts payable $ 46,339 $ 47,967 Accrued expenses and other current liabilities 232,413 198,208 Accrued compensation 77,147 96,258 Deferred revenue, current 62,012 62,305 Convertible senior notes, net—current 997,593 — Total current liabilities 1,415,504 404,738 Operating lease liabilities, net of current portion 28,125 34,204 Deferred revenue, net of current portion 9,122 9,139 Deferred taxes, net 26,993 28,945 Convertible senior notes, net—non-current — 994,925 Other liabilities 608 643 Total liabilities 1,480,352 1,472,594 Commitments and contingencies Stockholders’ equity: Common stock, $0.001 par value; 300,000,000 shares authorized; 182,254,430 shares and 178,315,400 sharesissued and outstanding as of September 30, 2026 and December 31, 2025 respectively 182 178 Additional paid-in capital 17,888,783 17,850,478 Accumulated deficit (16,559,901) (16,430,222) Accumulated other comprehensive loss (34,341) (34,728) Total stockholders’ equity 1,294,723 1,385,706 Total liabilities and stockholders’ equity $ 2,775,075 $ 2,858,300 10
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Non-GAAP Financial Measures: To supplement our financial information presented in accordance with generally accepted accounting principles in the UnitedStates (“GAAP”), we use certain non-GAAP financial measures to clarify and enhance an understanding of past performance,which include adjusted EBITDA and free cash flow. We believe that the presentation of these financial measures enhances aninvestor’s understanding of our financial performance and are commonly used by investors to evaluate our performance andthat of our competitors. We further believe that these financial measures are useful to assess our operating performance andfinancial and business trends from period-to-period by excluding certain items that we believe are not representative of ourcore business, and that free cash flow reflects an additional way of viewing our liquidity that, when viewed together withGAAP results, provides management, investors, and other users of our financial information with a more completeunderstanding of factors and trends affecting our cash flows. We use these non-GAAP financial measures for businessplanning purposes and in measuring our performance relative to that of our competitors. We utilize adjusted EBITDA as a keymeasure of our performance. Adjusted EBITDA consists of net loss before provision for income taxes; other expense (income), net; interest income;interest expense; depreciation of property and equipment; amortization of intangible assets; restructuring costs; acquisition,integration, and transformation costs; goodwill impairments; legal settlement costs and recoveries, net; and stock-basedcompensation. Free cash flow is net cash provided by operating activities less capital expenditures and capitalized software developmentcosts. Our use of these non-GAAP terms may vary from that of others in our industry, and other companies may calculate suchmeasures 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 theyshould not be considered as an alternative to net loss before provision for income taxes, net loss, net loss per share, net cashfrom operating activities or any other measures derived in accordance with GAAP. Some of these limitations are: • adjusted EBITDA eliminates the impact of the provision for income taxes on our results of operations, and does notreflect other expense (income), net, interest income, or interest expense; • adjusted EBITDA does not reflect restructuring costs. Restructuring costs may include certain lease impairment costs,certain losses related to early lease terminations, and severance; • adjusted EBITDA 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 tomergers and acquisitions. It also includes costs related to certain business transformation initiatives focused onintegrating and optimizing various operations and systems, including upgrading our enterprise resource planningsystem. These transformation cost adjustments made to our results do not represent normal, recurring, operatingexpenses necessary to operate the business but, rather, incremental costs incurred in connection with our acquisitionand integration activities; • adjusted EBITDA does not reflect goodwill impairment charges; • adjusted EBITDA does not reflect legal settlement costs and recoveries, net, which include costs incurred to settlespecific cases and amounts recovered through insurance reimbursements; and • adjusted EBITDA does not reflect the significant non-cash stock-based compensation expense which should beviewed as a component of recurring operating costs. In addition, although amortization of intangible assets and depreciation of property and equipment are non-cash charges, theassets being amortized and depreciated will often have to be replaced in the future, and adjusted EBITDA does not reflect anyexpenditures for such replacements. We compensate for these limitations by using these non-GAAP measures along with other comparative tools, together withGAAP measurements, to assist in the evaluation of operating performance. Such GAAP 11
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measurements include net loss, net loss per share, net cash from 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 thoseeliminated in this presentation. Our presentation of these non-GAAP measures should not be construed as an inference thatour future results will be unaffected by unusual or nonrecurring items. The following is a reconciliation of net loss, the most directly comparable GAAP financial measure, to adjusted EBITDA: Reconciliation of GAAP Net Loss to Adjusted EBITDA(In thousands, unaudited) Outlook in millions (8) Three Months EndedSeptember 30, Nine Months EndedSeptember 30, Fourth QuarterFull Year 2026 2025 2026 2025 2026 2026 Net loss $ (26,934)$ (49,507)$ (129,679)$ (175,179) $(42) - (5) $(172) - (136) Add: Provision for income taxes 655 (715) 4,647 (26,733) Other expense (income), net 285 815 2,672 (9,991) Interest expense 4,935 4,526 15,412 14,764 Interest income (7,040) (7,081) (20,011) (29,819) Depreciation of property and equipment2,186 2,612 7,115 10,514 Amortization of intangible assets 88,286 85,757 266,554 258,725 Restructuring costs 4,404 1,950 17,283 11,989 Acquisition, integration, andtransformation costs 1,565 1,931 4,319 6,777 Goodwill impairment — 12,625 — 71,763 Stock-based compensation 11,616 16,996 35,528 64,503 Legal settlement costs and recoveries, net(600) — (600) — Total Adjustments 106,292 119,416 332,919 372,492 79 - 142 413 - 475 Consolidated Adjusted EBITDA $ 79,358 $ 69,909 $ 203,240 $ 197,313 $74 - 100 $277 - 303 Segment Adjusted EBITDA Integrated Care $ 74,881 $ 66,068 $ 196,400 $ 173,897 BetterHelp 4,477 3,841 6,840 23,416 Consolidated Adjusted EBITDA $ 79,358 $ 69,909 $ 203,240 $ 197,313 See note (8) in the Notes section that follows. The following is a reconciliation of net cash provided by operating activities, the most directly comparable GAAP financialmeasure, to free cash flow: Reconciliation of GAAP Net Cash Provided by Operating Activities to Free Cash Flow(In thousands, unaudited) Three Months Ended Nine Months Ended Outlook (9) September 30, September 30, Full Year 2026 2025 2026 2025 2026 (in millions) Net cash provided by operating activities$ 106,458 $ 99,264 $ 180,636 $ 206,615 $263 - 288 Capital expenditures (1,214) (2,280) (3,802) (6,274) Capitalized software development costs (29,308) (29,038) (91,460) (86,862) Capex (30,522) (31,318) (95,262) (93,136) (128) - (123) Free Cash Flow $ 75,936 $ 67,946 $ 85,374 $ 113,479 $135 - 165 See note (9) in the Notes section that follows. 12
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Notes: 1. A reconciliation of each non-GAAP measure to the most comparable measure under GAAP has been provided in thispress release in the accompanying tables. An explanation of these non-GAAP measures is also included under the heading“Non-GAAP Financial Measures.” 2. U.S. Integrated Care Members represent the number of unique individuals at the end of the applicable period who haveaccess to our suite of integrated care services in the U.S. under paid access fee and/or visit-based arrangements. 3. Excluding the amount capitalized related to software development projects. 4. Chronic Care Program Enrollment represents the total number of enrollees across our suite of chronic care programs atthe end of the applicable period. 5. Average monthly revenue per U.S. Integrated Care member is calculated by dividing the total revenue generated from theIntegrated Care segment by the average number of U.S. Integrated Care Members (see note 2) during the applicableperiod. 6. BetterHelp Paying Users represent the average number of global monthly paying users of our BetterHelp therapy andpsychiatry services during the applicable period, including both those who pay directly out-of-pocket and those whoutilize their insurance coverage. 7. We have two segments: Integrated Care and BetterHelp. The Integrated Care segment includes a suite of global virtualmedical 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. TheBetterHelp segment includes virtual therapy and other wellness services provided on a global basis which arepredominantly marketed and sold on a direct-to-consumer basis, including both those who pay directly out-of-pocket andthose who utilize their insurance coverage. Within the BetterHelp segment, Consumer and Other primarily includesrevenue from BetterHelp Paying Users that pay for services directly out-of-pocket while Insurance Covered Servicesreflects revenue from BetterHelp Paying Users that utilize insurance coverage to pay for services, which includes anycopayments. 8. We have not provided a full line-item reconciliation for net loss to adjusted EBITDA outlook because we do not provideoutlook on the individual reconciling items between net loss and adjusted EBITDA. This is due to the uncertainty as totiming, and the potential variability, of the individual reconciling items such as impairments, stock-based compensationand 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 thecorresponding non-GAAP financial measure outlook is not available without unreasonable effort. 9. We have not provided a line-item reconciliation for free cash flow to net cash from operating activities for this futureperiod because we believe such a reconciliation would imply a degree of precision and certainty that could be confusingto investors and we are unable to reasonably predict certain items contained in the GAAP measure without unreasonableeffort. Investors:Michael Minchak617-444-9612ir@teladochealth.com Media:Lou Serio202-569-9715pr@teladochealth.com 13