Teladoc Health Inc (0LDR.L) Q3 2024 Earnings Report

Teladoc Health’s QQ3 2024 results reflect a steady revenue base amid ongoing investments in growth initiatives. Revenue stood at $640.5 million, down 2.99% year over year and down 0.30% quarter over quarter, signaling modest top-line pressure in a competitive telehealth environment. Gross profit was $460.8 million, yielding a gross margin of approximately 71.9%, underscoring the strength of Teladoc’s service mix and pricing discipline in the quarter. Operating income was negative $44.4 million, with EBITDA of $13.4 million, resulting in an EBITDA margin of about 2.1% and an operating margin of negative 6.9%, highlighting ongoing investments in platform expansion, R&D, and go-to-market capabilities. Net income came in at a loss of $33.3 million, with EPS of −0.20 (diluted −0.19). Cash flow and liquidity remained a positive offset to near-term profitability concerns. Net cash provided by operating activities was $110.2 million, and free cash flow was $79.0 million, supporting a robust cash balance of $1.2439 billion and a net debt position of $345.0 million. The balance sheet shows solid liquidity metrics (current ratio 1.69, quick ratio 1.65, cash ratio 1.34) and a diversified asset base, including substantial intangible assets and goodwill. Management’s ongoing emphasis on scaling core telehealth services, expanding platforms, and pursuing international opportunities suggests a path toward improved efficiency and scaled revenue contribution over time, even as near-term profitability remains constrained by higher SG&A and growth investments. Overall, the QQ3 2024 performance reinforces Teladoc’s endurance in a maturing market: revenue stability, meaningful cash generation, and a strategic focus on long-term value drivers such as platform ecosystem expansion, employer/health plan relationships, and international adoption. Investors should monitor the pace of margin expansion, cost discipline, and progress toward monetizing the broader platform through diversified patient pathways and enterprise contracts.