Down 98% From Its All-Time High? Is It Finally Time to Buy This Former Market Darling?

• Teladoc's gross keeps sliding arsenic its online therapy business, BetterHelp, remains nether pressure.

• Management is "repositioning" its business, and investors whitethorn request patience.

• A debased banal terms does not automatically make a bully risk-reward trade-off.

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There was a clip erstwhile Teladoc Health (NYSE: TDOC) was a high-flying marketplace darling. Helped by its positioning arsenic an aboriginal mover successful telehealth and a surge successful online visits owed to the COVID-19 pandemic, shares soared to euphoric levels. Unfortunately, contiguous the banal faces the nonstop other sentiment. Parts of the company's concern proceed to struggle, and investors person punished the stock. In fact, the banal sits astir 98% beneath its February 2021 high.

Teladoc's gross declined 2% twelvemonth implicit twelvemonth successful the 3rd 4th of 2025, landing astatine astir $626 million.

Segment show puts this diminution into context. Third-quarter integrated attraction gross (Teladoc's virtual healthcare business) roseate 2% twelvemonth implicit twelvemonth to astir $390 million. But BetterHelp gross fell 8% to astir $237 million.

Looking beyond integrated care's gross trends to its underlying rank metrics reveals immoderate promising trends successful the segment. Teladoc's U.S. integrated attraction rank ended the 3rd 4th astatine 102.5 million, up 9% twelvemonth implicit year. And its chronic attraction program, which besides falls into Teladoc's integrated attraction segment, saw enrollment scope 1.17 cardinal -- down 1% twelvemonth implicit twelvemonth but up much than 4% sequentially.

But Teladoc inactive needs BetterHelp to cooperate. Management is trying to determination the work toward security acceptance arsenic opposed to its erstwhile accent connected cash-paying customers.

Management indicated that it is seeing signs of this repositioning of BetterHelp starting to wage off.

Key metrics for its BetterHelp business, including conversion rates, fig of sessions, and idiosyncratic growth, are each "trending successful enactment with what we were expecting," said Teladoc main fiscal serviceman Mala Murthy successful the company's third-quarter net call.