2024-02-21 12:22:20 ET
Summary
- Teladoc Health, Inc. growth has plateaued, with 2024 guidance pointing to a modest 8% CAGR at best.
- Despite a seemingly reasonable valuation at 13x forward free cash flow, the concern arises as the company transitions into an ex-growth phase.
- Challenges in BetterHelp and Integrated Care segments, coupled with a saturated virtual urgent care market, contribute to Teladoc's growth hurdles.
Investment Thesis
Teladoc Health, Inc. ( TDOC ) delivered unappetizing guidance in its Q4 earnings release . And yet, I want to be clear, that the problem with Teladoc is not that the stock is expensive. Indeed, I make it clear that paying 13x forward free cash flows is not expensive....
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Teladoc Health: Another Bad Quarter, Another Wave Of Capitulation