Teladoc Health Inc (0LDR.L) Q3 2025 Earnings Report

Teladoc Health reported Q3 2025 revenue of $626.4 million, down 2.2% year over year and 0.9% quarter over quarter, reflecting ongoing headwinds in a highly competitive telehealth market. Despite a robust gross margin of ~70% (70.12%), the company continues to incur negative operating and net income with an EBITDA of -$51.96 million and net income of -$49.51 million for the quarter, underscoring persistent fixed-cost pressure and investments in growth initiatives. The sequential improvement in operating margin (QoQ up about 4.5% to -8.29%) signals some operating leverage but remains well short of breakeven. Liquidity remains strong with a current ratio of 2.70 and cash per share of $4.13, while free cash flow per share stood at $0.552 and operating cash flow per share at $0.565, providing a cushion to fund product development and potential strategic initiatives. The market remains nervous about sustainable profitability, as reflected in valuation multiples (P/S ~2.17, P/B ~0.98) and a negative enterprise value despite a solid cash balance. The absence of formal guidance in QQ3 2025 adds to near-term uncertainty, though the long-term addressable market for chronic disease management, employer telehealth adoption, and mental health solutions continues to offer a meaningful growth backdrop if operating efficiency can be improved.