Teladoc CEO Jason Gorevic blames its mental health subsidiary BetterHelp’s disappointing Q1 results on smaller digital behavioral health startups driving up advertising costs, Behavioral Health Business reports.
The company reported $565.4 million in revenue during the quarter, missing its expectations by $3.23 million. During the call Gorevic said the company is lowering its 2022 guidance as a result of headwinds in its behavioral health and chronic care business segments.
Following the earnings call, Teladoc’s stock price dropped overnight by more than 40%. Read more.
