Teladoc Health reported a historic net loss in 2022 of $13.7 billion off revenue of $2.4 billion, mostly from an impairment charge related to the shrinking value of its Livongo acquisition. By comparison, the virtual care company reported a loss of $429 million in 2021, Healthcare Dive reports.
The non-cash goodwill impairment charge of $13.4 billion reported over the past year reflects the waning market value of Teladoc’s $18.5 billion acquisition of chronic care company Livongo in late 2020. The impairment charge doesn’t impact the company’s financial position or its ability to invest in the business going forward, CFO Mala Murphy said on a call with investors Wednesday.
The New York-based telemedicine vendor beat Wall Street expectations for revenue but missed on earnings in fourth-quarter earnings released aftermarket Wednesday. Teladoc also issued 2023 guidance below analyst consensus, causing stock to slide in morning trading Thursday. Read more.
