Teladoc Health Slashes 300 Redundant Non-Clinician Roles, Reduces Office Spaces To Save Costs

• Teladoc Health, Inc (NYSE: TDOC) slashed 6% of its workforce and underwent other initiatives during the fourth quarter of 2022 to reduce operating costs.

• The removal of redundant roles affected 300 non-clinician employees of the company.

• Teladoc also reduced office spaces in specific markets under the restructuring.

• The actions did not have a material impact on the company's quarterly results.

• Teladoc's third-quarter revenue grew by 17% year-on-year to $611.4 million. Adjusted EBITDA decreased 24% Y/Y to $51.2 million.

• Teladoc held $899.6 million in cash and equivalents as of September 30. It generated $63 million in operating cash flow.

• Barclays analyst Marc Solecitto maintained Teladoc Health with an Equal-Weight and lowered the price target from $32 to $28.

• Price Action: TDOC shares traded higher by 1.17% at $28.55 in the premarket on the last check Wednesday.

Latest Ratings for TDOC

Date	Firm	Action	From	To
Mar 2022	Piper Sandler	Maintains		Overweight
Mar 2022	UBS	Maintains		Neutral
Mar 2022	Argus Research	Upgrades	Hold	Buy

View More Analyst Ratings for TDOC

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