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Teladoc Health’s BetterHelp Insurance Revenue Surges 70% — Can It Replace Cash Pay?

Teladoc Health’s second quarter results for 2026 reflect continued progress in its Integrated Care segment alongside challenges and transition in its BetterHelp segment. Consolidated revenue totaled $607 million with adjusted EBITDA of $66 million, representing a 10.8% margin. The company reported a net loss per share of $0.21, including intangible amortization and stock-based compensation, while free cash flow was $36 million. The balance sheet remains solid with $774 million in cash and cash equivalents, and leverage metrics indicate a net debt to adjusted EBITDA ratio of 0.8x. Within Integrated Care, revenue reached $394 million, a modest 0.7% increase year-over-year and above the midpoint of guidance. This segment benefited from international growth, particularly in hybrid care models, and ongoing chronic care program enrollment expanded by 14% year-over-year. Adjusted EBITDA advanced 13.6% to $65 million, delivering a 16.