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Teladoc Health Is Not Just Virtual Care Anymore — Insurance Is The Pivot!

Teladoc Health reported consolidated first-quarter 2026 revenue of $614 million and adjusted EBITDA of $58 million, corresponding to a 9.5% margin, with results exceeding the midpoint of prior guidance. The Integrated Care segment contributed $395 million in revenue, a 1.5% increase year-over-year, driven by a high-single-digit rise in visit revenue and gains from acquisitions, though partially offset by lower subscription revenues. International revenues grew in double digits, led by hybrid care models combining virtual and physical services. Integrated Care membership reached 101.2 million, surpassing guidance, while chronic care program enrollment rose modestly both sequentially and year-over-year. Adjusted EBITDA for Integrated Care was $56 million, with a 14.2% margin, reflecting disciplined cost management despite margin pressures from the shift toward visit-based revenue. BetterHelp generated $218 million in revenue but experienced a 9% year-over-year decline, largely due to continued challenges in the U.S. direct-to-consumer cash pay business.