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 |
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