TDOC - Catch-up with the Company on Key Investor Focus Areas

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TDOC - Catch-up with the Company on Key Investor Focus Areas

Truist Securities

Equity Research Report July 1, 2026

HEALTHCARE: Telehealth Teladoc Health, Inc. (TDOC)

TDOC - Catch-up with the Company on Key Investor Focus Areas Jailendra Singh

212-401-4406

Jailendra.Singh@truist.com

We caught up with Teladoc Health (TDOC, Hold) to discuss a variety of topics, including

the demand environment within the Integrated Care segment, the BetterHelp advertising

Eduardo Ron outlook, the ongoing BetterHelp insurance rollout, AI investments, contract implementation 212-326-3152

Eduardo.Ron@truist.com timing, among other. Below, we highlight the key takeaways from our conversation.

Payton Engdahl Demand Environment for the Integrated Care Segment: TDOC broadly agreed with our

212-319-5476 key takeaways from our Healthcare Disruptors Conference, namely that employers continue

Payton.Engdahl@truist.com to face elevated healthcare cost trends and remain focused on managing affordability.

As a result, the company is seeing increased scrutiny around healthcare spending and a

growing emphasis on solutions that can demonstrate clear and measurable ROI. Against

Stock Rating HOLD this backdrop, TDOC believes it is well positioned given the breadth of its platform and its ability to deliver a more integrated offering across multiple care categories. Management Unchanged

highlighted that employer concerns around fragmentation and vendor fatigue remain

Price Target $9.00 prevalent, with many HR departments seeking to consolidate point solutions and simplify

Unchanged vendor relationships where possible. TDOC views this trend as supportive of its platform

strategy, as employers increasingly favor partners that can address multiple healthcare

needs through a single relationship.