Teladoc Health Inc: Insurance Rollout Progressing Ahead of Schedule a Positive, but Introduces New Moving Pieces

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Teladoc Health Inc: Insurance Rollout Progressing Ahead of Schedule a Positive, but Introduces New Moving Pieces

J P M O R G A N North America Equity Research

29 July 2026

Teladoc Health Inc Neutral

TDOC, TDOC US

Insurance Rollout Progressing Ahead of Schedule a Price (29 Jul 26):$9.18

Positive, but Introduces New Moving Pieces

Managed Care and Facilities

TDOC reported 2Q earnings after the close, with results and updated FY26 Lisa C. Gill AC

guidance increasingly reflecting the impact of the rollout of Insurance Covered (1-212) 622-6466

Services as management revisits assumptions following an intra-quarter inflection lisa.c.gill@jpmorgan.com

in consumer demand and uptake. While the insurance rollout progressing ahead of Cole Harris

schedule (as well as stability in Integrated Care) is a positive for TDOC’s broader (1-212) 622-9068

turnaround narrative, we acknowledge that additional moving parts in BetterHelp cole.harris@jpmorgan.com

(primarily provider capacity constraints for the insurance offering) may cloud the John Stansel, CFA

timeline towards more material earnings improvement. We walk through key (1-212) 622-0083

john.stansel@jpmorgan.com

points from the print as well as a variance analysis below.

Benjamin Rossi

• BetterHelp: Updated FY26 guidance below Street expectations primarily (1-212)benjamin.rossi@jpmorgan.com622-9603

reflects revised assumptions around scale and pace of Insurance Covered J.P. Morgan Securities LLC

Services rollout, following faster than expected uptake YTD.

• Insurance revenues of $22M came in near the high end of the expected

range, growing nearly 80% sequentially. TDOC reiterated its FY26

insurance revenue guide of $90-$105M and guided to $25M-$31M in 3Q,

implying roughly $32M-$38M of revenues in 4Q (well ahead of prior