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Teladoc Health Navigates Shifting Landscape: Integrated Care Grows, BetterHelp Shrinks
17 Nov
Summary
- Teladoc Health's Q3 revenue dipped due to BetterHelp shrinkage and pullback on performance marketing
- Integrated Care grew, but lower-margin BetterHelp segment hurt overall profitability
- Guidance indicates discipline, with modest Integrated Care growth and slow BetterHelp rebuild
In the third quarter of 2025, Teladoc Health, a leading virtual care provider, has been navigating a shifting landscape in the digital health industry. The company's Q3 results, reported on October 29, 2025, showed a dip in revenue due to a shrinkage in the BetterHelp segment and a pullback on performance marketing, as Teladoc focused on increasing insurance acceptance and access fees.
While the Integrated Care segment saw growth, the mix of the business still hurt profitability. BetterHelp's 1.6% margin compared to Integrated Care's 17.0% meant an 8% decline in the lower-margin segment, leading to a 16% drop in the company's adjusted EBITDA to $69.9 million.
Despite the challenges, Teladoc Health's guidance indicates a disciplined approach. The company expects modest growth in Integrated Care with mid-teens margins, and a slow rebuild of the BetterHelp segment as it resets channels and focuses on insurance adoption, trading near-term revenue for long-term durability.
The GAAP loss widened largely due to non-cash charges and amortization, not collapsing demand. International growth of 12% partly offset a 5% decline in the U.S. market.
