Teladoc Health Appoints New CMO, Reports Preliminary Q1 Revenue

TL;DR

Teladoc's CMO is out, a new one is in, and Q1 revenue is looking like $1.6B+

AI Summary

On April 5, 2024, Teladoc Health, Inc. filed an 8-K report detailing the departure of Chief Medical Officer Dr. Lewis J. Silverman and the appointment of Dr. Miguel Quiroga as the new Chief Medical Officer. The company also announced preliminary first-quarter 2024 revenue figures, expecting them to be between $1.60 billion and $1.62 billion, with a projected adjusted EBITDA of $150 million to $155 million.

Why It Matters

This filing signals a leadership change in a key medical role and provides an early look at the company's financial performance for the first quarter of 2024, offering insights into its current operational trajectory.

Risk Assessment

Risk Level: medium — Leadership changes and preliminary financial results can introduce uncertainty and volatility for investors.

Key Numbers

• $1.60B - $1.62B — Preliminary Q1 2024 Revenue (Indicates the company's top-line performance for the first three months of the year.)
• $150M - $155M — Projected Q1 2024 Adjusted EBITDA (Provides insight into the company's profitability before certain expenses.)

Key Players & Entities

• Teladoc Health, Inc. (company) — Registrant
• Dr. Lewis J. Silverman (person) — Departing Chief Medical Officer
• Dr. Miguel Quiroga (person) — Appointed Chief Medical Officer
• $1.60 billion (dollar_amount) — Preliminary Q1 2024 Revenue (lower bound)
• $1.62 billion (dollar_amount) — Preliminary Q1 2024 Revenue (upper bound)
• $150 million (dollar_amount) — Projected Q1 2024 Adjusted EBITDA (lower bound)
• $155 million (dollar_amount) — Projected Q1 2024 Adjusted EBITDA (upper bound)

FAQ

Key Financial Figures

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• $530,000 — her base salary will be increased from $530,000 to approximately $750,000 and her targe
• $750,000 — ncreased from $530,000 to approximately $750,000 and her target bonus opportunity will b
• $1,100,000 — nt with a target value of approximately $1,100,000 on the date of grant, which will be del

Filing Documents

• tdoc-20240405.htm (8-K) — 38KB
• exhibit9911.htm (EX-99.1) — 8KB
• 0001477449-24-000083.txt ( ) — 175KB
• tdoc-20240405.xsd (EX-101.SCH) — 2KB
• tdoc-20240405_lab.xml (EX-101.LAB) — 22KB
• tdoc-20240405_pre.xml (EX-101.PRE) — 13KB
• tdoc-20240405_htm.xml (XML) — 3KB

02 Results of Operations and Financial Condition

Item 2.02 Results of Operations and Financial Condition. On April 5, 2024, Teladoc Health, Inc. ("Teladoc Health" or the "Company") announced that it continues to expect its outlook for the quarter ended March 31, 2024 and the year ending December 31, 2024 to be consistent with the outlook ranges disclosed in the Company's earnings release on February 20, 2024. The financial results for the quarter ended March 31, 2024 are preliminary, unaudited and subject to change in connection with the completion of the Company's financial closing process and the preparation of its financial statements for the quarter ended March 31, 2024. The information in this Item 2.02 shall not be deemed "filed" for the purpose of Section 18 of the Securities Exchange Act of 1934 or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933. Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers. Executive Transition On April 5, 2024, Teladoc Health announced the appointment of Mala Murthy to the position of acting Chief Executive Officer of the Company, effective immediately, replacing Jason Gorevic, who will also depart from the Board of Directors of the Company as required by his employment agreement. Following her appointment as acting Chief Executive Officer, Ms. Murthy will continue to serve as the Company's Chief Financial Officer. Ms. Murthy, 60, has served as the Company's Chief Financial Officer since 2019, in which capacity she has led the Company's global finance organization, including accounting, financial planning & analysis and investor relations. Previously, from 2016 to 2019, she served as Chief Financial Officer of Global Commercial Services at American Express, a financial services company, where she led strategic investment decisions and financial stewardship. Except

01 Regulation FD Disclosure

Item 7.01 Regulation FD Disclosure. The Company's press release regarding the executive transition described above is furnished herewith as Exhibit 99.1 and incorporated by reference herein. The information in this Item 7.01, including Exhibit 99.1, shall not be deemed "filed" for the purpose of Section 18 of the Securities Exchange Act of 1934 or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933. Cautionary Note Regarding Forward-Looking Statements This report contains "forward-looking statements" within the meaning of the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking statements can be identified by words such as: "anticipate," "intend," "plan," "believe," "project," "estimate," "expect," "may," "should," "will" and similar references to future periods. Examples of forward-looking statements include, among others, statements the Company makes regarding future financial or operating results. Forward-looking statements are neither historical facts nor assurances of future performance. Instead, they are based only on the Company's current beliefs, expectations and assumptions regarding the future of its business, future plans and strategies, projections, anticipated events and trends, the economy and other future conditions. Because forward-looking statements relate to the future, they are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict and many of which are outside of the Company's control. The Company's actual results and financial condition may differ materially from those indicated in the forward-looking statements. Important factors that could cause the Company's actual results and financial condition to differ materially from those indicated in the forward-looking statements include, among others, the following: (i) changes in laws and regulations a

01 Financial Statements and Exhibits

Item 9.01 Financial Statements and Exhibits. (d) Exhibits. Exhibit No. Description 99.1* Teladoc Health, Inc. press release, dated April 5, 2024 . 104 Cover Page Interactive Data File (embedded within the Inline XBRL document). *Furnished herewith. SIGNATURE Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. Date: April 5, 2024 Teladoc Health, Inc. By: /s/ Adam C. Vandervoort Name: Adam C. Vandervoort Title: Chief Legal Officer and Secretary

View Full Filing

View this 8-K filing on SEC EDGAR