Teladoc reported a net loss of $9.78 billion in the first two quarters, dragging down its second-quarter earnings.
In its second-quarter 2022 earnings report posted July 27, Teladoc reported a $3 billion hit from an impairment charge that pushed the company to a loss of $19.22 per share.
The $3 billion impairment charge was "triggered by the decline in Teladoc's share price with the valuation and size of the impairment charge primarily driven by an increased discount rate and decreased market multiple for a relevant peer group of high-growth digital healthcare companies," Mala Murthy, chief financial officer of Teladoc, said during the company's second-quarter earnings call.
Three things to know:
- Teladoc's revenue increased 18 percent to $592.4 million from $503.1 million in the second quarter of 2021.
- In the first quarter, Teladoc took a $6.6 billion hit to write down the value of its Livongo acquisition two years ago.
- With the two impairment charges, the company's losses have ballooned to $9.8 billion in the first half of the year.