0001477449-26-000050
SEC filing营收降3%至$605.1M但调整后EBITDA增14%，Integrated Care稳健增长与BetterHelp保险业务放量是核心驱动。
| 指标 | 本期 | 去年同期 | 同比 |
|---|---|---|---|
| Revenue | $605.1M | $626.4M | (3)% |
| Gross Margin | — | — | — |
| Operating Income | $(28.1)M | $(52.0)M | 46% |
| Net Income | $(26.9)M | $(49.5)M | 46% |
| Diluted EPS | $(0.15) | $(0.28) | 46% |
| Adjusted EBITDA | $79.4M | $69.9M | 14% |
| Integrated Care Revenue | $398.5M | $389.5M | 2% |
| BetterHelp Revenue | $206.6M | $236.9M | (13)% |
| 期间 | 指标 | 指引 | 口径 |
|---|---|---|---|
| FY2026 | Revenue | $2,395 - $2,441 million | N/A |
| FY2026 | Adjusted EBITDA | $277 - $303 million | Non-GAAP |
| FY2026 | Net loss per share | ($0.95) - ($0.75) | GAAP |
| FY2026 | Free Cash Flow | $135 - $165 million | Non-GAAP |
| Q4 2026 | Revenue | $569 - $615 million | N/A |
| Q4 2026 | Adjusted EBITDA | $74 - $100 million | Non-GAAP |
| Q4 2026 | Net loss per share | ($0.23) - ($0.03) | GAAP |
营收同比降3%至$605.1M，其中Access fees降10%至$466.7M、Other revenue增31%至$138.4M；U.S.降4%、International降1%。分部层面，Integrated Care营收增2%至$398.5M、调整后EBITDA利润率升至18.8%（去年17.0%）；BetterHelp营收降13%至$206.6M，但Insurance Covered Services由$3.7M跃升至$32.1M，Consumer and Other降25%至$174.5M，反映公司主动向保险覆盖服务转型、现金自付用户持续流失。整体调整后EBITDA增14%至$79.4M，利润率改善主要来自广告营销费用由$168.0M降至$124.0M，部分被无形资产摊销$88.3M、股权激励$11.6M及重组成本$4.4M等非现金/一次性项抵消；净亏损收窄至$26.9M（每股$0.15）。
现金流方面，Q3经营现金流$106.5M、Capex $30.5M、自由现金流$75.9M（去年$67.9M），期末现金$849.9M，但$997.6M可转债已转为流动负债。管理层称营收接近指引上限、调整后EBITDA高于指引区间，并强调Teladoc One早期合作落地、混合医疗与AI方案推进。全年指引隐含Q4营收环比走弱、BetterHelp营收同比降18.5%–31.5%，显示保险转型短期仍压制增长；本季未披露回购或分红，资本返还缺位，投资者需关注BetterHelp现金自付下滑与商誉减值风险。