Healthcare · Profile from Healthcare Research Companion
Teladoc Health, Inc.
The Dallas-born "doctor by phone" company founded in 2002 that sold employers and health plans a per-member access fee for round-the-clock virtual visits. It won a long fight with the Texas Medical Board, went public in 2015, bought its way into a global virtual-care portfolio (BetterHelp, Best Doctors, Advance Medical, InTouch Health) and, at the pandemic peak in 2020, agreed to buy Livongo for ~$18.5bn to build a "whole-person" platform. It then wrote down ~$13.4bn of goodwill in 2022, watched its consumer therapy business BetterHelp shrink, replaced its long-time CEO in 2024, and by 2026 was a ~$2.4–2.5bn-revenue, cash-generating but shrinking business trying to move BetterHelp onto insurance and relaunch its care model as "Teladoc One". It is the defining case of the telehealth boom and bust.
At a glance
- Founded
- 2002, Dallas, Texas (incorporated in Texas June 2002; reincorporated in Delaware October 2008)
- Founders
- G. Byron Brooks, MD, and Michael Gorton (reported); Jason Gorevic became CEO in 2009
- Headquarters
- Purchase, New York (corporate); large operations in Dallas and elsewhere
- Ownership / structure
- Public company, NYSE: TDOC (IPO 1 July 2015). Clinical services in the US are delivered by affiliated professional entities and contracted physician networks under the corporate-practice-of-medicine structures described in section 20
- Leadership (2026)
- Charles "Chuck" Divita, CEO since 10 June 2024 (previously EVP and earlier CFO at GuideWell, parent of Florida Blue). CFO Mala Murthy (CFO from 2019; acting CEO April–June 2024) left on 21 November 2025; a search followed (verify successor)
- Segment and buyer
- Digital health / virtual care. Two reporting segments: Integrated Care (employers, health plans, health systems and governments buy virtual visits, chronic-condition programs, mental health, expert medical opinion and hospital telehealth; ~100m US members with access) and BetterHelp (consumer-paid online therapy, moving toward insurance from 2025)
- Scale
- ~100.1m US Integrated Care members (30 Sep 2026); chronic-care program enrollment ~1.34m (Q3 2026); BetterHelp ~336,000 average monthly paying users, global, cash-pay plus insured (Q3 2026, −12%; ~375,000 in Q4 2025); operations in ~130 countries through the former Advance Medical and Best Doctors businesses (company, reported)
- Revenue
- 2015 ~$77m; 2019 ~$553m; 2020 ~$1.09bn; 2021 ~$2.03bn; 2022 ~$2.41bn; 2023 $2.60bn; 2024 $2.57bn; 2025 $2.53bn (−2%); 2026 guidance $2.395–2.441bn (raised October 2026)
- Capital raised / valuation
- Private venture and growth rounds before 2015 (verify totals); IPO at $19 (~$758m market value at pricing); multiple convertible-note issues, including $850m of 1.25% notes due June 2027 (2020); Livongo bought mostly in stock (~$18.5bn); market value peaked at roughly $45–50bn in February 2021 (share price ~$300, reported) and fell to roughly $1–1.5bn by 2025–26 (verify)
- Signature moves (incl. failures)
- Access-fee model (2002); Texas Medical Board fight (2011–17); NYSE IPO (2015); BetterHelp (2015); global roll-up via Best Doctors and Advance Medical (2017–18); InTouch Health and the pandemic surge (2020); Livongo merger (2020); ~$13.4bn of write-downs (2022); CEO change and $790m BetterHelp impairment (2024); BetterHelp insurance pivot, UpLift and Catapult (2025–26)
10 strategic moves analysed
Each one gets a full strategy file in the companion: context, the decision, the financing, what happened, and the lesson.
2002
Founding and Access Fee Model
Founding / business model
2011
Texas Medical Board Fight
Regulatory / litigation
2015
BetterHelp Acquisition
Acquisition / new business line
2015
NYSE IPO
IPO
2017
Best Doctors and Advance Medical Rollup
Acquisition (series)
2020
InTouch Health and Pandemic Surge
Acquisition / demand shock
2020
Livongo Merger
Merger
2022
Goodwill Writedowns
Write-down / restructuring
2024
CEO Change and BetterHelp Impairment
Leadership change / write-down
2025
BetterHelp Insurance Pivot
Pivot / acquisition