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Teladoc Health Inc TDOC

Rating as of

Morningstar’s Analysis

Valuation
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1-Star Price

PREMIUM

5-Star Price

PREMIUM

Economic Moat

PREMIUM

Capital Allocation

PREMIUM

Teladoc's Growth Opportunities Remain Strong Despite Stock Price Decline; Lowering FVE to $210

Dylan Finley Associate Equity Analyst

Analyst Note

| Dylan Finley |

After taking a fresh look at Teladoc Health, we are maintaining our no-moat rating and adjusting our moat trend rating to stable from positive. Teladoc continues to be a leader in the nascent telehealth industry, and we anticipate a 30% compound annual growth rate for the company over the next five years. However, we see intensifying competition (record venture capital funding, peer consolidation, and even Amazon), as barriers to entry are relatively low. While achieving a moat through scale on its own is difficult in an industry that could be described as commoditized, Teladoc can distinguish its offerings through its breadth of services. Following its Livongo and InTouch acquisitions in 2020, Teladoc has expanded its offering beyond virtual ambulatory and expert visits to include chronic care management and telehealth solutions for hospital systems.

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Company Profile

Business Description

Teladoc Health is a virtual health provider with a telehealth platform delivering 24-hour, on-demand healthcare via mobile devices, the Internet, video, and phone. It also offers remote patient monitoring programs for chronic care management. Its platform connects members with a network of physicians and behavioral health professionals. Most of the company’s revenue is generated from access fees on a subscription basis (per member, per month). The balance comes from visit fees and equipment rental and sales to hospital systems. Since inception, Teladoc has primarily partnered with employers, health plans, and health systems to offer network access to their members; it has also started to market directly to consumers while expanding its service portfolio.

Contact
2 Manhattanville Road, Suite 203
Purchase, NY, 10577
T +1 203 635-2002
Sector Healthcare
Industry Health Information Services
Most Recent Earnings Mar 31, 2021
Fiscal Year End Dec 31, 2021
Stock Type Speculative Growth
Employees 4,400

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