<p><img src="https://imageproxy.pbkrs.com/https://invezz.com/wp-content/uploads/2023/01/180953459-m.jpg?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" width="2508" height="1672" original-src="https://imageproxy.pbkrs.com/https://invezz.com/wp-content/uploads/2023/01/180953459-m.jpg"/></p>
<p>Teladoc Health（纳斯达克：TDOC）股价继续下跌，使其成为华尔街表现最糟糕的公司之一。在周三下跌 3% 后，盘前交易中暴跌超过 17.30%。</p>
<h2>跌入谷底的持续</h2>
<p>Teladoc 是美国最大的远程医疗公司，在过去几年里经历了显著的跌落。其股价从 2021 年的历史最高点 307.40 美元跌至今天的仅 7 美元。在此过程中，其市值从 500 亿美元以上下降至仅 15 亿美元。</p>
<p>在大流行期间表现出色后，Teladoc Health 经历了一次严重的跌落。</p>
<p>当时，该公司的年收入从 2019 年的 5.53 亿美元增长到 2020 年的 10.9 亿美元，再到 2021 年的 20.3 亿美元。</p>
<p>随着公司的发展，它进行了有史以来最大的收购。它斥资 180 亿美元收购了 Livongo Health，另一家远程医疗公司。目标是成为远程医疗行业中最大的参与者，这被视为未来的健康趋势。</p>
<p>这次收购结果不佳，公司被迫宣布大额减值，导致 2022 年净亏损超过 130 亿美元。</p>
<p>相反，有迹象表明备受推崇的远程医疗行业增长速度不及预期，人们更倾向于进行更多的医院就诊。</p>
<p>Teladoc 并非唯一一家在大流行中获利的公司出现下滑。Zoom Video 股价从历史最高点 590 美元跌至仅 60 美元。同样，PayPal 股价从 324 美元跌至 65 美元，Novavax 从 308 美元跌至 12 美元。</p>
<h2>弱势盈利趋势持续</h2>
<p>Teladoc Health 在过去几个季度继续发布弱势财报。周三，它表示第二季度营收下降了 2%，至 6.42 亿美元。</p>
<p>营收下降表明，作为第三大投资者，凯蒂·伍德（Cathie Wood）持有 Teladoc Health 的公司并未看到强劲需求。</p>
<p>公司的亏损轨迹也在继续，第二季度净亏损飙升至 8.37 亿美元。这是 2023 年四个季度亏损 2.2 亿美元的大幅下滑。亏损是因为大额的 7.9 亿美元商誉减值。</p>
<p>最重要的是，公司的重要业务 Betterhelp 也表现不佳。Betterhelp 是一个帮助人们获取心理健康和婚姻等领域合格治疗师的品牌。</p>
<p>它拥有约 3.5 万名合格治疗师，帮助了超过 480 万人。其营收持续下滑，第二季度达到 2.65 亿美元。新任 CEO 表示：</p>
<p>“虽然我们在综合护理领域取得了良好表现，但 BetterHelp 领域持续的逆风影响了整体业绩。我们正专注于紧急解决面临的问题，以解锁公司未来的更大价值。”</p>
<p>Teladoc Health 还撤回了其全面的前瞻性指引。它撤回了对 Betterhelp 和其综合运营的指引。预计其年收入增长将在-1% 至 +2% 之间，调整后的 EBITDA 利润率将在 14.5% 至 16% 之间。</p>
<h2>需要筹集现金吗？</h2>
<p>投资者关注的一个关键问题是 Teladoc Health 可能需要筹集现金来资助其运营，因为亏损不断上升。</p>
<p>我认为公司不需要筹集现金，因为其资产负债表状况良好。上个季度，公司以 11.6 亿美元以上的现金及等价物收尾，略低于去年 12 月的 11.2 亿美元。</p>
<p>这些资金将足以支撑公司在未来几年内进行业务修复。一个可能的解决方案是剥离陷入困境的 Betterhelp 部门并出售，可能是向私募股权公司出售。</p>
<p>Betterhelp 可能会获得至少 10 亿美元的估值，因为它拥有超过 40 万付费用户，在过去六个月内创造了 7.54 亿美元的收入。</p>
<p>剥离 Betterhelp 将有助于公司专注于其综合护理业务，该业务拥有超过 9240 万用户，较 2023 年同期增长 8%。该部门在未来几年有增长潜力。</p>
<h2>Teladoc Health 股价分析</h2>
<p><img src="https://imageproxy.pbkrs.com/https://invezz.com/wp-content/uploads/2024/08/Teladoc-Health-stock-1024x569.png?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" width="1024" height="569" original-src="https://imageproxy.pbkrs.com/https://invezz.com/wp-content/uploads/2024/08/Teladoc-Health-stock-1024x569.png"/></p>
<p>TDOC 图表由 TradingView 提供</p>
<p>在我上一篇关于 TDOC 的文章中，我写道它被极度超卖，回弹的可能性很大。然而，随着其财报的公布，这一展望是错误的。</p>
<p>从周线图来看，我们可以看到该股持续创造一系列低点和高点。它也一直保持在 50 周和 25 周移动平均线之下，表明空头控制着局面。</p>
<p>积极的一面是，它形成了一个下降楔形图形，这是一个常见的看涨信号。因此，虽然该股的整体前景是熊市，但楔形图案意味着它可能在未来几周内反弹。此外，它是华尔街空头头寸最多的公司之一，空头头寸为 20%。</p>
<p>本文来源：Invezz</p>

TDOC

<p>Teladoc Health（纳斯达克股票代码：TDOC）股价继续下跌，使其成为华尔街表现最糟糕的公司之一。在周三下跌了 3% 后，在盘前交易中暴跌了超过 17.30%</p>

<p><img src="https://imageproxy.pbkrs.com/https://invezz.com/wp-content/uploads/2023/01/180953459-m.jpg" alt="" original-src="https://invezz.com/wp-content/uploads/2023/01/180953459-m.jpg"/></p>
<p>Teladoc Health (NASDAQ: TDOC) stock price continued its downfall, making it one of the worst-performing companies in Wall Street. It crashed by over 17.30% in the pre-market session after falling by 3% on Wednesday.</p>
<div class="lb-trans"><p>Teladoc Health（纳斯达克：TDOC）股价继续下跌，使其成为华尔街表现最糟糕的公司之一。在周三下跌 3% 后，盘前交易中暴跌超过 17.30%。</p>
</div><h2>The fall from grace continues</h2>
<div class="lb-trans"><h2>跌入谷底的持续</h2>
</div><p>Teladoc, the biggest telehealth company in the US, has had a remarkable fall from grace in the past few years. Its stock dropped from its all-time high of $307.40 in 2021 to just $7 today. Along the way, its market cap has fallen from over $50 billion to just $1.5 billion.</p>
<div class="lb-trans"><p>Teladoc 是美国最大的远程医疗公司，在过去几年里经历了显著的跌落。其股价从 2021 年的历史最高点 307.40 美元跌至今天的仅 7 美元。在此过程中，其市值从 500 亿美元以上下降至仅 15 亿美元。</p>
</div><p>Teladoc Health has had a strong fall from grace after doing phenomenally well during the pandemic when most people turned to telehealth.</p>
<div class="lb-trans"><p>在大流行期间表现出色后，Teladoc Health 经历了一次严重的跌落。</p>
</div><p>At the time, its annual revenue soared from over $553 million in 2019 to over $1.09 billion in 2020 and over $2.03 billion in 2021.</p>
<div class="lb-trans"><p>当时，该公司的年收入从 2019 年的 5.53 亿美元增长到 2020 年的 10.9 亿美元，再到 2021 年的 20.3 亿美元。</p>
</div><p>As the company grew, it embarked on its biggest acquisition ever. It spent over $18 billion to acquire Livongo Health, another telehealth company. The goal was to become the biggest player in the telehealth industry, which was viewed as the future of health.</p>
<div class="lb-trans"><p>随着公司的发展，它进行了有史以来最大的收购。它斥资 180 亿美元收购了 Livongo Health，另一家远程医疗公司。目标是成为远程医疗行业中最大的参与者，这被视为未来的健康趋势。</p>
</div><p>That acquisition turned out badly as the company was forced to announce a big impairment charge, which pushed its net loss to over $13 billion in 2022.</p>
<div class="lb-trans"><p>这次收购结果不佳，公司被迫宣布大额减值，导致 2022 年净亏损超过 130 亿美元。</p>
</div><p>Instead, there are signs that the much-touted telehealth industry is not growing as fast as was expected as people opt for more hospital visits.</p>
<div class="lb-trans"><p>相反，有迹象表明备受推崇的远程医疗行业增长速度不及预期，人们更倾向于进行更多的医院就诊。</p>
</div><p>Teladoc is not the only pandemic winner that has slumped. Zoom Video has tumbled from an all-time high of $590 to just $60. Similarly, PayPal stock has plunged from $324 to $65 while Novavax has moved from $308 to $12.</p>
<div class="lb-trans"><p>Teladoc 并非唯一一家在大流行中获利的公司出现下滑。Zoom Video 股价从历史最高点 590 美元跌至仅 60 美元。同样，PayPal 股价从 324 美元跌至 65 美元，Novavax 从 308 美元跌至 12 美元。</p>
</div><h2>Weak earnings trend continues</h2>
<div class="lb-trans"><h2>弱势盈利趋势持续</h2>
</div><p>Teladoc Health has continued publishing weak financial results in the past few quarters. On Wednesday, it said that its quarterly revenue dropped by 2% in the second quarter to $642 million.</p>
<div class="lb-trans"><p>Teladoc Health 在过去几个季度继续发布弱势财报。周三，它表示第二季度营收下降了 2%，至 6.42 亿美元。</p>
</div><p>The revenue decline is a sign that the company, which counts Cathie Wood as its third biggest investor, is not seeing strong demand.</p>
<div class="lb-trans"><p>营收下降表明，作为第三大投资者，凯蒂·伍德（Cathie Wood）持有 Teladoc Health 的公司并未看到强劲需求。</p>
</div><p>It also continued its loss-making trajectory as the net loss soared to over $837 million in the second quarter. That was a big drop from the $220 million it lost in the four quarters of 2023. The loss was because of a big $790 million goodwill charge.</p>
<div class="lb-trans"><p>公司的亏损轨迹也在继续，第二季度净亏损飙升至 8.37 亿美元。这是 2023 年四个季度亏损 2.2 亿美元的大幅下滑。亏损是因为大额的 7.9 亿美元商誉减值。</p>
</div><p>Most importantly, the company’s important Betterhelp business is also not doing well. Betterhelp is a brand that helps people access qualified therapists in areas like mental health and marriage.</p>
<div class="lb-trans"><p>最重要的是，公司的重要业务 Betterhelp 也表现不佳。Betterhelp 是一个帮助人们获取心理健康和婚姻等领域合格治疗师的品牌。</p>
</div><p>It has about 35,000 qualified therapists and has helped over 4.8 million people. Its revenue continued falling, reaching $265 million in the second quarter. The new CEO said:</p>
<div class="lb-trans"><p>它拥有约 3.5 万名合格治疗师，帮助了超过 480 万人。其营收持续下滑，第二季度达到 2.65 亿美元。新任 CEO 表示：</p>
</div><p>“While we achieved solid performance in the Integrated Care segment, continued headwinds in the BetterHelp segment impacted overall results. We are focused on addressing the work ahead of us with urgency to unlock greater value across the company over time.”</p>
<div class="lb-trans"><p>“虽然我们在综合护理领域取得了良好表现，但 BetterHelp 领域持续的逆风影响了整体业绩。我们正专注于紧急解决面临的问题，以解锁公司未来的更大价值。”</p>
</div><p>Teladoc Health also withdrew its comprehensive forward guidance. It withdrew the guidance for its Betterhelp and its consolidated operations. It expects that its annual revenue growth will be between -1% and +2% while its adjusted EBITDA margin will be between 14.5% and 16%.</p>
<div class="lb-trans"><p>Teladoc Health 还撤回了其全面的前瞻性指引。它撤回了对 Betterhelp 和其综合运营的指引。预计其年收入增长将在-1% 至 +2% 之间，调整后的 EBITDA 利润率将在 14.5% 至 16% 之间。</p>
</div><h2>Need for cash raise?</h2>
<div class="lb-trans"><h2>需要筹集现金吗？</h2>
</div><p>A key concern among investors is that Teladoc Health may need to raise cash to fund its operations as losses rise.</p>
<div class="lb-trans"><p>投资者关注的一个关键问题是 Teladoc Health 可能需要筹集现金来资助其运营，因为亏损不断上升。</p>
</div><p>I don’t believe that the company will need to raise cash because of its balance sheet. It ended the last quarter with over $1.16 billion in cash and equivalents, down from the $1.12 billion it had in the December quarter.</p>
<div class="lb-trans"><p>我认为公司不需要筹集现金，因为其资产负债表状况良好。上个季度，公司以 11.6 亿美元以上的现金及等价物收尾，略低于去年 12 月的 11.2 亿美元。</p>
</div><p>These funds will be enough to push it through in the coming years as the management works to fix the business. A likely solution would be to spin off the struggling Betterhelp division and sell it, possibly to a private equity company.</p>
<div class="lb-trans"><p>这些资金将足以支撑公司在未来几年内进行业务修复。一个可能的解决方案是剥离陷入困境的 Betterhelp 部门并出售，可能是向私募股权公司出售。</p>
</div><p>Betterhelp could fetch at least $1 billion in valuation because it has over 400,000 paying users and made over $754 million in the last six months.</p>
<div class="lb-trans"><p>Betterhelp 可能会获得至少 10 亿美元的估值，因为它拥有超过 40 万付费用户，在过去六个月内创造了 7.54 亿美元的收入。</p>
</div><p>Divesting Betterhelp would help the company focus on its integrated care business which has over 92.4 million users, a 8% increase from the same period in 2023. This division has the potential to grow in the coming years.</p>
<div class="lb-trans"><p>剥离 Betterhelp 将有助于公司专注于其综合护理业务，该业务拥有超过 9240 万用户，较 2023 年同期增长 8%。该部门在未来几年有增长潜力。</p>
</div><h2>Teladoc Health stock price analysis</h2>
<div class="lb-trans"><h2>Teladoc Health 股价分析</h2>
</div><p><img src="https://imageproxy.pbkrs.com/https://invezz.com/wp-content/uploads/2024/08/Teladoc-Health-stock-1024x569.png" alt="" original-src="https://invezz.com/wp-content/uploads/2024/08/Teladoc-Health-stock-1024x569.png"/></p>
<p>TDOC chart by TradingView</p>
<div class="lb-trans"><p>TDOC 图表由 TradingView 提供</p>
</div><p>In my last article on TDOC, I wrote that it was extremely oversold and that a rebound was highly possible. That outlook was wrong as the stock’s implosion continued after its earnings.</p>
<div class="lb-trans"><p>在我上一篇关于 TDOC 的文章中，我写道它被极度超卖，回弹的可能性很大。然而，随着其财报的公布，这一展望是错误的。</p>
</div><p>Turning to the weekly chart, we see that the stock has continued making a series of lower lows and lower highs. It has also remained below the 50-week and 25-week moving averages, signaling that bears are in control.</p>
<div class="lb-trans"><p>从周线图来看，我们可以看到该股持续创造一系列低点和高点。它也一直保持在 50 周和 25 周移动平均线之下，表明空头控制着局面。</p>
</div><p>On the positive side, it has formed a falling wedge chart pattern, a popular bullish sign. Therefore, while the overall outlook for the stock is bearish, the wedge pattern means that it could bounce back in the coming weeks. Besides, it is one of the most heavily shorted companies in Wall Street with a short interest of 20%.</p>
<div class="lb-trans"><p>积极的一面是，它形成了一个下降楔形图形，这是一个常见的看涨信号。因此，虽然该股的整体前景是熊市，但楔形图案意味着它可能在未来几周内反弹。此外，它是华尔街空头头寸最多的公司之一，空头头寸为 20%。</p>
</div><p>The post Teladoc Health: Here’s why this Cathie Wood stock is imploding appeared first on Invezz</p>
<div class="lb-trans"><p>本文来源：Invezz</p>
</div>

Teladoc Health：这就是为什么这只 Cathie Wood 的股票正在崩溃