<p>远程医疗专家 <strong>Teladoc Health</strong>(TDOC 1.53%) 在过去三年中表现糟糕。随着公司因疫情而激增的业务热潮降温，其收入和访问增长显著放缓，同时仍处于亏损状态。</p>
<p>然而，Teladoc 正在努力扭转局面。最近的发展，包括领导层变动和计划收购专注于预防护理的虚拟健康提供商 Catapult Health，都是它希望帮助自己重回正轨的举措。这是否足以让 Teladoc 的股票再次具备吸引力？</p>
<h2>加倍关注慢性护理</h2>
<p>Teladoc 收购 Catapult Health 的计划预计将在三月底完成，这符合公司为客户提供丰富服务组合的愿景。Catapult 帮助其会员进行家庭健康检查，以发现他们未曾意识到的健康问题，包括预糖尿病，估计美国成人中有惊人的 33% 患有此病，尽管许多人并不知道自己有。Catapult 在这些检查后会安排与健康专业人士的虚拟访问，以帮助制定个性化的行动计划。</p>
<p>此次收购将使 Teladoc 支出 6500 万美元，如果达到某些里程碑，还将额外支付最多 500 万美元。请注意，在 2020 年，Teladoc 花费了 185 亿美元收购慢性护理专家 Livongo Health。这项新收购扩大了 Teladoc 在家庭预防护理和慢性健康管理方面的覆盖范围。但这究竟会如何影响公司的财务业绩呢？</p>
<h2>这不是游戏规则的改变者</h2>
<p>截至 2024 年 9 月的 12 个月内，Catapult Health 的收入为 3000 万美元。这对于像 Teladoc 这样的公司来说只是微不足道的一部分，Teladoc 在 2024 年的收入为 26 亿美元。</p>
<p>然而，在 Teladoc 的庇护下，Catapult 将接入一个拥有 120 万会员的慢性护理网络，这将有助于增加 Catapult 超过 300 万患者的 “覆盖生命” 数量。</p>
<p>Teladoc 可能希望将 Catapult 的服务交叉销售给其 9380 万个综合护理会员。此外，根据公司分享的独立分析，Catapult 的家庭检查有助于在三年内节省超过 1400 美元的显著成本。这就是为什么 Teladoc 的主要机构客户可能对这些服务的需求上升。</p>
<p>这一切听起来不错，但目前所有这些都是理论上的。此次收购对 Teladoc 的影响有多大？</p>
<p>我认为目前几乎没有影响。以下是三个原因。</p>
<p>首先，Teladoc 已经在将现有的慢性护理服务交叉销售给其庞大的患者网络方面遇到困难。该公司拥有 9380 万个综合护理会员，但慢性护理患者仅略超过一百万。Catapult Health 的加入能改变这一点吗？</p>
<p>其次，Teladoc 的核心业务，包括曾经是其最大增长驱动力的 BetterHelp 虚拟治疗单元，仍在挣扎。2024 年，Teladoc 的收入为 26 亿美元，同比下降 1%。</p>
<p>公司的调整后息税折旧摊销前利润（EBITDA）同比下降 5%，降至 3.1 亿美元。Teladoc 年底时约有 40.5 万名支付 BetterHelp 费用的用户，比上一个财年下降 11%。Teladoc 面临着虚拟治疗服务的激烈竞争，导致结果不如预期。这是公司必须面对的持续问题，如果希望在长期内取得成功，就需要解决这个问题。</p>
<p>第三，Teladoc 仍处于亏损状态。在过去三年中，它的净利润有时深陷亏损，部分原因是与收购 Livongo Health 相关的非现金减值费用。去年，Teladoc 的每股净亏损为 5.87 美元，远高于 2023 年报告的 1.34 美元。</p>
<p>Catapult Health 并未公开上市，因此我们不知道它是否盈利。然而，如果它盈利，Teladoc 很可能会在宣布收购的新闻稿中提到这一点，就像它分享 Catapult 的过去 12 个月的收入一样。</p>
<p>Teladoc 对 Catapult 的长期计划可能会奏效，并带来收入和盈利的增长。但目前，情况并没有太大变化。尽管它仍然是远程医疗行业的领导者，这是一个充满增长潜力的市场，但其近期表现令人失望，使其成为一种相对风险较大的股票。能够承受显著波动的投资者可能会考虑在该公司建立小额头寸，而无法承受的投资者则应另寻他处。</p>

TDOC

<p>Teladoc Health 最近以 6500 万美元收购 Catapult Health，旨在增强其远程医疗服务，特别是在预防护理方面。尽管这一战略举措，Teladoc 在盈利能力和收入增长方面仍面临困难，2024 年报告的收入和用户数量均出现下降。分析师指出，尽管收购理论上可以扩展 Teladoc 的服务范围，但在短期内可能不会对公司的财务表现产生显著影响。由于股票的波动性和 Teladoc 在竞争激烈的远程医疗市场中面临的持续挑战，投资者被建议谨慎行事</p>

<p>Telemedicine specialist <strong>Teladoc Health</strong>(TDOC 1.53%) has been a terrible investment over the past three years. Once the company's pandemic-fueled business boom cooled down, its revenue and visit growth slowed down considerably while it remained unprofitable.</p>
<div class="lb-trans"><p>远程医疗专家 <strong>Teladoc Health</strong>(TDOC 1.53%) 在过去三年中表现糟糕。随着公司因疫情而激增的业务热潮降温，其收入和访问增长显著放缓，同时仍处于亏损状态。</p>
</div><p>However, Teladoc is trying to turn things around. Recent developments, including a leadership change and the planned acquisition of Catapult Health -- a virtual health provider focusing on preventive care -- are among the moves that it hopes will help it back on the right track. Is that enough to make Teladoc's shares attractive again?</p>
<div class="lb-trans"><p>然而，Teladoc 正在努力扭转局面。最近的发展，包括领导层变动和计划收购专注于预防护理的虚拟健康提供商 Catapult Health，都是它希望帮助自己重回正轨的举措。这是否足以让 Teladoc 的股票再次具备吸引力？</p>
</div><h2>Doubling down on chronic care</h2>
<div class="lb-trans"><h2>加倍关注慢性护理</h2>
</div><p>Teladoc's acquisition of Catapult Health -- expected to be completed by the end of March -- fits the company's vision of providing customers with a deep portfolio of services. Catapult helps its members with at-home health exams that can uncover conditions they were not aware they had, including prediabetes, which a surprising 33% of the adult population in the U.S. is estimated to have -- though many don't know they do. Catapult follows these exams with virtual visits with a health professional to help develop personalized action plans.</p>
<div class="lb-trans"><p>Teladoc 收购 Catapult Health 的计划预计将在三月底完成，这符合公司为客户提供丰富服务组合的愿景。Catapult 帮助其会员进行家庭健康检查，以发现他们未曾意识到的健康问题，包括预糖尿病，估计美国成人中有惊人的 33% 患有此病，尽管许多人并不知道自己有。Catapult 在这些检查后会安排与健康专业人士的虚拟访问，以帮助制定个性化的行动计划。</p>
</div><p>The acquisition will cost Teladoc $65 million, with up to $5 million in additional payments provided certain milestones are met. Note that in 2020, Teladoc dished out $18.5 billion to buy chronic care specialist Livongo Health. This new acquisition expands Teladoc's reach in at-home preventive care and chronic health management. But how exactly can it affect the company's financial results?</p>
<div class="lb-trans"><p>此次收购将使 Teladoc 支出 6500 万美元，如果达到某些里程碑，还将额外支付最多 500 万美元。请注意，在 2020 年，Teladoc 花费了 185 亿美元收购慢性护理专家 Livongo Health。这项新收购扩大了 Teladoc 在家庭预防护理和慢性健康管理方面的覆盖范围。但这究竟会如何影响公司的财务业绩呢？</p>
</div><h2>It's not a game changer</h2>
<div class="lb-trans"><h2>这不是游戏规则的改变者</h2>
</div><p>Catapult Health's revenue was $30 million over the 12 months ended in September 2024. That's a drop in the bucket for a company like Teladoc, which recorded $2.6 billion in revenue in 2024.</p>
<div class="lb-trans"><p>截至 2024 年 9 月的 12 个月内，Catapult Health 的收入为 3000 万美元。这对于像 Teladoc 这样的公司来说只是微不足道的一部分，Teladoc 在 2024 年的收入为 26 亿美元。</p>
</div><p>However, under Teladoc's umbrella, Catapult will be plugged into a chronic care network of 1.2 million members, which will help increase Catapult's &#34;covered lives&#34; count of over 3 million patients.</p>
<div class="lb-trans"><p>然而，在 Teladoc 的庇护下，Catapult 将接入一个拥有 120 万会员的慢性护理网络，这将有助于增加 Catapult 超过 300 万患者的 “覆盖生命” 数量。</p>
</div><p>Teladoc likely hopes to cross-sell Catapult's services to its 93.8 million integrated care members. Further, Catapult's at-home checkups help deliver significant cost savings of more than $1,400 over three years, according to an independent analysis shared by the company. That's why there could be rising demand for these kinds of services among Teladoc's major institutional clients.</p>
<div class="lb-trans"><p>Teladoc 可能希望将 Catapult 的服务交叉销售给其 9380 万个综合护理会员。此外，根据公司分享的独立分析，Catapult 的家庭检查有助于在三年内节省超过 1400 美元的显著成本。这就是为什么 Teladoc 的主要机构客户可能对这些服务的需求上升。</p>
</div><p>And that's all well and good, but all of that is theoretical at this point. How much does this acquisition move the needle for Teladoc?</p>
<div class="lb-trans"><p>这一切听起来不错，但目前所有这些都是理论上的。此次收购对 Teladoc 的影响有多大？</p>
</div><p>My view is that it barely does, at least for now. Here are three reasons why.</p>
<div class="lb-trans"><p>我认为目前几乎没有影响。以下是三个原因。</p>
</div><p>First, Teladoc is already having trouble cross-selling its existing chronic care services to its vast network of patients. The company has 93.8 million integrated care members but barely more than a million chronic care patients. How much will the addition of Catapult Health change that?</p>
<div class="lb-trans"><p>首先，Teladoc 已经在将现有的慢性护理服务交叉销售给其庞大的患者网络方面遇到困难。该公司拥有 9380 万个综合护理会员，但慢性护理患者仅略超过一百万。Catapult Health 的加入能改变这一点吗？</p>
</div><p>Second, Teladoc's core business, including its BetterHelp virtual therapy unit, which was once its most significant growth driver, continues to struggle. In 2024, Teladoc's revenue of $2.6 billion declined by 1% year over year.</p>
<div class="lb-trans"><p>其次，Teladoc 的核心业务，包括曾经是其最大增长驱动力的 BetterHelp 虚拟治疗单元，仍在挣扎。2024 年，Teladoc 的收入为 26 亿美元，同比下降 1%。</p>
</div><p>The company's adjusted earnings before interests, taxes, depreciation, and amortization (EBITDA) declined by 5% year over year to $310 million. Teladoc ended the year with about 405,000 BetterHelp paying users, down 11% compared to the previous fiscal year. Teladoc faced significant competition for virtual therapy services, leading to worse results than expected. That's an ongoing problem the company will have to deal with, and it is one it needs to solve if it hopes to be successful in the long run.</p>
<div class="lb-trans"><p>公司的调整后息税折旧摊销前利润（EBITDA）同比下降 5%，降至 3.1 亿美元。Teladoc 年底时约有 40.5 万名支付 BetterHelp 费用的用户，比上一个财年下降 11%。Teladoc 面临着虚拟治疗服务的激烈竞争，导致结果不如预期。这是公司必须面对的持续问题，如果希望在长期内取得成功，就需要解决这个问题。</p>
</div><p>Third, Teladoc remains unprofitable. It has sometimes recorded bottom-line numbers deep in the red over the past three years, partly due to noncash impairment charges related to the acquisition of Livongo Health. Last year, Teladoc's net loss per share was $5.87, much worse than the $1.34 reported in 2023.</p>
<div class="lb-trans"><p>第三，Teladoc 仍处于亏损状态。在过去三年中，它的净利润有时深陷亏损，部分原因是与收购 Livongo Health 相关的非现金减值费用。去年，Teladoc 的每股净亏损为 5.87 美元，远高于 2023 年报告的 1.34 美元。</p>
</div><p>Catapult Health is not publicly traded, so we don't know whether it is profitable. However, if it were, there is a good chance Teladoc would have said so in the press release announcing its acquisition, just like it shared Catapult's trailing-12-month revenue.</p>
<div class="lb-trans"><p>Catapult Health 并未公开上市，因此我们不知道它是否盈利。然而，如果它盈利，Teladoc 很可能会在宣布收购的新闻稿中提到这一点，就像它分享 Catapult 的过去 12 个月的收入一样。</p>
</div><p>Teladoc's long-term plan for Catapult could work and lead to increased revenue and earnings. But for now, things haven't changed much. Though it remains a leader in the telemedicine industry, a market ripe for growth, its recent performances leave a lot to be desired, making it a somewhat risky stock. Those who can handle significant volatility might want to consider initiating a small position in the company. Investors who can't should look elsewhere.</p>
<div class="lb-trans"><p>Teladoc 对 Catapult 的长期计划可能会奏效，并带来收入和盈利的增长。但目前，情况并没有太大变化。尽管它仍然是远程医疗行业的领导者，这是一个充满增长潜力的市场，但其近期表现令人失望，使其成为一种相对风险较大的股票。能够承受显著波动的投资者可能会考虑在该公司建立小额头寸，而无法承受的投资者则应另寻他处。</p>
</div>

Teladoc 以 6500 万美元收购 Catapult Health 是否使其股票值得买入？