<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（納斯達克：TDOC）股價繼續下跌，使其成為華爾街表現最糟糕的公司之一。在週三下跌 3% 後，盤前交易中暴跌超過 17.30%。</p>
<h2>跌入谷底的持續</h2>
<p>Teladoc 是美國最大的遠程醫療公司，在過去幾年裏經歷了顯著的跌落。其股價從 2021 年的歷史最高點 307.40 美元跌至今天的僅 7 美元。在此過程中，其市值從 500 億美元以上下降至僅 15 億美元。</p>
<p>在大流行期間表現出色後，Teladoc Health 經歷了一次嚴重的跌落。</p>
<p>當時，該公司的年收入從 2019 年的 5.53 億美元增長到 2020 年的 10.9 億美元，再到 2021 年的 20.3 億美元。</p>
<p>隨着公司的發展，它進行了有史以來最大的收購。它斥資 180 億美元收購了 Livongo Health，另一家遠程醫療公司。目標是成為遠程醫療行業中最大的參與者，這被視為未來的健康趨勢。</p>
<p>這次收購結果不佳，公司被迫宣佈大額減值，導致 2022 年淨虧損超過 130 億美元。</p>
<p>相反，有跡象表明備受推崇的遠程醫療行業增長速度不及預期，人們更傾向於進行更多的醫院就診。</p>
<p>Teladoc 並非唯一一家在大流行中獲利的公司出現下滑。Zoom Video 股價從歷史最高點 590 美元跌至僅 60 美元。同樣，PayPal 股價從 324 美元跌至 65 美元，Novavax 從 308 美元跌至 12 美元。</p>
<h2>弱勢盈利趨勢持續</h2>
<p>Teladoc Health 在過去幾個季度繼續發佈弱勢財報。週三，它表示第二季度營收下降了 2%，至 6.42 億美元。</p>
<p>營收下降表明，作為第三大投資者，凱蒂·伍德（Cathie Wood）持有 Teladoc Health 的公司並未看到強勁需求。</p>
<p>公司的虧損軌跡也在繼續，第二季度淨虧損飆升至 8.37 億美元。這是 2023 年四個季度虧損 2.2 億美元的大幅下滑。虧損是因為大額的 7.9 億美元商譽減值。</p>
<p>最重要的是，公司的重要業務 Betterhelp 也表現不佳。Betterhelp 是一個幫助人們獲取心理健康和婚姻等領域合格治療師的品牌。</p>
<p>它擁有約 3.5 萬名合格治療師，幫助了超過 480 萬人。其營收持續下滑，第二季度達到 2.65 億美元。新任 CEO 表示：</p>
<p>“雖然我們在綜合護理領域取得了良好表現，但 BetterHelp 領域持續的逆風影響了整體業績。我們正專注於緊急解決面臨的問題，以解鎖公司未來的更大價值。”</p>
<p>Teladoc Health 還撤回了其全面的前瞻性指引。它撤回了對 Betterhelp 和其綜合運營的指引。預計其年收入增長將在-1% 至 +2% 之間，調整後的 EBITDA 利潤率將在 14.5% 至 16% 之間。</p>
<h2>需要籌集現金嗎？</h2>
<p>投資者關注的一個關鍵問題是 Teladoc Health 可能需要籌集現金來資助其運營，因為虧損不斷上升。</p>
<p>我認為公司不需要籌集現金，因為其資產負債表狀況良好。上個季度，公司以 11.6 億美元以上的現金及等價物收尾，略低於去年 12 月的 11.2 億美元。</p>
<p>這些資金將足以支撐公司在未來幾年內進行業務修復。一個可能的解決方案是剝離陷入困境的 Betterhelp 部門並出售，可能是向私募股權公司出售。</p>
<p>Betterhelp 可能會獲得至少 10 億美元的估值，因為它擁有超過 40 萬付費用户，在過去六個月內創造了 7.54 億美元的收入。</p>
<p>剝離 Betterhelp 將有助於公司專注於其綜合護理業務，該業務擁有超過 9240 萬用户，較 2023 年同期增長 8%。該部門在未來幾年有增長潛力。</p>
<h2>Teladoc Health 股價分析</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 圖表由 TradingView 提供</p>
<p>在我上一篇關於 TDOC 的文章中，我寫道它被極度超賣，回彈的可能性很大。然而，隨着其財報的公佈，這一展望是錯誤的。</p>
<p>從周線圖來看，我們可以看到該股持續創造一系列低點和高點。它也一直保持在 50 周和 25 周移動平均線之下，表明空頭控制着局面。</p>
<p>積極的一面是，它形成了一個下降楔形圖形，這是一個常見的看漲信號。因此，雖然該股的整體前景是熊市，但楔形圖案意味着它可能在未來幾周內反彈。此外，它是華爾街空頭頭寸最多的公司之一，空頭頭寸為 20%。</p>
<p>本文來源：Invezz</p>

TDOC

<p>Teladoc Health（納斯達克股票代碼：TDOC）股價繼續下跌，使其成為華爾街表現最糟糕的公司之一。在週三下跌了 3% 後，在盤前交易中暴跌了超過 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（納斯達克：TDOC）股價繼續下跌，使其成為華爾街表現最糟糕的公司之一。在週三下跌 3% 後，盤前交易中暴跌超過 17.30%。</p>
</div><h2>The fall from grace continues</h2>
<div class="lb-trans"><h2>跌入谷底的持續</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 是美國最大的遠程醫療公司，在過去幾年裏經歷了顯著的跌落。其股價從 2021 年的歷史最高點 307.40 美元跌至今天的僅 7 美元。在此過程中，其市值從 500 億美元以上下降至僅 15 億美元。</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>在大流行期間表現出色後，Teladoc Health 經歷了一次嚴重的跌落。</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>當時，該公司的年收入從 2019 年的 5.53 億美元增長到 2020 年的 10.9 億美元，再到 2021 年的 20.3 億美元。</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>隨着公司的發展，它進行了有史以來最大的收購。它斥資 180 億美元收購了 Livongo Health，另一家遠程醫療公司。目標是成為遠程醫療行業中最大的參與者，這被視為未來的健康趨勢。</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>這次收購結果不佳，公司被迫宣佈大額減值，導致 2022 年淨虧損超過 130 億美元。</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，有跡象表明備受推崇的遠程醫療行業增長速度不及預期，人們更傾向於進行更多的醫院就診。</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 並非唯一一家在大流行中獲利的公司出現下滑。Zoom Video 股價從歷史最高點 590 美元跌至僅 60 美元。同樣，PayPal 股價從 324 美元跌至 65 美元，Novavax 從 308 美元跌至 12 美元。</p>
</div><h2>Weak earnings trend continues</h2>
<div class="lb-trans"><h2>弱勢盈利趨勢持續</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 在過去幾個季度繼續發佈弱勢財報。週三，它表示第二季度營收下降了 2%，至 6.42 億美元。</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>營收下降表明，作為第三大投資者，凱蒂·伍德（Cathie Wood）持有 Teladoc Health 的公司並未看到強勁需求。</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>公司的虧損軌跡也在繼續，第二季度淨虧損飆升至 8.37 億美元。這是 2023 年四個季度虧損 2.2 億美元的大幅下滑。虧損是因為大額的 7.9 億美元商譽減值。</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，公司的重要業務 Betterhelp 也表現不佳。Betterhelp 是一個幫助人們獲取心理健康和婚姻等領域合格治療師的品牌。</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>它擁有約 3.5 萬名合格治療師，幫助了超過 480 萬人。其營收持續下滑，第二季度達到 2.65 億美元。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>“雖然我們在綜合護理領域取得了良好表現，但 BetterHelp 領域持續的逆風影響了整體業績。我們正專注於緊急解決面臨的問題，以解鎖公司未來的更大價值。”</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 還撤回了其全面的前瞻性指引。它撤回了對 Betterhelp 和其綜合運營的指引。預計其年收入增長將在-1% 至 +2% 之間，調整後的 EBITDA 利潤率將在 14.5% 至 16% 之間。</p>
</div><h2>Need for cash raise?</h2>
<div class="lb-trans"><h2>需要籌集現金嗎？</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>投資者關注的一個關鍵問題是 Teladoc Health 可能需要籌集現金來資助其運營，因為虧損不斷上升。</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>我認為公司不需要籌集現金，因為其資產負債表狀況良好。上個季度，公司以 11.6 億美元以上的現金及等價物收尾，略低於去年 12 月的 11.2 億美元。</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>這些資金將足以支撐公司在未來幾年內進行業務修復。一個可能的解決方案是剝離陷入困境的 Betterhelp 部門並出售，可能是向私募股權公司出售。</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 可能會獲得至少 10 億美元的估值，因為它擁有超過 40 萬付費用户，在過去六個月內創造了 7.54 億美元的收入。</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>剝離 Betterhelp 將有助於公司專注於其綜合護理業務，該業務擁有超過 9240 萬用户，較 2023 年同期增長 8%。該部門在未來幾年有增長潛力。</p>
</div><h2>Teladoc Health stock price analysis</h2>
<div class="lb-trans"><h2>Teladoc Health 股價分析</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 圖表由 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>在我上一篇關於 TDOC 的文章中，我寫道它被極度超賣，回彈的可能性很大。然而，隨着其財報的公佈，這一展望是錯誤的。</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>從周線圖來看，我們可以看到該股持續創造一系列低點和高點。它也一直保持在 50 周和 25 周移動平均線之下，表明空頭控制着局面。</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>積極的一面是，它形成了一個下降楔形圖形，這是一個常見的看漲信號。因此，雖然該股的整體前景是熊市，但楔形圖案意味着它可能在未來幾周內反彈。此外，它是華爾街空頭頭寸最多的公司之一，空頭頭寸為 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>本文來源：Invezz</p>
</div>

Teladoc Health：這就是為什麼這隻 Cathie Wood 的股票正在崩潰