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Teladoc stock tumbles on Q2 loss, weak guidance

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Yahoo Finance Live anchors discuss second-quarter earnings for Teladoc.

Video Transcript

- Teladoc is another one that we're watching.

- Bad company. Bad macro environment.

- I don't know. Yeah, Teladoc plunging in today's session. And this is already a stock that has done very poorly. As we talked about before, it's one of the core holdings for Cathie Wood in her ARK Invest benchmark portfolio.

But the company's third quarter EBITDA guidance seems to be, among other things, what is disappointing to investors.

- Warned about on the call last night, guys, a slowdown in chronic care deals. Now, a little nugget you won't hear a lot about. Obviously, on earnings day, everybody's focused on numbers. But if you happen to be scrolling through that Teladoc earnings release, go down to the balance sheet because year-to-date this company has taken over $9 billion in asset impairment charges.

When you see that, first of all, when you see impairment charges, it's not good. But when you see something of that magnitude, that is bad management. That is bad forecasting.

- Do we know what it is? Do we know what they're from?

- It's just basically their business has slowed down so much they're having to write the assets down on their balance sheet. So that's a lot of write downs. And that is a lot of value destruction.

And to me, as a former analyst, any time I saw that, it's just a knock on the entire management team.

- Continuing to say increased uncertainty in the macroeconomic backdrop. Which of course, we know as there's been more of a focus from the end consumers or the patients to actually go back into either elective care facility or even just get a FaceTime type of appointment with a doctor.

To have that service reemerge, that is a direct headwind for Teladoc who's primary care right now is via video conference, which sure, strong during the pandemic.

- And just a quick reminder, Amazon just agreed to buy the parent of One Medical. Right? Now, One Medical has physical doctors offices. But nonetheless, you have to wonder, as it kind of was with Whole Foods, is be careful what you wish for on the part of Amazon. I mean, health care is not an easy business.

- Good management and One Medical, get this deal done before the Teladoc quarter.