Teladoc Targets at Least $200 Million BetterHelp Insurance Run Rate by 2027 Exit

Teladoc Health is targeting an annualized run rate of at least $200 million for BetterHelp’s insurance business as 2027 ends. The company also plans to repurchase convertible notes.

The target describes the yearly pace of insurance revenue at the end of 2027, rather than a forecast for BetterHelp’s total revenue during that calendar year. For 2026, Teladoc projects $99 million to $105 million in insurance revenue for BetterHelp.

The company expects BetterHelp’s cash-pay revenue to remain under pressure and plans to reduce advertising in the fourth quarter. These expectations come as Teladoc seeks to grow insurance-covered care while managing weakness in its cash-pay business.

Teladoc’s third-quarter revenue was $605 million, down 3.4% from a year earlier. Adjusted EBITDA reached $79 million, up 13.5% year over year.

For 2026, Teladoc forecasts total revenue of $2.39 billion to $2.44 billion and adjusted EBITDA of $277 million to $303 million. Its $605 million third-quarter result landed within the company’s earlier revenue outlook of $569 million to $609 million, near the upper end of that range. That outlook also projected a 12.3% to 24.2% year-over-year decline in BetterHelp revenue, as detailed in its earlier third-quarter outlook.

BetterHelp generated $212.6 million in second-quarter revenue, down 12% from a year earlier. Integrated Care revenue rose 1% to $394.3 million, while Teladoc’s total revenue was $606.9 million, down 4% from the prior year. BetterHelp’s adjusted EBITDA margin was 0.2% in that quarter. Teladoc’s previous third-quarter outlook put the margin at 0.5% to 2.5% for BetterHelp and 15.7% to 17.2% for Integrated Care.