January 18, 2023 09:41 AM<\/span>
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Teladoc Health is laying off 300 employees or 6% of its workforce, CEO Jason Gorevic said in an email to employees Wednesday.<\/p>\n

Gorevic said the telehealth company is eliminating redundant non-clinical roles that resulted from\u00a0its $18.5 billion acquisition of digital health company Livongo Health in 2020. He also said the company is pushing towards a path to profitability.\u00a0<\/p>\n

\u201cThese actions put us on an even stronger financial footing at a time when many of our competitors are questioning their ability to keep their doors open,\u201d Gorevic said in the email.\u00a0<\/p>\n

The layoffs follow a challenging 2022 for the company. It \u00a0recorded a $9.8 billion net loss for the first three quarters of the year<\/a>, largely because of a $9.6 billion goodwill impairment charge related to the Livongo merger. Its stock price has sunk from its high of $296.66 a share in February 2021 to $28.22 a share at Tuesday’s close.\u00a0<\/p>\n

At last week\u2019s J.P. Morgan Healthcare Conference<\/a>, Gorevic\u00a0referenced what he said was\u00a0the company’s competitive advantage over\u00a0rival telehealth providers to weather economic headwinds.<\/p>\n

\u201cMany of the small competitors out there, whether they\u2019re public or private, lack the scale to deliver strong financial results consistently,\u201d Gorevic said. \u201cThere are a lot of virtual care companies out there that are more narrowly focused, smaller in scale and are nipping at the edges of single [software] solutions.\u201d<\/p>\n

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Skip to main content January 18, 2023 09:41 AM Teladoc Health is laying off 300 employees or 6% of its workforce, CEO Jason Gorevic said in an email to employees Wednesday. Gorevic said the telehealth company is eliminating redundant non-clinical roles that resulted from\u00a0its $18.5 billion acquisition of digital health company Livongo Health in 2020.<\/p>\n","protected":false},"author":1,"featured_media":599108,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[267,39848],"tags":[],"class_list":{"0":"post-599107","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-health","8":"category-teladoc"},"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/posts\/599107","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/comments?post=599107"}],"version-history":[{"count":0,"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/posts\/599107\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/media\/599108"}],"wp:attachment":[{"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/media?parent=599107"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/categories?post=599107"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/tags?post=599107"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}