Teladoc Health, Inc. (TDOC): restructuring charge — Teladoc Health cuts workforce 6% (~300 roles), expects $17M in 2023 restructuring charges

Teladoc Health, Inc.

Layoffs affect ~300 non-clinician employees, ~6% of workforce; office space reductions in certain markets.
Q4 2022 pre-tax charges of $4.4M ($2M severance, $2.4M exit costs); expects ~$17M in charges in 2023.
Of 2023 charges, ~$10M are cash expenditures for workforce reductions; also expects $6M reduction in stock-based compensation.
CEO cites redundant roles from post-merger integration and need for balanced growth of revenue and profitability.

Key facts

Extracted from this filing and checked against the source text.

Restructurings & Charges SEC 8-K Item 2.05/2.06 confidence 0.9

Teladoc Health, Inc. announced a restructuring with charges of approximately $17 million in pre-tax charges in 2023 affecting the Company (approximately 6 percent).

Type: restructuring
Charge: approximately $17 million in pre-tax charges in 2023
Affected area: the Company
Headcount: approximately 6 percent

Exact text from the filing

On January 18, 2023, Teladoc Health, Inc. (the “Company”) announced a restructuring plan intended to reduce operating costs. In addition, the Company underwent certain other cost-saving actions taken during the latter part of the fourth quarter of 2022. The combination of these actions results in a reduction of the Company’s workforce of approximately 6 percent, and office space reductions within certain markets.

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Teladoc Health, Inc. filing history →

Source: SEC EDGAR

accession 0001104659-23-004441

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