Teladoc Health : 2020 Annual Report (PDF 1.57 MB)

Our Values

We are passionate about taking care of people. We are committed to unsurpassed quality. We keep our promises.

We strive to create value.

We stand up for what's right.

We lead with integrity, accountability, and transparency. We respect each other and value succeeding together.

Our mission

Teladoc Health is empowering all people everywhere to live their healthiest lives by transforming the healthcare experience.

© 2021 Teladoc Health, Inc. All rights reserved.

Dear fellow shareholders,

There are few descriptors that have not been used to describe 2020. It was a year of superlatives characterizing the highs and lows that we experienced as a people in our health, our politics, our economy and our society. For Teladoc Health, it was our boldest and most transformational year yet.

Our industry-changing acquisitions of InTouch Health and Livongo in the midst of a global pandemic brought together three leaders in the virtual care space to deliver, enable and empower better health for the benefit of consumers, clients and healthcare professionals in unprecedented ways: at scale, across the full spectrum of care and distribution channels.

These actions further accelerated our momentum to define a new category of whole- person virtual care: marrying expertise and technology to give those we serve the confidence that, no matter their healthcare need or location around the world, they can rely on us to seamlessly connect them to the right care from a single platform, whether they're best served getting that care from home, a physician's office or a hospital setting.

A fast start

Teladoc Health came into 2020 with tremendous momentum and a powerful addition to our whole-person health vision with the InTouch Health acquisition announcement in early January.

Our acquisition of InTouch Health now gives us more than 11,000 care locations on our combined platform. We are successfully delivering technology to 600 health systems across the U.S. as well as to clients outside of the U.S. so they can deliver virtual care to their populations.

In any other year, this major advancement in our hospital-to-home strategy would have been the singular capstone of a great year advancing our vision. But for Teladoc Health, it proved to only be the beginning of a truly remarkable year.

A global pandemic

As the spring brought COVID-19 to every corner of the world, the scalable platform we have built over the last decade passed its biggest test as the world went into lockdown and member visit volumes grew rapidly. By being there for our clients, keeping physicians practicing medicine and allowing people to stay safely at home, we expanded the capacity of the healthcare system and proved that the role of virtual care had changed forever.

As a company, we:

• Delivered more than 10 million visits, and enabled another four million1 through our health system partners;
• Quickly scaled up our Teladoc Health Medical Group, with thousands of care providers meeting unprecedented consumer demand;
• Earned high Net Promoter Scores more commonly associated with other consumer- facing industries, as more new and repeat users of our capabilities embraced the Teladoc Health care experience.

All of this was made possible through the remarkable commitment and passion of my Teladoc Health colleagues, who stepped up to deliver for our members, our clients and our healthcare professional partners around the world when they needed us most.

For Teladoc"Health, 2020 was our boldest and most transformational year yet.

A new company

With virtual care skyrocketing to near-ubiquitous levels of consumer awareness, acceptance and expectation, the role we were being asked to play in society also advanced rapidly and opportunities on our roadmap to whole-person virtual care presented themselves far more quickly than we would have imagined.

The opportunity to merge with Livongo, with its innovative chronic care approach to enabling better health, accelerated our ability to support people across their entire health journey. It also enables us to generate a trove of data that includes more than one billion data elements from our Livongo chronic care assets, as well as the data that comes in from the visits we deliver and enable for our clients.

Mission-driven financial results

Our mission is to empower all people everywhere to live their healthiest lives by transforming the healthcare experience. By living this mission in 2020, we were able to achieve tremendous financial results. You can review the details of our 2020 performance throughout this annual report; highlights included:

• Revenue growth of 98% to more than $1.09 billion, with strong performance across our business channels;
• Adjusted EBITDA margin expansion of 580 basis points, up from 5.8% to 11.6%; and
• Onboarding a record 15 million new paid members.

We also grew to more than 70 million individuals in the U.S. with access to our solutions and added access for millions more consumers outside the United States through several major international client wins.

The road ahead

In 2021, as we seek to emerge from the global pandemic, the expectation that virtual care will be an enduring and central pillar of our health care system remains. Healthcare is more rapidly than ever headed toward a "virtual first" reality, and with our breadth of capabilities, Teladoc Health is uniquely positioned as the global leader in whole-person virtual care.

The opportunities to unlock greater consumer, client and shareholder value are clear and massive. Teladoc Health teams are reimagining care through innovative products like Teladoc Primary360 and working to successfully bring proven Livongo and InTouch Health platforms to markets outside the United States at this moment.

If last year was the year that Teladoc Health brought together the unique scale and scope of capabilities to bring whole-person virtual care to life, 2021 is about beginning to deliver on that promise. For us, 2021 is about integration and execution, and the good news is we are already making significant progress on both. The marketplace is taking notice, and we look forward to adding new client partners and touching the lives of many more people around the world.

Thank you for your investment in Teladoc Health. I am excited by what's ahead. I'm proud of the steps we've taken to achieve our vision and further our mission.

DOUBLED

REVENUE TO

$1.09B

ADDED A RECORD

15M

NEW MEMBERS

DELIVERED

MORE THAN

10M

VISITS AND ENABLED

4M1 MORE

Healthcare"is more rapidly than ever headed toward a "virtual first" reality, and with our breadth of capabilities, Teladoc Health is uniquely positioned

as the global leader in whole-person virtual care.

1Includes full-year 2020 results for InTouch Health, which was acquired by Teladoc Health on July 1, 2020.

Jason Gorevic

Chief Executive Officer