Summary : On Wednesday, the company lowered its third-quarter forecast , citing challenges around consumer sentiment, currency headwinds and wage inflation for the weaker outlook. “While TDOC posted solid results that were ahead of expectations for 2Q22, their guidance for the 3Q22 in terms of adjusted EBITDA was considerably below our expectations by 38%,” Goldman analyst Cindy Motz wrote. “While our estimates were already at the very low end of guidance, we lower our estimates further (for adjusted EBITDA) because we do not think it is likely TDOC will be able to see the considerable ramp in adjusted EBITDA margins in 4Q22 as is now implied by 2022 guidance,” Motz wrote. Motz said she is still positive on the broader health-care technology sector, which is set for a boost from a further migration online, though macro challenges will present near-term hurdles for some companies.
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