Teladoc Health Axes 6% Of Staff; To Take $17 Mln In Charges In 2023

(RTTNews) - Teladoc Health, Inc. (TDOC), a telemedicine and virtual healthcare provider, said on Wednesday in a filing that as part of its cost reduction measures, the company has pruned around six percent workforce in the fourth-quarter.

Towards this, Teladoc Health incurred pre-tax charges of around $4.4 million for fourth quarter. For the fiscal 2023, the company expects to again incur approximately $17 million in pre-tax charges.

"Of the aggregate amount of pre-tax charges that the Company estimates it will incur in 2023, approximately $10 million are expected to result in future cash expenditures related to the workforce reductions," the company said in a statement.

In addition to these charges, the healthcare provider expects a reduction in stock-based compensation of around $6 million in the first quarter, which is related to the forfeited stock awards.