CEO Comments at the recent GS Conference cannot be ignored.

When we first highlighted Teladoc Health (NYSE: TDOC) earlier this year, we saw a misunderstood asset with scale, recurring revenue, and a path to profitability.   The stock has traded lower since — but our conviction has only grown as Wall St. has ignored the game-changer.

AI will make this a more profitable business and its scale cannot be replicated for its market cap.

At a $1.4B market cap, Teladoc is not getting its full value as the largest telehealth provider as they are still paying the price of acquisitions of old …But all that is about to change. If you listened to management at the Goldman Sachs Global Healthcare Conference you heard a mind-blowing stat that got ignored by Wall Street.

CEO Chuck Divita and CFO Mala Murthy laid out a focused strategy around AI, benefits integration, and operational discipline. But the real key to Teladoc’s Better Help division is the acquisition of UpLift.

BetterHelp isn’t just Teladoc’s largest revenue contributor — it is the business. It drives more than 50% of total company revenue and, until now, operated as a direct-to-consumer, cash-pay model. Teladoc is now unlocking the next phase: embedding BetterHelp into employer health benefits.

With the UpLift acquisition, Teladoc gains infrastructure to transition BetterHelp into a covered benefit.

This isn’t incremental — it’s transformational.