Teladoc Health Inc.'s stock fell 37% in after-hours trading Wednesday after the company cut annual financial projections and reported a wider first-quarter loss driven by a $6.6 billion non-cash goodwill impairment charge.
The company now expects $2.4 billion to $2.5 billion in revenue for the year and earnings before interest, taxes, depreciation and amortization, or Ebitda, to range from a negative $7 million to a negative $52 million.
It earlier projected $2.55 billion to $2.65 billion in revenue and $18 million to $48 million in Ebitda.
Company officials said in a conference call to discuss the results that they were evaluating whether its long-term revenue growth outlook would be affected.
Teladoc reported a first-quarter loss of $6.67 billion, or $41.58 a share, driven by the impairment charge.
Revenue for the March quarter came in at the low end of the company's guidance at $565.4 million.