Growth in Teladoc's BetterHelp online therapy platform is decelerating, executives told investors.
On an Oct. 24 call with investors, Teladoc CEO Jason Gorevic said after "scaling rapidly," the company will take a more "balanced approach to growth and margin at BetterHelp."
The online therapy platform, acquired by Teladoc in 2015, grew its membership by 5% year over year, according to the company's third-quarter earnings report published Oct. 24. The platform's revenue hit $286 million in the third quarter, up 8% year over year.
Revenue has "decelerated" over the past two years on the platform, CFO Mala Murthy said.
"This business has scaled pretty rapidly over a short period of time. It's just simply a much bigger business today. So … you're just not going to see it continuing to grow at those hypergrowth rates annually," Ms. Murthy said.
The platform had 459,000 paying users in the third quarter of 2023.
Across all its business lines, Teladoc increased its revenue by 8% to $660.2 million in the third quarter and lowered its net losses to $57.1 million.