Teladoc Health stock fell Thursday after the virtual care company reported a $13.7 billion net loss, or $84.60 per share, in 2022.

That compares with a net loss of $428.8 million, or $2.73 per share, in 2021. The figure included $13.4 billion in noncash goodwill impairment charges following Teladoc's 2020 acquisition of chronic-condition management company Livongo.  

Teladoc posted revenue of $2.4 billion for the full year, an 18% increase compared with 2021. In the fourth quarter, it posted a net loss of $3.8 billion, or $23.49 per share, and revenue for Q4 reached $637.7 million.

In an earnings call, CEO Jason Gorevic said the virtual care company plans to focus on balancing growth and margin in its outlook, including by cutting costs. Earlier this year, Teladoc laid off about 300 workers, or 6% of the company's non-clinician workforce. 

"This more balanced approach does not mean that we will stop relentlessly pursuing growth and increased adoption of virtual care across the industry. Virtual care's role within the healthcare industry remains underpenetrated, and we will continue to invest to expand our leadership position," he said. 

For the first quarter, Teladoc expects revenue between $610 and $625 million, with a net loss per share between $0.55 and $0.45. For 2023, the company's outlook predicts revenue between $2.55 billion and $2.68 billion, with a net loss per share between $1.75 and $1.25.

During the call, CFO Mala Murthy said the latest impairment charge reflects the overall economic environment and the company's slower growth plans. 

"This goodwill write-off is non-cash and has no impact on our financial position or our ability to invest in the business going forward," she said. 

THE LARGER TREND

Teladoc grew significantly during the height of the COVID-19 pandemic, but the telehealth company has struggled to maintain that expansion over the past year. 

In January, when the company reported layoffs, Gorevic said the restructuring would put them on a better path toward profitability.