Teladoc Health lowered its full-year revenue guidance by $150 million, citing higher-than-expected ad spending and increased competition in mental health and chronic care markets. The disclosure came as the telehealth company announced a sizable first-quarter loss Wednesday after the market closed. In after-hours trading, shares fell as much as 38% from the market close of $55.99 a share. Teladoc said it expected to report annual revenue of $2.4 billion to $2.5 billion, down from a previous forecast of $2.55 billion to $2.65 billion. For the quarter, the company reported a net loss of $6.7 billion, compared with a loss of $199.6 million in the year-ago period. The Purchase, New York-based company also adjusted its earnings before interest, taxes, depreciation and amortization to be in the range of a loss of between $7 million and $52 million, compared with a previous positive EBITDA forecast of $18 million to $48 million. The company's updated adjusted EBITDA for the year i...
