I founded Teladoc in 2002. Nobody wanted telehealth. Doctors hated it. Insurers ignored it. Patients didn't trust it. It took a global pandemic to prove what I knew 18 years earlier.
COVID gave us 10 years of growth in 10 weeks. We went from 2 million visits a year to 2 million visits a quarter. Overnight, every doctor in America became a telehealth doctor. Whether they liked it or not.
We bought Livongo for $18.5 billion. At the time, it was the biggest digital health deal in history. Then our stock dropped 90% and suddenly it looked like the most expensive acquisition in history too.
Our market cap went from $40 billion to $4 billion. A 90% decline. We didn't change. The product didn't get worse. Telehealth visits are still happening. The market just stopped paying pandemic multiples.
Texans fought us in court for years. The Texas Medical Board tried to ban telehealth entirely. We won. In court. Against the state of Texas. That legal fight defined the industry.
We serve 80 million members in 130 countries. The largest telehealth company on earth. The stock is down 90%. Revenue is still growing. The business is fine. The stock price is a different conversation.