Teladoc bought Livongo to own virtual care, then took a $13.4B goodwill hit

In August 2020, Teladoc and Livongo told investors their merger would create a global leader in consumer-centered virtual care. Livongo brought chronic-condition coaching and Applied Health Signals; Teladoc brought a global virtual-care platform. The pitch was that one combined company could serve the whole person, from prevention to complex cases.

That bet landed at the top of the telehealth boom. By 2022, Teladoc's own SEC facts showed $2.41 billion of annual revenue, but a net loss of $13.66 billion. Almost all of the red ink came from goodwill: Teladoc recorded a $13.40 billion goodwill impairment for the year.

The write-down did not mean every acquired product vanished. It meant the price paid for pandemic-era growth no longer matched the cash flows and market multiples the business could support. A strategic story about combining care journeys became an accounting admission that the acquired goodwill was worth far less than booked.