Another quarter, another disappointment for Teladoc Health (TDOC 2.50%). The virtual-health provider announced second-quarter results after the market close on Wednesday, and again posted a massive net loss that was much worse than expected.

Its growth continues to slow down. And while Teladoc maintained its previous full-year guidance, the company now expects its results will be "toward the lower end of the ranges."

Unsurprisingly, the telehealth stock was down by as much as 20% in after-hours trading. But the news from Teladoc's Q2 update wasn't all bad. Here are some bright spots that most investors are probably overlooking. 

1. Better-than-expected revenue

Sure, Teladoc's revenue growth is slowing. But the company still managed to beat expectations in the second quarter.

In April, Teladoc projected Q2 revenue between $580 million and $600 million. The company's actual revenue for the quarter totaled $592.4 million, up 18% year over year and near the upper end of its guidance range.

Wall Street analysts were decidedly more pessimistic. The average Q2 revenue estimate for analysts surveyed by Refinitiv was only $583.8 million. Teladoc delivered an upside surprise that will probably go unnoticed by many.

The company did caution that its full-year revenue could come in on the low side of its guidance range of $2.4 billion to $2.5 billion. However, Wall Street was already forecasting revenue of only $2.43 billion. Teladoc could be on a path to again beat expectations later this year, especially if a COVID-19 surge in the fall boosts telehealth visits.

2. Impressive membership and visit growth

My colleague David Jagielski wrote earlier this month that he had three burning questions for Teladoc in the company's Q2 update. Two of those questions related to whether or not Teladoc could deliver solid membership and visit growth. We now know the answers to those questions -- and the answer is a resounding "yes."

Teladoc reported U.S. paid membership of 56.6 million in the second quarter. This number reflects a 9% year-over-year increase and a 4.2% quarter-over-quarter increase. To put this growth into perspective, Teladoc's membership rose by a little more than that (5%) year over year in Q1.

The company also announced nearly 4.66 million total visits in Q2, up 28% year over year. Admittedly, that's a lower growth rate than Teladoc posted in the previous quarter. However, the total visits still topped the virtual-health provider's guidance of between 4.4 million and 4.6 million visits in Q2.

3. Improving margins and EBITDA

Most people will probably focus primarily on Teladoc's big Q2 net loss of $3.1 billion. But it's important to note that the company's margins and earnings before interest, taxes, depreciation, and amortization (EBITDA) are improving.

That ugly loss stemmed almost entirely from a $3 billion goodwill impairment. Teladoc continues to pay for its mistake of spending too much to acquire Livongo Health in 2020. There could be future write-downs, but the company now has less than $4.9 billion of goodwill on its books.

Meanwhile, though, Teladoc reported a gross margin of 68.2%, based on generally accepted accounting principles (GAAP) and 69.2% on an adjusted basis. Both numbers reflect increases from the prior-year period and the previous quarter.

The company also posted an EBITDA loss of nearly $7.2 million. That's a significant improvement from Q2 of 2021 and Q1 of 2022. The reality is that adjusting for the goodwill impairment, Teladoc isn't all that far away from achieving profitability.

Not bright enough

Obviously, these bright spots for Teladoc Health aren't bright enough for many investors. To change the narrative, the company needs to again deliver increasing growth. It might even have to replace CEO Jason Gorevic, who has lost the confidence of some shareholders.

However, Teladoc isn't in nearly as dismal of a situation as some seem to think. With its current low valuation and long-term prospects that remain strong, this beaten-down stock could still be a shiny winner for patient investors.