Many of the companies that rose to prominence at the height of the pandemic have lost their mojo. But some of those stocks still have attractive long-term prospects. One such example is telemedicine specialist Teladoc Health (TDOC 0.17%).

While there are issues with this healthcare company, Teladoc is looking to pounce on the growth of virtual care services. This industry could provide a powerful tailwind for Teladoc during the next bull market, whenever it comes, especially as the company's shares are trading near their 52-week lows.

Let's dig in. 

Teladoc fails to stop the bleeding 

One of the most significant issues Teladoc faced last year was that it recorded massive net losses. In fairness, these were primarily due to impairment charges related to its acquisition of Livongo Health, which closed in October 2020. But in a challenging macroeconomic environment, the market doesn't listen to excuses. What made things worse was that it was impossible to predict when the bleeding would stop.

And much to the dismay of investors, Teladoc reported yet another huge loss of $3.8 billion in the fourth quarter. That compares with the much milder net loss of about $11 million recorded in Q4 2021. The total amount of red ink on Teladoc's bottom line for 2022 came in at $13.7 billion. That's more than a billion in losses per month, and it's substantially worse than the $428.8 million from 2021.

Can Teladoc somehow get past this problem? 

Some reasons to be optimistic 

It isn't clear when Teladoc's bottom line will stop being hit by these impairment charges. But these are non-cash expenses that, strictly speaking, don't affect the company's day-to-day operations. There are much worse ways to be deep in the red. Furthermore, Teladoc continues to make progress on various fronts. In 2022, the company's revenue increased by 18% year over year to $2.4 billion.

The telemedicine expert was up against difficult comparisons since its business skyrocketed in 2020 and 2021 because of pandemic-related factors, so the fact that Teladoc is still growing its top line reasonably well is a good sign. The company's total visits also jumped by 20% year over year to 18.5 million last year. Teladoc's number of paying members continues to increase as well, particularly for its mental-health services platform, BetterHelp, and its chronic-care segment.

BetterHelp has been an important growth driver for Teladoc. The platform had 419,000 paying members at the end of 2022, a 37% year-over-year increase. There's a significant unmet need for mental health services, with cost being one of the barriers for patients to get treatment. Demand for these services also increased after the pandemic.

So there's plenty of room for BetterHelp to grow. It offers cheaper prices than traditional on-site therapy. Meanwhile, six adults in 10 in the U.S. have at least one chronic condition, while four have more than one. Chronic illnesses are the main drivers behind the country's healthcare costs, according to the U.S. Centers for Disease Control and Prevention. 

So there's plenty of whitespace for Teladoc here too. Overall, the market for telehealth services is on a solid upward path because of their convenience and the fact that they can help confer cost savings to patients and the entire healthcare system. That puts Teladoc, one of the most recognizable names in the space, in an excellent position to profit over the long run. 

Teladoc looks attractively valued 

Teladoc's shares are changing hands for around $24 apiece although that hardly tells us whether the company is reasonably valued. The telemedicine specialist's forward price-to-sales ratio of just 1.5 suggests it is. A P/S under 2 is generally considered good.

At current levels, Teladoc could rise along with the broader market in the next bull run, especially as it puts issues such as its massive impairment charges in the rearview mirror and inches closer to profitability. That's why investors should strongly consider adding shares of Teladoc now.