What happened

Shares of Teladoc Health (TDOC 1.50%) surged Tuesday morning, jumping as much as 12%. As of 12:13 p.m. ET, the stock was still up 11.5%.

Even as the broader market indexes lost ground, the telehealth provider got a boost after introducing an expansion of several important health services.

So what

In a press release on Tuesday, Teladoc said it was launching provider-based care for its weight management and pre-diabetes programs. This gives patients integrated treatment, which includes a personalized care plan from a Teladoc Health physician combined with the day-to-day coaching, support, and guidance courtesy of the company's digital tools. These programs will be available nationwide beginning in the third quarter. 

The two offerings join Teladoc's diabetes and hypertension programs, which were rolled out earlier this year and are already part of the provider-based care solutions.

The program is designed to help members manage their weight and to keep them from developing diabetes with a combination of medications, activity tracking, nutritional and meal coaching, and sleep management tools. Depending on the specific care plan and the physician's recommendations, patients can receive a continuous glucose monitor, diagnostic lab work, and -- if necessary -- a prescription via a Teladoc physician. 

Now what

Teladoc acquired Livongo Health Care in late 2020 in a $18.5 billion deal, gaining access to the chronic health conditions monitoring market. The company integrates a variety of digital tools to help patients manage chronic conditions, including diabetes, hypertension, depression, and anxiety. Investors feared Teladoc overpaid for Livongo, particularly after the former took $13.4 billion in impairment charges in 2022. Since then, Teladoc has been working to leverage those tools to expand its growing share of the telehealth market.

For patient investors (pun intended), this might a be good opportunity to initiate a position in the telehealth leader. Teladoc stock has fallen 90% from its peak and is currently selling for less than 2 times sales, putting it squarely in bargain-basement territory. Teladoc has outpaced the broader market so far this year, but could climb much higher, making it a steal at these prices.