The company was down 45% to less than $30 in the first hour of trading, with no noticeable rebound on the drop.  Shares are now 85% off the 52-week high of $192.11.

Teladoc reported a loss of $41.58 per share. Analysts were expecting a loss of 60 cents per share. (Revenues came in at $565.4 million, just shy of the estimate of $568.7 million.)

The jaw-dropping loss came from an impairment charge of over $6.5 billion. Teladoc also cut its full-year outlook, saying factors like higher advertising costs in the mental health market are resulting in lower yields. The company also said it was seeing “an elongated sales cycle as employers and health plans evaluate their long-term strategies.”

Teladoc is a favorite of Cathie Wood’s ARK Investment Management, which owns a 12% share of the company. (The Ark Innovation ETF was also lower Thursday, falling 5.5%.) It saw big gains during the pandemic, but as lockdowns end and people return to in-person appointments, it has struggled.

Thursday’s selloff is the biggest drop for the company since it went public in 2015.