Business
Talkspace Announces Fourth Quarter and Fiscal Year 2022 Results
B2B payor sessions grew 56% year-over-year in FY 2022 4Q 2022 Run-rate operating expenses1 of $25.4 million, down ~$9 million year-over-year 4Q 2022 Net loss
About this update from Talkspace, Inc.
[{"type":"text","content":"B2B payor sessions grew 56% year-over-year in FY 2022 4Q 2022 Run-rate operating expenses1 of $25.4 million, down ~$9 million year-over-year 4Q 2022 Net loss of $18.3 million; adjusted EBITDA loss of $8.9 million, down 43% sequentially Provides FY 2023 revenue and adjusted EBITDA guidance NEW YORK, Feb. 21, 2023 (GLOBE NEWSWIRE) -- Talkspace, Inc. (NASDAQ: TALK), today reported fourth quarter and 2022 full year financial results. Three Months Full Year Year Ended December 31, 2022 (Unaudited) Results Variance from Prior Year % Results Variance from Prior Year % (In thousands unless otherwise noted) Number of B2B eligible lives at year end (in millions) 92 33% 92 33% Number of completed B2B sessions 128.4 57% 426.4 56% Number of B2C active members at year end 15.4 (35)% 15.4 (35)% Total revenue $30,241 4% $119,567 5% Gross profit $16,175 1% $60,338 (10)% Gross margin % 53.5% (1.2) pts 50.5% (8.2) pts Operating expenses 2 $37,206 (16)% $143,496 (11)% Net loss $(18,307) 13% $(79,672) (27)% Adjusted EBITDA 3 $(8,869) 50% $(58,671) 4% Cash and cash equivalents at year end $138,545 (30)% $138,545 (30)% (1) Q4 2022 run-rate operating expenses exclude a non-recurring goodwill impairment charge and other non-recurring litigation expenses, partially offset by one-time savings related to marketing expenses. (2) Includes a non-recurring goodwill impairment charge of $6.1 million and non-recurring litigation expenses of $5.5 million. (3) Adjusted EBITDA is a non-GAAP financial measure. For a definition of the measure and a reconciliation to the most directly comparable GAAP measure, see “Reconciliation of Non-GAAP Results to GAAP Results.” Dr. Jon Cohen, CEO of Talkspace, said, “We are pleased with our fourth quarter and full year results showing progress against our strategic priorities, as we continue to expand the business-to-business (“B2B”) payor and direct-to-enterprise (“DTE”) categories while further reducing our cost base and realizing operational efficiencies through our integrated marketing efforts. We are excited about the demand tailwinds we see in our industry and the continued expansion of access to mental health care. We have clearly defined our operational priorities to serve this growing market and we have a clear operational focus on the company’s path to profitability.” Jennifer Fulk, CFO of Talkspace said, “Our fourth qu...