Business
Talkspace Announces Second Quarter 2024 Results
2Q 2024 Total revenue grew 29% year-over-year, driven by 62%year-over-year growth in Payor revenue Reduced GAAP Net loss to $0.5 million from $4.7 million
About this update from Talkspace, Inc.
[{"type":"text","content":"2Q 2024 Total revenue grew 29% year-over-year, driven by 62%year-over-year growth in Payor revenue Reduced GAAP Net loss to $0.5 million from $4.7 million year-over-year 2Q 2024 Adjusted EBITDA1 of $1.2 million Board approved an additional $25 million share repurchase program NEW YORK, Aug. 06, 2024 (GLOBE NEWSWIRE) -- Talkspace, Inc. (“Talkspace” or the “Company”) (NASDAQ: TALK), today reported second quarter 2024 financial results. Three Months Six Months June 30, 2024 (Unaudited) Results % Variance from Prior Year Results % Variance from Prior Year(In thousands unless otherwise noted) Number of eligible lives at period end (in millions) 145.3 33% 145.3 33%Number of completed Payor sessions 298.6 49% 582.8 57%Number of Consumer active members at period end 10.7 (22)% 10.7 (22)% Total revenue $46,058 29% $91,474 33%Gross profit $20,951 18% $42,682 24%Gross margin % 45.5% 46.7% Operating expenses $24,437 1% $47,847 (4)%Net loss $(474) 90% $(1,940) 86%Adjusted EBITDA1 $1,179 130% $1,953 119%Cash and cash equivalents at period end $114,913 — $114,913 — (1) Adjusted EBITDA is a non-GAAP financial measure. For a definition of the measure and a reconciliation to the most direct comparable GAAP measure, see “Reconciliation of Non-GAAP Results to GAAP Results.” “Our robust second quarter performance reflects continued business execution, resulting in 29% revenue growth and our second consecutive quarter of Adjusted EBITDA profitability. We expanded our covered lives to over 145 million, launched our Medicare offering in 12 states, and made strides in optimizing our marketing efforts,” said Dr. Jon Cohen, CEO of Talkspace. Dr. Cohen added, “This positive momentum stems from our ongoing commitment to enhancing both provider experience and patient journey, while focusing on product quality - key differentiators for Talkspace. I’m encouraged by our results, which underscore our dedication to making high-quality mental health care more accessible.” Second Quarter 2024 Key Performance Metrics Revenue increased 29% over the prior-year period to $46.1 million, driven by a 62% year-over-year increase in Payor revenue and a 20% year-over-year increase in Direct to Enterprise (“DTE”) revenue; partially offset by a 28% year-over-year Consumer revenue decline.Gross profit increased 18% over the prior-year period to $21 million, and gross margin dec...