Talkspace reported a 23% increase in total revenue and a significant improvement in net income

From GlobeNewswire: 2024-10-29 08:00:00

In the third quarter of 2024, Talkspace reported a 23% increase in total revenue, driven by a 45% growth in Payor revenue. They also saw a significant improvement in GAAP net income, reaching $1.9 million from a $4.4 million net loss the previous year. Adjusted EBITDA for the quarter was $2.4 million.

CEO Dr. Jon Cohen highlighted Talkspace’s success in strengthening relationships with key payor partners and emphasized their focus on clinical excellence. They now serve over 158 million covered lives, addressing unique behavioral health needs for populations like seniors, teens, and military members. Talkspace has become the largest behavioral telehealth network in the U.S.

Key performance metrics for the third quarter of 2024 show revenue increasing by 23% to $47.4 million, with gross profit up 15% to $21.6 million. Operating expenses decreased by 10%, resulting in a net income of $1.9 million, a significant improvement from the previous year. Adjusted EBITDA also improved to $2.4 million.

Talkspace expects fiscal year 2024 revenue to be between $185 million and $195 million, with adjusted EBITDA projected to range from $4 million to $8 million. The company continues to focus on providing high-quality mental healthcare services to help individuals lead healthier, happier lives.

In addition to their GAAP financial results, Talkspace uses adjusted EBITDA as a key performance measure to assess their operating performance. Adjusted EBITDA excludes certain items to provide a more consistent basis for evaluating historical performance and future outlook. It is used for business planning, evaluating acquisitions, and internal forecasting purposes.



Read more at GlobeNewswire:: Talkspace Announces Third Quarter 2024 Results