Talkspace Announces Fourth Quarter and Full Year 2024 Results

Core Insights - Talkspace, Inc. reported a total revenue growth of 25% year-over-year for the full year 2024, reaching $187.6 million, with a net income of$1.1 million and adjusted EBITDA of $7.0 million [1][11] - In the fourth quarter of 2024, total revenue increased by 15$48.7 million, with a net income of $1.2 million and adjusted EBITDA of$2.7 million [1][11] Financial Performance - Full Year 2024: - Total revenue: $187,593,000, up 25$85,836,000, a 15% increase year-over-year - Operating expenses: $90,333,000, down 7$1,148,000, improved from a net loss of $19,182,000 in 2023 - Adjusted EBITDA:$6,962,000, improved from a loss of $13,529,000 in 2023 [2][11][29] - Fourth Quarter 2024: - Total revenue:$48,720,000, a 15% increase from the prior year - Gross profit: $21,533,000, a 3$20,964,000, a decrease of 11% year-over-year - Net income: $1,214,000, improved from a net loss of$1,306,000 in Q4 2023 - Adjusted EBITDA: $2,659,000, improved from a loss of$306,000 in Q4 2023 [2][5][11][29] Key Metrics - Number of eligible lives at year-end: 179.4 million, a 37% increase year-over-year [2] - Number of completed Payor sessions: 1,229.2 million, a 45% increase year-over-year [2] - Number of Consumer active members at year-end: 7.2 million, a 38% decrease year-over-year [2] Strategic Focus - The company has shifted its strategy over the last three years to focus on the payor market, increasing total covered lives to nearly 200 million [4] - Talkspace aims to provide accessible, high-quality behavioral health services, leveraging its brand to reach various demographics including teens, seniors, and military members [4][10]