Talkspace, Inc. (NASDAQ: TALK) reported its fourth quarter and full year 2023 financial results, showing significant growth and improved financial performance.
- 4Q 2023 payor revenue grew 138% year-over-year
- Operating expenses in 4Q 2023 were $23.6 million, down 37% year-over-year
- 4Q 2023 net loss was $1.3 million; adjusted EBITDA loss of $0.3 million, an improvement of 97% year-over-year
- Provides 2024 guidance with revenue expected to be $185-$195 million and adjusted EBITDA $4-$8 million
- Announces initial share repurchase program of $15 million
Financial Highlights: Revenue for the full year 2023 increased by 25% to $150.0 million Gross profit for the full year 2023 increased by 23% to $74.4 million Operating expenses for the full year 2023 were $97.6 million, down 32% year-over-year The company reported a net loss of $1.3 million in the fourth quarter, an improvement from a net loss of $18.3 million in the same period of the previous year
2024 Guidance: * Talkspace expects revenue for 2024 to be in the range of $185 million to $195 million, with adjusted EBITDA projected to be in the range of $4 million to $8 million
Share Repurchase Program: * The company’s board of directors has approved an initial share repurchase program authorizing the repurchase of up to $15,000,000 of its outstanding shares of common stock over the next twenty-four months
Dr. Jon Cohen, CEO of Talkspace, expressed confidence in the company's strategic execution and highlighted the substantial growth in payor revenue, positioning the company for profitable expansion. Jennifer Fulk, CFO of Talkspace, emphasized the strengthened financial foundation and operational efficiency achieved through disciplined cost management and investment in scalable capabilities.
The market has reacted to these announcements by moving the company's shares -0.5% to a price of $2.75. For more information, read the company's full 8-K submission here.
