Talkspace, Inc. (NASDAQ: TALK) has released its financial results for the fourth quarter and full year of 2024, showcasing significant growth and positive performance metrics.
Total revenue for the full year of 2024 saw a 25% increase year-over-year, reaching $187.6 million. The company also reported a net income of $1.1 million and an adjusted EBITDA of $7.0 million for the same period.
In the fourth quarter of 2024, Talkspace experienced a 15% year-over-year growth in total revenue, amounting to $48.7 million. The net income for the fourth quarter was $1.2 million, with an adjusted EBITDA of $2.7 million.
Some key performance metrics for the fourth quarter of 2024 include: 34% year-over-year increase in payor revenue 7% year-over-year increase in direct to enterprise ("DTE") revenue 35% year-over-year decline in consumer revenue Operating expenses decreased by 11% year-over-year
For the full year of 2024, the key performance metrics are as follows: 54% year-over-year increase in payor revenue 14% year-over-year increase in DTE revenue 30% year-over-year decline in consumer revenue Operating expenses decreased by 7% year-over-year
Looking ahead to 2025, Talkspace has provided financial guidance, expecting revenue to be in the range of $220 million to $235 million and adjusted EBITDA to be in the range of $14 million to $20 million.
Dr. Jon Cohen, CEO of Talkspace, expressed pride in the company's accomplishments, highlighting the strategic shift towards the payor market and the significant increase in total covered lives to nearly 200 million.
The company will hold its fourth quarter 2024 earnings conference call and webcast on February 20, 2025, providing further insights into its financial performance.
Following these announcements, the company's shares moved -21.1%, and are now trading at a price of $3.04. For more information, read the company's full 8-K submission here.
