" " Talkspace reports increased B2B payor revenue, reaffirms break-even goal – Wellness for Life " "
Wellness for Life
Advertisement
  • Home
  • News
  • Family Wellness
  • Health and Wellbeing
  • Mental Wellness
  • Contact us
No Result
View All Result
  • Home
  • News
  • Family Wellness
  • Health and Wellbeing
  • Mental Wellness
  • Contact us
No Result
View All Result
Wellness for Life
No Result
View All Result
Home News

Talkspace reports increased B2B payor revenue, reaffirms break-even goal

admin by admin
July 28, 2023
in News



Teletherapy company Talkspace saw its stock price rise after reporting second-quarter revenue of $35.6 million, a 19% increase over the prior year period, driven by an 82% increase in B2B revenue year-over-year and partially offset by a 41% consumer revenue decline.

The New York-based company’s net loss was substantially lower in the second quarter at $4.7 million than its $23 million loss in Q2 of 2022.

Adjusted earnings before interest, taxes, depreciation and amortization (EBITDA) came to a loss of approximately $4 million, a decrease of 77% from the company’s loss of $16.9 million in the prior year. 

Talkspace’s total operating expenses were $24.2 million in the second quarter of this year, a 32% decrease from the prior year period. The company said the drop was primarily due to reductions across all operating costs categories. 

Gross profits increased 22% in the second quarter of this year to $17.8 million. 

Thanks to results in Q2, the company adjusted its 2023 fiscal year expectations, citing projected revenue in the range of $137 million to $142 million as opposed to previous expectations of $130 million to $135 million. 

Adjusted EBITDA loss is now projected to be in the range of $16 million to $19 million as opposed to its previous expectations of $19 million to $21 million. 

Talkspace expects to reach adjusted EBITDA break-even status by the end of Q1 2024, with a $100 million cash balance. 

“We built on the first quarter’s strong momentum in our payor business by expanding our relationships with commercial partners while activating a growing proportion of our member base. We continued to introduce product innovations and grow our clinical network while maintaining stringent quality standards, driving gains in access and engagement metrics and improving network productivity,” Dr. Jon Cohen, CEO of Talkspace, said in a statement.

“As we look to the second half of the year and beyond, we remain confident in our ability to capitalize on the growing need for covered mental health services and to deliver profitable growth.”

THE LARGER TREND

Talkspace announced its plans to go public in 2021 through a merger with special purpose acquisition company, Hudson Executive Capital.

It hit the Nasdaq later that year at a stock price of $9.80 per share, and subsequently reached a high of $11.95 per share. 

However, last November, the company received a letter warning that it could be delisted from Nasdaq since its stock had closed below the minimum $1.00 per share for 30 consecutive business days. 

After releasing it’s second quarter 2023 earnings, the company’s stock is trading around $1.70 per share.



Source link

Previous Post

The Best Train Museums in NY and the Surrounding Area

Next Post

Suicide due to Unemployment on the Rise in Australia

Next Post

Suicide due to Unemployment on the Rise in Australia

Recommended

Fresh Corn Salsa – Fit Foodie Finds

July 18, 2023

Manufactured Crisis — HPV, Hype and Horror

May 22, 2023

Don't miss it

Health and Wellbeing

Chicken Parmesan Quinoa Casserole – Fit Foodie Finds

September 22, 2023
Mental Wellness

How to Grow Your Mental Health Practice — Talkspace

September 22, 2023
News

Select Health, Mark Cuban team to lower prescription drug costs

September 22, 2023
Family Wellness

Keep Failing | Jim Daly

September 22, 2023
Family Wellness

The Best New York Fall Family Bucket List 2023

September 21, 2023
Family Wellness

As U.S. Syphilis Cases Rise, Those at the Epicenter Scramble

September 21, 2023

© Wellness For Life News Hubb All rights reserved.

Use of these names, logos, and brands does not imply endorsement unless specified. By using this site, you agree to the Privacy Policy and Terms & Conditions.

Navigate Site

  • Home
  • News
  • Family Wellness
  • Health and Wellbeing
  • Mental Wellness
  • Contact us

Newsletter Sign Up

Loading
No Result
View All Result
  • Home
  • News
  • Family Wellness
  • Health and Wellbeing
  • Mental Wellness
  • Contact us

© 2022 Wellness For Life News Hubb All rights reserved.