Q2 2024 Talkspace Inc Earnings Call Transcript
Key Points
- Talkspace Inc (TALK) reported a 29% year-over-year increase in revenue, reaching $46.1 million for the second quarter of 2024.
- The company achieved its second consecutive profitable quarter with an adjusted EBITDA of $1.2 million.
- Payor revenue grew 62% year-over-year, driven by strategic relationships and expansion of covered lives.
- Talkspace Inc (TALK) expanded its Medicare coverage to 12 states and plans to cover all 50 states by year-end.
- The company launched a dedicated Medicare website and went live with 6 million active military lives through TRICARE with Humana Military.
- The consumer category, where members pay out of pocket, saw a 28% year-over-year decline in revenue.
- Gross margin decreased to 45.5% due to a revenue mix shift towards payor services.
- Sequential decline of 3% in direct to enterprise revenue due to timing of new contract wins.
- The company is still in early stages of Medicare rollout and lacks data on utilization and reimbursement rates.
- Operational challenges remain in credentialing therapists and maintaining quality control for payor contracts.
Thank you for standing by. My name is Kathleen, and I will be your conference operator today. At this time, I would like to welcome everyone to the Talkspace second-quarter 2024 earnings conference call. (Operator Instructions)
I would now like to turn the call over to Jeannine Feyen, Director of Communications. Please go ahead.
Good morning, and welcome to Talkspace's earnings conference call for the second quarter of 2024. I hope you've had the opportunity to access the press release we posted on Talkspace's IR website and the presentation of our earnings results. We'll use the presentation to walk you through today's remarks. Leading today's call are our CEO, Dr. Jon Cohen; and our CFO, Ian Harris. Management will offer their prepared remarks and we will then take your questions.
Certain measures we'll discuss on this call are expressed on a non-GAAP basis and have been adjusted to exclude the impact of one-off items. Reconciliations of these non-GAAP measures are included in our
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