New York, October 29, 2024 - PRISM MarketView - PRISM Mental Health Index leader, Talkspace (TALK) who offers psychotherapy and psychiatry services through its platform announced Q3 financial results. The company has traded up ~10% since the release as its third quarter revenue grew by 23% year-over-year (yoy) which was driven by 45% yoy growth in Payor revenue.
In addition to its revenue growth, the company saw an increase in its 3Q GAAP net income to $1.9M from a $4.4M net loss yoy while adjusted EBITDA also saw improvement at 2.4M from ($2.8M) in Q3 of 2023. The company expects FY2024 revenue to reflect 23-30% growth between $185M-$195M and adjusted EBITDA to fall between $4M-$8M.
“The mental health crisis remains a critical issue and Talkspace is at the forefront of addressing this need through our highly qualified network of diverse, clinically-licensed providers and our innovative platform. I’m particularly proud of our expansion to now serve more than 158 million covered lives, including increased access for seniors, teens, and members of our Military – populations with unique and pressing behavioral health needs. Our innovative approach and strategic growth have positioned us as the largest behavioral telehealth network in the U.S., enabling us to meet the escalating demand for accessible, high-quality behavioral health services.”
CEO of Talkspace, Dr. Jon Cohen
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