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Mar 31, 2023
Talkspace Q1 2023 Earnings Report
Talkspace's revenue increased, operating expenses decreased, and net loss improved.
Key Takeaways
Talkspace reported an 11% increase in revenue to $33.3 million, driven by B2B growth, while operating expenses decreased by 29%. The net loss improved to $8.8 million. The company raised its FY 2023 revenue and Adjusted EBITDA guidance and expects to reach break-even by Q1 2024.
Revenue increased by 11% year-over-year to $33.3 million, driven by a 71% increase in B2B revenue, offset by a 40% decline in consumer revenue.
Gross profit increased by 11% to $16.7 million, with gross margin expanding to 50.2%.
Operating expenses decreased by 29% year-over-year to $25.8 million.
Net loss improved to $(8.8) million from $(20.4) million in the first quarter of 2022.
Forward Guidance
Talkspace expects revenue to be in the range of $130 million to $135 million and Adjusted EBITDA loss to be in the range of $(21) million to $(24) million for the fiscal year 2023. The Company now expects to reach break-even Adjusted EBITDA by the end of the first quarter of 2024.
Positive Outlook
- Revenue to be in the range of $130 million to $135 million, improved from $125 million to $135 million
- Adjusted EBITDA loss to be in the range of $(21) million to $(24) million, improved from $(28) million to $(32) million
- The Company now expects to reach break-even Adjusted EBITDA by the end of the first quarter of 2024
- Cash balance of over $95 million
- Strong momentum in payor business
Historical Earnings Impact
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Avg. Return Before/After Earnings
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