The behavioral telehealth company reported its third-quarter earnings Oct. 29. The company reported $47.4 million in adjusted earnings in the third quarter, up 23% from the same time period last year.
Talkspace reported $1.9 million in earnings, up from a $4.4 million loss in the same time period last year.
Here are three things to note:
- Talkspace has pivoted its strategy from a direct-to-consumer platform to contracting with private health plans and Medicare.
“We have made meaningful strides in fortifying our relationships with key payer partners who view us as the leading full-scale, pure-play behavioral health provider and truly recognize the importance of our differentiated focus on clinical excellence,” Talkspace CEO Jon Cohen, MD said in a news release
- The company now has 158.1 million covered lives in its portfolio, up 40% from the same time period last year. The company had 316,400 completed sessions reimbursed by payers in the third quarter, a 38% increase from the third quarter of 2023.
- Talkspace’s direct-to-consumer membership shrunk by 35% from the third quarter of 2023, to 8,600.
Read more here.
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