Virtual mental health company Talkspace named its next CEO and detailed its third-quarter financial metrics, which included a net loss of $18 million.
The company named one of its board directors, Jon Cohen, MD, its next CEO. The company's interim CEO, Doug Braunstein, will continue to serve as chairman of the board, according to an Nov. 8 news release from Talkspace.
"[Dr. Cohen's] clinical perspective, tech-enabled mindset and deep payer connections make him the ideal candidate to lead the organization through the next phase of growth," Mr. Braunstein said in the release.
In the third quarter of 2022, Talkspace saw a net loss of $18 million, compared to a net income of $2 million in the same period in 2021, according to a separate Nov. 8 news release from the company.
Here are three notes from the company's third-quarter earnings call:
- Despite its overall net loss, revenue grew to $29 million, an 11 percent increase year over year.
- Gross profit declined by 3 percent to $15 million.
- Gross margin declined to 48.9 percent.
The company attributed the net loss to lower marketing spend, higher cost of revenues and a decrease in gains after the revaluation of warrant liabilities, the release said.