Record Revenue and Growth
Talkspace delivered record revenue of $59.4 million, with payer revenue growing 42% year-over-year and 12% sequentially. Active payer members grew 8% sequentially and 29% year-over-year.
Significant AI Integration
Talkspace has integrated AI into multiple aspects of the business, including customer journey enhancements and therapy support tools, leading to a 30% increase in session bookings. They have developed a proprietary large language model outperforming current AI chatbots.
Strategic Partnerships and Acquisitions
The company became in-network with new Blues plans and acquired Wisdo Health, enhancing their services with AI-powered social health platforms.
Strong Payer Business and Psychiatry Growth
Payer sessions increased 12% sequentially and 37% year-over-year. Psychiatry session volume increased by 46% in the quarter.
Improved Financial Performance
Adjusted EBITDA grew 111% year-over-year to $5.0 million, with an expanded margin of 8.4%.