Needham Reaffirms Their Hold Rating on Talkspace (TALK)We reiterate our Hold rating on Talkspace (TALK) following Q2 results that came in slightly below our expectations. FY25 guidance was nonetheless reiterated, as 1H25 investments in marketing and product are still expected to drive growth acceleration in the back half of the year. Momentum appears to be forming, as completed payor sessions continue to work their way higher, fueled by unique members, which increased 10k sequentially, the largest quarterly increase in two years. However, timing delays in DTE deals makes segment revenue difficult to forecast, while formal entries into new end markets like Medicare and the military make it difficult to gauge success on the utilization front, which is key to outperforming expectations. As such, we are remaining on the sidelines until further evidence of 2H25 execution arises.