Company: TALK
Filing Date: 2025-03-12
Form Type: 10-K
Source: 0000950170-25-038107
Chunk: 78

Company: Talkspace, Inc.
Filing Date: 2025-03-12
Form: 10-K
Item: Item 1B
Chunk 78
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 7 of our Annual Report on Form 10-K for the fiscal year ended December 31, 2023.

Overview 

Talkspace is a healthcare company offering its members convenient and affordable access to a fully-credentialed network of  highly qualified providers. We are a leading virtual behavioral healthcare company connecting millions of patients with licensed  mental health providers across a wide and growing spectrum of care through virtual psychotherapy and psychiatry. We created a purpose-built platform to address the vast, unmet and growing demand for behavioral health services of our members. Through its platform, Talkspace serves:

•Health insurance plans (commercial and government) and employee assistance programs (“Payor”) who offer their members access to our platform at in-network reimbursement rates,

•Direct-to-Enterprise (“DTE”) comprised of enterprises who offer their enterprise members access to our platform while their enterprise is under an active contract with Talkspace, and

•Individual subscribers (“Consumer”) who subscribe directly to our platform.

For the year ended December 31, 2024 our revenues were $187.6 million compared to $150.0 million for the year ended December 31, 2023. As of December 31, 2024, we had approximately 179.4 million eligible lives through our Payor and DTE customers compared to 131.0 million eligible lives as of December 31, 2023. As of December 31, 2024, we had approximately 7,200 Consumer active members compared to 11,700 Consumer active members as of December 31, 2023. For the year ended December 31, 2024, our clinicians completed 1,229,200 sessions related to members covered under our Payor customers compared to 850,600 completed sessions for the year ended December 31, 2023. Please refer to the “Key Business Metrics” section below for a description of eligible lives and consumer active members.

Quarterly Fluctuations

Our financial results may fluctuate from period-to-period as a result of a variety of factors, many of which are outside of our control, including, without limitation, the factors described in this section. Most of our revenue in any given quarter is derived from contracts entered into with our customers during previous quarters. Consequently, a decline in new or renewed contracts in any one quarter may not be fully reflected in our revenue for that quarter. Such declines, however, would negatively affect our revenue in future periods and the effect of significant downturns in sales of and