How Talkspace’s Pivot to Payer, Enterprise Partnerships Turned Losses into Profits

Behavioral Health Business October 29, 2024
Chris Larson

Talkspace Inc. (Nasdaq: TALK) is now profitable on an unadjusted basis, a notable milestone for a company that has nearly completely transformed its focus.

The payer- and enterprise-focused digital mental health provider posted a net income of $1.87 million in the third quarter of 2024, a more than $6 million turn of fortunes compared to the losses posted in the same quarter last year.

On a more generous adjusted basis, its earnings totaled $2.35 million.

Talkspace is reaping the fruit of a massive pivot from a direct-to-consumer, cash-pay text therapy company to a largely in-network virtual provider of talk therapy, psychiatry and digital tools for enterprises that it started at the end of 2021.

“We’ve earned the respect of the...

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