Direct-to-consumer virtual care company Hims & Hers Health reported revenues growing 52% year over year, from $207.9 million in Q2’23 to $315.6 million in Q2’24.
The San Francisco-based company reported second-quarter net income of $13.3 million, compared with a net loss of $7.2 million in the same period a year ago.
Adjusted EBITDA was $39.3 million in the second quarter of 2024, up from $10.6 million in the second quarter of 2023, and free cash flow was $47.6 million compared to $10.0 million at the end of last year’s second quarter.
The company raised its full-year 2024 revenue outlook to $1.4 billion from $1.37 billion and adjusted EBITDA to $155 million from $140 million.
“Our second quarter results represent an acceleration of an already incredible trajectory, as we approached 1.9 million subscribers on our platform during the quarter, up 43% year over year,” Andrew Dudum, co-founder and CEO of Hims & Hers, said in a statement.
“As our platform’s capabilities expand, we become more and more confident that we can help every single person in every home across the country feel great.”
Telemedicine Company Talkspace reported second-quarter financial results, revealing that revenue increased 29% year over year to $46.1 million, driven by a 62% increase in payer revenue and a 20% increase in revenue from its Direct-to-Enterprise division.
The company reported that consumer revenue as of Q2 2024 was down 28% year over year.
Operating expenses increased 1% year over year to $24.4 million due to higher administrative and general expenses.
Gross profit increased 18% year over year to $21 million, while gross margin decreased to 45.5% in the second quarter of 2024 from 50% in the same period last year.
Net loss improved to $500,000 from $4.7 million a year earlier, which the company said was mainly due to increased revenue.
Adjusted EBITDA will be $1.2 million in 2Q24, improving from a loss of $4 million in 2Q23.
The company’s financial outlook for the current fiscal year remained unchanged.
“Our strong second quarter performance reflects continued execution with 29% revenue growth and our second consecutive quarter of positive Adjusted EBITDA. We expanded our coverage to more than 145 million people, launched Medicare in 12 states and made significant progress in optimizing our marketing efforts,” Talkspace CEO Dr. John Cohen said in a statement.
“This positive momentum stems from our ongoing efforts to improve both the provider experience and the patient journey while maintaining a strong focus on product quality, a key differentiator for Talkspace. We are encouraged by our results, which highlight our commitment to making high-quality mental health care more accessible.”
Clover HealthThe Tennessee-based Medicare Advantage insurtech company reported second-quarter 2024 revenues increased 11% year over year to $356.3 million, up from $320.1 million in the second quarter last year.
The company reported GAAP net income of $7.2 million in the second quarter of this year, but a loss of $28.9 million in the second quarter of 2023.
Adjusted EBITDA increased to $36.2 million from $9.9 million in the second quarter of 2023.
Clover raised its full-year revenue guidance to a range of $1.35 billion to $1.375 billion and its adjusted EBITDA guidance to a range of $50 million to $65 million.
“This is our first publicly traded company to report positive quarterly GAAP net income and an increase in adjusted EBITDA compared to the prior quarter,” Clover Health Chief Financial Officer Peter Kuipers said in a statement.
“This strong performance further strengthens our already strong balance sheet position and allows us to improve our full-year 2024 guidance. With our operating performance and our recent recalculation of our star rating for the 2025 payment year from 3 stars to 3.5 stars, we believe we are well positioned to achieve an increase in our 2024 adjusted EBITDA guidance and improve our underlying cohort economics for 2025 to enhance our long-term earnings potential.”
