Direct-to-consumer virtual care company Hims & Hers Health reported a 52% year-over-year increase in revenue from $207.9 million in the second quarter of 2023 to $315.6 million in Q2 2024.
The San Francisco-based company reported a net income for the second quarter of $13.3 million compared to a net loss of $7.2 million in the same period last year.
Adjusted EBITDA was $39.3 million for Q2 2024 compared to $10.6 million for the second quarter of 2023, and free cash flow was $47.6 million compared to $10 million at the close of Q2 last year.
The company raised its full-year 2024 revenue guidance to $1.37 billion to $1.4 billion and its adjusted EBITDA to $140 million to $155 million.
“Our second quarter results mark an acceleration in what was already an incredible trajectory. During the quarter, subscribers on our platform approached 1.9 million, increasing 43% year-over-year,” Andrew Dudum, cofounder and CEO of Hims & Hers, said in a statement.
“As we expand the capabilities on our platform, we are only more convinced that we can help an individual in every household in the country feel great.”
Teletherapy company Talkspace reported its second quarter financial results, showing a 29% year-over-year increase in revenue to $46.1 million, driven by a 62% increase in payor revenue and a 20% increase in revenue from its Direct-to-Enterprise sector.
The company reported a 28% year-over-year decrease in consumer revenue as of Q2 2024.
Operating expenses increased 1% from the prior year to $24.4 million due to increased administrative and general expenses.
Gross profit increased to $21 million, an 18% jump from the prior year, and gross margin decreased 45.5% in the second quarter of 2024 compared to 50% in the same period last year.
Net loss improved to $0.5 million compared to $4.7 million last year, which the company said was driven primarily by increased revenue.
Adjusted EBITDA was $1.2 million in the second quarter of 2024, improved from a loss of $4 million in Q2 2023.
The company’s financial guidance for the year remained unchanged.
“Our robust second quarter performance reflects continued business execution, resulting in 29% revenue growth and our second consecutive quarter of Adjusted EBITDA profitability. We expanded our covered lives to over 145 million, launched our Medicare offering in 12 states, and made strides in optimizing our marketing efforts,” Dr. Jon Cohen, CEO of Talkspace, said in a statement.
“This positive momentum stems from our ongoing commitment to enhancing both provider experience and patient journey while focusing on product quality–key differentiators for Talkspace. I’m encouraged by our results, which underscore our dedication to making high-quality mental health care more accessible.”
Clover Health, a Tennessee-based Medicare Advantage insurtech company, reported its Q2 2024 earnings, with 11% revenue growth year-over-year to $356.3 million from $320.1 million in the second quarter of last year.
The company reported a GAAP net income of $7.2 million in the second quarter of the year, compared to a loss of $28.9 million in Q2 2023.
Adjusted EBITDA increased to $36.2 million, compared to $9.9 million in the second quarter of 2023.
Clover increased its full-year revenue guidance to range from $1.35 billion to $1.375 billion and its adjusted EBITDA guidance to range from $50 million to $65 million.
“The Company achieved its first quarter of positive GAAP net income as a public company and delivered an increased adjusted EBITDA as compared to the prior quarter,” Peter Kuipers, Clover Health CFO, said in a statement.
“This strong performance has strengthened our already healthy balance sheet position and has enabled us to improve our full-year 2024 guidance. We believe that our results, coupled with our recent Star Rating recalculation from 3 to 3.5 Stars for the 2025 payment year, position us well to achieve our increased 2024 adjusted EBITDA guidance and improve our underlying cohort economics in 2025 to increase our long-term profitability capacity.”
