UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(D)
OF THE SECURITIES EXCHANGE ACT OF 1934
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Item 2.02. Results of Operations and Financial Condition.
The information provided in Item 8.01 of this Current Report on Form 8-K is incorporated herein by reference.
Item 8.01. Other Events.
Talkspace, Inc. (the “Company”) previously reported that (i) its B2B eligible lives1 were 71.9 million as of June 30, 2021 and (ii) its B2B eligible lives were 75.3 million as of September 30, 2021 (the “Prior Statements”). The Company is filing this Current Report on Form 8-K to correct the Prior Statements based on information provided to the Company by a large health plan. The correct number of B2B eligible lives as of June 30, 2021 was 55.0 million, representing growth of 64% year-over-year and the correct number of B2B eligible lives as of September 30, 2021 was 56.6 million, representing growth of 44% year-over-year. The Prior Statements included certain B2B eligible lives under the Company’s arrangement with that health plan that the health plan subsequently determined were not yet eligible to use the Company’s services. The status of that health plan’s lives remains unchanged and the Company has approximately 69 million B2B eligible lives as of the date of this filing. The correction of the Prior Statements does not affect any Company financial data or impact any previously reported GAAP or non-GAAP metric.
| 1 | The Company considers B2B lives “eligible” if such persons are eligible to receive treatment on the Talkspace platform, in the case of the Company’s enterprise clients, for no additional cost when their employer is under an active contract with Talkspace, or, in the case of health plan clients, at an agreed upon reimbursement rate through insurance under an employee assistance program or other network behavioral health paid benefit program. As noted in the Company’s Quarterly Report on Form 10-Q for the period ended September 30, 2021, there may be instances where a person may be covered through multiple solutions, typically through behavioral health plans and employee assistance programs. In these instances, the person is counted each time they are covered in the B2B eligible lives calculation, which may cause the amount of B2B eligible lives to reflect a higher number of members than we actually serve. |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| Talkspace, Inc. | ||||||
| Date: December 21, 2021 | By: | /s/ Jennifer Fulk | ||||
| Chief Financial Officer | ||||||