Health In Tech Announces Fourth Quarter and Full Year 2024 Financial Results
Health In Tech (Nasdaq: HIT) reported its Q4 and full-year 2024 financial results. Full-year revenue reached $19.5 million, up 1.8% year-over-year, with a gross margin of 79.2%. The company ended 2024 with $7.8 million in cash and cash equivalents, compared to $2.4 million in 2023.
Key metrics showed mixed performance: enrolled employees decreased to 18,348 from 21,213, and business clients declined to 890 from 1,002. Income from continuing operations was $0.7 million, down from $2.5 million in 2023. The company completed its IPO in December 2024, raising $9.2 million in gross proceeds.
Early 2025 shows promising growth with unaudited revenue of $5.7 million in the first two months, representing over 50% growth compared to the same period in 2024. The company announced strategic initiatives including expansion into mid-sized business underwriting and a new Spec & Agg stop-loss product.
Health In Tech (Nasdaq: HIT) ha riportato i risultati finanziari del quarto trimestre e dell'intero anno 2024. I ricavi annuali hanno raggiunto 19,5 milioni di dollari, con un incremento dell'1,8% rispetto all'anno precedente, e un margine lordo del 79,2%. L'azienda ha chiuso il 2024 con 7,8 milioni di dollari in cassa e equivalenti, rispetto ai 2,4 milioni di dollari del 2023.
I principali indicatori hanno mostrato performance miste: i dipendenti iscritti sono diminuiti a 18.348 da 21.213, e i clienti aziendali sono scesi a 890 da 1.002. L'utile delle operazioni continuative è stato di 0,7 milioni di dollari, in calo rispetto ai 2,5 milioni di dollari del 2023. L'azienda ha completato la sua IPO a dicembre 2024, raccogliendo 9,2 milioni di dollari in proventi lordi.
All'inizio del 2025 si intravedono segnali di crescita promettente con ricavi non verificati di 5,7 milioni di dollari nei primi due mesi, rappresentando oltre il 50% di crescita rispetto allo stesso periodo del 2024. L'azienda ha annunciato iniziative strategiche, tra cui l'espansione nell'assicurazione per le medie imprese e un nuovo prodotto di stop-loss Spec & Agg.
Health In Tech (Nasdaq: HIT) informó sus resultados financieros del cuarto trimestre y del año completo 2024. Los ingresos anuales alcanzaron 19,5 millones de dólares, un aumento del 1,8% interanual, con un margen bruto del 79,2%. La compañía cerró 2024 con 7,8 millones de dólares en efectivo y equivalentes, en comparación con 2,4 millones de dólares en 2023.
Las métricas clave mostraron un rendimiento mixto: los empleados inscritos disminuyeron a 18.348 desde 21.213, y los clientes empresariales cayeron a 890 desde 1.002. Los ingresos de las operaciones continuas fueron de 0,7 millones de dólares, en comparación con 2,5 millones de dólares en 2023. La compañía completó su IPO en diciembre de 2024, recaudando 9,2 millones de dólares en ingresos brutos.
A principios de 2025 se vislumbra un crecimiento prometedor con ingresos no auditados de 5,7 millones de dólares en los primeros dos meses, lo que representa más del 50% de crecimiento en comparación con el mismo período de 2024. La compañía anunció iniciativas estratégicas, incluida la expansión en la suscripción para empresas medianas y un nuevo producto de stop-loss Spec & Agg.
Health In Tech (Nasdaq: HIT)는 2024년 4분기 및 연간 재무 결과를 보고했습니다. 연간 수익은 1950만 달러에 도달하여 전년 대비 1.8% 증가했으며, 총 마진은 79.2%였습니다. 이 회사는 2024년을 780만 달러의 현금 및 현금성 자산으로 마감했으며, 이는 2023년의 240만 달러와 비교됩니다.
주요 지표는 엇갈린 성과를 보였습니다: 등록된 직원 수는 21,213명에서 18,348명으로 감소했으며, 기업 고객 수는 1,002명에서 890명으로 줄어들었습니다. 계속 운영에서 발생한 수익은 70만 달러로, 2023년의 250만 달러에서 감소했습니다. 이 회사는 2024년 12월에 IPO를 완료하여 920만 달러의 총 수익을 올렸습니다.
2025년 초에는 2024년 같은 기간 대비 50% 이상의 성장을 나타내는 570만 달러의 비감사 수익을 기록하며 유망한 성장이 예상됩니다. 이 회사는 중소기업 언더라이팅으로의 확장 및 새로운 Spec & Agg 스톱로스 제품을 포함한 전략적 이니셔티브를 발표했습니다.
Health In Tech (Nasdaq: HIT) a publié ses résultats financiers du quatrième trimestre et de l'année 2024. Le chiffre d'affaires annuel a atteint 19,5 millions de dollars, en hausse de 1,8 % par rapport à l'année précédente, avec une marge brute de 79,2 %. L'entreprise a terminé l'année 2024 avec 7,8 millions de dollars en liquidités et équivalents, contre 2,4 millions de dollars en 2023.
Les indicateurs clés ont montré des performances mitigées : le nombre d'employés inscrits a diminué à 18 348 contre 21 213, et le nombre de clients entreprises a chuté à 890 contre 1 002. Le revenu des opérations continues était de 0,7 million de dollars, en baisse par rapport à 2,5 millions de dollars en 2023. L'entreprise a complété son introduction en bourse en décembre 2024, levant 9,2 millions de dollars de produits bruts.
Début 2025, une croissance prometteuse se dessine avec un chiffre d'affaires non audité de 5,7 millions de dollars au cours des deux premiers mois, représentant plus de 50 % de croissance par rapport à la même période en 2024. L'entreprise a annoncé des initiatives stratégiques, notamment l'expansion dans la souscription pour les entreprises de taille intermédiaire et un nouveau produit de stop-loss Spec & Agg.
Health In Tech (Nasdaq: HIT) hat seine Finanzberichte für das vierte Quartal und das gesamte Jahr 2024 veröffentlicht. Der Jahresumsatz erreichte 19,5 Millionen Dollar, was einem Anstieg von 1,8 % im Vergleich zum Vorjahr entspricht, mit einer Bruttomarge von 79,2 %. Das Unternehmen schloss das Jahr 2024 mit 7,8 Millionen Dollar an liquiden Mitteln und Äquivalenten ab, im Vergleich zu 2,4 Millionen Dollar im Jahr 2023.
Die wichtigsten Kennzahlen zeigten eine gemischte Leistung: Die eingeschriebenen Mitarbeiter gingen von 21.213 auf 18.348 zurück, und die Geschäftskunden verringerten sich von 1.002 auf 890. Das Einkommen aus fortlaufenden Betrieben betrug 0,7 Millionen Dollar, ein Rückgang von 2,5 Millionen Dollar im Jahr 2023. Das Unternehmen hat im Dezember 2024 seinen Börsengang abgeschlossen und 9,2 Millionen Dollar an Bruttoerlösen erzielt.
Zu Beginn des Jahres 2025 zeigt sich ein vielversprechendes Wachstum mit einem nicht geprüften Umsatz von 5,7 Millionen Dollar in den ersten beiden Monaten, was einem Wachstum von über 50 % im Vergleich zum gleichen Zeitraum 2024 entspricht. Das Unternehmen kündigte strategische Initiativen an, darunter die Expansion in die Mittelstandsversicherung und ein neues Spec & Agg Stop-Loss-Produkt.
- Strong early 2025 performance with $5.7M revenue in first two months (+50% YoY)
- Successful IPO completion raising $9.2M gross proceeds
- Cash position strengthened to $7.8M from $2.4M YoY
- Total liabilities reduced to $2.6M from $5.4M YoY
- Maintained profitability with $0.7M income from operations
- Revenue growth to 1.8% YoY
- Gross margin declined to 79.2% from 88.0% YoY
- Net income decreased to $0.7M from $2.5M YoY
- Customer base declined to 890 from 1,002 clients
- Enrolled employees decreased to 18,348 from 21,213
Insights
Health In Tech's 2024 financial results reveal a company in transition, with mixed signals for investors. While revenue grew nominally at
The company's balance sheet shows notable improvement, with cash increasing to
Customer metrics raise concerns - enrolled employees declined
Early 2025 performance provides a potential inflection point, with unaudited revenue of
The expansion into mid-sized businesses and new product offerings could drive growth, though execution remains critical given recent operational challenges. The improved balance sheet provides necessary capital to fund these initiatives, but the declining profitability metrics in 2024 highlight execution risks in the company's transformation strategy.
- Total audited revenue for 2024 was
.$19.5 million - The first two months of 2025, our unaudited revenue is about
, more than$5.7million 50% growth year over year for the first two months of 2024, and exceeded the revenue of the entire Q1 of 2024 - Cash and cash equivalents were
, and Total Current Liabilities were$7.8 million as of December 31, 2024$2.1 million
Financial Highlights for the Full Year 2024:
- Cash and cash equivalents were
as of December 31, 2024, compared to$7.8 million in the same period end of 2023$2.4 million - Account receivables were
as of December 31, 2024, compared to$1.6million in the same period end of 2023. The accounts receivable turnover was 29 days in 2024.$2.2 million - Total liabilities were
as of December 31, 2024 compared to$2.6million in the same period end of 2023. The number of enrolled employees (EEs) billed was 18,348, compared to 21,213 in the same period of 2023$5.4 million - The number of business clients serviced was 890, compared to 1,002 in the same period of 2023
- Total revenues of
, up$19.5 million 1.8% year-over-year - Gross margin was
79.2% , compared to88.0% in the same period of 2023 - Income from continuing operations, net of income taxes was
, compared to$0.7 million in the same period of 2023$2.5 million - Adjusted EBITDA was
, compared to$2.3 million in the same period of 2023$4.8 million
Financial Highlights for the Fourth Quarter of 2024
- The number of enrolled employees (EEs) billed was 18,348, compared to 21,213 in the same period of 2023
- The number of business clients serviced was 890, compared to 1,002 in the same period of 2023
- Total revenues of
, compared to$4.9 million in the same period of 2023$5.2 million - Gross margin was
77.4% , compared to81.8% in the same period of 2023 - Income from continuing operations, net of income taxes was
( , compared to$0.1) million in the same period of 2023$1.0 million - Adjusted EBITDA was
, compared to$0.5 million in the same period of 2023$1.0 million
"2024 was a transformative year for Health In Tech as we successfully completed our IPO, expanded our product offerings, and made strategic investments in technology and infrastructure." said Tim Johnson, CEO of Health In Tech. "These initiatives have strengthened our foundation and positioned us for scalable growth. While we took a deliberate approach to moderating growth this year, we made significant progress in enhancing our platform, improving cybersecurity, and developing innovative solutions tailored to meet the evolving needs of our customers."
Mr. Johnson continued: "In 2025, we are accelerating execution and expanding our reach. We are set to fully launch our mid-sized business underwriting solution, extending coverage to employers with more than 150 employees, expanding beyond our traditional focus on small businesses (5–150 employees). Our new Spec & Agg stop-loss product further enhances efficiency by streamlining claims processing for TPAs and carriers. These advancements will drive revenue growth and significantly expand our total addressable market."
"We are entering 2025 with strong momentum and a clear path for growth. With the strategic groundwork laid in 2024, we anticipate continuing to invest in automation, and expand into new markets, we remain committed to delivering innovative, value-driven solutions that transform self-funded healthcare." As we scale, invest in automation, and enter new markets, we remain committed to delivering innovative, value-driven solutions that transform self-funded healthcare" Tim concluded.
Recent Developments and Business Highlights
- Initial Public Offering. In December 2024, the Company completed its initial public offering (the "IPO") of 2,300,000 shares of Class A common stock. Gross proceeds to Health In Tech from the offering were
before deducting underwriting discounts and commissions.$9.2 million - Partnerships and Collaborations. On January 22, 2025, the Company announced an innovative collaboration with MARPAI and Vitable DPC to introduce enhanced self-funded health plan solutions at highly competitive prices. This collaboration leverages the strengths of Vitable's Direct Primary Care (DPC) model, alongside a comprehensive health plan and stop-loss coverage, to offer cost-effective quotes through Health In Tech's eDIYBS platform. The collaboration is poised to set a new benchmark in the industry for affordability and operational efficiency, empowering businesses to provide high-quality healthcare solutions to their employees at a lower cost.
- Expand Executive Team to Drive Growth and Innovation. Effective March 17, 2025, the company has appointed key executives to strengthen its leadership and drive innovation. Chris Kurtenbach has been promoted to Chief Operating Officer, replacing (Jonathan) Del Lockett, who now serves as Chief Strategy Officer. Dustin Plantholt has been named Chief Growth Officer, and Jenni Guerrica has been promoted to Chief Information Security Officer. These leadership changes enhance operational efficiency, support market expansion, and position Health In Tech for continued growth in the healthcare industry.
Conference Call Details
Health In Tech will host a conference call to discuss the financial results for the fourth quarter and full year of 2024 on March 17, 2024, at 5:00 p.m. (ET). To participate in our live conference call and webcast, please dial 1-888-346-8982 or 1-412-902-4272 (for international participants).
A live audio webcast will be available via the Investor Relations page of Health In Tech's website at https://healthintech.com/. A replay of the webcast will be available for on-demand listening shortly after the completion of the call, at the same web link, and will remain available for approximately 90 days.
Non-GAAP Financial Information
This release presents Adjusted EBITDA, a non-GAAP financial metric, which is provided as a complement to the results provided in accordance with accounting principles generally accepted in
Use of Forward‑Looking Statements
Certain statements in this press release are forward-looking statements for purposes of the safe harbor provisions under the
About Health In Tech
Health In Tech (Nasdaq: "HIT") is an Insurtech platform company backed by third-party AI technology, which offers a marketplace that aims to improve processes in the healthcare industry through vertical integration, process simplification, and automation. By removing friction and complexities, we streamline the underwriting, sales and service process for insurance companies, licensed brokers, and TPAs. Learn more at healthintech.com.
Health In Tech, Inc. | |||||||||||
Consolidated Statements of Operations | |||||||||||
Three Months Ended December 31, | Fiscal Year Ended December 31, | ||||||||||
2024 | 2023 | 2024 | 2023 | ||||||||
Revenues | |||||||||||
Revenues from underwriting modeling (ICE) | |||||||||||
Revenues from fees | 3,207,484 | 3,205,223 | 12,841,635 | 10,924,650 | |||||||
SMR | 2,470,284 | 2,405,622 | 9,849,300 | 8,085,596 | |||||||
HI Card | 737,200 | 799,601 | 2,992,335 | 2,839,054 | |||||||
Total revenues | 4,904,564 | 5,216,283 | 19,490,906 | 19,151,502 | |||||||
Cost of revenues | 1,107,173 | 951,967 | 4,051,439 | 2,303,911 | |||||||
Gross profit | 3,797,391 | 4,264,316 | 15,439,467 | 16,847,591 | |||||||
Operating expenses | |||||||||||
Sales and marketing expenses | 632,060 | 873,893 | 3,158,257 | 3,380,375 | |||||||
General and administrative expenses | 2,848,014 | 1,261,594 | 8,477,407 | 8,079,329 | |||||||
Research and development expenses | 633,653 | 673,444 | 2,813,899 | 2,004,796 | |||||||
Total operating expenses | 4,113,727 | 2,808,931 | 14,449,563 | 13,464,500 | |||||||
Other income (expense): | |||||||||||
Interest income | 28,774 | 26,132 | 122,885 | 40,857 | |||||||
Interest expenses | - | (1,104) | (495,000) | (2,052) | |||||||
Other income | 114,055 | - | 271,211 | - | |||||||
Other expense | 62,759 | - | - | - | |||||||
Total other income (expense), net | 205,588 | 25,028 | (100,904) | 38,805 | |||||||
Income (loss) before income tax expense | |||||||||||
Provision for income taxes | (33,404) | (478,113) | (218,523) | (945,236) | |||||||
Income (loss) from continuing operations, net of income taxes | (144,152) | 1,002,300 | 670,477 | 2,476,660 | |||||||
Income from discontinued operations, net of income taxes | - | - | - | 1,481,254 | |||||||
Net income (loss) | |||||||||||
Net income attributable to noncontrolling interests | - | - | - | ||||||||
Net income (loss) attributable to common stockholders | |||||||||||
Health In Tech, Inc. | ||||||
Consolidated Balance Sheets | ||||||
December 31, 2024 | December 31, 2023 | |||||
Assets | ||||||
Current assets | ||||||
Cash and cash equivalents | ||||||
Accounts receivable, net | 1,647,103 | 2,235,666 | ||||
Other receivables | 500,252 | 1,681,100 | ||||
Deferred offering costs | - | 261,769 | ||||
Prepaid expenses and other current assets | 787,161 | 264,382 | ||||
Total current assets | 10,783,764 | 6,859,267 | ||||
Non-current assets | ||||||
Software | 3,962,461 | 3,561,385 | ||||
Loans receivable, net | 815,995 | 815,999 | ||||
Operating lease - right of use assets | 206,269 | 266,641 | ||||
Total non-current assets | 4,984,725 | 4,644,025 | ||||
Total assets | ||||||
Liabilities and stockholders' equity | ||||||
Current liabilities | ||||||
Notes payable | $- | |||||
Accounts payable and accrued expenses | 1,858,840 | 2,620,965 | ||||
Income taxes payable | 205,253 | 451,946 | ||||
Operating lease liabilities - current | 66,881 | 58,482 | ||||
Total current liabilities | 2,130,974 | 4,781,393 | ||||
Non-current liabilities | ||||||
Deferred tax liabilities | 328,676 | 421,980 | ||||
Operating lease liabilities - non-current | 139,811 | 206,693 | ||||
Total non-current liabilities | 468,487 | 628,673 | ||||
Total liabilities | 2,599,461 | 5,410,066 | ||||
Stockholders' equity | ||||||
Common stock, | 42,915 | 29,269 | ||||
Common stock, | 11,700 | 22,500 | ||||
Additional paid-in capital | 9,173,017 | 2,770,538 | ||||
Retained earnings | 3,941,396 | 3,270,919 | ||||
Total stockholders' equity | 13,169,028 | 6,093,226 | ||||
Total liabilities and stockholders' equity |
Health In Tech, Inc. | |||||
Consolidated Statements of Cash Flows | |||||
Fiscal Year Ended December 31, | |||||
2024 | 2023 | ||||
CASH FLOWS FROM OPERATING ACTIVITIES: | |||||
Net income | |||||
Adjustments to reconcile net income to net cash provided by operating activities: | |||||
Write-off of accounts receivable | 1,878 | - | |||
Amortization expense | 541,141 | 339,300 | |||
Deferred tax expenses (benefits) | (93,304) | 133,980 | |||
Amortization of debt discount | 495,000 | - | |||
Interest income | (63,996) | (15,999) | |||
Stock-based compensation expense | 468,489 | - | |||
Changes in operating assets and liabilities: | |||||
Accounts receivable | 586,685 | (1,279,324) | |||
Other receivables | 1,180,848 | (1,678,823) | |||
Other receivables-related party | - | 18,242 | |||
Prepaid expenses and other current assets | (514,242) | (211,097) | |||
Operating lease right of use assets and liabilities, net | 1,889 | 4,259 | |||
Accounts payable and accrued expenses | (851,963) | 2,146,570 | |||
Income taxes payable | (246,693) | 332,047 | |||
Assets and liabilities of discontinued operations | - | (2,218,191) | |||
Net cash provided by operating activities | 2,176,209 | 1,528,878 | |||
CASH FLOWS FROM INVESTING ACTIVITIES: | |||||
Development of software | (900,755) | (1,144,361) | |||
Funds provided for loans receivable | - | (800,000) | |||
Interest received from loans receivable | 64,000 | - | |||
Net cash used in investing activities | (836,755) | (1,944,361) | |||
CASH FLOWS FROM FINANCING ACTIVITIES: | |||||
Proceeds from issuance of common stock in connection with initial public offering, net of underwriting discounts and commissions | 8,214,000 | - | |||
Payments of deferred offering costs | (1,975,556) | (261,769) | |||
Payment of distributions | - | (44,351) | |||
Proceeds from notes payable | - | 1,650,000 | |||
Repayments of notes payable | (2,145,000) | - | |||
Net cash provided by financing activities | 4,093,444 | 1,343,880 | |||
Increase in cash and cash equivalents | 5,432,898 | 928,397 | |||
Cash and cash equivalents, beginning of year | 2,416,350 | 1,487,953 | |||
Cash and cash equivalents, end of year | 7,849,248 | 2,416,350 | |||
Supplemental disclosures of cash flow information: | |||||
Cash paid for interest | $- | ||||
Cash paid for income taxes | |||||
Summary of noncash investing and financing activities: | |||||
Accrued deferred offering costs included in accounts payable and accrued expenses | $- | ||||
Accrued development of software included in accounts payable and accrued expenses | $- | ||||
Conversion of Series A convertible preferred stock to Class A common stock | $- | ||||
Reclassification of deferred offering costs to additional paid-in capital upon initial public offering | $- |
Components of Operating Results
Revenues
While we generate our revenue primarily from small employers and insurance carriers, we grow our business primarily from offering solutions that streamline sales processes, enhance service delivery, and reduce the sales cycle duration for TPAs, MGUs, and Brokers. We offer our services through our three subsidiaries. Program services provided by SMR and MGU activities provided by ICE (including eDIYBS) are interdependent, as they cannot function effectively without being combined. Services provided by HI Card is an optional add-on to our other services, and it cannot be offered on a standalone basis. Brokers that utilize the program services on behalf of the small employer provided by SMR and MGU activities provided by ICE, are not obligated to utilize our HI Card service. Currently ICE does not offer underwriting services as a standalone service. In the future, we may consider offering it as a standalone service.
Cost of revenues
Cost of revenues primarily consists of infrastructure costs to operate our platform such as hosting fees and fees paid to various third-party partners for access to their technology, services and amortization expenses of our capitalized internal-use software related to our platform. We mainly outsource captive management services and data services from the third-party companies. Our internal proprietary system seeks to consistently improve underwriting and services results through machine learning and data feeds. The captive management activities include introducing new carriers, conducting due diligence on carriers, conducting feasibility studies to determine the viability to be a stop-loss carrier on the platform, negotiating terms and contracts, coordinating audit requests, managing relationship with unrelated carriers and their regulators and auditor firms to ensure that our risk associated with our service offerings is minimized.
Sales and marketing expenses
Sales and marketing expenses primarily consist of personnel-related costs including salaries, benefits and commissions cost for our sales and marketing personnel. Sales and marketing expenses also include the costs for advertising, promotional and other marketing activities, as well as certain fees paid to various third-party for sales and customer acquisition.
General and administrative expenses
General and administrative expenses primarily consist of personnel-related costs and related expenses for our executives, finance, legal, human resources, technical support, and administrative personnel as well as the costs associated with professional fees for external legal, accounting and other consulting services, insurance premiums.
Research and development expenses
Research and development expenses primarily consist of personnel-related costs, including salaries and benefits for our research and development personnel. Additional expenses include costs related to the software development, quality assurance, and testing of new technology, and enhancement of our existing platform technology.
Adjusted EBITDA
Adjusted EBITDA represents our earnings from continuing operations before net interest expense, taxes, and depreciation and amortization expense, adjusted to eliminate stock-based compensation expense and public company readiness costs not deemed capitalizable. Adjusted EBITDA is not a measure calculated in accordance with United States Generally Accepted Accounting Principles, or GAAP. We exclude certain non-recurring or non-cash items when calculating Adjusted EBITDA, and we believe this approach provides a more meaningful measure by offering a clearer view of our underlying operational performance.
Financial Results Summary | |||||||||||||||
($ in millions) | |||||||||||||||
Three Months Ended December 31, | Year Ended December 31, | ||||||||||||||
2024 | 2023 | % Change | 2024 | 2023 | % Change | ||||||||||
Total revenues | $ | 4.9 | $ | 5.2 | -6.0 % | $ | 19.5 | $ | 19.2 | 1.8 % | |||||
GAAP gross margin | 77.4 % | 81.8 % | -4.4 % | $ | 79.2 % | $ | 88.0 % | -8.8 % | |||||||
Income (loss) from continuing operations, net of income taxes | $ | (0.1) | $ | 1.0 | -114.4 % | $ | 0.7 | $ | 2.5 | -72.9 % | |||||
Adjusted EBITDA | $ | 0.5 | $ | 1.0 | -51.2 % | $ | 2.3 | $ | 4.8 | -52.7 % |
Investor Contact
Investor Relations:
ir@healthintech.com
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SOURCE Health In Tech