Health In Tech, Inc. Class A ( (HIT) ) has released its Q4 earnings. Here is a breakdown of the information Health In Tech, Inc. Class A presented to its investors.
Health In Tech, Inc., a Nasdaq-listed Insurtech platform company, leverages AI technology to streamline processes in the healthcare industry, focusing on vertical integration, process simplification, and automation. The company recently released its financial results for the fourth quarter and full year 2024, highlighting a year of strategic growth and transformation.
In 2024, Health In Tech reported total revenues of $19.5 million, marking a 1.8% increase from the previous year. The company also saw a significant increase in cash and cash equivalents, reaching $7.8 million by the end of the year, compared to $2.4 million in 2023. However, the gross margin decreased to 79.2% from 88.0%, and income from continuing operations fell to $0.7 million from $2.5 million in 2023. The adjusted EBITDA also saw a decline, dropping to $2.3 million from $4.8 million in the previous year.
The fourth quarter of 2024 saw revenues of $4.9 million, a slight decrease from $5.2 million in the same period of 2023. The company experienced a net loss of $0.1 million in income from continuing operations during this quarter, compared to a net income of $1.0 million in the previous year. Despite these challenges, Health In Tech completed its initial public offering in December 2024, raising $9.2 million in gross proceeds.
Looking ahead, Health In Tech is poised for growth in 2025, with plans to expand its mid-sized business underwriting solution and introduce a new Spec & Agg stop-loss product. The company aims to enhance its market reach and drive revenue growth by investing in automation and entering new markets. Health In Tech’s management remains committed to delivering innovative, value-driven solutions that transform self-funded healthcare.
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