Health In Tech (HIT) Q4 2024 earnings summary

Executive summary

• 2024 marked a transformative year with a successful IPO, expanded product offerings, and strategic investments in technology, infrastructure, and leadership, positioning for scalable growth and innovation in healthcare technology.

• Deliberate moderation of growth in 2024 enabled platform enhancements, cybersecurity improvements, and innovation tailored to evolving customer needs.

• Entering 2025 with strong momentum, the company is launching new underwriting solutions for mid-sized businesses, expanding its stop-loss product line, and broadening its addressable market.

Financial highlights

• Full year 2024 audited revenue was $19.5 million, up 1.8% year-over-year; Q4 2024 revenue was $4.9 million, down 6% from Q4 2023.

• Gross margin for 2024 was 79.2%, down from 88% in 2023; Q4 gross margin was 77.4%, down from 81.8% in Q4 2023.

• Adjusted EBITDA for 2024 was $2.3 million, down from $4.8 million in 2023; Q4 Adjusted EBITDA was $0.5 million, down from $1.0 million in Q4 2023.

• Net income from continuing operations was $0.7 million for 2024, down from $2.5 million in 2023; Q4 saw a loss of $0.1 million.

• Cash and cash equivalents at year-end 2024 were $7.8 million, up from $2.4 million at year-end 2023.

Outlook and guidance

• Unaudited revenue for January and February 2025 reached $5.7 million, exceeding all of Q1 2024 and representing over 50% year-over-year growth.

• Plans to accelerate execution in 2025, launch mid-sized business underwriting, expand into new markets, and invest further in automation and technology.