#65 Earnings Deep-Dive

Hi friends,

Over the last month, all public mental health companies released their Q2 earnings. Talkspace, Lifestance, Acadia and Teladoc shared important financial and business updates.

As the dust has been settling on these announcements, I’ve been spending hours analysing them.

I found some very interesting trends to share with you, as well as a few surprises.

I also learned that putting backing music to earnings calls makes them much more tolerable - Fred Again tracks seem to work particularly well.

Anyway, in today’s THR Pro report, I share everything you need to know from the 2025 Q2 earnings in mental health.

We’ll cover;

• The major takeaways from Q2 earnings season, including market reaction, GTM trends, and M&A opportunities.

• Industry performance, including relevant financial and valuation benchmarks for the mental health industry and how that is diverging by business type.

• Company by company deep-dives, analysing their Q2 financial performance, major business, strategy and product updates, as well as their guidance for the remainder of 2025

Let’s get into it…

This article is for THR Pro members only