Health In Tech Announces Fourth Quarter and Full Year 2024 Financial Results
Total audited revenue for 2024 was $19.5 million.
The first two months of 2025, our unaudited revenue is about $5.7million, more than 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 $7.8 million, and Total Current Liabilities were $2.1 million as of December 31, 2024
STUART, Fla., March 17, 2025 /PRNewswire/ -- Health In Tech (NASDAQ:HIT), an Insurtech platform company backed by third-party AI technology, today announced its financial results for the fourth quarter and full year ended December 31, 2024.
Financial Highlights for the Full Year 2024:
Cash and cash equivalents were $7.8 million as of December 31, 2024, compared to $2.4 million in the same period end of 2023
Account receivables were $1.6million as of December 31, 2024, compared to $2.2 million in the same period end of 2023. The accounts receivable turnover was 29 days in 2024.
Total liabilities were $2.6million as of December 31, 2024 compared to $5.4 million 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
The number of business clients serviced was 890, compared to 1,002 in the same period of 2023
Total revenues of $19.5 million, up 1.8% year-over-year
Gross margin was 79.2%, compared to 88.0% in the same period of 2023
Income from continuing operations, net of income taxes was $0.7 million, compared to $2.5 million in the same period of 2023
Adjusted EBITDA was $2.3 million, compared to $4.8 million in the same period of 2023
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 $4.9 million, compared to $5.2 million in the same period of 2023
Gross margin was 77.4%, compared to 81.8% in the same period of 2023
Income from continuing operations, net of income taxes was ($0.1) million, compared to $1.0 million in the same period of 2023
Adjusted EBITDA was $0.5 million, compared to $1.0 million in the same period of 2023
"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 $9.2 million before deducting underwriting discounts and commissions.
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 the United States of America ("GAAP"). A reconciliation of historical non-GAAP financial information to the most directly comparable GAAP financial measure is provided in the accompanying tables found at the end of this release.
Use of Forward‑Looking Statements
Certain statements in this press release are forward-looking statements for purposes of the safe harbor provisions under the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking statements may include estimates or expectations about Health In Tech's possible or assumed operational results, financial condition, business strategies and plans, market opportunities, competitive position, industry environment, and potential growth opportunities. In some cases, forward-looking statements can be identified by terms such as "may," "will," "should," "design," "target," "aim," "hope," "expect," "could," "intend," "plan," "anticipate," "estimate," "believe," "continue," "predict," "project," "potential," "goal," or other words that convey the uncertainty of future events or outcomes. These statements relate to future events or to Health In Tech's future financial performance, and involve known and unknown risks, uncertainties and other factors that may cause Health In Tech's actual results, levels of activity, performance, or achievements to be different from any future results, levels of activity, performance or achievements expressed or implied by these forward-looking statements. You should not place undue reliance on forward-looking statements because they involve known and unknown risks, uncertainties and other factors which are, in some cases, beyond Health In Tech's control and which could, and likely will, affect actual results, levels of activity, performance or achievements. Any forward-looking statement reflects Health In Tech's current views with respect to future events and is subject to these and other risks, uncertainties and assumptions relating to Health In Tech's operations, results of operations, growth strategy and liquidity.
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)
$1,697,080
$2,011,060
$6,649,271
$8,226,852
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):
