Hims & Hers Health Inc. Reports Strong Q3 Earnings, Raises Full-Year Guidance

Hims & Hers Health Inc. (NYSE: HIMS) has released its third-quarter earnings, surpassing analyst expectations and driving a significant increase in its stock price. The health and wellness platform reported adjusted earnings per share of $0.32, exceeding the analyst estimate of $0.10 by $0.22.

The company saw a substantial rise in revenue, with $401.6 million for the quarter, a 77% year-over-year increase and above the consensus estimate of $382.2 million. This growth was largely driven by a 44% year-over-year increase in its subscriber base, which now stands at 2.0 million. Notably, over 1 million subscribers are utilizing personalized solutions offered by the company.

Following the earnings release, Hims & Hers Health’s stock price rose by 2.5%. The company’s CEO, Andrew Dudum, highlighted the success of their strategy in providing convenient, transparent, and affordable access to care, which has enabled them to reach millions of individuals across the country.

For the fourth quarter, Hims & Hers expects revenue to be between $465 million and $470 million, surpassing the consensus estimate of $421.1 million. The company has also raised its full-year 2024 revenue guidance to a range of $1.460 billion to $1.465 billion, up from the previous analyst consensus of $1.4 billion. CFO Yemi Okupe emphasized the company’s improving profitability, noting that their model is rapidly gaining scale and driving accelerating top-line growth, improved profitability, and strong cash flow).