That controversial Super Bowl ad appears to have paid off for Hims & Hers as the company’s first-quarter revenue doubled year-over-year to reach $586 million.
The online health and wellness company’s quarterly profit soared to $50 million, up 4x compared to a profit of $11 million a year prior. For the fourth quarter, the company reported earnings of 20 cents per share.
Adjusted EBITDA was $91.1 million for the quarter, compared to $32.3 million for the first quarter of 2024.
The company’s subscriber base grew 38% year-over-year to 2.37 million.
But Hims & Hers’ shares fell in after-hours trading as second-quarter projections fell short of analysts’ expectations. The company expects Q1 revenue of $530 million to $550 million, less than the $564 million Wall Street analysts were expecting, according to MarketScreener. Analysts also expected subscribers to hit 2.42 million in Q1.
Hims & Hers is a multispecialty telehealth platform that connects consumers to medical care for numerous conditions related to mental health, sexual health, dermatology and primary care. The company expanded into weight loss in late 2023 with oral medication kits and added compounded GLP-1 medications to its offerings last May.
Following the FDA’s decision to end the semaglutide shortage, Hims transitioned away from compounded GLP-1 prescriptions and said it planned to sell a generic version of Novo Nordisk’s diabetes drug, liraglutide. Hims & Hers also said it would sell personalized doses of semaglutide “for the subset of consumers for whom it is a clinical necessity,” he said.
Just this week, pharma giant Novo Nordisk unveiled that Hims & Hers would be one of its telehealth partners to expand access to its blockbuster weight loss drug Wegovy. Patients will be able to access the branded GLP-1 drug, at a discount, through the company’s online pharmacy, NovoCare Pharmacy, directly through the telehealth platforms of Hims & Hers along with telehealth competitors LifeMD and Ro.
“2025 is already shaping up to be a landmark year for Hims & Hers. We’re delivering on our long health vision— healthcare that’s convenient, affordable, transparent and deeply personalized,” Andrew Dudum, co-founder and CEO told investors Monday. “As we continue to execute, we see clear signs that our vision is resonating with more people than ever around the world. This has been our plan from day one to build a global platform centered around the individual and to combine technology with data to reimagine how care is delivered. We’re proving it can be done, and, more importantly, that we can scale it.
Dudum said Hims & Hers said future plans include wider collaboration across the industry, “inclusive of pharmaceutical players, innovative leaders in diagnostic and preventative testing, and world class providers.”
“We believe this will strengthen our ecosystem and position us to curate a best-in-class offering that can reach tens of millions of people. This is the future of our platform, allowing a historically disjointed industry to reach more consumers, for the benefit of those consumers,” he said.
Hims & Hers is focused on revamping healthcare to be more consumer-driven in the same way Netflix transformed media consumption, he noted.
“We increasingly leverage a rich set of structured and proprietary data to bring precision medicine to a broadening subscriber condition. Consistent execution is allowing us to confidently outline new long-term financial objectives,” he told investors.
By 2030, Hims & Hers projects to hit $6.5 billion in revenue and $1.3 billion in adjusted EBITDA.
“That’s not just a vision, it’s the foundation for a robust roadmap to one day reach tens of millions of users. Our team’s track record of delivering against ambitious goals quarter after quarter gives us the confidence to share these targets,” Dudum said.
Hims & Hers is betting big on personalized treatments across its portfolio, which includes providing medical care for numerous conditions related to mental health, sexual health, dermatology and primary care.
The company is now focused on five core drivers of growth, including doubling down on personalized solutions and expanding into new specialties with immediate plans to launch offerings for low testosterone and menopause support. The company also is eyeing opportunities in longevity, sleep and preventive care it expands lab testing capabilities.
“Our vision involves expanding from hundreds of personalized treatments today to potentially thousands powered by richer insights from lab diagnostics, growing subscriber data sets and eventually daily tracking from wearable devices,” Dudum said on the investor call.
Hims & Hers’ growth strategy also include global expansion and building on its partnerships.
The company has seen remarkable growth in its weight loss offering, including compounded GLP-1 injection products.
In just 18 months, weight loss has become one of Hims & Hers’ largest specialties, Dudum said. Earlier this year, the company began selling a generic version of Novo Nordisk’s diabetes drug, liraglutide.
The partnership with Novo Nordisk represents a “pivotal milestone,” Dudum said.
“Now through our new collaboration with Novo Nordisk, we’re expanding access to branded Wegovy to bring subscribers on our platform an even broader range of choice. Branded Wegovy will be an additional option for subscribers, and will complement our oral kits, offering liraglutide and personalized semaglutide options.
Also today, the company announced former Amazon executive Nader Kabbani would be joining its C-suite team as chief operations officer. In Kabbani’s nearly 20 years at Amazon, he led the acquisition of PillPack and the launch of Amazon Pharmacy, and built the operational backbone for flagship offerings, including Amazon Logistics, Amazon Flex, Amazon Kindle, Kindle Direct Publishing, Amazon Music, and Prime Video services, the company said in a press release.
He also held executive leadership roles at Flexport and Symbotic.
“Nader’s experience scaling operations at the highest level makes him uniquely qualified to help us build the future of healthcare,” Dudum said in a press release.
Hims & Hers reaffirmed its 2025 guidance to bring in $2.3 billion to $2.4 billion in revenue and adjusted EBITDA of $295 million to $335 million.
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