Shares of Hims & Hers tumbled 12% in after-hours trading Monday after the company’s second-quarter revenue missed Wall Street analysts’ expectations.
The company faces headwinds in its compounded GLP-1 drug business after pharma giant Novo Nordisk pulled the plug on a monthlong collaboration to make its weight loss drug Wegovy available on the telehealth company’s platform. The company had to off-board GLP-1 subscribers from the branded version of the drug, executives said.
Hims & Hers continues to sell compounded semaglutide, the active ingredient in Novo’s Wegovy and Ozempic drugs, and these generic versions are more affordable than the branded drugs.
Analysts, however, seem pleased by what they see as strong results and the online health and wellness company’s growth plans, including international expansion, new hormone health offerings and building out standalone lab testing.
The company’s second-quarter revenue jumped 73% year over year to hit $545 million, but that fell shy of analysts’ expectations of quarterly revenue of $552 million, according to FactSet. During the same period a year ago, the company brought in $316 million in revenue.
Hims & Hers posted a profit of $42.5 million, or earnings of 17 cents per share, compared to a profit of $13.3 million, or 6 cents per share, a year ago.
The company also reported adjusted EBITDA of $82.2 million in the second quarter compared to $39.3 million for the same period in 2024.
Hims & Hers’ subscribers grew to more than 2.4 million, up 31% year over year, in the second quarter of 2025. Among those subscribers, nearly 1.5 million collaborated with a provider to receive a personalized treatment, up 89% year over year, co-founder and CEO Andrew Dudum told investors on the company’s second-quarter earnings call.
More than 500,000 customers are benefiting from treatment plans for multiple conditions—an almost 170% year-over-year increase, according to the company.
Last quarter, the company said it projects to hit $6.5 billion in revenue and $1.3 billion in adjusted EBITDA by 2030.
Hims & Hers reaffirmed its 2025 guidance to bring in between $2.3 billion and $2.4 billion in revenue and adjusted EBITDA of $295 million to $335 million for full-year 2025.
For the third quarter, it expects revenue of $570 million to $590 million and adjusted EBITDA of $60 million to $70 million.
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.
The company is betting big on personalized treatments across its portfolio.
Dudum told investors that the company’s move into hormonal health expands its focus on personalized health offerings.
“For men, low testosterone often causes fatigue, decreased libido and an overall diminished quality of life, while women face menopause challenges like hot flashes, sleep disturbances and mood swings. Evidence also shows that treatment in these areas can help reduce the risks of heart disease and cognitive decline over the long term. Our approach will provide access to personalized solutions for both men and women to effectively manage these hormonal changes,” he said during the company’s second-quarter earnings call.
A key component of this new offering will be the integration of “comprehensive and accessible lab testing,” Dudum said.
In February, the company acquired an at-home lab testing facility to support at-home blood draws and more whole-body testing.
“We’re in the process of verticalizing testing capabilities that will transform how we deliver access to care. Initially, we expect this will support our hormone launch offering, but in the coming quarters, we plan to begin offering lab testing as a standalone service. We expect this will result in a significant category on its own,” Dudum said.
“By offering access to simple standardized tests tailored to the individual’s needs, we expect to empower customers to better understand their health and give them the ability to take proactive steps toward optimizing it,” he continued. “As we move into 2026, these insights will provide the foundation for our initial entry into longevity.”
The company aims to capitalize on growing interest for treatments related to immunity, recovery and improved metabolic function.
“We believe that by combining access to comprehensive lab work with a growing network of compounding and peptide facilities, we are well-positioned to unlock broader access to thoughtful, proactive interventions that are not just reacting to certain conditions, but focused on helping individuals live longer, healthier lives,” he said.
Focusing more on longevity moves the company closer to preventive health offerings. “We believe each of these initiatives is laying the foundation for a future where a membership at Hims & Hers will cover the majority of conditions that impact an individual’s everyday health. Eventually, we expect that we will transform our platform from a destination where customers come to treat issues to ones where they come to prevent them,” Dudum told investors.
In July, the company closed its acquisition of European digital healthcare provider Zava. That deal expands its presence in the U.K. and establishes a foundation in other strategic markets such as Germany, Ireland and France, Dudum said.
“We believe this acquisition and the talent it provides will accelerate our ability to expand into markets beyond Europe,” he said.
Next year, Hims & Hers will move into Canada with its digital weight loss program as the market for generic GLP-1 weight loss drugs is set to open up.
Despite the controversy with its knockoff compounded GLP-1 drugs, Hims & Hers is bullish on the growth of its weight loss business. “Given the strength of the oral offering and the demand for management of side effects with compounded GLP-1s, we remain confident in our weight loss specialties’ ability to deliver at least $725 million of revenue this year,” the company’s chief financial officer, Yemi Okupe, told investors on the call.
As it looks to grow, Hims & Hers will be increasing its investment in marketing and technology, he said. The company saw a major dip in free cash flow. As of June 30, Hims & Hers had a negative free cash flow of $69 million against a positive balance of $48 million in the previous year.
“Augmentation of our engineering talent with expertise in AI development and the scaling of global platforms is expected in the coming quarters. Marketing investment will be higher as a result of seasonality,” Okupe said.
“As we move into the second half of 2025, our focus is on investing in capabilities that will deepen the value customers can access on our platform. This includes plans to strengthen the personalization infrastructure in our pharmacies, to expand lab testing capabilities to further tailor care, and to grow our international presence in key markets,” Okupe said in a statement.
Ethan Feller, stock strategist at Zacks Investment Research, saw positive signs in the company’s second-quarter results, particularly the 73% revenue growth and adjusted EBITDA more than doubling.
“Subscribers grew 31% to 2.4 million, and monthly average revenue per subscriber jumped 30%. With this kind of growth, and plans to expand business verticals and geographies, the company is firing on all cylinders and continues to define what personalized healthcare looks like,” Feller said in written commentary.
“Especially notable was the number of subscribers using personalized treatment plans for multiple conditions, which exploded nearly 170% year-over-year to over 500,000. That shows this isn’t a one‑and‑done platform, and customers are sticking around to broaden their care,” Feller said.
He also noted Hims’ plans to expand its European business, launch hormone health offerings, roll out standalone lab testing and move into longevity-focused care. “Despite the numerous controversies, Hims & Hers Health likely remains a market darling,” he said in his commentary.
Hims & Hers has also made strategic leadership hires across operations, technology and product teams. It hired Amazon veteran Nader Kabbani as its new chief operations officer. Mo Elshenawy, a tech executive with deep expertise in artificial intelligence and large-scale infrastructure, jumped on board as the company’s chief technology officer. Also, the company hired Dheerja Kaur, formerly vice president of product at Robinhood, as its first-ever chief product officer.
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