Hims & Hers Health Reports Better-Than-Expected Q3 Results: Details

Hims & Hers Health, Inc. HIMS reported its third-quarter results after Monday's closing bell. Here's a look at the details from the report.  

The Details: Hims & Hers Health reported quarterly earnings of 32 cents per share, which beat the analyst consensus estimate of 4 cents. Quarterly revenue came in at $401.6 million, which beat the analyst consensus estimate of $382.2 million and is an increase over sales of $226.7 million from the same period last year.

• Subscribers reached two million in the quarter, up 44% year-over-year.
• Gross margin was 79% for the third quarter of 2024 compared to 83% for the third quarter of 2023.
• Net income was $75.6 million for the third quarter of 2024, which included a $60.8 million tax benefit related to the release of a tax valuation allowance, partially offset by current period tax expense. This compared to a net loss of $7.6 million for the third quarter of 2023.

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“Improving momentum in both the Hims and Hers brands delivered another strong quarter of growth and profitability,” said Andrew Dudum, co-founder and CEO. “Our execution against a strategy that brings customers convenient, transparent, and affordable access to care designed specifically for them is allowing us to reach millions of individuals across the country.”

Outlook: Hims & Hers sees fourth-quarter revenue of between $465 million and $470 million and raised its fiscal 2024 revenue guidance to a range of $1.46 billion to $1.465 billion versus the $1.396 billion estimate.

HIMS Price Action: According to Benzinga Pro, Hims & Hers Health shares are up 7.90% after-hours at $22.40 at the time of publication Monday.

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Photo: Courtesy of Hims & Hers Health, Inc.