Why Hims & Hers Health Shares Are Rising After Hours

Hims & Hers Health Inc HIMS shares are trading higher after hours Monday after the company turned in a strong fourth-quarter report and issued guidance above analyst estimates.

What Happened: Hims & Hers said fourth-quarter revenue nearly doubled on a year-over-year basis. The company reported quarterly revenue of $167.2 million, which came in above estimates of $161.17 million, according to Benzinga Pro.

Hims & Hers reported a fourth-quarter loss of 5 cents per share, which beat analyst estimates for a loss of 7 cents per share.

The company passed the 1 million subscribers threshold after growing subs by 88% year-over-year, fueled by new technological advancements, acquisition of key talent, ongoing brand strength and operational excellence.

"We entered 2023 with tremendous momentum and are poised to drive top-line growth and profitability as we focus on four strategic pillars: building a trusted brand, deploying leading technology, developing innovative products and services, and ensuring clinical excellence, which will enable us to continue to execute on our mission and extend our reach," said Andrew Dudum, co-founder and CEO of Hims & Hers.

Hims & Hers expects first-quarter revenue of $175 million to $180 million versus estimates of $162.65 million. Full-year revenue is expected to be between $735 million and $755 million versus estimates of $726.92 million. 

See Also: Workday Shares Are Sliding In Extended Trading: What's Going On?

HIMS Price Action: Hims & Hers shares are up 11.10% after hours at $10.70 at the time of writing, according to Benzinga Pro.