Hims&Hers Health Q3 earnings beat estimates, raises guidance

Investing.com -- Hims Hers Health Inc (NYSE:HIMS) reported third-quarter earnings that surpassed analyst expectations and raised its full-year guidance, driven by strong subscriber growth and improving profitability.

The stock was up 2.5% following the earnings release.

The health and wellness platform posted adjusted earnings per share of $0.32, beating the analyst estimate of $0.10 by $0.22. Revenue for the quarter came in at $401.6 million, up 77% YoY and exceeding the consensus estimate of $382.2 million.

Hims&Hers saw its subscriber base grow to 2.0 million, a 44% increase YoY. The company noted that over 1 million subscribers are now utilizing personalized solutions.

"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," said Andrew Dudum, co-founder and CEO.

For the fourth quarter, Hims&Hers expects revenue between $465 million and $470 million, above the consensus of $421.1 million. The company 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 highlighted the company's improving profitability, stating, "Our model is rapidly gaining scale, driving accelerating top line growth, improving profitability and strong cash flow."