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Largest quarterly gain in member subscriptions for company as it expands retail reach in skincare.
May 12, 2022
By: Christine Esposito
Editor-in-Chief
Telehealth platform Hims & Hers Health, Inc., which operates in health and wellness markets, including skincare—has reported results for the first quarter ended March 31, 2022. Total revenue was $101.3 million compared to $52.3 million for the first quarter 2021, an increase of 94% year-over-year. Hims & Hers net loss was $16.3 million for the first quarter 2022 compared to $51.4 million for the first quarter 2021, according to the San Francisco-based compamy. During the quarter, the company doubled the number of Hims & Hers skincare product offerings with new facial cleanser, moisturizer, daily SPF, spot corrector and face oil. The products are now available on forhims.com and forhers.com and at select CVS Pharmacy locations and other retail outlets. “We kicked off 2022 with breakout performance, executing with strength against all facets of our long-term strategy and financial goals. Investments in platform infrastructure, technology and core capabilities drove meaningful improvements to the seamless customer experience, ultimately increasing operational efficiency and helping deliver a meaningful Adjusted EBITDA beat. Our new mobile platform, with a broad range of value-added services, saw robust organic adoption rates, helping deliver a historic quarter for us as we achieved the largest increase in quarterly subscriptions to date and surpassed $100 million in quarterly revenue for the first time in our history,” said Andrew Dudum, CEO and co-founder of Hims & Hers. “Our brand, which is one of our most important strategic assets, we believe delivered meaningful tailwinds this quarter. Our omni-channel presence and authentic and trusted messaging we believe is resonating deeply with new and existing customers, driving unique flywheel dynamics. It is an exciting year for Hims & Hers as our mission to empower us all to live healthier and happier lives is more relevant and more attainable than ever before.” For the second quarter 2022, Hims & Hers expects revenue to be in the range of $103 million to $106 million. For the full year 2022, the company is expecting revenue to be in the range of $410 million to $425 million.
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