Revenue Soars 77% for Hims & Hers Health, Inc. in Q3 2024

Revenue for Hims & Hers Health, Inc. soared to $401.6 million from $226.7 million, representing a 77% year-over-year increase from the prior-year quarter, officials reported.

Andrew Dudum, co-founder and CEO, said improving momentum in Hims and Hers brands helped the brand leverage a strong growth quarter and profitability.

“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,” he said. “In the third quarter, we eclipsed 2 million subscribers on our platform, with more than 1 million utilizing a personalized solution. These are significant milestones and confirm we are on a path to helping an American in every household feel great through the power of better health.”

Gross margin was 79% Q3 2024 compared to 83% prior-year quarter. Net income was $75.6 million, which included a $60.8 million tax benefit related to the release of a tax valuation allowance, partially offset by current period tax expense. Adjusted EBITDA was $51.1 million compared to $12.3 million for the third quarter of 2023.

Financial Outlook

For the fourth quarter 2024, Hims & Hers anticipates revenue of $465 million to $470 million and adjusted EBITDA of $50 million to $55 million, reflecting an adjusted EBITDA margin of 11% to 12%.

For the full year 2024, the company expects revenue of $1.460 billion to $1.465 billion and adjusted EBITDA of $173 million to $178 million, reflecting an adjusted EBITDA margin of 12%.