Hims & Hers Health Reports Q4 and FY 2023 Financial Results

February 27, 2024

DENVER, Colo., Feb 27, 2024 (247marketnews.com)- Hims & Hers Health, Inc. (NYSE:HIMS) reported, after yesterday’s market close, financial results for the fourth quarter and full year 2023 financial results, and upbeat guidance for 2024.

Results included 65% year-over-year revenue growth to $872.0 million; $1.2 million net income; 48% year-over-year subscriber growth to 1.5 million.

Hims & Hers is projecting that its full year 2024 revenue range will be $1.17-1.20 billion and Adjusted EBITDA in the range of $100-120 million.

HIMS is trading at $12.17, up $1.92 (+18.73%), on 519,623 shares.

“Our outstanding results in 2023 underscore the power of the Hims & Hers brands and superior execution across the organization,” said Andrew Dudum, co-founder and CEO. “We are continuing to advance our mission to make the world feel great through the power of better health, which is evident in the significant, consistent and category-leading revenue growth and market share gains we have been delivering. In 2024, we expect to eclipse $1 billion in revenue and deliver our first full year of net income profitability through a continued focus on building personalized and accessible treatments in each of our core specialties. We believe this approach will meaningfully break down barriers that keep individuals from seeking treatment, which will allow us to bring these unique offerings to tens of millions of subscribers over time.”

Yemi Okupe, CFO, stated, “The strong momentum our business is currently experiencing is the direct result of a simple but powerful strategy to provide users with access to high quality personalized care that is attractively priced and backed by a delightful experience from beginning to end. Our operational excellence, solid foundation for profitable growth and highly disciplined capital allocation framework position the Company to continue building upon this momentum in 2024 and beyond. Execution across these factors is driving the expected attainment of our 2025 Adjusted EBITDA target one year early and gives us direct line of sight to our 2025 revenue target.”

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Cautionary Statement Regarding Forward Looking Information
Statements in this press release about the Company’s future and expectations other than historical facts are “forward-looking statements.” These statements are made on the basis of management’s current views and assumptions. As a result, there can be no assurance that management’s expectations will necessarily come to pass. These forward-looking statements generally can be identified by phrases such as “believes,” “plans,” “expects,” “anticipates,” “foresees,” “estimated,” “hopes,” “if,” “develops,” “researching,” “research,” “pilot,” “potential,” “could” or other words or phrases of similar import. Forward looking statements include descriptions of the Company’s business strategy, outlook, objectives, plans, intentions and goals. All such forward-looking statements are subject to certain risks and uncertainties that could cause actual results to differ materially from those in forward-looking statements. This press release does not constitute an offer to sell or the solicitation of an offer to buy any security.

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