Hims & Hers Health, Inc. (NYSE: HIMS), a leading health and wellness platform, has released its financial results for the second quarter ended June 30, 2024. The details are available in the shareholder letter posted at investors.hims.com.
Hims & Hers Health, Inc. (NYSE: HIMS) reported strong financial results for the second quarter ended June 30, 2024. The company saw a 43% increase in subscribers, reaching nearly 1.9 million.
CEO Andrew Dudum highlighted the company’s progress, stating, “Our second quarter results reflect an impressive acceleration in our growth trajectory. We are committed to making life-changing health solutions accessible, simple, and affordable, and we believe our expanded platform will help individuals across the country feel their best.”
CFO Yemi Okupe noted, “Our approach to democratizing access to high-quality, personalized solutions at affordable prices is resonating with consumers. This has driven accelerated revenue growth and record profitability. We are revising our full-year outlook to reflect this positive momentum and are confident in our path towards serving millions more customers.”
Key Business Metrics
Subscribers (end of period):
- Q2 2024: 1,864,000
- Q2 2023: 1,300,000
- Change: +43%
Monthly Online Revenue per Average Subscriber:
- Q2 2024: $57
- Q2 2023: $53
- Change: +8%
Net Orders:
- Q2 2024: 2,527,000
- Q2 2023: 2,109,000
- Change: +20%
Average Order Value (AOV):
- Q2 2024: $121
- Q2 2023: $95
- Change: +27%
Revenue
Online Revenue:
- Q2 2024: $306.8 million
- Q2 2023: $201.2 million
- Change: +53%
Wholesale Revenue:
- Q2 2024: $8.8 million
- Q2 2023: $6.7 million
- Change: +31%
Total Revenue:
- Q2 2024: $315.6 million
- Q2 2023: $207.9 million
- Change: +52%
Second Quarter 2024 Financial Highlights
- Gross Margin: 81% (down from 82% in Q2 2023)
- Net Income: $13.3 million (up from a net loss of $7.2 million in Q2 2023)
- Adjusted EBITDA: $39.3 million (up from $10.6 million in Q2 2023)
- Net Cash Provided by Operating Activities: $53.6 million (up from $16.8 million in Q2 2023)
- Free Cash Flow: $47.6 million (up from $10.0 million in Q2 2023)
Financial Outlook
For Q3 2024:
- Revenue: $375 million to $380 million
- Adjusted EBITDA: $35 million to $40 million (9% to 11% margin)
For Full Year 2024:
- Revenue: $1.37 billion to $1.40 billion
- Adjusted EBITDA: $140 million to $155 million (10% to 11% margin)
Conference Call
Hims & Hers will discuss the second quarter results in a conference call on August 5, 2024, at 5:00 p.m. ET. The call can be accessed by dialing +1 (888) 510-2630 (U.S.) or +1 (646) 960-0137 (international), with the conference ID #1704296. A live audio webcast and replay will be available at investors.hims.com.
About Hims & Hers Health, Inc.
Hims & Hers is a leading health and wellness platform dedicated to helping people feel great through accessible, personalized care. The company offers solutions that normalize health challenges and make achieving wellness easy and personalized.
