Hims & Hers shares rise after 2022 revenue growth

Hims and her healthThe share price rose on Tuesday after the direct-to-consumer virtual care company said it nearly doubled its revenue in 2022.

The company’s revenue for the year was $526.9 million, up from $271.9 million in 2021. Hims & Hers’s net loss is still $65.7 million, but it has narrowed from a loss of $107.7 million the previous year.

In the fourth quarter, Hims & Hers posted $167.2 million in revenue, up from $84.7 million in the fourth quarter of 2021. The net loss was $10.9 million, up from $31.2 million in the previous year’s quarter. The company said it achieved profitability, as measured by Adjusted EBITDA, of $3.9 million in the fourth quarter, compared to a loss of $7.1 million in the fourth quarter of 2021.

During an earnings call, CEO and co-founder Andrew Dudum said the revenue was driven by recurring subscriptions. He outlined four strategic directions for future growth, including building a trusted brand, developing a technology platform that can offer guidance, delivering new products and personalized services, and focusing on clinical excellence.

“These four pillars form the powerful flywheel that underpins our engine of growth. It starts with our trusted brand that drives consumer demand and scale,” he said. “The growth of our consumer base is fueling the speed of customer insight, feedback and knowledge that we can leverage. This allows us to gain a more personalized understanding and preferences of customer segments. In addition, this mine of customer information helps shape the innovation roadmap and ultimately the products and services provided.”

In the first quarter, Hims & Hers expects $175 million to $180 million in revenue and $3 million to $6 million in Adjusted EBITDA. For the full year, the company is targeting $735 million to $755 million in revenue and $20 million to $30 million in Adjusted EBITDA.

BIG TREND

Hims & Hers provides virtual consultations and medications for sexual health, hair loss, mental health and skin care. The company also works with retailers such as Walgreens, CVS, and Walmart to market its health and wellness products.

Company founded in 2017 entered the public markets two years ago after closing a merger with a special purpose acquisition company. In 2022, Hims & Hers announced a partnership with Delaware-based hybrid service provider Carbon Health and ChristianaCare healthcare system.

Other competitors in direct-to-consumer telemedicine include Ro, Thirty Madison and Amazon with the newly launched Amazon Clinic.

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texasstandard.news contributed to this report.

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