HIMS & HERS HEALTH, INC. Highlights:
* Revenue of
* Net loss of
* Subscribers grew to 1.3 million, up 74% year-over-year in Q2 2023
* Raises full year 2023 revenue guidance to a range of
'This quarter marks a significant turning point for Hims & Hers, where step-change progress was made in transforming our company from an access-oriented company, towards a platform offering a personalized patient experience,' said
'We are excited by the progress made this quarter, which we believe sets that foundation for long-term growth at an attractive margin profile through distinct competitive advantages,' said
Key Business Metrics: See full release at:
https://investors.forhims.com/news/news-details/2023/Hims--Hers-Health-Inc.-Reports-Second-Quarter-2023-Financial-Results-and-Raises-Full-Year-2023-Outlook/default.aspx
Second Quarter 2023 Financial Highlights
Revenue was
Gross margin was 82% for the second quarter of 2023 compared to 77% for the second quarter of 2022.
Net loss was
Adjusted EBITDA was
A reconciliation of Adjusted EBITDA, a non-GAAP measure, to net loss, its most comparable financial measure under generally accepted accounting principles in
Financial Outlook
Hims & Hers is providing the following guidance:
For the third quarter 2023, we expect:
Revenue of
Adjusted EBITDA of
For the full year 2023, we expect:
Revenue of
Adjusted EBITDA of
The guidance provided above constitutes forward-looking statements and actual results may differ materially. Refer to the 'Cautionary Note Regarding Forward-Looking Statements' safe harbor section below for information on the factors that could cause our actual results to differ materially from these forward-looking statements.
We have not reconciled forward-looking Adjusted EBITDA to its most directly comparable
Conference Call
Hims & Hers will host a conference call to review the second quarter 2023 results on
About
Hims & Hers is the leading health and wellness platform on a mission to help the world feel great through the power of better health.
We believe how you feel in your body and mind transforms how you show up in life. That's why we're building a future where nothing stands in the way of harnessing this power. Hims & Hers normalizes health & wellness challenges-and innovates on their solutions-to make feeling happy and healthy easy to achieve. No two people are the same, so the Company provides access to personalized care designed for results.
For more information, please visit https://investors.forhims.com/.
Cautionary Note Regarding Forward-Looking Statements
This press release includes forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended and Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements can be identified by the use of forward-looking terminology, including the words 'believe,' 'estimate,' 'anticipate,' 'expect,' 'assume,' 'imply,' 'intend,' 'plan,' 'may,' 'will,' 'potential,' 'project,' 'predict,' 'continue,' 'could,' or 'should,' or, in each case, their plural, their negative or other variations or comparable terminology. There can be no assurance that actual results will not materially differ from expectations. Such statements include, but are not limited to, any statements relating to our financial outlook and guidance, including our mission to drive top-line growth and profitability and our ability to attain our long-term financial targets; our expected future financial and business performance, including with respect to the Hims & Hers platform, our marketing campaigns, investments in innovation, and our infrastructure, and the underlying assumptions with respect to the foregoing; statements relating to events and trends relevant to us, including with respect to our financial condition, results of operations, short- and long-term business operations, objectives, and financial needs; expectations regarding our mobile applications, market acceptance, user experience, customer retention, brand development, our ability to invest and generate a return on any such investment, customer acquisition costs, operating efficiencies and leverage (including our fulfillment capabilities), the effect of any pricing decisions, changes in our product or offering mix, the timing and market acceptance of any new products or offerings, the success of our business model, our market opportunity, our ability to scale our business, the growth of certain of our categories, our ability to innovate on and expand the scope of our offerings and experiences, our ability to reinvest into the customer experience, and our ability to comply with the extensive, complex and evolving regulatory requirements applicable to our business, including without limitation state and federal healthcare, privacy and consumer protection laws and regulations. These statements are based on management's current expectations, but actual results may differ materially due to various factors.
The forward-looking statements contained in this press release are based on our current expectations and beliefs concerning future developments and their potential effects on us. Future developments affecting us may not be those that we have anticipated. These forward-looking statements involve a number of risks, uncertainties (some of which are beyond our control) and other assumptions that may cause actual results or performance to be materially different from those expressed or implied by these forward-looking statements. These risks and uncertainties include, but are not limited to, those factors described in the 'Risk Factors' section of each of our most recently filed Quarterly Report on Form 10-Q, our most recently filed Annual Report on Form 10-K, and any of our subsequent filings with the
Should one or more of these risks or uncertainties materialize, or should any of our assumptions prove incorrect, actual results may vary in material respects from those projected in these forward-looking statements. We undertake no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required under applicable securities laws.
By their nature, forward-looking statements involve risks and uncertainties because they relate to events and depend on circumstances that may or may not occur in the future. We caution you that forward-looking statements are not guarantees of future performance and that our actual results of operations, financial condition and liquidity, and developments in the industry in which we operate may differ materially from those made in or suggested by the forward-looking statements contained in reports we have filed or will file with the Commission, including our most recently filed Annual Report on Form 10-K, our most recently filed Quarterly Report on Form 10-Q, and any of our subsequent filings with the Commission. In addition, even if our results of operations, financial condition and liquidity, and developments in the industry in which we operate are consistent with the forward-looking statements contained in such reports, those results or developments may not be indicative of results or developments in subsequent periods.
Key Business Metrics
'Online Revenue' represents the sales of products and services on our platform, net of refunds, credits, and chargebacks, and includes revenue recognition adjustments recorded pursuant to
'Wholesale Revenue' represents non-prescription product sales to retailers through wholesale purchasing agreements. We sell only non-prescription products to wholesale partners. In addition to being revenue generative and profitable, wholesale partnerships have the added benefit of generating brand awareness with new customers in physical environments.
'Subscribers' are customers who have one or more 'Subscriptions', which are agreements pursuant to which they have agreed to be automatically billed on a recurring basis at a defined cadence. The Subscription billing cadence is typically defined as a number of months (for example, billed every month or every three months), which are excluded from our reporting when payment has not occurred at the contracted billing cadence. Subscribers can cancel Subscriptions in between billing periods to stop receiving additional products and services and can reactivate Subscriptions to continue receiving additional products and services.
'Monthly Online Revenue per Average Subscriber' is defined as Online Revenue divided by 'Average Subscribers', which amount is then further divided by the number of months in a period. 'Average Subscribers' are calculated as the sum of the Subscribers at the beginning and end of a given period divided by 2.
'Net Orders' are defined as the number of online customer orders minus transactions related to refunds, credits, chargebacks, and other negative adjustments.
Average Order Value ('AOV') is defined as Online Revenue divided by
CONDENSED CONSOLIDATED BALANCE SHEETS: See full release at:
https://investors.forhims.com/news/news-details/2023/Hims--Hers-Health-Inc.-Reports-Second-Quarter-2023-Financial-Results-and-Raises-Full-Year-2023-Outlook/default.aspx
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