The Hims & Hers Health Inc (NYSE: HIMS) stock price spiked 17.1% after releasing its financial results for the second quarter of 2023. The company generated revenues worth $207.9 million marking an 83% improvement from the $113.6 million generated in a similar period last year.
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However, the company reported a net loss of $7.2 million compared to a net loss of $19.7 million in Q2 2022. The firm’s gross margins for Q2 2023 were 82% versus the 77% gross margins recorded during Q2 2022. The company adjusted pretax profit was $10.6 million compared to a $7.5 million loss in Q2 last year.
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Hims & Hers is the leading health and wellness platform on a mission to help the world feel great through the power of better health. The company grew its subscribers by 74% to 1.3 million users from 748,000 subscribers in Q2 2022.
The health and wellness company raised its full-year revenue guidance to between $830 million and $850 million, while its adjusted EBITDA was raised to between $35 million to $40 million. The upbeat guidance and results led to higher HIMS stock prices recorded during the premarket period.
However, the company’s stock later gave up all of its gains and traded in negative territory at writing.
Andrew Dudum, Hims & Hers Health co-founder and CEO, said: “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. The capabilities that we have spent years building allow us to offer unique and differentiated products across our current categories, as well as seamlessly enter new categories such as Cardiovascular Health and Weight Management.”
Yemi Okupe, the CFO, 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. Our economic flywheel is clearly working. It has enabled us to strategically bring highly sought-after personalized products to very attractive price points and simultaneously expand margins.”
Hims & Hers Health (HIMS) stock price.
The Hims & Hers (HIMS) stock price spiked 17.07% higher to trade at $9.26, rising from Monday’s closing price of $7.91.
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