Hims & Hers Health, Inc. reports news about its consumer telehealth platform, which connects customers with providers and offers treatment options across areas such as sexual health, hair loss, skin care, mental health and weight loss. Company updates commonly cover prescription access, FDA-approved GLP-1 weight loss medications, platform memberships, subscriber benefits and health-and-wellness partner programs.
Recurring developments also include operating and financial results, conference participation, board and executive appointments, shareholder voting matters, governance updates and clinical or regulatory disclosures tied to products available through the Hims and Hers platform.
Hims & Hers posted impressive Q1 2021 results, achieving 74% revenue growth to $52.3 million, and a 95% increase in gross profit, which yielded a 77% gross margin. The company reported nearly 391,000 subscriptions, up 80% year-over-year. Despite these gains, net loss widened to $(51.4) million, largely due to one-time expenses from the Oaktree merger. Looking ahead, guidance for Q2 2021 forecasts revenue between $55 million and $57 million, with full year expectations set at $221 million to $227 million.
Hims & Hers Health, Inc. (NYSE: HIMS) announced it will restate its 2019 and 2020 consolidated financial statements following SEC guidance regarding SPAC-related warrant accounting. This restatement affects Oaktree Acquisition Corp.'s (OAC) financials, reclassifying warrants as liabilities instead of equity. Hims & Hers anticipates a non-cash expense of less than $5 million and a warrant liability of $30-$35 million as of March 31, 2021. The company asserts that liquidity, cash flows, and revenues remain unaffected by this adjustment.
Hims & Hers Health, Inc. reported strong financial results for Q4 and the full year 2020, showing an 80% year-over-year revenue growth. Q4 revenue reached $41.5 million, a 67% increase from Q4 2019. The company's gross margin also improved to 77% in Q4. While the net loss narrowed to $(5.2) million for Q4, total net loss for 2020 was $(18.1) million, down from $(72.1) million in 2019. Outlook for 2021 anticipates revenue between $195 million to $205 million, with Adjusted EBITDA losses of $(35) million to $(45) million.
Hims & Hers Health, Inc. has appointed Andrea Perez and Ambar Bhattacharyya to its Board of Directors. As the company navigates a critical moment in telehealth post-COVID-19, both leaders bring valuable experience. Perez, currently at Nike, has expertise in scaling consumer businesses, while Bhattacharyya offers a decade of healthcare investment experience. Their appointments aim to enhance access to affordable healthcare, aligning with Hims & Hers' goal to modernize healthcare delivery. The company is traded on NYSE under the symbol 'HIMS' and aims to bridge the gap in consumer healthcare.
Hims & Hers Health, a telehealth platform, will participate in the Citi 2021 Healthcare Services Conference on February 25, 2021, at 3:20 p.m. E.T. CEO Andrew Dudum will lead a fireside chat during the event. Their services cover primary care, mental health, sexual health, and dermatology across all 50 states. Launched in November 2017, Hims & Hers offers accessible and affordable healthcare solutions. The audio webcast and related materials will be available online.
Hims & Hers Health, Inc. (NYSE: HIMS) will release its fiscal fourth quarter and full year 2020 financial results on March 18, 2021, after market close. A conference call will follow at 5:00 p.m. E.T. Investors can join by dialing (833) 900-2256 for U.S. participants or (236) 714-2727 for international participants, using conference ID #3380049. The call will also be available via a live audio webcast, and a replay will be accessible shortly after the event. Hims & Hers is a telehealth platform, providing access to licensed healthcare professionals across numerous medical conditions.