Shares of Hims & Hers, known for hair-loss treatments and Viagra, rally amid market panic

By Bill Peters

'An approach to democratizing access to high-quality personalized solutions on our platform at an affordable price continues to resonate with consumers,' Hims & Hers CFO says

Shoppers might be spending less or seeking cheaper deals on takeout food and household items, and investors on Monday were panicking about the U.S. economy. But Hims & Hers Health Inc. - the online telehealth platform best known for selling hair-loss treatments, Viagra and Cialis - said customers are still piling in.

The company on Monday bumped its full-year sales forecast higher, and its second-quarter results beat expectations. Subscribers to its platform jumped 43% to 1.9 million.

Shares of Hims & Hers (HIMS) rose 0.8% after hours.

The results arrived as the company tries to expand its health and wellness offerings to include anxiety and weight-loss drugs - including access to GLP-1 injections like Ozempic and Wegovy - for men and women.

"An approach to democratizing access to high-quality personalized solutions on our platform at an affordable price continues to resonate with consumers," Chief Financial Officer Yemi Okupe said in a statement.

"We are seeing this improve our ability to attract new users to longer-tenured specialties, while also allowing us to more rapidly scale new specialties," he continued.

Executives said they expected full-year sales of $1.37 billion to $1.4 billion. That was better than a forecast in May for $1.2 billion to $1.23 billion.

For the second quarter, the company reported net income of $13.3 million, or 6 cents a share, contrasting with a net loss of $7.2 million, or 3 cents a share, in the same quarter last year. Revenue jumped 52% year over year to $315.6 million.

Analysts polled by FactSet expected Hims & Hers to earn 4 cents a share, on revenue of $304.2 million.

Shares of Hims & Hers are up 100.5% so far this year.

-Bill Peters

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08-05-24 2009ET

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