Hims & Hers has reported a significant surge in its first-quarter revenue, doubling year-over-year to $586 million, a boost attributed to the expansion of its weight loss business. The telehealth company also saw a remarkable rise in quarterly profit, reaching $50 million, up four times from $11 million in the same period last year. Additionally, the company posted earnings of 20 cents per share for Q4.
Adjusted EBITDA for the quarter hit $91.1 million, compared to $32.3 million in the first quarter of 2024. The company’s subscriber base also grew by 38%, reaching 2.37 million, a strong indicator of Hims & Hers’ expanding customer reach.
However, despite these positive results, the company’s stock dipped in after-hours trading, as second-quarter projections fell short of Wall Street’s expectations. Hims & Hers forecasts Q2 revenue between $530 million and $550 million, below analysts’ anticipated $564 million. Analysts had also predicted 2.42 million subscribers for Q1.
Hims & Hers is an online healthcare platform that connects consumers with medical care for a variety of conditions, including mental health, sexual health, dermatology, and primary care. The company ventured into weight loss services in late 2023 with oral medication kits and introduced compounded GLP-1 medications in May 2024.
Following a decision by the FDA to end the semaglutide shortage, Hims & Hers moved away from compounded GLP-1 prescriptions, opting instead to sell a generic version of Novo Nordisk’s diabetes drug, liraglutide. The company also plans to offer personalized doses of semaglutide for patients who require it for medical reasons.
This week, Novo Nordisk announced Hims & Hers would become one of its telehealth partners to provide greater access to its weight loss drug Wegovy. Patients will be able to purchase the branded GLP-1 medication at a discount through Hims & Hers’ online pharmacy and telehealth platform.
“We are laying the groundwork for a landmark year in 2025,” said Andrew Dudum, co-founder and CEO of Hims & Hers, during the company’s investor call. “We are building a global healthcare platform that is convenient, affordable, and personalized. Our technology and data-driven approach are reimagining how care is delivered, and we’re proving that it can be scaled successfully.”
Dudum also shared plans for future collaborations across the healthcare industry, which include partnerships with pharmaceutical companies and leaders in diagnostic and preventive testing. These efforts aim to create an ecosystem that will offer best-in-class healthcare services to millions.
Looking ahead, Hims & Hers projects revenue of $6.5 billion and adjusted EBITDA of $1.3 billion by 2030. “This is not just a vision, it’s a roadmap to reach tens of millions of users,” Dudum said.
The company is also focusing on personalized treatments and expanding its services to cover more specialties. Plans are in place to introduce new offerings for low testosterone and menopause support. Additionally, Hims & Hers aims to explore opportunities in longevity, sleep, and preventive care, including expanding lab testing capabilities.
Dudum envisions expanding the company’s personalized treatment options from hundreds today to potentially thousands in the future, powered by insights from lab diagnostics and wearable devices.
Weight loss has become one of the company’s largest specialties in just 18 months. Hims & Hers has expanded its offerings to include a generic version of Novo Nordisk’s diabetes drug liraglutide. The partnership with Novo Nordisk, which will provide access to the branded Wegovy drug, is seen as a key milestone for the company.
To support its expansion, Hims & Hers has appointed Nader Kabbani, former Amazon executive, as Chief Operations Officer. Kabbani brings nearly 20 years of experience at Amazon, where he led major initiatives like the acquisition of PillPack and the launch of Amazon Pharmacy.
Hims & Hers also reaffirmed its revenue guidance for 2025, projecting between $2.3 billion and $2.4 billion in revenue, along with adjusted EBITDA of $295 million to $335 million.
