SAN FRANCISCO - Hims & Hers Health, Inc. (NYSE: HIMS), a leading health and wellness platform, reported a notable fourth quarter earnings beat and provided an optimistic outlook for the first quarter and full year of 2024, sending its shares soaring by 15.88% as the market responded positively to the company's revenue beat and guidance above consensus.
For the fourth quarter ended December 31, 2023, the company posted earnings of $0.02 per share, surpassing the analyst estimate which predicted a loss of $0.02 per share. Revenue for the quarter was $246.6 million, exceeding the consensus estimate of $245.82 million and marking a significant 65% increase YoY.
The company's CEO, Andrew Dudum, attributed the robust performance to the strength of the Hims & Hers brands and effective execution across the organization. Dudum emphasized the company's mission to enhance global well-being through better health, which is reflected in their substantial and consistent growth in revenue and market share.
Looking ahead, Hims & Hers provided first-quarter 2024 revenue guidance in the range of $267 million to $272 million, well above the analyst consensus of $251 million. The company also forecasts an adjusted EBITDA of $22 million to $27 million, indicating an adjusted EBITDA margin of 8% to 10%. For the full year 2024, the company expects revenue to reach between $1.17 billion and $1.20 billion, surpassing the consensus of $1.1 billion. The projected adjusted EBITDA for the year is set at $100 million to $120 million, with margins anticipated to be between 9% and 10%.
CFO Yemi Okupe highlighted the company's strong momentum, crediting a straightforward strategy of providing high-quality, personalized care at attractive prices, supported by a seamless user experience from start to finish. Okupe also noted that the company's operational excellence and disciplined capital allocation framework are key factors in their positive outlook for continued growth in 2024 and beyond.
Investors have warmly received the news, as indicated by the significant uptick in the company's stock price following the earnings release. As Hims & Hers Health, Inc. continues to expand its offerings and subscriber base, the company appears well-positioned to achieve its financial targets and further its mission of breaking down barriers to treatment and bringing unique health solutions to millions.
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