In an impressive display of growth, Hims & Hers Health announced that it has significantly narrowed its loss and experienced a surge in revenue in the second quarter. The telehealth-consultation platform reported a loss of $7.3 million (3 cents per share) for the quarter ended June 30, a significant improvement compared to the $19.8 million loss (10 cents per share) in the same period last year. This positive result exceeded analysts’ expectations, who had predicted a loss of 7 cents per share.
The company’s revenue also demonstrated remarkable growth, reaching $207.9 million, up from $113.6 million in the previous year. These figures surpassed the $205 million target set by analysts.
Looking ahead, Hims & Hers Health projects revenue between $217 million and $222 million for the third quarter. Furthermore, their revenue forecast for 2023 falls within the range of $830 million to $850 million. Analysts surveyed by FactSet anticipated third quarter revenue of $213.8 million and 2023 revenue of $830.8 million.
Chief Financial Officer Yemi Okupe expressed confidence in the company’s strong financial performance, stating, “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.”
This promising report showcases Hims & Hers Health’s continued growth and success in the telehealth industry.