Hims & Hers Health shares jump on earnings

In This Article:

Hims & Hers Health shares jumped in extended trading after the company reported better than expected third quarter revenue and raised its outlook. The telehealth company swung to a profit, helped by a tax benefit and strong demand for weight-loss drugs.

In an interview on Market Domination Overtime, Yemi Okupe, Hims & Hers Health CFO spoke with anchors Julie Hyman and Josh Lipton about the quarter.

"We saw revenue up 77% year over year to north of 400 million simultaneously. We're also seeing very strong EBITDA margins at north of 13%. Additionally, at the end of the quarter, we also saw 2 million consumers on the platform, of which 1 million were benefiting from a personalized solution. And so really, the strong results that we're seeing in the third quarter are a reflection of us executing across the strategy that we've held for the past couple of years," Okupe said.

Okupe also addressed a possible headwind for the company, that Eli Lilly (LLY)'s and Novo Nordisk (NVO)'s weight-loss drugs are coming off FDA shortage lists. But Okupe said it's not a concern right now, but acknowledged the shortages will come to an end.

"In our view, we do still see that the medications are on on shortage. And what we do see on our platform. And this is the benefit of being a consumer oriented platform, is that we hear feedback directly fr om consumers and what consumers are telling us, you know, resoundingly, is that they are struggling to get access to name brand GLP one medications over the last two months," according to Okupe.

To watch more expert insights and analysis on the latest market action, check out more Market Domination Overtime here.

This post was written by Rachel Sherman.