Shares of Hims & Hers Health fell in prolonged trading on Monday after the corporate reported first-quarter earnings that beat analysts’ expectations but offered weaker-than-expected guidance.
Here’s how the corporate did based on average analysts’ estimates compiled by LSEG:
- Earnings per share: 20 cents vs. 12 cents
- Revenue: $586 million vs. $538 million
Revenue on the telehealth company increased 111% in the primary quarter from $278.2 million in the course of the same period last 12 months, in keeping with a release. Hims & Hers reported a net income of $49.5 million, or 20 cents per share, in comparison with $11.1 million, or 5 cents per share, in the course of the same period a 12 months earlier.
For its second quarter, Hims & Hers said it expected to report revenue between $530 million and $550 million, wanting the $564.6 million expected by analysts polled by StreetAccount. The corporate said its adjusted earnings before interest, taxes, depreciation and amortization, or EBITDA, for the quarter shall be between the range of $65 million and $75 million, while StreetAccount analysts were expecting $70.4 million.
Hims & Hers’ stock has had a turbulent begin to the 12 months, notching several double-digit moves over the past few months. On April 29, shares rocketed up 20% after Novo Nordisk said it might offer its weight reduction drug Wegovy through telehealth providers reminiscent of Hims & Hers.
The corporate said Monday that more collaborations are coming.
“Over time, we expect wider collaboration across the industry, inclusive of pharmaceutical players, progressive leaders in diagnostic and preventative testing, and world class providers,” Hims & Hers CEO Andrew Dudum said in the discharge. “We imagine this can strengthen our ecosystem and position us to curate a best-in-class offering that may reach tens of hundreds of thousands of individuals.”Â
Hims & Hers reported adjusted EBITDA of $91.1 million for its first quarter, up from $32.3 million last 12 months and above the $61.3 million expected by StreetAccount.
Earlier on Monday, Hims & Hers announced Nader Kabbani will join the corporate as its chief operations officer. Kabbani spent nearly 20 years at Amazon, where he oversaw the launch of Amazon Pharmacy, the corporate’s acquisition of PillPack and its global Covid-19 Vaccination Task Force.Â
Hims & Hers will hold its quarterly call with investors at 5:00 p.m. ET.
