Shares of Hims & Hers Health Inc. (HIMS) rose more than 9% in the after-hours session on Monday after the telehealth company reported better-than-expected fourth-quarter results. The company posted a loss of $10.9 million, or 5 cents a share, in the quarter, compared to a loss of $31.2 million, or 15 cents a share, in the same period a year ago. Fourth-quarter revenue nearly doubled to $167.2 million, as the number of subscribers topped 1 million. This was well above the FactSet consensus which called for a loss of 6 cents a share on sales of $161 million.
The company provided guidance for the first quarter of 2021, expecting revenue to come in between $175 million and $180 million. This was also above the consensus. For the full year 2023, Hims & Hers Health Inc. anticipates revenue to be between $735 million and $755 million.
The stock had ended the regular trading day down 1.23%. Despite this, investors were encouraged by the company’s performance and outlook, sending shares up in the after-hours session.
Hims & Hers Health Inc. is a telehealth company that provides health and wellness products and services. It was founded in 2018 and is headquartered in San Francisco, California. The company offers a range of health and wellness products and services, including prescription medications, over-the-counter medications, medical devices, vitamins, supplements, and health and wellness kits. It also provides telemedicine services, such as virtual visits with primary care physicians and specialists.
The company has seen rapid growth since its founding, with revenue nearly doubling in the fourth quarter of 2021 compared to the same period a year ago. This is likely due to the increased demand for telemedicine services due to the COVID-19 pandemic. The pandemic has caused an increase in the number of people seeking medical care from home, as well as an increase in the number of people using telemedicine services.
Hims & Hers Health Inc. has also been investing heavily in its technology platform and expanding its services. The company recently announced the launch of its telehealth platform, Hims & Hers Health Plus, which provides access to specialty care, mental health services, and telehealth visits. The company has also been expanding its product offerings, including the launch of its new sleep aid, SleepWell, in 2021.
The company is well-positioned for continued growth in the coming years, as telemedicine is expected to continue to be in high demand. With its strong performance in the fourth quarter of 2021 and its outlook for the coming year, Hims & Hers Health Inc. looks set to continue to be a leader in the telehealth space.