Hims & Hers Health (HIMS) Q2 2024 earnings summary

Executive summary

• Q2 2024 revenue reached $315.6 million, up 52% year-over-year, driven by platform expansion, new offerings, and a 43% increase in subscribers to 1.9 million.

• Net income improved to $13.3 million, reversing a prior year loss, with Adjusted EBITDA of $39.3 million and margin over 12%.

• Broadened personalized offerings across four out of five specialties and expanded weight management with GLP-1s.

• Added world-class talent, initiated CTO search, and continued investment in technology, marketing, and fulfillment.

• Completed $50 million share repurchase program and announced a new $100 million buyback authorization.

Financial highlights

• Q2 2024 revenue: $315.6 million, up 52% year-over-year; Adjusted EBITDA: $39.3 million (12% margin); net income: $13.3 million.

• Gross margin was 81%, with slight degradation due to GLP-1 and weight loss specialty growth.

• Free cash flow for Q2 was $47.6 million, surpassing all of 2023; cash and investments totaled $227.3 million as of June 30, 2024.

• Subscriber base increased 43% year-over-year to 1.9 million, with over 155,000 net new users in Q2.

• Average order value increased 27% to $121 in Q2 2024.

Outlook and guidance

• Q3 2024 revenue expected at $375–$380 million (65–68% year-over-year growth), Adjusted EBITDA $35–$40 million.

• Full-year 2024 revenue guidance raised to $1.37–$1.4 billion, Adjusted EBITDA $140–$155 million, margin 10–11% at midpoint.

• Strategic marketing investment planned for H2, maintaining a one-year payback period.

• Expansion into new specialties and compounding capabilities anticipated to support future revenue streams.

• Sufficient liquidity to support operations and planned investments for at least the next 12 months.