Hims & Hers Health (HIMS) Q4 2024 earnings summary

Executive summary

• Achieved record 2024 revenue of $1.5 billion, up 69% year-over-year, with Q4 revenue of $481 million, and net income of $126 million; Adjusted EBITDA reached $177 million.

• Subscriber base grew 45% year-over-year to 2.2 million, with over 55% using at least one personalized solution.

• Achieved first full year of GAAP profitability and strong free cash flow generation, with no outstanding debt.

• Expanded platform capabilities through acquisitions in lab testing, compounding, and peptide manufacturing, and launched new AI-driven tools for personalized care.

• Each specialty, including Sexual Health, Dermatology, Mental Health, and Weight Loss, is positioned to deliver over $100 million in revenue in 2025.

Financial highlights

• Adjusted EBITDA for 2024 was $177 million, with margin doubling to 12% year-over-year.

• Free cash flow for 2024 was $198.3 million, with cash and short-term investments exceeding $300 million at year-end.

• Gross margin for 2024 was 79%, down from 82% in 2023; Q4 gross margin was 77%.

• Marketing as a percentage of revenue improved by five points year-over-year to 46%.

• Weight loss revenue reached $225 million in 2024, with at least $725 million expected in 2025.

Outlook and guidance

• 2025 revenue guidance is $2.3–$2.4 billion, a 56%–63% increase year-over-year.

• Adjusted EBITDA for 2025 projected at $270–$320 million, with margin at 12%–13%.

• Q1 2025 revenue guidance is $520–$540 million, up 87%–94% year-over-year.

• Weight loss specialty expected to contribute at least $725 million in 2025, primarily from oral-based solutions and liraglutide.

• Long-term Adjusted EBITDA margin target in the mid-20%–30% range by 2030.