Hims & Hers Health (HIMS) Q4 2024 earnings summary

Executive summary

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

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

• Achieved first full year of GAAP profitability and nearly $200 million in free cash flow.

• Strategic acquisitions in lab testing, compounding, and peptide manufacturing expanded platform capabilities and vertical integration.

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

Financial highlights

• Q4 2024 revenue was $481.1 million, up 95% year-over-year, with Adjusted EBITDA of $54.1 million.

• Full-year Adjusted EBITDA reached $177 million, margin doubled to 12%, and free cash flow was $198.3 million.

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

• Cash and short-term investments exceeded $300 million at year-end, with no outstanding debt.

• 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, up 56–63% year-over-year, with Adjusted EBITDA expected between $270–$320 million (12–13% margin).

• Q1 2025 revenue expected at $520–$540 million, Adjusted EBITDA at $55–$65 million.

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

• Long-term margin target of at least 20% by 2030, with revenue retention above 85%.

• Each specialty is projected to deliver over $100 million in revenue in 2025.