Shares of Hims & Hers Health Inc. (HIMS) surged 9.78% in pre-market trading on November 5, 2024, after the telehealth platform reported outstanding third-quarter results and raised its full-year guidance.

For the quarter ended September 30, 2024, Hims & Hers posted revenue of $401.6 million, up a staggering 77% year-over-year, driven by strong growth in online sales of prescription medications and health and wellness products. The company swung to a net income of $75.6 million from a loss in the prior-year period, thanks to a $60.8 million tax benefit.

Hims & Hers' weight-loss solutions, particularly its compounded versions of GLP-1 medications like semaglutide, were a major growth catalyst. The company said its personalized dosing regimens resonated well with customers, with 90% of surveyed users expressing satisfaction and 87% progressing towards or achieving their weight-loss goals.

Buoyed by the impressive performance, the company raised its full-year 2024 revenue guidance to a range of $1.46 billion to $1.465 billion, up from its previous estimate of $1.37 billion to $1.4 billion. Hims & Hers also boosted its adjusted EBITDA guidance to $173 million to $178 million, reflecting an expected 12% adjusted EBITDA margin.