Shares of Hims & Hers Health Inc. (HIMS) surged 5.2% on Monday after the telehealth company reported outstanding third-quarter results and raised its full-year guidance, fueled by strong demand for its personalized healthcare solutions, particularly in the weight-loss segment.
For the quarter ended September 30, 2024, Hims & Hers' revenue soared 77% year-over-year to $401.6 million, beating analysts' expectations. The company swung to a net income of $75.6 million, including a $60.8 million tax benefit, compared to a net loss in the prior-year period. The impressive performance was driven by robust growth in online sales of prescription medications and health and wellness products.
Hims & Hers' compounded versions of GLP-1 medications like semaglutide, used for weight loss, were a major growth catalyst. The company's personalized dosing regimens for these drugs resonated well with customers, with 90% of surveyed users expressing satisfaction and 87% progressing towards or achieving their weight-loss goals.
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