Hims & Hers Health Inc. (HIMS), a leading telehealth platform, reported strong third-quarter 2024 financial results that surpassed analyst expectations. The company's impressive performance was driven by robust demand for its personalized healthcare solutions, particularly in the weight-loss segment.

For the three months ended September 30, 2024, Hims & Hers reported revenue of $401.6 million, a staggering 77% increase compared to the same period last year. This figure exceeded the analyst consensus estimate of $382.2 million. The company's net income soared to $75.6 million, including a $60.8 million tax benefit, a significant turnaround from the $7.6 million net loss recorded in Q3 2023.

Hims & Hers' impressive quarterly results were fueled by its growing subscriber base, which reached 2 million, up 44% year-over-year. The company's average monthly online revenue per subscriber also saw a substantial increase, rising to $67 from $54 a year earlier. Notably, the company's gross margin remained strong at 79%, albeit slightly lower than the 83% reported in Q3 2023.

The telehealth firm's weight-loss offerings, particularly its compounded versions of GLP-1 injections like semaglutide, have been a significant growth driver. The company highlighted that its personalized dosing regimens have resonated well with customers, with 90% of surveyed users expressing satisfaction and 87% progressing towards or achieving their weight-loss goals.

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