Hims & Hers Health Inc. (NYSE: HIMS) shares soared 6.7% in after-hours trading on November 4, 2024, following the company's better-than-expected third-quarter financial results and raised guidance for the full year.

For the third quarter, the telehealth platform reported revenue of $401.6 million, up a staggering 77% year-over-year, driven by robust growth in online sales of prescription medications and health and wellness products. Net income came in at $75.6 million, compared to a loss in the prior-year period, thanks to a $60.8 million tax benefit.

Hims & Hers achieved a significant milestone, surpassing 2 million subscribers on its platform, an increase of 44% compared to the same period last year. Adjusted EBITDA more than quadrupled to $51.1 million, reflecting the company's growing scale and operational efficiency.

Buoyed by the strong 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. Adjusted EBITDA guidance was also raised to $173 million to $178 million, reflecting an expected adjusted EBITDA margin of 12%.