Hims & Hers Health Inc. shares tumbled after the closing bell despite the telehealth provider beating fourth-quarter expectations and offering better than expected revenue forecasts for the first quarter and 2025.

For the full year 2025, Hims & Hers expects revenue of $2.3 billion to $2.4 billion and adjusted earnings before interest, taxes, depreciation, and amortization of $270 million to $320 million.

Shares fell more than 18%. The stock has more than doubled so far this year.

For the fourth quarter, Hims reported earnings of 11 cents a share and revenue of $481 million, nearly double the corresponding period in 2023. For the full-year 2024, Hims reported earnings of 53 cents a share on revenue of $1.48 billion.

Analysts surveyed by FactSet had expected adjusted fourth quarter earnings of 11 cents a share and revenue of $470 million.

Hims & Hers ended 2024 with 2.2 million subscribers, up 45% from the end of 2023, and above expectations. Net orders increased 22% to $2.8 million, slightly below the $2.9 million expected.

Its monthly online revenue per average subscriber increased 38% to $73, from $53 in the year-ago quarter, while its average order value jumped 63% to $168, from $103 in the year-ago quarter. Analysts surveyed by FactSet had expected an average order value of $161.35.

"2024 was a fantastic year at Hims and Hers as we continue to build a platform that leverages personalization and technology unlike any traditional healthcare system," said co-founder and CEO Andrew Dudum. "Over 2 million subscribers now entrust Hims & Hers to aid them in their journey to better health -- with thousands more joining daily."

CFO Yemi Okupe said that revenue excluding its weight-loss drug offering increased 43%, to over $1.2 billion in 2024, meeting its previous 2025 revenue target a year early. Consolidated revenue increased 69% to nearly $1.5 billion from the prior year, accelerated by its weight loss offering.

"We believe this signifies our platform's growing ability to enter new specialties and scale rapidly, further establishing confidence that we are building a set of core capabilities that can scale with tremendous efficiency," Okupe said.

For the current first quarter of 2025, Hims projects revenue of $520 million to $540 million, and adjusted operating earnings of $55 million to $65 million.

But for Hims and Hers, the weight-loss drug business could come under pressure after the Food and Drug Administration declared an end to the shortage of the popular drugs made by Novo Nordisk. During a Monday conference call, Dudum emphasized new opportunities for the company, seeing it as able to offer a wide range of affordable, personalized treatments, supplements, and medications, including using artificial intelligence tools, and expanding into new categories such as low testosterone, perimenopausal and menopausal support.

Dudum expects Hims & Hers to continue playing a role in personalized treatments for weight loss with compound drugs that meet patient needs without copying existing drugs. He also said the company will continue pushing back against claims that its drugs are lower quality and less safe than brand-name drugs, without mentioning specific companies.

He mentioned two acquisitions announced last week, including an at-home, whole-body lab testing facility called Sigmund NJ LLC marketed as Trybe Labs, to support at-home blood draws and more comprehensive whole-body testing, and a California-based peptide facility meant to strengthen the long-term durability of the company's domestic supply chain as it meets the growing demand for its personalized healthcare and treatment options.

Last week the FDA said semaglutide, which Novo sells under the brand names Ozempic and Wegovy, was no longer in shortage. Hims sells low-price legal knockoff semaglutide through its online platform, one of many telehealth companies that have been allowed to sell compounded versions of the drug while it is officially in shortage. With the shortage now over, the FDA said last week that the compounding pharmacies supplying companies like Hims will need to stop making and selling semaglutide by May 22 at the latest.

Hims' started its weight-loss drug business in May. The company, which also sells generic and compounded medicines for hair loss, erectile dysfunction, and other conditions, has said it would still be able to sell compounded semaglutide after the shortage ends, by filling prescriptions at personalized dosage levels the branded manufacturers don't offer.

In a footnote to its shareholder letter on Monday, Hims said the FDA's pronouncement could "constrain" its ability to offer compounded semaglutide after its current inventory has been sold.

At the same time, Hims has been pursuing a marketing campaign that appears to be aimed at rebranding the company for the Robert F. Kennedy Jr. era, and positioning itself as an alternative to big pharma. In an ad that aired during the Super Bowl in February, Hims promoted its weight loss offering with a voice-over asserting that "something's broken, and it's not our bodies -- it's the system."

The ad pitched Hims as an alternative to the pharmaceutical industry, a potentially potent message for an FDA under the control of Kennedy, the Secretary of Health and Human Services and a longtime critic of big pharma.

Hims shares are up nearly 20% since the Super Bowl, even after the stock fell 25.8% on Friday on the news that the FDA had taken semaglutide off of its U.S. shortage list.

Hims & Hers said members of its management team will be participating in the Morgan Stanley Technology, Media & Telecom Conference on March 4 in San Francisco.