Q3 2024 Hims & Hers Health Inc Earnings Call Transcript
Key Points
- Hims & Hers Health Inc (HIMS) reported a 77% year-over-year revenue increase, reaching $401.6 million in the third quarter.
- The company surpassed $50 million in adjusted EBITDA, reflecting a 13% adjusted EBITDA margin.
- The subscriber base grew by 44% year over year, with over 2 million subscribers by the end of the third quarter.
- Hims & Hers Health Inc (HIMS) has successfully expanded its personalized solutions, with over 1 million consumers benefiting from these offerings.
- The company is making significant strides in democratizing access to high-quality, personalized healthcare solutions at mass market prices.
- Gross margin declined by 2 points quarter over quarter to 79%, primarily due to the scaling of the weight loss specialty.
- There is ongoing pressure from gross margin headwinds associated with new product launches.
- The company anticipates continued gross margin degradation in the fourth quarter as the weight loss specialty gains traction.
- Marketing expenses remain high, accounting for 45% of revenue, although this marks an improvement from previous quarters.
- The regulatory landscape for GLP-1 solutions remains uncertain, posing potential challenges for future growth.
Ladies and gentlemen, thank you for standing by. My name is Krista and I will be your conference operator today. At this time, I would like to welcome everyone to His & Hers third-quarter earnings conference call. (Operator Instructions)
I would now like to turn the conference over to Bill Newby, Head of Investor Relations.
Bill, you may begin.
Good afternoon, everyone, and welcome to the His & Hers Health third-quarter 2024 earnings call. Today, after the market closed, we released this quarter's shareholder letter, a copy of which you can find on our website at investors.hims.com. On the call with me today is Andrew Dudum, our Co-Founder and Chief Executive Officer; Yemi Okupe, our Chief Financial Officer; and Dr. Patrick Carroll, our Chief Medical Officer.
Before I hand it over to Andrew, I need to remind you of legal, Safe Harbor, and cautionary declarations. Certain statements and projections of future results made in this presentation
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