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Mar 31, 2021
Hims & Hers Q1 2021 Earnings Report
Reported strong first-quarter results with robust revenue and gross profit growth, driven by increased subscriptions.
Key Takeaways
Hims & Hers Health, Inc. reported a strong first quarter in 2021, with revenue increasing by 74% year-over-year to $52.3 million. The company's gross margin improved to 77%, and it ended the quarter with 391,000 subscriptions, up nearly 80% year-over-year. However, the net loss increased to $(51.4) million due to one-time stock-based compensation and transaction bonus expenses related to the merger.
Revenue increased by 74% year-over-year to $52.3 million.
Gross margin improved to 77% compared to 69% in the first quarter of 2020.
The company ended the quarter with 391,000 subscriptions, up nearly 80% year-over-year.
Net loss was $(51.4) million, primarily driven by one-time stock-based compensation and transaction bonus expenses related to the merger.
Hims & Hers
Hims & Hers
Hims & Hers Revenue by Segment
Revenue by Segment
Online Revenue
CapyFin.comWholesale Revenue
CapyFin.com Forward Guidance
Hims & Hers provides revenue and Adjusted EBITDA guidance for Q2 2021 and full year 2021.
Positive Outlook
- Revenue to be in the range of $55 million to $57 million for the second quarter 2021.
- Revenue to be in the range of $221 million to $227 million for the full year 2021.
- Adjusted EBITDA to be in the range of $(10) million to $(12) million for the second quarter 2021.
- Adjusted EBITDA to be in the range of $(35) million to $(45) million for the full year 2021.
- The company exceeded Q1 2021 guidance and raises full year 2021 revenue expectations.
Challenges Ahead
- Adjusted EBITDA to be in the range of $(10) million to $(12) million for the second quarter 2021.
- Adjusted EBITDA to be in the range of $(35) million to $(45) million for the full year 2021.
- Net loss was $(51.4) million for the first quarter 2021 compared to $(6.0) million for the first quarter 2020.
- The year-over-year increase in net loss was primarily driven by one-time stock-based compensation and transaction bonus expenses related to the merger with Oaktree Acquisition Corp.
- Adjusted EBITDA was $(8.6) million for the first quarter 2021 compared to $(4.6) million for the first quarter 2020.
Revenue & Expenses
Visualization of income flow from segment revenue to net income