On November 6, 2023, Hims & Hers Health Inc (HIMS, Financial) released its financial results for the third quarter ended September 30, 2023. The leading health and wellness platform reported a significant increase in revenue and subscriber growth, demonstrating strong performance across several key metrics.
Financial Performance
The company's revenue for Q3 2023 stood at $226.7 million, marking a 57% increase year-over-year. This growth was driven by a rise in subscribers, which increased by 56% YoY to 1.4 million. Despite a net loss of $7.6 million, the company achieved an adjusted EBITDA profitability of $12.3 million.
Andrew Dudum, co-founder and CEO, commented on the results,
I am proud of the progress made across several of our key pillars in the third quarter which meaningfully moved Hims & Hers one step closer toward our vision of an accessible, personalized platform."
Key Business Metrics
Key business metrics for the period showed a 33% increase in net orders and a 19% increase in average order value (AOV). Online revenue, which represents the majority of the company's revenue, increased by 57% YoY to $219.7 million. Wholesale revenue also saw a growth of 39% YoY to $7 million.
Financial Outlook
Following the strong performance in Q3, HIMS has raised its full year 2023 revenue guidance to a range of $868 million to $873 million. The adjusted EBITDA guidance has also been increased to a range of $43 million to $46 million. For the fourth quarter of 2023, the company expects a revenue of $243 million to $248 million and an adjusted EBITDA of $14 million to $17 million.
Balance Sheet and Cash Flow
As of September 30, 2023, the company had total assets of $413.9 million, including cash and cash equivalents of $58 million. The total liabilities stood at $85.3 million. The net cash provided by operating activities for the nine months ended September 30, 2023, was $51.5 million.
Overall, Hims & Hers Health Inc (HIMS, Financial) has demonstrated a strong performance in Q3 2023, with significant growth in revenue and subscribers. The company's raised outlook for the full year 2023 reflects its confidence in continued growth and profitability.
Explore the complete 8-K earnings release (here) from Hims & Hers Health Inc for further details.
