Quarterly revenue of $144.8 million in Q3 2022,
up 95% year-over-year
Consumer-centric strategy driving third
straight quarterly gain of >100k net new subscriptions, ending
Q3 2022 with 991,000 subscriptions, up 80% year-over-year
Raises full year 2022 revenue guidance to the
range of $519 million to $522 million and Adjusted EBITDA guidance
to the range of $(20) million to $(18) million
Hims & Hers Health, Inc. (“Hims & Hers”, NYSE: HIMS),
the trusted consumer-first platform focused on providing modern
personalized health and wellness experiences to consumers, today
reported financial results for the third quarter ended September
30, 2022.
“We are pleased to deliver another quarter of exceptional
performance, including 95% revenue growth, solid gross margins and
improved Adjusted EBITDA performance,” said Andrew Dudum, CEO and
co-founder. “The results reflect tremendous execution by our teams,
strength across our product categories and continued consumer
adoption of the Hims & Hers platform. In the third quarter, net
new subscriptions reached an all-time high of over 170,000.”
“Our ability to create a trusted brand, build best-in-class
capabilities and deliver a seamless experience to consumers is
enabling us to drive robust and consistent growth, while also
investing in the business. As we continue to achieve scale, we are
seeing significant leverage across our operations, leading to our
increased full year outlook, which marks a new chapter for us as we
transition to expected Adjusted EBITDA profitability beginning in
the fourth quarter. Given the underlying strength of our model and
ongoing momentum across the business, we are confident in our
ability to operate profitably going forward while continuing to
invest for growth.”
Key Business Metrics
(In Thousands, Except AOV, Unaudited)
Three months ended September
30,
Nine months ended September
30,
2022
2021
Change
2022
2021
Change
Subscriptions (end of period)
991
551
440
AOV
$
83
$
74
$
9
$
80
$
74
$
6
Net Orders
1,675
968
707
4,267
2,441
1,826
Revenue
(In Thousands, Unaudited)
Three Months Ended September
30,
Nine Months Ended September
30,
2022
2021
Change
2022
2021
Change
Online Revenue
$
139,781
$
72,032
$
67,749
$
341,345
$
180,858
$
160,487
Wholesale Revenue
5,055
2,141
2,914
18,368
6,321
12,047
Total revenue
$
144,836
$
74,173
$
70,663
$
359,713
$
187,179
$
172,534
Total revenue year-over-year growth
95
%
79
%
92
%
74
%
Third Quarter 2022 Financial and Business Highlights
- Revenue was $144.8 million for the third quarter 2022
compared to $74.2 million for the third quarter 2021, an increase
of 95% year-over-year.
- Net loss was $(18.8) million for the third quarter 2022
compared to $(15.9) million for the third quarter 2021.
- Gross margin was 79% for the third quarter 2022 compared
to 74% for the third quarter 2021.
- Adjusted EBITDA was $(6.1) million for the third quarter
2022 compared to $(9.8) million for the third quarter 2021.
- Launched new Hims and Hers Android apps, following the
successful first quarter 2022 rollout of the apps on the iOS
platform, making the apps accessible to anyone with Apple or
Android phones.
- Continued to expand the Hims & Hers team with top tier
talent, bringing in key hires across fulfillment, communications,
R&D, and finance.
Year to Date 2022 Financial Highlights
- Revenue was $359.7 million for the nine months ended
September 30, 2022 compared to $187.2 million for the nine months
ended September 30, 2021, an increase of 92% year-over-year.
- Net loss was $(54.8) million for the nine months ended
September 30, 2022 compared to $(76.5) million for the nine months
ended September 30, 2021.
- Gross margin was 77% for the nine months ended September
30, 2022 compared to 76% for the nine months ended September 30,
2021.
- Adjusted EBITDA was $(19.7) million for the nine months
ended September 30, 2022 compared to $(23.0) million for the nine
months ended September 30, 2021.
A reconciliation of Adjusted EBITDA, a non-GAAP measure, to net
loss, its most comparable financial measure under generally
accepted accounting principles in the United States (“U.S. GAAP”),
has been provided in this press release in the accompanying tables.
Additional information about Adjusted EBITDA is also included below
under the heading “Non-GAAP Financial Measures”.
Financial Outlook
Hims & Hers provides guidance based on current market
conditions and expectations for revenue and Adjusted EBITDA, which
is a non-GAAP financial measure.
For the fourth quarter 2022, we expect:
- Revenue to be in the range of $159 million to $162
million.
- Adjusted EBITDA to be in the range of $0 million to $2 million,
which would reflect an Adjusted EBITDA margin in the range of 0% to
1%.
For the full year 2022, we expect:
- Revenue to be in the range of $519 million to $522
million.
- Adjusted EBITDA to be in the range of $(20) million to $(18)
million, which would reflect an Adjusted EBITDA margin in the range
of (4)% to (3)%.
The guidance provided above constitutes forward-looking
statements and actual results may differ materially. Refer to the
“Cautionary Note Regarding Forward-Looking Statements” safe harbor
section below for information on the factors that could cause our
actual results to differ materially from these forward-looking
statements.
We have not reconciled forward-looking Adjusted EBITDA to its
most directly comparable U.S. GAAP measure, net loss, because we
cannot predict with reasonable certainty the ultimate outcome of
certain components of such reconciliations, including
market-related assumptions that are not within our control, or
others that may arise, without unreasonable effort. For these
reasons, we are unable to assess the probable significance of the
unavailable information, which could materially impact the amount
of future net loss. See “Non-GAAP Financial Measures” for
additional important information regarding Adjusted EBITDA.
Conference Call
Hims & Hers will host a conference call to review the third
quarter 2022 results on November 7, 2022, at 5:00 p.m. ET. The
conference call can be accessed by dialing +1 (888) 510-2630 for
U.S. participants and +1 (646) 960-0137 for international
participants, and referencing conference ID #1704296. A live audio
webcast will be available online at https://investors.forhims.com/.
A replay of the call will be available via webcast for on-demand
listening shortly after the completion of the call at the same
link.
About Hims & Hers Health, Inc.
Hims & Hers is a consumer-first platform transforming the
way customers fulfill their health and wellness needs. Its digital
platform enables access to treatments for a broad range of
conditions, including those related to sexual health, hair loss,
dermatology, mental health and primary care. Hims & Hers
connects patients to licensed healthcare professionals who can
prescribe medications when appropriate. Prescriptions are fulfilled
online through licensed pharmacies on a subscription basis, making
accessing treatments simple, affordable, and straightforward.
Through the Hims & Hers mobile apps, consumers can access a
range of educational programs, wellness content, community support,
and other services that promote lifelong health and wellness. Hims
& Hers products can also be found in tens of thousands of top
retail locations in the United States. Launched in November 2017,
Hims & Hers serves the entire United States and select
locations in the United Kingdom. The company is publicly traded on
the New York Stock Exchange. For more information about Hims &
Hers, please visit forhims.com and forhers.com.
Cautionary Note Regarding Forward-Looking Statements
This press release includes forward-looking statements within
the meaning of Section 27A of the Securities Act of 1933, as
amended and Section 21E of the Securities Exchange Act of 1934, as
amended. These forward-looking statements can be identified by the
use of forward-looking terminology, including the words “believe,”
“estimate,” “anticipate,” “expect,” “assume,” “imply,” “intend,”
“plan,” “may,” “will,” “potential,” “project,” “predict,”
“continue,” “could,” or “should,” or, in each case, their plural,
their negative or other variations or comparable terminology. There
can be no assurance that actual results will not materially differ
from expectations. Such statements include, but are not limited to,
any statements relating to our financial outlook and guidance,
including our ability to reach Adjusted EBITDA profitability in the
next quarter; our expected future financial and business
performance, including with respect to the Hims & Hers
platform, our marketing campaigns, investments in innovation, and
our infrastructure, and the underlying assumptions with respect to
the foregoing; statements relating to events and trends relevant to
us, including with respect to our financial condition, results of
operations, short- and long-term business operations, objectives,
and financial needs; expectations regarding our mobile
applications, market acceptance, user experience, customer
retention, our ability to invest and generate a return on any such
investment, customer acquisition costs, operating efficiencies, the
success of our business model, our ability to scale our business,
the growth of certain of our categories and the impact of our
acquisitions, our ability to expand the scope of our offerings and
experiences, and our ability to comply with the extensive, complex
and evolving regulatory requirements applicable to our business,
including without limitation state and federal healthcare, privacy
and consumer product quality laws and regulations. These statements
are based on management’s current expectations, but actual results
may differ materially due to various factors.
The forward-looking statements contained in this press release
are based on our current expectations and beliefs concerning future
developments and their potential effects on us. Future developments
affecting us may not be those that we have anticipated. These
forward-looking statements involve a number of risks, uncertainties
(some of which are beyond our control) and other assumptions that
may cause actual results or performance to be materially different
from those expressed or implied by these forward-looking
statements. These risks and uncertainties include, but are not
limited to, those factors described in the “Risk Factors” section
of each of our most recently filed Quarterly Report on Form 10-Q,
our most recently filed Annual Report on Form 10-K, and any of our
subsequent filings with the Securities and Exchange Commission (the
“Commission”).
Should one or more of these risks or uncertainties materialize,
or should any of our assumptions prove incorrect, actual results
may vary in material respects from those projected in these
forward-looking statements. We undertake no obligation to update or
revise any forward-looking statements, whether as a result of new
information, future events or otherwise, except as may be required
under applicable securities laws.
By their nature, forward-looking statements involve risks and
uncertainties because they relate to events and depend on
circumstances that may or may not occur in the future. We caution
you that forward-looking statements are not guarantees of future
performance and that our actual results of operations, financial
condition and liquidity, and developments in the industry in which
we operate may differ materially from those made in or suggested by
the forward-looking statements contained in reports we have filed
or will file with the Commission, including our most recently filed
Quarterly Report on Form 10-Q, our most recently filed Annual
Report on Form 10-K, and any of our subsequent filings with the
Commission. In addition, even if our results of operations,
financial condition and liquidity, and developments in the industry
in which we operate are consistent with the forward-looking
statements contained in such reports, those results or developments
may not be indicative of results or developments in subsequent
periods.
Key Business Metrics
“Online Revenue” represents the sales of products and
services on our platform, net of refunds, credits, and chargebacks,
and includes revenue recognition adjustments recorded pursuant to
U.S. GAAP, primarily relating to deferred revenue and returns
reserve. Online Revenue is generated by selling directly to
consumers through our websites and mobile applications. Our Online
Revenue consists of products and services purchased by customers
directly through our online platform. The majority of our Online
Revenue is subscription-based, where customers agree to be billed
on a recurring basis to have products and services automatically
delivered to them.
“Wholesale Revenue” represents non-prescription product
sales to retailers through wholesale purchasing agreements. We sell
only non-prescription products to wholesale partners. In addition
to being revenue generative and profitable, wholesale partnerships
have the added benefit of generating brand awareness with new
customers in physical environments.
“Subscriptions” are defined as the number of customer
agreements where the customer has agreed to be automatically billed
on a recurring basis at a defined cadence. The billing cadence is
typically defined as a number of months (for example, billed every
month or every three months). Subscriptions are excluded from our
reporting when payment has not occurred at the contracted billing
cadence. Subscription billing is preferred by many of our customers
because most of the products and services we make available treat
chronic conditions and these product and service offerings are most
effective when taken consistently and continuously. Customers can
cancel subscriptions in between billing periods to stop receiving
additional products and services and can reactivate subscriptions
to continue receiving additional products and services.
Subscriptions are sometimes also referred to by us as “subscription
memberships” or “memberships.”
“Net Orders” are defined as the number of online customer
orders minus transactions related to refunds, credits, chargebacks,
and other negative adjustments. Net Orders represent transactions
made on our platform during a defined period of time and exclude
revenue recognition adjustments recorded pursuant to U.S. GAAP.
Average Order Value (“AOV”) is defined as Online Revenue
divided by Net Orders (each as defined above).
CONDENSED CONSOLIDATED BALANCE
SHEETS
(In Thousands, Except Share and
Per Share Data)
September 30,
2022
December 31,
2021
(Unaudited)
Assets
Current assets:
Cash and cash equivalents
$
57,964
$
71,784
Short-term investments
140,427
175,490
Inventory
22,347
13,558
Prepaid expenses and other current
assets
12,717
9,073
Total current assets
233,455
269,905
Restricted cash
856
856
Goodwill
110,881
110,881
Intangibles, net
22,090
25,890
Operating lease right-of-use assets
5,318
5,111
Other long-term assets
10,227
7,942
Total assets
$
382,827
$
420,585
Liabilities and stockholders'
equity
Current liabilities:
Accounts payable
$
32,972
$
19,640
Accrued liabilities
17,145
12,194
Deferred revenue
2,124
3,188
Earn-out payable
12,972
42,834
Operating lease liabilities
1,605
1,365
Total current liabilities
66,818
79,221
Operating lease liabilities
4,075
4,117
Earn-out liabilities
739
1,999
Other long-term liabilities
249
629
Total liabilities
71,881
85,966
Commitments and contingencies
Stockholders' equity:
Common stock – Class A shares, par value
$0.0001, 2,750,000,000 shares authorized and 199,309,580 and
196,414,363 shares issued and outstanding as of September 30, 2022
and December 31, 2021, respectively; Class V shares, par value
$0.0001, 10,000,000 shares authorized and 8,377,623 shares issued
and outstanding as of September 30, 2022 and December 31, 2021
21
20
Additional paid-in capital
645,109
613,687
Accumulated other comprehensive loss
(462
)
(137
)
Accumulated deficit
(333,722
)
(278,951
)
Total stockholders' equity
310,946
334,619
Total liabilities and stockholders'
equity
$
382,827
$
420,585
CONDENSED CONSOLIDATED
STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS
(In Thousands, Except Share and
Per Share Data, Unaudited)
Three Months Ended
September 30,
Nine Months Ended
September 30,
2022
2021
2022
2021
Revenue
$
144,836
$
74,173
$
359,713
$
187,179
Cost of revenue
30,383
19,301
83,328
44,783
Gross profit
114,453
54,872
276,385
142,396
Gross margin %
79
%
74
%
77
%
76
%
Operating expenses:(1)(2)
Marketing
78,462
38,293
187,045
93,195
Operations and support
21,751
12,808
54,882
33,748
Technology and development
7,977
6,242
20,926
16,807
General and administrative
26,246
25,190
70,624
92,123
Total operating expenses
134,436
82,533
333,477
235,873
Loss from operations
(19,983
)
(27,661
)
(57,092
)
(93,477
)
Other income:
Change in fair value of liabilities
450
8,328
1,012
13,610
Other income, net
677
219
1,399
320
Total other income, net
1,127
8,547
2,411
13,930
Loss before income taxes
(18,856
)
(19,114
)
(54,681
)
(79,547
)
Benefit (provision) for income taxes
16
3,173
(90
)
3,049
Net loss
(18,840
)
(15,941
)
(54,771
)
(76,498
)
Other comprehensive income (loss)
6
(12
)
(325
)
(41
)
Total comprehensive loss
$
(18,834
)
$
(15,953
)
$
(55,096
)
$
(76,539
)
Net loss per share attributable to common
stockholders:
Basic and diluted
$
(0.09
)
$
(0.08
)
$
(0.27
)
$
(0.42
)
Weighted average shares outstanding:
Basic and diluted
205,232,967
200,038,761
203,968,783
181,867,522
______________
(1)
Beginning with the quarter ended September 30, 2022, we
voluntarily reclassified certain operating expenses to provide
additional granularity on our costs and to better align with
management’s view of our operating results. Prior period amounts
have been reclassified to conform to this presentation.
(2)
Includes stock-based compensation expense as follows (in
thousands):
Three Months Ended
September 30,
Nine Months Ended
September 30,
2022
2021
2022
2021
Marketing
$
1,241
$
2,328
$
3,136
$
4,946
Operations and support
695
612
1,848
2,433
Technology and development
1,003
1,040
2,999
3,492
General and administrative
8,040
7,889
22,484
44,388
Total stock-based compensation expense
$
10,979
$
11,869
$
30,467
$
55,259
CONDENSED CONSOLIDATED
STATEMENTS OF CASH FLOWS
(In Thousands, Unaudited)
Nine Months Ended September
30,
2022
2021
Operating activities
Net loss
$
(54,771
)
$
(76,498
)
Adjustments to reconcile net loss to net
cash used in operating activities:
Depreciation and amortization
5,464
2,445
Stock-based compensation
30,467
55,259
Change in fair value of liabilities
(1,012
)
(13,610
)
Warrant expense in connection with
Merger
—
154
Amortization of debt issuance costs
—
144
Net amortization on securities
986
1,732
Benefit for deferred taxes
(380
)
(3,178
)
Impairment of long-lived assets
1,127
—
Non-cash operating lease cost
1,156
1,133
Non-cash other
(198
)
871
Changes in operating assets and
liabilities:
Inventory
(8,789
)
(6,928
)
Prepaid expenses and other current
assets
(3,644
)
2,635
Other long-term assets
7
(58
)
Accounts payable
13,332
6,306
Accrued liabilities
5,520
(794
)
Deferred revenue
(1,064
)
217
Operating lease liabilities
(1,165
)
(1,137
)
Earn-out payable
(6,848
)
—
Net cash used in operating activities
(19,812
)
(31,307
)
Investing activities
Purchases of investments
(136,816
)
(219,361
)
Maturities of investments
134,759
99,375
Proceeds from sales of investments
35,846
3,465
Investment in website and mobile
application development and internal-use software
(3,320
)
(3,242
)
Purchases of property, equipment, and
intangible assets
(1,314
)
(279
)
Deferred consideration paid for
acquisitions
(459
)
—
Acquisition of businesses, net of cash
acquired
—
(46,468
)
Net cash provided by (used in) investing
activities
28,696
(166,510
)
Financing activities
Pre-closing stock repurchase
—
(22,027
)
Proceeds from issuance of common stock
upon Merger
—
197,686
Proceeds from PIPE
—
75,000
Payments for transaction costs related to
securities issuances
—
(12,851
)
Proceeds from repayment of promissory
notes associated with vested and unvested shares
—
1,193
Proceeds from exercise of Class A common
stock warrants
—
787
Proceeds from exercise of vested and
unvested stock options, net of repurchases and cancelations
2,157
567
Payments for taxes related to net share
settlement of equity awards
(2,364
)
(5,234
)
Payments for earn-out consideration for
acquisitions
(23,014
)
—
Proceeds from employee stock purchase
plan
553
—
Net cash (used in) provided by financing
activities
(22,668
)
235,121
Foreign currency effect on cash and cash
equivalents
(36
)
(26
)
(Decrease) increase in cash, cash
equivalents, and restricted cash
(13,820
)
37,278
Cash, cash equivalents, and restricted
cash at beginning of period
72,640
28,350
Cash, cash equivalents, and restricted
cash at end of period
$
58,820
$
65,628
Reconciliation of cash, cash
equivalents, and restricted cash
Cash and cash equivalents
$
57,964
$
64,772
Restricted cash
856
856
Total cash, cash equivalents, and
restricted cash
$
58,820
$
65,628
Supplemental disclosures of cash flow
information
Cash paid for taxes
$
588
$
279
Non-cash investing and financing
activities
Recapitalization from redeemable
convertible preferred stock pre-closing stock repurchase
$
—
$
125
Conversion of redeemable convertible
preferred stock to common stock
—
249,837
Assumption of Merger warrants
liability
—
51,814
Redemption/exercise of Class A common
stock warrants
—
37,834
Conversion of Series D preferred stock
warrants to Class A common warrants
—
1,160
Right-of-use asset obtained in exchange
for lease liability
1,206
6,756
Vesting of early exercised stock
options
113
147
Common stock issued, contingent
consideration, and payables for acquisition of businesses
—
99,958
Non-GAAP Financial Measures
In addition to our financial results determined in accordance
with U.S. GAAP, we present Adjusted EBITDA (which is a non-GAAP
financial measure), and Adjusted EBITDA margin (which is a non-GAAP
ratio), each as defined below. We use Adjusted EBITDA and Adjusted
EBITDA margin to evaluate our ongoing operations and for internal
planning and forecasting purposes. We believe that Adjusted EBITDA
and Adjusted EBITDA margin, when taken together with the
corresponding U.S. GAAP financial measures, provide meaningful
supplemental information regarding our performance by excluding
certain items that may not be indicative of our business, results
of operations, or outlook. We consider Adjusted EBITDA and Adjusted
EBITDA margin to be important measures because they help illustrate
underlying trends in our business and our historical operating
performance on a more consistent basis. We believe that the use of
Adjusted EBITDA and Adjusted EBITDA margin is helpful to our
investors as they are used by management in assessing the health of
our business and our operating performance.
However, non-GAAP financial information is presented for
supplemental informational purposes only, has limitations as an
analytical tool, and should not be considered in isolation or as a
substitute for financial information presented in accordance with
U.S. GAAP. In addition, other companies, including companies in our
industry, may calculate similarly-titled non-GAAP financial
measures or ratios differently or may use other financial measures
or ratios to evaluate their performance, all of which could reduce
the usefulness of Adjusted EBITDA or Adjusted EBITDA margin as
tools for comparison. Reconciliations are provided below to the
most directly comparable financial measures stated in accordance
with U.S. GAAP. Investors are encouraged to review our U.S. GAAP
financial measures and not to rely on any single financial measure
to evaluate our business.
Adjusted EBITDA is a key performance measure that our management
uses to assess our operating performance. Because Adjusted EBITDA
facilitates internal comparisons of our historical operating
performance on a more consistent basis, we use this measure for
business planning purposes. “Adjusted EBITDA” is defined as net
loss before stock-based compensation, depreciation and
amortization, impairment of long-lived assets, acquisition-related
costs (which includes (i) acquisition professional services; and
(ii) consideration paid for employee compensation with vesting
requirements incurred directly as a result of acquisitions,
inclusive of revaluation of earn-out consideration recorded in
general and administrative expenses), income taxes, interest
income, change in fair value of liabilities, one-time bonuses and
warrant expense in connection with the combination of Hims, Inc.
(“Hims”) and Oaktree Acquisition Corp. (“OAC”), with Hims
continuing as the surviving entity and as a wholly-owned subsidiary
of OAC, which changed its name to Hims & Hers Health, Inc. (the
“Merger”), and amortization of debt issuance costs. “Adjusted
EBITDA margin” is defined as Adjusted EBITDA divided by
revenue.
Some of the limitations of Adjusted EBITDA include (i) Adjusted
EBITDA does not properly reflect capital commitments to be paid in
the future, and (ii) although depreciation and amortization are
non-cash charges, the underlying assets may need to be replaced and
Adjusted EBITDA does not reflect these capital expenditures. In
evaluating Adjusted EBITDA, you should be aware that in the future
we will incur expenses similar to the adjustments in this
presentation. Our presentation of Adjusted EBITDA should not be
construed as an inference that our future results will be
unaffected by these expenses or any unusual or non-recurring items.
We compensate for these limitations by providing specific
information regarding the U.S. GAAP items excluded from Adjusted
EBITDA. When evaluating our performance, you should consider
Adjusted EBITDA in addition to, and not as a substitute for, other
financial performance measures, including our net loss and other
U.S. GAAP results.
Net Loss to Adjusted EBITDA
Reconciliation
(In Thousands, Unaudited)
Three Months Ended
September 30,
Nine Months Ended
September 30,
2022
2021
2022
2021
Revenue
$
144,836
$
74,173
$
359,713
$
187,179
Net loss
(18,840
)
(15,941
)
(54,771
)
(76,498
)
Stock-based compensation
10,979
11,869
30,467
55,259
Depreciation and amortization
1,902
1,546
5,464
2,445
Impairment of long-lived assets
1,127
—
1,127
—
(Benefit) provision for income taxes
(16
)
(3,173
)
90
(3,049
)
Acquisition-related costs
(191
)
4,342
75
7,214
Change in fair value of liabilities
(450
)
(8,328
)
(1,012
)
(13,610
)
Interest income
(607
)
(103
)
(1,138
)
(298
)
Merger bonuses
—
—
—
5,219
Warrant expense in connection with
Merger
—
—
—
154
Amortization of debt issuance costs
—
—
—
144
Adjusted EBITDA
$
(6,096
)
$
(9,788
)
$
(19,698
)
$
(23,020
)
Net loss as a % of revenue
(13
) %
(21
) %
(15
) %
(41
) %
Adjusted EBITDA margin
(4
) %
(13
) %
(5
) %
(12
) %
View source
version on businesswire.com: https://www.businesswire.com/news/home/20221107005143/en/
Investor Relations Bill Newby +1 (503) 754-0251
Investors@forhims.com Media Relations Press@forhims.com
Hims and Hers Health (NYSE:HIMS)
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