Direct-to-consumer virtual care company Hims & Hers Health reported a total of $246.6 million in revenue for Q4 compared to $167.2 million for the fourth quarter of 2022 and total year-over-year revenue in 2023 of $872.0 million compared to $526.9 million for 2022.
The San Francisco-based company reported a net income for the fourth quarter of $1.2 million compared to a net loss of $10.9 million in Q4 2022.
For 2023, the company had a net loss of $23.5 million compared to $65.7 million in the prior year.
Its gross profit increased from 79{44f8fb62c767d9a0e024bd2a609adf80ac0b081e02fd95d47dd066fb0a89173b} in Q4 of 2022 to 83{44f8fb62c767d9a0e024bd2a609adf80ac0b081e02fd95d47dd066fb0a89173b} in Q4 2023, similar to its yearly gross profit increase of 82{44f8fb62c767d9a0e024bd2a609adf80ac0b081e02fd95d47dd066fb0a89173b} for 2023, up from 78{44f8fb62c767d9a0e024bd2a609adf80ac0b081e02fd95d47dd066fb0a89173b} in 2022.
Adjusted EBITDA was $20.6 million for Q4 2023 compared to $3.9 million for the fourth quarter of 2022 and $49.5 million for the year compared to a loss of $15.8 million for 2022.
The company reported a 48{44f8fb62c767d9a0e024bd2a609adf80ac0b081e02fd95d47dd066fb0a89173b} Q4 2023 year-over-year growth in subscribers to 1.5 million.
“Our outstanding results in 2023 underscore the power of the Hims & Hers brands and superior execution across the organization,” Andrew Dudum, cofounder and CEO, said in a statement.
“In 2024, we expect to eclipse $1 billion in revenue and deliver our first full year of net income profitability through a continued focus on building personalized and accessible treatments in each of our core specialties. We believe this approach will meaningfully break down barriers that keep individuals from seeking treatment, which will allow us to bring these unique offerings to tens of millions of subscribers over time.”
THE LARGER TREND
Hims & Hers closed its merger with special purpose acquisition company (SPAC) Oaktree Acquisition in 2021 and began trading on the New York Stock Exchange at $9.80 per share.
The company has since seen its stock price reach a high of $23.99 in 2021 and, as of today, is hovering around $14.62 per share.
In Q3 of last year, the company reported 57{44f8fb62c767d9a0e024bd2a609adf80ac0b081e02fd95d47dd066fb0a89173b} year-over-year revenue of $226.7 million, compared to $144.8 million in the same period in 2022, and announced the launch of an AI-enabled offering in beta testing dubbed MedMatch, which provides healthcare providers with anonymized data points generated from the company’s customer database to help identify suitable treatments for patients suffering from anxiety and depression according to their individual needs.
In November, Dr. Patrick Carroll, Hims & Hers chief medical officer, sat down with MobiHealthNews for an exclusive interview to discuss the company’s EMR and MedMatch.
“What we do is we have millions of data points that come from a fully vertical system. So we have insight into the patient’s demographics, past medical history and medications.” Carroll said. “So when you have those millions of data points, you can imagine that’s like a treasure trove for someone in machine learning or AI.”
