by Shares of Hims & Hers Health (HIMS) rose in extended trading after the company reported better-than-expected third-quarter revenue and raised its outlook. The telehealth company turned a profit, helped by a tax break and strong demand for GLP-1 weight-loss drugs.
In an interview on Market Domination Overtime, Yemi Okupe, CFO of Hims & Hers Health, speaks with hosts Julie Hyman and Josh Lipton about the quarter.
“We saw revenue increase 77% year-on-year to over $400 million. At the same time, we also see very strong EBITDA margins of over 13%,” says Okupe. “In addition, we also saw 2 million consumers on the platform at the end of the quarter, of which 1 million benefited from a personalized solution. And so the strong results we see in the third quarter are a reflection of us executing the strategy we’ve been pursuing over the last few years.”
Okupe also addresses a potential headwind for the company, namely the weight-loss drugs from Eli Lilly (LLY) and Novo Nordisk (NVO) coming off the Food and Drug Administration’s shortage lists. But Okupe says this is not a problem at the moment, but acknowledges that the shortages will end.
“In our opinion, we still see that the medicines are inadequate. And what we do see on our platform. And this is the benefit of being a consumer-facing platform is that we hear feedback directly from consumers and what consumers are What is clear to us is that over the last two months they have had difficulty accessing GLP-1 medicines from the well-known brand,” said Okupe.
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This post was written by Rachel Sherman.
