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Hims & Hers Health (HIMS) shares jumped in extended trading after the company reported better than expected third quarter revenue and raised its outlook. The telehealth company swung to a profit, helped by a tax benefit and strong demand for GLP-1 weight-loss drugs.
In an interview on Market Domination Overtime, Hims & Hers Health CFO Yemi Okupe speaks with anchors Julie Hyman and Josh Lipton about the quarter.
"We saw revenue up 77% year-over-year to north of 4$00 million. Simultaneously, we're also seeing very strong EBITDA margins at north of 13%," Okupe says. "Additionally, at the end of the quarter, we also saw 2 million consumers on the platform, of which 1 million were benefiting from a personalized solution. And so really, the strong results that we're seeing in the third quarter are a reflection of us executing across the strategy that we've held for the past couple of years."
Okupe also addresses a possible headwind for the company, that Eli Lilly (LLY)'s and Novo Nordisk (NVO)'s weight-loss drugs are coming off the FDA's (Food and Drug Administration) shortage lists. But Okupe says it's not a concern right now, but acknowledges the shortages will come to an end.
"In our view, we do still see that the medications are on on shortage. And what we do see on our platform. And this is the benefit of being a consumer oriented platform, is that we hear feedback directly from consumers and what consumers are telling us, you know resoundingly, is that they are struggling to get access to name-brand GLP-1 medications over the last two months," according to Okupe.
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This post was written by Rachel Sherman.