Hims & Hers Health reported third‑quarter 2025 revenue of $598.98 million, a 49% increase from the $399.70 million reported in Q3 2024. Net income fell to $15.8 million from $75.6 million in the same quarter last year, largely due to a one‑time tax benefit that was not present this year. Adjusted EBITDA for the quarter was $78.1 million, down from $107.3 million in Q3 2024, reflecting a decline in gross margin from 79% to 74% and an increase in general and administrative expenses from 11% to 13% of revenue on a non‑GAAP basis. Earnings per share were $0.06, missing the consensus estimate of $0.09. Subscriber count rose to 2.471 million, a 21% year‑over‑year increase.
The company narrowed its full‑year 2025 revenue outlook to $2.335–$2.355 billion and adjusted EBITDA outlook to $307–$317 million, citing higher production costs and a shift in shipping cadence for its growing weight‑loss portfolio. Management noted that the margin contraction is driven by increased costs associated with scaling GLP‑1 offerings and a migration to 503A compounding facilities.
Hims & Hers is in active discussions with Novo Nordisk to re‑establish a partnership for Wegovy injections and to potentially offer an oral Wegovy formulation once approved. The previous collaboration ended in June 2025 after concerns over compounded GLP‑1 drugs; the current talks aim to address those concerns and expand the company’s obesity‑treatment lineup.
CEO John Smith emphasized that the company is investing in a new Ohio facility to support in‑house compounding of GLP‑1 orders and is expanding into longevity and whole‑body lab testing. He also highlighted the acquisition of Zava Global, which positions the company to grow its international presence, particularly in European markets.
The company’s strategic focus remains on expanding its personalized care platform, increasing subscriber acquisition, and leveraging its operational footprint to support new product lines while managing margin pressures from scaling its weight‑loss business.
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