Hims & Hers Health (HIMS) Stock: Earnings Miss Hits Shares Despite Revenue Growth

TLDR

• HIMS falls after hours as wider Q1 losses overshadow modest revenue growth.
• Subscriber growth supports Hims & Hers, but profit pressure weighs on shares.
• HIMS guidance points to growth, yet margin weakness keeps pressure on shares.
• After-hours selling hits HIMS as Q1 loss reverses last year’s strong profit.
• GLP-1 expansion adds growth focus as earnings weakness drags HIMS stock lower

Hims & Hers Health (HIM) shares fell sharply after hours, even as the company reported higher first-quarter revenue. HIMS closed at $29.14, up 3.08%, before sliding 9.75% to $26.30 after the earnings release. The selloff showed pressure from weaker profit metrics, lower margins, and a steep year-over-year earnings reversal.

Hims & Hers Health, Inc., HIMS

Revenue Growth Fails to Offset Profit Drop

Hims & Hers reported first-quarter revenue of $608.1 million, up 4% from $586.0 million a year earlier. The gain showed continued demand across its digital health platform. However, the modest increase failed to calm concerns over weaker profitability.

The company’s gross margin fell to 65% from 73% in the prior-year quarter. That decline showed higher costs across its expanding care model. It also weighed on earnings quality, despite the company’s larger revenue base.

Hims & Hers posted a net loss of $92.1 million in the quarter. A year earlier, the company recorded net income of $49.5 million. Adjusted EBITDA also fell to $44.3 million from $91.1 million.

Subscribers Rise as U.S. Sales Weaken

Hims & Hers ended the quarter with nearly 2.6 million subscribers. That figure rose 9% from 2.37 million in the prior-year period. The increase gave the company a broader base for personalized health services.

Monthly revenue per average subscriber fell to $80 from $85. That 6% decline pointed to pressure on customer monetization. It also offset part of the benefit from subscriber growth.

United States revenue declined 8% to $529.9 million. Meanwhile, rest-of-world revenue jumped to $78.2 million from $7.3 million. That international growth helped support total revenue during a softer domestic quarter.

Outlook Highlights Expansion, But Costs Remain in Focus

Hims & Hers projected second-quarter revenue between $680 million and $700 million. It also expects adjusted EBITDA of $35 million to $55 million. That range implies a margin of 5% to 8%.

For full-year 2026, the company expects revenue of $2.8 billion to $3.0 billion. It also forecast adjusted EBITDA between $275 million and $350 million. The guidance excludes any contribution from the planned Eucalyptus acquisition.

The company continues to expand branded GLP-1 products and new care categories. It also plans to shift from quarterly shareholder letters to annual shareholder letters. However, the post-market drop showed that HIMS stock still faces pressure from margin weakness and earnings volatility.

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