Hims & Hers Health, Inc. reported significant financial growth for the three and nine months ended September 30, 2024, compared to the same periods in 2023. Revenue for Q3 2024 reached $401.6 million, a 77% increase from $226.7 million in Q3 2023. For the nine months, revenue totaled $995.4 million, up 59% from $625.4 million in the prior year. The company's gross profit also saw substantial growth, with Q3 gross profit at $317.9 million (up 70% year-over-year) and nine-month gross profit at $803.6 million (up 57%).
The company achieved a net income of $75.6 million for Q3 2024, a significant turnaround from a net loss of $7.6 million in Q3 2023. For the nine-month period, net income was $100.0 million, compared to a net loss of $24.8 million in the same timeframe last year. This improvement in profitability was attributed to increased revenue from online sales, particularly in subscription-based products, which accounted for the majority of the revenue.
Hims & Hers also reported a notable increase in cash and cash equivalents, totaling $165.5 million as of September 30, 2024, compared to $96.7 million at the end of 2023. Total current assets rose to $326.4 million from $265.1 million, while total assets increased to $602.3 million from $441.2 million. However, total current liabilities also increased to $152.6 million from $88.5 million.
The company made strategic moves, including the acquisition of MedisourceRx, a 503B compounding outsourcing facility, for approximately $31.0 million in September 2024. This acquisition is expected to enhance Hims & Hers' capabilities in prescription fulfillment. Additionally, the company has authorized a new share repurchase program allowing for the repurchase of up to $100 million of Class A common stock, with $70 million remaining available as of September 30, 2024.
Marketing expenses surged, with Q3 2024 marketing costs at $182.3 million, up from $116.1 million in Q3 2023, reflecting the company's focus on customer acquisition. Operating expenses also increased, with operations and support expenses rising to $47.5 million from $31.6 million in the same quarter last year.
Overall, Hims & Hers demonstrated strong revenue growth and a return to profitability, supported by strategic acquisitions and increased marketing investments, while also managing rising operational costs.
About Hims & Hers Health, Inc.
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