Multi-specialty telehealth platform Hims & Hers Health, Inc. reported that revenue surged 67 percent from the fourth quarter of 2019 to the fourth quarter of 2020.
“This is an organization built on solid fundamentals and favorable business characteristics and I’m incredibly confident in our ability to deliver on our vision of helping more people with a wider range of conditions access great, affordable care,” CEO and Co-Founder Andrew Dudum said in an earnings announcement.
The company posted a 77 percent gross margin for the fourth quarter of 2020 in contrast to a 61 percent gross margin for the fourth quarter of 2019.
As for its overall results, Hims & Hers Health, Inc. reported a $5.2 million net loss on $41.5 million in revenue.
The company anticipates revenue to be between $48 million and $50 million for the first quarter of 2021. It also foresees adjusted EBITDA to be between a $9.5 million loss and an $11.5 million loss.
As announced in January, Hims, Inc. and Oaktree Acquisition Corp. (“OAC”) finished their business combination. OAC changed its name to Hims & Hers Health, Inc. right after the merger. Its Class A common stock was listed on the NYSE under the new “HIMS” ticker symbol, while its warrants were listed under the “HIMS WS” ticker symbol.
Hims & Hers had roughly $340 million of cash and cash equivalents and short-term investments on the balance sheet and no debt outstanding as of January 31, 2021.
Hims & Hers describes itself as a “multi-specialty telehealth platform” that links individuals to licensed healthcare professionals, letting them access medical care for a number of conditions related to primary care, sexual health, mental health and dermatology, among other areas. It also provides selected health and wellness products.
As previously reported, getting U.S. patients to harness telehealth services was a challenge pre-pandemic, with JD Power discovering that just 10 percent of consumers using telemedicine in 2019. But then the pandemic hit, doctors’ offices closed and patients and providers abruptly viewed telehealth in a new light.