Hims(US:HIMS)2024-11-04 21:11Revenue and Income - Revenue for Q3 2024 was $401.6 million, representing a 77% increase year-over-year compared to $226.7 million in Q3 2023[5] - Net income for Q3 2024 was $75.6 million, which included a $60.8 million tax benefit, compared to a net loss of $(7.6) million in Q3 2023[5] - Total revenue for the first nine months of 2024 was $995.4 million, a 59% increase from $625.4 million in the same period of 2023[4] - Net income for the nine months ended September 30, 2024, was $100,013, compared to a loss of $24,791 for the same period in 2023[26] Subscribers and Growth - Subscribers reached 2.0 million, up 44% year-over-year from 1.4 million in Q3 2023[1] - The new weight loss offering is contributing to subscriber growth, with a 40% increase year-over-year excluding contributions from compounded GLP-1 solutions[2] Adjusted EBITDA and Margins - Adjusted EBITDA for Q3 2024 was $51.1 million, compared to $12.3 million in Q3 2023[5] - Adjusted EBITDA for the nine months ended September 30, 2024, was $122,750, up from $28,945 in the same period of 2023[31] - The Adjusted EBITDA margin for the nine months ended September 30, 2024, was 12%, compared to 5% in the same period of 2023[31] Cash and Assets - Cash and cash equivalents rose to $165,518,000 as of September 30, 2024, compared to $96,663,000 at the end of 2023, indicating improved liquidity[23] - Total current assets increased to $326,375,000 as of September 30, 2024, up from $265,053,000 at the end of 2023, driven by higher cash and inventory levels[23] - Cash, cash equivalents, and restricted cash at the end of the period totaled $166,374, compared to $58,852 at the end of September 2023[26] Operating Expenses and Liabilities - Operating expenses for the three months ended September 30, 2024, were $295,512,000, a significant increase from $195,862,000 in the same period last year, primarily due to higher marketing costs[24] - Total liabilities increased to $162,210,000 as of September 30, 2024, from $97,157,000 at the end of 2023, reflecting higher accounts payable and accrued liabilities[23] - The company reported a significant increase in accounts payable, rising to $35,052 for the nine months ended September 30, 2024, from $4,401 in 2023[26] Stockholders' Equity and Deficit - Total stockholders' equity increased to $440,051,000 as of September 30, 2024, compared to $344,029,000 at the end of 2023, reflecting the company's improved financial position[23] - The company’s accumulated deficit improved to $(268,162,000) as of September 30, 2024, from $(368,175,000) at the end of 2023, indicating a reduction in losses over the period[23] Future Guidance - The company raised its full-year 2024 revenue guidance to a range of $1.460 billion to $1.465 billion[1] - For Q4 2024, the company expects revenue of $465 million to $470 million and Adjusted EBITDA of $50 million to $55 million[7] Gross Profit and Margin - Gross margin for Q3 2024 was 79%, down from 83% in Q3 2023[5] - Gross profit for the nine months ended September 30, 2024, was $803,594,000, with a gross margin of 81%, compared to $510,891,000 and 82% in the prior year[24]