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Hims & Hers raises annual forecast revenue on strong subscriber growth
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The above button links to Coinbase. Yahoo Finance is not a broker-dealer or investment adviser and does not offer securities or cryptocurrencies for sale or facilitate trading. Coinbase pays us for certain activity generated through this link. Prices displayed are informational. NEW YORK, Aug 10 (Reuters) - Hims & Hers Health on Monday posted second-quarter revenue above estimates and raised its annual revenue forecast, as the telehealth company benefited from an increase in subscribers and expanding its personalized healthcare offerings. The company's pivot to FDA-approved treatments such as Novo Nordisk's Wegovy helped drive engagement and traffic across its platform. In May, Hims said it would pivot to offering branded weight-loss drugs, moving away from lower-cost compounded GLP-1 treatments that had helped drive growth to branded versions. The company also announced a partnership with Novo Nordisk in March to offer its blockbuster weight-loss drug, Wegovy, on its platform after the FDA moved to restrict copycat weight-loss drugs, ending a legal dispute between the companies. Hims reported revenue of $753 million during the quarter, compared with $544 million a year ago. Analysts were expecting revenue of $699.89 million, per data compiled by LSEG. The company raised its full-year revenue guidance to a range of $3.1 billion to $3.3 billion from its previous range of 2.8 billion to $3 billion. (Reporting by Amina Niasse in New York and Sneha S K in Bengaluru; Editing by Shinjini Ganguli)
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