Hims & Hers Expands Offerings Amid Q2 Revenue Miss and Stock Decline

Telehealth platform Hims & Hers Health, Inc. reported mixed results for the second quarter of 2025, with revenue growth falling short of analysts' expectations despite significant year-over-year increases. The company's stock fell 12% in after-hours trading following the announcement, as investors reacted to the revenue miss and ongoing challenges in the company's GLP-1 drug business.

Q2 Financial Performance and Subscriber Growth

Hims & Hers reported Q2 revenue of $545 million, representing a 73% increase year-over-year but falling short of the $552 million expected by analysts. Net income rose to $42.5 million, or 19 cents per share on an adjusted basis, compared to $13.3 million, or 6 cents per share, in the same period last year. The company's adjusted EBITDA more than doubled to $82.2 million from $39.3 million in Q2 2024.

Subscriber growth remained strong, with the company reporting over 2.4 million subscribers, a 31% increase year-over-year. Notably, nearly 1.5 million subscribers collaborated with a provider to receive personalized treatment, marking an 89% increase from the previous year. The company also highlighted that over 500,000 customers are now benefiting from treatment plans for multiple conditions, representing a 170% year-over-year increase.

Strategic Expansion and New Offerings

Despite the revenue miss, Hims & Hers outlined ambitious growth plans, including international expansion and new service offerings. The company recently closed its acquisition of European digital healthcare provider Zava, establishing a foundation in key markets such as the United Kingdom, Germany, Ireland, and France.

CEO Andrew Dudum announced the company's entry into hormonal health, with plans to offer personalized solutions for both men and women to manage hormonal changes. This expansion will be supported by the integration of comprehensive lab testing capabilities, following the company's acquisition of an at-home lab testing facility earlier this year.

Hims & Hers also revealed plans to offer lab testing as a standalone service in the coming quarters, positioning it as a significant new category. The company aims to leverage these capabilities to enter the longevity market in 2026, focusing on treatments related to immunity, recovery, and improved metabolic function.

Challenges and Future Outlook

The company faces ongoing challenges in its compounded GLP-1 drug business following the termination of its collaboration with Novo Nordisk to offer Wegovy on its platform. Despite this setback, Hims & Hers continues to sell compounded semaglutide and remains confident in its weight loss specialty's ability to deliver at least $725 million in revenue for the year.

Looking ahead, Hims & Hers reaffirmed its 2025 guidance, projecting full-year revenue of $2.3 billion to $2.4 billion and adjusted EBITDA of $295 million to $335 million. For Q3, the company expects revenue between $570 million and $590 million, with adjusted EBITDA of $60 million to $70 million.

As Hims & Hers continues to expand its offerings and global presence, the company aims to transform its platform from a destination for treating health issues to one focused on prevention and longevity. With strategic hires in operations, technology, and product development, the company is positioning itself for continued growth in the evolving telehealth landscape.