Hims & Hers Health, Inc. (Hims & Hers (HIMS)) had a rough Tuesday morning. Shares dropped about 14.5% in premarket trading after the telehealth company reported first-quarter results that missed Wall Street's expectations on both earnings and revenue.
The company posted a loss of 40 cents per share for the quarter, while analysts had been looking for a profit of 4 cents per share. Revenue came in at $608.1 million, below the Street consensus estimate of $616.9 million, according to market data. That's still a 4% increase from the same period last year, but the miss spooked investors worried about near-term growth.
Hims & Hers is continuing to expand its GLP-1 product offerings as part of its broader growth strategy, the company said. For the second quarter, management expects revenue between $680 million and $700 million, which is above analyst estimates of $642.95 million. Adjusted EBITDA is projected to be between $35 million and $55 million.
