Hims & Hers Health, Inc. Announces $50 Million Share Repurchase Program Authorization

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Hims & Hers Health, Inc. announces a share repurchase program of up to $50 million of outstanding Class A common stock over the next two years. The program will be used to repurchase shares on a discretionary basis. The decision is driven by the Company's strong business performance and belief that its shares are trading below their intrinsic value. In the third quarter of 2023, revenue was up 57% YoY to $226.7 million, and the Company surpassed 1.4 million subscribers. Full-year revenue is expected to be between $868 and $873 million, up 65% to 66% YoY.

Strong financial performance and outlook enables capital allocation flexibility to invest for growth and return value to shareholders through opportunistic repurchase program

SAN FRANCISCO--(BUSINESS WIRE)-- Hims & Hers Health, Inc. (“Hims & Hers” or the “Company,” NYSE: HIMS), the leading health and wellness platform, today announced that its Board of Directors has authorized a share repurchase program of up to $50 million of outstanding Class A common stock over the next two years. Hims & Hers intends to use the program to repurchase shares on a discretionary basis from time to time, subject to general business and market conditions and other investment opportunities, through open market purchases, privately negotiated transactions or other means, including through 10b5-1 trading plans. This repurchase program may be commenced, suspended or discontinued at any time.

“Given the growing strength of our financial profile and strong cash flow position, we are excited to announce we are implementing a share repurchase program to take advantage of an attractive opportunity and return value to shareholders. While we’ve seen substantial volatility in the capital markets impact our share price in the short-term, this new repurchase program reflects our deep confidence in the intrinsic value of our business,” said Co-Founder and CEO, Andrew Dudum.

The decision to implement a repurchase program is driven by the Company’s strong business performance, demonstrated by record adoption of personalized solutions and services by customers, expanding market leadership, and consistent financial outperformance, and the belief that its shares are trading well below their intrinsic value. Hims & Hers has consistently delivered high revenue growth and healthy cash flows alongside a strong balance sheet and the repurchase program gives the Company the flexibility to act opportunistically while continuing to invest in innovation and growth.

Today, the Company also announced financial results for the third quarter 2023, showing that execution across the business continues to deliver strong financial performance. Revenue was up 57% year-over-year in the third quarter to $226.7 million, and the Company surpassed 1.4 million subscribers. For the full year, revenue is expected to be between $868 and $873 million, up 65% to 66% year-over-year. With cash and short-term investments growing to over $212 million as of the quarter end, and strong cash flow from operations of over $25 million in the third quarter, the Company is well-capitalized to make strategic investments to drive growth and implement this program.

About Hims & Hers Health, Inc.

Hims & Hers is the leading health and wellness platform on a mission to help the world feel great through the power of better health.

We believe how you feel in your body and mind transforms how you show up in life. That’s why we’re building a future where nothing stands in the way of harnessing this power. Hims & Hers normalizes health & wellness challenges—and innovates on their solutions—to make feeling happy and healthy easy to achieve. No two people are the same, so the Company provides access to personalized care designed for results.

For more information, please visit www.hims.com and www.forhers.com.

Cautionary Note Regarding Forward-Looking Statements

This press release includes forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended and Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements can be identified by the use of forward-looking terminology, including the words “believe,” “estimate,” “anticipate,” “expect,” “assume,” “imply,” “intend,” “plan,” “may,” “will,” “potential,” “project,” “predict,” “continue,” “could,” or “should,” or, in each case, their plural, their negative or other variations or comparable terminology, and include, but are not limited to, any statements relating to our financial outlook and guidance. There can be no assurance that actual results will not materially differ from expectations. The forward-looking statements contained in this press release are based on our current expectations and beliefs concerning future developments and their potential effects on us. Future developments affecting us may not be those that we have anticipated. These forward-looking statements involve a number of risks, uncertainties (some of which are beyond our control) and other assumptions that may cause actual results or performance to be materially different from those expressed or implied by these forward-looking statements. These risks and uncertainties include, but are not limited to, those factors described in the “Risk Factors” section of each of our most recently filed Quarterly Reports on Form 10-Q, our most recently filed Annual Report on Form 10-K, and any of our subsequent filings with the Securities and Exchange Commission. Should one or more of these risks or uncertainties materialize, or should any of our assumptions prove incorrect, actual results may vary in material respects from those projected in these forward-looking statements. We undertake no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required under applicable securities laws.

View source version on businesswire.com: https://www.businesswire.com/news/home/20231106471253/en/

Investor Relations

investors@forhims.com

Khobi Brooklyn

Press@forhims.com

Source: Hims & Hers Health, Inc.

FAQ

What did Hims & Hers Health, Inc. announce?

Hims & Hers Health, Inc. announced a share repurchase program of up to $50 million of outstanding Class A common stock over the next two years.

How will the share repurchase program be used?

The program will be used to repurchase shares on a discretionary basis.

What drove the decision to implement the repurchase program?

The decision is driven by the Company's strong business performance, record adoption of personalized solutions and services, expanding market leadership, and belief that its shares are trading below their intrinsic value.

What were the financial results for the third quarter of 2023?

In the third quarter of 2023, revenue was up 57% YoY to $226.7 million, and the Company surpassed 1.4 million subscribers.

What is the expected full-year revenue?

Full-year revenue is expected to be between $868 and $873 million, up 65% to 66% YoY.