Hims & Hers Health, Inc. - HIMS STOCK NEWS

Hims & Hers Health announces its strategic acquisition of Honest Health, a UK-based health platform specializing in hair loss products. This deal aims to bolster Hims & Hers' operational capabilities and support its expansion into the UK and Western Europe. Honest Health, founded in 2018, offers innovative health solutions through a partnership with a UK compounding pharmacy. The acquisition is expected to close in the second fiscal quarter of 2021, aligning with Hims & Hers' mission to enhance personalized healthcare experiences for consumers.

Hims & Hers has appointed multi-platinum artist Miley Cyrus as a Creative Advisor. She will collaborate on the Hers line of prescription skincare products, enhancing their marketing efforts. Miley emphasizes the importance of personalized skincare, a sentiment echoed by Co-Founder and CEO Andrew Dudum, who aims to demystify skincare routines for consumers. The company provides telehealth consultations and customizable prescription products, focusing on acne and anti-aging treatments. Established in 2017, Hims & Hers operates across all 50 states, offering accessible healthcare solutions.

Hims & Hers has launched a new Topical Finasteride & Minoxidil Spray, a pill-free treatment for male pattern hair loss. This innovative spray combines 6% minoxidil and 0.1% finasteride to effectively block DHT production and promote hair regrowth. The product addresses customer demand for alternative delivery methods to oral medications, providing a drip-free, easy-to-use option. Customers can access this treatment via a telehealth consultation with a licensed medical professional.

Hims & Hers has introduced The Blur Stick, a skincare product for men, in partnership with Alex Rodriguez. Designed to provide quick coverage for blemishes and dark circles, this new concealer features premium ingredients like jojoba oil and aloe extract. Available in eight shades, The Blur Stick retails for $22 and emphasizes convenience in design and use. Rodriguez, a co-investor, highlighted the need for accessible, quality men's skincare products. Hims & Hers aims to break stigmas in men's grooming with this innovative offering.

Hims & Hers Health, a telehealth platform (NYSE: HIMS), will conduct its virtual annual shareholders' meeting on June 17, 2021, at 10:00 a.m. PT.

A live audio webcast will be available on the company’s investor site. Shareholders are invited to participate via this link and must follow the proxy statement procedures to submit questions and vote.

Hims & Hers, established in November 2017, offers accessible healthcare services across various specialties, promoting quality care for mental, sexual, and dermatological health.

Hims & Hers posted impressive Q1 2021 results, achieving 74% revenue growth to $52.3 million, and a 95% increase in gross profit, which yielded a 77% gross margin. The company reported nearly 391,000 subscriptions, up 80% year-over-year. Despite these gains, net loss widened to $(51.4) million, largely due to one-time expenses from the Oaktree merger. Looking ahead, guidance for Q2 2021 forecasts revenue between $55 million and $57 million, with full year expectations set at $221 million to $227 million.

Hims & Hers Health, Inc. (NYSE: HIMS) announced it will restate its 2019 and 2020 consolidated financial statements following SEC guidance regarding SPAC-related warrant accounting. This restatement affects Oaktree Acquisition Corp.'s (OAC) financials, reclassifying warrants as liabilities instead of equity. Hims & Hers anticipates a non-cash expense of less than $5 million and a warrant liability of $30-$35 million as of March 31, 2021. The company asserts that liquidity, cash flows, and revenues remain unaffected by this adjustment.

Hims & Hers Health, Inc. reported strong financial results for Q4 and the full year 2020, showing an 80% year-over-year revenue growth. Q4 revenue reached $41.5 million, a 67% increase from Q4 2019. The company's gross margin also improved to 77% in Q4. While the net loss narrowed to $(5.2) million for Q4, total net loss for 2020 was $(18.1) million, down from $(72.1) million in 2019. Outlook for 2021 anticipates revenue between $195 million to $205 million, with Adjusted EBITDA losses of $(35) million to $(45) million.

Hims & Hers Health, Inc. has appointed Andrea Perez and Ambar Bhattacharyya to its Board of Directors. As the company navigates a critical moment in telehealth post-COVID-19, both leaders bring valuable experience. Perez, currently at Nike, has expertise in scaling consumer businesses, while Bhattacharyya offers a decade of healthcare investment experience. Their appointments aim to enhance access to affordable healthcare, aligning with Hims & Hers' goal to modernize healthcare delivery. The company is traded on NYSE under the symbol 'HIMS' and aims to bridge the gap in consumer healthcare.