Hims and Hers misses revenue estimates on decreasing wholesale demand
The results follow the U.S. Food and Drug Administration's sunset deadline for telehealth companies to end mass compounding. Hims and rival telehealth companies have launched programs that offer "personalized" versions of semaglutide, the active ingredient in weight-loss drug Wegovy, at doses not accessible through the branded manufacturers.
Wegovy maker Novo Nordisk (NVOH.P), opens new tab has characterized mass personalization as illegal, and analysts have questioned whether Hims will be able to sustain its growth following the crackdown.
Hims and Hers reported quarterly revenue of $544.8 million, missing analysts' average expectation of $551.6 million.
The company's wholesale unit, which represents non-prescription product sales to retailers through wholesale purchasing agreements, posted quarterly sales of $7.95 million, down 10% from a year ago.
On a year-over-year basis, subscribers increased 31% to 2.44 million in the second quarter. Subscribers rose 38% in the first three months of the year.
The company reported a quarterly profit of 17 cents per share, higher than the average analyst estimate of 15 cents, according to LSEG data.
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