Hims & Hers Health, Inc. reported significant financial growth for the fiscal year ending December 31, 2024, with total revenue reaching $1.48 billion, a 69% increase from $872 million in 2023. The company achieved its first full year of profitability, posting a net income of $126 million compared to a net loss of $23.5 million the previous year. Adjusted EBITDA also saw substantial growth, rising to $176.9 million from $49.5 million in 2023. This financial performance reflects the company's successful expansion of its subscription-based health and wellness offerings, particularly in weight loss, which contributed to a 45% increase in subscriber count to approximately 2.23 million.
The company's operational metrics indicate a strong upward trend, with Monthly Online Revenue per Average Subscriber increasing by 19% to $64, and Average Order Value (AOV) rising by 41% to $137. Hims & Hers also reported 10.5 million net orders for the year, a 21% increase from the previous year. The growth in subscribers and engagement metrics is attributed to effective marketing strategies and the introduction of new product offerings, which have enhanced customer acquisition and retention.
Strategically, Hims & Hers has made several key acquisitions, including the purchase of MedisourceRx, a 503B compounding outsourcing facility, for approximately $31 million, and a peptide manufacturing facility for up to $65 million. These acquisitions are expected to bolster the company's supply chain capabilities and expand its product offerings. Additionally, the company has entered into a Revolving Credit Facility of up to $175 million to support its growth initiatives and operational needs.
As of December 31, 2024, Hims & Hers employed 1,637 individuals, a significant increase from 651 employees in 2022, reflecting the company's rapid expansion. The company has also expanded its geographic footprint, having launched operations in the United Kingdom and exploring further international opportunities. Looking ahead, Hims & Hers aims to continue its growth trajectory by investing in new product development, enhancing its technology platform, and expanding its market presence, while navigating the complexities of a highly regulated healthcare environment.
About Hims & Hers Health, Inc.
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