Hims & Hers plummets 16% after first-quarter loss, weak earnings guidance

Piotr Swat | Lightrocket | Telehealth company Hims & Hers' stock plummeted in early trading Tuesday after posting a first-quarter loss and weak earnings guidance for the year ahead. The digital health firm reported a net loss of $92 million in its first quarter earnings on Monday, compared with roughly $50 million for the same period the prior year. Its adjusted Ebitda was $44 million, down from $91 million last year. Meanwhile, revenue was up 4% to $608 million. Average monthly revenue per subscriber was $80, down from $85 last year. Hims is expecting revenue in a range between $680 million and $700 million for the second quarter, and is forecasting up to $3 billion in revenue for the full year. It forecast adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) up to $55 million for the second quarter, and up to $350 million for the full year. The company's stock was last trading down 15.7% in premarket trading. Stock Chart Icon Stock chart icon Hims & Hers shares year to date. Citi analysts described the forecast as "mixed" and noted that Hims & Hers second-quarter outlook came in below Citi's estimates. The analysts also flagged that the first quarter marks a "transition" phase for the company as it reduces its reliance on compounded GLP-1s. Hims reached a deal with Novo Nordisk in March to sell its GLP-1 weight loss drug Wegovy on its platform while committing to stop advertising cheaper copycat versions of the drug known as compounding drugs. …