SAN FRANCISCO, United States — US health and wellness startup Hims & Hers has seen its revenue surge by 74% to $52 million, as it continues to leverage consumer demand for digital services.
The multi-speciality telehealth platform — which originally launched in 2017 as a company providing DTC services to men tackling issues such as male pattern baldness, erectile dysfunction and acne — ended the first quarter of 2021 with 391,000 subscriptions, up nearly 80% year-over-year.
Speaking about the brand’s growth, CEO and Co-Founder Andrew Dudum said the results demonstrated the company’s significant progress on its mission of making the highest quality, personalised healthcare accessible to everyone.
“It’s our unique ability to anticipate what’s next, to meet our target consumers where they are, and to deliver a beautiful, digital experience that keeps us at the forefront of the transformation of healthcare,” he argued.
In fact, during the company’s Q1 earnings call last week, Dudum pointed to accelerated growth in the Hers business line — launched as a sister brand to Hims in 2018 — as significantly contributing to the company’s outperformance in the quarter. Revenue from the Hers dermatology product line more than doubled quarter over quarter, he noted.
Elsewhere, the startup’s more recent expansion into telehealth services, including access to primary care and online mental health services also bolstered its growth. In 2020, it conducted more than 2 million telehealth consultations, according to the brand.
Moving forward, the company will continue to focus on building out its suite of virtual behavioural health services to offer the full spectrum of care, Pat Carroll, M.D., Hims & Hers told Fierce Healthcare.
“We are working to bring on providers, board-certified psychiatrists and psychiatric nurse practitioners, to enable consumers access to prescription medications, when it is appropriate for them,” he told the publication.
Adding: “We can now serve 90% of the population and within the next few months, we will be in all 50 states.”
For the upcoming quarter, the publicly-listed company anticipates revenue to be in the range of $55 million to $57 million.
And with two newly appointed board members, Andrea Perez and Ambar Bhattacharyya, tasked with helping the brand to further reimagine the modern healthcare experience, it plans to continue on its rapid trajectory towards building a digital front door to the healthcare system with a patient-friendly entry point.
“Hims & Hers is modernising healthcare by combining consumer product aspects of the industry with direct servicing through telemedicine, while utilising and enhancing societal interest in wellness overall,” Perez — a proven leader at Nike, where she is currently Jordan Brand’s Global Vice President and General Manager of Women’s, said in a statement.
“The brand’s crossover between culture and health is a unique advantage, and what I believe is the way of the future when it comes to healthcare,” she added.