Here is why Hims & Hers Health Inc. (HIMS) Stock surged in the after-hours on Wednesday?

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Hims & Hers Health Inc. (HIMS) shares rose 11.62% in after-hours on Wednesday, August 11, 2021, and closed the Daily trading at $8.45. Earlier in the regular trading session on Wednesday, HIMS’s stock lost 3.44%. HIMS shares have fallen 28.58% over the last 12 months, and they have moved down 6.66% in the past week. Over the past three months, the stock has lost 15.61%, while over the past six months, it has declined 65.99%.

Let’s have a look at its recent news and developments


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HIMS recent financial results announcement

On August 11, 2021, Hims & Hers Health, Inc reported financial results for the second quarter ending June 30, 2021.

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Q2 2021 financial highlights

  • HIMS reported revenue of $60.7 million for the second quarter of 2021 compared to $35.9 million for the second quarter of 2020.
  • In Q2 2021, the gross margin was 78% compared to 71% for the second quarter of 2020.
  • Total operating expenses were $64.68 million in Q2 2021 compared to $26.64 million in Q2 2020.
  • It suffered a net loss of $9.2 million for Q2 2021 compared to $1.0 million for Q2 2020.
  • Net loss per basic and diluted share was $0.05 in Q2 2021 compared to $0.03 in Q2 2020.
  • Adjusted EBITDA was $4.7 million for Q2 2021 compared to $1.2 million in Q2 2020.

The financial outlook for Q3 2021

For the third quarter of 2021, the company is expecting

  • Revenue to be in the range of $69 million to $71 million.
  • Adjusted EBITDA to be in the range of $9 million to $11 million.

HIMS Redeemed All Outstanding Warrants

On July 09, 2021, Hims & Hers Health, Inc announced to redeem all of its outstanding warrants to purchase shares of the Company’s Class A common stock, par value $0.0001 per share that were issued under the Warrant Agreement, dated July 22, 2019, by and between the Company and Continental Stock Transfer & Trust Company, as to warrant agent, that remained outstanding at 5:00 p.m. New York City time on August 9, 2021.

HIMS completed the acquisition of Apostrophe

On July 07, 2021, Hims & Hers Health, Inc finalized the acquisition of teledermatology specialist, Apostrophe. With this closing, the company will expand its ability to provide consumers with some of the most advanced and personalized dermatology treatments, faster and at scale.

The entire Apostrophe team will be joining Hims & Hers to help run the company’s growing dermatology business line. Apostrophe Chief Executive Officer and Co-Founder Ben Holber will become CEO of the Hims & Hers dermatology business line, reporting directly to Hims & Hers Chief Operating Officer Melissa Baird.

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Conclusion

The recent financial results were the reason behind its gains in the after-hours on Wednesday and it may continue its positive streak in the next trading sessions as well.

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