Hims & Hers: First Look: Mixed 1Q and soft 2Q profit outlook implies steep 2H ramp

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Hims & Hers: First Look: Mixed 1Q and soft 2Q profit outlook implies steep 2H ramp

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Hims & Hers

First Look: Mixed 1Q and soft 2Q profit

outlook implies steep 2H ramp

Maintain Rating: NEUTRAL | PO: 32.00 USD | Price: 29.14 USD

2Q outlook mixed: components of revenue are important 11 May 2026

HIMS reported a mixed first quarter with revenue and EBITDA below the Street, but Equity

subscribers above the Street (see preview note). The outlook for 2Q was mixed, with

revenue significantly ahead of the Street and EBITDA significantly below the Street. On AllenResearchLutz,AnalystCFA

first glance, we wonder if HIMS’ 2Q revenue contemplates pass-through revenue from BofAS

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its partnership with Novo Nordisk. We believe some of the implied revenue strength in allen.lutz@bofa.com

2Q and the full year may also be coming from the International business. The implied 2Q Dev Weerasuriya

EBITDA is significantly below the Street and consistent with our view that the full year Research Analyst

BofAS

EBITDA (which was revised modestly lower), is still too high. On the call, we look for +1 646 855 5707

more information about revenue recognition, the outlook in 2Q and the significant dev.weerasuriya@bofa.com

implied profit ramp in the back half of the year. We maintain our Neutral rating ahead of Hanna Lee Research Analyst

the call at 5pm. BofAS

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1Q revenue and EBITDA miss ST, ROW ahead of BofA hanna.y.lee@bofa.com

1Q revenue of $608.1MM missed VA consensus estimates of 616.8MM and BofA’s

estimate of $617.2MM, with strength in international more than offset by softer U.S.

Stock Datarevenue. Rest of the world (ROW) revenue of $78.2MM was ahead of BofA’s estimate of

$69.5MM. Adj.