SAN FRANCISCO - Hims & Hers Health, Inc. (NYSE: HIMS), a health and wellness platform, has launched a Service Appreciation Initiative aimed at providing discounted weight loss treatments to U.S. military, veterans, teachers, nurses, and first responders. The initiative offers compounded GLP-1 subscriptions starting at $99 a month, a significant reduction from the standard price, to eligible individuals within these service sectors.
The company's move comes against the backdrop of a pressing need for accessible weight loss solutions in the U.S. According to World Health Organization statistics, a substantial portion of the American adult population is affected by obesity or overweight conditions, with associated health risks and mortality. Studies highlight that specific groups, including veterans, active military members, school teachers, and healthcare workers like nurses, are particularly affected by obesity.
Hims & Hers reports that, based on self-reported data from around 12,000 customers using their weight loss treatments, users have seen an average weight loss of 10.2 pounds with compounded GLP-1 injections and 6.3 pounds with non-GLP-1 oral medication kits within the first four weeks of their program. These treatments are part of a personalized health regimen that may also include diet and exercise plans.
GLP-1 medications are known to help manage blood sugar levels, reduce cravings, and suppress appetite, contributing to weight loss when combined with a reduced-calorie diet and increased physical activity. The company emphasizes the importance of comprehensive care that addresses various factors influencing weight, such as nutrition and lifestyle habits.
Hims & Hers ensures that the compounded GLP-1 injections provided are shipped from state-licensed, FDA-regulated facilities, maintaining a commitment to safety and quality standards. The treatments are tailored to individual needs and are prescribed by licensed healthcare providers on the Hims & Hers platform.
For further information regarding the Service Appreciation Initiative, including eligibility and restrictions, individuals are directed to the company's dedicated web pages.
This news article is based on a press release statement from Hims & Hers Health, Inc.
In other recent news, Hims & Hers Health, Inc. issued 976,341 Class A common shares to Nivagen Pharmaceuticals, Inc. as part of the acquisition of MedisourceRx. The transaction expands the company's product offerings and market reach. On the financial front, Hims & Hers Health reported a 52% year-over-year revenue increase in Q2 2024, reaching $316 million, along with an adjusted EBITDA of $39 million. Analysts' opinions varied, with Citi maintaining a Neutral rating, Needham initiating a Buy rating, and Jefferies reducing its price target, citing a need to update their financial model. Deutsche Bank (ETR:DBKGn), however, increased its target, highlighting the company's growth prospects. Hims & Hers Health's entry into the compounded GLP-1 space has been a point of interest among analysts. The company projects its 2024 revenue to fall between $1.37 billion and $1.4 billion, with an adjusted EBITDA between $140 million and $155 million.
InvestingPro Insights
In the context of Hims & Hers Health, Inc.'s (NYSE: HIMS) new initiative to provide discounted weight loss treatments to service members and professionals, the company's financial health and market performance are of interest to investors monitoring the potential impact of such programs on the company's growth and profitability. According to InvestingPro data, Hims & Hers showcases a robust market capitalization of $3.48 billion, reflecting the market's optimism about the company's business model and future prospects.
One notable InvestingPro Tip for Hims & Hers is that management has been aggressively buying back shares, signaling confidence in the company's future and potentially leading to increased shareholder value. Additionally, analysts have revised their earnings upwards for the upcoming period, which could be indicative of a positive outlook for the company's financial performance.
Investors may also be interested in the company's financial metrics, such as a high P/E ratio of 189.41, which suggests that the stock is trading at a premium based on current earnings. This is supported by a high Price / Book ratio of 9.63 as of the last twelve months leading up to Q2 2024. Despite these high valuation multiples, the company's revenue growth is impressive, with a 50.15% increase over the last twelve months and a 51.82% quarterly growth rate, indicating that Hims & Hers is rapidly expanding its revenue base.
For those interested in further investment analysis, there are additional InvestingPro Tips available for Hims & Hers, providing deeper insights into the company's financial health and market performance. Visit https://www.investing.com/pro/HIMS for a comprehensive list of these tips and metrics.
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