$HIMS Q3 earnings Revenue $890M (+49% YoY) Subscribers ~2.79M (+13% YoY) Monthly revenue per subscriber $105 (+30%) Adjusted EBITDA $82M Gross margin 57% (down from 74%) Net loss $33M Full-year revenue guidance tightened to $3.13–3.15B International business is exploding (Rest of World +321%) while US growth is more moderate. They’re spending hard to expand the platform and weight loss offering, which is crushing margins in the near term. Management is deliberately pacing marketing for bigger platform launches in Q4. Subscribers dropped sequentially for the first time in years, but revenue per user is rising fast (now at $105/user).
Caesar CapitalShare
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