Hims & Hers Health, Inc. Announces $50 Million Share Repurchase Program Authorization
06 Novembre 2023 - 10:05PM
Business Wire
Strong financial performance and outlook
enables capital allocation flexibility to invest for growth and
return value to shareholders through opportunistic repurchase
program
Hims & Hers Health, Inc. (“Hims & Hers” or the
“Company,” NYSE: HIMS), the leading health and wellness platform,
today announced that its Board of Directors has authorized a share
repurchase program of up to $50 million of outstanding Class A
common stock over the next two years. Hims & Hers intends to
use the program to repurchase shares on a discretionary basis from
time to time, subject to general business and market conditions and
other investment opportunities, through open market purchases,
privately negotiated transactions or other means, including through
10b5-1 trading plans. This repurchase program may be commenced,
suspended or discontinued at any time.
“Given the growing strength of our financial profile and strong
cash flow position, we are excited to announce we are implementing
a share repurchase program to take advantage of an attractive
opportunity and return value to shareholders. While we’ve seen
substantial volatility in the capital markets impact our share
price in the short-term, this new repurchase program reflects our
deep confidence in the intrinsic value of our business,” said
Co-Founder and CEO, Andrew Dudum.
The decision to implement a repurchase program is driven by the
Company’s strong business performance, demonstrated by record
adoption of personalized solutions and services by customers,
expanding market leadership, and consistent financial
outperformance, and the belief that its shares are trading well
below their intrinsic value. Hims & Hers has consistently
delivered high revenue growth and healthy cash flows alongside a
strong balance sheet and the repurchase program gives the Company
the flexibility to act opportunistically while continuing to invest
in innovation and growth.
Today, the Company also announced financial results for the
third quarter 2023, showing that execution across the business
continues to deliver strong financial performance. Revenue was up
57% year-over-year in the third quarter to $226.7 million, and the
Company surpassed 1.4 million subscribers. For the full year,
revenue is expected to be between $868 and $873 million, up 65% to
66% year-over-year. With cash and short-term investments growing to
over $212 million as of the quarter end, and strong cash flow from
operations of over $25 million in the third quarter, the Company is
well-capitalized to make strategic investments to drive growth and
implement this program.
About Hims & Hers Health, Inc.
Hims & Hers is the leading health and wellness platform on a
mission to help the world feel great through the power of better
health.
We believe how you feel in your body and mind transforms how you
show up in life. That’s why we’re building a future where nothing
stands in the way of harnessing this power. Hims & Hers
normalizes health & wellness challenges—and innovates on their
solutions—to make feeling happy and healthy easy to achieve. No two
people are the same, so the Company provides access to personalized
care designed for results.
For more information, please visit www.hims.com and
www.forhers.com.
Cautionary Note Regarding Forward-Looking Statements
This press release includes forward-looking statements within
the meaning of Section 27A of the Securities Act of 1933, as
amended and Section 21E of the Securities Exchange Act of 1934, as
amended. These forward-looking statements can be identified by the
use of forward-looking terminology, including the words “believe,”
“estimate,” “anticipate,” “expect,” “assume,” “imply,” “intend,”
“plan,” “may,” “will,” “potential,” “project,” “predict,”
“continue,” “could,” or “should,” or, in each case, their plural,
their negative or other variations or comparable terminology, and
include, but are not limited to, any statements relating to our
financial outlook and guidance. There can be no assurance that
actual results will not materially differ from expectations. The
forward-looking statements contained in this press release are
based on our current expectations and beliefs concerning future
developments and their potential effects on us. Future developments
affecting us may not be those that we have anticipated. These
forward-looking statements involve a number of risks, uncertainties
(some of which are beyond our control) and other assumptions that
may cause actual results or performance to be materially different
from those expressed or implied by these forward-looking
statements. These risks and uncertainties include, but are not
limited to, those factors described in the “Risk Factors” section
of each of our most recently filed Quarterly Reports on Form 10-Q,
our most recently filed Annual Report on Form 10-K, and any of our
subsequent filings with the Securities and Exchange Commission.
Should one or more of these risks or uncertainties materialize, or
should any of our assumptions prove incorrect, actual results may
vary in material respects from those projected in these
forward-looking statements. We undertake no obligation to update or
revise any forward-looking statements, whether as a result of new
information, future events or otherwise, except as may be required
under applicable securities laws.
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version on businesswire.com: https://www.businesswire.com/news/home/20231106471253/en/
Investor Relations investors@forhims.com
Khobi Brooklyn Press@forhims.com
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