Hims & Hers Health (NYSE: HIMS) reported first-quarter results that show a company navigating a deliberate reset in its weight-loss business. Revenue grew, subscribers grew, and full-year guidance moved higher. Underneath the headline, the geographic mix tells the real story.
Q1 revenue of $608.1 million came in 4% higher year over year, below the $617 million consensus but inside the company’s own $600 to $625 million guidance range. Management had flagged roughly $65 million of GLP-1 timing pressure tied to the shift away from compounded semaglutide and toward branded assortment.
The geographic split is where the quarter gets interesting. U.S. revenue fell 8% year over year. International revenue surged to $78.2 million, up roughly 970%, more than absorbing the domestic decline. Subscribers reached 2.6 million, up 9%.
Margins compressed as expected. Gross margin came in at 65%, down from 73% a year ago, reflecting the higher cost structure of branded GLP-1 product relative to the prior compounded mix. Adjusted EBITDA of $44.3 million translated to a 7.3% margin. Cash generation held up well, with $89.4 million in operating cash flow and $53 million of free cash flow.
CEO Andrew Dudum: “2026 is a defining year for Hims & Hers. We’re not just growing, we’re pulling away from the field. The demand for a simpler, more personal path to feeling great has never been stronger.”
CFO Yemi Okupe pointed to early traction in the expanded branded GLP-1 assortment and said the platform’s scale is enabling further investment in technology, diagnostics, and international expansion.
Guidance
Hims raised the low end of its full-year revenue range to $2.8 to $3.0 billion from $2.7 to $2.9 billion. Adjusted EBITDA guidance moved to $275 to $350 million. Q2 revenue is guided to $680 to $700 million with adjusted EBITDA of $35 to $55 million. Guidance excludes any contribution from the pending Eucalyptus acquisition.
What investors are watching
The investment case now turns on two intersecting curves. Domestic revenue needs to stabilize as the branded GLP-1 mix matures and the year-over-year compounded comparison fades. International needs to keep scaling at something close to its current pace to justify the multiple. With 2.6 million subscribers, roughly 90% of recurring revenue coming from the existing base, and free cash flow funding the transition without leverage stress, the operating model has runway. The question for the back half is execution on the international rollout and the closing of Eucalyptus, which would add a material Australian and U.K. footprint outside current guidance.
Shares moved in after-hours trading on the print as investors weighed the subscriber growth and raised outlook against the domestic softness and margin compression.
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