Hims & Hers is bolstering its position in the on-demand digital health market with a mobile app for its over half a million subscription members.
The app will be a “simple and unified hub” for the company’s telehealth offerings as well as additional content like health and wellness educational programs, the direct-to-consumer company said in a release Wednesday.
Included in the app’s features are 24/7 concierge services, tools for scheduling virtual consultations, and a member store for purchasing the company’s non-prescription products, among other services.
“In the near term, I’m confident what we built will be wildly additive to our existing offerings,” said Andrew Dudum, CEO and co-founder, on Wednesday’s third-quarter earnings call. “In the long term, I believe we may have just introduced a new way entirely to think about the delivery of healthcare.”
The company said it will start rolling out the app “in the coming weeks” to its subscription members.
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Along with the announcement, Hims & Hers reported strong third-quarter earnings on Wednesday.
The consumer and telehealth wellness brand saw a surge in revenue in the third quarter, reporting $74.2 million compared to $41.3 million in the previous year period, a 79% year-over-year increase.
In response to the results, the company raised its full-year revenue guidance to between $263 million to $265 million in revenue for 2021, compared to previous guidance that topped out at $255 million.
The company also narrowed its full-year adjusted EBITDA guidance to a loss of $35 to $37 million.
“Our mission is to make the highest quality personalized healthcare accessible to everyone. This quarter we delivered on that mission at a scale never achieved in the company’s history,” Dudum said.
The brand’s subscription-based membership numbers increased to 551,000 through the third quarter, nearly double the company’s membership in the third quarter of 2020.
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The new mobile offerings could improve retention rates as well as encourage continued membership growth, Dudum said.
“I think that high touch concierge experience, and focus on clinical efficacy, is really at the core of this. And we really do believe it has material potential to impact retention long-term,” he said.
The company's third-quarter earnings also saw a loss of 8 cents per share, roughly in line with Wall Street’s projections.
Hims & Hers has significantly expanded its offerings since the start of the pandemic, extending its reach to all 50 states with efforts directed in key areas like mental health services, launched last April.
Earlier this year, the company acquired teledermatology startup Apostrophe for $150 million, as well as personalized health company Honest Health for $10 million.
The company also announced last week that Walgreens will begin selling Hims & Hers supplements and sexual health and wellness products online, as well as stocking them in their over 7,000 stores nationwide.
Despite facing substantial competition in the market, against telehealth giants like Teladoc and big tech names digging into healthcare like Amazon, Hims & Hers is confident they’re providing something distinct, CFO Spencer Lee said.
“We believe we are addressing numerous multibillion-dollar markets, that we are uniquely positioned to address this new generation of healthcare consumers with a brand and set of experiences to meet their needs, and that we are well-positioned to be a long-term high-growth business,” he said.
Founded in 2017, the company went public in a $1.6 billion SPAC merger in January of this year.