Smooth six month transition plan in place;
The search for Company’s next CFO has begun;
Company reaffirms Q3 and FY 2021 guidance
Hims & Hers Health, Inc. (“Hims & Hers”, NYSE: HIMS),
the multi-specialty telehealth platform that provides modern
personalized health and wellness experiences to consumers, today
announced that Spencer Lee plans to step down from his role as the
company’s Chief Financial Officer. Lee, who joined the company in
March 2019, will lead a six month transition plan and continue to
support the company until a new CFO is appointed to ensure a smooth
transition. The search for a new Chief Financial Officer has begun
and is being led by Co-Founder and CEO Andrew Dudum and Board
Member and Audit Chair, David Wells, the former CFO of Netflix.
“It has been an honor to work at Hims & Hers, such a
transformative and impactful company, during a critical period of
growth,” said Lee. “Andrew and I agree that given the strong
financial position of the Company and the exciting growth
initiatives now kicking off, the time is right to begin the process
of finding a new financial leader to guide the company in its next
stage.”
“Spencer has been a valuable partner for Hims & Hers as we
have achieved several significant company milestones, including our
transition to a publicly traded company, two completed acquisitions
and strong quarterly earnings for the last three quarters,” said
Dudum. “Spencer, the leadership team and I will work closely to
manage a smooth transition over the next six months as we identify
a new CFO to partner in bringing our next chapter of growth and
ambitious goals to life.”
This announcement follows Hims & Hers’ strong reported Q2
earnings in 2021. In 2020, full year revenue grew by 80%
year-over-year. In Q1 and Q2 of 2021, quarterly revenue grew
year-over-year by 74% and 69%, respectively, exceeding the
company’s previous guidance for each such quarter and resulting in
the company sequentially increasing its full-year revenue guidance.
As of Q2, Hims & Hers has grown subscriptions year-over-year by
76% to 453,000 as it continues to focus-in on expanding core
services and investing in new ones. The company also recently
announced the appointment of its first Chief Growth Officer.
Hims & Hers today also reaffirmed its financial guidance for
the third quarter and full year 2021, which it provided in
connection with the announcement of the company's second quarter
2021 financial results on Aug. 11, 2021.
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 "believes,"
"estimates," "anticipates," "expects," "intends," "plans," "may,"
"will," "potential," "projects," "predicts," "continue," or
"should," or, in each case, their negative or other variations or
comparable terminology. There can be no assurance that actual
results will not materially differ from expectations. Such
statements include, but are not limited to, any statements relating
to our financial outlook and guidance, our expected future
financial and business performance, the assumptions underlying such
statements, statements about events and trends including events and
trends that we believe may affect our financial condition, results
of operations, short- and long-term business operations and
objectives, and financial needs, our expectations regarding the
success of our business model, the growth of certain of our
categories, our ability to expand the scope of our offerings, and
our ability to timely find a suitable new Chief Financial Officer.
These statements are based on management’s current expectations,
but actual results may differ materially due to various
factors.
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 our most recently filed Annual Report on Form 10-K for the year
ended December 31, 2020, as amended, our most recent Quarterly
Report on Form 10-Q, and our subsequent filings with the Securities
and Exchange Commission (the "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.
By their nature, forward-looking statements involve risks and
uncertainties because they relate to events and depend on
circumstances that may or may not occur in the future. We caution
you that forward-looking statements are not guarantees of future
performance and that our actual results of operations, financial
condition and liquidity, and developments in the industry in which
we operate may differ materially from those made in or suggested by
the forward-looking statements contained in reports we have filed
or will file with the Commission, including our annual report on
Form 10-K for the year ended December 31, 2020, as amended, our
most recent Quarterly Report on Form 10-Q, and our subsequent
filings with the Commission. In addition, even if our results of
operations, financial condition and liquidity, and developments in
the industry in which we operate are consistent with the
forward-looking statements contained in such reports, those results
or developments may not be indicative of results or developments in
subsequent periods.
About Hims & Hers
Hims & Hers is a multi-specialty telehealth platform that
connects consumers to licensed healthcare professionals, enabling
them to access high-quality medical care for numerous conditions
related to primary care, mental health, sexual health, dermatology,
and more. Launched in November 2017, the company also offers
thoughtfully created and curated health and wellness products. With
products and services available across all 50 states and
Washington, D.C., Hims & Hers is able to provide access to
quality, convenient and affordable care for all Americans. Hims
& Hers was founded by CEO Andrew Dudum, Hilary Coles, Jack
Abraham and Joe Spector at venture studio Atomic in San Francisco,
California. For more information about Hims & Hers, please
visit forhims.com and forhers.com.
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version on businesswire.com: https://www.businesswire.com/news/home/20210907005286/en/
Linda O'Connor press@forhims.com
Hims and Hers Health (NYSE:HIMS)
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