Benzinga | Aug 12, 2021 08:47AM EDT

Hims & Hers Stock Shoot Up - What You Need To Know

* A multi-specialty telehealth platform provider, Hims & Hers Health Inc (NYSE:HIMS), reported Q2 sales increased 69% Y/Y to $60.7 million, beating the consensus of $56.49 million.

* "This was a quarter of very strong execution, as we continued to drive consistent organic revenue growth across our business, from our core categories to the newer mental health services," said Andrew Dudum, CEO and co-founder.

* The average order value increased to $74 from $58 in Q2 FY20. The Net orders grew from 572,000 to 786,000, with the end of period subscription of 453,000, compared to 258,000 a year ago.

* Hims & Hers recently completed the acquisitions of Apostrophe, a teledermatology specialist and compounding pharmacy, and Honest Health, a London-based vertical health platform.

* The overall gross margin expanded from 71% to 78%.

* Higher costs resulted in a wider operating loss of $(17.4) million versus around $(1) million a year ago.

* Q2 EPS loss of $(0.05) compared to $(0.03) a year ago was ahead of the consensus of a loss of $(0.10).

* Q3 FY21 Guidance: Hims & Hers expects Q3 sales of $69 million - $71 million (consensus $58.31 million), with an adjusted EBITDA loss of $(9) million - $(11) million.

* For FY21, HIMS forecasts revenue of $251 million - $255 million, with an adjusted EBITDA loss of $35 million - $40 million.

* Price Action: HIMS shares are up 11.40% at $8.43 during the premarket session on the last check Thursday.