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Mental Health Treatments Demand Jumps, Hims & Hers Slouches

Hims & Hers Health (NYSE:HIMS), the online provider of treatments for erectile dysfunction and hair loss, had its best day on the stock market since its debut three years ago after quarterly results beat estimates and the company said it expects to deliver its first full year of profitability in 2024.

Shares of Hims & Hers opened Wednesday lower 35 cents, or 2.6%, to $13.07, but still, up more than 50% for the year after climbing 39% in 2023.

Hims & Hers is an online platform where patients can meet with providers and get personalized support for skin care, mental health, sexual health, weight loss and hair care. Revenue jumped 47% to $246.6 million, topping the $246 million expected by analysts, according to LSEG, formerly known as Refinitiv.

For the first quarter, Hims & Hers expects revenue growth of at least 40% from a year earlier to between $267 million and $272 million.

Analysts were expecting sales of $253 million. Revenue for the full year will fall between $1.17 billion and $1.2 billion.

During the company’s quarterly call with investors on Monday, CEO Andrew Dudum said personalized solutions have helped attract new users and drive increased longevity on its platform. He said newer specialties such as weight loss, mental health and Hers Dermatology are seeing increased adoption, and could each deliver more than $100 million in revenue in 2025.