Shares of Hims & Hers Health Inc. (NYSE: HIMS) tumbled 5.16% in pre-market trading on Tuesday, despite the telehealth company reporting better-than-expected first-quarter results. The sell-off appears to be driven by disappointing revenue guidance for the second quarter and long-term outlook that fell short of analyst expectations.

The telehealth platform reported impressive Q1 results, with revenue more than doubling to $586 million, a 111% increase year-over-year and significantly above the consensus estimate of $538.2 million. Earnings per share came in at $0.20, also beating analyst expectations of $0.12. The company's subscriber base grew to 2.4 million, up 38% compared to the same period last year.

However, Hims & Hers provided second-quarter revenue guidance of $530 million to $550 million, falling short of the $564.56 million analysts were expecting. This guidance reflects a one-time event as the company transitions subscribers previously on commercially-available semaglutide to alternatives on the Hims platform or other platforms. Executives expect this transition to be complete by the end of Q2 and anticipate continued revenue growth for the remainder of the year. The pre-market decline also comes amid a rapidly changing landscape for weight-loss drugs, which have been a significant driver of Hims & Hers' recent growth. The company recently announced a partnership with Novo Nordisk to sell Wegovy in the U.S., but it has also had to discontinue offering compounded semaglutide due to regulatory changes.