MW Hims & Hers' expansion plans - as well as its Super Bowl ad - have investors worried about profits

By Bill Peters

The wellness platform's results arrived amid heightened legal and regulatory scrutiny over its weight-loss-drug business

Hims & Hers reported quarterly results Monday after the closing bell.

Shares of Hims & Hers fell after hours on Monday after the wellness platform's first-quarter profit forecast missed expectations, pressured by the money it spent on a Super Bowl ad and planned investments in new technology and products.

Hims & Hers' stock $(HIMS)$ stock slid 8.5% in extended trading Monday, after closing the day's session down 0.8%.

The stock's after-hours move follows a 61% decline over the past 12 months, as the company deals with greater legal and regulatory scrutiny over the weight-loss drugs sold on its platform.

Hims & Hers - which offers GLP-1 medications and other drugs, as well as telehealth services - said it expects first-quarter revenue of $600 million to $625 million. That was below analyst expectations for $653.1 million. It forecast adjusted EBITDA - or earnings before interest, taxes, depreciation and amortization - of $35 million to $55 million, below the $82.3 million forecast by analysts.

However, the midpoint of Hims & Hers' full-year forecast for sales of $2.7 billion to $2.9 billion was above Wall Street's estimates.

During the company's earnings call, CFO Yemi Okupe said that the outlook factored in changes in shipping patterns for weight-loss drugs that would hit sales, an advertisement it ran during the Super Bowl, and investments in new product rollouts like treatments targeting low testosterone and menopause.

He added that investment in the platform and in technology like artificial intelligence, as well as expansion abroad, would play a bigger role for the company this year.

Hims & Hers reported fourth-quarter sales of $617.8 million, below Wall Street's estimates. It earned 8 cents a share during the fourth quarter, above analyst estimates.

The company last week said it would buy Australia-based telehealth provider Eucalyptus in a deal worth as much as $1.15 billion. But it tries to capitalize on the popularity of weight-loss drugs like Wegovy, it has gotten more attention from rivals and regulators.

Hims & Hers this month launched a cheaper, compounded version of the new Wegovy pill - leading drugmaker Novo Nordisk (NVO), which makes Wegovy, to sue. It pulled the product after the U.S. Department of Health and Human Services' general counsel said he had referred Hims & Hers to the Justice Department for investigation into possible legal violations.

Hims & Hers said it would stop selling the product following "constructive conversations with stakeholders across the industry."

During Monday's earnings call, Hims & Hers said most of its sales and profits came from areas outside of weight loss.

-Bill Peters

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February 23, 2026 20:56 ET (01:56 GMT)

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