Hims & Hers Health increases profits. CFO talks about GLP-1 influences.

Hims & Hers Health (HIMS) shares jumped in extended trading after the company reported better-than-expected third-quarter sales and raised its outlook. The telemedicine company turned a profit, helped by a tax benefit and strong demand for GLP-1 weight-loss drugs.

In an interview on Market Domination Overtime, Yemi Okupe, CFO of Hims & Hers Health, discusses the quarter with hosts Julie Hyman and Josh Lipton.

“We experienced a 77% year-over-year increase in revenue to over $400 million. At the same time, we are also seeing very strong EBITDA margins of over 13%,” says Okupe. “In addition, at the end of the quarter we also saw 2 million consumers on the platform, 1 million of whom benefited from a personalized solution. And so the strong results we're seeing in the third quarter are really a reflection of us executing on the strategy that we've pursued over the last few years.”

Okupe also addresses a possible headwind for the company, namely that weight loss drugs from Eli Lilly (LLY) and Novo Nordisk (NVO) will be removed from the FDA's (Food and Drug Administration) deficiency list. Okupe, however, says this is not a cause for concern at the moment but admits that the shortages will come to an end.

“Our view is that we are still seeing a shortage of medicines. And what we see on our platform. The advantage of a consumer-facing platform is that we hear feedback directly from consumers and know what the consumers are.” They tell us exactly that they have had difficulty getting access to branded GLP-1 drugs in the last two months “, says Okupe.

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This post was written by Rachel Sherman.