Investing.com — Hims Hers Health Inc (NYSE:) reported third-quarter results that beat analysts’ expectations and raised its full-year forecast, driven by strong growth in the number of subscribers and improved profitability.

The stock rose 2.5% after the results were released.

The health and wellness platform reported adjusted earnings per share of $0.32, beating analysts’ estimate of $0.10 by $0.22. Revenue for the quarter was $401.6 million, up 77% year over year and beating the consensus estimate of $382.2 million.

Hims & Hers saw its subscriber base reach 2.0 million, an increase of 44% year-over-year. The company noted that more than 1 million subscribers now use custom solutions.

“Our execution of a strategy that provides customers with convenient, transparent and affordable access to care designed specifically for them allows us to reach millions of people across the country,” said Andrew Dudum, co-founder and CEO .

For the fourth quarter, Hims & Hers expects revenue between $465 million and $470 million, above the consensus of $421.1 million. The company raised its full-year 2024 revenue forecast to a range of $1.460 billion to $1.465 billion, up from the previous analyst consensus of $1.4 billion.

Chief Financial Officer Yemi Okupe highlighted the company’s improving profitability, saying: “Our model is rapidly gaining momentum, leading to accelerated revenue growth, improved profitability and flow of solid cash flow. »