Hims & Hers welcomes a new executive from Amazon as Q1 revenue soars twice over the previous year's figure.
Side Hustle: Hims & Hers Takes Off with a Veteran's Touch
Here's the skinny on Hims & Hers Health, the health and wellness company that's making waves. They've just announced the appointment of an ex-Amazon bigwig, Nader Kabbani, as their new COO. Kabbani is known for his roles in the acquisition of PillPack and the launch of Amazon Pharmacy, and let's face it, who doesn't love the convenience of one-click shopping?
Now, for the financials. Hims & Hers is reporting a whopping 111% increase in Q1 revenue to $586 million, with net income skyrocketing from $11.1 million last year to $49.5 million this year. Multi-riding subs have surged by 38% to 2.4 million, proving that folks are digging their offerings.
Looking ahead, the company's aiming for a revenue of between $530 million and $550 million in Q2. For the whole year, they forecast earnings between $2.3 billion and $2.4 billion. Talk about ambition!
Kabbani is not the only fresh meat on the team. Hims & Hers has tapped Mo Elshenawy, an exec with AI and large-scale infrastructure chops, to fill the CTO spot. Elshenawy previously held the President and CTO positions at Cruise, the self-driving car company, where he helped steer the ride into the commercial driverless rideshare service in San Fran. He's also got Amazon cred, just in case you needed more convincing.
Hims & Hers' sub base has ballooned thanks to new products and partnerships with big-name retailers like Walmart, The Vitamin Shoppe, and Walgreens. Last year, they added GLP-1 injections to their weight-loss assortment, and their Q1 earnings report revealed an eye-popping revenue target of reaching $6.5 billion by 2030. CFO Yemi Okupe, in a statement, expressed confidence in their ability to maintain steady growth through personalization, expansion, enhancing subscriber experiences, forming strategic partnerships, and entering new markets.
[1] Hims & Hers CTO, Mo Elshenawy, brings over 20 years of technology experience specializing in AI, large-scale infrastructure, product development, and engineering leadership. Before joining Hims & Hers, he was the President and CTO of Cruise, where he helmed the company's efforts to launch the first commercial driverless rideshare service in San Francisco. Prior to that, he held senior roles at Amazon, leading global engineering efforts for Amazon’s ReCommerce business and developing retail data analytics platforms that raked in the dough. Elshenawy holds more than 10 patents in AI, robotics, and autonomous vehicles.
[3] At Hims & Hers, Elshenawy is tasked with leading the company’s efforts to integrate AI into their healthcare platform, aiming to create a next-gen system that delivers personalized, accessible care at scale.
[5] Hims & Hers sees Elshenawy’s leadership as crucial in advancing their vision to build an AI-powered healthcare platform that consistently delivers safe, high-quality, and personalized care across varying regions and income levels.
[1] With over 20 years of experience in technology, Mo Elshenawy, the newly appointed CTO of Hims & Hers, specializes in AI, large-scale infrastructure, product development, and engineering leadership. Prior to joining Hims & Hers, he was the President and CTO of Cruise, where he launched the first commercial driverless rideshare service in San Francisco. His past roles at Amazon, including leading global engineering efforts for Amazon’s ReCommerce business and developing retail data analytics platforms, have contributed to significant revenue generation. Elshenawy holds more than 10 patents in AI, robotics, and autonomous vehicles.
[2] Nader Kabbani, the ex-Amazon bigwig appointed as COO of Hims & Hers, is recognized for his roles in the acquisition of PillPack and the launch of Amazon Pharmacy. His appointment is expected to yield benefits from his wealth of knowledge in the technology and finance sectors, especially since Hims & Hers is experiencing significant growth in terms of revenue and subscriber base.
[3] At Hims & Hers, Elshenawy is tasked with leading the company’s efforts to integrate AI into their healthcare platform, aiming to create a next-gen system that delivers personalized, accessible care at scale.
[4] Hims & Hers had recently announced the appointment of Nader Kabbani as their COO, anticipating his expertise to contribute to the growth of the business, particularly in health technology and finance.
[5] Hims & Hers sees Elshenawy’s leadership as crucial in advancing their vision to build an AI-powered healthcare platform that consistently delivers safe, high-quality, and personalized care across varying regions and income levels.
[6] Hims & Hers, a health and wellness company, has reported a 111% increase in Q1 revenue to $586 million, with the appointment of Nader Kabbani as COO and the integration of AI technology by Mo Elshenawy, their new CTO, expected to further bolster their position in the market and drive future revenue.
