Hims & Hers Health Inc. (NYSE:HIMS) shares are trading higher Tuesday after the company reported strong third-quarter results and raised its full-year revenue outlook. Here's what you need to know.

What To Know: Hims & Hers Health reported third-quarter earnings per share of 32 cents, beating estimates of 4 cents. Revenue for the quarter reached $401.6 million, surpassing expectations of $382.2 million and marking a substantial rise from $226.7 million in the same period last year.

The company said its subscriber base has grown to 2 million, representing a 44% increase year-over-year. Gross margin for the third quarter was 79%. Hims & Hers also reported net income of $75.6 million, representing a significant turnaround from the $7.6 million net loss reported in third quarter of 2023.

"In the third quarter, we eclipsed 2 million subscribers on our platform, with more than 1 million utilizing a personalized solution. These are significant milestones and confirm we are on a path to helping an American in every household feel great through the power of better health," said Andrew Dudum, co-founder and CEO of Hims & Hers Health.

Hims & Hers raised its fiscal 2024 revenue guidance to $1.46 billion to $1.465 billion, versus estimates of $1.396 billion. The company said it expects fourth-quarter revenue to range between $465 million and $470 million.

Following the print, Canaccord Genuity analyst Maria Ripps maintained Hims & Hers Health with a Buy rating and raised the price target from $24 to $28.

Hims Price Action: Hims & Hers shares were up 5.39% at $21.89 at the time of writing, according to Benzinga Pro.

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Image: Mohamed Hassan from Pixabay.