Ever wondered what happens when a company rockets to success but stumbles on the numbers? That’s the story of Hims & Hers Health in Q2 2025—a telehealth powerhouse that’s been shaking up the wellness world but hit a speed bump with its latest earnings. The company’s stock took a 9% dive in extended trading after reporting revenue that fell short of Wall Street’s lofty expectations. But is this just a hiccup, or a sign of deeper challenges? Let’s unpack the numbers, the controversies, and what it all means for the future of telehealth.
Hims & Hers Q2 2025: A Mixed Bag of Results
The telehealth industry has been a wild ride, and Hims & Hers is no exception. In Q2 2025, the company reported a whopping 73% year-over-year revenue increase, climbing to $544.8 million from $315.6 million the previous year. That’s the kind of growth that makes investors sit up and take notice. But here’s the kicker: analysts were expecting $552 million, and that small miss sent the stock tumbling. It’s a reminder that in the high-stakes world of Wall Street, even a near-miss can sting.
Despite the revenue shortfall, there’s plenty to celebrate. The company posted a net income of $42.5 million, or 17 cents per share, compared to $13.3 million, or 6 cents per share, a year ago. Adjusted EBITDA also soared to $82 million, up from $39.3 million last year, beating expectations of $73 million. These numbers show a company that’s not just growing but becoming more profitable—a critical factor for long-term success in the competitive digital health space.
Growth isn’t just about revenue—it’s about building a sustainable model that delivers value to customers and investors alike.
– Financial analyst
What’s Driving the Growth?
Hims & Hers has carved out a unique niche in telehealth, offering everything from hair loss treatments to mental health support and, more recently, weight loss solutions. Their platform’s ease of use and focus on personalized care have made it a go-to for millions. But what’s fueling this 73% revenue jump? A few key factors stand out:
- Expanded user base: More people are turning to telehealth for convenience, especially younger demographics who prefer digital solutions.
- Diverse offerings: From skincare to sexual wellness, Hims & Hers covers a broad spectrum, appealing to a wide audience.
- Brand trust: Their marketing has struck a chord, making wellness feel accessible rather than clinical.
Yet, growth doesn’t come without growing pains. The revenue miss suggests that scaling at this pace isn’t as simple as it looks. Perhaps the most intriguing aspect is how Hims & Hers navigates the balance between rapid expansion and meeting investor expectations. It’s like trying to sprint a marathon—exhilarating, but you’ve got to pace yourself.
The Compounded GLP-1 Controversy
One of the biggest headlines surrounding Hims & Hers isn’t about earnings—it’s about compounded GLP-1 drugs. These are cheaper, unapproved versions of blockbuster weight loss and diabetes medications, which have been a hot topic in the healthcare world. When brand-name drugs like these are in short supply, compounded versions can be legally produced. But here’s where it gets messy: regulators announced earlier in 2025 that supply issues had been resolved, putting companies like Hims & Hers in a tricky spot.
Hims & Hers has continued offering these compounded medications, arguing they’re providing personalized doses for specific patient needs—like allergies to ingredients in branded drugs. But not everyone’s on board. A high-profile partnership with a major drugmaker fell apart in June 2025, with accusations that Hims & Hers was mass-producing these drugs under the “false guise” of personalization. The fallout? A 30% stock plunge in a single day. Ouch.
Navigating regulatory gray areas is a tightrope walk—innovate too fast, and you risk falling.
– Healthcare policy expert
I’ve always found the debate around compounded drugs fascinating. On one hand, they make life-changing treatments more affordable. On the other, regulators have a point—mass production without oversight could lead to quality issues. For Hims & Hers, this controversy is a double-edged sword: it’s a revenue driver but also a PR and legal headache.
Looking Ahead: Q3 2025 Outlook
So, what’s next for Hims & Hers? The company’s guidance for Q3 2025 projects revenue between $570 million and $590 million, which aligns closely with analyst expectations of $583 million. However, their adjusted EBITDA forecast of $60 million to $70 million falls short of the $77.1 million Wall Street was hoping for. This cautious outlook might be a strategic move—underpromise and overdeliver, anyone?
Here’s a quick breakdown of what to watch for in Q3:
- Regulatory clarity: Will Hims & Hers find a way to keep offering compounded GLP-1s without further backlash?
- User growth: Can the company maintain its impressive user acquisition pace?
- Profitability: Will EBITDA margins continue to improve as the company scales?
The telehealth landscape is evolving fast, and Hims & Hers is at the forefront. But as someone who’s followed the industry for a while, I can’t help but wonder: can they keep up the momentum while dodging regulatory curveballs? It’s a question worth pondering.
Why Telehealth Matters in 2025
Let’s zoom out for a moment. Telehealth isn’t just about convenience—it’s about reshaping how we think about healthcare. Hims & Hers is part of a broader movement that’s making wellness more accessible, especially for those who might shy away from traditional doctor visits. From mental health to weight loss, their platform tackles issues that resonate with millions.
But accessibility comes with responsibility. The GLP-1 controversy highlights a bigger challenge: how do you innovate in a heavily regulated industry without crossing the line? It’s like trying to dance in a room full of lasers—one wrong move, and you’re in trouble. For Hims & Hers, the key will be finding a balance between pushing boundaries and staying compliant.
| Metric | Q2 2024 | Q2 2025 | Change |
| Revenue | $315.6M | $544.8M | +73% |
| Net Income | $13.3M | $42.5M | +220% |
| Adjusted EBITDA | $39.3M | $82M | +109% |
The table above paints a clear picture: Hims & Hers is growing, and fast. But growth alone isn’t enough. Investors want consistency, and regulators want compliance. It’s a tightrope, but one worth walking for a company with this much potential.
The Bigger Picture: Trust and Transparency
At its core, Hims & Hers is about trust. Customers trust the platform to deliver safe, effective treatments. Investors trust the company to deliver returns. Regulators, well, they just want to make sure everyone’s playing by the rules. The compounded GLP-1 saga has put that trust to the test, and how Hims & Hers responds will shape its future.
In my view, transparency is the way forward. By being upfront about their processes—how they source compounded drugs, how they ensure quality—they can rebuild confidence. It’s not just about avoiding legal trouble; it’s about showing customers and investors that they’re in it for the long haul.
Trust is the currency of telehealth. Without it, even the best platform can falter.
– Digital health strategist
Building trust isn’t easy, especially in an industry where skepticism runs high. But Hims & Hers has a chance to set the standard. By doubling down on quality control and clear communication, they can turn a controversy into a catalyst for growth.
What Investors Should Watch
For those eyeing Hims & Hers as an investment, the Q2 2025 results offer both caution and opportunity. The revenue miss and GLP-1 controversy are red flags, but the company’s growth trajectory and profitability gains are hard to ignore. Here’s a quick checklist for investors:
- Regulatory developments: Keep an eye on any new rules around compounded drugs.
- Competitor moves: Other telehealth players are also vying for market share.
- Customer retention: Are users sticking around, or is churn a growing issue?
Investing in telehealth is like betting on the future of healthcare. It’s exciting, but it’s not for the faint of heart. Hims & Hers has the potential to be a leader, but only if it can navigate the challenges ahead.
Final Thoughts: A Bright but Bumpy Road
Hims & Hers is a company at a crossroads. Their Q2 2025 results show a business that’s growing fast but facing real challenges. The revenue miss and compounded drug controversy are hurdles, but they’re not insurmountable. With the right moves—clear communication, regulatory compliance, and continued innovation—they could solidify their place as a telehealth titan.
As someone who’s watched the telehealth space evolve, I’m rooting for Hims & Hers to get it right. The potential to make healthcare more accessible is huge, but so is the responsibility. What do you think—can they bounce back from this stumble? The next few quarters will tell.
