Year-over-year Q3 revenue growth of 91% to
$41.3 million
Ended quarter with increase in gross margins to
76% as well as growth in net orders and average order value
Company partnering with Privia Health
Hims & Hers, a multi-specialty telehealth platform that
connects consumers to licensed healthcare professionals, today
announced robust Q3 2020 results.
“The continued momentum we saw in Q3 2020 is a clear indicator
that our consumer-focused approach to healthcare is resonating with
customers,” said Andrew Dudum, CEO and co-founder of Hims &
Hers. “We believe our direct relationship with consumers combined
with the convenience of our platform and increasing usage of
telehealth enhance our already strong position as we work to become
the front door to the healthcare ecosystem.”
On October 1, 2020, Hims & Hers and Oaktree Acquisition
Corp. (NYSE: OAC.U, OAC, OAC WS), a special purpose acquisition
company sponsored by an affiliate of Oaktree Capital Management,
L.P. (“Oaktree”), announced they had entered into a definitive
merger agreement. Upon completion of the transaction, the combined
company’s common stock is expected to be traded on the New York
Stock Exchange (NYSE) under the symbol “HIMS.”
"Hims & Hers has demonstrated a consistent track record of
strong growth and unit economics," said Patrick McCaney, CEO of
Oaktree Acquisition Corp. "Their Q3 results - particularly the
significant year-over-year revenue growth of 91% - were a
continuation of that impressive record."
Third Quarter 2020 Financial Highlights
- Hims & Hers reported $41.3 million of net revenue in Q3
2020, representing 91% year-over-year growth
- Hims & Hers’ gross margins rose to 76% in Q3, up from 71%
in Q2 2020
- Hims & Hers completed 582,000 net orders in Q3 2020
- Customer average order value increased over 16% from Q2 2020 to
$67
Q1’20 (Three months ended: March 31,
2020)
Q2’20 (Three months ended: June 30,
2020)
Q3’20 (Three months ended: September 30,
2020)
Revenue (in millions)
$30.1
$35.9
$41.3
Year-over-year increase
91%
76%
91%
Gross Margin
69%
71%
76%
Net Orders (in thousands)
546
572
582
Average Order Value
$52
$58
$67
Privia Health Collaboration
Hims & Hers recently solidified a collaboration with Privia
Health, a national physician organization with more than 2,600
providers across multiple states. Privia’s proprietary cloud-based
technology platform, innovative approach to value-based care and
focus on physician-driven wellness help improve outcomes and create
healthier communities. The strategic alliance will provide Hims
& Hers patients with direct access to Privia providers for
in-person and virtual primary care in the District of Columbia,
Georgia, Maryland, Texas and Virginia. The new initiative with
Privia is another example of Hims & Hers' commitment to ensure
consumers have access to a broad spectrum of high-quality care.
“We are committed to working with the best in the industry, like
Privia Health, to expand the scope of care accessible for consumers
through our platform," said Dr. Patrick Carroll, Chief Medical
Officer of Hims & Hers. "As we continue to build the front door
to the healthcare industry, we see incredible opportunity in
collaborating with leading health systems to provide patients with
a broad, comprehensive network of care, and are excited to offer
Hims & Hers customers access to Privia's 2,600 providers."
About Hims & Hers
Hims & Hers is a multi-specialty telehealth platform that
connects consumers to licensed healthcare professionals, enabling
them to access high-quality medical care for numerous conditions
related to primary care, mental health, sexual health, dermatology,
and more. Launched in November 2017, the company also offers
thoughtfully created and curated health and wellness products. With
products and services available across all 50 states and
Washington, D.C., Hims & Hers is able to provide all Americans
access to quality, convenient and affordable care through a
computer or smartphone. Hims & Hers was founded by CEO Andrew
Dudum, Hilary Coles, Jack Abraham and Joe Spector at venture studio
Atomic in San Francisco, California. For more information about
Hims & Hers, please visit forhims.com and forhers.com.
Forward-Looking Statements
Certain statements in this press release may be considered
forward-looking statements. Forward-looking statements generally
relate to future events or Oaktree Acquisition Corp.’s or Hims
& Hers’ future financial or operating performance. For example,
statements about the expected timing of the completion of the
proposed business combination, the benefits of the proposed
business combination, the competitive environment, and the expected
future performance (including future revenue, pro forma enterprise
value, and cash balance) and market opportunities of Hims &
Hers are forward-looking statements. In some cases, you can
identify forward-looking statements by terminology such as “may”,
“should”, “expect”, “intend”, “will”, “estimate”, “anticipate”,
“believe”, “predict”, “potential” or “continue”, or the negatives
of these terms or variations of them or similar terminology. Such
forward-looking statements are subject to risks, uncertainties, and
other factors which could cause actual results to differ materially
from those expressed or implied by such forward looking statements.
These forward-looking statements are based upon estimates and
assumptions that, while considered reasonable by Oaktree
Acquisition Corp. and its management, and Hims & Hers and its
management, as the case may be, are inherently uncertain. Factors
that may cause actual results to differ materially from current
expectations include, but are not limited to: (1) the occurrence of
any event, change or other circumstances that could give rise to
the termination of the definitive agreements with respect to the
proposed business combination; (2) the outcome of any legal
proceedings that may be instituted against Oaktree Acquisition
Corp., Hims & Hers, the combined company or others following
the announcement of the proposed business combination; (3) the
inability to complete the proposed business combination due to the
failure to obtain approval of the shareholders of Oaktree
Acquisition Corp. or to satisfy other conditions to closing,
including the satisfaction of the minimum trust account amount
following any redemptions; (4) changes to the proposed structure of
the business combination that may be required or appropriate as a
result of applicable laws or regulations or as a condition to
obtaining regulatory approval of the proposed business combination;
(5) the ability to meet stock exchange listing standards at or
following the consummation of the proposed business combination;
(6) the risk that the proposed business combination disrupts
current plans and operations of Hims & Hers as a result of the
announcement and consummation of the proposed business combination;
(7) the ability to recognize the anticipated benefits of the
proposed business combination, which may be affected by, among
other things, competition, the ability of the combined company to
grow and manage growth profitably, maintain relationships with
customers and suppliers and retain its management and key
employees; (8) costs related to the proposed business combination;
(9) changes in applicable laws or regulations; (10) the possibility
that Hims & Hers or the combined company may be adversely
affected by other economic, business, and/or competitive factors;
(11) the limited operating history of Hims & Hers; (12) the
Hims & Hers business is subject to significant governmental
regulation; (13) the Hims & Hers business may not successfully
expand into other markets, including womens’ health; and (14) other
risks and uncertainties set forth in the section entitled “Risk
Factors” and “Cautionary Note Regarding Forward-Looking Statements”
in Oaktree Acquisition Corp.’s Annual Report on Form 10-K for the
fiscal year ended December 31, 2019, and which will be set forth in
registration statement on Form S-4 to be filed by Oaktree
Acquisition Corp. with the SEC in connection with the proposed
business combination. Nothing in this press release should be
regarded as a representation by any person that the forward-looking
statements set forth herein will be achieved or that any of the
contemplated results of such forward-looking statements will be
achieved. You should not place undue reliance on forward-looking
statements, which speak only as of the date they are made. Neither
Oaktree Acquisition Corp. nor Hims & Hers undertakes any duty
to update these forward-looking statements.
Additional Information and Where to Find It
Oaktree Acquisition Corp. has filed a Registration Statement on
Form S-4 containing a proxy statement/prospectus relating to the
Business Combination with the SEC, which will be mailed to its
shareholders once definitive. This communication does not contain
all the information that should be considered concerning the
proposed business combination and is not intended to form the basis
of any investment decision or any other decision in respect of the
proposed business combination. Oaktree Acquisition Corp.’s
shareholders and other interested persons are advised to read the
preliminary proxy statement/prospectus and, when available, the
amendments thereto and the definitive proxy statement/prospectus
and other documents filed in connection with the proposed business
combination, as these materials will contain important information
about Oaktree Acquisition Corp., Hims & Hers and the proposed
business combination. When available, the definitive proxy
statement/prospectus and other relevant materials for the proposed
business combination will be mailed to shareholders of Oaktree
Acquisition Corp. as of a record date to be established for voting
on the proposed business combination. Shareholders of Oaktree
Acquisition Corp. will also be able to obtain copies of the
preliminary proxy statement/prospectus, the definitive proxy
statement/prospectus and other documents filed with the SEC,
without charge, once available, at the SEC’s website at
www.sec.gov, or by directing a written request to: Oaktree
Acquisition Corp., 333 South Grand Avenue, 28th Floor, Los Angeles,
California 90071.
Participants in the Solicitation
Oaktree Acquisition Corp. and its directors and executive
officers may be deemed participants in the solicitation of proxies
from Oaktree Acquisition Corp.’s shareholders with respect to the
proposed business combination. A list of the names of those
directors and executive officers and a description of their
interests in Oaktree Acquisition Corp. is contained in Oaktree
Acquisition Corp.’s annual report on Form 10-K for the fiscal year
ended December 31, 2019, which was filed with the SEC, and in the
proxy statement/prospectus for the proposed business combination,
which are available free of charge at the SEC’s web site at
www.sec.gov, or by directing a request to Oaktree Acquisition
Corp., 333 South Grand Avenue, 28th Floor, Los Angeles, California
90071.
Hims & Hers and its directors and executive officers may
also be deemed to be participants in the solicitation of proxies
from the shareholders of Oaktree Acquisition Corp. in connection
with the proposed business combination. A list of the names of such
directors and executive officers and information regarding their
interests in the proposed business combination is included in the
proxy statement/prospectus for the proposed business
combination.
Non-Solicitation
This press release is not a proxy statement or solicitation of a
proxy, consent or authorization with respect to any securities or
in respect of the potential business combination and shall not
constitute an offer to sell or a solicitation of an offer to buy
the securities of Oaktree Acquisition Corp., the Company or the
combined company, nor shall there be any sale of any such
securities in any state or jurisdiction in which such offer,
solicitation, or sale would be unlawful prior to registration or
qualification under the securities laws of such state or
jurisdiction. No offer of securities shall be made except by means
of a prospectus meeting the requirements of the Securities Act of
1933, as amended.
Key Metrics
Average Order Value (“AOV”) is defined as Online Revenue divided
by Net Orders (as defined below). Our Online Revenue is driven by a
combination of AOV and Net Orders. We have historically been able
to increase AOV by making new offerings and subscription options
available to our customers. We have also increased AOV by more
effectively acquiring higher AOV customers through our marketing
channels and campaigns. For the six months ended June 30, 2020, AOV
was $55, up 90% year-over-year, compared to $29 for the six months
ended June 30, 2019.
Net Orders (“Net Orders”) are defined as the number of online
customer orders minus transactions related to refunds, credits,
chargebacks and other negative adjustments. Net Orders represent
transactions made on our platform during a defined period of time
and exclude revenue recognition adjustments recorded pursuant to
accounting principles generally accepted in the United States of
America (“U.S. GAAP”) as discussed below. We monitor the absolute
number of Net Orders as a key indicator of our performance. Our
Online Revenue is driven by a combination of AOV and Net Orders.
Net Orders are driven primarily by the number of new customers
acquired and the number of returning customers that make additional
purchases. In the third quarter of 2019, we implemented a strategy
to acquire higher value and higher AOV customers and to enhance the
customer experience with new offerings and subscription options. As
we implemented this strategy, we reduced our marketing expenses in
the six months ended June 30, 2020 as compared to the six months
ended June 30, 2019. As a result, Net Orders also declined in the
six months ended June 30, 2020, as compared to the six months ended
June 30, 2019. In the three months ended June 30, 2020, as we
optimized what marketing channels and campaigns were most effective
at acquiring higher AOV customers, Net Orders grew to 572,000, up
5% quarter-over-quarter, as compared to 546,000 Net Orders for the
three months ended March 31, 2020.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20201029005351/en/
Investor Relations Hims &
Hers Bob East or Jordan Kohnstam Westwicke, an ICR company
HIMS-IR@westwicke.com (443) 213-0500
Media Relations Hims &
Hers Chelsea Harrison charrison@forhims.com
Sean Leous Westwicke, an ICR company HIMS-PR@westwicke.com (646)
866-4012
Oaktree Acquisition Corp.
mediainquiries@oaktreecapital.com
Oaktree Acquisition (NYSE:OAC)
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