Hims & Hers Health Sees Mixed Q2 as Gross Margin, FCF Weigh, Morgan Stanley Says

MT Newswires Live08-11

Hims & Hers Health (HIMS) reported a mixed Q2, with upside in its US business from branded GLP-1 strength and a ramp in testosterone, offset by disappointing gross margin and weak free cash flow, Morgan Stanley said Tuesday in a note.

Management expects Q3 revenue of $880 million to $900 million and EBITDA of $75 million to $95 million, compared with Street estimates of $777 million and $93 million, respectively. For 2026, the midpoint of sales and EBITDA guidance is now $3.2 billion and $300 million, 10% above and 4% below Street estimates, respectively, according to the note.

Morgan Stanley raised its revenue estimates, driven by Eucalyptus and slightly better domestic trends. It lowered its 2026 and 2027 gross margin estimates to 64.2% and 64% from 70% and 69% previously, partly offset by reduced operating expenses, led by marketing, the note added.

This reflects a changing mix and Hims' prioritization of growth over gross margins. The brokerage also lowered its 2026 EBITDA estimate to $300 million from $312 million, while leaving its 2027 estimate unchanged at $371 million.

Morgan Stanley raised its price target on Hims & Hers Health to $28 from $21, with an equal weight rating.

Shares of Hims & Hers Health were down 2.4% in Tuesday trading.

Price: 31.00, Change: -0.77, Percent Change: -2.44

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For 2026, the midpoint of sales and EBITDA guidance is now $3.2 billion and $300 million, 10% above and 4% below Street estimates, respectively, according to the note.</p><p>Morgan Stanley raised its revenue estimates, driven by Eucalyptus and slightly better domestic trends. It lowered its 2026 and 2027 gross margin estimates to 64.2% and 64% from 70% and 69% previously, partly offset by reduced operating expenses, led by marketing, the note added.</p><p>This reflects a changing mix and Hims' prioritization of growth over gross margins. 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