SAN FRANCISCO - Hims & Hers Health, Inc. (NYSE:HIMS), a company specializing in telehealth and wellness products, announced the expansion of its board of directors and the appointment of a new independent director, Deb Autor, effective immediately. The announcement came following a board meeting held on Monday.
The board decided to increase its size from nine to ten directors. Autor, aged 57, will occupy the newly created seat until the 2025 annual meeting of stockholders. Her appointment is in line with the company's governance practices and the New York Stock Exchange's independence standards.
Autor brings to the board a wealth of experience and has been deemed independent under the New York Stock Exchange listing standards and the Securities Exchange Act of 1934. She will be compensated according to the terms outlined in the company's April 26, 2024, proxy statement. Additionally, Autor has signed a consulting agreement with Hims & Hers Health, under which she will provide consulting services for a year in exchange for a fee of $100,000. This agreement can be terminated by either party under certain conditions.
The company has also confirmed that Autor has entered into its standard form of indemnification agreement. There are no reported family relationships between Autor and any company executives or directors, nor is there any disclosed transaction between Autor and the company that would require regulatory disclosure.
Along with her directorship, Autor has been appointed to the company's Risk Committee, where she will serve alongside fellow directors Christopher Payne, Anja Manuel, Kåre Schultz, and David Wells, effective from the date of her appointment.
The details of Autor's consulting agreement will be included in the company's Form 10-K filing for the fiscal year ending December 31, 2024. The information in this article is based on an SEC filing by the company.
In other recent news, Hims & Hers Health, Inc. reported a significant 77% year-over-year increase in third-quarter sales, surpassing $400 million, with an adjusted EBITDA over $50 million. The company projected Q4 2024 revenue between $465 million and $470 million, marking an 89% to 91% year-over-year increase. Full-year revenue is expected to be between $1.46 billion and $1.465 billion, reflecting a 67% to 68% increase.
TD Cowen reaffirmed its Buy rating on Hims & Hers, focusing on the impact of an FDA case involving the drug tirzepatide. The resolution of this case could affect the availability of semaglutide, another medication in the same category. BofA Securities downgraded Hims & Hers from Buy to Underperform due to Amazon (NASDAQ:AMZN)'s entry into key markets, potentially affecting pricing and customer acquisition.
Piper Sandler raised Hims & Hers' price target from $18 to $21, maintaining a Neutral stance, while Needham raised the price target to $28, maintaining a Buy rating. The company announced plans to diversify its product offerings, including the launch of liraglutide, the first generic GLP-1, in 2025. These are the recent developments in the company's operations.
InvestingPro Insights
As Hims & Hers Health (NYSE:HIMS) expands its board of directors, recent financial data from InvestingPro sheds light on the company's strong performance. HIMS has shown impressive revenue growth, with a 56.7% increase in the last twelve months as of Q3 2024, reaching $1.24 billion. This growth is particularly noteworthy in the context of the company's telehealth and wellness product focus.
InvestingPro Tips highlight that HIMS has been profitable over the last twelve months, with analysts predicting continued profitability this year. This financial health aligns with the company's strategic moves, such as expanding its board and bringing in experienced directors like Deb Autor.
The company's market capitalization stands at $5.22 billion, reflecting investor confidence in its business model and growth prospects. Additionally, HIMS has demonstrated a strong return over the last year, with a remarkable 187.47% price total return as of the latest data.
For investors seeking more comprehensive analysis, InvestingPro offers 16 additional tips for HIMS, providing deeper insights into the company's financial health and market position.
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