Hims & Hers falls after Q1 revenue miss, weight-loss pivot pressures margins

Hims & Hers Health (NYSE:HIMS) shares fell after the telehealth company reported first-quarter 2026 revenue of $608.1 million, up 3.8% from a year earlier but below market expectations, as a shift in its weight-loss business weighed on margins. The company posted a non-GAAP loss of $0.19 per share, significantly worse than analysts’ consensus estimates. Management said it is prioritizing branded weight-loss drugs over compounded products, triggering restructuring costs, margin compression and higher spending on technology and operations. Hims & Hers guided second-quarter 2026 revenue to $690 million at the midpoint, about 6% above analyst estimates. The outlook assumes growth from expanded specialty offerings, international operations including ZAVA and Livewell, and the pending Eucalyptus acquisition, while newer categories such as weight loss and lab services continue to pressure margins. The stock traded at $25.08 on May 15, 2026, down from $29.42 before the earnings release.