Hims & Hers core revenue growth has ‘slowed sharply,’ says BofA

BofA analyst Allen Lutz estimates Hims & Hers’ year-over-year core revenue growth has “slowed sharply,” from about 45% in Q3 of 2024 to 29% in Q1 of 2025, despite a tailwind from shifting customers to longer-duration subscriptions. Moving forward, the firm estimates core revenue growth, excluding new product introductions, will converge toward the average of order growth and subscriber growth, which will likely decelerate to the mid-teens in the second half of 2025, added the analyst, who keeps an Underperform rating on Hims & Hers shares.