Hims and Hers Health Inc. (NYSE:HIMS) shares are up Tuesday after the company reported better-than-expected first quarter financial results.

The Details: After the market close on Monday, Hims & Hers Health reported strong first-quarter results that included revenue of $278.2 million, representing a 46% increase from $190.8 million in the first quarter of 2023. The number beat analyst estimates of $270.382 million.

The company posted net income of $11.1 million and EPS of 5 cents, beating EPS estimates of 2 cents by 150%.

In addition, Hims & Hers Health reported adjusted EBITDA of $32.3 million for the first quarter compared to $6.1 million in the first quarter of 2023.

"The business continues to generate robust performance across our operations as we execute on our mission to make the world feel great through the power of better health," said Yemi Okupe, CFO of Hims & Hers Health.

The company saw 41% year-over-year growth in subscribers during the quarter, bringing total subscribers up to 1.7 million.

Hims & Hers Health also issued guidance for the second quarter. The company expects revenue of $292 million to $297 million versus estimates of $288.073 million. Hims & Hers Health also sees adjusted EBITDA between $30 million and $35 million.

For the full fiscal year, the company expects revenue of $1.20 billion to $1.23 billion versus estimates of $1.191 billion.

Related Link: 12 Health Care Stocks Moving in Monday's After-Market Session.

On Tuesday, Piper Sandler maintained a Neutral rating on the stock and raised the price target from $11 to $13. Deutsche Bank also maintained Hims & Hers Health with a Hold rating and raised the price target from $14 to $16.

Price Action: According to Benzinga Pro, Hims & Hers Health shares were up 7.25% at $12.48 at the time of publication.

Image: Courtesy of Hims & Hers Health, Inc.