Dive Brief:
- Hims & Hers Health has named former Amazon executive Nader Kabbani as its new chief operations officer, the health and wellness company announced Monday. Kabbani spent nearly two decades at Amazon and led the acquisition of PillPack and the launch of Amazon Pharmacy.
- At the same time, the company reported first-quarter revenue spiked 111% year over year to $586 million, and its net income ballooned from $11.1 million last year to $49.5 million this year. Subscribers jumped 38% from last year to 2.4 million.
- Looking ahead, Hims & Hers expects to generate between $530 million and $550 million in second-quarter revenue. For the full year, it anticipates earning between $2.3 billion and $2.4 billion in revenue.
Dive Insight:
At the same time as strong financial results, Hims & Hers is bringing on an e-commerce veteran to help oversee its operations.
At Amazon, Kabbani helped build the operational structure for various Amazon services, including Amazon Flex, Amazon Kindle, Amazon Logistics, Amazon Music and more, according to a press release. In his new role, Kabbani will manage the company’s operations as it provides its services to a growing customer base.
“Nader’s experience scaling operations at the highest level makes him uniquely qualified to help us build the future of healthcare,” Andrew Dudum, CEO and founder of Hims & Hers, said in a statement. “As demand continues to grow, Nader will play a central role in ensuring our global operations deliver a new and innovative healthcare experience – one that opens up access to affordable, seamless personalized care at scale.”
Kabbani is not the only recent addition. Hims & Hers is turning to another technology firm, self-driving car company Cruise, to fill its chief technology officer spot. Mo Elshenawy, an executive with AI and large-scale infrastructure experience, will take on the position and lead the health company’s efforts to create personalized healthcare. Elshenawy was most recently the president and chief technology officer at Cruise and, like Kabbani, has experience at Amazon.
Hims & Hers’ subscriber base has grown as the company introduces new products and partners with major retailers to distribute its health and wellness offerings. About a year ago, the company added GLP-1 injections to its weight-loss assortment. In recent years, the company has also partnered with major retailers like Walmart, The Vitamin Shoppe and Walgreens to sell its products to a broader audience.
In its Q1 earnings report, the company outlined an ambitious growth target of reaching $6.5 billion in revenue by 2030. Its current growth spurt has influenced its 2025 guidance and its 2030 goal, CFO Yemi Okupe said in a statement.
“This momentum, combined with our strong track record of execution, reinforces our confidence in driving sustained long-term growth across five core levers: deepening personalization, expanding into new specialties, elevating the subscriber experience with access to high quality follow up care, forging innovative partnerships, and entering new geographies,” Okupe said in a statement.