英文Gary Black发布 2026/05/11 22:05· 入库 2026/5/13 23:28:48· Gary Black (@garyblack00)
HIMS盘后跌10%：一季度业绩不及预期，GLP-1竞争加剧
原标题：$HIMS -10% AH after posting 1Q results below consensus and lower than expected 2…
精华摘要
HIMS公布一季度财报，营收6.081亿美元低于预期的6.175亿美元，EBITDA为4430万美元低于预期的4610万美元，毛利率65.0%远低于预期的71.7%，每股亏损0.40美元（预期盈利0.02美元），为2023年三季度以来首次亏损。二季度营收指引6.8-7.0亿美元高于预期的6.445亿美元，但EBITDA指引3500-5500万美元低于预期的7010万美元。2026财年营收指引28-30亿美元高于预期的27.5亿美元，EBITDA指引2.75-3.5亿美元低于预期的31亿美元。
HIMS业绩不及预期主要受GLP-1类药物竞争加剧影响，导致毛利率大幅下滑和盈利转负。尽管营收指引高于预期，但EBITDA指引疲软显示成本压力持续。30%的空头比例限制了做空空间，但短期股价可能继续承压。该事件对EV行业无直接影响，但可作为消费医疗领域竞争加剧的参考案例。
原文摘要
$HIMS -10% AH after posting 1Q results below consensus and lower than expected 2Q and FY’26 EBITDA guidance. With GLP-1 competition intensifying, I expect HIMS selling pressures to continue although favorable FY’26 rev guidance and 30% short interest limits upside from shorting. 1Q results: - Rev $608.1M vs $617.5M est - EBITDA $44.3M vs $46.1M est - GM 65.0% vs 71.7% Est - EPS -$.40 vs +$.02 est (negative for the first time since 2023 3Q). 2Q guidance: - Rev $680-$700M vs $644.5M est - EBITDA $35-$55M vs $70.1M est FY’26 guidance: - Rev $2.8B-$3.0B vs $2.75B est - EBITDA $275-$350M vs $31