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Hims & Hers Stock Hits Record High on Blood-Testing Lab Acquisition
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Key Points
- Hims & Hers Health shares hit a new record in Wednesday’s trading after the company announced its latest acquisition.
- The company said it acquired Trybe Labs, which will help Hims launch an at-home painting and lab testing service.
- Hims said the service is expected to be launched next year.
Hims & Her Health (he) announced Wednesday that the company acquired Trybe Labs, a lab testing facility, and shares jumped about 20% on Wednesday to a new record.
Online healthcare providers say the deal will allow it to perform at-home blood tests, which will give customers more information on “hormone levels, heart risk, stress markers, cholesterol, cholesterol, liver function, thyroid function and prostate health ”. The company said it plans to launch a home blood draw service next year.
The company said the acquisition was completed, but no financial terms were issued. Hims & Hers said the deal was funded with cash on hand; it said at the end of the third quarter it had about $166 million in cash or equivalent value, with total assets exceeding $600 million.
The announcement comes ahead of the company’s fourth-quarter earnings, which will be issued after Monday’s end.
Hims & her share price has recently risen 19%, with revenues of nearly $70 per share, reaching a record high of nearly $73 earlier.
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