Company Overview
Founded in 2017, Hims & Hers Health, Inc. is a public telehealth and e‑commerce platform (NYSE: HIMS) offering personalized, direct-to-consumer healthcare. It enables customers to access licensed providers via an intake process and delivers medications and wellness products discreetly through partner pharmacies. While starting with men’s sexual health and hair care, the brand has expanded into services for women, mental health, skincare, weight loss, and more. Operating across the U.S. and U.K., it champions accessible, digital-first care. The company is headquartered in San Francisco, California.
Most Recent Earnings (Q2 2025)
Revenue: $544.8 million, a 73% year-over-year increase from $315.6 million in Q2 2024.
Net Income: $42.5 million; Adjusted EBITDA: $82.2 million (more than double vs. Q2 2024).
Subscribers: Over 2.4 million, up ~31%.
Guidance: For Q3 2025 — Revenue expected at $570M–$590M; Adj. EBITDA of $60M–$70M. For full-year 2025 — Revenue guidance is $2.3B–$2.4B; Adj. EBITDA $295M–$335M.
EPS: Reported EPS was $0.17 vs. consensus estimates ranging from ~$0.18–$0.21—resulting in a modest miss.
Founding, Funding, Products & Headquarters
Founded in 2017 by Jack Abraham, Andrew Dudum, and Hilary Coles through Atomic Labs, Hims raised $100 million in its Series C in January 2019, enabling it to reach unicorn status with expansion into the UK. It went public in early 2021 via a SPAC merger, achieving a valuation around $1.6 billion.
Products initially focused on men’s sexual health and hair loss (e.g., sildenafil, minoxidil). In 2018, it launched Hers for women’s health (birth control, flibanserin), followed by mental health services (e.g., group therapy) in 2020. In 2024, it added compounded GLP‑1 weight-loss treatments (less expensive but not FDA-reviewed), though the partnership with Novo Nordisk ended in 2025.
Headquartered in San Francisco, CA — the company serves the U.S. and the U.K., and is expanding internationally.
Market & Growth Expectations
Hims operates in the booming telehealth and wellness markets, encompassing prescription medications, OTC products, and digital care across multiple health domains. The U.S. telehealth market is projected to grow significantly, with increasing consumer preference for remote care. Hims’ strategy — personalization, digital-first delivery, and multiple specialty verticals — positions it well. They project revenue to reach $6.5 billion by 2030, with EBITDA of $1.3 billion, highlighting massive long-term potential.
Competitors
Key competitors include other telehealth/wellness platforms and online pharmacies offering similar services — e.g., Roman, Nurx, and broader telehealth providers like Teladoc. These firms also target sexual health, mental health, and skincare segments through digital-first channels.
Differentiation
Hims distinguishes itself with a multi-specialty platform (vs. competitors often targeting single categories), focus on personalized treatment pathways, and strong branding across genders. Its user-friendly intake process, ongoing messaging, and access to curated content and care set it apart.
Management Team
- Andrew Dudum (CEO, Co‑Founder): Visionary behind the mission to make healthcare accessible and personalized.
- Yemi Okupe (CFO): Oversees financial strategy, budget management, and earnings results.
- Mike Chi (Chief Growth Officer) and Melissa Baird (COO): Key leaders supporting company expansion and operations.
5-Year Financial Performance
From 2020 to 2024, revenue surged from ~$149 million to $1.48 billion — nearly a 10× increase. The compound annual growth rate (CAGR) is exceptionally strong (well beyond 50%). EPS also improved from negative/low levels to ~$0.80 trailing EPS in the past year. The firm reached net profitability and strong Adjusted EBITDA margins (full-year guidance for 2025 suggests ~13–14% margin).
Balance-sheet-wise, the company is generating positive cash flow, with a strong net-income trajectory. It’s no longer in high-burn startup mode, with actual profits and subscriber growth reinforcing its financial strength.
Bull Case
- Exceptional growth across multiple verticals, scaling revenue from ~$150M to $1.48B in four years.
- Proven ability to deliver personalized care at scale, boosting loyalty and retention (e.g., 2.4 million subscribers, usage up 31%).
- Large runway ahead, with $6.5B revenue target by 2030 — significant upside potential.
Bear Case
- Heavy reliance on weight-loss (GLP‑1) segment, which faces regulatory scrutiny and partner instability (e.g., Novo Nordisk ended partnership).
- Recent Q2 results included a revenue miss and GLP‑1 revenue decline, prompting investor caution.
- Rich valuation (P/E > 55) raises risk if growth slows or competition intensifies.
The stock is in a bearish stage 4 markdown on the monthly charts, and is showing early reversal in the $41 zone but might fall again to the $37 on the weekly chart. The daily chart is reversing with an expected move to $49 range. We would be early buyers on dips.
