Hims & Hers Health, Inc. HIMS

The business

Hims & Hers sells prescription and over-the-counter treatments directly to consumers through a subscription telehealth platform: hair loss, sexual health, dermatology, mental health, and weight. A customer answers questions online, a licensed provider writes the script, and the product arrives at the door monthly. Roughly nine in ten dollars are recurring subscription revenue, which is the reason the model deserved a premium in the first place.

The weight-loss franchise is the swing factor and it has been unstable by design. The business was built on compounded semaglutide sold while the branded drug was in shortage. When the shortage ended, that pathway narrowed, and the company has been rebuilding the category on a different footing ever since, alongside an international push. Everything in the numbers below traces back to that.