Explorez tous les épisodes du podcast Hims House

In Hims House episode 30, Jonathan Stern and Patrick Lester are joined by legendary entrepreneur Mark Cuban. The discussion kicks off with Mark unpacking why the healthcare system is so dysfunctional -- explaining how pharmacy benefit managers (PBMs) and the lack of transparency drive high drug prices. He shares his journey from a healthcare novice to launching Cost Plus Drugs, which aims to offer cheaper, more transparent pharmaceutical options. The episode also touches on the comparison between Hims & Hers and Cost Plus Drugs, potential legislative reforms, the importance of brand in healthcare, whether "personalized" medicine is merely marketing speak, and what Mark thinks about the future of healthcare and wearables.

00:00 Introduction

02:10 The Broken Healthcare System

02:47 Mark Cuban's Journey into Healthcare

06:12 The Role of Pharmacy Benefit Managers (PBMs)

19:31 Cost Plus Drugs: Transparency and Trust

26:57 Comparing Cost Plus Drugs and Hims & Hers

31:31 The Future of Insurance-Covered Drugs

33:09 Personalization in Healthcare

34:57 The Importance of Brand

43:42 International Expansion Strategies

50:22 Policy & Tariffs Impact

55:43 The Role of Tech, AI, and Wearables in Healthcare

In this episode of Hims House, Jonathan Stern and Patrick Lester break down the Q1 2025 earnings results for Hims & Hers. They highlight strong topline and bottom-line performance -- including $586M in revenue, 345% YoY net income growth, and 321% free cash flow growth. The discussion also covers softer metrics, such as a modest 137k net new subscriber additions and a conservative Q2 revenue guide. They explore the company’s reaffirmed full-year outlook and new long-term revenue goal of $6.5 billion by 2030, analyzing whether it may be a sandbagged target. Other topics include international expansion, strategic partnerships (including Novo Nordisk and conversations with Eli Lilly), and the appointment of former Amazon executive Nader Kabbani as COO.

00:00 Introduction and Q1 2025 Highlights

02:20 Patrick's Take on Earnings

05:17 The Long-Term Revenue Target

08:20 – Hims House Valuation Model Breakdown

11:14 Q2 Revenue Guidance

13:41 International Expansion

17:10 – The Five Growth Levers

27:52 Sexual Health Vertical and Core Specialties

32:00 New COO Nader Kabbani

In this episode of Hims House, Jonathan Stern sits down with Alvan Chow — the original WallStreetBets poster who made a legendary 100,000% return during the GameStop short squeeze. They break down what happened in January 2021, the mechanics behind a short squeeze, and how institutional and retail forces collided to trigger one of the wildest moments in market history. The conversation then pivots to Hims, which increasingly has a similar setup: a strong fundamental story, massive short interest, and increasing retail momentum. They explore the potential for a “second squeeze,” compare Hims to Tesla & Palantir, and debate how much of the recent volatility is driven by technical flows vs. fundamental news. They also dig into how retail investors in South Korea could play a surprise role, why the borrow fee and other short metrics matter, and how investors should think about risk management during parabolic moves.

Note: During HIMS' first short squeeze in February, Alvan turned $500K into $5M. Now, he's eyeing HIMS short squeeze 2.0 🔥

01:26 Alvan Chow's Origin Story and the GameStop Saga

03:52 Mechanics of Short Selling and Short Squeezes

07:17 Comparing GameStop and Hims

14:24 Why Shorting Hims Makes No Sense

15:43 What a Hims “Squeeze Part 2” Could Look Like

20:45 Is This Like GameStop, Tesla, or Palantir?

26:04 The Korean Retail Investor Factor

32:33 Final Thoughts

In Episode 27 of Hims House, Jonathan Stern, Patrick Lester, and Louis Stevens discuss the blockbuster news of Hims partnering with Novo Nordisk to sell branded GLP-1 medication Wegovy for $599 a month. They delve into the deal terms, initial market reaction, and the potential long-term impacts on Hims as the direct-to-consumer telehealth leader. The conversation also touches on the possibility of future partnerships, notably with Eli Lilly, and how Hims' business model and profit margins might evolve.

00:00 Introduction

01:46 Patrick's Perspective on the Deal

08:09 Louis' Return and Reflections

09:58 Comparing Hims to Netflix and Long-term Prospects

15:46 Impact on Bear Thesis and Revenue Projections

21:12 Understanding Hims as an AI-Orchestrated General Physician

27:01 Wall Street's Obsession with GLP-1s

31:30 Margin Impact of the Novo Deal

40:01 Future Partnerships and 2025 Outlook

Disclaimer: This podcast is for informational and entertainment purposes only. Nothing discussed should be considered financial, investment, or legal advice. Always consult with a qualified professional before making financial decisions

In this episode of Hims House, Jonathan Stern and Patrick Lester sit down with Martin Shkreli — one of the sharpest and most controversial voices in healthcare. They break down what’s driving Hims’ explosive revenue growth and why the company remains so widely misunderstood. The conversation covers the “Netflix of Healthcare” analogy, GLP-1 compounding and IP risk, and questions around long-term sustainability. Shkreli also breaks down the stock dynamics behind Hims’ unusually high short interest, how hedge funds and quants are positioned, and what the holder list — including Citadel, Farallon, and Renaissance — reveals about how the smartest players on Wall Street are positioned. The episode closes on valuation, scale, and why management execution is likely to be the single most important factor in how the Hims story plays out.

00:00 Introduction

04:00 The Netflix of Healthcare

05:52 Positive Second Derivative Revenue Growth

07:33 Founder-Led Companies

09:13 Comparing Hims to Google

15:30: The Importance of Management

20:15 Hims As Big As UnitedHealthcare?

24:50 GLP-1s and Hims

25:45 Why Big Stock Price Swings are Bullish

27:30 The Rise of Eli Lilly and GLP-1s

34:55 Ozempic Growth and Patent Challenges

36:01 The Complexities of Pharma Patents

44:50 Would Novo Sue Hims?

45:40 Hims, AI, and the Future of Healthcare Platforms

50:30 It's Time for a Healthcare Social Platform

55:19 The Debate on OTC Drugs and Healthcare Access

58:00 Stock Dynamics: Short Interest, Institutional Ownership, Retail Interest

01:06:06 Addressing the Top Bear Arguments

01:08:29 Insider Sales

01:13:24 Top Institutional Holders: Citadel, Farallon, Renaissance, and More

01:25:03 Hims Valuation

Disclaimer: This podcast is for informational and entertainment purposes only. Nothing discussed should be considered financial, investment, or legal advice. Always consult with a qualified professional before making financial decisions.

In this episode of Hims House, Jonathan Stern and Patrick Lester are joined by Raul Shah, the owner of DocShah Financial. They discuss Raul’s article on Hims, referencing Christopher Mayer's book 100-Baggers. They delve into the factors that may allow Hims to become an extremely valuable company over the next 10 years, tackling bear theses about the stock, such as "no moat", customer acquisition costs, and potential legal risks. The discussion also covers the critical importance of hiring a chief technology officer to advance Hims' AI ambitions. Finally, Raul shares his long-term valuation outlook for Hims, emphasizing the distinction between stock price and valuation.

00:00 Introduction

01:05 Raul Shah's Background and Investment Journey

03:25 What Makes a 100-Bagger?

07:16 Addressing Bear Theses and Market Perspectives

21:21 The Importance of a Chief Technology Officer

25:59 Hims x Apple

27:26 News Round-Up

39:26 Price Targets vs. Valuation

In this episode of Hims House, Jonathan Stern and Patrick Lester are joined by Alex Beinfield, founder & CIO of Blue Duck Capital, for a wide-ranging conversation on markets, healthcare, and the future of HIMS. They kick off by unpacking the market implications of Trump’s tariffs, with ripple effects for global trade and the pharmaceutical sector. The conversation then turns to HIMS. Alex shares what first got him excited about the company back in 2020, and why he’s still bullish today. He breaks down HIMS’ long-term potential and competitive moats in telehealth—from its DTC strength and brand equity to its mission of solving one of the biggest pain points in modern life. They also discuss how shifts in healthcare policy — the “Make America Healthy Again” agenda — could shape the company’s path forward.

01:22 Tariff Turmoil

02:32 Market Reactions and Predictions

08:05 Impact on Hims and the Pharmaceutical Industry

12:43 Blue Duck Capital's Unique Approach

19:00 Alex's Investment Journey with Hims

24:03 The Pain Points in Healthcare

24:40 Reinitiating a Position in Hims

25:37 The Impact of RFK Jr. on Healthcare Policy

28:25 Hims' Growth and Market Position

29:34 Regulatory Environment Under the New Administration

33:58 Hims' Competitive Moats

41:12 GLP-1 and the Bigger Picture

45:44 Valuation and Price Targets

In episode 23, Jonathan Stern and Patrick Lester (Bayside) welcome Andrew Dudum, the founder and CEO of Hims & Hers, for the most anticipated conversation in Hims House history. They discuss the growth of Hims' core business, the evolving landscape of GLP-1 medications, the company's dedication to consumer rights, and how Andrew thinks about navigating regulatory challenges. Andrew also shares insights into why Hims is positioned to succeed even during tough economic conditions, and he draws comparisons between Hims, Netflix, Amazon, and Uber. The episode concludes on a personal note, with Andrew recounting the story behind his family’s donut shop, George’s Donuts and Merriment, named in honor of his grandfather.

00:00 Introduction

00:57 Growth of the "Core" Business

04:25 GLP-1s

15:23 Macroeconomic Uncertainty and Business Strategy

18:00 Engaging with the Trump Administration

21:47 Comparing Hims to Netflix, Amazon, Uber, and more

29:46 Personal Story: George's Donuts & Merriment

In this emergency episode of Hims House, the crew covers the FDA's surprise resolution of the semaglutide shortage. They discuss its immediate market impact, including significant stock price movements. Bayside provides a detailed analysis of the implications for short-term and long-term traders. The conversation then shifts to HIMS' two recent acquisitions—a peptide manufacturing facility and an at-home testing lab—and their effects on the company's future. As they wrap up, the team outlines critical points to watch in the upcoming earnings report, especially guidance for 2025 and strategic plans for patient care in light of the new developments.

00:00 Semiglutide Shortage Resolved According to FDA

01:33 Short-term vs Long-term Investment Perspectives

04:05 Institutional Ownership and Long-term Implications

04:48 Future Projections and Speculations

06:01 FDA Policies and GLP-1 Sales Impact

22:02 Acquisitions and Strategic Moves

32:00 Earnings Expectations and Guidance

42:18 Conclusion

In this episode of Hims House, Jonathan Stern, Louis Stevens, and Dr. H discuss the recent Super Bowl ad for Hims and its widespread media attention. They explore the varied public reception of the ad, its impact on healthcare perceptions, and the spike in app rankings. The episode delves into the growth trajectories of the Hims and Hers brands and scrutinizes the ramifications of the hot CPI report on the financial market. The panel also addresses the stock's peak performance amid high short interest and institutional ownership dynamics, providing a detailed analysis of market reactions and future expectations.

00:20 Superbowl Ad Impact

03:20 Hers App Success

10:02 CPI and Market Analysis

19:57 Short Interest and Market Dynamics

27:59 Upcoming Catalysts

In this episode of Hims House, Jonathan Stern, Louis Stevens, and Dr. H discuss HIMS' recent performance and the unveiling of their upcoming minute-long Super Bowl ad. The discussion delves into the strategic rationale behind this move, its potential to create strong brand awareness, and its alignment with the broader goal of establishing a 'brand moat.' The trio then addresses the record-high short interest in HIMS, now exceeding 30%, and analyzes the dynamics that could lead to a short squeeze. The episode concludes with speculation about a potential new product—testosterone therapy—and its implications for HIMS' expanding multi-product portfolio.

00:44 Super Bowl Ad

01:04 Brand Awareness and Marketing Strategy

08:06 Political Messaging in Advertising

19:10 Record High Short Interest

26:26 Understanding Short Squeeze Potential

29:04 Analyzing Short Interest and Market Perception

30:50 Historical Context of Shorted Stocks

34:41 GameStop Comparison and Stock Value Fundamentals

39:38 Potential New Product: Testosterone

47:22 Conclusion and Final Thoughts

NOTE: Analysis and opinions expressed by Jack are his and his alone, and are not to be interpreted as a reflection of opinions by his current or former employers.

In this episode of Hims House, Jonathan Stern, Louis Stevens, and Dr. H are joined by a special guest, Jack, a former sell-side analyst. Jack provides a comprehensive analysis of the Hims & Hers business, rooted in his years of following the company since 2022. The discussion kicks off with an overview of the financial industry, contrasting the roles of sell-side and buy-side analysts. Jack elaborates on his interest in following HIMS, emphasizing the company's successful transition from a patient-centric to a consumer-centric healthcare provider. The episode highlights a recent Bank of America report predicting a revenue shortfall for HIMS, exploring credit card data intricacies and deferred revenue impacts. Finally, the conversation delves into HIMS' long-term prospects, potential regulatory hurdles, international viability, and their unique market position.

00:00 Introduction

00:42 Understanding the Sell Side vs. Buy Side

02:17 Jack's Interest in HIMS

03:46 Bank of America Report Analysis

05:42 Deferred Revenue and Credit Card Data

11:40 Impact of Amazon on HIMS

18:32 Consumer vs. Patient Behavior

22:07 Cash Pay Option in Healthcare

26:22 HIMS' Long-Term Vision and International Expansion

31:35 Debating the Future of Diabetes Care

32:41 Challenges in High Acuity Care

34:04 Teladoc and Livongo: A Case Study

36:07 Impact of COVID on Digital Health

40:21 Consumer vs. Patient Psychology

47:01 The Future of Weight Loss and Diabetes Treatment

52:08 2025 Predictions and Key Indicators

In this episode of Hims House, Jonathan Stern, Louis Stevens, and Dr. H are joined by Bayside, a professional lobbyist in Washington D.C., to discuss the upcoming Trump administration and its potential impact on Hims, particularly concerning the semaglutide shortage. Bayside provides a detailed analysis of the semaglutide and tirzepatide shortages, FDA decisions, and political landscape affecting HIMS investors. The discussion expands to consider the potential influence of Elon Musk and Trump on healthcare policy, Greenland acquisition implications, and the roles of RFK and Marty Makary in shaping future healthcare regulations. Dr. H offers insights into the medical necessity of compounded medications and telehealth implications.

00:00 Introduction

01:05 Semaglutide Shortage Analysis

02:48 FDA Decision Timeline

06:44 Impact of New Administration

10:34 HIMS Sales Strategy Post-Shortage

14:29 Legal and Medical Perspectives

28:57 Custom Dosage and Medical Necessity

29:46 Corporate Practice of Medicine

30:28 Patent System and Compounding Controversy

31:30 Chevron Doctrine and Legal Battles

32:08 Impact on HIMS Stock and Lawsuits

34:59 Future of Compounding and Revenue

36:58 Elon Musk, Trump, and GLP-1 Pricing

42:02 Greenland and Geopolitical Leverage

46:46 RFK and Marty McCary's Impact on Healthcare

57:46 Conclusion and Future Topics

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In episode 17 of Hims House, Jonathan Stern, Louis Stevens, and Dr. H reflect on the significant milestones and performance of Hims & Hers in 2024, marking it as a watershed year for the company. They discuss the company's financial growth, product launches, strategic hires, and customer base expansion. The trio also dissects the challenges faced, including legal battles and market skepticism. The conversation highlights Hims' expansion into weight loss treatments, branding strategies, and the implications of free cash flow and customer acquisition costs. Looking ahead, they share their predictions for 2025, focusing on growth opportunities and potential stock performance.

00:00 New Year Greetings

00:29 2024 Year in Review: Key Highlights

00:51 HIMS Company History and Growth

02:19 Financial Performance and Market Dynamics

07:21 Marketing and Brand Recognition

08:18 New Products and Strategic Hires

11:02 Surprises and Strategic Decisions

15:24 Stock Market Performance and Sentiment

20:16 Biggest Wins of 2024

24:49 Subscriber Growth and Acquisitions

29:21 Looking Ahead to 2025

34:03 Predictions and Final Thoughts

In this episode of Hims House, Jonathan Stern, Louis Stevens, and Dr. H are joined by a special guest, Bayside, a professional lobbyist who works in Washington D.C. They discuss the recent FDA announcement about the tirzepatide shortage resolution and its implications on HIMS. Bayside shares insights from his 12-page research report, which accurately predicted this outcome, and provides a detailed analysis of FDA politics, the pharmaceutical industry, and future expectations for GLP-1 compounds like semaglutide. The episode also explores potential partnerships, legal challenges, and the role of personalized medicine in the context of compounding.

00:00 Introduction

00:31 FDA Announcement and Market Reaction

00:53 Bayside's Research and Predictions

04:27 Political and Legal Implications

08:15 Semaglutide Shortage and Market Impact

19:23 Court Filings and Hims Supply Tracker

20:43 Reactions and Future Outlook

21:22 FDA Regulations and Discretion

22:35 Elon Musk's Influence and Motivations

23:31 Compounding and Personalized Medicine

26:01 Legal and Medical Perspectives on Dosage Variances

31:01 Hims and the Pharmaceutical Industry

36:25 Future of GLP-1 Drugs and Market Dynamics

41:35 Speculations and Future Partnerships

In episode 15 of Hims House, Jonathan Stern, Louis Stevens, and Dr. H discuss recent news about Meta restricting data access for healthcare companies like Hims and the implications for Hims’ marketing strategies. They examine the parallels between Meta's past challenges with Apple's privacy policies and how Hims might navigate similar issues, ultimately predicting that Hims’ vertically integrated platform will help it thrive. The episode also covers new partnerships in the telehealth industry, such as Ro partnering with pharmaceutical giant Lilly, and debates the American Diabetes Association's stance against compounded GLP-1 drugs, highlighting concerns around safety and efficacy while affirming Hims’ robust approach to patient care.

00:00 Introduction

01:46 Why Meta’s Data Restriction Might Be Bullish

05:58 Meta's Transition from Bearish to Bullish

14:35 Ro and Lilly Partnership Announcement

27:02 American Diabetes Association Stance on Compounded GLP-1s

44:33 Primary Care and Telemedicine Expertise

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Jonathan Stern - x.com/jonathanrstern

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Dr. H - x.com/stayathomedoc

In Episode 14 of Hims House, host Jonathan Stern is joined by Louis Stevens and Dr. H to discuss the FDA's delayed decision on terzepatide shortages, its implications for Hims, and how it may reflect on semaglutide. They dive into the importance of anchoring to the long-term vision of Hims amid market volatility and debate the FDA’s growing acknowledgment of the medication shortage. The team also explores the newly launched meal replacement bars and shakes by Hims and their potential impact on the business. They further discuss the market reactions, the diverse weight loss product range, and the integral understanding needed for sustainable growth in the telehealth and wellness space.

00:00 Introduction and Episode Overview

00:30 FDA Decision on Terzapatide Shortage

01:04 Impact on Hims and Market Reactions

01:35 Review of FDA's Actions and Industry Reactions

05:31 Discussion on Compounded Medications

11:34 Remembering the Long-Term Thesis for Hims

28:58 New Product Launch: Meal Replacement Bars and Shakes

In Episode 13 of Hims House, Jonathan Stern, Louis Stevens, and Dr. H discuss the implications of Amazon's telemedicine announcements on Hims & Hers. They examine Amazon's pricing, offerings, and potential market overlap with Hims, while exploring whether this presents a serious threat or is overhyped by speculative narratives on platforms like Twitter. The conversation transitions to Hims’s strategic positioning, emphasizing customization, trust, and long-term customer relationships as competitive advantages. The team also delves into the regulatory uncertainty surrounding GLP-1 medications and how Hims is positioning itself with alternative treatments to address future challenges.

00:00 Welcome and Introduction

00:14 Amazon's New Pricing Announcement

01:31 Impact on Hims and Market Reactions

03:41 Patient Preferences and Pricing

06:50 Bear Arguments in Response To the News

12:09 Amazon Not Doing Weight Loss

13:33 Historical Context of Market Competition

23:56 Customer Base Overlap Between Amazon Prime and Hims

35:57 GLP-1 Supply Tracker and Regulatory Challenges

46:21 Conclusion

Website: https://himshouse.substack.com

Twitter/X: @himshouse

Discord: https://discord.gg/tJqGgVhkEt

Jonathan Stern - @jonathanrstern

Louis Stevens - @LA_stevens_

Dr. H - @stayathomedoc

In this episode of Hims House, Jonathan Stern, Louis Stevens, and Dr. H dive into Hims & Hers Health's Q3 earnings report. With a record-breaking number of subscribers now exceeding 2 million and significant financial metrics that outperformed estimates, the team dissects key data points and discusses the company's strategic direction. Topics include the rise of personalized solutions among subscribers, the impact of GLP-1 adoption, and the anticipated launch of liraglutide. The episode also touches on potential meal replacements, stock buybacks, financial health indicators, and the ongoing evolution of Hims' multi-product platform.

00:00 Introduction and Q3 Earnings Overview

00:22 Key Metrics and Achievements

01:25 High-Level Reactions and Insights

05:14 Analysis of GLP-1s and Liraglutide

09:05 Personalized Medicine Record Numbers

13:27 Financial Metrics and Shareholder Insights

18:06 North Star Metrics

23:09 Weight Loss Products and Market Impact

33:00 Speculations and Future Products

41:23 Final Thoughts

Website: https://himshouse.substack.com

Twitter/X: @himshouse

Discord: https://discord.gg/tJqGgVhkEt

Jonathan Stern - @jonathanrstern

Louis Stevens - @LA_stevens_

Dr. H - @stayathomedoc

In this episode of Hims House, Jonathan Stern, Louis Stevens, and Dr. H provide a comprehensive preview of Hims' upcoming Q3 2024 earnings report. They discuss past earnings performance, market reactions, volatility, and expectations for future earnings. Key points include Hims' historical revenue growth, the impact of GLP-1 medications, vertical integrations, and forward-looking projections for the company. The discussion highlights the importance of customer acquisition costs, the value of the new 503B pharmacy, and the anticipation of new product launches. Additionally, the team provides insights into investor sentiment and potential stock price movements post-earnings report.

00:00 Introduction and Overview

00:18 Setting the Stage for Q3 Earnings

00:27 Historical Performance and Market Reactions

03:26 Q2 2024 Recap and Expectations

05:17 Insights from Dr. H on Telehealth and GLP-1

06:44 Hims' Revenue Guidance and Projections

10:47 Discussion on Business Growth and Sustainability

13:37 Product Announcements and Future Roadmap

25:08 503B Pharmacy Acquisition and Vertical Integration

30:13 Earnings Predictions and Stock Price Projections

In episode 10 of Hims House, Jonathan Stern, Louis Stevens, and Dr. H interview Sekander Amini, a UK-based pharmacist and long-time Hims investor. Sekander shares insights about how his pharmacy mirrors Hims' model by offering premium services like mental health and weight loss medications. He highlights Hims' advantages in compounding medications, simplifying treatment adherence, and leveraging technology for better patient care. The group discusses the healthcare landscape in the UK, touching on public versus private care and the potential growth opportunity for Hims. They also explore Hims' focus on premium experiences, the role of AI in healthcare, and what investors should watch for in the upcoming earnings call.

00:00 Introduction and Sekander Amino Welcome

00:52 Day-to-Day at the Private Pharmacy

03:24 Initial Investment in Hims

03:51 Hims' Price Transparency and Accessibility

05:46 Compounded Medications and Personalized Care

07:07 Premium Experience and Product Evolution

15:59 Comparing UK and US Healthcare Systems

20:53 Opportunities in the UK Market

23:09 Hims' Generic Offerings

23:30 UK Healthcare System Overview

24:19 Hims' Market Potential in the UK

24:48 Compounding Pharmacies in the UK

25:40 Challenges in International Expansion

27:10 Hims' Strategic Focus

34:18 MedMatch and Mental Health

40:14 International Expansion Concerns

44:09 Q3 Earnings Expectations

45:54 Closing Remarks and Farewell

In Episode 9 of Hims House, Jonathan Stern, Louis Stevens, and Dr. H discuss potential product expansions for Hims & Hers, focusing on menopause, testosterone, fertility, and diabetes. They highlight menopause as a low-hanging opportunity due to minimal medical oversight requirements, while testosterone presents logistical challenges with necessary blood testing and monitoring. The conversation delves into Hims' methodical product rollout strategy, suggesting that they time launches carefully to ensure consistent growth. The episode also explores Hims' use of vertical integration with its 503B compounding facility and the potential implications of their recent inclusion in the S&P Small Cap 600 index.

(00:00) - Introduction

(00:42) - Menopause as an opportunity

(03:33) - Testosterone overview

(06:10) - Diabetes Management and Livongo Comparison

(10:45) - Logistical Challenges with Testosterone Treatment

(24:03) - 503B Compounding Facility Now Hiring

(29:24) - Hims Moneyball Comparison

(34:52) - Weight Watchers GLP-1 Offering and Impact on Hims

(38:55) - Inclusion in S&P Small Cap 600

Website: https://himshouse.com

Twitter/X: @himshouse

Discord: https://discord.gg/WPzMX448V8

Jonathan Stern - @jonathanrstern

Louis Stevens - @LA_stevens_

Dr. H - @stayathomedoc

In episode 8 of Hims House, Jonathan Stern and Louis Stevens discuss the financial health of Hims & Hers. The episode highlights the company's steady subscriber growth, noting sequential fluctuations, with a focus on personalized medications driving retention. The discussion also centers around Hims' customer acquisition costs (CAC) and its relation to free cash flow, emphasizing the growing difference between gross profit and marketing spend as a key indicator of business health. While concerns are raised about rising CAC, the overall takeaway is that Hims is generating strong cash flows, making it a promising long-term investment.

(00:00) - Introduction and Overview of Episode  

(00:29) - Hims & Hers Financial Situation Overview  

(02:47) - Sequential Subscriber Growth  

(05:33) - Personalized Medication Segment Growth  

(07:59) - Revenue per Subscriber and Gross Profit  

(11:36) - Hims’ North Star - Gross Profit vs. Sales and Marketing  

(13:56) - Marketing Spend vs. Customer Acquisition Costs  

(17:20) - Discussion on Payback Periods and Unit Economics

(21:10) - Retention and Churn

(22:43) - Hims Expenses 

(29:30) - Churn Concerns and Business Model Differences

(33:27) - Revisiting Hims’ North Star Discussion

Website: https://himshouse.com

Twitter/X: @himshouse

Discord: https://discord.gg/WPzMX448V8

Jonathan Stern - @jonathanrstern

Louis Stevens - @LA_stevens_

Dr. H - @stayathomedoc

In episode 7 of Hims House, Jonathan, Louis, and Dr. H discuss the evolving telehealth industry, focusing on the market size, adoption trends, and why Hims & Hers is emerging as a leader in the space. Dr. H highlights how the ease of use and streamlined digital healthcare experience has allowed Hims to outpace competitors. The conversation also delves into the challenges of integrating insurance and how Hims' decision to avoid insurance might be an advantage, as it keeps the process simple and cost-effective. They compare Hims to its competitors like Ro and Teladoc, discussing pricing, market share, and the potential for industry consolidation. The episode concludes by touching on the potential regulatory and competitive threats from large companies like Amazon and Walmart.

(00:00) - Introduction

(00:59) - Market size and telehealth growth

(01:35) - The evolution of digital healthcare

(02:16) - Why Hims does not accept insurance

(03:27) - Comparison with Teladoc's insurance model

(05:00) - Hims & Hers business appeals to millennials

(08:38) - Total Addressable Market (TAM) discussion

(12:02) - Pricing comparison between Hims and competitors

(14:07) - Telehealth industry consolidation vs. fragmentation

(22:30) - Winner take most?

(23:46) - The impact of regulations on GLP-1s and Hims

(27:22) - Amazon and other behemoths entering the market

Website: https://himshouse.com

Twitter/X: @himshouse

Discord: https://discord.gg/WPzMX448V8

Jonathan Stern - @jonathanrstern

Louis Stevens - @LA_stevens_

Dr. H - @stayathomedoc

In this episode of Hims House, the hosts discuss the importance of Hims's partnerships with healthcare providers, including doctors, nurse practitioners, and pharmacies. Dr. H shares his experience joining Hims, describing the onboarding process and the evolving role of nurse practitioners. The team explores Hims's vertical integration strategy, focusing on the acquisition of 503A and 503B pharmacies, which allows the company to streamline production and reduce costs. They also touch on future trends, including AI's role in healthcare, and conclude with the challenges of improving shipping and fulfillment logistics for Hims's products.

(00:00) - Introduction  

(00:38) - Dr. H's Journey to Joining Hims  

(02:47) - Doctor Autonomy and Guidelines at Hims  

(04:40) - Leaving Hims and Evolution Towards More Nurse Practitioners

(06:04) - AI's Role in Medicine and Hims Operations  

(13:31) - 503A vs 503B Pharmacies Explained  

(16:37) - Hims Acquisitions: Apostrophe and Honest Health  

(23:33) - Acquisition of Medisource RX and Addressing the Hunterbrook Short Report  

(28:11) - Fulfillment, Distribution, and Logistics Partnerships  

(32:31) - Shipping Issues, Customer Concerns, and Last Mile Delivery

Website: https://himshouse.com

Twitter/X: @himshouse

Discord: https://discord.gg/WPzMX448V8

Jonathan Stern - @jonathanrstern

Louis Stevens - @LA_stevens_

Dr. H - @stayathomedoc

In this episode of Hims House, Jonathan Stern, Louis Stevens, and Dr. H walk through the Hims customer experience, focusing on the weight management intake process. They explore the thoroughness of the signup flow, emphasizing how it mimics a traditional doctor’s visit while countering claims made in a Hunterbrook short report. Dr. H provides insights into how the system assesses customer data and adapts treatments, comparing the ease of Hims' virtual experience to the inefficiencies of the legacy healthcare system. They conclude by discussing customer support, logistics, and overall satisfaction, noting that most users are happy and appreciate the platform's convenience.

(00:00) - Welcome to Hims House

(00:45) - Dr. H starts the weight loss signup flow

(01:15) - Discussion on the short report by Hunterbrook

(10:50) - GLP-1s and blood tests

(11:30) - Could Hims displace primary care physicians?

(14:33) - Hims as a multi-product platform

(17:29) - Certificate of Analysis (COA)

(18:59) - Consultation with a doctor

(21:48) - Hims patient queuing system

(22:46) - Contrasting the Hims experience with the legacy

healthcare system

(25:39) - Timeline and cost comparisons: Hims vs. legacy system

(27:35) - Hims price bundling: doctor + prescription all in one

(28:17) - Hims Net Promoter Score (NPS) and customer satisfaction

Website: https://himshouse.com

Twitter/X: @himshouse

Discord: https://discord.gg/WPzMX448V8

Jonathan Stern - @jonathanrstern

Louis Stevens - @LA_stevens_

Dr. H - @stayathomedoc

In this episode of Hims House, Jonathan, Louis, and Dr. H dive into Hims & Hers product offerings, discussing key categories like sexual health, mental health, hair loss, weight management, and skincare. They highlight the success of products like ED and hair loss treatments, which remain highly popular, while newer categories such as weight management have seen rapid growth. Dr. H emphasizes the potential future focus on testosterone and menopause treatments, as well as personalized medicine to improve patient outcomes. The team also explores the competitive landscape, touching on how Hims has outperformed rivals like Ro, particularly in launching a successful women’s brand, Hers. Finally, they discuss the importance of execution and branding in maintaining Hims' market leadership.

(00:00) - Introduction

(00:19) - Hims Product Pillars Overview  

(01:00) - Most Popular Product Categories  

(02:11) - Future Product Offerings: Testosterone & Menopause?

(05:56) - Personalized Treatments Explained  

(12:00) - Hims Moat and Stickiness

(18:42) - Dr. H on Hims’ Brand Moat

(23:47) - Hims vs. Competitors: Roman and Rory  

(25:12) - Hers Brand Success and Future Potential   

(32:46) - Differences Between Male and Female Health Approaches

Website: https://himshouse.com

Twitter/X: @himshouse

Discord: https://discord.gg/WPzMX448V8

Jonathan Stern - @jonathanrstern

Louis Stevens -  @LA_stevens_

Dr. H -  @stayathomedoc

In this episode, Jonathan Stern, Louis Stevens, and Dr. H discuss the origin and evolution of Hims & Hers Health, highlighting the influence of CEO Andrew Dudum's background. They explore how Hims differentiates itself from competitors like Teladoc through vertical integration, streamlined care, and superior technology, making healthcare more accessible and affordable. Dr. H emphasizes the challenges of the U.S. healthcare system and how Hims addresses them by reducing complexity for both patients and doctors. Louis draws parallels between Hims and Uber, illustrating Hims' disruptive potential in healthcare. The episode concludes with confidence in Hims' future ability to tackle chronic care management.

(00:00) - Introduction

(01:03) - Origin Story of Hims & Hers Health

(04:30) - Louis' Perspective on American Healthcare Innovation

(05:44) - Dr. H on Fractured Healthcare Delivery

(08:30) - Andrew Dudum's Vision: Affordable Healthcare

(09:43) - Hims' Closed Loop System

(13:39) - Louis Compares Hims to Uber's Vertical Integration

(17:00) - Hims' Unit Economics vs. Teladoc

(18:23) - Bundling Factor in Hims' Business Model

(19:00) - Hims as a Threat to Primary/Urgent Care

(20:53) - Evolution of Hims’ Business Model

(23:31) - Teladoc’s Botched $18 BILLION Acquisition of Livongo

(27:30) - Hims Has the Technical Acumen to Transform Healthcare

In this episode of Hims House, Jonathan, Louis, and Dr. H discuss Hims & Hers' business model, focusing on whether it can be compared to models like Netflix, SaaS, or direct-to-consumer brands. Dr. H explains the patient experience, from intake to treatment, highlighting the discreet and accessible nature of Hims' services. They explore how the company's offerings differ from traditional consumer goods and the similarities and differences with urgent and primary care. The conversation also touches on the technological innovations in healthcare, such as combining medications for multiple conditions, and the potential future of Hims as a healthcare technology company.

(00:00) - Introduction

(00:54) - Dr. H Describes Patient Experience 

(04:04) - Comparison to Other Business Models, Primary Care

(08:38) - Churn and Business Model Nuances

(14:02) - Hims Will Roll Out New Products Over Time

(15:48) - Urgent Care

(17:37) - Patients Don’t Know Where To Go

(18:26) - Technology Will Unlock New Products

(19:58) - Hims as a Technology Company

(21:37) - Hims Ability to Personalize and Combine Medications

(23:25) - AI and Future Products on Hims Platform

Website: https://himshouse.com
Twitter/X: @himshouse

Jonathan Stern - @jonathanrstern
Louis Stevens - @LA_stevens_
Dr. H - @stayathomedoc

In Episode 1 of the Hims House podcast, host Jonathan Stern, equity analyst Louis Stevens, and industry insider Dr. H discuss the unique aspects of Hims & Hers’ business model, focusing on its telemedicine approach and vertical integration. They explain how Hims bypasses traditional healthcare barriers by offering direct cash-based services, making healthcare more accessible. The conversation covers Hims’ ability to offer affordable, generic medications and its emphasis on personalized care as key differentiators. They also explore the company’s growth trajectory, particularly its rapid success with non-GLP-1 weight loss treatments, and consider both the bullish and bearish cases for Hims’ future in the evolving healthcare landscape.

(00:00) - Introduction and Welcome to Hims House
(01:30) - Hims Operating Outside Traditional Healthcare
(04:01) - How Hims Bypasses Traditional Insurance
(04:58) - Offering Drugs at a Fraction of the Cost
(06:36) - The Moat of Hims
(08:00) - Personalized Healthcare and Vertical Integration
(14:36) - Weight Loss Category and Success Without GLP-1s
(17:31) - Legacy Weight Loss Products vs GLP-1s
(20:36) - Cost Differences Between Oral and Injectable Treatments
(21:13) - Why Amazon Hasn’t Replicated Hims
(23:52) - Emotional Connection in Healthcare
(25:21) - Bear Case for Hims
(28:24) - Bull Case and Final Thoughts

Website: https://himshouse.com
Twitter/X: https://x.com/himshouse

Jonathan Stern - https://x.com/jonathanrstern
Louis Stevens - https://x.com/LA_stevens_
Dr. H - https://x.com/stayathomedoc