Episodios
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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
Get full access to Hims House at himshouse.substack.com/subscribe -
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
Get full access to Hims House at himshouse.substack.com/subscribe -
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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
Get full access to Hims House at himshouse.substack.com/subscribe -
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
Get full access to Hims House at himshouse.substack.com/subscribe -
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
Get full access to Hims House at himshouse.substack.com/subscribe -
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.comTwitter/X: @himshouse
Discord: https://discord.gg/WPzMX448V8
Jonathan Stern - @jonathanrstern
Louis Stevens - @LA_stevens_
Dr. H - @stayathomedoc
Get full access to Hims House at himshouse.substack.com/subscribe -
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
Get full access to Hims House at himshouse.substack.com/subscribe -
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
Get full access to Hims House at himshouse.substack.com/subscribe -
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
Get full access to Hims House at himshouse.substack.com/subscribe -
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
Get full access to Hims House at himshouse.substack.com/subscribe -
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: @himshouseJonathan Stern - @jonathanrstern
Louis Stevens - @LA_stevens_
Dr. H - @stayathomedoc
Get full access to Hims House at himshouse.substack.com/subscribe -
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 ThoughtsWebsite: https://himshouse.com
Twitter/X: https://x.com/himshouseJonathan Stern - https://x.com/jonathanrstern
Louis Stevens - https://x.com/LA_stevens_
Dr. H - https://x.com/stayathomedoc
Get full access to Hims House at himshouse.substack.com/subscribe
