Hims & Hers Health, Inc.
Hims & Hers Health, Inc. operates as a consumer-first health and wellness platform that connects consumers to licensed healthcare professionals in the United States, the United Kingdom, Canada, Germany, the Republic of Ireland, France, Spain, Australia, and internationally. The company offers a range of curated prescription and non-prescription health and wellness products and services available to purchase on its websites and mobile application directly by customers. It also provides personalized health and wellness products; over-the-counter drug and device products, cosmetics, and supplement products primarily focusing on general wellness, skincare, sexual health and wellness, and hair care under the Hims & Hers brand name; and laboratory testing services to measure a set of biomarkers. Additionally, it offers medical consultation, post-consultation support services, and delivery of laboratory testing results services. Further, the company provides treatments and products for various chronic conditions related to hormone health, weight loss, dermatology, and mental health. The company offers its products through retail partnerships, in stores, and online. The company was formerly known as Hims, Inc. and changed its name to Hims & Hers Health, Inc. in January 2021. The company was founded in 2017 and is based in San Francisco, California.
What does it do?
Hims & Hers is an online health company that lets you skip the traditional doctor's office. You visit their website or app, answer some questions, and a licensed doctor reviews your case and can prescribe you medication — all delivered to your door. They cover things like hair loss, erectile dysfunction, weight loss, skincare, and mental health. Think of it as a one-stop shop for personal health stuff people used to find embarrassing to discuss face-to-face.
Hims & Hers is sitting at the intersection of two massive trends: the explosion of GLP-1 weight loss drugs like semaglutide (the active ingredient in Ozempic) and the shift toward online healthcare. They began offering compounded — essentially custom-made — versions of these weight loss drugs at a fraction of brand-name prices, which turbocharged their growth. Investors care because whoever wins the online prescription delivery race could own a huge, sticky customer base for decades.
How does it make money?
The company makes almost all of its money through subscriptions and one-time purchases on its platform — customers pay monthly for ongoing treatments like hair loss pills or weight loss medication. Revenue jumped from $1.5 billion to $2.3 billion in the latest year, a 53% increase, largely driven by their weight loss product line. They sell both branded and compounded (generic-style) drugs, and compounded GLP-1 medications became a breakout product after the FDA declared name-brand versions like Ozempic to be in shortage. Gross profit — the money left after the cost of making and delivering the products — appears very thin in the latest data, which is a detail worth watching.
Why do investors care?
The growth story here is simple: Americans are desperate for affordable, accessible healthcare, and Hims & Hers removes friction from getting it. The company has already proven it can scale fast, more than doubling revenue in two years. For the thesis to work, they need to keep growing their subscriber base, defend their position in weight loss drugs as supply of brand-name GLP-1s normalises, and eventually turn that revenue into consistent, meaningful profit. They also need regulators to stay on the sidelines.
Deep Dive
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