Hims & Hers Health, Inc.
Health Care · Health Care Technology
Structural: vertically integrated DTC telehealth (web + app intake → async MD review → owned compounding pharmacy → recurring ship). 4M subscribers, ~55% gross margin, accelerating personalization mix (multi-ingredient compounded SKUs lock in higher LTV than commodity finasteride/sildenafil).
GLP-1 leg added in 2025 via compounded semaglutide under the $LLY / $NVO shortage exemption, then transitioned toward branded supply + oral GLP-1 / liraglutide as the FDA shortage list cleared.
(1) subscription model with >85% gross retention and rising AOV as users stack categories; (2) weight-loss category opens a $10B+ TAM the legacy DTC men's/women's base could never reach; (3) owned pharmacy + 503B facility = structural cost advantage vs Ro / pure-marketplace peers; (4) brand + paid-acquisition flywheel already amortized - incremental subs come at lower CAC than 2023; (5) optionality on a personalized longevity / hormone bundle adjacent to peptide and TRT demand.
(1) compounded GLP-1 revenue is regulator-dependent - every FDA shortage update (semaglutide cleared Q1 2025) is a step-function risk to the highest-growth SKU; (2) $LLY and $NVO are actively building DTC channels ($LLY Direct) that disintermediate the compounded route; (3) gross margin compression as branded GLP-1 supply replaces in-house compounded; (4) heavy reliance on paid social CAC - TikTok / Meta cost inflation directly hits unit economics; (5) async-prescribing model faces ongoing state medical-board and DEA scrutiny on stimulants, GLP-1s, and controlled substances.
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