Hims & Hers Health Inc. (NYSE:HIMS) is a rapidly growing consumer-focused telehealth company on a mission to make healthcare more accessible, affordable, and personalized. Founded in 2017 by entrepreneur Andrew Dudum, the company was initially launched as “Hims” to address stigmatized health issues like hair loss and erectile dysfunction in men. The overwhelming success of its direct-to-consumer platform paved the way for its expansion into a wider range of healthcare categories, eventually leading to the creation of “Hers” — a parallel brand catering to women’s wellness needs. Today, Hims & Hers operates as a unified brand serving millions of patients across the United States, offering treatment for everything from mental health and skincare to sexual health, weight management, and beyond.
At its core, Hims & Hers was built to challenge the traditional, often fragmented U.S. healthcare system by creating a seamless and digital-first approach to medical care. By leveraging technology, licensed providers, and an in-house pharmacy fulfillment network, the company empowers users to access high-quality, customized care from the comfort of their homes. Customers can complete virtual consultations, receive diagnoses, and get FDA-approved prescription medications delivered directly to their doors — all through a subscription model designed for convenience and long-term retention. This model has not only enabled the company to grow its subscriber base exponentially but also to build one of the stickiest and most trusted brands in modern healthcare.
The company’s platform has evolved from a niche solution into a broad-based health and wellness ecosystem that now includes primary care, dermatology, psychiatry, hormone therapy, and weight-loss solutions. Its vertically integrated infrastructure allows Hims & Hers to develop, prescribe, and distribute medications efficiently — maintaining quality control while ensuring privacy and affordability for users. In doing so, the company has created an end-to-end healthcare experience that prioritizes the individual over the bureaucracy, tapping into a massive unmet need for patient-centered care.
Hims & Hers went public via a SPAC merger in early 2021 and has since become one of the most watched names in the digital health sector. With its innovative approach, strong unit economics, and highly scalable model, the company has seen its revenue grow at triple-digit rates year over year. By the first half of 2025, Hims & Hers had surpassed 2.4 million subscribers and was generating hundreds of millions in quarterly revenue, with profitability milestones now within reach. Its long-term strategy focuses on expanding its offerings from hundreds to potentially thousands of personalized treatment options — a move that could position it as the go-to destination for everyday healthcare in the digital age.
As consumer demand for accessible, stigma-free, and personalized care continues to surge, Hims & Hers is not just keeping pace — it is leading the transformation of healthcare delivery. With visionary leadership, strong brand equity, and a laser focus on long-term innovation, Hims & Hers Health, Inc. is poised to redefine what it means to receive care in the 21st century.
Strong Top-Line Momentum Amid Market Volatility
Despite recent market noise, Hims & Hers continues to report phenomenal year-over-year revenue growth. For Q2 2025, the company announced $544.8 million in revenue — a remarkable 73% increase from the same period last year. While this result slightly missed Wall Street’s estimate of $552 million, the company reaffirmed its full-year revenue forecast of $2.3 billion to $2.4 billion, showcasing confidence in its growth trajectory. Even more impressively, earnings per share came in at $0.17, beating analyst expectations of $0.15. This signals expanding margins and efficient cost management even as the business scales aggressively.
It’s important to put the stock’s brief dip in perspective — HIMS shares fell as much as 11% in premarket trading and settled around 5% lower on the day after the earnings report. But with the stock already up more than 150% year-to-date, this kind of volatility is natural, especially as short-term traders react to near-term revenue figures without considering the broader strategic vision and underlying unit economics.
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Navigating GLP-1 Controversy with Agility and Strategy
Much of the short-term scrutiny facing Hims & Hers stems from the fallout of its short-lived partnership with Novo Nordisk (NYSE: NVO), the pharmaceutical giant behind the blockbuster weight-loss drug Wegovy. In June, Novo Nordisk abruptly ended its collaboration, citing legal violations and deceptive marketing practices around Hims & Hers’ compounded version of semaglutide, a GLP-1 medication.
However, this partnership only began in May 2024 during a period when the FDA allowed compounding pharmacies to copy semaglutide due to severe shortages. When the FDA lifted that emergency authorization in February 2025, compounding practices were halted across the industry, not just at Hims & Hers. While Novo Nordisk’s public criticism added drama to the story, the underlying regulatory shift impacted all telehealth players in this space — yet Hims & Hers emerged from the disruption with its platform still intact and thriving.
Rather than retreat, the company has boldly pivoted by offering branded versions of GLP-1s like Wegovy and Eli Lilly’s Zepbound. While these come at higher costs, Hims & Hers has structured its offering in a way that maintains access, trust, and scalability. This demonstrates the company’s nimbleness and strong operational execution in a highly regulated sector.
Unshaken Vision: A Broader Platform Play Beyond Weight Loss
Critically, Hims & Hers is not just a GLP-1 play. While weight-loss treatments significantly contributed to its recent revenue surge, management has consistently emphasized its long-term ambition: to build a comprehensive platform delivering personalized treatments across a wide spectrum of health categories. In the company’s Q1 2025 shareholder letter, leadership outlined its vision of scaling from “hundreds of personalized treatments today to potentially thousands,” a move that would dramatically expand the company’s total addressable market (TAM).
This diversification is already taking shape. Hims & Hers has begun to roll out offerings in hormone therapy (testosterone and menopause), dermatology, mental health diagnostics, and even at-home lab testing. These categories each represent billion-dollar opportunities, and with its existing base of ~2.4 million active subscribers and rising average revenue per user (ARPU), the company is well-positioned to cross-sell and upsell effectively across its ecosystem.
Best-in-Class Brand, Retention, and Patient Loyalty
One of Hims & Hers’ most overlooked advantages is its brand power. Built on trust, discretion, and millennial-savvy marketing, HIMS has achieved best-in-class customer retention metrics — with more than 85% of customers staying on platform month over month. This speaks volumes about the stickiness of its services, and how effectively it has embedded itself into the daily health routines of millions of Americans.
The company’s ability to maintain high customer lifetime value while minimizing churn — even during regulatory turbulence — is a rare feat in digital health. These dynamics power its recurring revenue model, creating highly predictable cash flows that are both scalable and defensible over time.
Profitability at Scale — A Rare Gem in Telehealth
Unlike many of its telehealth peers, Hims & Hers has not only achieved positive earnings but is growing its profitability quarter after quarter. In Q2 2025, the company generated $91 million in adjusted EBITDA and approximately $50 million in free cash flow. These numbers reflect a business that’s not just growing fast, but doing so with financial discipline and capital efficiency.
With guidance reaffirmed for up to $2.4 billion in 2025 revenue and ambitions to reach $6.5 billion in revenue and $1.3 billion in EBITDA by 2030, the upside potential remains massive. Given the company’s relatively modest valuation compared to traditional healthcare giants, there is a compelling case to be made that HIMS stock remains undervalued relative to its long-term cash flow potential.
Outpacing the Giants — And the Market
While peers like Novo Nordisk and Eli Lilly have faced steep drawdowns and flatlining stock performance in 2025, Hims & Hers has surged over 150% year-to-date. This is not a coincidence. Investors are beginning to recognize that consumer-first, tech-enabled healthcare — with personalized, accessible solutions — is the future. And HIMS is leading that charge.
CEO Andrew Dudum put it best in the company’s Q2 2025 earnings call:
“From the beginning, we have believed that medicine should be centered on the individual, not the system. We are now seeing the market demanding just that. What we have built is working — and it’s working at scale.”
Final Thoughts: Why HIMS Is a Long-Term Buy
While the stock may experience short-term pullbacks due to earnings reactions or headlines, the long-term outlook remains bullish. Hims & Hers is not a one-hit wonder capitalizing on the weight-loss craze. It is building a durable, multi-category health platform with strong margins, high retention, scalable distribution, and a loyal user base.
In a healthcare system often plagued by inefficiencies, inaccessibility, and impersonal care, Hims & Hers is flipping the model — offering a personalized, tech-enabled solution that meets patients where they are. As digital health adoption accelerates, the company is positioned not just to grow — but to lead.
For investors looking for exposure to the future of healthcare, HIMS stands out as one of the few publicly traded names delivering both growth and profitability at scale.
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