Hims & Hers Health, Inc. (HIMS)

Hims & Hers Health, Inc., launched in 2017 and headquartered operations built around a consumer-first digital health platform, connects consumers with licensed healthcare providers for telehealth consultations and prescription and non-prescription products addressing sexual health, hair loss, dermatology, mental health, and primary care. The company operates through Affiliated Medical Groups (independent physician-owned professional entities, due to corporate practice of medicine restrictions) that employ providers to deliver clinical services, while Hims & Hers provides administrative, technology, and support services under long-term agreements. Prescriptions are fulfilled through Affiliated Pharmacies (XeCare in Ohio and Apostrophe Pharmacy in Arizona) and Partner Pharmacies (TruePill, Curexa, ITC Compounding), enabling subscription-based recurring revenue.

The company also sells over-the-counter wellness, skincare, sexual health, and hair care products, some white-labeled or co-developed with manufacturers, through its websites, mobile apps, and retail partnerships in tens of thousands of U.S. stores. Since inception, Hims & Hers has facilitated over ten million telehealth consultations across all 50 U.S. states and the United Kingdom, expanding internationally through the 2021 acquisition of Honest Health Limited (now Hims & Hers UK Limited) and domestically through the 2021 acquisition of YoDerm, Inc. (Apostrophe), which added dermatology offerings. Growth strategy centers on acquiring new customers via omnichannel marketing (social media, TV, radio, retail presence), expanding within the existing customer base through cross-selling, entering new treatment categories (e.g., testosterone therapy, menopause, sleep disorders, weight management, diabetes, hypertension), scaling proprietary pharmacy and technology infrastructure, and pursuing further international expansion.

The company currently accepts payment only directly from consumers, not third-party payors or government healthcare programs, which limits exposure to certain federal healthcare fraud and abuse laws (e.g., Anti-Kickback Law, Stark Law) but subjects it to extensive state and federal regulation covering telehealth practice, corporate practice of medicine, pharmacy operations, FDA oversight of pharmaceuticals and compounded drugs, and data privacy laws (HIPAA-adjacent obligations, CCPA/CPRA, state privacy statutes, and UK GDPR). As of December 31, 2022, the company had 651 full-time employees and worked with 542 medical providers across all 50 states via the Affiliated Medical Groups. Hims & Hers holds 19 U.S. and 135 non-U.S. registered trademarks (with additional pending), no patents, and relies on trade secret protections and confidentiality agreements to safeguard its technology platform.

The company identifies its market as highly fragmented, competing with traditional healthcare providers, retailers, niche direct-to-consumer telehealth companies, and larger telehealth providers serving employers and insurers. As of February 24, 2023, the company had approximately 200.1 million Class A shares and 8.4 million Class V shares outstanding, with a public float of approximately $840 million as of June 30, 2022, and trades on the New York Stock Exchange.