In Episode 39 of Hims House, Jonathan Stern and Patrick Lester (Bayside) sit down with David Maris—one of the most decorated healthcare analysts of the past two decades. Maris shares why he flagged HIMS as a buy around $15, what excites him about the company’s growth, and how he views its expansion into Europe and Canada. The discussion covers the implosion of Hims’ partnership with Novo Nordisk, litigation risk, and how this all plays into the broader GLP-1 landscape. David also weighs in on Hims as a healthcare platform, its acquisition potential, and new verticals like TRT and menopause. The episode concludes with insights into the valuation, high short interest, and a discussion on governance issues related to Hims’ dual-class stock structure.
00:00 - Introduction
01:48 - Why David Got Bullish at $15
04:50 - HIMS’ Acquisition of ZAVA and European Expansion
09:20 - Expansion into Canada
13:21 - Novo Partnership Implosion & Legal Risk
22:04 - Long-Term Outlook for GLP-1s
28:16 - Can HIMS Become a Full-Fledged Healthcare Platform?
35:13 - Acquisition Potential
39:22 - Kare Schultz
40:50 - Clinical Adherence and Personalized Medicine
46:28 - Core Business Concerns, CAC, and Ad Trends
48:38 - Why This is a Massive Earnings Report
55:36 - TRT, Menopause, and the Next $1B Category
01:11:27 - Valuation Frameworks, Short Interest, and Governance
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