In episode 40 of Hims House, Jonathan and Patrick Lester (Bayside) dive into HIMS' Q2 2025 earnings — the company’s first-ever miss vs. Wall Street expectations. They discuss slowing subscriber growth, flat core business performance, the GLP-1 revenue pullback, and the broader implications for future growth. They also debate whether this was simply a “transition quarter” or a warning sign, and explore what the next 12-18 months might look like with international expansion and new product categories. They also analyze commentary around the ZAVA acquisition, AI ambitions, and the role of lab testing in building a “membership model” for healthcare.
00:22 – Revenue miss: $545M vs. $552M estimate
01:56 – Net new subscribers fall below 100K for first time since Q2'23
03:54 – GLP-1 breakdown reveals flat core business
05:14 – Long-term thesis still intact?
08:35 – International expansion
10:31 – ZAVA acquisition: $265M for $50M in revenue by 2025
14:34 – Marketing spend decline: sign of diminishing returns?
18:02 – AI + at-home testing ambitions
19:52 – Transition quarter or something worse?
24:05 – HIMS AI aspirations
24:56 – No analyst questions on collapsed Novo deal
26:09 – “Investment period” signals higher near-term expenses
26:56 – New Novo CEO + legal/regulatory risk
28:54 – FDA levers that could shake compounding market
31:44 – Audience Q&A
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