Hims House Ep 40 - HIMS Q2 Earnings Recap
Aug 5, 2025
A deep dive reveals a surprising revenue miss for HIMS, sparking debates on slowing subscriber growth and the implications of a flat core performance. The hosts ponder if this is just a transition phase or a warning sign for the company's future. They examine the effects of a recent acquisition and the ambitious plans around AI and at-home testing. With discussions on international expansion and product diversification, the conversation is lively, balancing concerns with a cautious optimism about what lies ahead.
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First Revenue Miss for HIMS
- HIMS missed Wall Street revenue estimates for the first time, reporting $545M vs. $552M expected.
- The company still met its own guidance range, highlighting a transition rather than a collapse.
GLP-1 Impact on Revenue Drop
- The quarter's revenue drop was almost entirely due to a decline in GLP-1 drug sales.
- The core business, excluding GLP-1s, was essentially flat quarter-over-quarter, signaling slowing but stable subscriber growth.
Growing International Potential
- International expansion, especially in Latin America and Asia, presents growth opportunities despite regulatory challenges.
- Many international public health systems do not cover HIMS’ cosmetic treatments, opening a market for private pay clients.