Ep 19 - A Wall Street Analyst's $HIMS Bull Case (Jan 20, 2025)

NOTE: Analysis and opinions expressed by Jack are his and his alone, and are not to be interpreted as a reflection of opinions by his current or former employers.

In this episode of Hims House, Jonathan Stern, Louis Stevens, and Dr. H are joined by a special guest, Jack, a former sell-side analyst. Jack provides a comprehensive analysis of the Hims & Hers business, rooted in his years of following the company since 2022. The discussion kicks off with an overview of the financial industry, contrasting the roles of sell-side and buy-side analysts. Jack elaborates on his interest in following HIMS, emphasizing the company's successful transition from a patient-centric to a consumer-centric healthcare provider. The episode highlights a recent Bank of America report predicting a revenue shortfall for HIMS, exploring credit card data intricacies and deferred revenue impacts. Finally, the conversation delves into HIMS' long-term prospects, potential regulatory hurdles, international viability, and their unique market position.

00:00 Introduction

00:42 Understanding the Sell Side vs. Buy Side

02:17 Jack's Interest in HIMS

03:46 Bank of America Report Analysis

05:42 Deferred Revenue and Credit Card Data

11:40 Impact of Amazon on HIMS

18:32 Consumer vs. Patient Behavior

22:07 Cash Pay Option in Healthcare

26:22 HIMS' Long-Term Vision and International Expansion

31:35 Debating the Future of Diabetes Care

32:41 Challenges in High Acuity Care

34:04 Teladoc and Livongo: A Case Study

36:07 Impact of COVID on Digital Health

40:21 Consumer vs. Patient Psychology

47:01 The Future of Weight Loss and Diabetes Treatment

52:08 2025 Predictions and Key Indicators