Hims House

Thanks to our partner, Godel Terminal — a full trading terminal at less than 10% of the price of a Bloomberg! CLICK HERE to get 25% off your first month and lock in lifetime access for $80/mo.In episode 37 of Hims House, patent attorney Gaston Kroub joins Jonathan Stern and Patrick Lester (Bayside) to unpack the legal fallout from Novo Nordisk’s split with Hims. With speculation swirling around a potential lawsuit, Gaston explains why a patent case is unlikely — and why, if Novo sues, they may instead lean on trademark or false advertising claims. The discussion dives into Novo’s patent portfolio, including the critical ‘343 patent, and how ongoing lawsuits against Empower and Strive could shape Novo’s next move. Gaston breaks down what a lawsuit would look like, the most likely outcomes, and why compounders like Hims remain legally protected despite accusations of skirting the law’s intent. The conversation closes with a look at the Supreme Court ruling that is responsible for the compounding exemption, and why any legislative fix may be years away.00:00 – Godel Terminal00:54 – Intro02:43 – Gaston’s Legal Background and Expertise04:46 – Will Novo Nordisk Sue Hims?17:02 – How Novo Has Targeted Other Compounders21:54 – FDA Law and Whether Novo Can Sue Directly26:57 – Breaking Down Novo’s Patent Portfolio39:10 – Lawsuit Scenarios41:19 – How Preliminary Injunctions Work42:53 – Why Novo Might NOT File A Lawsuit45:43 – Legal Precedents and Comparisons46:36 – What Makes Compounders Vulnerable in Court52:46 – Possible Outcomes If Novo Files a Lawsuit01:00:29 – Future of Compounding & Possible Congressional Actions01:16:15 – Final Takeaways Get full access to Hims House at himshouse.substack.com/subscribe

In this discussion, Adam May, a keen biotech investor and dermatologist, unpacks his bearish stance on HIMS. He shares insights on the implosion of the HIMS-Novo deal and navigates the rocky waters of GLP-1 legality and market risk. May also reflects on his trading experiences and the ethical complexities surrounding HIMS' compounding model. Additionally, the conversation touches on AI's potential impact on drug development and the challenges posed by competition in the healthcare sector. Tune in for a blend of sharp critique and industry intrigue!

Mads Christiansen, a Danish GP and CEO of New Deal Invest, and Sekander Amini, a UK pharmacy owner and Hims investor, share insights on the European healthcare landscape. They tackle how Hims’ U.S. strategies need to adapt to Europe’s free healthcare systems and discuss the benefits of telehealth amidst NHS challenges. They explore the potential of personalized medicine, AI innovations, and the complexities of pharmaceutical advertising across different regulations, revealing a future of streamlined, tech-driven healthcare solutions.

In this engaging discussion, Max Marchione, founder of Superpower and a pioneer in health tech, talks about the future of personalized medicine driven by AI. He outlines how AI could reshape the patient experience, making it the go-to source for healthcare advice. Marchione also shares insights on the crucial shift from reactive to preventative healthcare, the potential of peptides, and the branding strategies needed to connect with consumers. Additionally, he reveals Superpower's vision for global expansion and innovation in the healthcare sector.

In Episode 34 of Hims House, Jonathan Stern and Patrick Lester (aka Bayside) break down HIMS' acquisition of European telehealth company ZAVA. They dig into ZAVA’s 2023 financials — £20M revenue, 74% gross margins, and a reduction in net loss from £8M to £320K. The hosts debate how much HIMS likely paid, speculate on the strategic rationale, and analyze early market reactions. Bayside lays out his bullish case, and they discuss how much this is about instant regulatory access to top EU markets (UK, Germany, France, Ireland). They discuss the likely role of board member Anja Manuel in helping navigate expansion and if Hims can bring its marketing engine to Europe despite advertising restrictions. The conversation also touches on insurance, manufacturing, and implications for future M&A and a potential Lilly partnership.00:00 Introduction00:56 Financial overview of ZAVA02:34 Stock price reaction03:11 Bayside "extremely bullish"04:34 The logic of the deal07:54 Board member insights08:59 Discussion on financials and trust13:12 Speculation on deal size14:41 Other acquisitions still to come?16:25 Insurance19:15 Pharma advertising in Europe20:44 Google Trends and Market Growth25:53 Questions around operations & manufacturing28:26 Short interest dynamics post-deal Get full access to Hims House at himshouse.substack.com/subscribe

Antonio Linares, an early Tesla and AMD investor and author of a popular investment Substack, passionately argues that Hims transcends telehealth, likening it to a healthcare platform based on the Costco model. He reveals the explosive potential of peptides in health optimization and critiques traditional pharma's underestimation of Hims' unique advantages. The discussion also dives into his concentrated investment strategy and the critical role of data and AI in personalizing healthcare, showcasing Hims’ potential to revolutionize the industry.

In this episode of Hims House, Jonathan Stern, Patrick Lester (Bayside), and Nate Endicott sit down with Amit, one of the most notable names on fintwit and long-time skeptic of Hims. While Amit was early to Palantir and Robinhood, he’s unconvinced by Hims — and this episode is all about changing that. The crew makes the bull case: Hims’ 10-year vision, vertical integration, brand moat, and recent moves in weight loss, lab testing, peptides, and more. Amit pushes back, questioning the company’s tech DNA, long-term edge, and differentiation from giants like Amazon. They debate everything from customer retention and GLP-1 demand to regulatory chaos, and how the Hims retail investor community is rivaling institutional coverage.00:00 Intro00:38 Why Is Amit Even Here?!01:22 Amit’s First Impressions of Hims03:12 Laying Out the 10-Year Vision08:36 "No Moat"14:33 Vertical Integration20:19 Hims as a Tech Company25:32 Customer Retention, CAC, and LTV34:31 Regulatory Chaos35:22 Eli Lilly + Novo Nordisk Partnerships36:42 Hims Earnings and Speculations38:32 GLP-1 Market Dynamics46:27 Building a Retail Community51:04 Retail vs. Institutions58:36 Volatility and Trading Strategies01:06:10 Final Thoughts Get full access to Hims House at himshouse.substack.com/subscribe

Mark Cuban, the dynamic entrepreneur and owner of the Dallas Mavericks, shares insights on his latest venture, Cost Plus Drugs. He unravels the complexities of the healthcare system, exposing the opaque role of Pharmacy Benefit Managers. Cuban discusses his mission to ensure affordable medications and the significance of transparency in pricing. He also compares Cost Plus Drugs with Hims & Hers and explores the future of personalized medicine, technology, and international expansion in healthcare.

In this episode of Hims House, Jonathan Stern and Patrick Lester break down the Q1 2025 earnings results for Hims & Hers. They highlight strong topline and bottom-line performance -- including $586M in revenue, 345% YoY net income growth, and 321% free cash flow growth. The discussion also covers softer metrics, such as a modest 137k net new subscriber additions and a conservative Q2 revenue guide. They explore the company’s reaffirmed full-year outlook and new long-term revenue goal of $6.5 billion by 2030, analyzing whether it may be a sandbagged target. Other topics include international expansion, strategic partnerships (including Novo Nordisk and conversations with Eli Lilly), and the appointment of former Amazon executive Nader Kabbani as COO.00:00 Introduction and Q1 2025 Highlights02:20 Patrick's Take on Earnings05:17 The Long-Term Revenue Target08:20 – Hims House Valuation Model Breakdown11:14 Q2 Revenue Guidance13:41 International Expansion17:10 – The Five Growth Levers27:52 Sexual Health Vertical and Core Specialties32:00 New COO Nader Kabbani Get full access to Hims House at himshouse.substack.com/subscribe

In this episode of Hims House, Jonathan Stern sits down with Alvan Chow — the original WallStreetBets poster who made a legendary 100,000% return during the GameStop short squeeze. They break down what happened in January 2021, the mechanics behind a short squeeze, and how institutional and retail forces collided to trigger one of the wildest moments in market history. The conversation then pivots to Hims, which increasingly has a similar setup: a strong fundamental story, massive short interest, and increasing retail momentum. They explore the potential for a “second squeeze,” compare Hims to Tesla & Palantir, and debate how much of the recent volatility is driven by technical flows vs. fundamental news. They also dig into how retail investors in South Korea could play a surprise role, why the borrow fee and other short metrics matter, and how investors should think about risk management during parabolic moves.Note: During HIMS' first short squeeze in February, Alvan turned $500K into $5M. Now, he's eyeing HIMS short squeeze 2.0 🔥01:26 Alvan Chow's Origin Story and the GameStop Saga03:52 Mechanics of Short Selling and Short Squeezes07:17 Comparing GameStop and Hims14:24 Why Shorting Hims Makes No Sense15:43 What a Hims “Squeeze Part 2” Could Look Like20:45 Is This Like GameStop, Tesla, or Palantir?26:04 The Korean Retail Investor Factor32:33 Final Thoughts Get full access to Hims House at himshouse.substack.com/subscribe