Hims House

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

In Episode 27 of Hims House, Jonathan Stern, Patrick Lester, and Louis Stevens discuss the blockbuster news of Hims partnering with Novo Nordisk to sell branded GLP-1 medication Wegovy for $599 a month. They delve into the deal terms, initial market reaction, and the potential long-term impacts on Hims as the direct-to-consumer telehealth leader. The conversation also touches on the possibility of future partnerships, notably with Eli Lilly, and how Hims' business model and profit margins might evolve.00:00 Introduction01:46 Patrick's Perspective on the Deal08:09 Louis' Return and Reflections09:58 Comparing Hims to Netflix and Long-term Prospects15:46 Impact on Bear Thesis and Revenue Projections21:12 Understanding Hims as an AI-Orchestrated General Physician27:01 Wall Street's Obsession with GLP-1s31:30 Margin Impact of the Novo Deal40:01 Future Partnerships and 2025 OutlookDisclaimer: This podcast is for informational and entertainment purposes only. Nothing discussed should be considered financial, investment, or legal advice. Always consult with a qualified professional before making financial decisions Get full access to Hims House at himshouse.substack.com/subscribe

In this episode of Hims House, Jonathan Stern and Patrick Lester sit down with Martin Shkreli — one of the sharpest and most controversial voices in healthcare. They break down what’s driving Hims’ explosive revenue growth and why the company remains so widely misunderstood. The conversation covers the “Netflix of Healthcare” analogy, GLP-1 compounding and IP risk, and questions around long-term sustainability. Shkreli also breaks down the stock dynamics behind Hims’ unusually high short interest, how hedge funds and quants are positioned, and what the holder list — including Citadel, Farallon, and Renaissance — reveals about how the smartest players on Wall Street are positioned. The episode closes on valuation, scale, and why management execution is likely to be the single most important factor in how the Hims story plays out.00:00 Introduction04:00 The Netflix of Healthcare05:52 Positive Second Derivative Revenue Growth07:33 Founder-Led Companies09:13 Comparing Hims to Google15:30: The Importance of Management20:15 Hims As Big As UnitedHealthcare?24:50 GLP-1s and Hims25:45 Why Big Stock Price Swings are Bullish27:30 The Rise of Eli Lilly and GLP-1s34:55 Ozempic Growth and Patent Challenges36:01 The Complexities of Pharma Patents44:50 Would Novo Sue Hims?45:40 Hims, AI, and the Future of Healthcare Platforms50:30 It's Time for a Healthcare Social Platform55:19 The Debate on OTC Drugs and Healthcare Access58:00 Stock Dynamics: Short Interest, Institutional Ownership, Retail Interest01:06:06 Addressing the Top Bear Arguments01:08:29 Insider Sales01:13:24 Top Institutional Holders: Citadel, Farallon, Renaissance, and More01:25:03 Hims ValuationDisclaimer: This podcast is for informational and entertainment purposes only. Nothing discussed should be considered financial, investment, or legal advice. Always consult with a qualified professional before making financial decisions. Get full access to Hims House at himshouse.substack.com/subscribe

Raul Shah, the owner of DocShah Financial, discusses his investment insights into Hims & Hers, drawing lessons from Christopher Mayer's book on 100-baggers. He addresses key bear theses, including customer acquisition costs and legal risks, while emphasizing the need for a Chief Technology Officer to drive AI advancements. Raul shares his long-term outlook on Hims, highlighting the difference between stock price and true valuation, and offers a mix of optimism for the company’s future and humorous anecdotes about investor celebrations.

In this episode of Hims House, Jonathan Stern and Patrick Lester are joined by Alex Beinfield, founder & CIO of Blue Duck Capital, for a wide-ranging conversation on markets, healthcare, and the future of HIMS. They kick off by unpacking the market implications of Trump’s tariffs, with ripple effects for global trade and the pharmaceutical sector. The conversation then turns to HIMS. Alex shares what first got him excited about the company back in 2020, and why he’s still bullish today. He breaks down HIMS’ long-term potential and competitive moats in telehealth—from its DTC strength and brand equity to its mission of solving one of the biggest pain points in modern life. They also discuss how shifts in healthcare policy — the “Make America Healthy Again” agenda — could shape the company’s path forward.01:22 Tariff Turmoil02:32 Market Reactions and Predictions08:05 Impact on Hims and the Pharmaceutical Industry12:43 Blue Duck Capital's Unique Approach19:00 Alex's Investment Journey with Hims24:03 The Pain Points in Healthcare24:40 Reinitiating a Position in Hims25:37 The Impact of RFK Jr. on Healthcare Policy28:25 Hims' Growth and Market Position29:34 Regulatory Environment Under the New Administration33:58 Hims' Competitive Moats41:12 GLP-1 and the Bigger Picture45:44 Valuation and Price Targets Get full access to Hims House at himshouse.substack.com/subscribe