Hims House

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.

David Maris, a renowned Wall Street analyst and founder of Wall Street Beats, discusses his bullish outlook on Hims, highlighting its growth potential and recent acquisition of ZAVA. He dives into the implosion of its partnership with Novo Nordisk and the associated legal risks. Maris shares insights on Hims' expansion into Canada and its potential to become a comprehensive healthcare platform. He also examines the market dynamics of GLP-1 treatments and the implications of high short interest on Hims' stock valuation.

The hosts delve into major media coverage, including a notable piece in Bloomberg Businessweek and the Washington Post's take on recent corporate upheaval. They explore Hims' ambitious expansion into Canada with generic medications, alongside the emergence of a new blood diagnostics division. Key insights on financial trends and app performance are highlighted, while a staggering 38% short interest raises eyebrows. The analysis touches on market dynamics and the complexities surrounding recent partnerships, packing this discussion with financial intrigue.

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