HIMS
Hims & Hers Health, Inc.
Quarterly revenue, EPS, free cash flow, valuation, and Rule of 40 scores for Hims & Hers Health, Inc..
Coverage
Hims's Cancer Test Costs $699, Not $250. WHOOP Sells It for $799 Without a Subscription.
Our February piece read a $250 discount as a $250 price. It is $699 off a $949 list plus a $349 Labs plan — while WHOOP sells the same GRAIL test for $799 flat.
Hims Got Its Growth Back. The Profit Guidance Went Down.
Hims' Q2: revenue $753.2M up 38.2% after +3.8%, with an $86.3M net loss, 12.6 points of gross margin gone, and $25M taken off the adjusted EBITDA range.
We Covered Hims Four Times in Eight Days, Then Went Quiet for Six Months. It Reports Monday.
In February we published four pieces on Hims & Hers in eight days — an FDA reversal, a DOJ referral, a Novo Nordisk lawsuit, a stock down 75% — and then nothing. Ahead of the August 3 print, here is what the numbers did in the meantime, and an honest account of which questions we still cannot answer.
HIMS Perfect Storm: FDA, DOJ, and Novo Nordisk Close In — Stock Down 75% From Highs
Hims & Hers faces a triple regulatory and legal assault. FDA crackdown, DOJ criminal referral, and now a Novo Nordisk patent lawsuit have cratered the stock from $68 to $17 in weeks. We break down the compounding threats.
HHS Refers Hims to DOJ for GLP-1 Drug Investigation
HHS refers Hims & Hers to the Department of Justice over potential violations related to compounded GLP-1 weight-loss drugs. Here's what we know and what it means.
FDA to restrict GLP-1 compounding, names Hims
FDA announces intent to restrict GLP-1 active ingredients for non-approved compounded drugs, explicitly naming Hims as a mass-marketer.
Where the revenue goes next
Latest: $753M (2026Q2)
| Period | Value |
|---|---|
| 2020Q4 | $41M |
| 2021Q1 | $52M |
| 2021Q2 | $61M |
| 2021Q3 | $74M |
| 2021Q4 | $85M |
| 2022Q1 | $101M |
| 2022Q2 | $114M |
| 2022Q3 | $145M |
| 2022Q4 | $167M |
| 2023Q1 | $191M |
| 2023Q2 | $208M |
| 2023Q3 | $227M |
| 2023Q4 | $247M |
| 2024Q1 | $278M |
| 2024Q2 | $316M |
| 2024Q3 | $402M |
| 2024Q4 | $481M |
| 2025Q1 | $586M |
| 2025Q2 | $545M |
| 2025Q3 | $599M |
| 2025Q4 | $618M |
| 2026Q1 | $608M |
| 2026Q2 | $753M |
Latest: -$0.37 (2026Q2)
| Period | Value |
|---|---|
| 2020Q4 | -$0.07 |
| 2021Q1 | -$0.34 |
| 2021Q2 | -$0.05 |
| 2021Q3 | -$0.08 |
| 2021Q4 | -$0.15 |
| 2022Q1 | -$0.08 |
| 2022Q2 | -$0.10 |
| 2022Q3 | -$0.09 |
| 2022Q4 | -$0.05 |
| 2023Q1 | -$0.05 |
| 2023Q2 | -$0.03 |
| 2023Q3 | -$0.04 |
| 2023Q4 | $0.01 |
| 2024Q1 | $0.05 |
| 2024Q2 | $0.06 |
| 2024Q3 | $0.32 |
| 2024Q4 | $0.11 |
| 2025Q1 | $0.20 |
| 2025Q2 | $0.17 |
| 2025Q3 | $0.06 |
| 2025Q4 | $0.08 |
| 2026Q1 | -$0.40 |
| 2026Q2 | -$0.37 |
Latest: 63.7 (2025Q4)
| Period | Value |
|---|---|
| 2024Q2 | 252.4 |
| 2024Q3 | 41.9 |
| 2024Q4 | 44.8 |
| 2025Q1 | 42.8 |
| 2025Q2 | 62.3 |
| 2025Q3 | 105.0 |
| 2025Q4 | 63.7 |
Latest: -$62M (2026Q2)
| Period | Value |
|---|---|
| 2021Q1 | -$16M |
| 2021Q2 | $540,000.00 |
| 2021Q3 | -$16M |
| 2021Q4 | -$4M |
| 2022Q1 | -$20M |
| 2022Q2 | -$7M |
| 2022Q3 | $5M |
| 2022Q4 | -$8M |
| 2023Q1 | $9M |
| 2023Q2 | $12M |
| 2023Q3 | $22M |
| 2023Q4 | $13M |
| 2024Q1 | $15M |
| 2024Q2 | $50M |
| 2024Q3 | $82M |
| 2024Q4 | $62M |
| 2025Q1 | $54M |
| 2025Q2 | -$65M |
| 2025Q3 | $83M |
| 2025Q4 | $12M |
| 2026Q1 | $60M |
| 2026Q2 | -$62M |
Latest: 232M (2026Q2)
| Period | Value |
|---|---|
| 2020Q4 | 36M |
| 2021Q1 | 153M |
| 2021Q2 | 192M |
| 2021Q3 | 200M |
| 2022Q1 | 203M |
| 2022Q2 | 204M |
| 2022Q3 | 205M |
| 2023Q1 | 207M |
| 2023Q2 | 208M |
| 2023Q3 | 210M |
| 2024Q1 | 229M |
| 2024Q2 | 235M |
| 2024Q3 | 235M |
| 2025Q1 | 247M |
| 2025Q2 | 257M |
| 2025Q3 | 249M |
| 2026Q1 | 228M |
| 2026Q2 | 232M |
Latest: $283M (2026Q2)
| Period | Value |
|---|---|
| 2021Q1 | -$16M |
| 2021Q2 | -$15M |
| 2021Q3 | -$32M |
| 2021Q4 | -$35M |
| 2022Q1 | -$55M |
| 2022Q2 | -$61M |
| 2022Q3 | -$56M |
| 2022Q4 | -$64M |
| 2023Q1 | -$56M |
| 2023Q2 | -$43M |
| 2023Q3 | -$22M |
| 2023Q4 | -$8M |
| 2024Q1 | $7M |
| 2024Q2 | $57M |
| 2024Q3 | $139M |
| 2024Q4 | $201M |
| 2025Q1 | $255M |
| 2025Q2 | $190M |
| 2025Q3 | $273M |
| 2025Q4 | $285M |
| 2026Q1 | $345M |
| 2026Q2 | $283M |
Latest earnings
Company History
Andrew Dudum founded Hims in San Francisco, initially focused on men\
Launched Hers brand to expand into women\
Added mental health services including anxiety and depression treatments through online consultations.
Went public through SPAC merger with Oaktree Acquisition Corp, trading on NYSE under ticker HIMS.
Entered the weight loss market with GLP-1 offerings, capitalizing on Ozempic/Wegovy demand surge.
Reported first full-year net income of $126 million with revenue of $1.5 billion, validating the telehealth model.
Launched Hims Labs for at-home health testing, measuring key biomarkers with doctor-developed action plans.
Added GRAIL\
Key Players
The CEO view — 3 podcasts, interviews & articles →
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Funds we follow holding HIMS
By latest reported 13F position value. Market value at quarter-end, not cost basis.
