Hims & Hers Health, Inc. Thesis

Hims & Hers Health, Inc. does not have formal operating segments, instead reporting revenue through two primary channels: **Online Revenue** and **Wholesale Revenue**. Online Revenue, which accounts for the vast majority of sales, represents the company's core business model of connecting consumers with licensed healthcare professionals through its telehealth platform. This focus on a direct-to-consumer online experience is the foundational principle of its strategy.

The company's growth narrative centers on a mission to evolve from a niche telehealth service to a **comprehensive, personalized health and wellness platform**. This is a deliberate expansion beyond its initial focus on men's and women's health concerns like hair loss and erectile dysfunction. Recent initiatives, such as the launch of exclusive branded oral testosterone and other personalized treatments, illustrate a strategic push into new categories. Furthermore, the company has explicitly stated its plans for **international expansion in the latter half of 2025**, a key part of its strategy to increase access to "precision care for millions of people across the world". This pivot toward personalization and multi-condition treatment plans is designed to increase customer lifetime value and platform stickiness.

Management has provided explicit, quantitative financial guidance for the full year 2025, which serves as a key measure of its execution. In its second-quarter 2025 financial results, Hims & Hers affirmed its full-year **revenue guidance of $2.3 billion to $2.4 billion** and an **Adjusted EBITDA guidance of $295 million to $335 million**. This transparency provides a clear benchmark for investors to evaluate the company's performance. The company's emphasis on personalization and its expansion into new treatment areas are directly tied to these financial projections, as they are expected to drive top-line revenue growth and profitability. The strength of the online model provides the capital and customer base necessary to execute these strategic expansions.