Hims & Hers Health, Inc. · NYSE:HIMS
Hims & Hers Health — Q4 2024 Earnings Presentation
45 slides from Hims & Hers Health's earnings presentation, Feb 24, 2025
Slide 1: Investor Presentation February 2025
S u p p l e m e n ta l P r e s e n tat i o n Investor Presentation February 2025
Slide 2: Safe Harbor Statement
Introduction 2 Safe Harbor Statement This presentation has been prepared by Hims & Hers Health, Inc. (“we,” “us,” “our,” “Hims & Hers,” or the “Company”). potential effects on us. Future developments affecting us may not be those that we have anticipated. These forward-looking statements involve a n
Slide 3: Mission: help the world feel great through better health
Introduction 3 Feeling good in your body & mind transforms how you show up in life That’s why we’re on a mission to help the world feel great through the power of better health
Slide 4: Our platform democratizes access to high-quality personalized solutions
Introduction 4 Our platform democratizes access to high-quality personalized solutions and service quality levels, through 2 Day Streak leveraging technology to 2.3 lbs deliver a frictionless experience unlike anything in the market Weight loss treatment Refills on Tuesday, Nov 7
Slide 5: Our team is led by a visionary founder
Introduction 5 Our team is led by a visionary founder, with support from a leadership team that has scaled disruptive companies Andrew Yemi Melissa Soleil Mike Dr. Pat Khobi Dan Dudum Okupe Baird Boughton Chi Carroll Brooklyn Kenger Chief Executive Officer Chief Financial Chief Operating Chief Legal
Slide 6: Board additions in 2024 augment governance structure
Introduction 6 Board additions in 2024 brought new expertise, further augmenting our governance structure Continuing board members New board members Andrew Dudum Dr. Toby Cosgrove Christopher Payne Anja Manuel Chief Executive Officer Former President & CEO of the & Co-Founder Cleveland Clinic David
Slide 7: Internal medical advisory board and healthcare partnerships
Introduction 7 An internal medical advisory board and a breadth of healthcare partnerships drive clinical excellence Medical review Partnerships & affiliations 15+ leading experts High confidence provider recommendations Treatment plan excellence 5+ health partners Access to best-in-class in-person
Slide 8: Ability to help over 100 million consumers across specialties
INTRODUCTION Introduction 8 We believe we have the ability to 90% as much as 90% of applicable population yet to seek treatment help over 100 million consumers in some conditions across specialties we serve Through normalizing and innovating, our platform can unlock solutions for millions of potenti
Slide 9: Our platform has evolved to reach a broader audience
In N tT r RoOd DuUc C tT iI o OnN 9 Our platform has evolved to reach a broader audience by delivering exceptional service and offering data-driven personalized solutions E vo lu t i o n o f p l at f o r m Awareness + Access Exceptional Service Data-Driven + Convenience Personalized Solutions Track
Slide 10: Our Strategy
Our Strategy
Slide 11: Our value proposition strengthens with each new subscriber
S T R AT E G Y 11 Trusted Brand Leading Technology Our value proposition More subscribers Additional on the platform structured data strengthens with Visit Saved and deeper insights each new subscriber Cu rre nt me dic Ibup ati rofe n 20 on 0m s g Pa st dia 2 gn A os lbuterol Gen es su lfa er aliz t
Slide 12: Brand investment positions Hims & Hers to become synonymous with personalized treatment
S T R AT EGY 12 Brand investment positions Hims & Hers to become More Structured Subscribers Data synonymous with high quality personalized treatment Quality Outcomes Personalized Solutions Presence in Most Thought Leaders Drive Awareness Distinct Brands Culturally Relevant Across Our for Critical H
Slide 13: Technology platform provides convenient and rapid access to quality care
S T R AT EGY 13 Technology platform provides consumers with More Structured Subscribers Data convenient and rapid access to quality care Quality Outcomes Personalized Solutions TIME SENSITIVE Stay on track What should I eat while I’m I’ve been having anxiety Time to take your medication. on weight l
Slide 14: Innovative offerings and services treat each customer differently
ST R AT EGY 14 Innovative offerings and services enable us to treat More Structured Subscribers Data each customer differently, because they are different Quality Outcomes Personalized Solutions Innovative offerings Innovative services 2 min Personalization happens in three primary ways: Services su
Slide 15: Clinical excellence drives high quality outcomes
ST R AT EGY 15 Clinical excellence drives high quality outcomes & More Structured Subscribers Data reinforces trust in our brand Quality Outcomes Personalized Solutions Transparency Certificates of Analysis for GLP-1s 100% board- certified 1 Clinical standards Realtime monitoring of clinical standar
Slide 16: Service levels and personalized solutions driving a leadership position
STRATEGY 16 Exceptional service levels and high-quality personalized solutions are driving a leadership position Share of Observed Total Customers Share of Observed Total Sales 6.7% 9.0% 11.9% 12.7% 11.6% 21.6% 27.1% 23.7% 33.2% 32.7% 11.0% 30.6% 25.5% 20.3% 17.6% 19.0% 6.2% 11.0% 14.7% 9.5% 6.2% 11
Slide 17: Long-Term Vision
Long-Term Vision
Slide 18: Long-term vision combines AI with data insights
vision 18 Our long-term vision focuses on elevating subscribers’ experience through combining AI with How can data insights and existing platform capabilities we help? LDL cholesterol Tested: 2/12/25 Optimal Ask Dr. AI or Care Team 51 mg/dL I’m not seeing results When will my treatment arrive? Incre
Slide 19: Recent acquisitions strengthen our value proposition
vision 19 Recent acquisitions strengthen our value proposition in the near term, and provide a foundation for our long-term vision Outsourcing Facility Lab Facility Peptide Facility
Slide 20: 2025 priorities center on 5 key areas
vision 20 2025 priorities center on 5 key areas to achieve our long-term vision 1 2 3 4 5 Long-term Integrate Lab Extend Breadth Build Foundation Expand Leadership Position Diagnostic of Personalized for New Specialty Technological in Weight Loss Capabilities Solutions Launches Capabilities
Slide 21: Key Highlights for 2024
Key Highlights for 2024
Slide 22: Launched innovative products and services over time
Key Highlights 22 Over time, we’ve launched innovative products and services, drawing in a broader audience and strengthening retention Differentiated Form Factors Personalized Dosages Multi-Condition Offerings Hard Mints Oral Weight Loss Sex Rx + by Hims by Hims & Hers Hair Hero by Hims Chewable ED
Slide 23: Our weight loss specialty evolved in 2024
Key Highlights 23 Our weight loss specialty evolved in 2024, and is expected to continue to evolve in 2025 Metabolic Disorders Overeating Habits Final weekly dose 2.2 mg Insulin Resistance Weekly injections subcutaneously once Lower dosage means fewer or milder per week (0.15 mg). side effects mean
Slide 24: Offering breadth enhances durability
Key Highlights 24 Our offering’s breadth enhances durability, as subscribers appreciate provider access and tools that come with personalized medications Commercially Personalized dosages Liraglutide Oral-based available dosages of semaglutide solutions of semaglutide De-identified structured data F
Slide 25: Scale and data allow competitive pricing
Key Highlights 25 Scale, data, and operational rigor allow us to competitively price our solutions Annual cost of GLP-1 weight loss subscription plan inclusive of member costs and other fees Prices as of Feb 20, 2025* $4,583 $3,218 $2,864 $2,208 $1,980 Note: The prices shown represent the lowest ann
Slide 26: GLP-1 weight loss subscribers seeing success
Key Highlights 26 GLP-1 Weight Loss subscribers are seeing success with our high-touch model and holistic treatment approach Reported retention after 12 weeks Average weight change (lbs) and initial weight loss using GLP-1s (%) 100% 20 8.00% 7% 80% 15 6.00% 60% 14 lbs 70% 10 3% 4.00% 40% 42% 5 6 lbs
Slide 27: Each specialty positioned to deliver over $100M revenue in 2025
Key Highlights 27 Each of our specialities is positioned to deliver over $100M of revenue in 2025 Sexual Men’s Women’s Mental Weight Health Dermatology Dermatology Health Loss of revenue in 2024 was associated with the Hers brand due to 25% + investments across women's dermatology, mental health, an
Slide 28: Foundational elements behind growth remain consistent
Key Highlights 28 The foundational elements behind how we expect to drive growth remain consistent Cur rent med Ibup icat rofe n 20 0m ions g Albu tero l sul fate Pas inha ler t dia 2 gno Gen era ses liz ed a nxie ty d isor der Pas t pro 1 vide rs Evolve and expand 2 Leverage AI capabilities Excepti
Slide 29: Financials
Financials
Slide 30: Recurring revenue model sets foundation for growth
Financials 30 45% 1.5M 2.2M Our recurring revenue Subscriber Growth FY’23 FY’24 model sets a foundation 3 for strong revenue growth and margin expansion 69% $1.5B FY’24 Revenue $872M FY’23 Growth 90%+ recurring revenue1 6% Adjusted 6% 12% FY’24 75%+ FY’23 gross margin profile EBITDA Margin Expansion
Slide 31: New specialties and personalized products allowed us to scale
Financials 31 The launch of new specialties, as well as introduction of personalized products and services has allowed us to scale 69% Total revenue ($ millions) $1,477 >55% YoY Hims Derm YoY revenue growth subscriber1 growth in 65% 4Q '24 94% $872 >100% YoY Hers Derm subscriber1 growth in 83% $527
Slide 32: Subscriber count and engagement drive revenue growth
Financials 32 Our subscriber count and 1 customer engagement drive revenue growth Number of subscribers1 Revenue per subscriber1 Acquisition Retention Engagement Multi-channel Customer Multi-month brand development experience adoption Brand High clinical Proprietary ambassadors excellence product ad
Slide 33: Revenue growth driven by expanding subscriber base
Financials 33 Revenue growth driven by expanding subscriber base, further complemented by increasing revenue per average subscriber Subscribers1 Revenue $73 $67 $57 Non-Personalized (’000) $55 $53 $54 $53 $55 $481 2,229 $10 Personalized (’000) 2,047 981 Monthly online rev. per avg. subscriber2 $471
Slide 34: Strong unit economics provide a foundation to scale
Financials 34 Strong unit economics have provided a foundation to scale with confidence Q1 ’19 Cohort < 1yr Q1 ‘24 Cohort less than one year payback period1 $156 $131 $101 $4 $6 $8 $69 $1 ($12) Cumulative Online Gross Profit ($113) Cumulative Online Gross Profit Paid Marketing Expense2 Paid Marketin
Slide 35: New and repeat usage power online revenue growth
Financials 35 Both new and repeat usage power online revenue growth $1,438 New customer online revenue1 ($ millions) Repeat customer online revenue2 70% + CAGR ($ millions) 2019 – 2024 70% + CAGR $842 2019 – 2024 $503 $259 $141 $82 $27 FY 2018 FY 2019 FY 2020 FY 2021 FY 2022 FY 2023 FY 2024 (1) Repr
Slide 36: Scalability driving continued margin expansion
Financials 36 Scalability of model is driving continued margin expansion as topline momentum remains strong Adjusted EBITDA ($ millions) 1 $177 6% Adjusted EBITDA Adjusted EBITDA margin (percentage) 1 margin expansion YoY More than 520 basis points of Marketing leverage YoY Over 350 basis points of
Slide 37: Strong free cash flow and balance sheet strength
Financials 37 Strong free cash flow enabling ability to scale the business while maintaining exceptional balance sheet strength $300 $247 $221 $251 Strong cash position $180 and no debt provides $198 flexibility Strengthening free cash Operating Cash Flow ($ millions) flow profile generated nearly $
Slide 38: 2025 outlook anticipates strong top line growth
Financials 38 2025 outlookanticipates strong top line growth and continued leverage Q1 2025 FY 2025 2025 underlying themes 85%+ long-term retention2 Revenue $520M - $540M $2.3B - $2.4B 1 2 Expanding portfolio of YoY growth 87% - 94% 56% - 63% personalized offerings 3 Strong unit economics with payba
Slide 39: Capital investments in 2025 focus on supply chain verticalization
Financials 39 Capital investments in 2025 will focus on the ongoing verticalization of our supply chain, unlocking care for millions Status Filled Status Filled Expansion of Facilities Increased Automation Broader Personalization Capabilities
Slide 40: Path to attractive long-term economics
Financials 40 Disciplined approach to investment and scaling provides a path to attractive long-term economics Expect to achieve our long-term Expected margin profitability goals by 2030 improvement areas 1 Leverage on G&A Expense Benefits from scaling platform and efficiency 2 Operations and Suppor
Slide 41: Non-GAAP Financial Measures
Financials 41 Non-GAAP Financial Measures In addition to our financial results determined in accordance with U.S. GAAP, we present Adjusted EBITDA (which is a non-GAAP Some of the limitations of Adjusted EBITDA include (i) Adjusted EBITDA does not properly reflect capital commitments to be paid fina
Slide 42: Appendix
Appendix
Slide 43: Net Income (Loss) to Adjusted EBITDA Reconciliation
Financials 43 Net Income (Loss) to Adjusted EBITDA Reconciliation ($ millions, unaudited) 2021 2022 2023 2024 Revenue $271.9 $526.9 $872.0 $1,476.5 Net Income (Loss) ($107.7) ($65.7) ($23.5) $126.0 Stock-based compensation $67.2 $42.8 $66.1 $92.3 Depreciation and amortization $4.1 $7.5 $9.5 $17.1 Ac
Slide 44: Operating Cash Flow to Free Cash Flow Reconciliation
Financials 44 Net Cash Provided By (Used In) Operating Activities to Free Cash Flow Reconciliation ($ millions, unaudited) 2021 2022 2023 2024 Net cash provided by (used in) ($34.4) ($26.5) $73.5 $251.1 operating activities Less: purchases of property, equipment, and intangible assets in investing a
Slide 45: Sources
APPENDIX 45 Sources In order of appearance: B. Kim, S. Lee, M Jun, H. Chung, S. Oh. Perception of Hair Loss and Education Increases the Treatment Willingness in Patients With Androgenetic Alopecica: A Population-Based Study, 2018, Fig. 1B. Based on a research study with 503 patients with AGA, 92% of