Hims & Hers Health, Inc. · NYSE:HIMS
Hims & Hers Health — Q1 2025 Earnings Presentation
40 slides from Hims & Hers Health's earnings presentation, May 5, 2025
Slide 1: Supplemental Presentation: Investor Presentation May 2025
hims :hers SUPPLEMENTAL PRESENTATION Investor Presentation May 2025
Slide 2: Safe Harbor Statement
INTRODUCTION Safe Harbor Statement ‘This presentation has been prepared by Himes & Hers Health, Inc. ("we “usy’“our’ *Hims & Hers” orthe “Company. This presentation includes forward-looking statements within the meaning of Section 27A of the Secunties Act of 1933, as amended ond Section 2IE of the S
Slide 3: Feeling good in your body & mind transforms how you show up
INTRODUCTION 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 himsshers
Slide 4: Our platform democratizes access to high-quality personalized solutions
INTRODUCTION Our platform democratizes access to high-quality personalized solutions and service quality levels, by leveraging technology to deliver a frictionless experience fi “xX Be By Wea ~~“ 2 e 2.3 Ibs ‘ Jay Streak v 5 "pat 3 , ‘ = 3 himsshers
Slide 5: Our team is led by a visionary founder
INTRODUCTION Our team is led by a visionary founder, with support from a leadership team that has scaled disruptive companies am & i. ff. Andrew Dudum Chief Executive Officer & Co-Founder ATOMIC ¢ Yemi Okupe Chiof Financial Officer Uber Braintree G Nader Kabbani Chief Operating Officer’ amazon — Ssy
Slide 6: We believe we can help over million consumers across specialties
INTRODUCTION We believe we have the ability to help over 100 million consumers across specialties we serve Sexual Health Dermatology Mental Health 80M+ 80M+ 100M+ ar: a ° as much as 90% of applicable => 9 0) , population yet to geek treatment ° insome conditions Through normalizing and innovating, o
Slide 7: Our platform has evolved to reach a broader audience
INTRODUCTION Our platform has evolved to reach a broader audience by delivering exceptional service and offering access to data-driven personalized solutions ewer erreeeseccersersevcesvcesseseseecesere EVOLUTION OF PLATFORM soeereercersessecsscsrcssccerererecesceccs om Awareness Exceptional Service
Slide 8: Our platform positions us to partner with industry leaders
INTRODUCTION Our platform positions us to partner with industry leaders to become a curator of the best solutions and services for consumers At-home lab testing History of leveraging pariners to / vcctenanucre Py strengthen our ecosystem, bringing Ochsner noe 2 additional value to our customers 562.
Slide 9: Our Strategy
Slide 10: Our value proposition strengthens with each new subscriber
STRATEGY Our value proposition strengthens with each new subscriber Trusted Brand Leading Technology More subscribers _~ Additional on the platform o structured data and deeper insights Data-driven High quality v personalized solutions outcomes ™“__.| and services Clinical Excellence Innovative Prod
Slide 11: Brand investment positions Hims & Hers to become...
STRATEGY Brand investment positions Hims & Hers to become More st Subscribers Data Presence in Most Thought Leaders Drive Awareness Distinct Brands Culturally Relevant Across Our for Critical Health with Distinct Moments Specialties Issues Approaches himszhers
Slide 12: Technology platform provides convenient and rapid access to personalized care
STRATEGY Technology platform provides consumers with convenient and rapid access to personalized care ot Weight tracking Biotin + Minoxidil Hair Growth Treatment 139.3 Ibs 4 212Ibs Alime Habit tracking | 2 aystreok oI) Water Proprietary EMR Consumer tools Operational tools MedMatch by Hims & Hers Mi
Slide 13: Over time, we've launched innovative solutions and services
STRATEGY Over time, we've launched innovative solutions and services, drawing in a broader audience, a strengthening retention, and reshaping industry norms Differentiated Form Factors Personalized Dosages Multi-Condition Offerings Hard Mints OralWeightLoss & aa : Ya S , . i Chewable ED solution wit
Slide 14: Increasing precision in Sexual Health allows us to evolve with customers
STRATEGY Increasing precision in Sexual Health allows us to evolve with our customers as their needs change et, Ste More Structured Subscribers Data Sex Rx + Sex Rx + Multivitamin ED+ Sex Rx + Testosterone Heart Health Hair Health 4 Launched Launched Support ’ Launched =" August 2024. ™ | Launched M
Slide 15: The breadth of our weight loss offering continues to expand
STRATEGY The breadth of our weight loss offering continues to expand, addressing a variety of subscriber profiles oot, Sts More Structured Subscribers Data Wegovy® through NovoCare® Avg >30Ibs' weight lost or 15% of initial body weight Launched April 2025 BMI of 30+ or 27+ with one or more comorbidi
Slide 16: An ecosystem that provides subscribers is proving vital
STRATEGY An ecosystem that provides subscribers is proving to be vital across our specialties Diagnostics MedMatch by Hims & Hers fsupporh provider diagnosis and treatment plans Personalized titration schedules across offerings Vitamin & supplement support to address deficiencies Services andbo Trac
Slide 17: Our multi-year investments in our facilities drive personalization
STRATEGY Our multi-year investments in our facilities drive our personalization capabilities g 4 CA OH 4’ NJ Scaling fulfillment Ssig in re) * © Peptide facility — @ 503A @ 5034 @ Athome lab acquired in 2025 compounding compounding testing facility fo) + © 5038 outsourcing pharmacy pharmacy acquired
Slide 18: Clinical excellence drives high quality outcomes & trust
STRATEGY . More Structured Clinical excellence drives high quality outcomes & weet Transparency Clinical standards Manufacturing and supply chain Certificates of Analysis for GLP-1s Systematic monitoring ite regulated facilities of clinical standards third-party testing re We Fast & convenient Provi
Slide 19: High-quality service levels and personalized solutions are driving leadership
STRATEGY 19 High-quality service levels and personalized solutions are driving a leadership position Share of Observed Total Customers Share of Observed Total Sales Gis 9.0% 1.9% 12.7% 11.6% 21.6% 271% 23.7% 33.2% 32.7% 1.0% 30.6% 25.5% 20.3% 17.6% 19.0%. ake 11.0% we 11.6% O65 - 19.5% 115% 13.5% 26
Slide 20: Long-Term Vision
Slide 21: Execution and foundational capabilities positioned to scale
VISION Execution and foundational capabilities that are positioned to scale give us confidence in achieving new 2030 financial targets 2030 Revenue 2030 Adjusted EBITDA’ of at least of at least S6.5B+
Slide 22: Our long-term roadmap will be driven by five key growth levers
VISION Our long-term roadmap will be driven by an ongoing focus across five key growth levers Deepening personalization Expansion into new emotionally resonant specialties Elevated follow up care Global expansion of our platform Strategic partnerships will expand ecosystem d "7 cunEXA Ochsner
Slide 23: Recent acquisitions strengthen our value proposition
VISION 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 Our first 503B compounding outsourcing facility | Ai-home lab testing facility acquired in Feb. 2025 | US.-based peptide
Slide 24: Lab testing capabilities can democratize access to deeper health insights
VISION 24 Lab testing capabilities can democratize access to deeper health insights Lab testing makes personalized We expect to build a broad selection Customers can then take action via care more accessible of lab tests and insights over time a broad assortment of personalized medications’ and supp
Slide 25: 2025 priorities center on key areas to achieve our long-term vision
VISION 2025 priorities center on 5 key areas to achieve our long-term vision 1 Long-term Leadership Position in Weight Loss 2 Integrate Lab Diagnostic Capabilities Deepen platform value proposition through lab testing: | Health insights More powerful data for Al engine | Deeper customization i) Exte
Slide 26: Financials
Slide 27: Our recurring revenue model sets a foundation for strong revenue growth
i . 38% Gros RRO Our recurring revenue Subscriber model sets a foundation Growin for strong revenue growth and margin expansion 111% ssasm Revenue ae Growth 9° + recurring revenue’ A% cn > 90% ° Adjusted > Mid-70Os gross margin profile EBITDA Ma rgin Expansion’ > < 1 yea r pay back period? himszhers
Slide 28: Launch of new specialties and personalized products has allowed us to scale
FINANCIALS The launch of new specialties, and the introduction of personalized products and services has allowed us to scale 56% - 63% | Total revenue (S billions) $2.3 - $2.4 | YoY revenue growth 65% so - 5 0.1 ° EEE eae 2020 2021 2022 2023 2024 2025' menopause testosterone weight loss weight loss
Slide 29: Subscriber count and customer engagement drive revenue growth
29 FINANCIALS Our subscriber'count and customer engagement drive revenue growth ey NUMBER OF SUBSCRIBERS' seeeeeeeeeeeeee800008808 e «eee REVENUE PER SUBSCRIBER’ *eeee Acquisition Retention Engagement Multi-channel > Customer > Multi-month brand development experience adoption Brand > High clinical
Slide 30: Revenue growth driven by expanding subscriber base
FINANCIALS Revenue growth driven by expanding subscriber base, further complemented by increasing revenue per average subscriber $73 Subscribers! Revenue wr $53 $54 $53 $55 $57 § > Non-Personalized (millions) | Personalized (millions) ¢ Monthly online rev. per avg. subscriber” @ Online revenue ($ mi
Slide 31: Strong unit economics have provided a foundation to scale
FINANCIALS Strong unit economics have provided a foundation to scale with confidence Q119 Cohort > <lyr Q1‘24 Cohort less than one year payback period" (In line with our capital allocation framework) $156 $131 $101 8 $1 ual ~ : a=» GD Gap @ Cumulative Online Gross Profit 8 Cumulative Online Gross Pr
Slide 32: Scalability of model is driving Adjusted EBITDA margin expansion
FINANCIALS 32 Scalability of model is driving continued Adjusted EBITDA margin expansion as topline momentum remains strong 16% ® Adjusted EBITDA’ ($ millions) . a CEL 4% Adjusted EBITDA | Adjusted EBITDA margin’ (percentage) margin expansion YoY Roughly 800 basis points 1% of Marketing leverage 13%
Slide 33: Strong free cash flow enabling ability to scale the business
FINANCIALS 33 Strong free cash flow enabling ability to scale the business while maintaining a strong balance sheet 8 Operating Cash Flow ($ millions) Free Cash Flow’ ($ millions) fo) Cash and ST Investments ($ millions) $254 221 $227 $193 $213 SS $204 $85 $54 48 25 $26 $7 , a Q2'23 Q3'23 Q4'23 Q1'2
Slide 34: 2025 outlook anticipates strong top line growth and continued leverage
FINANCIALS 34 2025 outlook anticipates strong top line growth and continued leverage Q2 2025 FY 2025 2025 underlying themes 85%+ long-term retention’ Revenue $530M 2 S550M $2.3B oO $2.4B Expanding portfolio of personalized offerings YoY growth 68% - 74% 56% - 63% @ ‘S) Strong unit economics with pay
Slide 35: Capital Investments in 2025 will focus on unlocking higher quality care
FINANCIALS 35 Capital Investments in 2025 will focus on unlocking higher quality and more personalized care for millions of individuals Facility and capacity expansion | Scale AZ facility | Expand sterile capabilities Increase automation to unlock customer value 2 Rapid staling.of data intelligence
Slide 36: Non-GAAP Financial Measures
FINANCIALS Non-GAAP Financial Measures In addition to our financial results determined in accordance with U.S. GAAP, we present Adjusted EBITDA (which is «non-GAAP financial measure), Adjusted EBITDA margin (which is a non-GAAP ratio), and Free Cash Flow (which iso non-GAAP financial ‘meosure) each
Slide 37: Appendix
Appendix
Slide 38: Net Income (Loss) to Adjusted EBITDA Reconciliation
APPENDIX Net Income (Loss) to Adjusted EBITDA Reconciliation ($ thousands, unaudited) Revenue Net income (loss) Stock-based compensation Provision (benefit) for income taxes Depreciation and amortization Acquisition and transaction-related costs Legal settlement Impairment of long-lived assets Chang
Slide 39: Net Cash Provided By Operating Activities to Free Cash Flow Reconciliation
APPENDIX 39 Net Cash Provided By Operating Activities to Free Cash Flow Reconciliation ($ thousands, unaudited) Q2’23 Q3’23 Q4’23 Q1’24 Q2’24 Q3'24 Q4’24 Q1’25 Net cash provided by $16,826 $25,191 $21,983 $25,838 $53,594 $85,267 $86,385 $109,090 operating activities Less: purchi f , eQuil zl coal io
Slide 40: Sources
APPENDIX Sources In order of appearance: B. Kim, S. Lee, MJun, 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 the