In short: A beat with a caveat: 2Q26 revenue $750M vs $700M expected, +38%, adjusted EBITDA $60M vs $47M — "the company is currently being sued."
Full passage: premium transcript (PDF).
In short: The GLP-1 trade-off. Q2 revenue +38% Y/Y to $753M ($23M beat) but GAAP EPS −$0.37 missed by $0.32; subscribers +19% to 2.9M and monthly revenue per subscriber rebounded to $92 from $80 in Q1. Adjusted EBITDA was $60M, but free cash flow swung negative to −$68M. The branded GLP-1 pivot drives volume while changing the economics: US revenue growth accelerated to 16% but gross margin fell from 76% a year ago to 64% as branded weight-loss drugs became a larger share of mix — "management expects that lower margin profile to persist." International is now meaningful after the Eucalyptus acquisition closed in June: $131M of international revenue (~$40M from Eucalyptus) with at least $600M expected internationally this year; testosterone is scaling faster than any category outside weight loss, with peptides pending FDA decisions. FY26 revenue guidance raised to $3.1–$3.3B while adjusted EBITDA narrowed to $275–$325M. Bottom Line: "increasingly looking like a lower-gross-margin global healthcare platform rather than the exceptionally high-margin telehealth model investors were used to." A disclosed author holding.
Hims & Hers is a telehealth company: you fill in a questionnaire online, a clinician prescribes, and medication arrives by subscription — originally for hair loss and erectile dysfunction, now increasingly for weight loss. Revenue grew 38% to $753 million and subscribers reached 2.9 million.
The trade-off in the headline is a margin one. Selling branded GLP-1 weight-loss drugs (the Ozempic/Wegovy class) means buying them from a pharmaceutical company at a real cost, unlike the cheap generics Hims built its business on. That pushed gross margin down from 76% a year ago to 64%, and management says the lower margin is here to stay. Free cash flow swung to −$68 million.
So the business is bigger and growing faster — guidance was raised to $3.1–$3.3 billion, international is now material after buying Australia's Eucalyptus, and testosterone is scaling quickly — but it is becoming a different, structurally less profitable company. App Economy's line captures the neutral stance: Hims is "increasingly looking like a lower-gross-margin global healthcare platform rather than the exceptionally high-margin telehealth model investors were used to." Investors have to decide which multiple that deserves.
In short: "A super volatile name because of their essentially unregulated selling of GLP-1 drugs and their partnership with Novo Nordisk and now their lawsuit." Reports Monday after the close; the report lists it under reductions/avoids.
Hims & Hers sells prescription treatments directly to consumers online. Its problem is that a large part of the growth came from selling compounded versions of GLP-1 weight-loss drugs — copies made outside the normal branded supply chain, in a regulatory grey zone — alongside a partnership with Novo Nordisk that has since produced litigation.
Singh's characterisation is that this makes the stock unusually volatile rather than mispriced, and the SSR report lists it under names to reduce or avoid.
Full passage: premium transcript (PDF).
In short: Mentioned as Novo's renewed distribution partner: Hims will sell Novo's FDA-approved diabetes and obesity treatments on its platform and "will stop advertising compounded GLP-1 medications and shift to branded products like Ozempic and Wegovy." No view on the company itself.
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