Q4 2025 Hims & Hers Health Inc Earnings Call

February 23, 2026

Speaker #3: Hello, and thank you for standing by. My name is Tiffany, and I will be your conference operator today. At this time, I would like to welcome everyone to the Hims & Hers 4th Quarter 2025 earnings call.

Speaker #3: All lines have been placed on mute to prevent any background noise. After the speakers' remarks, there will be a question-and-answer session. If you would like to ask a question during that time, simply press star, then the number 1 on your telephone keypad.

Speaker #3: I will now turn the call over to Bill Newby, Head of Investor Relations. Bill, please go ahead.

Speaker #4: Good afternoon, everyone, and welcome to the Hims & Hers Health Q4 and Full Year 2025 earnings call. Today, after the market closed, we released this quarter's shareholder letter, a copy of which you can find on our website at investors.hims.com.

Bill Newby: Good afternoon, everyone, welcome to the Hims & Hers Health Q4 and full year 2025 Earnings Call. Today, after the market closed, we released this Q4's shareholder letter, a copy of which you can find on our website at investors.hims.com. On the call with me today is Andrew Dudum, our Co-founder and Chief Executive Officer, and Yemi Okupe, our Chief Financial Officer. Before I hand it over to Andrew, I need to remind you of legal safe harbor and cautionary declarations. Certain statements and projections of future results made in this presentation constitute forward-looking statements that are based on, among other things, our current market, competitors, and regulatory expectations, and are subject to risks and uncertainties that could cause actual results to vary materially.

Speaker #4: On the call with me today is Andrew Dudum, our co-founder and chief executive officer, and Yemi Okupe, our chief financial officer. Before I hand it over to Andrew, I need to remind you of legal safe harbor and cautionary declarations.

Speaker #4: Certain statements and projections of future results made in this presentation constitute forward-looking statements that are based on, among other things, our current market, competitors and regulatory expectations, and are subject to risks and uncertainties that could cause actual results to vary materially.

Speaker #4: We take no obligation to update publicly any forward-looking statement after this call, whether as a result of new information, future events, changes in assumptions, or otherwise.

Bill Newby: We take no obligation to update publicly any forward-looking statement after this call, whether as a result of new information, future events, changes in assumptions, or otherwise. The risks, uncertainties, and other factors that could cause actual results to differ from our forward-looking statements are described in our earnings release and SEC filings. Please see our recent earnings release and most recently filed 10-K and 10-Q reports for a discussion of these risk factors as they relate to forward-looking statements. In today's presentation, we also have certain non-GAAP financial measures. We refer you to the reconciliation tables to the most directly comparable GAAP financial measures contained in today's press release and shareholder letter. You can find this information, as well as a link to today's webcast, at investors.hims.com. After the call, this webcast will be archived on the website for 12 months.

Speaker #4: The risks, uncertainties, and other factors that could cause actual results to differ from our forward-looking statements are described in our earnings release and SEC filings.

Speaker #4: Please see our recent earnings release and most recently filed 10-K and 10-Q reports for a discussion of these risk factors as they relate to forward-looking statements.

Speaker #4: In today's presentation, we also have certain non-GAAP financial measures. We refer you to the reconciliation tables to the most directly comparable GAAP financial measures contained in today's press release and shareholder letter.

Speaker #4: You can find this information as well as a link to today's webcast at investors.hims.com. After the call, this webcast will be archived on the website for 12 months.

Speaker #4: And with that, I will turn the call over to Andrew.

Bill Newby: With that, I will turn the call over to Andrew.

Speaker #5: Thanks, Bill. Good afternoon, everyone, and thank you for joining us today. I'm excited to tell you about the tremendous progress we're making at Hims & Hers.

Andrew Dudum: Thanks, Bill. Good afternoon, everyone, and thank you for joining us today. I'm excited to tell you about the tremendous progress we're making at Hims & Hers. This starts, as it always has, with our fundamental belief that everyone should have access to the highest quality of care available, customized around each person and their individual needs. Today, only the wealthiest in our society can expect this level of care. By continuing to put the customer at the center of everything we do, we are changing that. Our teams are pursuing this vision every day across an expanding set of specialties. We have proven that access to care doesn't need to be limited by privilege, prices don't need to be prohibitive, and customers don't need to settle for a one-size-fits-all approach. We believe GLP-1s are a case study in how medicines are coming to market differently.

Speaker #5: This starts as it always has with our fundamental belief that everyone should have access to the highest quality of care available. Customized around each person and their individual needs, today, only the wealthiest in our society can expect this level of care.

Speaker #5: By continuing to put the customer at the center of everything we do, we are changing that. Our teams are pursuing this vision every day across an expanding set of specialties.

Speaker #5: We have proven that access to care doesn't need to be limited by privilege. Prices don't need to be prohibitive, and customers don't need to settle for a one-size-fits-all approach.

Speaker #5: We believe GLP-1s are a case study in how medicines are coming to market differently. The dynamics we've seen over the last 18 months, including U.S.

Andrew Dudum: The dynamics we've seen over the last 18 months, including US prices for injectable GLP-1s falling more than 80%, reflect a broader disruption happening within the United States. Customers are demanding better access, more direct engagement, and prices that align with other regions around the world. That pressure is forcing a long-overdue conversation. How do we use today's technological advances to help more people feel great? We see this moment as the early stages of a new model that actually works for everyday people. Netflix and Spotify reshaped how people could access not only a broader range of content, but also the best the industry has to offer. Healthcare must evolve toward that same consumer-oriented distribution model. That evolution will demand creativity and new commercial frameworks where consumer platforms and drug makers work together to help people get healthy. Our platform puts us at the forefront of that change.

Speaker #5: Prices for injectable GLP-1s falling more than 80% reflect a broader disruption happening within the United States. Customers are demanding better access, more direct engagement, and prices that align with other regions around the world.

Speaker #5: That pressure is forcing a long-overdue conversation. How do we use today's technological advances to help more people feel great? We see this moment as the early stages of a new model that actually works for everyday people.

Speaker #5: Netflix and Spotify reshaped how people could access not only a broader range of content, but also the best the industry has to offer. Healthcare must evolve toward that same consumer-oriented distribution model.

Speaker #5: That evolution will demand creativity and new commercial frameworks, where consumer platforms and drug makers work together to help people get healthy. Our platform puts us at the forefront of that change.

Speaker #5: Before ever scaling our weight loss offering, we built a platform that surpassed 1 billion in revenue and achieved profitability by scaling offerings like sexual health and dermatology.

Andrew Dudum: Before ever scaling our weight loss offering, we built a platform that surpassed $1 billion in revenue and achieved profitability by scaling offerings like sexual health and dermatology, specialties that continue to grow today with strong unit economics that allow us to fund the next opportunities for growth. GLP-1s are an example of one such opportunity and have provided a meaningful accelerant to the business, but they are a single treatment within a single specialty on a broader global consumer platform that is growing stronger and more diverse with every investment we make. At the end of 2025, over 2.5 million subscribers on our platform were benefiting from our pursuit of this vision. As we expand new offerings that can serve our customers as they enter different life stages, we are increasing our ability to build and maintain deep, longer-term relationships....

Speaker #5: Specialties that continue to grow today with strong unit economics that allow us to fund the next opportunities for growth. GLP-1s are an example of one such opportunity.

Speaker #5: And if provided a meaningful accelerant to the business. But they are a single treatment within a single specialty on a broader, global consumer platform.

Speaker #5: That is growing stronger and more diverse with every investment we make. At the end of 2025, over 2.5 million subscribers on our platform were benefiting from our pursuit of this vision.

Speaker #5: As we expand new offerings that can serve our customers as they enter different life stages, we are increasing our ability to build and maintain deep, longer-term relationships.

Speaker #5: With only a small minority of subscribers utilizing a compounded GLP-1 treatment, it is clear to us the impact of what we are building reaches well beyond a single weight loss treatment.

Andrew Dudum: With only a small minority of subscribers utilizing a compounded GLP-1 treatment, it is clear to us the impact of what we are building reaches well beyond a single weight loss treatment. By leveraging the same technological advancements that have completely changed how we experience entertainment, how we travel from place to place, and even how we manage our finances, we are making high-touch, personalized care accessible to millions of people across more specialties and in more geographic markets. No one is better positioned to create a world where more people can access quality care. That is our core belief, and it's one we do not take lightly. We've spent years building operational expertise across each of our offerings, growing customer awareness, and leveraging scale to drive broader accessibility to personalized care.

Speaker #5: By leveraging the same technological advancements that have completely changed how we experience entertainment, how we travel from place to place, and even how we manage our finances, we are making high-touch, personalized care accessible to millions of people across more specialties and in more geographic markets.

Speaker #5: No one is better positioned to create a world where more people can access quality care. That is our core belief. And it's one we do not take lightly.

Speaker #5: We've spent years building operational expertise across each of our offerings, growing customer awareness, and leveraging scale to drive broader accessibility to personalized care. As a result, we can now bring new offerings and markets to the platform more quickly and efficiently than ever before.

Andrew Dudum: As a result, we can now bring new offerings and markets to the platform more quickly and efficiently than ever before, whether you live in a rural Midwestern community in the US, a large city in the UK, or somewhere in between. To give you an idea of how our speed to market has changed, historically, we targeted launching one new specialty every year, and each of these usually required a few years of development before becoming meaningful contributors. Longer tenured offerings like sexual health and hair loss for both men and women took three and sometimes even four years to eclipse $100 million in annual revenue. Comparing this to how we operate today is truly remarkable. As we've shared in the past, our weight loss offering reached a $100 million revenue run rate in less than seven months after launch, and that excludes any contributions from compounded GLP-1s.

Speaker #5: Whether you live in a rural Midwestern community in the U.S., a large city in the U.K., or somewhere in between, to give you an idea of how our speed-to-market has changed, historically, we targeted launching one new specialty every year.

Speaker #5: And each of these usually required a few years of development before becoming meaningful contributors. Longer-tenured offerings, like sexual health and hair loss for both men and women, took three and sometimes even four years to eclipse $100 million in annual revenue.

Speaker #5: Comparing this to how we operate today is truly remarkable. As we have shared in the past, our weight loss offering reached 100 million revenue run rate in less than seven months after launch.

Speaker #5: And that excludes any contributions from compounded GLP-1s. Within a span of three months in 2025, we launched our new labs offering, as well as hormone therapies with support for low testosterone, menopause, and perimenopause.

Andrew Dudum: Within a span of 3 months in 2025, we launched our new labs offering, as well as hormone therapies with support for low testosterone, menopause, and perimenopause. In just 90 days, we created 3 distinct new entry points to our platform, each addressing large, under-penetrated markets that have been largely ignored by the traditional healthcare system. While not every new offering will scale the same pace as weight loss, early customer success and accelerating customer adoption following the placement of our Super Bowl commercial, gives us confidence that each of testosterone, menopause, and labs can eclipse $100 million in annual revenue in the near future.

Speaker #5: In just 90 days, we created three distinct new entry points to our platform. Each addressing large, ignored by the traditional healthcare system. While not every new offering will scale the same pace as weight loss, early customer success and accelerating customer adoption following the placement of our Super Bowl commercial gives us confidence that each of testosterone, menopause, and labs can eclipse 100 million in annual revenue in the near future.

Speaker #5: Even more energizing, since launch, we've identified that over 70% of labs customers may be eligible for treatment plans offered through the platform. And more than 95% of individuals utilizing a testosterone support offering experience an increase in testosterone levels within the first two months of treatment.

Andrew Dudum: Even more energizing, since launch, we've identified that over 70% of lab customers may be eligible for treatment plans offered through the platform, and more than 95% of individuals utilizing a testosterone support offering experienced an increase in testosterone levels within the first 2 months of treatment, with an average increase of over 80%. These 3 new entry points are not simply new offerings. They are the start to far deeper relationships and value for our customers. These early signals demonstrate our evolution towards providing access to more proactive and preventative care. Insights we glean through our platform can inform an expanding selection of care pathways and can streamline the process for customers to get support where they need it the most.

Speaker #5: With an average increase of over 80%. These three new entry points are not simply new offerings. They are the start to far deeper relationships and value for our customers.

Speaker #5: These early signals demonstrate our evolution towards providing access to more proactive and preventative care. Insights we gleaned through our platform can inform and expanding selection of care pathways, and can streamline the process for customers to get support where they need it the most.

Speaker #5: Today, we are addressing areas like cardiovascular risk, metabolic dysfunction, hormone levels, and expect that over time, we'll add areas such as performance, recovery, and sleep.

Andrew Dudum: Today, we are addressing areas like cardiovascular risk, metabolic dysfunction, hormone levels, and expect that over time, we'll add areas such as performance, recovery, and sleep. As we accelerate the development of a more comprehensive approach in the US, we're also taking significant steps to extend our reach abroad. We see expansion into new international markets as the next logical step in bringing the trusted Hims and Hers experience to more people and to more places around the world. Last year, our acquisition of Zava deepened our presence in the UK and enabled our entry into Germany, France, Ireland, and Spain. More recently, the acquisition of Livewell extended our presence into Canada, one of the first markets that is expected to have access to generic semaglutide. Just last week, we announced we signed an agreement to acquire Eucalyptus, a leading global health innovator.

Speaker #5: As we accelerate the development of a more comprehensive approach in the U.S., we're also taking significant steps to extend our reach abroad. We see expansion into new international markets as the next logical step in bringing the trusted Hims & Hers experience to more people and to more places around the world.

Speaker #5: Last year, our acquisition of Zava deepened our presence in the U.K., and enabled our entry into Germany, France, Ireland, and Spain. More recently, the acquisition of Live Well extended our presence into Canada, one of the first markets that is expected to have access to generic semaglutide.

Speaker #5: And just last week, we announced we signed an agreement to acquire Eucalyptus, a leading global health innovator. Upon closing of the transaction, we will further strengthen our U.K.

Andrew Dudum: Upon closing of the transaction, we will further strengthen our UK and European presence, while also bringing the Hims & Hers brands into new markets like Australia and Japan. I have known Tim Doyle, the co-founder and CEO of Eucalyptus, for years, and have enjoyed watching him and his teams build an innovative healthcare experience that is focused on safe, highly accessible care, and puts customers at the center of everything they do. I am confident he is the right leader to make the Hims & Hers experience central to how customers in each of these new markets approach their daily health. The opportunity is significant. We believe that with a deliberate investment and execution, we will have the teams in place to drive category leadership in each of these markets, positioning our international business to scale to more than $1 billion in annual revenue within the next 3 years.

Speaker #5: and European presence, while also bringing the Hims & Hers brands into new markets like Australia and Japan. I have known Tim Doyle, the co-founder and CEO of Eucalyptus, for years.

Speaker #5: And I've enjoyed watching him and his teams build an innovative healthcare experience that is focused on safe, highly accessible care and puts customers at the center of everything they do.

Speaker #5: I am confident he is the right leader to make the Hims & Hers experience central to how customers in each of these new markets approach their daily health.

Speaker #5: The opportunity is significant. We believe that with the deliberate investment and execution, we will have the teams in place to drive category leadership in each of these markets.

Speaker #5: Positioning our international business to scale to more than 1 billion in annual revenue within the next three years. This growing presence across both specialties and geographies provides important building blocks for the future of healthcare we are driving.

Andrew Dudum: This growing presence across both specialties and geographies provides important building blocks for the future of healthcare we are driving. There are three key elements to that future, and we are investing across technology and infrastructure to bring them to life. First, innovation in diagnostics and devices will continue to evolve how each person understands their whole picture of health. With our recent labs launch, we are providing customers with over 130 biomarkers across key areas of long-term health. Results are delivered directly within our app, where AI-supported readouts highlight metrics that are already optimized and those that need attention, while also educating customers on both lifestyle and clinical interventions. With the acquisition of YourBio, we plan to make targeted and condition-specific lab testing more convenient and approachable, with technology that can be used in the comfort of your own home.

Speaker #5: There are three key elements to that future, and we are investing across technology and infrastructure to bring them to life. First, innovation in diagnostics and devices will continue to evolve how each person understands their whole picture of health.

Speaker #5: With our recent labs launch, we are providing customers with over 130 biomarkers across key areas of long-term health. Results are delivered directly within our app, where AI-supported readouts highlight metrics that are already optimized, and those that need attention, while also educating customers on both lifestyle and clinical interventions.

Speaker #5: And with the acquisition of yourBio, we plan to make targeted and condition-specific lab testing more convenient and approachable with technology that can be used in the comfort of your own home.

Speaker #5: Together, these new services and expanding capabilities will give customers a deeper understanding of their health, and help providers make more informed decisions. Over time, we expect to build on this with the integration of wearable technology, like continuous glucose monitors and daily fitness trackers, as well as expanded testing options that bring insights like polygenic risk scores directly to our customers.

Andrew Dudum: Together, these new services and expanding capabilities will give customers a deeper understanding of their health and help providers make more informed decisions. Over time, we expect to build on this with the integration of wearable technology, like continuous glucose monitors and daily fitness trackers, as well as expanded testing options that bring insights like polygenic risk scores directly to our customers. Second, AI will become a critical layer on top of that data that helps define, refine, and implement precision treatments, interventions, and lifestyle adjustments. Our growing technology and product teams, reporting into Mo Elshenawy and Dheerja Kaur, are ensuring that as our offerings expand and deeper insights help uncover areas of need, we are building an experience that makes access to proactive care simple and readily available. We envision customers being able to add, adjust, or switch treatments within a single intuitive platform as their health evolves.

Speaker #5: Second, AI will become a critical layer on top of that data. It helps define, refine, and implement precision treatments interventions and lifestyle adjustments. Our growing technology and product teams reporting into Mo Alshanawi and Deirdre Kaur are ensuring that as our offerings expand, and deeper insights help uncover areas of need, we are building the experience that makes access to proactive care simple and readily available.

Speaker #5: We envision customers being able to add, adjust, or switch treatments within a single, intuitive platform as their health evolves. At the same time, static and reactive communication is being replaced with proactive, conversational support to guide customers throughout their journey.

Andrew Dudum: At the same time, static and reactive communication is being replaced with proactive conversational support to guide customers throughout their journey. Early deployments of proactive messaging and weight loss have already driven more than a 50% increase in weight logging frequency, signaling an ability to improve customer commitment and engagement as they progress in their weight loss journey. Behind the scenes, automation is removing cumbersome processes and facilitating administrative interactions, allowing providers to focus on clinical decision making. The result is faster responses, higher customer satisfaction, and a scalable model that can deliver access to high-touch care to millions of people, while still prioritizing clinical excellence. Third, deeper data and more proactive care demands more precise, personalized treatment plans for each customer.

Speaker #5: Early deployments of proactive messaging and weight loss have already driven more than a 50% increase in weight logging frequency, signaling an ability to improve customer commitment and engagement as they progress in their weight loss journey.

Speaker #5: And behind the scenes, automation is removing cumbersome processes and facilitating administrative interactions, allowing providers to focus on clinical decision-making. The result is faster responses, higher customer satisfaction, and a scalable model that can deliver access to high-touch care to millions of people, while still prioritizing clinical excellence.

Speaker #5: And third, deeper data and more proactive care demand more precise personalized treatment plans for each customer. Doing that at scale means investing in an infrastructure that can deliver access to personalized treatments and custom formulas that safely bring together pharmaceuticals and supplements.

Andrew Dudum: Doing that at scale means investing in an infrastructure that can deliver access to personalized treatments and custom formulas that safely bring together pharmaceuticals and supplements. We know treatments should be driven by what's best for the customer, not by what's covered by insurance or what's currently in stock at the pharmacy. We've spent years building the physical infrastructure required to deliver access to truly personalized care at scale. Over the last three years alone, we've invested more than $300 million into our facilities, expanding our footprint to over 1 million square feet across pharmacy operations, lab testing capabilities, and R&D, supporting innovations like peptide therapies. This foundation allows us to combine quality with broader access and continued innovation, so that access to personalized care is delivered consistently across our platform. The first two pillars, deeper data and stronger technology, are advancing across the industry.

Speaker #5: We know treatments should be driven by what's best for the customer, not by what's covered by insurance or what's currently in stock at the pharmacy.

Speaker #5: We've spent years building the physical infrastructure required to deliver access to truly personalized care at scale. Over the last three years alone, we've invested more than $300 million into our facilities.

Speaker #5: Expanding our footprint to over 1 million square feet across pharmacy operations, lab testing capabilities, and R&D supporting innovations like peptide therapies. This foundation allows us to combine quality with broader access and continued innovation so that access to personalized care is delivered consistently across our platform.

Speaker #5: The first two pillars—deeper data and stronger technology—are advancing across the industry. We believe those advancements demand the third pillar: a scalable way to make the final step in healthcare more precise and more personal.

Andrew Dudum: We believe those advancements demand the third pillar, a scalable way to make the final step in healthcare more precise and more personal. We believe our technology and infrastructure investments put us in a leadership position to bring a more individualized experience to tens of millions of customers, while maintaining the high standards customers have come to expect around the quality of their care. At Hims & Hers, the team wakes up every day motivated to change an outdated healthcare system that has refused to put the customer first. As we work to fundamentally reinvent these systems, we expect to encounter challenges. It takes time for industries to change, but we are navigating this on behalf of our customers.

Speaker #5: We believe our technology and infrastructure investments put us in a leadership position to bring a more individualized experience to tens of millions of customers.

Speaker #5: While maintaining the high standards customers have come to expect around the quality of their care. At Hims & Hers, the team wakes up every day motivated to change an outdated healthcare system that has refused to put a customer first.

Speaker #5: As we've worked to fundamentally reinvent these systems, we expect to encounter challenges. It takes time for industries to change. But we are navigating this on behalf of our customers.

Speaker #5: When it comes to ensuring more people have access to the most innovative and groundbreaking treatments and services available, we will continue to fight, holding true to our mission that we can make more people feel great through the power of better health.

Andrew Dudum: When it comes to ensuring more people have access to the most innovative and groundbreaking treatments and services available, we will continue to fight, holding true to our mission that we can make more people feel great through the power of better health. Pursuit of this mission takes commitment and resilience. That was true at our founding, and it is true today. We will continue to push for better, more accessible care around the world by focusing on a consistent set of priorities, bringing more offerings to our customers with more insights and deeper personalization capabilities, and, when appropriate, partnering with leaders who also believe in a better healthcare experience. By investing with conviction across these priorities, we believe Hims & Hers will be a leader in the next era of healthcare, which will continuously evolve to better serve the customer.

Speaker #5: Pursuit of this mission takes commitment and resilience. That was true at our founding, and it is true today. We will continue to push for better, more accessible care around the world by focusing on a consistent set of priorities.

Speaker #5: Bringing more offerings to our customers with more insights and deeper personalization capabilities. And, when appropriate, partnering with leaders who also believe in a better healthcare experience.

Speaker #5: By investing with conviction across these priorities, we believe Hims & Hers will be a leader in the next era of healthcare. Which will continuously evolve to better serve the customer.

Speaker #5: This conviction underpins our confidence in our ability to push towards our 2030 targets of $6.5 billion in revenue and $1.3 billion in adjusted EBITDA.

Andrew Dudum: This conviction underpins our confidence in our ability to push towards our 2030 target of $6.5 billion in revenue and $1.3 billion in adjusted EBITDA. At Hims & Hers, we are honored to lead the shift towards a consumer-centric system. We feel both the privilege and responsibility to change what people expect from their healthcare. It is why we started on this mission, and it continues to motivate us every day. Thank you. I'll now pass it to Yemi to walk through the financials.

Speaker #5: At Hims & Hers, we are honored to lead the shift towards a consumer-centric system. We feel both the privilege and responsibility to change what people expect from their healthcare.

Speaker #5: It is why we started on this mission, and it continues to motivate us every day. Thank you I'll now pass it to Yemi to walk through the financials.

Speaker #2: Thanks, Andrew. I'll start by providing an overview of our fourth-quarter financial performance before diving further into our outlook for 2026. Our progress in 2025 reflects the increasing scale of our customer-first platform as we continue to expand access to high-touch personalized care.

Yemi Okupe: Thanks, Andrew. I'll start by providing an overview of our Q4 financial performance before diving further into our outlook for 2026. Our progress in 2025 reflects the increasing scale of our customer-first platform as we continue to expand access to high-touch, personalized care across more conditions, enabling us to build deeper, more valuable relationships with our subscribers. Subscribers on our platform grew to over 2.5 million in 2025, as we continue to execute on our mission of helping the world feel great through the power of better health. Personalized solutions remain a cornerstone of our ability to attract and retain subscribers. Personalized solutions encompass tailored treatments and programs that seek to address key consumer needs and concerns.

Speaker #2: Across more conditions, enabling us to build deeper, more valuable relationships with our subscribers. Subscribers on our platform grew to over 2.5 million in 2025 as we continue to execute on our mission of helping the world feel great through the power of better health.

Speaker #2: Personalized solutions remain a cornerstone of our ability to attract and retain subscribers. Personalized solutions encompass tailored treatments and programs that seek to address key consumer needs and concerns.

Speaker #2: These needs include tailoring dosing to meet individual patient needs, simplifying treatment regimens by leveraging a single solution to address multiple conditions, improving customer options through alternative form factors, and providing data-driven insights and tools to supplement medical treatments.

Yemi Okupe: These needs include tailoring dosing to meet individual patient needs, simplifying treatment regimens by leveraging a single solution to address multiple conditions, improving customer options through alternative form factors, and providing data-driven insights and tools to supplement medical treatments. In 2023, we began increasing investment to expand the assortment of personalized treatments and have seen resounding success. Since the end of 2023, we've added almost 1 million net new subscribers to our platform. At the end of 2025, approximately 65% or 1.6 million of our subscribers were utilizing a personalized treatment. The differentiated solutions that we are able to provide not only aid in drawing new subscribers to our platform, but also drive higher retention and customer lifetime value.

Speaker #2: In 2023, we began increasing investment to expand the assortment of personalized treatments and have seen resounding success. Since the end of 2023, we've added almost 1 million net new subscribers to our platform.

Speaker #2: At the end of 2025, approximately 65% or 1.6 million of our subscribers were utilizing a personalized treatment. The differentiated solutions that we were able to provide not only aid in drawing new subscribers to our platform, but also drive higher retention and customer lifetime value.

Speaker #2: Incremental insights and data from new offerings, like labs, will enable us to better attract potential consumers for treatments across newer specialties such as hormonal support.

Yemi Okupe: Incremental insights and data from new offerings like Labs will enable us to better attract potential consumers for treatments across newer specialties, such as hormonal support. We believe this will increase subscriber engagement and have already seen early success signals as monthly revenue per average subscriber increased 11% year-over-year to $83 during the Q4. Continued subscriber growth and deepening engagement are translating into financial success. Revenue in the Q4 was $618 million, representing a year-over-year growth rate of 28%. For the 2025 fiscal year, revenue was $2.35 billion, representing a year-over-year growth rate of 59%.

Speaker #2: We believe this will increase subscriber engagement and have already seen early success signals as monthly revenue per average subscriber increased 11% year over year to $83 during the fourth quarter.

Speaker #2: Continued subscriber growth and deepening engagement are translating into financial success. Revenue in the fourth quarter was $618 million, representing a year-over-year growth rate of 28%.

Speaker #2: For the 2025 fiscal year, revenue was $2.35 billion, representing a year-over-year growth rate of 59%. Our 2025 results continue to reinforce our conviction that we have a strong multi-year growth runway across three key areas of the business.

Yemi Okupe: Our 2025 results continue to reinforce our conviction that we have a strong multi-year growth runway across three key areas of the business: the Hims brand in the US, the Hers brand in the US, and an expanding international footprint. Within our Hims brand, we drove year-over-year revenue growth of over 30% in 2025, despite headwinds resulting from our deliberate efforts to pivot away from generic on-demand sexual solutions. Since 2023, we've introduced several combination treatments within our sexual specialty that address health concerns such as low testosterone, heart health, hair loss, and vitamin deficiencies. Nearly half a million subscribers on our platform are benefiting from these daily solutions, and the year-over-year growth of those subscribers consistently exceeded 30% throughout 2025. Over 2026, we expect to continue this transition.

Speaker #2: The Hims brand in the US, the Hers brand in the US, and an expanding international footprint. Within our Hims brand, we drove year-over-year revenue growth of over 30% in 2025 despite headwinds resulting from our deliberate efforts to pivot away from generic on-demand sexual health solutions.

Speaker #2: Since 2023, we've introduced several combination treatments within our sexual health specialty that address health concerns such as low testosterone, heart health, hair loss, and vitamin deficiencies.

Speaker #2: Nearly half a million subscribers on our platform are benefiting from these daily solutions, and year-over-year growth of those subscribers consistently exceeded 30% throughout 2025.

Speaker #2: Over 2026, we expect to continue this transition. Our expectation is that retention benefits from our daily sexual health offerings as well as the evolution of new offerings such as testosterone support will continue fostering robust growth for the Hims brand.

Yemi Okupe: Our expectation is that retention benefits from our daily sexual health offerings, as well as the evolution of new offerings such as testosterone support, will continue fostering robust growth for the Hims brand. Switching to Hers. In 2025, our Hers business continued to display triple-digit revenue growth and accounted for nearly 40% of US revenue. Similar to our Hims business, revenue growth is increasingly driven by deeper engagement across a broader set of women's health needs. Continued expansion in established specialties like weight loss and dermatology is being bolstered by new offerings in menopause support and diagnostics, presenting opportunities to strengthen customer relationships and extend their tenure on the platform. The depth that we are able to provide across a breadth of specialties, making us reliant on no one single offering, is the power behind our domestic business.

Speaker #2: Switching to Hers, in 2025, our Hers business continued to display triple-digit revenue growth and accounted for nearly 40% of US revenue. Similar to our Hims business, revenue growth is increasingly driven by deeper engagement across a broader set of women's health needs.

Speaker #2: Continued expansion and established specialties like weight loss and dermatology is being bolstered by new offerings in menopause support and diagnostics, presenting opportunities to strengthen customer relationships and extend their tenure on the platform.

Speaker #2: The depth that we are able to provide across a breadth of specialties making us rely on no one single offering is the power behind our domestic business.

Speaker #2: Strengthened tenured offerings such as men's dermatology, women's dermatology, and sexual health allowed us to surpass $1 billion in revenue, reach adjusted EBIT and net income profitability, and generate positive free cash flow.

Yemi Okupe: Strengthened tenured offerings such as men's dermatology, women's dermatology, and sexual health allowed us to surpass $1 billion in revenue, reach adjusted EBITDA net income profitability, and generate positive free cash flow. This allowed us to aggressively invest in our weight loss offering and add a meaningful growth vector to our portfolio with access to oral and injectable weight loss treatments. Consumers have experienced success with both oral solutions and injectable GLP-1s available through our platform, with a typical consumer reporting average weight loss of approximately 22lbs and 29lbs in their first year of treatment, respectively. While GLP-1s have accelerated our trajectory, the majority of revenue and cash flow generation across our portfolio is generated from our non-GLP-1 offerings.

Speaker #2: This allowed us to aggressively invest in our weight loss offering and add a meaningful growth factor to our portfolio, with access to oral and injectable weight loss treatments.

Speaker #2: Consumers have experienced success with both oral solutions and injectable GLP-1s available through our platform, with a typical consumer reporting average weight loss of approximately 22 and 29 pounds in their first year of treatment, respectively.

Speaker #2: While GLP-1s have accelerated our trajectory, the majority of revenue and cash flow generation across our portfolio is generated from our non-GLP-1 offerings. Higher margins from our more tenured offerings will be instrumental in providing resources necessary for investment to scale the next wave of specialties, inclusive of weight loss, lab testing, low testosterone, and menopausal support.

Yemi Okupe: Higher margins from our more tenured offerings will be instrumental in providing resources necessary for investment to scale the next wave of specialties, inclusive of weight loss, lab testing, low T, and menopausal support. Our consumer-centric approach has resulted in immense success in the US, where revenue grew over 50% year-over-year to more than $2.2 billion. Our belief is that the value we bring from our approach transcends borders. In 2025, we welcomed Zava and Livewell to the Hims & Hers family. Now we're able to serve consumers in Germany, the UK, Ireland, Spain, France, and Canada. International revenue grew almost 400% year-over-year to $134 million. We expect our international footprint to become a more meaningful portion of our revenue in the future.

Speaker #2: Our consumer-centric approach has resulted in immense success in the US, where revenue grew over 50% year over year to more than $2.2 billion. Our belief is that the value we bring from our approach transcends borders.

Speaker #2: In 2025, we welcome Zava and Lival to the Hims & Hers family, and now we're able to serve consumers in Germany, the UK, Ireland, Spain, France, and Canada.

Speaker #2: International revenue grew almost 400% year over year to $134 million. We expect our international footprint to become a more meaningful portion of our revenue in the future.

Speaker #2: As a reflection of this importance, we will adjust our revenue desegregation from online and wholesale to US and rest of world revenue going forward.

Yemi Okupe: As a reflection of this importance, we will adjust our revenue disaggregation from online and wholesale to US and rest of world revenue going forward. With that, I'll now turn to profitability dynamics before diving deeper into our balance sheet and future plans for investment. Adjusted EBITDA in 2025 increased nearly 80% year-over-year to $318 million. Adjusted EBITDA margins on a full year basis expanded nearly 2 points relative to 2024 to 14%. In the second half of 2025, we meaningfully invested to increase the density of our technology talent, scale new specialties, and deepen our policy and safety talent to facilitate the continued expansion of our operational footprint. Adjusted EBITDA was $66 million in Q4, representing an Adjusted EBITDA margin of 11%.

Speaker #2: With that, I'll now turn to profitability dynamics before diving deeper into our balance sheet and future plans for investment. Adjusted EBIT in 2025 increased nearly 80% year over year to $318 million.

Speaker #2: Adjusted EBIT and margins on a full-year basis expanded nearly 2 points relative to 2024 to 14%. In the second half of 2025, we meaningfully invested to increase the density of our technology talent, scale new specialties, and deepen our policy and safety talent to facilitate the continued expansion of our operational footprint.

Speaker #2: Adjusted EBIT was $66 million in the fourth quarter, representing an adjusted EBIT and margin of 11%. Gross margins in the fourth quarter declined approximately 2 points quarter over quarter to 72%, as tailwinds from continued growth and non-weight specialties were offset by growing revenue contributions from our international markets, expenses related to the launch of new specialties, and pressure from the shorter shipping cadences in weight loss that we discussed last quarter.

Yemi Okupe: Gross margins in the Q4 declined approximately 2 points quarter-over-quarter to 72%, as tailwinds from continued growth in non-weight specialties were offset by growing revenue contributions from our international markets, expenses related to the launch of new specialties, and pressure from the shorter shipping cadences and weight loss that we discussed last quarter. Prior investments in our brand and product suite continue to be a key driver in our ability to drive marketing leverage. Marketing as a percentage of revenue in the Q4 and fiscal year 2025 was 39%, representing a 7-point year-over-year improvement. We continue to see acquisition gains in lower cost and non-paid channels following years of investment in brand campaigns to drive greater top-of-funnel awareness.

Speaker #2: Prior investments in our brand and product suite continue to be a key driver in our ability to drive marketing leverage. Marketing as a percentage of revenue in the fourth quarter and fiscal year 2025 was $39%, representing a 7-point year-over-year improvement.

Speaker #2: We continue to see acquisition gains in lower-cost and non-paid channels, following years of investments in brand campaigns to drive greater top-of-funnel awareness. Additionally, retention improvements across our subscriber base are compounding as we directly address more customer needs with a growing portfolio of personalized solutions and a customer experience that is driving stronger engagement.

Yemi Okupe: Additionally, retention improvements across our subscriber base are compounding as we directly address more customer needs with a growing portfolio of personalized solutions and a customer experience that is driving stronger engagement. G&A costs as a percentage of revenue increased 2 points year-over-year in Q4 as a result of increased international headcount, as well as additional expenses related to the hiring of new leadership talent. On a full year basis, G&A costs as a percentage of revenue were essentially flat relative to 2024. A similar dynamic was seen in operations and support costs. Technology and development costs as a percentage of revenue increased to 7% for both Q4 and full year.

Speaker #2: G&A cost as a percentage of revenue increased 2 points year over year in the fourth quarter as a result of increased international headcount, as well as additional expenses related to the hiring of new leadership talent.

Speaker #2: On a full-year basis, G&A cost as a percentage of revenue were essentially flat relative to 2024. A similar dynamic was seen in operations and support costs.

Speaker #2: Technology and development cost as a percentage of revenue increased to 7% for both the fourth quarter and full year. Investment in engineering and AI talent has resulted in modest deleveraging, but we believe the ROI will be substantial as a result of an ability to move faster, and elevate our consumer offering.

Yemi Okupe: Investment in engineering and AI talent has resulted in modesty leveraging, but we believe the ROI will be substantial as a result of an ability to move faster and elevate our consumer offering. We have already seen early signals, as demonstrated by our ability to bring multiple specialties to market in the second half of 2025, as well as our ability to improve the customer experience and realize operational efficiencies. Net income for the full year increased notably year-over-year to $128 million, as compared to 2024 net income, after adjusting for a tax benefit in the prior year related to the release of a domestic tax valuation allowance. While we expect to maintain annual net income profitability, our priorities continue to center on long-term free cash flow generation.

Speaker #2: We have already seen early signals, as demonstrated by our ability to bring multiple specialties to market in the second half of 2025, as well as our ability to improve the customer experience and realize operational efficiencies.

Speaker #2: Net income for the full year increased notably year over year to $128 million, as compared to 2024 net income after adjusting for a tax benefit in the prior year related to the release of a domestic tax valuation allowance.

Speaker #2: While we expect to maintain annual net income profitability, our priority is continued to center on long-term free cash flow generation. This enables us to expand our operational capabilities as well as accelerate our strategic roadmap, including through M&A.

Yemi Okupe: This enables us to expand our operational capabilities as well as accelerate our strategic roadmap, including through M&A. In 2025, we generated $300 million in operating cash flow. Strong cash flow generation from our domestic business, as well as the strength of our balance sheet, allowed us to actively put capital to work across each of our priorities. First, we invested over $225 million into our operations through discretionary CapEx to drive both expanded capacity and new capabilities across our domestic facilities, which now total over 1 million square feet. Second, in 2025, we entered into agreements to deploy over $330 million in purchase price consideration towards acquisitions that have allowed us to accelerate expansion into new international markets, as well as launch R&D efforts in the peptide space.

Speaker #2: In 2025, we generated $300 million in operating cash flow. Strong cash flow generation from our domestic business, as well as the strength of our balance sheet, allowed us to actively put capital to work across each of our priorities.

Speaker #2: First, we invested over $225 million into our operations through discretionary CapEx to drive both expanding capacity and new capabilities across our domestic facilities, which now total over 1 million square feet.

Speaker #2: Second, in 2025, we entered into agreements to deploy over $330 million in purchase price consideration towards acquisitions that have allowed us to accelerate expansion into new international markets, as well as launch R&D efforts in the peptide space.

Speaker #2: We believe your buyer, which recently closed in 2026 for approximately $150 million, will ultimately allow us to augment our diagnostic specialty in the future with a painless at-home offering.

Yemi Okupe: We believe YourBio Health, which recently closed in 2026 for approximately $150 million, will ultimately allow us to augment our diagnostic specialty in the future with a painless at-home offering. Lastly, we repurchased roughly $90 million worth of common stock in 2025, with $80 million worth of shares repurchased in the Q4 at an average price of $39. In the Q4, we completed our $100 million share repurchase program and have $225 million remaining on the $250 million repurchase program that commenced in November 2025. After meaningful investment in 2025, we generated over $57 million in free cash flow and ended the year with $929 million of cash, short-term, and long-term investments on our balance sheet.

Speaker #2: Lastly, we repurchased roughly $90 million worth of common stock in 2025, with $80 million worth of shares repurchased in the fourth quarter, at an average price of $39.

Speaker #2: In the fourth quarter, we completed our $100 million share repurchase program, and have $225 million remaining on the $250 million repurchase program that commenced in November of 2025.

Speaker #2: After meaningful investment in 2025, we generated over $57 million in free cash flow and ended the year with $929 million of cash, short-term, and long-term investments on our balance sheet.

Speaker #2: We believe our ability to leverage our financial position and the rigor of our capital allocation framework will position us to rapidly serve a broader set of consumers, placing us on track to become one of the largest consumer-centric healthcare platforms in the world.

Yemi Okupe: We believe our ability to leverage our financial position and the rigor of our capital allocation framework will position us to rapidly serve a broader set of consumers, placing us on track to become one of the largest consumer-centric healthcare platforms in the world. Our capital allocation priorities will focus on deepening our ability to combine data and insights, thoughtfully expanding personalized solutions, and elevating digital and physical consumer assets to improve the healthcare experience for tens of millions of consumers. In 2026, we expect this to materialize across the following areas. First, we will continue investing in the capacity and capabilities of our operational facilities. We expect investment in these facilities to unlock our ability to respond to insights from labs and eventually wearables, with a broader set of personalized treatments.

Speaker #2: Our capital allocation priorities will focus on deepening our ability to combine data and insights, thoughtfully expanding personalized solutions, and elevating digital and physical consumer assets to improve the healthcare experience for tens of millions of consumers.

Speaker #2: In 2026, we expect this to materialize across the following areas: First, we will continue investing in the capacity and capabilities of our operational facilities. We expect investment in these facilities to unlock our ability to respond to insights from labs, and eventually wearables, with a broader set of personalized treatments.

Speaker #2: Additionally, verticalization reduces our cost to serve, ultimately allowing us to pass value back to consumers and selectively expand margins. Second, we will continue to invest in new experiences and physical technologies that will allow us to make treatments more accessible for our subscribers.

Yemi Okupe: Additionally, verticalization reduces our cost to serve, ultimately allowing us to pass value back to consumers and selectively expand margins. Second, we will continue to invest in new experiences and physical technologies that will allow us to make treatments more accessible for our subscribers. We believe the integration and scaling of YourBio Health, which uses a virtually pain-free microneedle blood sampling technology, is a great example of this. Long wait times from overcrowded facilities, fear of pain, or an inability to find the time to drive to a facility all serve as barriers that prevent many consumers from obtaining deeper insights into their health.

Speaker #2: We believe the integration and scaling of your buyer, which uses a virtually pain-free microneedle blood sampling technology, is a great example of this. Long wait times from overcrowded facilities, fear of pain, or an inability to find the time to drive to a facility all serve as barriers to prevent many consumers from obtaining deeper insights into their health.

Speaker #2: We expect that investments in these areas will ultimately allow us to provide users with the ability to perform blood draws from the comfort of their own home, and AI technology can help orient providers toward the tests that are most impactful for a subscriber at any point in time.

Yemi Okupe: We expect that investments in these areas will ultimately allow us to provide users with the ability to perform blood draws from the comfort of their own home, and AI technology can help orient providers toward the tasks that are most impactful for a subscriber at any point in time. Third, we expect to continue investing in technology. We are one of the few platforms that has insights into the patient journey from intent to outcomes, and with labs, this differentiated capability further expands. A world-class product experience, high-quality provider network, and personalized solutions backed with data are differentiating factors for us. We expect these investments to deepen customer engagement and retention, as well as unlock operational efficiency gains over time. Fourth, we expect to continue expanding the network of partners that will further our ability to become a curator of world-class healthcare services.

Speaker #2: Third, we expect to continue investing in technology. We are one of the few platforms that has insights into the patient journey from intent to outcomes, and with labs, this differentiated capability further expands.

Speaker #2: A world-class product experience, high-quality provider network, and personalized solutions backed with data are differentiating factors for us. We expect these investments to deepen customer engagement and retention, as well as unlock operational efficiency gains over time.

Speaker #2: Fourth, we expect to continue expanding the network of partners that will further our ability to become a curator of world-class healthcare services. Over the coming years, our ambition is to partner with other companies that share our vision to unlock more value for our customers.

Yemi Okupe: Over the coming years, our ambition is to partner with other companies that share our vision to unlock more value for our customers. International expansion will perhaps be one of our most significant areas of investment in 2026 and the coming years. We recently signed a deal to welcome Eucalyptus to the Hims & Hers family. Upon closing of the transaction, Eucalyptus will complement Zava and deepen our presence in the UK, as well as unlock a model more closely aligned to our domestic business in Germany, Australia, and Japan. Assuming the transaction closes, our expectation is that our collective international business will break even within 12 to 18 months, inclusive of Eucalyptus. Eucalyptus deployed a rigorous capital allocation framework similar to our own.

Speaker #2: International expansion will perhaps be one of our most significant areas of investment in 2026 and the coming years. We recently signed a deal to welcome Eucalyptus to the Hims & Hers family.

Speaker #2: Upon closing of the transaction, Eucalyptus will complement Zava and deepen our presence in the UK, as well as unlock a model more closely aligned to our domestic business in Germany, Australia, and Japan.

Speaker #2: Assuming the transaction closes, our expectation is that our collective international business will break even within 12 to 18 months, inclusive of Eucalyptus. Eucalyptus deploys a rigorous capital allocation framework similar to our own.

Speaker #2: They currently have an annual revenue run rate worth $450 million, and strong execution enabled them to drive triple-digit year-over-year growth in each quarter of 2025, while also maintaining line of sight to profitability.

Yemi Okupe: They currently have an annual revenue run rate worth of $450 million. Strong execution enabled them to drive triple-digit year-over-year growth in each quarter of 2025, while also maintaining line of sight to profitability. While we do not expect the business to drive meaningful adjusted EBITDA losses, we do not expect to drive meaningful margin expansion for several years in our international business. Across the majority of international markets, we expect to take a growth-oriented approach and focus on reaching as many consumers as possible before focusing on margin expansion efforts, even if that means running certain markets at or near breakeven on an adjusted EBITDA margin basis. We saw this approach work in the US, we'll utilize a similar playbook to progressively expand markets towards margin expansion in the future.

Speaker #2: While we do not expect the business to drive meaningful adjusted EBITDA losses, we do not expect to drive meaningful margin expansion for several years in our international business.

Speaker #2: Across the majority of international markets, we expect to take a growth-oriented approach and focus on reaching as many consumers as possible before focusing on margin expansion efforts.

Speaker #2: Even if that means running certain markets at or near break-even, on an adjusted EBITDA margin basis. We saw this approach work in the U.S. and will utilize a similar playbook to progressively expand markets toward margin expansion in the future.

Speaker #2: This is our largest acquisition to date, at up to $1.15 billion of total consideration. The upfront payment at close is expected to be approximately $240 million, with the remaining payments for guaranteed consideration and earnouts to be made through 2029.

Yemi Okupe: This is our largest acquisition to date, at up to $1.15 billion of total consideration. The upfront payment at close is expected to be approximately $240 million, with remaining payments for guaranteed consideration and earn-outs to be made through 2029. As we have done in the past, we will monitor the landscape for potential opportunities to reinforce our balance sheet to maintain optionality in ways that thoughtfully consider de- dilution. However, we are prepared to fund the majority of the Eucalyptus transaction with the strength of our existing balance sheet and cash flow generation from our domestic operations through 2029. With that, I will provide additional perspective on our initial outlook for 2026. Note that these numbers do not include the Eucalyptus transaction.

Speaker #2: As we have done in the past, we will monitor the landscape for potential opportunities to reinforce our balance sheet to maintain optionality in ways that thoughtfully consider dilution.

Speaker #2: However, we are prepared to fund the majority of the Eucalyptus transaction with the strength of our existing balance sheet and cash flow generation from our domestic operations through 2029.

Speaker #2: With that, I will provide an additional perspective on our initial outlook for 2026. Note that these numbers do not include the Eucalyptus transaction. In the first quarter, we are anticipating revenue in the range of $600 to $625 million, representing a year-over-year increase of 2 to 7%.

Yemi Okupe: In Q1, we are anticipating revenue in the range of $600 to $625 million, representing a year-over-year increase of 2% to 7%. We expect adjusted EBITDA to be between $35 to $55 million, representing an adjusted EBITDA margin of 7% at the midpoint of both ranges. For the full year, we are anticipating revenue of between $2.7 to $2.9 billion, representing a year-over-year increase of 15% to 24%. It is our expectation that 2026 adjusted EBITDA will be between $300 and $375 million. These adjusted EBITDA and revenue ranges imply an adjusted EBITDA margin of 12% at the midpoint of both ranges.

Speaker #2: We expect adjusted EBITDA to be between $35 to $55 million, representing an adjusted EBITDA margin of 7% at the midpoint of both ranges. For the full year, we are anticipating revenue of between $2.7 to $2.9 billion, representing a year-over-year increase of 15 to 24%.

Speaker #2: It is our expectation that 2026 adjusted EBITDA will be between $300 million and $375 million. These adjusted EBITDA and revenue ranges imply an adjusted EBITDA margin of 12% at the midpoint of both ranges.

Speaker #2: Behind our outlook are the following assumptions. First, we expect an approximately $65 million revenue headwind in the first quarter, resulting from the change in shipping cadences and our weight loss business following the shift to 503(a) fulfillment.

Yemi Okupe: Behind our outlook are the following assumptions: First, we expect an approximately $65 million revenue headwind in Q1, resulting from the change in shipping cadences in our weight loss business following the shift to 503A fulfillment. For context, in the second half of 2025, this revenue headwind is approximately $40 million. We expect this effect to mitigate as cohorts continue to stack throughout the year. It's important to note these dynamics affect only the timing of revenue recognition and not customer demand or engagement. Demand for weight loss remains strong, with subscribers growing more than 70% year-over-year in Q4. We expect subscriber growth within our weight loss offering to remain strong throughout 2026. Second, our investment in our 60-second Super Bowl commercial is expected to place additional pressure on EBITDA in Q1.

Speaker #2: For context, in the second half of 2025, this revenue headwind was approximately $40 million. We expect this effect to mitigate as cohorts continue to stack throughout the year.

Speaker #2: It's important to note these dynamics affect only the timing of revenue recognition and not customer demand or engagement. Demand for weight loss remains strong, with subscribers growing more than 70% year-over-year in the fourth quarter.

Speaker #2: We expect subscriber growth within our weight loss offering to remain strong throughout 2026. Second, our investment in our 62nd Super Bowl commercial is expected to place additional pressure on EBITDA in the first quarter.

Speaker #2: This investment played an instrumental part in our ability to educate consumers about our platform, as well as evolve the brand towards being known for proactive healthcare solutions.

Yemi Okupe: This investment played an instrumental part in our ability to educate consumers about our platform, as well as evolve the brand towards being known for proactive healthcare solutions. No change is expected from our framework that calls for a payback period of less than 1 year on marketing spend. We expect adjusted EBITDA margins and revenue growth to scale from Q1. Third, our expectation is for several of the newer offerings, such as low testosterone, menopausal support, and labs, to incrementally scale throughout the year. Newer offerings will play a key role in maintaining solid growth for Hims, as well as helping the Hers portfolio continue to scale and reach its 1st year of $1 billion in revenue. Investment across most offerings will be stage-gated and incremental investment released as these new offerings hit unit economic and scale milestones.

Speaker #2: No change is expected from our framework that calls for a payback period of less than one year on marketing spend. We expect adjusted EBITDA margins and revenue growth to scale from the first quarter.

Speaker #2: Third, our expectation is for several of the newer offerings, such as low testosterone, menopausal support, and labs, to incrementally scale throughout the year. Newer offerings will play a key role in maintaining solid growth for Hims, as well as helping the Hers portfolio continue to scale and reach its first year of $1 billion in revenue.

Speaker #2: Investment across most offerings will be stage-gated, and incremental investment released as these new offerings hit unit economic and scale milestones. We believe each of these offerings has the potential to drive meaningful future growth and will play a critical role in our ability to obtain our 2030 aspirations.

Yemi Okupe: We believe each of these offerings has the potential to drive meaningful future growth and will play a critical role in our ability to obtain our 2030 aspirations. Fourth, investment in our platform's product experience, technology, and AI capabilities are expected to become a larger priority in 2026. We believe we are in a unique position to connect deeper health insights with improved conversational support that is available whenever our customers are in need. Our guidance affords us the flexibility to lean into these opportunities to create a more engaging customer experience from start to finish, driving stronger conversion and retention over time. Finally, international expansion will offer a meaningful driver of incremental growth in 2026. Our initial outlook anticipates at least $200 million in revenue contributions from international markets.

Speaker #2: Fourth, investment in our platform's product experience, technology, and AI capabilities are expected to become a larger priority in 2026. We believe we are in a unique position to connect deeper health insights with improved conversational support that is available whenever our customers are in need.

Speaker #2: Our guidance affords us the flexibility to lean into these opportunities to create a more engaging customer experience from start to finish, driving stronger conversion and retention over time.

Speaker #2: Finally, international expansion will offer a meaningful driver of incremental growth in 2026. Our initial outlook anticipates at least $200 million in revenue contributions from international markets.

Speaker #2: This excludes any additional contributions from our acquisition of Eucalyptus, which is expected to close in the second half of this year. Assuming the transaction closes as expected, we would expect additional second-half revenue contributions of at least $200 million.

Yemi Okupe: This includes any additional contributions from our acquisition of Eucalyptus, which is expected to close in the second half of this year. Assuming the transaction closes as expected, we would expect additional second half revenue contributions of at least $200 million. Our primary objective in international will be oriented toward growth expansion. While we do not expect meaningful adjusted EBITDA losses, we are expecting newer international markets to run near breakeven. We left 2025 with a great deal of momentum that has allowed us to continue bringing new sources of value to millions of subscribers. Our success in the US places us in a position to thoughtfully expand and rapidly scale across international markets such as the UK, Germany, Canada, Australia, Japan, and others.

Speaker #2: Our primary objective in international will be oriented toward growth expansion. While we do not expect meaningful adjusted EBITDA losses, we are expecting newer international markets to run near break-even.

Speaker #2: We left 2025 with a great deal of momentum that has allowed us to continue bringing new sources of value to millions of subscribers. Our success in the US places us in a position to thoughtfully expand and rapidly scale across international markets such as the UK, Germany, Canada, Australia, Japan, and others.

Speaker #2: Strong free cash flow and adjusted EBITDA from tenured specialties in our domestic operations will allow us to continue expanding specialties, while also concurrently growing our subscriber base across strategic markets.

Yemi Okupe: Strong free cash flow and adjusted EBITDA from tenured specialties in our domestic operations will allow us to continue expanding specialties, while also concurrently growing our subscriber base across strategic markets. In the near term, we expect many of these international markets to run at breakeven, but in the medium to long term, to become meaningful growth and profitability vectors as we optimize and realize economies of scale, similar to what we achieved in the US. Continued growth in the US, combined with the scale of the international opportunity in front of us, reinforce our confidence in our ability to meet or exceed our 2030 ambitions outlined last year, at least $6.5 billion in revenue and $1.3 billion in adjusted EBITDA. Our success would not be possible without the significant efforts of Hims & Hers employees around the world.

Speaker #2: In the near term, we expect many of these international markets to run at break-even, but in the medium to long term, to become meaningful growth and profitability vectors as we optimize and realize economies of scale similar to what we achieved in the US.

Speaker #2: Continued growth in the US, combined with the scale of the international opportunity in front of us, reinforces our confidence in our ability to meet or exceed our 2030 ambitions outlined last year.

Speaker #2: At least $6.5 billion in revenue and $1.3 billion in adjusted EBITDA. Our success would not be possible without the significant efforts of Hims & Hers employees around the world.

Speaker #2: I'd like to thank them, our subscribers, and our shareholders for supporting us in our mission to help the world feel great through the power of better health.

Yemi Okupe: I'd like to thank them, our subscribers, and our shareholders for supporting us in our mission to help the world feel great through the power of better health. With that, I will now turn the call back over to Bill to kick off Q&A with two questions from our retail community.

Speaker #2: With that, I will now turn the call back over to Bill to kick off Q&A with two questions from our retail community. Thanks, Yemi.

Bill Newby: Thanks, Jimmy. Thank you to everyone who sent us questions over the weekend. First, from Jay, who has a question on our growing international footprint. With the acquisition of Eucalyptus accelerating international expansion into Australia, Japan, and building a deeper presence in Western Europe, could you share more about the company's long-term vision and key priorities for global growth over the next three to five years? How do you plan to integrate Eucalyptus's operations and brands to drive synergies?

Speaker #2: And thank you to everyone who sent us questions over the weekend. First, from Jay, who has a question on our growing international footprint. With the acquisition of Eucalyptus accelerating international expansion into Australia, Japan, and building a deeper presence in Western Europe, could you share more about the company's long-term vision and key priorities for global growth over the next three to five years?

Speaker #2: How do you plan to—how do you plan to integrate Eucalyptus's operations and brands to drive synergies?

Speaker #3: Yeah, thanks, Bill. And thanks, Jay, for the question. You know, I think from the beginning, we've always believed that the vision for consumer-centric health was global.

Andrew Dudum: Yeah, thanks, Bill, and thanks, Jay, for the question. You know, I think from the beginning, we've always believed that the vision for consumer-centric health was global. You know, when you think about great healthcare, it's a thing that we care about most personally. It's a thing that we care about for our family. Yet, no matter where you are, the US, the UK, Germany, when you talk to actual people, their frustration with the current status quo is, is consistent. So, you know, we have really huge ambitions globally. At the core of it is to target the 10 key most critical markets and to win them handily over the next 12 to 24 months. Across acquisitions of Zava and Livewell, and with the addition of Eucalyptus, I think we have those critical pieces in place.

Speaker #3: You know, when you think about great healthcare, it's a thing that we care about most personally. It's a thing that we care about for our family.

Speaker #3: And yet, no matter where you are, the US, the UK, Germany, when you talk to actual people, they're frustration with the current status quo is consistent.

Speaker #3: And so we have really huge ambitions globally. At the core of it is to target the 10 key most critical markets and to win them handily over the next 12 to 24 months.

Speaker #3: Across acquisitions of Zava and LiveWell, and with the addition of Eucalyptus, I think we have those critical pieces in place. I've known Tim Doyle for going on four to five years as the founder and CEO of Eucalyptus.

Andrew Dudum: You know, I've known Tim Doyle for, you know, going on four to five years. He's the founder and CEO of Eucalyptus, and have absolutely loved watching that team execute. They're exceptional leaders with a strong shared commitment to the consumer. So, you know, when I look, when I look at the combination of the two, I think we have bold ambitions to see the Hims and Hers brand be unified across all of these major markets within the next year or two. A north star of $1 billion+ in incremental international revenue in the next few years as well.

Speaker #3: And I've absolutely loved watching that team execute. They're exceptional leaders with a strong shared commitment to the consumer. And so when I look at the combination of the two, I think we have bold ambitions to see the Hims & Hers brand be unified across all of these major markets within the next year or two.

Speaker #3: And a North Star of a billion-plus in incremental international revenue in the next few years as well.

Speaker #2: Thanks, Andrew. And the next question comes from the Hims House retail community. What impact do you expect from the regulatory and legal scrutiny on growth numbers for the next few years?

Bill Newby: Thanks, Andrew. The next question comes from the Hims House retail community. What impact do you expect from the regulatory and legal scrutiny on growth numbers for the next few years? How will you, how will you reduce risk from a potential ban on compounding GLP-1s, and what categories are positioned best to pivot the business away from GLP-1s?

Speaker #2: How are you how will you reduce risk from a potential ban on compounding GLP-1s? And what categories are positioned best to pivot the business away from GLP-1s?

Speaker #3: Yeah, that's a great question. I think that maybe to step back a little bit, when I founded the company, nearly 10 years ago, the vision here was not to launch treatments on a website.

Andrew Dudum: Yeah, it's a great question. You know, I think that maybe to step back a little bit. When I founded the company nearly 10 years ago, the vision here, you know, was not to launch treatments on a website. It was to disrupt how customers have access to great care. I think that opportunity today is just as strong as it was, you know, nearly 10 years ago. When we first launched, for people that have been following us, you know, people used to call us the Viagra company, right? We were an ED-only business. For years and years, that was the headlines, that was the concern, the dependency on Viagra, that category. Then as we progressed and we launched the Hers business, and that was getting started, people started to worry, Hey, maybe this is a Hims-only business.

Speaker #3: It was to disrupt how customers have access to great care. And I think that opportunity today is just as strong as it was nearly 10 years ago.

Speaker #3: When we first launched, for people that have been following us, people used to call us the Viagra company, right? We were an ED-only business.

Speaker #3: And for years and years, that was a headline. That was the concern—the dependency on Viagra, that category. And then, as we progressed and we launched the Hers business and that was getting started, people started to worry, 'Hey, maybe this is a Hims-only business.'

Speaker #3: Maybe Hers doesn't have the ability to replicate itself and scale as well." And now that business is achieving this year, hopefully, a billion-plus in revenue.

Andrew Dudum: Maybe Hers doesn't have the ability to replicate itself and scale as well. Now that business is, you know, achieving this year, hopefully, $1 billion plus in revenue. I think the reality is Hims & Hers has always been and continues to be more than one treatment. When you look at the business today, it's important to remember that the majority of our revenue and profitability is driven by offerings outside of weight loss. Really, the amount of patients actually on the compounded GLP-1s is actually, you know, quite a small minority of the aggregate subscriber base. When referring to, you know, pivoting the business to, you know, manage the dynamics in the ecosystem, I don't really think that's how we feel about things internally.

Speaker #3: And I think the reality is, Hims & Hers has always been, and continues to be, more than one treatment. When you look at the business today, it's important to remember that the majority of our revenue and profitability is driven by offerings outside of weight loss.

Speaker #3: And really, the amount of patients that actually own the compounded GLP-1s is actually quite a small minority of the aggregate subscriber base. And so when referring to pivoting the business to manage the dynamics in the ecosystem, I don't really think that's how we feel about things internally.

Speaker #3: I think we plan to continue to operate like we always have, which is expanding the offering systematically to patients, broadening the assortment on the platform and the care that we can offer them, deepening our relation with them, deepening our understanding of them, expanding a new categories like labs and menopause and low T, work on innovation and R&D for future categories like peptides, which we're working on right now, and ultimately add more value to customers' life in an expanding set of markets.

Andrew Dudum: I think we plan to continue to operate like we always have, which is expanding the offering systematically to patients, broadening the assortment on the platform and the care that we can offer them, deepening our relation with them, deepening our understanding of them, expanding new categories like labs, menopause, and low T, work on innovation and R&D for future categories like peptides, which we're working on right now, and ultimately add more value to customers' life in an expanding set of markets.

Speaker #3: I think between our existing diverse business lines, the pace of the new expanding categories that I touched on in the prerecorded remarks, as well as now this accelerating international business, there's just really never been a point in our company's life where we've had such a durability and growth engines to achieve the much broader vision for the business.

Andrew Dudum: I think between our existing diverse business lines, the pace of the new expanding categories that I, I touched on in the, you know, prerecorded remarks, as well as now this, you know, accelerating international business, there's just really never been a point in our company's life where we've had such a durability in growth engines to achieve, you know, the much broader vision for the business.

Speaker #2: Thanks, Andrew. And with that, I will pass it back to the operator, and we can begin the regular way analyst Q&A.

Bill Newby: Thanks, Andrew. With that, I will pass it back to the operator, and we can begin the regular way analyst Q&A.

Speaker #1: At this time, if you would like to ask a question, press star, then the number one on your telephone keypad. To withdraw your question, simply press star one again.

Operator: At this time, if you would like to ask a question, press star, then the number one on your telephone keypad. To withdraw your question, simply press star one again. We kindly ask that you limit your questions to one and one follow-up for today's call. We will pause for just a moment to compile the Q&A roster. Your first question comes from the line of Maria Ripps with Canaccord. Please go ahead.

Speaker #1: We kindly ask that you limit your questions to one and one follow-up for today's call. We will pause for just a moment to compile the Q&A roster.

Speaker #1: Your first question comes from the line of Maria Rips with Canaccord. Please go ahead.

Maria Ripps: Great. Thank you so much for taking my questions. First, I just wanted to ask about your US weight loss business, maybe expanding a little bit on the last question. Sort of given all this sort of maybe increased scrutiny around compounded GLP-1s, how should investors think about sort of the durability and maybe growth profile of that business kind of over the next few years? Secondly, maybe more broadly, how is your marketing mix sort of evolving as you expand into sort of broader, less, less stigmatized health categories domestically? Are you seeing sort of structural improvement in CAC and lifetime value, sort of as your brand matures?

Speaker #4: Great, thank you so much for taking my questions. First, I just wanted to ask about your US weight loss business, maybe expanding a little bit on the last question.

Speaker #4: Sort of given all this, sort of, maybe increased scrutiny around compounded GLP-1s, how should investors think about the durability and maybe growth profile of that business over the next few years?

Speaker #4: And then secondly, maybe more broadly, how is your marketing mix sort of evolving as you expand into sort of broader, less stigmatized health categories domestically?

Speaker #4: And are you seeing sort of structural improvements in CAC and lifetime value sort of as your brand matures?

Speaker #3: Yeah, great question, Maria. I'll maybe answer the first part and let Yemi handle the second. I think when we look at the weight loss business domestically, there's an increasing range of assortment, which I think is really important.

Andrew Dudum: Yeah, great question, Maria. I'll maybe answer the first part and let Yemi handle the second. I think when we look at the weight loss business domestically, there's an increasing range of assortment, which I think is really important. Like, we, we follow what is important for the patients. When you look at both the next generation therapies that the major drug companies are bringing to market, when you look at the pipeline of biotech in phase two and phase three, you know, we deeply believe that in the next 2 to 3 years, there's going to be 12 or maybe 24 added treatments that are going to make a big difference in people's lives. For us, as a platform and for our patients, we deeply believe that assortment matters.

Speaker #3: We follow what is important for the patients. When you look at both the next-generation therapies that the major drug companies are bringing to market, when you look at the pipeline of biotech in phase two and phase three, we deeply believe that in the next two to three years, there's going to be a dozen or maybe two dozen added treatments that are going to make a big difference in people's lives.

Speaker #3: And for us as a platform and for our patients, we deeply believe that assortment matters. And so I think we will continue to adjust the model as necessary to ensure that we have the breadth of assortment that patients need and want.

Andrew Dudum: I think we will continue to adjust the model as necessary to ensure that we have the breadth of assortment that patients need and want. You know, as Yemi shared in our remarks, before we even had the compounded GLP-1s business line, you know, our weight loss offerings was the fastest category to ever launch, just with our, our combinations of therapies focused on conditions around metabolic and insulin resistant dynamics. You know, that business scaled to a $100 million run rate in just seven months. We believe there's a really durable weight business, even if you think even, you know, kind of in a draconian scenario, you know, of compounding GLP-1s not being there.

Speaker #3: As Yemi shared in our remarks, before we even had the compounded GLP-1 business line, our weight loss offerings was the fastest category to ever launch.

Speaker #3: Just with our combinations of therapies focused on conditions around metabolic and insulin-resistant dynamics, that business scaled to a $100 million run rate in just seven months.

Speaker #3: And so we believe there's a really durable weight business, even if you think even kind of in a draconian scenario of compounding GLP-1s not being there.

Speaker #3: And I think, even more so when you look into the next year or two, there's an expanding assortment of therapies that I think are going to be very important to patients.

Andrew Dudum: I think even more so when you look into the next year or 2, there's an expanding assortment of therapies that I think are going to be very important to patients. We're going to have to keep evolving that offering and category, just like we do in other categories, to make sure that we've got great treatments that patients are really looking for.

Speaker #3: And we're going to have to keep evolving that offering and category, just like we do in other categories, to make sure that we've got great treatments that patients are really looking for.

Speaker #2: Then, to hit the second part of your question, Maria—just around how we see acquisition trends evolving—you see some of this in the marketing leverage that we were able to gain that was quite substantial in 2025.

Yemi Okupe: Let me hit the second part of your question, Maria, just around, you know, how we see acquisition trends evolving. You see some of this in the marketing leverage that we were able to gain that was quite substantial in 2025. Really, what we are seeing is that, like, we are benefiting from the breadth of treatments that we're able to offer on the platform, as well as the investments we've made historically around really communicating to consumers the power of the platform. I think with that, we view that that gives us a competitive edge on the acquisition front.

Speaker #2: Really, what we are seeing is that we are benefiting from the breadth of treatments that we're able to offer on the platform, as well as the investments that we've made historically around really communicating to consumers the power of the platform.

Speaker #2: I think with that, we view that that gives us a competitive edge on the acquisition front. And then what we do see, particularly as we enter newer specialties like labs, will enable us to provide more insights to consumers, as well as move towards a world that's more oriented around proactive care. Our view is that carries immense potential to further drive acquisition efficiency.

Yemi Okupe: What we do see, particularly as we enter, you know, newer specialties like labs, will be able to enable us to provide more insights to consumers, as well as, move towards a world that's more oriented around proactive care. Our view is that carries immense potential to further drive acquisition efficiency. What we observe on the LT, you know, on the LTV front is that as we are able to help our providers on the platform, pair consumers with personalized treatments that, that really are, are unique and meet their needs, that effectively drives stronger retention across the platform. Whether that's, you know, as we talked about in the prepared remarks, addressing multiple conditions through more simple mechanisms, or helping users balance both efficacy with side effects, or providing alternative form factors.

Speaker #2: What we observe on the LTV front is that as we are able to help our providers on the platform pair consumers with personalized treatments that really are unique and meet their needs, that effectively drives stronger retention across the platform. Whether that's, as we talked about in the prepared remarks, addressing multiple conditions through more simple mechanisms, or helping users balance both efficacy with side effects, or providing alternative form factors.

Speaker #2: We see all of those things, as well as the ability to leverage more and more insights to tell providers pair consumers with those treatments, driving stronger retention, which ultimately drives stronger lifetime value for the consumer.

Yemi Okupe: We see all of those things, as well as the ability to leverage more and more insights to to help providers pair consumers with those, treatments, driving stronger retention, which ultimately drives stronger lifetime value for the consumer.

Maria Ripps: That's very helpful. Thanks very much.

Speaker #4: That's very helpful. Thanks very much.

Maria Ripps: That's very helpful. Thanks very much.

Speaker #1: Your next question comes from the line of Justin Patterson with KeyBanc Capital Markets. Please go ahead.

Operator: Your next question comes from the line of Justin Patterson with KeyBanc Capital Markets. Please go ahead.

Speaker #2: Great, thank you. Good afternoon. I want to talk a little bit more about some of the investments you’re making. It sounds like, between AI, labs, and wearables, you’re creating the conditions for a flywheel down the road.

Justin Patterson: Great. Thank you. Good afternoon. I wanted to talk a little bit more about some of the investments you're making. It sounds like between AI, labs, and wearables, you're creating the conditions for a, a flywheel down the road. I'd love to hear a little bit more about just how deep you're looking to go into the wearables ecosystem, how long we should really think about the investments that support some of these initiatives, and how we should think about labs, the steps to scale up labs over the next year or so. Thank you.

Speaker #2: So, to hear a little bit more about just how deep you're looking to go into the wearables ecosystem, how long we should really think about the investments that support some of these initiatives, and how we should think about labs—the steps to scale up labs over the next year or so.

Speaker #2: Thank you.

Speaker #3: Yeah, thanks, Justin. I think those three buckets are a real focus for the business. And I think when you step back, there's just never been an easier way to collect more advanced data from patients across these things, whether it's wearable devices, whether it's polygenic risk scores that you can do a swab on the inside of your mouth, whether it's cancer testing or it's full gene sequencing.

Andrew Dudum: Yeah, thanks, Justin. I think those three buckets are, are a real focus for the business. And I think when you step back, you know, there's just never been an easier way to collect more advanced data from, from patients across these things, whether it's wearable devices, whether it's polygenic risk scores, that you can do a swab on the inside of your mouth, whether it's cancer testing or it's full gene sequencing. I mean, it's just really incredible. So as that accelerates, and our investments in YourBio accelerate, and we're able to get testing at home for cheaper, cheaper, cheaper costs, you know, we'll be verticalizing that infrastructure so that you, as a member of Hims & Hers, can, can be getting access to this type of, of data collection on a really frequent basis.

Speaker #3: I mean, it's just really incredible. And so, as that accelerates and our investments in your bio accelerate, and we're able to get testing at home for cheaper, cheaper, cheaper costs, it will be verticalizing that infrastructure so that you, as a member of Hims & Hers, can be getting access to this type of data collection on a really frequent basis.

Speaker #3: I think that intelligence layer, to then help understand how we get ahead of what you are struggling with or what you may struggle with in the future, is going to be an increasingly important part of the business.

Andrew Dudum: I think that intelligence layer to then help understand how we get ahead of, of what you are struggling with or what you may struggle with in the future, is going to be an increasingly important part of the business. This is where I think, you know, the, the platform really transitions from, you know, focusing on a single treatment to proactive preventative care. I actually think that type of care is, in and of itself, a new category for Hims & Hers. It's almost like, you know, a longevity category, so to speak. I think as people start to realize a platform like Hims & Hers gives you access to what the one percent have and lets you take the necessary steps to get ahead of it, it's extremely empowering, right?

Speaker #3: And so, this is where I think the platform really transitions from focusing on a single treatment to proactive, preventative care. I actually think that type of care is, in and of itself, a new category for Hims & Hers.

Speaker #3: It's almost a longevity category, so to speak. But I think as people start to realize a platform like Hims & Hers gives you access to what the 1% have, and lets you use it, it's extremely empowering.

Speaker #3: And so, we are going to go deep in all three of those areas. From the device side, either through our own, or through partnership, we've obviously already acquired our own blood testing device.

Andrew Dudum: We are going to go deep in all three of those areas, from the device side, either through our own or through partnership. We've obviously already acquired our own blood testing device, through our own AI efforts and teams, which we've already started to launch with the labs efforts. It's starting to pay off, right? When you, when you look at the prepared remarks, we shared that, you know, 70% of people who do a lab test on the Hims & Hers platform identify an area of risk that is treatable on the Hims & Hers platform, right? Most of the time, this is something patients are learning for the first time, that they're pre-diabetic, that they're at risk of cardiovascular disease, et cetera.

Speaker #3: Through our own AI efforts and teams, which we've already started to launch with the labs efforts, and it's starting to pay off. When you look at the prepared remarks we shared that 70% of people who do a lab test on the Hims & Hers platform identify an area of risk that is treatable on the Hims & Hers platform.

Speaker #3: Most of the time, this is something patients are learning for the first time—that they're prediabetic, that they're at risk of cardiovascular disease, et cetera.

Speaker #3: And so there's a massive flywheel in making the entry point in data collection and learning about your health extremely low and extremely easy to get started.

Andrew Dudum: There's a massive flywheel in making the entry point in data collection and learning about your health extremely low and extremely easy to get started, and then ultimately build value over the long term with these patients as we expand our care and can have a more comprehensive look at their health.

Speaker #3: And then ultimately build value over the long term with these patients as we expand our care and can have a more comprehensive look at their health.

Speaker #2: Yeah, and I think what I'd add to that, Justin, is I think, similar to what we've done in the past, we will be thoughtful and continue to stage-gate the investment.

Yemi Okupe: Yeah. I, I think what I'd add to that, Justin, you know, is I, I think, you know, similar to what we've done in the past, like we will be, you know, thoughtful and continue to stage the investment. I think much of what we're investing in kind of follows the, the four pillars, you know, that we've always spoken around, which is like the brand, the investment in technology and data that provide-- reinforces the personalization and unique products we're able to deliver, as well as just the strength of our provider network. I think that what you see now is a very vast balance sheet, as well as a strong free cash flow, that's enabling us to make the transition that Andrew mentioned towards, you know, a, a platform that is more oriented around leveraging data to treat consumers proactively....

Speaker #2: I think much of what we're investing in kind of follows the four pillars that we've always spoken around, which are the brand, the investment in technology and data that reinforce the personalization and unique products we're able to deliver, as well as just the strength of our provider network.

Speaker #2: And so I think that what you see now is a very vast balance sheet, as well as strong free cash flow that's enabling us to make the transition that Andrew mentioned towards a platform that is more oriented around leveraging data to treat consumers proactively.

Speaker #2: Ultimately, we think that these investments, as they start to come together in 2026 and in outer years, have the ability to quickly have positive ROI and ultimately pay off for themselves and become self-funding.

Yemi Okupe: Ultimately, we think that these, you know, investments, as they start to come together in 2026, even outer years, have the ability to quickly have positive ROI and ultimately pay off for themselves and become self-funding. Whether that's in the form of higher lifetime values that we discussed around the last, the last question, or even just, you know, with proactive care, being able to unlock new insights to consumers to drive better acquisition efficiency through lower-cost channels. Those are all mechanisms that we'll monitor and continue to lean into. Ultimately, we believe have the ability to effectively make these investments pay for themselves very quickly.

Speaker #2: Whether that's in the form of higher lifetime value, or even just with proactive care being able to unlock new insights to consumers to drive better acquisition efficiency through lower-cost channels, those are all mechanisms that we'll monitor and continue to lean into.

Speaker #2: But ultimately, we believe we have the ability to effectively make these investments pay for themselves very quickly. Great. Thank you.

Andrew Dudum: Great. Thank you both.

Justin Patterson: Great. Thank you both.

Speaker #1: Your next question comes from the line of Craig Hettenbach with Morgan Stanley. Please go ahead.

Operator: Your next question comes from the line of Craig Hettenbach with Morgan Stanley. Please go ahead.

Speaker #5: Go ahead.

Andrew Dudum: Go ahead.

Operator: Go ahead.

Speaker #6: Yes, thank you. For some of the legacy core offerings, can you just talk about which categories you expect to kind of drive growth in 2026?

Craig Hettenbach: Yes, thank you. For some of the legacy core offerings, can you just talk about which categories you expect to kind of drive growth in 2026? Then within weight loss, is there a range that you're embedding into guidance for this year?

Speaker #6: And then, within weight loss, is there a range that you're embedding into guidance for this year?

Speaker #2: Yeah, thanks for the question, Craig. Maybe I'll start. I think increasingly just the concept of—I just want to caution—the concept of core versus non-core is becoming increasingly less and less relevant.

Yemi Okupe: Yeah, thanks for the question, Craig. Like, maybe I'll start. I think increasingly, like, just the concept of, you know, just want to caution the concept of core, you know, versus like, non-core is becoming increasingly less and less relevant. I think that how we're orienting the business is because the lines across specialties are, are blending more and more, is really around the concept of international and domestic. Then underneath that, what you do see is you have businesses of a varying tenure, a varying tenure. You know, we see, you know, a lot of potential in both the Hims and Hers specialties, you know, for continued growth. I think we were excited to see the Hims brand grow 30% year-over-year in 2025.

Speaker #2: I think that how we're orienting the business is because the lines across specialties are blending more and more. It's really around the concept of international and domestic.

Speaker #2: And then underneath that, what you do see is you have businesses of a very tenure. We see a lot of potential in both the Hims & Hers specialties for continued growth.

Speaker #2: I think we were excited to see the Hims brand grow 30% year over year in 2025. And we do believe that we're positioned for continued growth.

Yemi Okupe: We do believe that we're positioned for continued growth, whether that's in the form of newer specialties like testosterone, that are rapidly emerging, or even as we start to see the benefit from the stronger retention on the daily health offerings, in both sexual health and greater assortment in other categories like hair. Each of these disciplines has the ability, you know, within the Hims specialty, to continue to power growth. Then flipping to Hers, we're seeing, you know, very much the, you know, the same element. Historically, you know, newer categories that we've launched have taken, you know, 12 to 18 months to scale.

Speaker #2: Whether that's in the form of newer specialties like testosterone that are rapidly emerging, or even as we start to see the benefit from the stronger retention on the daily health offerings, in both sexual health and greater assortment and other categories like hair, each of these disciplines has the ability within the Hims specialty to continue to power growth.

Speaker #2: And then, flipping to Hers, we're seeing very much the same element. Historically, newer categories that we've launched have taken 12 to 18 months to scale.

Speaker #2: I think that as we look around things like labs, menopausal support, as well as some of the tenure categories like Hers care, we continue to see robust growth across many of those.

Yemi Okupe: I think that as we look at around things like labs, menopausal support, as well as some of the tenured categories like Hers care, we continue to see robust growth across many of those, and I think we'll continue to invest in those. As we make the transition that Andrew mentioned, you know, previously, in both his prepared remarks and in the question, we're able to proactively serve consumer, you know, consumers. I think that's going to be a pretty substantial unlock that will provide the ability to, you know, for us to continue to see our tenured specialties grow.

Speaker #2: And I think we'll continue to invest in those. But as we make the transition that Andrew mentioned previously, in both his prepared remarks and in the question, we're able to proactively serve consumers. I think that's going to be a pretty substantial unlock.

Speaker #2: That will provide the ability for us to continue to see our tenure specialties grow.

Speaker #1: Got it. And then just as a follow-up, when I think through the 2030 target and kind of the path to 20% margin, you commented a few times international is kind of break-even and there's some investments there.

Craig Hettenbach: Got it. Then just as a follow-up, when I think through the 2030 target and kind of the path to 20% margin, you know, you commented a few times, international is kind of break even, and there's some investments there. Is there anything around kind of the US business or efficiencies that are helping to potentially offset some of the, some of the drag on international, just from a margin perspective?

Speaker #1: So, is there anything around the US business or efficiencies that are helping to potentially offset some of the drag on international, just from a margin perspective?

Speaker #2: Yeah, I don't think that the drag on international is going to necessarily be permanent, per se. I think that what we will do—and I think it's almost going to be more on a market-by-market basis—is we will look at the opportunity in front of us.

Yemi Okupe: Yeah, I don't, I don't, I don't think that the drag on international is going to necessarily be, you know, permanent per se. I think that what we will do, and I think it's almost going to be more on a market-by-market basis, we will, you know, look at the opportunity, you know, in front of us. I think across most international markets, the, the orientation will be a growth, growth orientation. I, I don't know that the international universe necessarily will be static for us as well as we, you know, continue to, you know, utilize our current assets as well as the Eucalyptus team to launch in new markets. Newer markets will tend to probably carry a more challenging margin profile.

Speaker #2: I think across most international markets, the orientation will be a growth, growth orientation. I don't know that the international universe necessarily will be static for us, as well, as we continue to utilize our current assets as well as the Eclipse team to launch in new markets.

Speaker #2: Newer markets will tend to probably carry a more challenging margin profile. But then, as we look to markets that season over the next two to three years, where there's already a strong presence, there's the opportunity to start to see some margin expansion as you get two, three years out.

Yemi Okupe: As we, you know, look to markets that season over the next 2 to 3 years, where there's already a strong presence in, there's the opportunity, you know, to start to see some margin expansion as you get 2, 3, 2, 3 years out. You kind of, you know, if you look at the history of the US and as we made the transition from, you know, a, a loss-making business on our domestic operations to profitability, the ramp in margin, as we were able to realize economies of scale, kind of, you know, from 2022 to 2023, was fairly rapid. I think our expectation is on a market-by-market basis, there'll be a similar concept in the international markets.

Speaker #2: And you kind of, if you look at the history of the US, and as we made the transition from a loss-making business on our domestic operations to profitability, the ramp in margin as we were able to realize economies of scale, kind of from 2022 to 2023, was fairly rapid.

Speaker #2: And so I think our expectation is, on a market-by-market basis, there'll be a similar concept in the international markets. And then, as we look to the domestic operations, we are investing fairly aggressively in a number of newer, tenured specialties.

Yemi Okupe: Then as we look to the domestic operations, we are investing, you know, fairly aggressively in a number of newer tenured specialties. As the specialties hit their, you know, milestones and stage gates, we'll continue to invest. What you also do see is on a specialty-by-specialty basis, the spread between the tenured specialties and the newer specialties, the margin profiles start to converge. So I think between that and the domestic operations, as well as on a market-by-market basis, international markets, kind of in the latter half of this decade, becoming more and more margin accretive. We view that as the path to hit our, hit our goals of $6 billion in revenue and $1.3 billion of adjusted EBITDA.

Speaker #2: As those specialties hit their milestones and stage gates, we'll continue to invest, but what you also do see is, on a specialty-by-specialty basis, the spread between the tenured specialties and the newer specialties—the margin profiles start to converge.

Speaker #2: And so, I think between that and the domestic operations, as well as on a market-by-market basis, international markets are kind of, in the latter half of this decade, becoming more and more margin accretive.

Speaker #2: We view that as the path to hit our goals of $6 billion in revenue and $1.3 billion of adjusted EBITDA.

Speaker #6: Got it. Thank you.

Craig Hettenbach: Got it. Thank you.

Speaker #1: Your next question comes from the line of Eric Percher with Nephron Research. Please go ahead.

Operator: Your next question comes from the line of Eric Percher with Nephron Research. Please go ahead.

Speaker #7: Thank you. Andrew, I'd like to ask your perspective on the composition of the international business as we look out a year, both across NAVA and Eucalyptus.

Eric Percher: Thank you. Andrew, I'd like to ask your perspective on the composition of the international business as we look out a, a year, you know, both across Zava and Eucalyptus, in terms of the specialties or personalization. Then I know you had this line about becoming a leading provider of branded GLP-1 medications. Is that as simple as what we see running through Juniper today? How do you think about maintaining relationships with the brand manufacturers?

Speaker #7: In terms of the specialties or personalization, and then I know you had this line about becoming a leading provider of branded GLP-1 medications. Is that as simple as what we see running through Juniper today?

Speaker #7: And how do you think about maintaining relationships with the brand manufacturers?

Speaker #3: Yeah, that's a great question, Eric. I think the composition overseas will likely mirror, eventually as it matures, the U.S., right? I think there's a lot of category expansion overseas.

Andrew Dudum: Yeah, that's a great question, Eric. You know, I think the composition overseas will likely mirror, eventually, as it matures, the US, right? I think there's a lot of category expansion overseas, and each of these businesses that we are integrating in have different focuses in different markets, right? The Pilot brand in Australia, very focused on men, the Juniper brand focused on women and weight. Ultimately, we think that it will probably converge to have really nice diversity at scale. I think overseas, the relationships with, you know, our international teams and the branded pharmaceutical companies is quite strong because they, there's really consistency, they've got great rapport, they've been able to be a large consumer distributor to them. I would expect that to maintain and stay consistent.

Speaker #3: And each of these businesses that we are integrating in have different focuses and different markets, right? The Pilot brand in Australia is very focused on men.

Speaker #3: The Juniper brand is focused on women and weight. Ultimately, we think that it will probably converge to have really nice diversity at scale. I think overseas, the relationships with our international teams and the branded pharmaceutical companies is quite strong because there's really consistency.

Speaker #3: They've got great rapport. They've been able to be a large consumer distributor to them. I would expect that to maintain and stay consistent. We don't expect it to change that model.

Andrew Dudum: We don't expect to change that model. I think that's the winning model overseas, and would expect it to remain so.

Speaker #3: I think that's the winning model overseas, and would expect it to remain so.

Speaker #7: Thank you. And just to follow up, was the comment on the majority of the

Glen Santangelo: Thank you. Just to follow up, was the comment on the majority of the business being non-weight loss, both for revenue, and was it free cash flow or cash flow?

Eric Percher: Thank you. Just to follow up, was the comment on the majority of the business being non-weight loss, both for revenue, and was it free cash flow or cash flow?

Speaker #1: The business being non-weight loss, both for revenue and—was it free cash flow or cash flow?

Speaker #2: Yeah , the comment was just around the majority of our revenues are actually coming from outside of the GLP one business . You know , today .

Yemi Okupe: Yeah, yeah. The comment is, was just around the majority of our revenues are actually coming from outside of the GLP-1 business, you know, today. Then you can just translate that from, you know, the tenured specialties carrying a more robust margin profile from economies of scale. The adjusted EBITDA or the margin profile tends to be stronger on mature categories as well.

Speaker #2: And then you can just translate that from, you know, the tenured specialties carrying a more robust margin profile from economies of scale.

Speaker #2: The adjusted EBITDA, or the margin profile, tends to be stronger on mature categories as well.

Speaker #1: Thank you

Glen Santangelo: Thank you.

Speaker #3: Your next question comes from the line of Mark Mahaney with Evercore. Please go ahead.

Operator: Your next question comes from the line of Mark Mahaney with Evercore. Please go ahead.

Speaker #4: Thank you. I just want to ask two: one, the opportunity that you're seeing; and then two, labs to date. You've talked about them both in the past.

Mark Mahaney: Thank you. I just want to ask two questions about both the fertility opportunity that you're seeing and, and labs to date. You've talked about them both in the past. Can you just give us a more of an update on the data points that you're seeing and how you think about those opportunities? Thank you.

Speaker #4: Can you just give us more of an update on the data points that you're seeing, and how you think about those opportunities?

Speaker #4: Thank you

Speaker #5: Yeah . Thanks , Mark . We've yet to launch anything on the fertility space . We have launched in the last couple of months .

Andrew Dudum: Yeah. Thanks, Mark. We've yet to launch anything on the fertility space. We have launched in the last couple of months, the menopause, perimenopause, and low T, as well as labs. Those kind of happen side by side. So far, I would say just, you know, nearly 10 years of testing out go-to-market strategies, I would say we are incredibly encouraged by the early data. I think we believe that each of those three have near-term opportunities to scale to a $100 million run rate, just like many of our other winning categories. We also see that the actual engagement with the experience from a consumer standpoint is a very high value engagement. On the hormonal side, men are seeing massive increases in their testosterone levels, feeling better.

Speaker #5: The menopause , perimenopause and low T , as well as labs . Those kind of happen side by side . So far , I would say just , you know , nearly ten years of testing out , go to market strategies .

Speaker #5: I would say we are incredibly encouraged by the early data. I think we believe that each of those three have near-term opportunities to scale to a $100 million run rate, just like many of our other winning categories.

Speaker #5: We also see that the actual engagement with the experience from a consumer standpoint is a very high value engagement on the on the on hormonal side , men are seeing massive increases in their testosterone levels , feeling better retention indications are showing it's in line with some of our best in class categories .

Andrew Dudum: Retention indications are showing it's in line with some of our best-in-class categories. On the lab side, also, it's just providing people data that frankly used to cost somewhere between, you know, $5,000 or $10,000. So it's an immense amount of knowledge, and then from there, 70% of those people are identifying an area of concern and an area of clinical risk that the platform can actually help treat. So I think both in hormones and labs, we're incredibly encouraged. We've got dedicated efforts on both of those, and I'm fully convinced that they will be, you know, big parts of the business going forward and for the coming years.

Speaker #5: And on the labs side also , it's just providing people data that frankly , used to cost somewhere between , you know , 5 or $10,000 .

Speaker #5: And so, it's an immense amount of knowledge. And then from there, 70% of those people are identifying an area of concern and an area of clinical risk that the platform can actually help treat.

Speaker #5: And so, I think both in hormones and labs, we're incredibly encouraged. We've got dedicated efforts on both of those, and I'm fully convinced that there will be big parts of the business going forward.

Speaker #5: And for the coming years

Speaker #4: Thank you very much

Mark Mahaney: Thank you very much.

Speaker #3: Your next question comes from the line of Brian Tanquilut with Jefferies. Please go ahead.

Operator: Your next question comes from the line of Brian Tanquilut with Jefferies. Please go ahead.

Speaker #6: Hey, good afternoon, guys. Maybe just a quick question as I think about the range of guidance on EBITDA. Pretty wide range there, where it could be down or up in the year.

Brian Tanquilut: Hey, good afternoon, guys. Maybe just a quick question, Yemi. As I think about the range of guidance on EBITDA, pretty wide range there where, you know, it could be down or up in the year. Just curious what the swing factors are that we should be considering that would drive the variability there. Thank you.

Speaker #6: Just curious what the swing factors are that we should be considering, that would drive the variability there. Thank you.

Speaker #2: Yeah , I think it's a great question . I think a lot of it is , you know , like we've historically done , you know , in the in the past , we stage gate many of our investments where as they hit scale milestones or as they achieved unit economic profiles , you know , we tend to lean in a bit more as you look kind of at the end of 2025 , we launched three , three specialties that we feel have the ability to be fairly transformative to the platform .

Yemi Okupe: Yeah, I think it's a great question. I think a lot of it is, you know, like we've historically done, you know, in the, in the past. We stage gate many of our investments where as they hit scale milestones or as they achieve unit economic profiles, you know, we tend to lean in a bit more. As you look kind of at the end of 2025, we launched, you know, three, three specialties that we feel have the ability to be fairly transformative to the platform. So I think what, what our guide provides is the ability and the flexibility to lean into continuing to scale those specialties if we see them achieve promising signs on the unit economic front.

Speaker #2: And so I think what our guide provides is the and the flexibility to lean into continuing to scale those specialties . If we see them achieve promising signs on the economic front , we spoke a little bit around how we're investing in tech , and then some of the ROI that we expect to see there .

Yemi Okupe: We spoke a little bit around how we're investing in, in Tacamine, some of the ROI that we expect to, to, to see there. Additionally, embedded in our guidance is the, the flexibility, you know, to, you know, continue to proceed with many of those investments as they show signs of success. The final area of investment, you know, that we spoke around really is just in the international business, both in terms of as we do the, you know, the integration of the, the assets with some of the companies that we've already closed upon, such as Livewell, you know, as well as Zava. With Eucalyptus, potentially coming in the, the second half, we want to leave ourselves a wide enough range to invest in across, across all those areas.

Speaker #2: Additionally, in our guidance is the flexibility to continue to proceed with many of those investments as they show signs of success.

Speaker #2: And the final area of investment that we spoke around really is just in the international business , both in terms of as we do the , you know , the integration of the the assets with some of the companies that we've already closed upon , such as Livwell , you know , as well as Ava , but also , you know , with eucalyptus potentially coming in the second half .

Speaker #2: We wanted to leave ourselves a wide enough range to invest in across all of those areas . And so if we see meaningful opportunities for growth in technology , meaningful growth opportunities in new specialties or meaningful growth opportunities in international markets , you know , we definitely want to take the growth orientation to take them because we feel like , as we've demonstrated in the past and from past pattern recognition , the ability to expand margins with greater scale is something that our teams are quite good at .

Yemi Okupe: If we see meaningful opportunities for growth in technology, meaningful growth opportunities in new specialties, or meaningful growth opportunities in international markets, you know, we definitely want to take the growth orientation to take them. We feel like, as we've demonstrated in the past and from past pattern recognition, the ability to expand margins with greater scale is something that our teams are quite good at.

Speaker #6: Got it. Awesome. Thank you.

Brian Tanquilut: Got it. Awesome. Thank you.

Speaker #3: Your next question comes from the line of Glen Santangelo with Barclays. Please go ahead.

Operator: Your next question comes from the line of Glen Santangelo with Barclays. Please go ahead.

Speaker #7: Yeah . Thanks for taking my question . Hey , I just want to follow up on the for Q US revenue number being up 17% , I was kind of curious if we were to sort of parse out the compounded GLP one revenue as were there compounded GLP one , a headwind or a tailwind to that number ?

Glen Santangelo: Yeah, thanks for taking my question. Hey, I just want to follow up on the Q4 US revenue number being up 17%. I was kind of curious if we were to sort of parse out the compounded GLP-1 revenue, the compounded GLP-1 is a headwind or a tailwind to that number? The reason I ask, right, is because, you know, Andrew, you're sort of talking about, you know, that it's becoming such a small part of the subscriber base, but yet, Yemi, you sort of talked about it as a $65 million headwind in Q1. I'm just trying to reconcile all those data points and how we should think about, you know, the contribution at this point, particularly within the fiscal 2026 guidance. Thank you.

Speaker #7: And the reason I ask , right , is because , you know , Andrew , you're sort of talking about , you know , that it's becoming such a small part of the subscriber base , but yet you sort of talk about it as a $65 million headwind in one .

Speaker #7: Q I'm just I'm just trying to reconcile all those data points and how we should think about , you know , the contribution at this point , particularly within the the fiscal 26 guidance .

Speaker #7: Thank you

Speaker #2: Yeah , I think maybe , maybe , maybe I'll start with that . I think what we what you do see kind of in the transition from Q4 .

Yemi Okupe: Yeah, I think maybe, maybe, maybe I'll, I'll start with that. I think what we, you know, what you do see, you know, kind of in the transition from Q4 and then I think you'll really see this in Q1, is just we have a shift to where we are recognizing a lower revenue per order. That's not just a shift on new customers, I think it's a shift across the entire business that's progressively happened over the course of the last, you know, three, call it two to three quarters. The ticket size for the GLP-1 business, you know, is a bit larger, you know, than our core business. The revenue impact as well as the EBITDA impact, you know, there that we see, you know, is fairly meaningful.

Speaker #2: And then I think you'll really see this in Q1, it's just we have a shift to where we are recognizing a lower revenue per order.

Speaker #2: That's not just a shift on new customers . I think it's a shift across the entire business . That's progressively happened over the course of the last , you know , three , you know , call it a 2 to 3 quarters .

Speaker #2: The ticket size for the GLP one business , you know , is is a bit larger than our core business . So the revenue impact as well as the EBITDA impact , you know , there that we see , you know , is fairly meaningful .

Speaker #2: But I think that said , I think while GLP one has been a meaningful growth factor to the platform over the course of the last year , as we kind of stated in the prepared remarks , the the vast majority of the the revenue is is made from the Non-glp-1 business .

Yemi Okupe: I think that said, I think while GLP-1 have been a meaningful growth factor to the platform, over the course of the last year, as we kind of indicated in the prepared remarks, the vast majority of the revenue is made from the non GLP-1 business. As we continue to diversify, we expect that trend to continue. Andrew, not to represent, anyone to add more broadly.

Speaker #2: And as we continue to diversify, we expect that trend to continue. And not sure if there's anything you want to add more broadly.

Speaker #5: Nope . I , I think that's right . Thanks , Jimmy

Andrew Dudum: Nope, I think that's right. Thanks, Jimmy.

Speaker #7: Okay . Thanks

Maria Ripps: Okay, thanks.

Glen Santangelo: Okay, thanks.

Speaker #3: Your next question comes from the line of Brian McDonald with Needham & Company. Please go ahead.

Operator: Your next question comes from the line of Ryan MacDonald with Needham & Company. Please go ahead.

Speaker #8: Hi . Thanks for taking my questions , Andrew . Obviously , a lot of news flow sort of post the pill launch and then sort of pulling the pill from the market .

Ryan MacDonald: Hi, thanks for taking my questions. Andrew, obviously, a, a lot of news flow, sort of post the, the pill launch and then sort of pulling the pill from the market. Can you just give us an update in terms of sort of where sort of things stand from a regulatory perspective, if you've had any conversations with FDA or DOJ or sort of what, what level of concern, I guess, there is around that? The second question I have is around clarification on your earlier response. I think it was to the first question. You know, you talked about that obviously, the pipeline is very strong for at least 12 or 24 treatments in the next two years here.

Speaker #8: Can you just give us an update in terms of sort of sort of where things stand from a regulatory perspective , if you've had any conversations with FDA or DOJ or sort of what level of concern , I guess there is around that .

Speaker #8: And then the second question I have is around clarification on your earlier response. I think it was to the first question—you talked about that, obviously, the pipeline is very strong for at least a dozen or two dozen treatments in the next couple of years.

Speaker #8: Here, as you think about supporting that broadening assortment, do you feel you intend to do so via branded partnerships as those come to market, or sort of continue the historical practice within the business of focusing on personalized offerings instead?

Ryan MacDonald: As you think about supporting, that broadening assortment, do you feel, intend to do so via branded partnerships as those come to market, or sort of continuing sort of the historical practice within the business of focusing on personalized offerings instead? Thanks.

Speaker #8: Thanks

Speaker #5: Yeah . Ryan , it's a great question on the on the pill side , you know , as well as the others , there's probably not too much we can say .

Andrew Dudum: Yeah, Ryan, it's a great question. On the pill side, you know, as well as the others, there's probably not too much we can say. You know, I think we believe that the pill is a continuation of the strategy to broaden greater personalized options for patients on the platform and spend many months working on that. You know, I think we pulled it back to prioritize, honestly, just engagement and the relationships with the ecosystem stakeholders. We talked to quite a few of them on launch and understood their dynamics and chose to prioritize them in those conversations, and so decided to pull it.

Speaker #5: You know , I think we believe that the pill was a continuation of the strategy to broaden greater personalized options for patients on the platform .

Speaker #5: And spend many months working on that . You know , I think we pulled it back to prioritize , honestly , just engagement .

Speaker #5: And the relationships with the ecosystem stakeholders. We talked to quite a few of them on launch and understood their dynamics, and chose to prioritize them in those conversations.

Speaker #5: And so decided to pull it regarding FDA and DOJ, you know, I don't think we can—we can share too much on anything ongoing.

Andrew Dudum: Regarding FDA and DOJ, you know, I don't think we can, we can share too much on anything ongoing, but, you know, continue to welcome their conversations and, and, you know, as we've talked about within the FDA in the past, you know, feel very strongly that they, they play an important, important role in the safety of consumers, and so are happy to be working with them to figure out the areas of concern. On the pipeline side, when you look at the weight loss category in specific, I think there's a, an accelerating amount of treatments that are going to be coming to market that are on the branded side of the business. You know, this is next gen biotech that are in phase 2 and phase 3. This is some of the, the larger players.

Speaker #5: But , you know , continue to welcome their conversations . And , you know , as we've talked about within the FDA in the past , you know , feel very strongly that they play an important , important role in the safety of consumers .

Speaker #5: And so are happy to be working with them to figure out the areas of concern on the pipeline side . When you look at the weight loss category and specific , I think there's a an accelerating amount of treatments that are going to be coming to market that are on the branded side of the business .

Speaker #5: So , you know , this is next gen biotech that are in phase two . And phase three is some of the larger players .

Andrew Dudum: So I do think consumer sentiment in and consumer demand is going to continuously change. You know, you see that in the last few years from when these drugs first came to market, with the launch of Zepbound vials. You see traffic dynamics moving pretty materially when you look under the hood. I think that's just gonna be the evolution of this category, where you're gonna have more and more options. They're gonna be at different price points, they're gonna have different side effect profiles, they're gonna be known by different providers. Ultimately, I think for us, as we've said across all of our categories, we've seen breadth really matter.

Speaker #5: And so I do think consumer sentiment in and consumer demand is going to continuously change , you know , you see that in the last few years from when these drugs first came to market with the launch of of zepbound vials , you see traffic dynamics moving pretty materially when you look under the hood .

Speaker #5: I think that's just going to be the evolution of this category, where you're going to have more and more options.

Speaker #5: They're going to be at different price points. They're going to have different side effect profiles. They're going to be known by different providers.

Speaker #5: And ultimately , I think for us , as we've said across all of our categories , we've seen breadth really matter . And so I do think we'll continue to evolve our our platform , evolve our relationships and our approach to make sure that , you know , what we have on the platform is what people want .

Andrew Dudum: I do think we'll continue to evolve our, our platform, evolve our relationships and, and our approach to make sure that, you know, what we have on the platform is what, what people want. You know, I don't think we are stuck in any single way. I think we have prioritized the consumer up until this point for what we think is best for them and what they are looking for and what they want, and as that changes, we'll continue to change with them.

Speaker #5: You know, I don't think we are stuck in any single way. I think we have prioritized the consumer up until this point for what we think is best for them, and what they are looking for, and what they want.

Speaker #5: And as that changes, we'll continue to change with them.

Speaker #3: That concludes the question and answer session, ladies and gentlemen. This concludes the Hims & Hers fourth quarter 2020 earnings call.

Operator: That concludes the question and answer session. Ladies and gentlemen, this concludes the Hims & Hers Q4 2025 earnings call. Thank you all for joining. You may now disconnect.

Q4 2025 Hims & Hers Health Inc Earnings Call

Request a DemoDemo

HIMS

Hims & Hers Health

Earnings