Hims & Hers

Hims & Hers built a company on the stuff people are too embarrassed to bring to their doctor. Hair loss, erectile dysfunction, anxiety, weight, low testosterone: fill out a form, get seen by a licensed provider in your state, and the treatment ships to your door in a plain box. Andrew Dudum started it in 2017, took it public through an Oaktree SPAC in early 2021 at a $1.6B valuation, and it now trades on the NYSE under HIMS.

The model has scaled hard. Revenue hit roughly $2.35 billion in 2025, up about 59% year over year, with more than 2.5 million subscribers and, unusually for a growth-stage consumer health name, actual net income. The next act is weight loss, where GLP-1 drugs like Wegovy have become both the biggest tailwind and the biggest source of drama.

Hims & Hers is a direct-to-consumer telehealth platform. You answer questions about your symptoms and history, a licensed provider in your state reviews the intake asynchronously (usually within hours, no video required for most conditions), and if a treatment is appropriate it gets prescribed and shipped on a recurring subscription. A Care Team stays reachable 24/7 through the app at no extra cost.

The two brands split by audience. Hims covers men's sexual health, hair, mental health, testosterone and weight; Hers covers women's health, birth control, skincare, hair, mental health and weight. Underneath both sits the same machine: intake, provider network, affiliated pharmacies, and fulfillment. Care does not run through insurance, which keeps it simple and cash-pay but also caps who it works for.

The pitch is friction removal. Traditional care for ED, hair loss, or anxiety means a scheduled visit, an awkward conversation, a pharmacy trip, and often insurance friction, which is exactly why a lot of people never bother. Hims & Hers replaces that with a ten-minute online assessment, a provider review measured in hours, and discreet delivery.

The second problem it attacks is stigma itself. A big chunk of the brand's spend goes to normalizing conversations most healthcare marketing avoids, which is what lets it acquire customers cheaply in categories legacy providers underserve.

The customer is an individual, not a clinic or an employer. It skews toward people who want convenient, private, cash-pay access for common chronic or lifestyle conditions and who are comfortable managing care over chat instead of face to face. Reviewers consistently flag the same fit: it works well for someone refilling or maintaining a known treatment, and less well for anyone who needs intensive, hands-on clinical oversight.

The product line is organized around conditions rather than a single app. Sexual health and hair were the wedge; mental health, weight loss and testosterone are the growth engines now, with at-home lab testing (130+ biomarkers) pushing the company upstream into preventive, longitudinal care.

The quieter differentiator is MedMatch, the company's own recommendation layer that mines de-identified data across millions of interactions to help providers pick treatments. With 2.5 million subscribers feeding it, the data advantage compounds the longer the company runs.

Hims & Hers makes money on recurring subscriptions, not one-off visits. You pay a membership for ongoing access to a provider and Care Team, and prescribed medication is billed on top. Weight loss shows the shape clearly: the membership runs $39 for the first month then $149/month, with GLP-1 medication like Wegovy priced separately if prescribed.

There is no insurance in the loop, which keeps pricing transparent and margins in the company's control, and it is why the business could turn a profit at scale where insurance-dependent telehealth peers struggled.

Hims & Hers sits in a crowded telehealth field against Ro, Teladoc, and a wave of DTC pharmacy plays, plus category specialists in hair (Keeps) and weight. Its edge is brand: it spends to own the cultural conversation around stigmatized conditions and converts that attention into cheap, recurring subscribers, then reinforces it with an owned pharmacy-and-fulfillment stack and the MedMatch data moat.

The live threat is upstream. When drugmakers like Novo Nordisk decide who gets to sell their GLP-1s and on what terms, a distribution-and-brand company is exposed to the manufacturer's mood, as the 2025 blow-up showed.

The traction is real and public. Roughly $2.35 billion in 2025 revenue, up about 59%, more than 2.5 million subscribers, $128 million of net income, and $318 million of adjusted EBITDA. Management guided 2026 revenue to $2.7B to $2.9B. For a consumer health company that was a niche ED brand seven years ago, that is a fast climb, and the profitability is the part that separates it from most of digital health.

The recurring praise is speed and ease: a ten-minute intake, a provider review often inside twelve hours, free discreet shipping, and ongoing chat support that makes refills painless. That is the whole reason people pick it.

The recurring complaints cluster around two things. Billing and cancellation come up again and again, with customers reporting surprise charges and hard-to-reverse refunds. And the asynchronous, chat-only model that makes it convenient also means no face-to-face provider contact, which reviewers say leaves gaps for anyone new to a medication or needing closer care.

As a private company Hims & Hers raised around $260 million from Oaktree Capital, Maverick, IVP and others before choosing the public markets over another round. In January 2021 it merged with Oaktree Acquisition Corp., a SPAC, at a $1.6 billion valuation and began trading as HIMS. Everything since has been a public-company story, so the market cap now moves with the stock rather than a funding round.

Hims & Hers enters 2026 in a strong spot: profitable, growing fast, guiding to $2.7B to $2.9B in revenue, and expanding into labs, preventive health and international markets. The bet that turned awkward problems into recurring revenue clearly worked.

The watch items are just as clear. A lot of the growth now rides on GLP-1 weight loss, and the Novo Nordisk breakup and makeup showed how much of that depends on a manufacturer's goodwill and the regulatory line on compounding. The moat is brand, data and fulfillment; the risk is that it does not own the molecules everyone wants.

The company runs talent-first and flexible, with employees spread across dozens of US states and a stated work-from-anywhere-in-the-US posture for many roles. Culture signals from the careers materials lean fun and mission-driven, with monthly all-hands, executive fireside chats and interest-based Slack channels.

One thing to know before applying: this is not a pure software shop. Alongside the engineering and product teams there is a heavy regulated-operations side (compounding pharmacists, sterile-compounding process engineers, lab and environmental-monitoring staff in Arizona and Ohio), so the org spans a Silicon Valley product culture and an FDA-regulated manufacturing floor.

Disclosed base ranges span the org, from hourly pharmacy and lab operations roles into six figures for engineering, product, design and marketing, with the widest engineering bands running into the low-to-mid $300Ks for senior and staff levels. Ranges also appear in GBP, EUR and CAD, reflecting the UK, Europe and Canada footprint.

The package is more than base. Roles advertise equity, an Employee Stock Purchase Program, 401(k) with employer match, unlimited PTO plus quarterly mental health days, and full medical, dental, vision and parental leave.

The registered entity is Hims & Hers Health, Inc., at 2269 Chestnut Street, #523, San Francisco, CA 94123. The privacy policy is blunt about a detail most people assume the other way: Hims & Hers itself is not a HIPAA covered entity. The affiliated Labs, Pharmacies and Medical Groups may be, and Hims & Hers may act as a business associate in some cases, but the platform's basic account data is not treated as protected health information.

The service is US-only and gated to adults, with a narrow exception for teens seeking acne treatment with guardian consent.

Weight loss made Hims & Hers a market darling and then a cautionary tale in the space of a year. It struck a Wegovy collaboration with Novo Nordisk in April 2025, Novo publicly terminated it that summer over compounding and marketing disputes, and the two sides then patched things up with a new GLP-1 deal in March 2026. For a company whose whole model depends on distributing other people's drugs, the arc is the clearest read yet on where its leverage starts and stops.