• Consider Hims & Hers (HIMS) as a higher-risk, long-term growth investment if you believe it can turn GLP-1 partnerships and new offerings into sustained growth; the speaker remains bullish but gives no price target.
• Before adding, monitor quarterly subscriber trends, revenue per subscriber, gross margins, and marketing efficiency, since subscriber declines and branded-drug profit-sharing remain key risks.
• Treat Eli Lilly (LLY) and Novo Nordisk (NVO) as relevant to Hims’ product access, not as standalone buy recommendations; no price targets or timelines are provided.

Hims & Hers Health (HIMS)

• The speaker remains very bullish and says they have not sold any shares. They argue the post-earnings selloff reflected weakness across growth and other “risk” stocks more than a broken Hims business thesis.
• The stock reportedly fell 16% on the day after earnings and was down about 37% over the preceding month. The speaker says the quarter-over-quarter subscriber decline—from 2.9 million to 2.8 million, or about 3.5%—was small and partly attributable to lower marketing spend.
  • They point to 18% quarter-over-quarter sales growth and a 14% increase in average monthly revenue per subscriber as evidence that subscriber count alone does not capture the business’s progress.
  • The speaker expects Hims to increase marketing around the winter weight-loss season, after spending less during the summer.
• Gross margin pressure was a key market concern. The speaker attributes the decline to Hims selling branded GLP-1 drugs and sharing profits with the drug manufacturers, rather than to a broader deterioration in the business.
  • They also say the chart commonly cited to show the margin decline uses a truncated scale that makes the drop look more severe.
• The speaker views the company’s partnerships with Eli Lilly and Novo Nordisk, potential access to Lilly’s future retatrutide, and its peptide manufacturing plans as opportunities to expand its weight-loss and metabolic-health offerings.
• Hims’ expansion into peptides is presented as another growth opportunity. The speaker also speculates about possible future categories such as longevity, sleep, diabetes, urgent care, children’s health, cancer screening, and wearables; these are possibilities, not announced plans in the transcript.
• The speaker highlights a partnership with social-media health personality “Huberman” as a potentially effective marketing channel, arguing it may reach a more relevant audience than celebrity endorsements.
• The speaker says Hims has $225 million remaining in its share-buyback authorization and hopes the company uses it at the lower share price. This is the speaker’s preference, not a stated company commitment.
• The speaker cites the company’s long-term guidance of at least $6.5 billion in revenue and $1.3 billion in adjusted EBITDA by 2030, and says the guidance was still included in the investor presentation.
• Valuation figures cited by the speaker include 1.19× forward revenue, 1.81× forward gross profit, and 18× trailing adjusted EBITDA. They also cite 39% next-12-month revenue growth as analyst consensus, 66% gross margin on a four-quarter basis, and a 48 Rule of 40 score. These are the speaker’s figures and should not be treated as independently verified.
  • The speaker argues gross profit is a more useful valuation measure than EBITDA because Hims is investing heavily in research and development, facilities, and marketing.
• Risks and uncertainties raised in the discussion: subscriber numbers declined quarter over quarter; lower marketing may contribute to churn; the business has seasonal demand; and branded GLP-1 sales reduce gross margin through profit-sharing. The speaker believes these factors do not invalidate the long-term thesis.
• Takeaways
  • The bullish case depends on Hims converting its GLP-1 partnerships, seasonal marketing, and new product categories into sustained revenue growth.
  • Track subscriber trends, revenue per subscriber, gross margins, marketing efficiency, and progress toward the 2030 guidance. The speaker gives no price target and explicitly says the video is not investment advice.

Eli Lilly (LLY)

• Lilly is described as a new GLP-1 partner for Hims, with the speaker arguing that Lilly’s products are in strong demand.
• The speaker says Hims may offer Lilly’s retatrutide after it becomes available. This is presented as a future possibility, not a confirmed launch timeline.
• Takeaways
  • Lilly is relevant to the Hims thesis as a potential source of branded weight-loss treatments and as a factor in Hims’ product access.
  • The transcript does not provide a standalone valuation view, price target, or recommendation for Lilly shares.

Novo Nordisk (NVO)

• Novo is described as an existing GLP-1 supplier to Hims. The speaker says Hims previously had Novo’s offering before formalizing its Lilly partnership.
• The speaker characterizes Lilly’s GLP-1 products as being in greater demand than Novo’s, but gives no supporting figures.
• Takeaways
  • Novo’s role matters to the Hims product mix and gross-margin discussion, but the transcript does not make a standalone investment recommendation on Novo.

Other stocks cited as market comparisons

• The speaker argues that broad weakness in growth and risk assets helps explain Hims’ share-price decline. The following companies are cited as examples of stocks that had also fallen over a one-month or longer period:
  • Nvidia (NVDA): cited as down about 25% over one month and 10% year to date at the time of recording.
  • Nu Holdings (NU): cited as down about 24% over one month.
  • Palantir (PLTR): cited as down about 20% over one month; also mentioned in a comparison of subscriber slowdowns.
  • Robinhood (HOOD): cited as down about 25% over one month.
  • Marvell Technology (MRVL): cited as down about 42% over one month.
  • Google (Alphabet): cited as down about 20% over one month.
  • Netflix (NFLX): cited as having experienced subscriber declines in 2022, followed by a recovery in its stock price.
  • AppLovin (APP): described as an exception that appeared to be rising, though the speaker says it was still down over a six-month period.
  • CleanSpark (CLSK) and Cipher Mining (CIFR): mentioned as examples of other stocks with steep declines.
  • SoFi (SOFI): cited as down more than 40% from an earlier point in the year.
• These examples are used to support the speaker’s claim that market sentiment has pressured many growth stocks; they are not presented as buy or sell recommendations.
• Takeaways
  • The comparisons provide context for Hims’ selloff but do not establish that Hims’ business or valuation is attractive on their own.
  • The transcript offers no standalone investment analysis or price targets for these stocks.

Grail (cancer-screening company)

• The speaker mentions that Hims has an investment in Grail, a cancer-screening company, and suggests cancer screening could be a future area of expansion for Hims.
• No investment amount, partnership details, financial impact, or timeline is given.
• Takeaways
  • Treat this as a speculative future growth idea from the speaker, not as a confirmed Hims product plan or a standalone recommendation on Grail.