Today we shared that in the second quarter of 2024, we saw our business accelerate with more than 155,000 net new subscribers joining the platform. And we’re just getting started: we’re staying focused on building a best-in-class model that meets those evolving expectations by offering access to a diverse range of customized solutions through our platform and leveraging our scale to unlock widespread accessibility to those solutions.
Here’s what to know from today’s numbers and how we’re thinking about the coming quarters:
Our core business across five specialties is strong and continuing to grow, as evidenced by our nearly 1.9 million active total subscribers.
We believe there’s no one size fits all solution in healthcare. Each customer should be treated as the individual that they are. That’s why 4 out of our 5 specialties now carry at least 10 personalized solutions. And we’re seeing that more than 40% of our subscribers use a personalized solution on the platform, indicating that our ability to provide access to high-quality personalized solutions at an affordable price is resonating with our customers across the board. The broad portfolio that providers can prescribe to patients on our platform is informed in part by feedback from our customers, and development occurs through collaboration with our internal specialists, leading medical organizations, and external advisers. More and more, we are driving value for our customers across a broader set of specialties as we expand into new capabilities and offerings.
Growth at the rates we’re seeing means we’re clearly at an inflection point as a brand: we have the trust of a large customer base and we’re nurturing that trust with further innovation through personalized care.
We’ve launched the capabilities to address multiple concerns within or across specialties and by expanding in this way, we're reaching a broader set of customers, and seeing stronger customer acquisition and retention. With personalized solutions available on our platform, providers can help our customers target multiple sexual health concerns, support cardiovascular health through a more simplified daily routine, or target concerns across our most popular specialties (Men’s Sexual Health and Hair) in a single once daily pill.
In the second quarter, more than 85% of new subscribers in our dermatology specialties were using a solution personalized for them, illustrating the real need for treatment customized to each customer. By enabling providers to individually tailor treatments to their patients as they deem appropriate, we’re breaking down barriers to accessing treatment for a broader set of customers, which further allows us to deliver low price points as we scale. (And we’re not stopping purely at price: we’re continuing to invest here, launching access to new multi-condition treatments and new form factors across our specialties.)
No conversation about this transformative moment for the company would be complete without discussing the impact our Weight Loss specialty has had on the business. Over 100 million individuals in the US suffer with weight-related challenges1, extending to serious health-related conditions, including cardiovascular disease, diabetes, and cancer. We believe the Hims & Hers Weight Loss offering has the potential to meaningfully impact the lives of our customers and the way we can influence the healthcare industry.
A key part of our Weight Loss offering is the ability to provide customers with access to personalized compounded GLP-1 solutions. Hard-to-tolerate side effects, misunderstanding of reasonable results, cost, and accessibility all drive a worrying trend: one recent study shows that almost 60% of GLP-1 users terminate treatment within 3 months. Our offering is designed to help combat that drop-off in care by enabling consistent communication between providers and customers to manage expectations, and personalized titration schedules and end-dosing to balance side effect concerns. There are two key elements of that evolution:
Since introducing access to compounded GLP-1 injections, we have seen strong business performance across our Weight Loss specialty – and that extends to our personalized non-GLP-1 oral-based solutions for Weight Loss. Our oral solutions have been incredibly successful on their own, in less than a year scaling to a run-rate of 100 million in annual revenue – our fastest specialty ever to do so.
Our Weight Loss specialty (like all of our specialties) is built to improve as it grows – and we’re already seeing very exciting results across Weight Loss. Based upon self-reported data from approximately 12,000 customers subscribed to a holistic Hims & Hers weight loss offering, customers report having lost, on average, 10.2 pounds while on compounded GLP-1 injections and 6.3 pounds while on non-GLP-1 compounded oral medication kits between their initial weight at consultation and their first check-in approximately 4 weeks later. During this same period, less than 10% of customers using our GLP-1 offering have reported side effects that they feel they can't tolerate.
This progress underlines the importance of a holistic approach, as each of our subscribers has access to personalized treatment plans based on lifestyle, eating pattern, health history and weight loss goals, and includes medications in addition to diet, exercise, and weight loss counseling and support. We believe these numbers are the floor, not the ceiling, of what we know we can help our customers achieve – we know we’re building the best, most sustainable experience customers can find in the industry.
The right team and expertise is critical for achieving true excellence and delivering life-changing impact to our customers. Investing in a world-class team will always be a priority.
Our board is a group of diverse, experienced voices and with the recent additions of Chistopher Payne, Anja Manuel, and Kåre Schultz, we now have the experience and deep perspective on scaling tech companies, international expansion, and the pharmaceutical industry represented across our Board of Directors.
We are transforming the way that customers can take control of their health and wellness, and I’m thrilled we can be the partner to more and more customers as they take that journey.
1Centers for Disease Control and Prevention. (2021). Adult obesity facts. Retrieved from https://www.cdc.gov/obesity/php/data-research/adult-obesity-facts.html
Cautionary Note Regarding Forward-Looking Statements
This newsroom includes forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended and Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements can be identified by the use of forward-looking terminology, including the words “believe,” “estimate,” “anticipate,” “expect,” “assume,” “imply,” “intend,” “plan,” “may,” “will,” “potential,” “project,” “predict,” “continue,” “could,” “confident,” or “should,” or, in each case, their plural, their negative or other variations or comparable terminology. There can be no assurance that actual results will not materially differ from expectations. Such statements include, but are not limited to, any statements relating to our financial outlook and guidance, including our mission to drive top-line growth and profitability and our ability to attain our medium- and long-term financial targets; our expected future financial and business performance, including with respect to the Hims & Hers platform, our marketing campaigns, investments in innovation, and our infrastructure, and the underlying assumptions with respect to the foregoing; the closing of our acquisition of a 503B compounding outsourcing facility; statements relating to events and trends relevant to us, including with respect to our financial condition, results of operations, short- and long-term business operations, objectives, and financial needs; expectations regarding our mobile applications, market acceptance, user experience, customer retention, brand development, our ability to invest and generate a return on any such investment, customer acquisition costs, operating efficiencies and leverage (including our fulfillment capabilities), the effect of any pricing decisions, changes in our product or offering mix, the timing and market acceptance of any new products or offerings, the timing and anticipated effect of any pending acquisitions, the success of our business model, our market opportunity, our ability to scale our business, the growth of certain of our specialties, our ability to innovate on and expand the scope of our offerings and experiences, including through the use of data analytics and artificial intelligence, our ability to reinvest into the customer experience, and our ability to comply with the extensive, complex and evolving legal and regulatory requirements applicable to our business, including without limitation state and federal healthcare, privacy and consumer protection laws and regulations, and the effect or outcome of any litigation or governmental actions that may arise in relation to any such legal and regulatory requirement. These statements are based on management’s current expectations, but actual results may differ materially due to various factors.
The forward-looking statements contained in this press release are based on our current expectations and beliefs concerning future developments and their potential effects on us. Future developments affecting us may not be those that we have anticipated. These forward-looking statements involve a number of risks, uncertainties (some of which are beyond our control) and other assumptions that may cause actual results or performance to be materially different from those expressed or implied by these forward-looking statements. These risks and uncertainties include, but are not limited to, those factors described in the “Risk Factors” section of each of our most recently filed Quarterly Report on Form 10-Q, our most recently filed Annual Report on Form 10-K, and any of our subsequent filings with the Securities and Exchange Commission (the “Commission”).
Should one or more of these risks or uncertainties materialize, or should any of our assumptions prove incorrect, actual results may vary in material respects from those projected in these forward-looking statements. We undertake no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required under applicable securities laws.
By their nature, forward-looking statements involve risks and uncertainties because they relate to events and depend on circumstances that may or may not occur in the future. We caution you that forward-looking statements are not guarantees of future performance and that our actual results of operations, financial condition and liquidity, and developments in the industry in which we operate may differ materially from those made in or suggested by the forward-looking statements contained in reports we have filed or will file with the Commission, including our most recently filed Annual Report on Form 10-K, our most recently filed Quarterly Report on Form 10-Q, and any of our subsequent filings with the Commission. In addition, even if our results of operations, financial condition and liquidity, and developments in the industry in which we operate are consistent with the forward-looking statements contained in such reports, those results or developments may not be indicative of results or developments in subsequent periods.
