We’re building a healthcare company around personalization and it's working: more than half our customers are subscribed to a personalized solution as of the end of the quarter, a majority of our new customers this quarter are subscribed to a personalized solution, and we’re increasing access to personalized care for groups who have in the past been left out of the highest-quality care.
It’s all possible because of our purpose-built technology, which improves efficiency, gives the providers on our platform tools to deliver world-class care to their patients, and – most importantly – provides our customers with an experience that is tailored to who they are and what they need.
We’re closer than ever to reaching our goal of every household in the US trusting Hims & Hers for their personalized health and wellness needs. Here’s what today’s earnings report tells us about how we’re progressing on our ambitions to build the future of healthcare:
Personalization as the core of our platform means we can provide access to solutions to address the concerns of an even more diverse set of customers who trust us with their care, from the 65-year-old man looking to address his sexual and cardiovascular health, to the 45-year-old woman going through perimenopause looking to combat hair loss, to the 25-year-old man dealing with sexual health and hair loss for the first time. We’re reaching an even more diverse customer base, and our customers are showing us they prefer personalized options: At the end of the quarter, more than 1 million subscribers are utilizing a personalized solution on the platform, growing 175% year-over-year and accounting for more than half our subscriber base for the first time in our company’s history. 65% of the new customers added to the platform this quarter subscribed to a personalized solution, and in Dermatology, more than 80% of subscribers are utilizing a personalized solution as of the end of the quarter.
As we grow, we get more and more efficient, which allows us to democratize a quality of care that has historically only been available to customers who work traditional hours and have a greater amount of disposable income. Our scale has allowed us to reach some of the most vulnerable populations in our country and increase their access to the care they need and deserve. Today, over 400,000 of our subscribers are from ZIP codes where the average household income is below $50,000 and nearly 4,000 of our GLP-1 subscribers are over the age of 65. And we’re helping active U.S. military, veterans, teachers, nurses, and first responders access life-changing weight loss medications for as low as $99/month with our Service Appreciation Initiative.
Our technology stack, which includes our EMR, MedMatch by Hims & Hers, and our clever routing system, is the center of how we are constantly improving the customer experience at Hims & Hers. It allows providers to focus on what they do best: delivering high quality care to their patients. As a result of our innovative approach, we’re seeing consistent, fast provider communication and massively reduced administrative overhead for providers, which allows for increased provider efficiency without decreasing the quality of their care.
By continuing to invest in our tech stack, we’re seeing improvements across our customer experience, including increased engagement and decreased wait times. Average customer wait times in our Weight Loss specialty have decreased by more than 40% since launching our oral solutions in the fourth quarter of last year, which is particularly impressive, since the specialty is growing faster than any other specialty on the platform. We believe delivering a world-class experience is critical in supporting customers in their treatment journey. We’re seeing that after the first four weeks, 85% of our GLP-1 customers continue with their subscription.
Our weight loss offering is helping customers reach positive outcomes and as the offering evolves, we’re seeing customer satisfaction stay strong as a result of making the offering more personalized. In a survey of 920 Hims & Hers customers, early in their treatment experience with a GLP-1 subscription, 90% of customers were satisfied with their personalized dosing plan and 87% reported they were progressing towards their weight loss goal, very close to meeting their weight loss goal, or had already achieved their weight loss goal. We introduced access to personalized dosing and titration schedules for compounded semaglutide in July, giving providers more tools to meet their patients’ clinical needs and help achieve their weight loss goals.
Given the magnitude of the obesity crisis in the US, there are still millions of individuals who could benefit from our high-quality, affordable, personalized approach to the condition. We’re making sure we can continue to support our Weight Loss customers in the long-term by using the same strategies that have helped our other specialities thrive: providing a broad set of personalized solutions, transparency into quality, and accessible pricing.
As we welcome more customers to our platform in the coming quarters, our responsibility to provide access to world-class personalized care has never been greater. We’re ready to deliver on that for the millions of our customers who believe in the same future of healthcare as we do.
Cautionary Note Regarding Forward-Looking Statements
This newsroom post 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 “believes,” “estimates,” “anticipates,” “expects,” “intends,” “plans,” “assume,” “may,” “will,” “likely,” “potential,” “projects,” “predicts,” “continue,” “goal,” “strategy,” “future,” “forecast,” “target,” “outlook,” “project,” “confidence,” or “should,” or, in each case, 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 revenue 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; 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, strategy, 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 (including compounded, generic or branded GLP-1 medications), 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 requirements. These statements are based on management’s current expectations, but actual results may differ materially due to various factors.
Forward-looking statements are neither historical facts nor assurances of future performance. Instead, the forward-looking statements contained in this letter are based on our current expectations, assumptions 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 and other sections of our most recently filed Quarterly Report on Form 10-Q, our most recently filed Annual Report on Form 10-K, and other current and periodic reports we file from time to time 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. The forward-looking statements contained in this letter are made only as of November 4, 2024. We undertake no obligation (and expressly disclaim any obligation) to update or revise any forward-looking statements, or to update the reasons actual results could differ materially from those anticipated in the 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 Quarterly Report on Form 10-Q, our most recently filed Annual Report on Form 10-K, and other current and periodic reports we file from time to time. 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.
We include statements and information in this letter concerning our industry and the markets in which we operate, including our market opportunity, which are based on information from independent industry organizations and other third-party sources (including industry publications, surveys and forecasts). While we believe these third-party sources to be reliable as of the date of this letter, we have not independently verified any third-party information and such information is inherently imprecise.
