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Hims & Hers Health

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Hims & Hers Health, Inc.
Company typePublic
Industry
Founded2017; 7 years ago (2017)
Founders
Headquarters
San Francisco, California[3]
,
United States
Area served
Key people
  • Andrew Dudum (CEO)
  • Yemi Okupe (CFO)
  • Mike Chi (CGO)
  • Melissa Baird (COO)[4]
Products
Revenue
  • Increase US$872 million (2023)[6]
Websitewww.hims.com

Hims & Hers Health, Inc. is an American telehealth company established in 2017. The company provides prescription medications, over-the-counter medications, and personal care products.

Hims & Hers operates with a direct-to-consumer model. Consumers consult licensed healthcare professionals and access treatments and products through the company's platform. The company has expanded its offerings to include health solutions for both men and women, along with mental health services.

Founding, expansion, and public offering

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Hims Inc. was established in 2017 by Jack Abraham, Andrew Dudum and Hilary Coles as a part of the Atomic Labs portfolio.[7][1] In January 2019, Hims raised $100 million in a Series C funding round with a pre-money valuation of $1 billion.[8][9] In the same month, Hims was launched in the United Kingdom with a catalogue limited by European regulation.[10]

Public offering

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In October 2020, Hims closed a deal with Oaktree Capital Management to go public through a blank check company, reaching a valuation of $1.6 billion.[7] As part of the deal, the company was renamed Hims & Hers Health Inc.[11] The transaction was completed in January 2021, and the company started trading publicly on the New York Stock Exchange.[3]

Products and services

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Hims initially sold erectile dysfunction treatment sildenafil and hair loss treatments such as minoxidil, biotin vitamins and DHT-blocking shampoo.[12][13][14] Hims launched Hers, a brand targeted to women, selling birth control pills and flibanserin in 2018.[7][15] In 2020, Hims launched mental health services, including anonymous group therapy.[5]

In 2024, Hims announced it would add compounded GLP-1 injections to its product portfolio, giving customers a way to access weight loss treatment.[16]

References

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  1. ^ a b Khazan, Olga (6 June 2019). "You Can Buy Prescription Drugs Without Seeing a Doctor". The Atlantic. Retrieved 2 April 2021.
  2. ^ Hims & Hers Health, Inc. (17 February 2021). "Hims & Hers Health, Inc. to Participate in Upcoming Investor Conference". BusinessWire. Retrieved 25 March 2021.
  3. ^ a b Loizos, Connie (21 January 2021). "Hims, the telehealth startup, saw its shares slip in their trading debut — and that's fine with its CEO". TechCrunch. Retrieved 25 March 2021.
  4. ^ Primack, Dan (8 May 2019). "Online medicine site Hims nabs former Lyft marketing executive". Axios. Retrieved 2 April 2021.
  5. ^ a b Shieber, Jonathan (7 April 2021). "Hims launches group therapy services as first foray into broader mental health initiative". TechCrunch. Retrieved 2 April 2021.
  6. ^ "Achieving Profitability and What Comes Next". Hims&Hers Newsroom. 26 February 2024. Retrieved 26 February 2024.
  7. ^ a b c Brown, Kristen V.; De Vynck, Gerrit (30 October 2020). "Hims Built a $1.6 Billion Online Empire by Pushing Prescriptions". Bloomberg Businessweek. Retrieved 24 March 2021.
  8. ^ Clark, Kate (29 January 2019). "Wellness startup Hims enters the unicorn club with $100M investment". TechCrunch. Retrieved 25 March 2021.
  9. ^ Raphael, Rina (2 April 2019). "This "hair wellness" startup is taking on Rogaine". Fast Company. Retrieved 25 March 2021.
  10. ^ Moshakis, Alex (17 March 2019). "Evolution of man: the rise and rise of the male wellness sector". The Observer. The Guardian. Retrieved 25 March 2021.
  11. ^ Rinker, Brian (1 October 2020). "Telemedicine startup Hims to merge with blank check company Oaktree Acquisition Corp". San Francisco Business Times. Retrieved 25 March 2021.
  12. ^ Hurly, Adam (5 December 2017). "Now You Can Subscribe to Hair Loss and Erectile Dysfunction Pills". GQ. Retrieved 25 March 2021.
  13. ^ Schneier, Matthew (28 November 2017). "Finally Putting Some Fun in Erectile Dysfunction". The New York Times. Retrieved 25 March 2021.
  14. ^ Budds, Diana (15 November 2017). "This Startup Is Rebranding Penis Pills And Hair Loss Treatments For Millennials". Fast Company. Retrieved 25 March 2021.
  15. ^ Raphael, Rina (31 October 2018). "Hims launches Hers: Men's wellness startup now has a "badass sister"". Fast Company.
  16. ^ Cerullo, Megan (21 May 2024). "Hims & Hers says it's selling a GLP-1 weight loss drug for 85% less than Wegovy. Here's the price". TechCrunch. Retrieved 13 June 2024.
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