--- title: "HIMS 业绩点评：减肥神药不再短缺，诺和诺德与之割席，股价行至拐点" type: "Topics" locale: "en" url: "https://longbridge.com/en/topics/32693675.md" description: "$Hims & Hers Health(HIMS.US) is a U.S. telemedicine platform company founded in 2017, with its focus on providing online personalized medical services. The company's main revenue sources include: 1. Telemedicine consultations and personalized treatments: Users fill out health questionnaires on the official website or app, then consult licensed doctors remotely to receive diagnoses and prescriptions. The company uses AI (such as the MedMatch system) to analyze user data, provide treatment plans, and improve accuracy and user experience..." datetime: "2025-08-07T04:05:40.000Z" locales: - [en](https://longbridge.com/en/topics/32693675.md) - [zh-CN](https://longbridge.com/zh-CN/topics/32693675.md) - [zh-HK](https://longbridge.com/zh-HK/topics/32693675.md) author: "[贝塔投研](https://longbridge.com/en/profiles/18677634.md)" --- > Supported Languages: [简体中文](https://longbridge.com/zh-CN/topics/32693675.md) | [繁體中文](https://longbridge.com/zh-HK/topics/32693675.md) # HIMS 业绩点评：减肥神药不再短缺，诺和诺德与之割席，股价行至拐点 $Hims & Hers Health(HIMS.US) is a U.S. telemedicine platform founded in 2017, with its focus on providing personalized online healthcare services. The company's main revenue sources include: **1\. Telemedicine Consultations and Personalized Treatment:** Users fill out health questionnaires on the official website or app, then consult licensed doctors remotely for diagnoses and prescriptions. The company uses AI (e.g., the MedMatch system) to analyze user data, providing treatment plans to improve accuracy and user experience. **2\. Prescription Drugs and Proprietary Products:** The company offers generic and branded drugs, as well as its own health products. Starting with early treatments for x dysfunction (e.g., sildenafil) and hair loss (minoxidil), it expanded into women's health (contraception, anti-aging) and later mental health. Recently, it gained prominence with weight-loss-related oral medications and GLP-1 injections (e.g., semaglutide). The company's compounded GLP-1 means eligible customers can access drugs with the same active ingredients as Zepbound and Wegovy (from Eli Lilly and Novo Nordisk, respectively) without facing shortages or high costs. Hims adjusts dosages or adds vitamins to Novo Nordisk's semaglutide, claiming to reduce side effects like nausea and offer personalized dispensing. Pricing starts at $199/month, far below Wegovy and Zepbound's $1,000+ monthly costs. **3\. Subscription Model and Retail Channels:** The subscription model (e.g., monthly auto-delivery) boosts user retention, while products are also sold via CVS, Walgreens, and other retail outlets. Its personalized GLP-1 weight-loss program is now a flagship product. After Q2 earnings, the stock initially dropped over 14% before closing down 12.36%. The company reported lower-than-expected revenue due to challenges in the compounded weight-loss drug market. # **1\. Revenue Misses Expectations** **Core Performance:** Q2 revenue was $544.8M, below the $551.7M consensus, up 73% YoY but down 7% QoQ. Adjusted EPS was $0.17 (vs. $0.15 expected), and adjusted EBITDA doubled to $82.2M (from $39.3M YoY). Gross margin was 76% in Q2 2025 vs. 81% in Q2 2024. **Cash Flow:** Q2 operating cash outflow was $19.1M (vs. $53.6M inflow YoY). Free cash flow was -$69.4M (vs. $47.6M in Q2 2024), likely due to the acquisition of European digital health platform ZAVA. **User Metrics:** Q2 subscribers grew 31% YoY to 2.439M, the slowest pace on record, with a net add of 73K (also a low). Monthly revenue per user rose from $55 pre-GLP-1 to $84 in Q1 2025 but fell to $74 in Q2 (+29.8% YoY), marking the first QoQ drop in a year, possibly due to Novo Nordisk terminating their weight-loss drug partnership. ![Image](https://pub.pbkrs.com/uploads/2025/f6d9bc21ae061f41d4eb5c328b11718d?x-oss-process=style/lg) **Business Segments:** Per Reuters, HIMS's Q2 online weight-loss revenue was ~$190M, down $40M QoQ, attributed to FDA tightening regulations on compounded drugs. The company shifted to low-dose and oral solutions. Its sexual health segment also saw subscriber declines. # **2\. Q3 Guidance Slightly Misses, Full-Year Outlook Maintained** For Q3, revenue is projected at $570-590M (vs. $584M consensus), but EBITDA of $60-70M trails the $77.1M expectation. Full-year revenue guidance remains $2.3-2.4B, with adjusted EBITDA at $295-335M (13-14% margin). Management expects weight-loss revenue to hit $725M annually and forecasts Q4 growth acceleration. # **3\. Regulatory Changes and Shortage Resolution** On 2/21/2025, the FDA resolved semaglutide shortages, ending a two-year crisis but disrupting compounded versions. HIMS's stock plunged 20%, forcing a business model shift. # **4\. Novo Nordisk Partnership Terminated** Novo Nordisk ended its two-month partnership on 6/23/2025 after HIMS continued selling compounded semaglutide, violating compliance. The fallout erased a third of HIMS's market cap and raised doubts about its model. # **Future Strategies** HIMS will focus on non-injectable weight-loss solutions (e.g., bupropion/naltrexone, metformin/sitagliptin) and launch liraglutide generics at $200-$300/month. It also explores hormone health and longevity markets. # **Sentiment** - BofA's Allen Lutz reiterated a Sell rating ($28 target, 45% downside). - A class-action lawsuit alleges HIMS misled investors about Wegovy risks and partnership stability. - Insiders sold shares consistently in July-August. # **Valuation** At $51/share (market cap $12.55B), HIMS trades at 6.18x P/S and 91.74x forward P/E—premiums to peers like Teladoc (0.48x P/S) and LifeMD (2.16x P/S). Investors should monitor GLP-1 sales, ZAVA integration, and new market expansions. _Disclaimer: This content represents the author's independent views. Not investment advice. For more, follow Beta Investment Research._ ### Related Stocks - [Novo Nordisk A/S (NVO.US)](https://longbridge.com/en/quote/NVO.US.md) - [Hims & Hers Health, Inc. (HIMS.US)](https://longbridge.com/en/quote/HIMS.US.md)