--- title: "Why did it drop so much again after hours???" type: "Topics" locale: "zh-HK" url: "https://longbridge.com/zh-HK/topics/38844575.md" description: "After-hours saw another big drop, it's absolutely ridiculous, does this thing even have a bottom? Trying to find the reasons from the earnings call. In this call, the biggest risk theme is: GLP‑1/combo drugs and regulatory scrutiny + the resulting volatility in growth and revenue recognition. Next is: the drag on profit margins from international expansion, and the pressure on margins from expense investments (AI/tech/new specialties/brand advertising)..." datetime: "2026-02-24T01:26:33.000Z" locales: - [en](https://longbridge.com/en/topics/38844575.md) - [zh-CN](https://longbridge.com/zh-CN/topics/38844575.md) - [zh-HK](https://longbridge.com/zh-HK/topics/38844575.md) author: "[ST欧阳昆汀](https://longbridge.com/zh-HK/profiles/4868421.md)" --- > 支持的語言: [English](https://longbridge.com/en/topics/38844575.md) | [简体中文](https://longbridge.com/zh-CN/topics/38844575.md) # Why did it drop so much again after hours??? After-hours saw another big drop, it's absolutely ridiculous, does this thing even have a bottom? **Let's try to find the reasons from the earnings call** The biggest risk theme in this earnings call was: GLP‑1/compounded drugs and regulatory scrutiny + the resulting volatility in growth and revenue recognition. Next was: the drag on profit margins from international expansion, and the phased pressure on margins from expense investments (AI/technology/new specialties/brand advertising). **1\. Regulatory and Legal Scrutiny: Compounded GLP‑1, and the "Pill" Incident** The retail community directly asked: "Regulatory and legal scrutiny... how to mitigate the risk of a potential ban on compounded GLP‑1?" (Question) The CEO's core response was that "compounded GLP‑1 patients are a relatively small minority of subscribers," "the company has always had more than one treatment," and "most revenue and profit come from outside weight loss," pointing the hedging path towards: labs, menopause, low testosterone, peptide R&D, international expansion, etc. (CEO) Analysts pressed for regulatory progress on the "pill launch and subsequent withdrawal," and whether there was communication with the FDA/DOJ: The CEO said "there may not be much to say," the reason for withdrawal was "prioritizing engagement and relationships with ecosystem stakeholders"; regarding the FDA/DOJ, also stated "can't share too much about ongoing matters." (CEO) Investment implication: When the market is most worried about "regulation/enforcement/compliance," limited management disclosure amplifies the uncertainty premium. **2\. Earnings Volatility Point: "Timing" Pressure on Revenue Recognition (The Key Pain Point in Q1 Guidance)** The CFO provided very specific assumptions in the 2026 outlook: Q1 faces about $65 million revenue pressure from "shipping cadence changes" in the weight loss business due to the 503A fulfillment transition; and noted similar pressure in 2025 was about $40 million. Emphasized this "only affects the timing of revenue recognition, not demand or engagement," and stated Q4 weight loss subscriptions were up 70% YoY, demand remains strong. (CFO) But from a market perspective, "unchanged demand" and "weaker revenue recognition/guidance" can coexist; and the stock price often trades on "reported growth and margins" first. **3\. Margin Pressure: Q4 Gross Margin Decline, 2026 EBITDA Margin Guidance on the Low Side** Q4 gross margin declined about 2 pct QoQ to 72%, reasons include: international revenue growth (structurally lower margin/higher cost), new specialty launch expenses, and "shorter shipping cycles" in the weight loss area, etc. (CFO) Expense side: G&A deleveraged due to increased international staff and executive hiring; Technology & Development cost ratio rose to 7% (engineering and AI talent investment). (CFO) Management was clear: during the international expansion phase, they are not pursuing significant margin expansion, many markets will operate at or near breakeven, "share first, profit later." (CFO) Investment implication: This suppresses "short-term margin imagination," especially when valuation is sensitive to margins. **4\. International M&A Execution Risk and Capital Allocation Risk** Eucalyptus is the "largest acquisition to date," with a complex consideration structure (approx. $240 million upfront, the rest in escrow/earnouts payable through 2029). (CFO) The CFO mentioned considering "strengthening the balance sheet, and dilution methods," while emphasizing primary funding from the existing balance sheet and domestic cash flow. (CFO) Investment implication: The market may worry about follow-on financing/dilution, M&A integration underperformance, and cross-market compliance and operational complexity. **In a nutshell:** The call showed HIMS remains strong in subscription scale, product expansion, and cash flow, but the market cares more about: significantly weaker 2026 (especially Q1) growth and margin guidance + increased uncertainty from GLP‑1/regulation and revenue recognition volatility + international M&A and investment cycles lengthening the time to realize returns; these factors combined explain the post-earnings stock plunge "re-pricing."$Hims & Hers Health(HIMS.US) $Defiance Daily Target 2X Long HIMS ETF(HIMZ.US) ### 相關股票 - [Defiance Daily Target 2X Long HIMS ETF (HIMZ.US)](https://longbridge.com/zh-HK/quote/HIMZ.US.md) - [Hims & Hers Health (HIMS.US)](https://longbridge.com/zh-HK/quote/HIMS.US.md) ## 評論 (20) - **owenmarks · 2026-02-24T16:38:17.000Z**: Didn't add to your position? It's being forced up. - **ST欧阳昆汀** (2026-02-24T22:40:03.000Z): No make-up sleep. Went to bed at 10 pm last night, just woke up. - **晴儿2025 · 2026-02-24T02:06:24.000Z · 👍 1**: Not trying to find the reason for price fluctuationsis the first step to successful entry - **ST欧阳昆汀** (2026-02-24T02:53:15.000Z): Sister, save me! 😭 - **Don't starve Together · 2026-02-24T01:55:49.000Z · 👍 1**: If it keeps falling, many people will have to cut their losses, including those who bought at $16 or $15. There's simply no bottom in sight. - **ST欧阳昆汀** (2026-02-24T01:58:50.000Z): Yes, a bottomless pit - **这次赚了一定走** (2026-02-24T02:33:20.000Z): I shorted again at 14.5, so annoying. At 16.3, I thought it was a reversal and chased the high, but many of the small-cap stocks I chased got halved. - **还差二十万买大G · 2026-02-24T01:54:57.000Z · 👍 1**: It just died with a snap. - **ST欧阳昆汀** (2026-02-24T01:58:30.000Z): Bro, you're awake - **还差二十万买大G** (2026-02-24T02:01:16.000Z): How many years will it take to break even? The Jianghuai stock I bought in the A-share market keeps rising every day, but the US stock market feels like a scam right now 😭 - **ST欧阳昆汀** (2026-02-24T02:53:28.000Z): 2030 - **临 · 2026-02-24T01:51:56.000Z · 👍 2**: An 8-point drop is already quite considerate. If the market doesn't perform well tonight, it could even drop 16 points like Novo Nordisk. - **ST欧阳昆汀** (2026-02-24T01:59:10.000Z): A lose-lose situation. Might as well just cooperate again. - **Free download · 2026-02-24T01:39:47.000Z**: It's useless. It was originally expected to be profitable by 2030, but now it looks like it won't even be profitable by 2040. - **ST欧阳昆汀** (2026-02-24T01:45:41.000Z): Bro, save me! - **川柚子** (2026-02-24T03:33:32.000Z): How big is your position? Calling for help as soon as you see someone? 😂 - **ST欧阳昆汀** (2026-02-24T03:36:10.000Z): 100,000💵