Hims & Hers Health

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Hims & Hers Health, Inc.
TypePublic
NYSE: HIMS
Industry
Founded2017
Founders
  • Andrew Dudum
  • Hilary Coles[1]
  • Jack Abraham
  • Joe Spector[2]
Headquarters
San Francisco[3]
,
United States
Area served
Key people
  • Andrew Dudum (CEO)
  • Spencer Lee (CFO)
  • Melissa Baird (COO)
  • [4]
Products
Revenue
  • Increase US$148.8 million (2020)[6]
Website

Hims & Hers Health, Inc. is an American telehealth company that sells prescription and over-the-counter drugs online, as well as personal care products. The company is best known for selling generic treatments for erectile dysfunction and hair loss. Founded in 2017, it reached a valuation of $1.6 billion after closing a deal with Oaktree Capital Management to go public.[7]

History[]

In 2017, Andrew Dudum founded Hims Inc. with Hilary Coles as part of the Atomic Labs portfolio.[7][1] Hims initially sold erectile dysfunction treatment sildenafil and hair loss treatments such as minoxidil, biotin vitamins and DHT-blocking shampoo.[8][9][10]

In late 2018, Hims launched Hers, a brand targeted to women, selling birth control pills and flibanserin.[7][11]

In January 2019, Hims raised $100 million in a Series C funding round with a pre-money valuation of $1 billion.[12][13] In the same month, Hims was launched in the United Kingdom with a catalogue limited by European regulation.[14]

In April 2020, Hims launched mental health services, including anonymous group therapy.[5]

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.[15] The transaction was completed in January 2021, and the company started trading publicly on the New York Stock Exchange under the HIMS ticker.[3]

Prescription process[]

Hims and Hers offer online consultation to get prescriptions. The platform connects clients to doctors who prescribe the drugs based on an online intake form and photographs. The company also offers prescriptions for off-label uses, such as antidepressant sertraline for premature ejaculation. Some experts have expressed concerns about the safety of this process.[1][7]

[]

Since 2018, Hims has run advertisement campaigns on TV, social networks, subway stations and sports stadiums.[7] In 2019, Facebook removed three ads for violating its policies on prescription drugs.[16]

References[]

  1. ^ a b c 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. ^ "Hims & Hers Health, Inc. Reports Fourth Quarter and Full Year 2020 Financial Results". BusinessWire. Yahoo! News. 18 March 2021. Retrieved 25 March 2021.
  7. ^ a b c d e f Brown, Kristen V.; De Vynck, Gerrit (30 October 2020). "Hims Built a $1.6 Billion Online Empire by Pushing Prescriptions". Bloomberg Bussinessweek. Retrieved 24 March 2021.
  8. ^ Hurly, Adam (5 December 2017). "Now You Can Subscribe to Hair Loss and Erectile Dysfunction Pills". GQ. Retrieved 25 March 2021.
  9. ^ Schneier, Matthew (28 November 2017). "Finally Putting Some Fun in Erectile Dysfunction". The New York Times. Retrieved 25 March 2021.
  10. ^ Budds, Diana (15 November 2017). "This Startup Is Rebranding Penis Pills And Hair Loss Treatments For Millennials". Fast Company. Retrieved 25 March 2021.
  11. ^ Raphael, Rina (31 October 2018). "Hims launches Hers: Men's wellness startup now has a "badass sister"". Fast Company.
  12. ^ Clark, Kate (29 January 2019). "Wellness startup Hims enters the unicorn club with $100M investment". TechCrunch. Retrieved 25 March 2021.
  13. ^ Raphael, Rina (2 April 2019). "This "hair wellness" startup is taking on Rogaine". Fast Company. Retrieved 25 March 2021.
  14. ^ 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.
  15. ^ 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.
  16. ^ Martineau, Paris (7 January 2019). "Wellness Startup's Generic Viagra Ads Flout Facebook Rules". Wired. Retrieved 24 March 2021.

External links[]

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