Hims & Hers Health (NYSE:HIMS) Q4 2025 Earnings call February 23, 2026 05:00 PM ET Company ParticipantsAndrew Dudum - Co-founder and CEOBill Newby - Head of Investor RelationsEric Percher - Partner of Pharma Supply Chain and Digital HealthGlen Santangelo - Managing DirectorMaria Ripps - Managing Director of Equity ResearchMark Mahaney - Senior Managing Director and Head of Internet ResearchYemi Okupe - CFOConference Call ParticipantsBrian Tanquilut - Senior Analyst of Healthcare Services and Digital Health ...

Core Insights - Hims & Hers Health, Inc. (HIMS) operates on a subscription-based model that emphasizes recurring customer engagement, with 2.5 million subscribers as of Q3 2025, highlighting the significance of this model for revenue generation [1][7] Group 1: Business Model and Customer Engagement - The majority of HIMS' online revenue comes from automatic, recurring billing rather than one-time purchases, allowing for continuous interaction with subscribers [1][7] - Recent product launches, including menopause care and lab testing, are designed to enhance long-term customer engagement across various life stages [2][7] - International expansion and investments in personalized care aim to broaden the range of services offered, increasing customer retention and lifetime value [3][7] Group 2: Competitive Landscape - American Well Corporation (AMWL) also emphasizes recurring customer engagement through subscription-based services, generating significant revenue from long-term contracts [4] - Medifast, Inc. (MED) focuses on long-term client relationships through coach-guided programs, reinforcing continuous engagement rather than short-term solutions [5] Group 3: Financial Performance and Valuation - HIMS shares have increased by 24.5% over the past year, outperforming the industry, which saw a decline of 0.5% [6] - The Zacks Consensus Estimate predicts a 77.8% improvement in HIMS' earnings per share from 2024 to 2025 [8] - HIMS' forward 12-month price-to-sales ratio is 2.9X, lower than the industry average of 4.7X but higher than its three-year median of 2.6X [9]

Group 1 - Walmart is expanding its pharmacy delivery services to include refrigerated medications such as insulin, weight loss medications like Ozempic, and specific hormone therapies [2] - The delivery of these medications will be conducted in special insulated packages [2] - Medications will be delivered in as little as 30 minutes [2]