HIMS bullish call by Asymmetric Investing by Travis Hoium

HIMSBullunverifiable

“Hims and Hers is one of the biggest positions, actually the biggest position today in that portfolio.”

Thesis at the time

Strongly Bullish

Travis argues Hims & Hers is executing a long-term strategy to become a single, unified global healthcare brand (akin to Netflix or Uber), unifying its Hims/Hers branding, tech stack, and pharma deals across countries following acquisitions like Eucalyptus. He sees the recent Australia rebrand as symbolic of a much larger opportunity to become the dominant global aggregator of healthcare demand, driving subscriber growth, rising revenue per subscriber, and eventually a much higher valuation.

Key arguments

Unifying disparate international brands (like Pilot in Australia) into one global 'Hims' brand mirrors the playbook of Netflix, Uber, Google, and Facebook.
Subscribers have grown from ~600,000 at the end of 2021 to 2.9 million currently, boosted by the Eucalyptus acquisition and branded weight-loss products.
Monthly revenue per subscriber has risen from $59 to $92 and could reach at least $300 as more branded solutions, labs, and services are added.
The combination of subscriber growth and rising spend per subscriber supports a ~55% revenue CAGR, with 2026 guidance implying over 50% growth in the second half of the year.
Becoming a single global brand and unified tech stack makes the business more efficient and scalable long-term, positioning it as an 'aggregator of demand' in healthcare.

Counter-arguments acknowledged

The stock has been volatile, falling as much as 50% at one point due to market concerns.
The company is not yet profitable, and it's unclear when operating profit and net income will improve.
Integrating tech stacks and branding across countries will take time.