HI
Medical - Equipment & Services
Bullish sentiment
Hims is riding a strong post-earnings mood — $753M revenue vs $700M expected, 300k+ net subscriber adds, raised full-year guide to $3.2B, and Needham and BofA both hiking price targets. Bulls are excited about the peptide opportunity, the Novo Wegovy-pill launch and the international ramp from the Eucalyptus deal. The bear channel is small but sharp: an EPS miss driven by legal contingencies, GLP-1 gross-margin compression from 79% to 64%, and a fresh round of Lilly retatrutide lawsuits. The dominant vibe is that the growth story is intact and the sell-off into the print was overdone.
Proven numbers
Hims & Hers is the telehealth-plus-pharmacy platform, best known for the direct-to-consumer weight-loss and men's-health SKUs it's built into a real subscription business. The last few quarters have been about scaling the operational base while the GLP-1 opportunity re-shapes; the tape has been about legal overhang.
• The Q2 growth story is real: revenue of $753M grew 38% YoY, subscribers hit 2.9M (up 19%), and the raised full-year guide of $3.1-3.3B implies growth acceleration, not a slowdown — international revenue up 1,641% is a small-base number but a genuinely new leg.
• The legal wall is thick, though: at least five separate law-firm shareholder-investigation press releases dropped this week alone, layered on top of active FTC litigation, which is why the stock is 40% off its 12-month high despite fundamentals that would normally re-rate it higher.
• The balance sheet has a new twist that the crowd hasn't fully priced: a $400M JPMorgan receivables-purchase facility was signed July 1, which turns pharmacy receivables into cash faster but also introduces a factoring cost — a working-capital positive that's not free.
The Nov 2 print has to keep the 38% growth cadence and margin trajectory to overpower the legal drag; if instead the FTC action or one of the securities suits gets any real traction, the fundamentals stop mattering and the multiple compresses to whatever settlement math the market decides on.