Hims & Hers Health

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

Hims & Hers Health, Inc.
TypePublic
NYSE: HIMS
Industry
Founded2017
Founders
Headquarters
San Francisco[3]
,
United States
Area served
Key people
  • Andrew Dudum (CEO)
  • Yemi Okupe (CFO)
  • Mike Chi (CGO)
  • Melissa Baird (COO)[4]
Products
Revenue
  • Increase US$527 million (2022)[6]
Website

History

In 2017, Andrew Dudum founded Hims Inc. with Jack Abraham and Hilary Coles out 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 January, 2023 the company announced their partnership with actress Kristen Bell as their first ever Mental Health Ambassador. Together, they've announced their goal of working together to combat stigma surrounding mental health and encourage conversation and exploration of treatment for people struggling with anxiety and depression.[15]

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

Prescription process

Hims and Hers offers online consultations to get prescriptions. The platform connects clients to licensed providers who prescribe the drugs based on an online intake form and photographs.

References
  1. 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. 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. 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 Record Fourth Quarter and Full Year 2022 Financial Results". BusinessWire. 27 February 2023. Retrieved 22 February 2023.
  7. Brown, Kristen V.; De Vynck, Gerrit (30 October 2020). "Hims Built a $1.6 Billion Online Empire by Pushing Prescriptions". Bloomberg Businessweek. 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. "Kristen Bell Partners With Hers As Its First Mental Health Ambassador". www.businesswire.com. 2023-01-12. Retrieved 2023-01-17.
  16. 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.
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