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DD: HIMS makes dongers hard, hairlines regrow, and apes a lot of money (hopefully).

My position: 213 very sad dollars at 8.6

Firstly, HIMS is a telehealth company. Yes, I know, there’s a million of them and most of them are pissing money away like a firehose, hiring doctor’s with fisher-price degrees, and treating their patients to a user experience not dissimilar to a chainsaw circumcision. Thankfully, HIMS is different.

HIMS targets only a handful of very widespread conditions that can be easily diagnosed and prescribed for without a physical examination. Balding, erectile dysfunction, and depression don’t require a physician fondling you, a quick questionnaire is more than enough. This focus has allowed HIMS to streamline it’s operation and utterly Bill Cosby the competition despite the telehealth industry being “competitive and oversaturated” with earnings beats nearly every quarter and an almost unbelievable gross margin of 78% .

Users love hims. Sales are up, the amount purchased per sale is up, return customers are up

HIMS has recently moved into the telehealth therapy and anti-depressant prescription market. This is HUGE. This represents their first business segment that offers prescriptions that are covered by insurance.

Why does this matter? With insurance, the cheap prices HIMS users pay will be even cheaper. Demand will rocket even higher, and pull potential users away from their brick-and-mortar providers.

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“BUT… BUT… WHAT IF INSURANCE COMPANIES DON’T WANT TO COVER HIMS?”

This is the best part. In many states, they won’t have the choice. HIMS has their little greedy balls in a vice grip thanks to covid-related legislation that FORCES insurance companies to cover telehealth visits and prescriptions. If HIMS asks, these companies won’t have any choice to comply. Home. Fucking. Run.

TL:DR

sales 🚀

average order size 🚀

revenue 🚀

margins 🚀

returning customers 🚀

institutional investors 🚀

share price 💩

What do you think?

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15 Comments

  1. Made a bunch of money on their initial run up, then again selling CSP on HIMS up to earlier earnings and then sold them off before it crashed after. I think it’s a good company but doesn’t have a moat. They are going to rely on marketing and brand recognition wich is good; but I’m concerned with WMT, Amazon and others jumping into the generic med space once enough demographic are used to Telehealth.

    Bullish but cautious.

  2. >HIMS has their little greedy balls in a vice grip thanks to covid-related legislation that FORCES insurance companies to cover telehealth visits and prescriptions. If HIMS asks, these companies won’t have any choice to comply. Home. Fucking. Run.

    Are you aware that this news is almost 8 months old and the totally unjustified rally it sparked in the stock has already come and gone?

  3. problem is they are using generic products which can be mass bought by anyone with 6 mins of research – nothing proprietary but marketing. Zero moat afaia – it’s been on my watch list for a while but don’t particularly feel inclined atm.

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