Hims & Hers Health, Inc.

And if you would like to withdraw your question, again, press star one. Thank you. I would now like to turn today's call over to Bill Newby, Director of Investor Relations. Bill, please go ahead.

Good afternoon, everyone, and welcome to the HEMS and HERS fourth quarter and full year 2023 earnings call. Today, after the market closed, we released our first ever shareholder letter, a copy of which you can find on our website at investors.hems.com. On the call with me today is Andrew Dudum, as well as Yemi Okupe, our Chief Financial Officer. Before I hand it over to Andrew, I need to remind you of legal safe harbor and cautionary declarations. Certain statements and projections of future results made in this presentation constitute forward-looking statements that are based on, among other things, our current market, competitors, and regulatory expectations, and are subject to risks and uncertainties that could cause actual results to vary materially. We take no obligation to update publicly any forward-looking statement after this call, whether as a result of new information, future events, changes in assumptions, or otherwise. Please see the most recently filed 10-K and 10-Q reports for discussion of risk factors as they relate to forward-looking statements. In today's presentation, we will also use certain non-GAAP financial measures. We refer you to the reconciliation tables to the most directly comparable GAAP financial measures contained in today's press release and shareholder letter. You can find this information as well as a link to today's webcast at investors.hims.com. After the call, this webcast will be archived on the website for 12 months. And with that, I'll now turn the call over to Andrew.

Thanks, Phil. 2023 was a transformative year for HIMS and HERS. As we continue to deliver against our mission of helping the world feel great through the power of better health. Strong execution of our strategy resulted in financial success on both the top and bottom line. revenue increased 65% year-over-year to $872 million. Growth remains robust as a result of our ability to continue to draw and retain users to the HIMSS and HERS platform. Over 1.5 million subscribers were on the platform at the end of 2023, representing a year-over-year increase of 48%. We've always taken a disciplined approach to scaling our platform, and that is translating to meaningful success on our bottom line as well. I'm incredibly proud of our organization's ability to scale our platform efficiently and deliver our first quarter of positive net income on the one year anniversary of our first quarter of positive adjusted EBITDA. Throughout 2023, we continue to excel at providing users with access. Access to providers and diagnosis in days, or in some instances, hours, as opposed to weeks or months in brick and mortar. And access to clinically appropriate generic treatments and solutions for singular issues that consumers are challenged with. We view our capabilities to deliver on access as table stakes. And believe a sustainable leadership position requires more. My belief is that our success is the culmination of an intentional focus on core specialties as well as our ability to transform our platform across a few dimensions. Let me start by double clicking into the significance of focus. Today, our efforts are focused on ensuring that customers have a delightful experience across five core specialties, sexual health, men's and women's dermatology, mental health, and weight loss, which we're excited to launch in the fourth quarter. These are some of the most emotionally resonant challenges across society today and impact over 100 million individuals in the U.S. alone. In 2023, we made meaningful strides, evolving our platform across a few key dimensions, which has enabled us to capture a leading market share of customers seeking solutions within many of our specialties. First is the move beyond generics towards personalized solutions and treatments that uniquely address users' concern via new form factors as well as multi-action capabilities. Second is our ability to leverage AI capabilities across structured data to not only inform new effective and safe solutions that resonate with users, but also enable providers to leverage learnings from hundreds of thousands of interactions across our platform to more efficiently match users with the right treatment. Lastly, our operational excellence and scale enable us to offer all of this value to users at attractive price points. Nationally renowned experts, combined with our data platform, were foundational to our ability to roll out access to heart support, hard mints, and updated men's hair loss options in our tenured specialties, such as sexual health and men's dermatology. Personalized offerings, which have now been adopted by over 30% of subscribers on the platform as of year end, have allowed these specialties to continue to scale at a rapid rate through 2023. We're confident that substantial runway for growth remains, especially as we continue to evolve our offerings. The shift toward personalized offerings has been even stronger in our newer specialties as new users are increasingly opting for these unique approaches to individualized care. HERS dermatology subscribers are opting for a personalized solution more than 75% of the time, while subscribers to the new weight loss offering are essentially all opting for a personalized treatment. It is clear to us that personalized solutions drive increased longevity on the platform and help to facilitate the acquisition of new users. As we continue to see increasingly rapid adoption of personalized approaches across newer specialties, such as hers, dermatology, mental health and weight loss. We're confident that each of these specialties has the ability to deliver more than 100Million of revenue in 2025. We are pleased to see the strong momentum of the past 6 years continue into 2024 with continued strength across each of our specialties and margin expansion from our disciplined approach to scale. These factors provide us with line of sight to achieve our 2025 targets of $1.2 billion of revenue and $100 million of EBITDA one year early. We are also tracking toward our first year of positive net income in 2024. These are all important benchmarks, but we have every belief this is just the beginning. Our aspiration is to bring tens of millions of users on our platform. given the fact that over 100 million consumers are impacted by conditions and the specialties we serve. Our ability to achieve these ambitions will be governed by our ability to remove points of frictions for users seeking treatment today, as well as remove barriers for those who may be suffering but not seeking treatment. To date, we've excelled at removing barriers and friction points, such as lack of awareness, accessibility, and affordability. In 2024, we expect personalization will be foundational to unlocking new opportunities for the treatment of users that may have alternative form factor needs or require unique dosages. We expect MedMatch by HIMSS and HERS to be a critical tool in giving both providers and consumers the confidence that a treatment will work for them. This is natural in that MedMatch by HIMSS and HERS has the potential to evolve to address one of the questions most top of mind for consumers. Has this solution worked for people like me? In the fourth quarter, we completed the transition of the vast majority of fulfillment to our affiliated pharmacies, which sets the stage to break down a substantial barrier for users suffering across our specialties today, cost. Over 85% of orders going through affiliated pharmacies provides us greater ability to realize the benefits of scale and ultimately pass value back to consumers in a way that is beneficial for our users and decretive to his and hers. Since we founded him and her 6 years ago, our goal has been bold. To make the world feel great to the power of better health. Developing the technology operations, clinical excellence and brand to achieve this goal of transforming health and wellness requires a long term approach and an operational mindset. Through the unparalleled experience and expertise of our team, we have built a platform that offers personalized solutions through a holistic and seamless customer experience at compelling price points. Our approach can enable almost every household in the nation to find a level of personalized care that has historically only been available to the wealthiest subset of the population. We are proud of what we are delivering and the positive outcomes we're bringing to our customers. And we are energized by the opportunity we have to bring this incredible experience to an expanding group of consumers in 2024. With that, I will pass it over to Yemi to walk through our financials in greater detail.