Hims & Hers Health, Inc.

Conference over to Bill Newby, Head of Investor Relations. Bill, you may begin.

Good afternoon, everyone, and welcome to the Hims and Hers Health third quarter 2024 earnings call. Today, after the market closed, we released this quarter's shareholder letter, a copy of which you can find on our website at investors.hims.com. On the call with me today is Andrew Dudum, our co-founder and chief executive officer, Yemi Okupe, our chief financial officer, and Dr. Patrick Carroll, our chief medical 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. BCR 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 have 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 will turn the call over to Andrew.

Thanks, Bill. Strong momentum from last quarter continued into the second half as we further expanded capabilities on our platform to help millions of consumers feel great through the power of Better Health. We made considerable progress across several dimensions that consumers value, including the speed with which they can access providers and personalized solutions to address their needs, the convenience and transparency provided by our world-class technology platform, and lastly, the breadth of personalized solutions that enables them to address concerns across our specialties in a more unique and customized way. Ongoing success in the delivery against our mission is translating into exceptional business results. Year-over-year revenue growth accelerated 25 points quarter-over-quarter to 77%, as we surpassed $400 million in revenue in the quarter. A disciplined approach to investment enabled us to surpass $50 million in adjusted EBITDA, reflecting a 13% adjusted EBITDA margin. Our strategy of offering high-quality personalized solutions at mass market prices continues to resonate with consumers. We ended the third quarter with over 2 million subscribers and north of 50% of subscribers utilizing a personalized solution. We believe there are four primary factors driving rapid adoption of personalized solutions. The first is a continuous expansion of personalized solutions within new specialties. During the third quarter, we launched access to personalized titration schedules and dosing for semaglutide within weight loss. The second is scaling the number of compelling multi-condition solutions available on our platform that draw in a broader set of users. This includes access to personalized treatments that address multiple concerns, both within and across specialties. The third is a wider selection of form factors. unlocking access to solutions that can now be utilized via chewable or topical solution, and in the near future, gummy. And finally, as these solutions and our underlying capabilities expand, we're able to offer them at more accessible price points, strengthening a high-value proposition for our customers that we believe is unmatched. Each of these developments allows us to service a broader set of consumer needs. which we believe will ultimately support more consumers sticking with their treatments and achieving positive outcomes. All of our specialties have benefited from this innovation, and we're seeing it have significant impact on the HRS brand. I've always believed that the HRS brand has the potential to eventually match, if not surpass, the size of the HIMSS brand. As we surpassed 400,000 HRS subscribers in the third quarter across specialties such as dermatology, it is becoming increasingly clear that this area of our business is at an inflection point. In response to this accelerating trajectory, we are excited to announce the addition of Dr. Jessica Shepherd, who recently joined us as Chief Medical Officer of HERS. A board-certified OBGYN, Dr. Shepherd has served patients for nearly 20 years across health issues top of mind for women, including endometriosis, sexual health, menopausal health, fibroids, and narrowing health disparities for women. More recently, she has run a clinic that has offered personalized solutions across weight management, hormonal therapy, and dermatology. Our expanding platform continues to make significant strides in unlocking access to a level of care that has historically been available to only the most privileged segments of society. As our platform continues to scale, we are seeing an increased ability to reach some of the most vulnerable populations across America. We've seen an increase in individuals from less affluent communities joining and retaining on our platform as we've made access to personalized solutions and high quality care available at mass market prices. We ended the third quarter with over 400,000 subscribers on the platform from zip codes where the average household income is below $50,000 with nearly 40,000 of those subscribers in weight loss. Similarly, we are seeing an increase in subscribers from older communities where we often see mobility issues, financial constraints, and in the case of weight loss, lack of Medicare coverage present barriers to treatment. Over 100,000 of our subscribers as of quarter end are over the age of 65, with nearly 7,000 of those accessing a weight loss solution. And finally, many individuals who spend their lives caring for others and keeping our country safe and healthy often face roadblocks when seeking access to medical care. This includes teachers that educate our communities, first responders that save lives, and military personnel and veterans that keep us safe. I'm incredibly proud of our Service Appreciation Initiative, which launched on September 18th and allowed us to offer U.S. military, veterans, teachers, nurses, and first responders access to personalized, compounded GLP-1 weight loss solutions for as low as $99 per month. Underpinning our ability to bring this type of value to our consumers is scale. and more importantly, scale that is supported by a continuously advancing technology platform. Our platform is enabling us to democratize a high standard of care historically accessible by only a small population. Consumers on our platform have the ability to message providers and generally address concerns within hours as opposed to days or weeks. Access follow-up care on demand, which is especially beneficial in high-touch areas like mental health and weight loss, and seamlessly access providers from the comfort of their own home, outside of traditional working hours, minimizing disruption to income from time-loss commuting or sitting in a waiting room. We believe this has translated into remarkable success by drawing new customers to the platform and providing the kind of personalized support we believe is critical for patient adherence and positive outcomes. I'd like to pass it over to our Chief Medical Officer, Dr. Patrick Carroll, to briefly talk through some of the dynamics we're seeing in some of our higher touch specialties.