Hims & Hers Health, Inc.

Good afternoon, ladies and gentlemen. Thank you for standing by. At this time, I would like to welcome everyone to the HIMSS and HERS first quarter 2025 earnings call. I would now like to turn the call over to Bill Newby, head of investor relations. Please go ahead, sir.

Good afternoon, everyone, and welcome to the HIMSS and HERS health first quarter 2025 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.himss.com. On the call with me today is Andrew Dudum, our co-founder and chief executive officer, and 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. CCR 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 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, Phil. 2025 is already shaping up to be a landmark year for HIMS and HERS. We're delivering on our long-held vision, healthcare that's convenient, affordable, transparent, and deeply personalized. As we continue to execute, we see clear signs that our vision is resonating with more people than ever around the world. This has been our plan from day one, to build a global platform centered around the individual and to combine technology with data to reimagine how care is delivered. We're proving it can be done, and more importantly, that we can scale it. We have a solid foundation, strong confidence in our ability to deliver long-term growth And with new expansions and new partnerships, we're excited for what's next. While this may feel like a new story in healthcare, we've seen this kind of transformation across several other industries. Netflix transformed the way we consume media through an initial focus on building a broad subscriber base by leveraging convenience and then utilize data and insights to elevate the experience for their subscribers. We are embarking on a similar journey. as we increasingly leverage a rich set of structured and proprietary data to bring precision medicine to a broadening subscriber base. Consistent execution is allowing us to confidently outline new long-term financial objectives. By 2030, we expect to generate at least 6.5 billion in revenue and 1.3 billion in adjusted EBITDA. That's not just a vision. It's the foundation for a robust roadmap to one day reach tens of millions of users. Our team's track record of delivering against ambitious goals quarter after quarter gives us the confidence to share these targets. We've built a platform for the future of healthcare, one that's accessible, affordable, transparent, and personalized. We've scaled it, we've strengthened it, and now we are accelerating it. Over the next five years, we'll focus on five core drivers of growth that we believe will help bring this new vision of healthcare to tens of millions of customers. First, we will deepen personalization capabilities, enabling access to a more precise level of care. Our vision involves expanding from hundreds of personalized treatments today to potentially thousands, powered by richer insights from lab diagnostics, growing subscriber data sets, and eventually daily tracking from wearable devices. This will unlock faster feedback loops and interventions, resulting in greater optimized care. Next, we will continue expanding into new specialties that deeply impact people's lives. Building on our success in weight loss, we're launching new offerings in low testosterone and menopause support this year, with longer-term opportunities emerging in longevity, sleep, and preventative care as we expand lab testing and peptide capabilities. Third, we'll elevate precision care without sacrificing convenience. With nearly 2.4 million subscribers, we are uniquely positioned to deliver access to personalized, end-to-end care at scale. Our technologies like MedMatch are already reinventing initial care interactions, and we expect AI-driven tools, including access to coaches, therapeutic tools, and nutrition advice to deepen engagement and outcomes over time. Fourth, we will continue building strategic partnerships to expand our ecosystem. Over time, we aim to create a curated healthcare ecosystem bringing together best-in-class solutions anchored by better data, personalized experiences, and trusted clinical support. And lastly, we'll scale the benefits of our platform globally. Demand for convenient, customized, transparent, high-quality healthcare is universal. Early traction in the UK gives us confidence that we can scale our platform globally and extend our mission to help people around the world feel great through the power of better health. Now, let's talk about this quarter. We kicked off 2025 with strong momentum, delivering first quarter results that demonstrate significant progress against our 2025 priorities. Revenue more than doubled year over year, and adjusted EBITDA nearly tripled. Our subscriber base grew to nearly 2.4 million, with over 1.4 million subscribers now using personalized solutions. We're not just offering access to treatment. We're helping people live better for the long term. We're connecting the dots between cardiovascular health, hormone support, hair health, and more, all in one place. You can see this clearly resonating with customers and specialties such as men's and women's dermatology. Over 80% of subscribers in our dermatology specialty are benefiting from a personalized solution as of the end of the first quarter, which was a critical part in driving nearly 50% year-over-year subscriber growth across those specialties. Sexual health is following a similar path. We believe that our ability to grow with our customers' evolving needs is a critical driver of both long-term retention and long-term growth. Weight loss is another example that demonstrates how execution of our vision can translate into rapid scale. In just 18 months, it has become one of our largest specialties. We've added Lyra Glutide earlier this year, and now, through our new collaboration with Novo Nordisk, we're expanding access to branded Wigovi to bring subscribers on our platform an even broader range of choice. Branded Wigovi will be an additional option for subscribers and will complement our oral kit offering, Lyra Glutide, and personalized semi-glutide options. Teaming up with Nova Nordisk is a pivotal milestone. We are pairing our customer-first platform with Novo's medicines, reaching more people and helping them stay on track with their goals. This collaboration also signals something important, trust from a major pharmaceutical leader, and it sets the blueprint for future partnerships that can expand both our reach and our relevance. Over time, we expect wider collaboration across the industry, from pharmaceutical players, innovative leaders in diagnostic and preventative testing, to world-class providers. This will strengthen our ecosystem and position us to curate a best-in-class offering that can reach tens of millions of people. This is the future of our platform, allowing a historically disjointed industry to reach more consumers for the benefit of those customers. We look forward to providing future updates as this collaboration and others like it continue to evolve. When we look towards the future, It's clear we are just getting started on the realm of what's possible within healthcare. In addition to evolving our existing specialties, we plan to unlock value for customers in new ways later this year. Earlier this year, we acquired an innovative at-home lab testing provider. As we integrate those capabilities into our platform, we're excited to make blood testing easier and more accessible, giving customers access to testing for key biomarkers tied to heart, hormone, liver, thyroid, and prostate health. These tools will support our current specialties and unlock entirely new ones. They'll also help customers better understand their health and track their progress, enabling more proactive, informed decisions for both patients and providers. This lower friction approach to diagnostics is especially important as we expand into hormone-driven conditions like low testosterone and menopause. There are over 50 million people in the United States navigating symptoms tied to these conditions, and many of them are already on our platform. We believe our model with its high-touch, personalized care is uniquely positioned to meet these needs. We expect to launch both a low testosterone and menopause support offering before the end of this year. As we look ahead, everything we're doing from expanding into new specialties, deepening personalization, to forging new partnerships, and ultimately broadening our global reach ties back to the core priorities we laid out at the start of this year. We took another huge step along this path earlier this morning with the announcement of Nader Kabbani as our new chief operating officer. Nader was an operations leader at Amazon for nearly 20 years, and his experience scaling operations at the highest level makes him uniquely qualified to help us build the future of healthcare. I'm thrilled to formally welcome him to the company today. In addition, I'd like to thank Melissa Baird for over seven years of friendship and dedicated efforts in bringing him's and hers to the place we are today. She will be deeply missed, but we are so excited for her in her next phase of life. In closing, we have a clear roadmap built on a strong foundation and underpinned by innovation and a deep belief in putting the customer at the center of everything we do. The momentum is real, and we're just getting started. With that, I'll pass it over to Yemi to talk through our financial performance and updated outlook for 2025.