Hims & Hers Health, Inc.

After the speaker's remarks, there will be a question and answer session. If you would like to ask a question during this time, simply press star followed by the number one on your telephone keypad. If you would like to withdraw your question, press star one again. Thank you. I would now like to turn the call over to Bill Newby, head of investor relations. Please go ahead.

Good afternoon, everyone, and welcome to the Henson Hearst Health third quarter 2025 earnings call. at investors.hems.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 statements after this call, whether as a result of new information, future events, changes in assumptions, or otherwise. The risks, uncertainties, and other factors that could cause actual results to differ from our forward-looking statements are described in our earnings release and SEC filings. Please see our recent earnings release and most recently filed 10-K and 10-Q reports for discussion of these 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'll turn the call over to Andrew.

Thanks, Bill. The third quarter was another strong step forward for HIMSS and HRSS. Our strategy is working. We're expanding reach, deepening engagement, and transforming how people experience healthcare. And the most exciting part is that this growing scale is making the entire experience better for our subscribers. HINTS and HERS is one of the few healthcare platforms where each customer engagement improves the overall experience. Scale doesn't just make us bigger, it makes us better. The learnings from each encounter position us to drive better experiences, stronger customer relationships, and wider accessibility. Personalized care sits at the center of this evolution. Our growing scale means more people have access to treatment plans that can adapt to their unique needs, biology, and goals by incorporating a variety of form factors, dosing regimens, and multi-conditioned solutions. Our consistent focus on democratizing access to these types of experiences continues to deliver meaningful results for our business. At the end of the quarter, subscribers using personalized solutions grew 50% year over year, helping drive nearly 50% in year over year revenue growth. Over the past few years, how we serve our customers has evolved in extraordinary ways. We started by helping people access simple, effective treatments for a narrow set of conditions. Then we expanded into personalized, multi-condition care, giving customers a single place to manage a wide variety of health challenges with solutions tailored to them. Now, looking ahead, we plan to go beyond helping people treat their existing conditions and start helping them proactively manage their health before conditions even materialize. As we continue building a platform that unlocks broader access to care that's personal, proactive, and connected, we expect that broader collaboration will become key. Whether that's through partnerships, investments, or joint innovation, we see enormous potential to work alongside others across the healthcare ecosystem to make this future a reality. As we noted in our earnings release, We are in active discussions with Novo Nordisk to make Wegovy injections and once FDA approved, Novo's oral Wegovy available through our platform to continue advancing consumer options. Earlier in the quarter, we announced a partnership with Marius Pharmaceuticals, which will allow our customers to access one of the few FDA approved oral testosterone treatments in 2026. We expect these solutions combined with consistent provider support and the ability to seamlessly track hormone levels via the HIMSS app can help redefine how millions of men access effective hormonal care. And most recently, we made a strategic investment in Grail, the company behind what we believe is the most advanced multi-cancer early detection test on the market. We are proud to invest in a company that shares our vision for the future. These relationships underscore the potential of what we've been building. They reflect our ongoing commitment to making our platform a powerful curator of the best in class health and wellness solutions. Over time, we plan to pursue a mix of strategic investments, partnerships, and collaborations in order to build a single destination where customers can access a range of innovative offerings alongside the most personal, convenient care available. These recent developments are an exciting glimpse into a future where access to proactive preventative care is not a privilege, but a standard. I've never been more excited about where this company is heading. When we initially shared our 2030 goals earlier this year of more than $6.5 billion in revenue and $1.3 billion in adjusted EBITDA, it was with this clear vision in mind. Today, we're delivering against that vision in a real way. The opportunity to accelerate our trajectory are materializing quicker than anticipated and we are leaning in. Let's start with weight loss, which remains one of the most important global health challenges impacting nearly 1 billion adults around the world. Since launching this specialty nearly two years ago, we've shown that combining reliable access to effective medication with a best-in-class experience has the potential to change lives. We believe that customers are best supported when they have access to data-driven provider recommendations, ongoing clinical guidance, and easy-to-use digital tools that track progress. The foundation behind our continued growth will be the ongoing verticalization of our compounding infrastructure. We believe investments in these facilities are establishing a new gold standard for compounding infrastructure broadly, positioning us to accelerate growth while maintaining the high standards of safety, quality, and affordability our customers are accustomed to. Importantly, this means all active pharmaceutical ingredients in compounded treatments are sourced from FDA registered facilities. And in cases such as semi-glutide, for which the FDA recently established a green list of GLP-1 API suppliers, we sourced solely from these suppliers. As our scale has grown, we've also shown a consistent track record of translating that growth into greater efficiency. This track record and ongoing efforts to verticalize our sterile compounding operations support our ongoing pursuit to make GLP-1 offerings increasingly accessible. Recently, we strategically reduced prices across compounded GLP-1 treatment plans by as much as 20%, extending accessible care to an even broader population. In the quarters ahead, we'll also continue expanding the breadth of options accessible through our platform. Our technology and vertically integrated infrastructure are unlocking new levels of personalization, most recently with the addition of microdosing options for compounded semiglutide treatments. It's allowing us to deliver what we believe is the most high-touch, patient-centered experience in the market. And as we help more customers find the right treatment and support providers in evolving patient care, we're continuing to strengthen that leadership position. Put simply, we're making it easier for more customers to start, stay on, and succeed in their own weight loss journey, and we're confident that we'll continue to drive results for a growing set of customers by doing so. We're also extending the benefits of our consumer-centric approach to new specialties. We believe recent launches supporting low testosterone and menopause unlock significant long-term growth opportunities, and increase our ability to deepen relationships with existing subscribers while expanding access to care for millions more. The current state of hormone healthcare in the U.S. reflects the exact challenge Hens and Hers was designed for. Conditions that impact millions, available treatment options that can make a real difference, and a system that still makes access far too hard. We're changing that. Millions of men experience symptoms of low testosterone, but face stigma, confusion, or limited access to effective care. Our recent launch aims to address these issues with access to personalized, provider-guided treatment plans supported by at-home lab testing. While still early, the response to this launch has already indicated an immediate product market fit, and we're actively optimizing both the experience and the operational engine behind this offering to meet the strong demand. Through our perimenopause and menopause offering, we're addressing one of the biggest gaps in women's health. Nearly 1.3 million women in the U.S. enter menopause each year, yet only 30% of OBGYN residency programs offer formal training on how to treat it. Our new HERS offering helps close this gap by providing access to personalized care and support designed specifically for women during this stage of life. We expect this offering to become a meaningful growth driver as the HERS brand reaches more women and scales towards $1 billion in annual revenue in 2026. Together, these launches expand our reach across life stages and conditions, and more importantly, they lay the groundwork for the next era where HIMSS and HERS can change the status quo for millions of customers, proactive health, and diagnostics. We plan to launch comprehensive whole-body lab testing before year-end, which will represent a significant step forward in this evolution. By scaling capabilities like blood testing, we're thrilled to help more customers affordably access the insights they need to monitor, maintain, and improve their overall health. We envision these capabilities empowering consumers to proactively address health concerns such as vitamin deficiencies, unoptimized hormonal levels, and genetic risk factors, while also identifying early indicators of more serious conditions like cancer and cardiovascular disease. Historically, people have come to us to manage existing conditions. Soon, we'll help them take a more proactive role in managing their health, and in doing so, can potentially impact millions of lives. Our goal is to one day help identify and manage risks associated with heart disease, metabolic disorders, neurodegenerative diseases, and cancer long before symptoms appear. We believe our platform is uniquely positioned to make this possible. We have the lab testing capabilities to give customers and providers deeper health insights. We have the provider network and compounding infrastructure in place to help take action against those insights. and we have a strengthening data feedback loop that can help measure, adapt, and refine care at scale. We believe that combination positions him and hers to do what few others in healthcare can, turn data into tailored action for millions of people. These capabilities, alongside our California-based peptide manufacturing facility, which is actively onshoring R&D for core peptide applications, form the foundation of the longevity specialty we plan to launch in 2026. We plan to scale the specialty to feature a broad range of therapies in addition to our new testing options. Over time, we expect these will include peptides, coenzymes, GLP and GIP treatments designed to improve performance, recovery, and cardiometabolic longevity markers. Each of these initiatives are part of a broader effort to make advanced diagnostics and the care that follows more accessible. Through investment and when appropriate partnerships, we expect this type of care, which has historically been accessible only to a small affluent subset of the population, available to each of our customers. Finally, our success in the U.S. and U.K. gives us real conviction that our model can scale globally. We believe that this team, vision, and balance sheet we have in place are uniquely positioned to scale a leading consumer health platform globally. In Europe, our acquisition of Zaba Global gives us the infrastructure to serve customers across the UK, Germany, France, Ireland, and Spain. We're now reaching a total addressable market of more than 200 million adults across these regions, and the early response continues to validate how naturally our model translates. Next, we're preparing to launch in Canada in the near future. notably expanding our North America presence. With two-thirds of Canadian adults overweight or living with obesity, we're incredibly excited about this opportunity to make high-touch care more accessible. We are in active discussions with leading generic manufacturers to ensure that once semi-glutide becomes available in generic form in 2026, we are ready to deliver access through our platform. Looking ahead, we see international markets as a powerful long-term growth opportunity, representing more than $1 billion in potential annual revenue. We're deploying meaningful capital to bring the hims and hers experience to more customers across the UK and broader European markets, where we see a significant opportunity to scale our model and deepen our presence. We believe Hens and Hers will soon become the largest global consumer health platform, unlocking access to direct-to-consumer personalized care for more customers than any company in the world. This approach extends across our entire business. The runway for growth and the opportunity to drive accelerating adoption across a wide range of conditions and health concerns are clear. We'll keep investing in what matters most, expanding our reach deepening engagement, and broadening our capabilities, allowing customers to manage and improve their health on one single platform. Since founding this company, I've never been more excited than I am right now. The future of healthcare is ours to build, and we are building it piece by piece. With that, I'll pass it over to Yemi to talk through our financial performance and updated outlook for 2025.