Hims & Hers Health, Inc.

Hello, and thank you for standing by. My name is Tiffany, and I will be your conference operator today. At this time, I would like to welcome everyone to the HIMSS and HERS fourth quarter 2025 earnings call. All lines have been placed on mute to prevent any background noise. After the speaker's remarks, there will be a question and answer session. If you would like to ask a question during that time, simply press star then the number one on your telephone keypad. I would now like to turn the call over to Bill Newby, Head of Investor Relations. Bill, please go ahead.

Good afternoon, everyone, and welcome to the HIMS and HERS Health fourth quarter and full year 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.hims.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. 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 SSE filings. Please see our recent earnings release and most recently filed 10-K and 10-Q reports for a discussion of these risk factors as they relate to forward-looking statements. In today's presentation, we also have certain non-GET financial measures. We refer you to the reconciliation table 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, Phil. Good afternoon, everyone, and thank you for joining us today. I'm excited to tell you about the tremendous progress we're making at Hims and Hers. This starts, as it always has, with our fundamental belief that everyone should have access to the highest quality of care available, customized around each person and their individual needs. Today, only the wealthiest in our society can expect this level of care. By continuing to put the customer at the center of everything we do, we are changing that. Our teams are pursuing this vision every day across an expanding set of specialties We have proven that access to care doesn't need to be limited by privilege, prices don't need to be prohibitive, and customers don't need to settle for a one-size-fits-all approach. We believe GLP-1s are a case study in how medicines are coming to market differently. The dynamics we've seen over the last 18 months, including U.S. prices for injectable GLP-1s falling more than 80%, reflect a broader disruption happening within the United States. Customers are demanding better access, more direct engagement, and prices that align with other regions around the world. That pressure is forcing a long overdue conversation. How do we use today's technological advances to help more people feel great? We see this moment as the early stages of a new model that actually works for everyday people. Netflix and Spotify reshaped how people could access not only a broader range of content, but also the best the industry has to offer. Healthcare must evolve toward that same consumer-oriented distribution model. That evolution will demand creativity and new commercial frameworks where consumer platforms and drug makers work together to help people get healthy. Our platform puts us at the forefront of that change. Before ever scaling our weight loss offering, we built a platform that surpassed $1 billion in revenue and achieved profitability by scaling offerings like sexual health and dermatology, specialties that continue to grow today with strong unit economics that allow us to fund the next opportunities for growth. GLP-1s are an example of one such opportunity and have provided a meaningful accelerator to the business. but they are a single treatment within a single specialty on a broader global consumer platform that is growing stronger and more diverse with every investment we make. At the end of 2025, over 2.5 million subscribers on our platform were benefiting from our pursuit of this vision. As we expand new offerings that can serve our customers as they enter different life stages, we are increasing our ability to build and maintain deep, longer-term relationships. With only a small minority of subscribers utilizing a compounded GLP-1 treatment, it is clear to us the impact of what we are building reaches well beyond a single weight loss treatment. By leveraging the same technological advancements that have completely changed how we experience entertainment, how we travel from place to place, and even how we manage our finances, We are making high touch personalized care accessible to millions of people across more specialties and in more geographic markets. No one is better positioned to create a world where more people can access quality care. That is our core belief, and it's one we do not take lightly. We've spent years building operational expertise across each of our offerings, growing customer awareness and leveraging scale to drive broader accessibility to personalized care. As a result, we can now bring new offerings and markets to the platform more quickly and efficiently than ever before, whether you live in a rural Midwestern community in the U.S., a large city in the U.K., or somewhere in between. To give you an idea of how our speed to market has changed, historically we targeted launching one new specialty every year, and each of these usually required a few years of development before becoming meaningful contributors. Longer tenured offerings like sexual health and hair loss for both men and women took three and sometimes even four years to eclipse 100 million in annual revenue. Comparing this to how we operate today is truly remarkable. As we've shared in the past, our weight loss offering reached 100 million revenue run rate in less than seven months after launch, and that excludes any contributions from compounded GLP-1s. Within a span of three months in 2025, we launched our new labs offering, as well as hormone therapies with support for low testosterone, menopause, and perimenopause. In just 90 days, we created three distinct new entry points to our platform, each addressing large under-penetrated markets that have been largely ignored by the traditional healthcare system. While not every new offering will scale the same pace as weight loss, Early customer success and accelerating customer adoption following the placement of our Super Bowl commercial gives us confidence that each of testosterone, menopause, and labs can eclipse $100 million in annual revenue in the near future. Even more energizing, Since launch, we've identified that over 70% of lab customers may be eligible for treatment plans offered through the platform. And more than 95% of individuals utilizing a testosterone support offering experience an increase in testosterone levels within the first two months of treatment, with an average increase of over 80%. These three new entry points are not simply new offerings. They are the start to far deeper relationships and value for our customers. These early signals demonstrate our evolution towards providing access to more proactive and preventative care. Insights we gleaned through our platform can inform an expanding selection of care pathways and can streamline the process for customers to get support where they need it the most. Today we are addressing areas like cardiovascular risk, metabolic dysfunction, hormone levels, and expect that over time we'll add areas such as performance recovery, and sleep. As we accelerate the development of a more comprehensive approach in the US, we're also taking significant steps to extend our reach abroad. We see expansion into new international markets as the next logical step in bringing the trusted hims and hers experience to more people and to more places around the world. Last year, our acquisition of Zava deepened our presence in the UK and enabled our entry into Germany, France, Ireland, and Spain. More recently, the acquisition of LiveWell extended our presence into Canada, one of the first markets that is expected to have access to generic semi-glutide. And just last week, we announced we signed an agreement to acquire Eucalyptus, a leading global health innovator. Upon closing of the transaction, we will further strengthen our UK and European presence, while also bringing the HIMS and HERS brands into new markets like Australia and Japan. I've known Tim Doyle, the co-founder and CEO of Eucalyptus for years, and I've enjoyed watching him and his teams build an innovative healthcare experience that is focused on safe, highly accessible care and puts customers at the center of everything they do. I am confident he is the right leader to make the hims and hers experience central to how customers in each of these new markets approach their daily health. The opportunity is significant. We believe that with a deliberate investment and execution, we will have the teams in place to drive category leadership in each of these markets, positioning our international business to scale to more than $1 billion in annual revenue within the next three years. This growing presence across both specialties and geographies provides important building blocks for the future of healthcare we are driving. There are three key elements to that future. And we are investing across technology and infrastructure to bring them to life. First, innovation in diagnostics and devices will continue to evolve how each person understands their whole picture of health. With our recent lab launch, we are providing customers with over 130 biomarkers across key areas of long-term health. Results are delivered directly within our app, where AI-supported readouts highlight metrics that are already optimized and those that need attention, while also educating customers on both lifestyle and clinical interventions. And with the acquisition of YourBio, we plan to make targeted and condition-specific lab testing more convenient and approachable with technology that can be used in the comfort of your own home. Together, these new services and expanding capabilities will give customers a deeper understanding of their health and help providers make more informed decisions. Over time, we expect to build on this with the integration of wearable technology, like continuous glucose monitors and daily fitness trackers, as well as expanded testing options that bring insights like polygenic risk scores directly to our customers. Second, AI will become a critical layer on top of that data that helps define, refine, and implement precision treatments, interventions, and lifestyle adjustments. Our growing technology and product teams reporting into Mo, Alshanawi, and Deirdre Cowher are ensuring that as our offerings expand and deeper insights help uncover areas of need, we are building the experience that makes access to proactive care simple and readily available. We envision customers being able to add, adjust, or switch treatments within a single intuitive platform as their health evolves. At the same time, static and reactive communication is being replaced with proactive conversational support to guide customers throughout their journey. Early deployments of proactive messaging and weight loss have already driven more than a 50% increase in weight logging frequency. signaling an ability to improve customer commitment and engagement as they progress in their weight loss journey. And behind the scenes, automation is removing cumbersome processes and facilitating administrative interactions, allowing providers to focus on clinical decision making. The result is faster responses, higher customer satisfaction, and a scalable model that can deliver access to high touch care to millions of people while still prioritizing clinical excellence. And third, deeper data and more proactive care demand more precise, personalized treatment plans for each customer. Doing that at scale means investing in an infrastructure that can deliver access to personalized treatments and custom formulas that safely bring together pharmaceuticals and supplements. We know treatments should be driven by what's best for the customer, not by what's covered by insurance or what's currently in stock at the pharmacy. We've spent years building the physical infrastructure required to deliver access to truly personalized care at scale. Over the last three years alone, we've invested more than 300 million into our facilities, expanding our footprint to over 1 million square feet across pharmacy operations, lab testing capabilities, and R&D, supporting innovations like peptide therapies. This foundation allows us to combine quality with broader access and continued innovation so that access to personalized care is delivered consistently across our platform. The first two pillars, deeper data and stronger technology, are advancing across the industry. We believe those advancements demand the third pillar, a scalable way to make the final step in healthcare more precise and more personal. We believe our technology and infrastructure investments put us in a leadership position to bring a more individualized experience to tens of millions of customers while maintaining the high standards customers have come to expect around the quality of their care. At Hims and Hers, the team wakes up every day motivated to change an outdated healthcare system that has refused to put a customer first. As we work to fundamentally reinvent these systems, we expect to encounter challenges. It takes time for industries to change, but we are navigating this on behalf of our customers. When it comes to ensuring more people have access to the most innovative and groundbreaking treatments and services available, we will continue to fight, holding true to our mission that we can make more people feel great through the power of better health. Pursuit of this mission takes commitment and resilience. That was true at our founding, and it is true today. We will continue to push for better, more accessible care around the world by focusing on a consistent set of priorities, bringing more offerings to our customers with more insights and deeper personalization capabilities, and when appropriate, partnering with leaders who also believe in a better healthcare experience. By investing with conviction across these priorities, we believe HIMSS and HERS will be a leader in the next era of healthcare, which will continuously evolve to better serve the customer. This conviction underpins our confidence and our ability to push towards our 2030 targets of $6.5 billion in revenue and $1.3 billion in adjusted EBITDA. At Hims and Hers, we are honored to lead the shift towards a consumer-centric system. We feel both the privilege and responsibility to change what people expect from their healthcare. It is why we started on this mission, and it continues to motivate us every day. Thank you. I'll now pass it to Yemi to walk through the financials.