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 first quarter 2026 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 Hens and Herds Health first quarter 2026 earnings call. Before we dive in, I want to provide an update on our approach to earnings communications. Moving forward, the company is transitioning to publishing an annual shareholder letter and will continue to provide regular updates through a quarterly earnings call, earnings release, and supplemental materials. We believe this approach will enable our shareholder letter to reflect the long-term nature of our strategy and focus on the sustained value we're building. On the call with me today is Andrew Dudum, our co-founder and chief executive officer, Yemi Okupe, our chief financial officer, and Mo El-Shanawi, our chief technology 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 SEC 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-GAAP financial measures. We refer you to the reconciliation tables to the most directly comparable GAAP financial measures contained in today's press release. 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. Good afternoon, everyone, and thank you for joining us. It's been a strong, meaningful start to the year at HIMSS and HERS. We've made significant progress on the strategic objectives that we believe will define our platform for the next decade. Importantly, 2026 is proving to be a year of accelerating growth, which reinforces our confidence in our ambitious 2030 targets. Before Yemi takes us through our results, I want to highlight a few key areas that underscore our progress. First, our U.S. business is positioned to accelerate as we introduce new specialties and shift our weight loss strategy toward a globally unified approach. Second, our global scale is quickly becoming a competitive advantage. not only because it expands our TAM, but because it expands our value to industry partners and strengthens the network effects of our platform. Third, we are deepening our customer relationships while filling real painful gaps in the traditional care system with a more proactive care offering. This means we are creating the opportunity for longer-term relationships with our customers. Fourth, Continued investment in our data and technology infrastructure is building an increasingly agile platform that gets smarter with every new customer. With tens of millions of customer touchpoints annually and a closed-loop provider network, we are amassing a powerful data set that is becoming harder to replicate. These investments are enabling faster, more efficient geographic and product expansion, more valuable customer interactions, and deeper platform engagement. With that foundation, Hims and Hers is on its way to becoming an everyday health partner, not just for the nearly 2.6 million people we currently serve, but for millions more around the world. Let's start with the building momentum we're seeing in the U.S. The breadth of care we can provide is becoming a real strategic advantage, giving customers more ways to start with Hims and Hers and more reasons to stay with us over time. We see momentum in newer specialties like testosterone, menopause, and labs, and our expanding selection of branded GLP-1 solutions is driving accelerating momentum in our weight loss business. The number of people we can help has never been larger or more diverse, and we're working to ensure they have access to the broadest array of treatment options possible. In weight alone, more than 100 million adults in the U.S. are struggling. Demand for effective, accessible treatments is increasing, and the market is evolving rapidly to meet this need with more form factors and lower prices. In March, we announced a strategic shift in our weight loss business that recognizes this evolution and focuses on providing customers on our platform with access to the broadest possible assortment of innovative medications. alongside a comprehensive experience that includes access to the data-driven clinical care and lifestyle support our customers have come to expect. Platforms like ours are the place pharma, biotech, and diagnostic companies are increasingly relying on to reach more people with innovative treatments and services. For example, our collaboration with Nova Nordisk shows what's possible when health innovators work together to help more people feel great. We are seeing adoption and weight loss near record levels, even beyond the demand we saw following this year's New Year's and Super Bowl campaigns. Within six weeks of introducing direct access to Novo Nordisk's GLP-1 products to our platform, we have fulfilled more than 125,000 shipments for Wegovy products. Our customers are excited about the Wegovy pill in particular. We've seen them respond extremely well to the affordable price point, impressive efficacy, and strong safety profile. It's clearly a strong combination of efficacy, safety, and affordability. Novo has been a terrific partner for us, and I'm excited to explore further ways we might collaborate in the future. Last month, we also announced that providers on our platform can now send prescriptions for ZepBound vials and QuickPen, as well as Sandeo to the Lilly Direct Pharmacy and access self-pay pricing for HIMS and HERS customers. Our ability to drive awareness and cultural conversations about accessibility, as well as our investment in a deeply personal, continuous experience, gives our partners confidence that the people we are helping them reach are getting access to great care and are more likely to remain engaged over time. Moving to the second area driving our progress, are growing global scale. We are rapidly becoming the world's largest consumer health platform, which multiplies our impact. We expect our planned acquisition of eucalyptus to close in the second half of this year. This will extend our leadership position in consumer health across Australia, the UK, Germany, Japan, and Canada by leveraging local expertise and existing industry relationships. As we strengthen our presence in current and new regions, we have the opportunity to impact hundreds of millions of people, bringing more data points into our ecosystem and extending the network effects of our platform globally. But bringing customers to the platform is only the first step. We're helping customers build a long-term daily health routine that they're motivated to maintain. turning better access and expanded treatment options into better health and building relationships that we believe can last for decades. We see ourselves as the best global platform for our industry partners for two reasons. First, our global presence allows us to drive category growth in new and existing markets. Second, by providing a high touch, personalized experience, our platform is designed to help customers stick to their treatment plans longer and better achieve their goals than with medication alone. That leads me to the third area of progress I want to highlight. As we grow, we are becoming more than just a destination for anyone looking to manage existing conditions. We are a trusted, comprehensive health partner that's helping customers proactively discover early signs of conditions that may not be symptomatic yet. The strength of our testosterone offering, which is now serving tens of thousands of men, is the perfect demonstration of this. For most men, signs of low testosterone can be overlooked as just being tired or part of getting older. Through HIMSS, that changes. We've designed the offering to catch an important issue most men can't see before it becomes difficult to ignore. Customers can track their testosterone levels over time, through simple at-home blood tests, and work with the providers to determine what treatment is right for them, and then easily adjust that treatment, if appropriate, based on their latest blood test. We're seeing this kind of proactive relationship and seamless at-home experience drive real results for customers. 95% of HIMSS customers relying on us for this testosterone support saw an increase in testosterone levels within two months. By prioritizing investments that deepen our customer relationships, we're making it simpler for anyone to be more proactive about feeling their best. We believe our investment in your bio's microneedle blood sampling technology will make deeper health insights across key biomarkers even easier to access with a simple, painless blood draw. Instead of waiting for symptoms like cardiovascular risk, sexual dysfunction, or hormone imbalance to appear, customers can get a full picture of their current health and manage certain risk factors before they turn into conditions that impact their daily life. That information layer will be key in supporting new specialties like testosterone and menopause as they scale. But more importantly, it allows our platform to evolve with our customers as their needs change. More and more, we see customers looking for truly proactive and continuous care, informed by health insights that help them not just get healthy, but stay healthy. This is foundational to how the hims and hers customer experience improves over time. This brings me to the fourth area of progress I want to highlight. We are building a health platform that delivers access to higher quality care as we expand, and that is becoming harder to replicate. I'd like to invite Mo El-Shanawi, our CTO, to share more on the progress his team has made and the customer experience they're bringing to life. Given how quickly our technology infrastructure is expanding and the immense impact we expect it to have on the future of the business, we are excited to have Mo join us on a quarterly basis.