Hims & Hers是一只长期成长股，潜力强劲，其营收增长重新加速、订阅用户增长以及利润率扩张机会为其提供了支撑。

Hims & Hers, as for everything that it has gone through this year, is actually still down almost 20% for the year, but you can see shares bottomed in late February. Since then, up nearly 100% pulled back just a little bit. They were trading at nearly $40 per share in early July. So, since then, down about 25%. Very volatile stock. So, something to keep in mind for investors.

But, the momentum for Hims & Hers is moving in the right direction. So, if we look at their total revenue and their revenue growth rate, this is what has changed over the past quarter or so. So, there's a few things going on here. First of all, in 2024, this is when they introduced GLP-1s on the platform. These were compounded GLP-1s. So, throughout the back half of 2024 and then the first quarter of 2025, phenomenal growth on the back of those compounded GLP-1s. That loophole was closed by the FDA. That has started impacting Hims & Hers in the second quarter of 2025. That's why you see this growth rate start to slow. The growth rate all goes all the way down to 3.8% for the first quarter of 2026. But, that's when you start to get the impact of the recent agreement that they have with Novo Nordisk. They are now selling Eli Lilly's GLP-1s. They really reconfigured their weight loss business and now they've added in new products like labs.

With their weight loss product now on the Hers side of things, you can get a scale with that subscription. So, this is becoming much more of a growth platform. They're not going to be producing most of their products, but they're going to be trying to find generics. They're going to be trying to find low-cost versions of branded products. And the way to think about Hims & Hers is really as an aggregator in healthcare. They want to be the first place that you go when you have a healthcare question. They want to be a place that you're interacting with where where you're putting your data. What does my weight look like? What is my Am I taking my medications? What is my muscle mass? What are my goals? All of these things is where they want to be involved in your health healthcare journey and then they're going to be able to serve you more products, more solutions if they are involved in that loop.

We're starting to see some of that impact. So, this 38% growth rate we had for the second quarter of 2026, some of this is from the Eucalyptus acquisition that closed during the quarter. But, this is also getting to a more steady state with GLP-1s, selling more branded products, getting more into that subscription solutions.

The other thing that is really important for Hims & Hers is the two metrics that I follow very closely. That is the number of subscribers, which you can see here. This is all the KPIs in fiscal AI. And then also, what is each of those subscribers spending each month? Okay, so let's tie these first two things. And you And you can see here that subscribers jumped again. Part of this is the Eucalyptus acquisition, but subscribers jumped now at 2.9 million. I think that will easily pass 3 million by the end of 2026. And the other positive sign is that the spend per subscriber also ticking higher. That was a record in the second quarter. That is going to keep going up because if you think about a weight loss solution that's at least $300 a month for subscribers. So, that's as they have more of those customers, they're going to have more high-value customers rather than people who are buying things like ED treatments or hair loss treatments, which are more in that 20, 30, 40 dollars a month kind of range.