HIMS是一个高增长的非对称投资案例；若成为全球医疗需求聚合者，其价值可能增长10至100倍。

Being a leading telehealth company in the US could be a 10x, maybe even a bigger opportunity for Hims & Hers, but beating being the global telehealth company where you go to answer all your questions no matter where you are in the world is really where the massive opportunity is for healthcare and for Hims & Hers.

I think that's what we're seeing with Hims & Hers and there is a small note that the company released early in the week this week that tells a lot about how they're viewing building out that business long-term.

Hims & Hers is one of the biggest positions, actually the biggest position today in that portfolio. If you look at Hims & Hers, you can see stock chart, not a great stock chart for Hims & Hers. Shares were down as much as 50%, but look, that was when I was buying opportunistically earlier in the year in the Asymmetric portfolio because I think these were the kind of prices that are only going to come on come around every once in a while.

Well, Hims & Hers is expecting to grow revenue 32 to 41%. You do the math, that means they expect to grow over 50% year-over-year in the second half of the year. That is in part because of the Eucalyptus acquisition which I'll get to in just a moment,

Before we get to some of the potential financial impact that this news has on Hims and Hers, let's go to what we actually learned. Hims is arriving in Australia bringing personalized care for men nationwide. There was actually two press releases that were announcing essentially the same thing, but the big thing is the Pilot brand is going to become Hims in Australia. That means that the Hims brand is going to be consistent in more countries with after making a couple acquisitions over the past couple of years. This is not something that has gone global at this point, but I think we are starting to see they're going to make this Hims brand and the Hers brand something that they're they're going to bring into more and more countries effective today, Pilot becomes Hims. Patient will maintain the treatment plans with their providers, but the branding on the product is going to now be consistent with what you see in the US. The care team is also now going to 24/7, so this is going to be much more like we have in the US. So again, integrating much more of the business. It'll take time to get things like the text act to be all on one, but these are the kind of things that are going to make the business more efficient, more scalable long-term, and that's ultimately going to provide the biggest momentum for Hims and Hers.

So why is something as simple as rebranding a product to the Hims brand meaningful for Hims and Hers long-term? Well, you got to think about Hims and Hers business model and what they're trying to do over the next decade. They are trying to be the aggregator of demand in health care. If you have a health care question, they want to be the first place you go. That includes not only being the choice that you're making on your smartphone, you go, "Hey, you know what? I got a question about something that's going on or want to learn about a new prescription, that they're the app that you choose to interact with, but also where your data is going. Where those answers are going to be better. This is where things like artificial intelligence really ties in. Can you have all of your data in one place that's accessible to not only yourself, but also to Hims and Hers to say, "Hey, you know what? I haven't been feeling very good recently. What can I do to eat a little bit healthier or what can I do to lose a little bit of weight? What do my labs say about my health right now? And how can I improve my health? All of these things tied together. And if it's all under one brand, then that's going to be much easier to scale the business long term.

And you can see since the end of 2021, there was about 600,000 subscribers on Hims and Hers platform at that point. That is now up to 2.9 million. This jump that you see in the most recent quarter is in part because of the Eucalyptus acquisition, but it's also partly because they brought branded weight loss solutions in the US onto the platform.

Again, these deals with pharmaceutical companies are also going to be much more global as well. They're kind of one-off at this point. So, they make a deal in the US, they make a deal in the UK, make a deal in Australia, but ultimately, what we're going to see is much more like the deals that you see in Netflix sign. Hey, we want global rights for this movie or for this TV show. Hims and Hers I think is going to do something similar. Say, "Hey, you know what? We have subscribers in the US, we've also got subscribers in a dozen other countries or 30 other countries and we want to give them access to these solutions where we can." And so, you make a deal that is much more global in nature once you start to build this subscriber base.

And the two most important numbers to follow with Hims and Hers is how many subscribers are on the platform. And then the second one is monthly revenue per average subscriber. This is going to be how much does the average person spend on the platform. And the big change over the past few months is the increase to $92 per subscriber. This is going to be a big piece of adding those branded solutions to the Hims & Hers platform. So, that's going to be at least $300 per subscriber, and that's likely to create a flywheel because a lot of pillows people are also going to get labs. They're going to find other things that are going to be helpful for Hims & Hers. So, you go to back just a few years, $59 per month is what the average person was spending. You add these two things together, the spend jumping more than 50% and the increase in subscribers. That's how you get a company that can grow revenue at a compound annual growth rate of 55%. And like I said, that growth rate is going to continue in the second half of this year because of that Eucalyptus Eucalyptus acquisition.

You have to look at all of these developments that Hims & Hers is making, all of the branded medications that they're bringing onto the platform, the labs that they're bringing in, the AI tools that they've introduced, and now the branding of the app itself to Hims & Hers. They're trying to be the aggregator of demand in healthcare, and they're trying to do that not just on a local basis, but on a global basis. This is the scaling laws that you want in behind you as an investor, and if Hims & Hers is successful in doing this, in becoming the number one healthcare brand around the world, this is not a company that's going to have a market cap of $7 billion trading for an enterprise value to sales multiple of about three. This is going to be a company that's worth 10 times, 100 times what it is today. That's why I see such a big asymmetric opportunity with Hims & Hers.

We're not quite there yet. You're not seeing it in the numbers yet because one of the big questions is, when are they going to actually become profitable? When are those operating profits and net income going to improve? We don't actually want to see that right now. What we want to see is revenue growth. We want to see subscriber growth. We want to see this brand become a global brand that can really scale and organically grow 20, 30, 40% each year over the next decade, two decades. That's what Netflix did. That's what Amazon did. That's how you get to be a trillion-dollar company. I think Hims & Hers could potentially be that long-term.

This is a small piece in that picture, but it's really symbolic of how they're viewing the opportunity long-term. So, I love them rebranding as Hims. I wouldn't be surprised to see them do this in more countries where they've made acquisitions where you have Hims and Hers as the two brands and not not all of these other legacy names, but this will take time. Changing the tech stack will take time. All of this is work that will pay off in the long run as the business scales, but a really symbolic change for Hims & Hers today. I think it's bigger than a lot of investors think.