Hims & Hers Health, Inc. Q4 FY2025 earnings call

• Company vision: Believes everyone should have access to high - quality care customized to individual needs, and is changing the healthcare landscape. - Business expansion: Platform surpassed $1 billion in revenue and achieved profitability by scaling sexual health and dermatology; weight loss offering saw rapid growth; launched new Labs offering, hormone therapies for low testosterone, menopause and perimenopause. - International expansion: Acquired ZAVA, Livewell, and is acquiring Eucalyptus to expand presence in international markets like U.K., Germany, France, Ireland, Spain, Canada, Australia, Japan. - Technology investment: Focus on innovation in diagnostics and devices, AI - supported readouts, and building infrastructure for personalized treatments.

In 2025, revenue in the fourth quarter was $618 million, with full - year revenue at $2.35 billion, a year - over - year growth of 59%. Subscribers on the platform grew to over 2.5 million. Approximately 65% or 1.6 million of subscribers were utilizing a personalized treatment. Monthly revenue per average subscriber increased 11% year - over - year to $83 in the fourth quarter. International revenue grew almost 400% year - over - year to $134 million in 2025. Adjusted EBITDA in 2025 increased nearly 80% year - over - year to $318 million, with adjusted EBITDA margin of 14% for the full year and 11% in the fourth quarter.

• 2026 first quarter revenue expected in the range of $600 million to $625 million, year - over - year increase of 2% to 7%; adjusted EBITDA between $35 million to $55 million. - Full - year 2026 revenue anticipated between $2.7 billion to $2.9 billion, year - over - year increase of 15% to 24%; adjusted EBITDA between $300 million and $375 million. - International expansion to be a significant growth driver, with initial outlook anticipating at least $200 million in revenue contributions from international markets, and Eucalyptus acquisition expected to close in second half of 2026 with additional revenue contributions.

• Regulatory and legal scrutiny on growth numbers. - Potential ban on compounding GLP - 1s and its impact on the business.

Q: From Jay on growing international footprint and integrating Eucalyptus.

A: Andrew Dudum said they have global ambitions, aim to target key markets, and believe in unifying Hims & Hers brand across major markets within next 1 - 2 years with North Star of $1 billion plus in incremental international revenue.

Q: From retail community on regulatory scrutiny and GLP - 1s.

A: Andrew Dudum said the business has always been more than one treatment, majority of revenue and profitability driven by offerings outside weight loss, and will continue expanding offerings systematically.

Q: From Maria Ripps on U.S. weight loss business and marketing mix.

A: Andrew Dudum said there's an expanding range of weight loss assortment and Yemi Okupe said marketing leverage is benefiting from breadth of treatments and investments, and LTV is driven by personalized treatments and strong retention.

Q: From Justin Patterson on investments in AI, labs, wearables.

A: Andrew Dudum said they are focusing on these areas with data collection and flywheel potential, and Yemi Okupe said investments will be staged and have potential for quick ROI.

Q: From Craig Hettenbach on growth in 2026 and international margin.

A: Yemi Okupe said growth in both Hims and Hers specialties, and international markets will be market - by - market with potential for margin expansion over time.

Q: From Eric Percher on international business composition and GLP - 1.

A: Andrew Dudum said international business composition will mirror U.S. and relationships with brand manufacturers are strong; Yemi Okupe said majority of business is non - weight loss in terms of revenue.

Q: From Mark Mahaney on fertility and Labs.

A: Andrew Dudum said encouraged by early data of launched categories like menopause, perimenopause, low - T and Labs, with near - term opportunities to scale.

Q: From Brian Tanquilut on EBITDA guidance variability.

A: Yemi Okupe said it's due to stage - gating investments, flexibility to invest in scaling new specialties and international business.

Q: From Glen Santangelo on 4Q U.S. revenue and GLP - 1.

A: Yemi Okupe said GLP - 1 business has impact on revenue timing but majority of revenue comes from non - GLP - 1 business.

Q: From Ryan MacDonald on fertility, FDA, and pipeline.

A: Andrew Dudum said pulled back pill launch to prioritize stakeholder conversations, welcomes FDA and DOJ conversations, and pipeline has many branded treatments coming to market.