Research Reports

Prepared Highlights

Q2 2025 revenue grew 73% year-over-year to $545 million (CFO).
Subscribers reached 2.4 million, up 73,000 quarter-over-quarter and 31% year-over-year (CEO, CFO).
Monthly average revenue per subscriber declined quarter-over-quarter to $74 from $84, primarily due to offboarding a portion of GLP-1 subscribers (CFO).
Gross margin expanded 3 points quarter-over-quarter to 76%, driven by specialties outside weight loss (CFO).
Adjusted EBITDA was $82 million; margin expanded nearly 3 points year-over-year to above 15% (CFO). Adjusted EBITDA was negatively impacted by ~$7 million in severance and sign-on bonuses (CFO).
Marketing as % of revenue was 40% (CFO).
Technology and development costs were 7% of revenue (CFO).
Free cash flow was negative $69 million in Q2; expects return to positive FCF in H2 (CFO).
Ended Q2 with $1.1 billion in cash and short-term investments; $65 million remaining in buyback program (CFO).
On-demand sexual health subscribers declined; over 40% of total sexual health subscribers and ~65% of new sexual health subscribers used a daily offering in the quarter (CFO).
Weight loss specialty: customers on a personalized GLP-1 plan for 6 months lost 10.3% body weight on average; only 25% discontinued treatment at 6 months (CEO). Typical weight loss subscriber has six provider interactions in first 3 months (CEO).
Closed acquisition of ZAVA in July, expanding presence in U.K., Germany, Ireland, France (CEO, CFO). Expects ZAVA to deliver at least $50 million net incremental revenue for remainder of 2025 (CFO).

Official Guidance

Q3 2025: Revenue $570M–$590M (42%–47% YoY); Adjusted EBITDA $60M–$70M (11% margin at midpoint). (CFO)
Full-year 2025: Revenue $2.3B–$2.4B (56%–63% YoY); Adjusted EBITDA $295M–$335M (13% margin at midpoint). (CFO)
Weight loss specialty expected to deliver at least $725 million revenue in 2025. (CFO)
Expects marketing leverage of 1–3 points per annum; long-term revenue retention target of 85% or higher. (CFO)

Mgmt Quotes

"The momentum we saw through the first half of 2025 is proof that our platform is delivering exactly what millions of people have been waiting for." (CEO)
"We believe we are just scratching the surface of what's possible and over the course of the second quarter, have laid an even stronger foundation to elevate the future value we can bring to our subscribers." (CFO)
"Our platform drove $82 million of adjusted EBITDA in the second quarter. The complexity of our platform and future ambitions will necessitate a more nuanced organizational structure." (CFO)
"We believe that responsibly harnessing data from potential future capabilities such as lab testing and wearables will allow us to better serve subscribers across multiple stages of their treatment journeys." (CFO)
"We are entering the second half of 2025 with a great deal of momentum. More importantly, we've established a foundation of talent and capabilities that serves as a critical step." (CFO)

Prepared Metrics

Metric	Value	Speaker/Context
Total Revenue	$545M	Q2 2025, YoY +73%
Subscribers	2.4M	End of Q2 2025, YoY +31%
Monthly ARPU	$74	Q2 2025, down QoQ from $84
Gross Margin	76%	Q2 2025, up 3 points QoQ
Adjusted EBITDA	$82M	Q2 2025
Adj. EBITDA Margin	>15%	Q2 2025
Marketing as % of Revenue	40%	Q2 2025
Cash & Short-term Investments	$1.1B	End of Q2 2025
Free Cash Flow	-$69M	Q2 2025
Weight Loss 6-month weight loss	10.3%	Customers on personalized GLP-1 (CEO)
Weight Loss 6-month discontinuation	25%	On-platform vs. ~80% in studies (CEO)

Q&A Batch (1-5 of 9)

Q1 — Maria Ripps

Topic: 核心业务与减肥板块动态及加拿大仿制GLP-1跨境问题
Key points:
- Q2中GLP-1业务因下架商业可用剂量面临重大逆风；性健康按需业务存在有意拖累，而性健康日常业务保持55%+增长，皮肤科、口服减肥、性健康日常均增长超55%。
- 管理层预计2026年将受益于基数效应及日常用户更高的留存率。
- 加拿大仿制semaglutide上市：通过大型仿制药制造商合作，仅发往加拿大地址，无跨境动态。
Mgmt stance: 中性偏积极——核心业务（剔除GLP-1和性健康按需）增长强劲，加拿大扩张严格合规。

Q2 — Craig Matthew Hettenbach

Topic: Hers业务表现及AI投资策略
Key points:
- Hers业务持续强劲增长，主要受益于皮肤科（皮肤与头发）、减肥及心理健康需求；下半年将推出更年期激素支持。
- AI策略：在3-6个月内构建立即提升效率、参与度和支持的技术，采用Agent中心化模型，提供24/7按需支持。
Mgmt stance: 积极——Hers业务有多重催化剂，AI投资预计短期（3-6个月）即可见效。

Q3 — Eric R. Percher

Topic: GLP-1收入下降趋势及全年减肥收入指引（$725M）
Key points:
- Q2 GLP-1收入$190M（Q1为$230M），主要因下架商业可用剂量；剩余产品（口服、个性化司美）将恢复增长。
- 全年减肥收入指引$725M包含所有成分（口服、liraglutide、品牌药、个性化等）；口服部分已超$100M。
- Q4由于发货批次变小（转向503A），收入确认节奏导致加速。
Mgmt stance: 积极——现有产品组合需求强劲，Q3/Q4有望继续增长，Q4加速。

Q4 — Ryan Michael MacDonald

Topic: 加拿大扩张品牌策略与仿制GLP-1定价，以及每订单收入确认变化
Key points:
- 加拿大业务将使用Hims & Hers品牌（非ZAVA），借助ZAVA团队技术。
- 仿制semaglutide目标消费者价格$75-$100，当前品牌药$200-$400（多在$350-$400），约为1/3价格；加拿大约2/3人口受肥胖影响。
- 个性化GLP-1转向503A后，每订单确认收入降低，但订单频率增加，导致Q4订单复合加速。
Mgmt stance: 积极——定价折扣将结构性解锁市场；收入确认变化不影响每用户平均收入趋势。

Q5 — Brian Gil Tanquilut

Topic: 下半年营销支出、获客成本及库存增加
Key points:
- 下半年将大力投资营销，但维持回报周期低于1年的资本分配框架；Q2环境波动，Q3将利用更稳定的产品组合学习。
- 库存Q2环比大幅增加，原因：为新品确保供应、利用资产负债表应对关税不确定性以增强供应链韧性；管理层认为这是季度性异常。
Mgmt stance: 中性偏积极——保留灵活性以投放新专科和新地区，库存增加是主动管理而非趋势。

Q&A Batch (6-9 of 9)

Q6 — George Robert Hill

Topic: 司美格鲁肽API来源、关税风险及503A产能
Key points:
- API来自国内外多个FDA注册、CGMP认证的设施，经第三方检测（效力、纯度等）。
- 当前未感受到关税带来的重大压力，且公司展望已假设无重大关税影响。
- 已通过资本支出和其他方式确保足够产能，以支撑未来几年的订阅用户增长。
Mgmt stance: bullish — 对供应链质量、关税无风险、产能充足均有信心。

Q7 — Jungwon Kim

Topic: 2030目标中国际与国内业务占比、营销策略变化
Key points:
- 国际是增长杠杆之一，但美国本土仍有巨大机会（新专科、个性化等），每个增长杠杆单独看均为10亿美元+机会。
- 营销支出保持高门槛，要求1年或更短的投资回收期。
- 将进行专科特定营销和多条件营销，未来继续根据学习迭代并维持原有资本分配框架。
Mgmt stance: bullish — 多个10亿+增长机会支撑2030目标，营销纪律清晰。

Q8 — Daniel R. Grosslight

Topic: 激素疗法推出时间、投资（CapEx/OpEx）及自有药房生产
Key points:
- 推出时间“相对较快”，但不披露具体日期；涵盖复合仿制药、品牌药等广泛治疗品种。
- 初期通过合作伙伴设施，长期主要通过自有设施交付（包括围绝经期、绝经期及男性低睾酮）。
- 相关投资已包含在现有指引中。
- 核心营收（除GLP-1）环比下降，主因是有意将性健康业务转向更高质量用户，预计该转型将在2026年下半年产生正贡献。
Mgmt stance: neutral — 激素疗法时间模糊但投资已计入；核心营收下滑解释为主动转型，长期看好但短期需多项过渡。

Q9 — David Michael Larsen

Topic: 503A营收增长、GLP-1指引（Q3/Q4各1亿美元？）及预防保健技术
Key points:
- 去年GLP-1收入来自503B合作伙伴（受短缺动态影响），目前不区分503A/503B，而是看体重管理专科整体。
- 体重管理专科的各组成部分（口服及GLP-1）预计本季度持续强劲增长。
- 预防保健方面：将推出个性化内容、24/7营养助理、认知行为疗法代理等，由新任CTO领导，旨在提升平台粘性。
Mgmt stance: bullish — 预期各板块持续增长，新技术层将增强用户粘性和体验。