{ "schemaVersion": "deck-intelligence.v1", "id": "019dd923-622c-750b-8b99-62a16d2a2f71", "slug": "747988e81365", "title": "Hims & Hers Health, Inc. (HIMS)", "subtitle": "Spruce Point Capital Management · 2023-07", "author": "Spruce Point Capital Management", "date": "2023-07-13 00:00:00", "pageCount": 105, "kind": "activist-deck", "orientation": "landscape", "aspectRatio": 1.3333334, "targetCompany": "Hims & Hers Health, Inc.", "targetTicker": "HIMS", "document": { "id": "019dd923-622c-750b-8b99-62a16d2a2f71", "slug": "747988e81365", "title": "Hims & Hers Health, Inc. 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"valuation-bridge" } ], "patterns": [] }, "storymakers": null, "score": null, "review": null, "activistThesis": { "tone": "adversarial", "notes": "Classic Spruce Point short-report format: provocative cover image (back of bald head tattooed 'STOCK PROMOTION / Sell, Sell, Sell' with skull-and-crossbones), track-record opener citing prior shorts (Oatly, Nuvei, FIGS, HSKA, PetIQ) as precedents, dense multi-section thesis (CPoM regulatory risk, quality-of-care, pharmacy supply chain, competition, failed growth initiatives, CAC/churn, governance, valuation). Short position disclosed in boilerplate disclaimer but no stake size. Stakeholder asks are implicit (short the stock) rather than activist-style demands. Strong CEO-quote-contradiction slide (p.99) juxtaposing Dudum's public claims with reality. Downside case framed both as a base case (multiple compression to $5.00-$6.62) and a tail scenario (regulatory action). Primary catalyst cited: June 9 2023 FDA approval of Eroxon OTC ED gel.", "kpisCited": [ { "detail": "88% CAGR, materially exceeded SPAC 30% YoY forecasts", "metric": "Revenue CAGR since 2020" }, { "detail": ">50% of revenues (last disclosed 57% in Oct 2020)", "metric": "ED/sex health share of revenue" }, { "detail": "Spruce Point estimates >50% churn by end of Year 1, ~80% by end of Year 2", "metric": "Customer churn Year 1" }, { "detail": "~16% of customer value generated through year three", "metric": "Long-term retention rate disclosed" }, { "detail": "HIMS 2.0x vs e-commerce peer average 1.4x and healthcare peer average 2.6x", "metric": "EV / 2023E Sales multiple" }, { "detail": "1.25x on $790M revenue → $5.00 implied share price", "metric": "Spruce Point EV/Sales target multiple" }, { "detail": "~$40M/year in marketing-related SBC not included in CAC calculation", "metric": "Understated marketing-related costs" }, { "detail": "Declined from 38.4% (75M shares) in 2021 to 28.8% (58M shares) in 2023 while share count rose ~17M", "metric": "Insider beneficial ownership" }, { "detail": "Zero sell ratings; average price target $12.80 (+48% implied upside)", "metric": "Sell-side coverage" }, { "detail": "$1.6 billion at $8.67 share price", "metric": "Market capitalization" } ], "closingAsk": "Short HIMS shares targeting $5.20-$6.50, representing 25-40% downside from the current $8.67 price, with additional downside if regulators act on CPoM violations.", "extraction": { "at": "2026-04-22 21:45:30+00", "model": "unknown-legacy", "runId": null, "seconds": 169.4173, "promptVersion": null }, "scqaReward": "25-40% downside to $5.20-$6.50 per share from $8.67 current price, with further downside if state or federal regulators act on Corporate Practice of Medicine violations.", "thesisTypes": [ "fraud_exposure", "multiple_rerating" ], "top3Reasons": [ "HIMS 'Friendly PC' structure likely violates state Corporate Practice of Medicine rules", "New FDA-approved OTC gel Eroxon threatens >50% of HIMS revenue from prescription ED", "HIMS trades at 2.0x sales premium while churn, CAC, and competition deteriorate" ], "scqaSituation": "Hims & Hers, a $1.6bn telehealth e-commerce company, grew 88% CAGR selling primarily generic ED drugs and hair-loss treatments through asynchronous online physician consultations, framing itself as healthcare's 'front door.'", "thesisSummary": "Hims & Hers Health (NYSE: HIMS), a $1.6bn market-cap telehealth e-commerce company, has grown revenue at 88% CAGR since 2020 primarily by selling generic ED drugs (>50% of revenue) and men's hair-loss treatments through asynchronous, check-the-box physician consultations. Spruce Point argues HIMS is not a credible healthcare company but a commoditized drug-marketing machine operating on shaky ground: its 'Friendly PC' structure likely violates state Corporate Practice of Medicine (CPoM) doctrine, its contract-physician network lacks exclusivity or continuity of care, and its third-party pharmacy supply chain (Truepill, ITC Compounding) faces DEA and FDA actions. The June 2023 FDA approval of over-the-counter ED gel Eroxon threatens HIMS's core franchise, while competitors Ro, Keeps, and Amazon Pharmacy erode pricing. 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You should assume that as of the publication date... 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"019dd953-0f1d-76e6-8702-1ca15b709b5a", "parentComponentId": null }, { "bbox": { "h": 0.12, "w": 0.25, "x": 0.02, "y": 0.03 }, "kind": "image", "text": "Spruce Point Capital Management Logo", "attrs": null, "canon": { "kind": { "name": "Image", "slug": "image", "status": "active", "canonId": "019de52c-f978-701f-a720-51d029d769e7", "version": 1, "description": "Photo, illustration, screenshot or icon." }, "tool": null, "subkind": { "name": "Logo", "slug": "logo", "status": "active", "canonId": "019de52c-fdaf-743d-94c4-d7c6a0e55302", "version": 1, "description": null }, "framework": null }, "subkind": "logo", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:29:49.409+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "0163ef29-0ae0-4f95-98a8-1fb984ee6b37", "parentComponentId": null }, { "bbox": null, "kind": "metric", "text": "share price: $5.20-$6.50", "attrs": null, "canon": { "kind": { "name": "Metric", "slug": "metric", "status": "active", "canonId": "019de52c-f923-73bf-8081-d0b1a8c5264d", "version": 1, "description": "Big-number or KPI value." }, "tool": { "name": "Quantification", "slug": "quantification", "status": "active", "bestFor": null, "canonId": "019dd9e1-47ab-72ce-a079-aab1f5299e88", "version": 1, "bodyDocId": null, "description": "Translating a claim into numbers, charts, or tables.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:14:00+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-0f1d-76e6-8702-23216b5ed7ab", "parentComponentId": null }, { "bbox": { "h": 0.15, "w": 0.9, "x": 0.05, "y": 0.8 }, "kind": "paragraph", "text": "We believe HIMS faces enormous competition while having developed no sustainable advantages beyond its brand, which we believe has been sustained by outrageously large marketing expenditures. Despite its growth, we believe that HIMS has failed to execute on just about every expansion opportunity it has pitched to investors since its IPO (e.g. health provider partnerships, insurance market, HIMS for Enterprise, international, women’s health, and wholesale), while vastly reducing key performance indicators once touted by management. Moreover, we believe management has misrepresented and understated its churn and CAC metrics and that HIMS’ inability to normalize marketing spend means true profitability will continue to suffer. Despite all this, HIMS trades at a premium to its e-commerce peers. We currently see 25% - 40% downside risk ($5.20 - $6.50) in HIMS’ share price.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:29:49.409+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "5c938248-0b83-44f6-a956-4a692c83b1c4", "parentComponentId": null }, { "bbox": { "h": 0.35, "w": 0.9, "x": 0.05, "y": 0.18 }, "kind": "paragraph", "text": "Hims & Hers Health, Inc. (NYSE: HIMS or “the Company”) is a $1.6 billion market capitalization health and wellness e-commerce Company. Founded in 2017, HIMS IPO’ed in January 2021 through a merger with SPAC Oaktree Acquisition Corp. HIMS provides online access to both prescription and over-the-counter (OTC) products, primarily for chronic conditions whose treatment is generally elective, not covered by insurance, and a source of social stigma. The Company’s big win was capitalizing on the explosion of demand for generic erectile dysfunction (ED) medications by prescription (Viagra and Cialis, estimated to be >50% of revenues), which it supplemented early on with men’s hair loss treatments. HIMS has since expanded into dermatology (acne, aging), mental health, and women’s sexual health (birth control, libido). HIMS uses an affiliated telehealth operation staffed by contract physicians to provide patient consultations and issue prescriptions. Giving credit where it is due, HIMS has grown revenue at an 88% CAGR since 2020 and, unlike many of its de-SPAC peers, has greatly exceeded its highly conservative (or sandbagged) SPAC transaction revenue forecasts, which called for 30% YoY growth each year. Yet, despite blistering top-line growth, cash flow remains elusive.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:29:49.409+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "81e73657-80cf-4503-875e-bf0981bbbeaa", "parentComponentId": null }, { "bbox": { "h": 0.25, "w": 0.9, "x": 0.05, "y": 0.54 }, "kind": "paragraph", "text": "However, we believe the image of its business presented to investors does not match reality and that fundamental changes to ED medication now becoming FDA approved for OTC sales (i.e. not requiring a HIMS prescription) are increasingly likely to thwart its revenue growth. We also believe HIMS has operated on shaky ground in relation to corporate practice of medicine provisions, risking serious legal and business repercussions. Also, HIMS positions itself as the ‘front door” to the healthcare system, with deep customer relationships and a platform that will scale to provide a broad range of medical treatments. In reality, we believe HIMS remains largely a quick and easy outlet for completely commoditized ED pills and hair loss solutions, and its physician consultations are overwhelmingly asynchronous, check-the-box affairs designed to maximize the issuance of prescriptions and sale of medications, endowing HIMS with questionable medical credibility or enduring brand equity. We find it troubling that HIMS’ early clinical guidelines were developed by a physician sanctioned by the Medical Board of California who went on to co-found controversial start-up Cerebral. To make matters worse, we find serious operational risks and embarrassing quality control issues plague a large portion of the pharmacy supply chain used by HIMS.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:29:49.409+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "e374e3b7-9acc-4e36-835c-88342d5cfb8a", "parentComponentId": null }, { "bbox": { "h": 0.12, "w": 0.68, "x": 0.28, "y": 0.05 }, "kind": "title", "text": "Spruce Point Sees 25% - 40% ($5.20 - $6.50) Downside Risk To Hims & Hers Health (HIMS) Share Price", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:29:49.409+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "c7de07c6-dbeb-4cf7-82a8-74c98c0d740d", "parentComponentId": null } ], "metrics": [], "tools": [ { "tool": { "name": "Thesis archetype", "slug": "thesis-archetype", "status": "active", "bestFor": null, "canonId": "019dd9e1-4b0b-7428-9b26-f171d1e753fb", "version": 1, 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"model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-0f1d-76e6-8705-3078fefece1f", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.96, "x": 0.02, "y": 0.39 }, "kind": "list", "text": "However, we believe the Friendly PC structure used by HIMS is on shaky ground because it may violate two tenets of the CPoM.", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Bullet list", "slug": "bullet", "status": "active", "canonId": "019de52c-fc98-7169-a083-5cab805076ca", "version": 1, "description": null }, "framework": null }, "subkind": "bullet", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:29:49.875+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "00a3f229-1658-40e3-a221-dbe17fd478bd", "parentComponentId": null }, { "bbox": { "h": 0.11, "w": 0.96, "x": 0.02, "y": 0.52 }, "kind": "list", "text": "Second, we find clear evidence that HIMS exercises control over medical practice by the AMGs. Not only do HIMS' own accounting disclosures conflict with its regulatory obligations, but a past Business Insider investigation of HIMS and our discussions with former HIMS employees and physicians confirm that HIMS management plays a direct role in structuring, tracking, and evaluating physician decision-making and patient / prescription volumes and making medical personnel decisions.", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Bullet list", "slug": "bullet", "status": "active", "canonId": "019de52c-fc98-7169-a083-5cab805076ca", "version": 1, "description": null }, "framework": null }, "subkind": "bullet", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:29:49.875+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "31a2e095-622b-4ca8-b138-bea67e048d39", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.96, "x": 0.02, "y": 0.64 }, "kind": "list", "text": "HIMS originally registered AMGs in various states under the Bailey Health name. However, the Company dissolved all Bailey Health entities and replaced them with new You Health entities from 2021 to 2022. Why? Based on our analysis of corporate filings, we believe HIMS may have done this to address previous mistakes that violate CPoM provisions.", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Bullet list", "slug": "bullet", "status": "active", "canonId": "019de52c-fc98-7169-a083-5cab805076ca", "version": 1, "description": null }, "framework": null }, "subkind": "bullet", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:29:49.875+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "55a27c8f-74f6-4731-905a-9a8695cd7577", "parentComponentId": null }, { "bbox": { "h": 0.12, "w": 0.96, "x": 0.02, "y": 0.73 }, "kind": "list", "text": "We find that only nine different physicians have owned HIMS AMGs, but that just two own all AMG entities, highlighting the dubious reality of HIMS' structure. Furthermore, our investigation into the backgrounds of several of these physicians yields some concerning findings... one doctor graduated from a Caribbean medical school with highly questionable accreditation... another currently lists three other current jobs but NOT his role at HIMS on his LinkedIn profile.", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Bullet list", "slug": "bullet", "status": "active", "canonId": "019de52c-fc98-7169-a083-5cab805076ca", "version": 1, "description": null }, "framework": null }, "subkind": "bullet", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:29:49.875+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "6cced772-d2ab-40b5-a9e7-9717d981ffdd", "parentComponentId": null }, { "bbox": { "h": 0.07, "w": 0.96, "x": 0.02, "y": 0.86 }, "kind": "list", "text": "Somewhat comically, we find that even HIMS struggles to describe the financial flows that result from the Friendly PC structure. HIMS treats the AMGs as variable interest entities and consolidates their financial results, which we believe obfuscates numerous key revenue and expense items that would provide investors great insight if the AMGs were really as separate as CPoM provisions require.", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Bullet list", "slug": "bullet", "status": "active", "canonId": "019de52c-fc98-7169-a083-5cab805076ca", "version": 1, "description": null }, "framework": null }, "subkind": "bullet", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:29:49.875+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "7065ed9c-60c5-425f-9d95-a2e27a8b3078", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.96, "x": 0.02, "y": 0.43 }, "kind": "list", "text": "First, physicians do NOT own the AMGs. While a single physician appears on entity registration documents, they have no equity ownership, voting rights, or financial claims. In fact, we believe they are “figureheads” who can be replaced at the whim of HIMS management. And other practicing physicians are not owners either, as they are contractors.", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Bullet list", "slug": "bullet", "status": "active", "canonId": "019de52c-fc98-7169-a083-5cab805076ca", "version": 1, "description": null }, "framework": null }, "subkind": "bullet", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:29:49.875+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "7e9f5170-8267-4503-968a-268873d35ad8", "parentComponentId": null }, { "bbox": { "h": 0.12, "w": 0.96, "x": 0.02, "y": 0.26 }, "kind": "list", "text": "CPoM provisions prohibit corporations from practicing medicine in order to avoid conflicts of interest. While CPoM provisions vary by state, HIMS seeks to operate within compliance by adopting the Friendly PC model, which is meant to (1) ensure physician “ownership” of the “affiliated medical groups” (AMGs) that provide care and (2) bifurcate business and medical activities so that the AMGs retain “exclusive authority” over treatment decisions.", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Bullet list", "slug": "bullet", "status": "active", "canonId": "019de52c-fc98-7169-a083-5cab805076ca", "version": 1, "description": null }, "framework": null }, "subkind": "bullet", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:29:49.875+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "d3d0f039-afb7-4070-b652-afaba7f76e3e", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.96, "x": 0.02, "y": 0.17 }, "kind": "paragraph", "text": "We believe HIMS' “Friendly Professional Corporation” structure used to operate its physician network may not adequately comply with corporate practice of medicine (CPoM) regulations. 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Founding medical director's history of negligence. Physician contractor model leads to suboptimal care. Failure to follow AUA guidelines. Poor customer reviews for non-ED services. Subscription cancellation difficulties. Privacy concerns regarding HIPAA and ad targeting. 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An FDA inspection of HIMS supplier ITC Compounding uncovered such severe violations... Although HIMS has attempted to move more production in-house...", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Bullet list", "slug": "bullet", "status": "active", "canonId": "019de52c-fc98-7169-a083-5cab805076ca", "version": 1, "description": null }, "framework": null }, "subkind": "bullet", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:29:48.826+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "119b30c0-19eb-4294-b1aa-9675857a27de", "parentComponentId": null }, { "bbox": { "h": 0.42, "w": 0.95, "x": 0.03, "y": 0.52 }, "kind": "list", "text": "HIMS has made its name selling completely commoditized generic medications at massive premiums... direct competitors Ro Health and Keeps... have strong mindshare... broad based players like Mark Cuban's Cost Plus Drug Company are growing rapidly... HIMS has a reputation as the high-priced supplier... recent FDA approval of Eroxon... former HIMS employees and physicians admitted to us that the Company's products are commoditized and overpriced", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Bullet list", "slug": "bullet", "status": "active", "canonId": "019de52c-fc98-7169-a083-5cab805076ca", "version": 1, "description": null }, "framework": null }, "subkind": "bullet", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:29:48.826+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "4be25eda-f012-4643-a721-a293ed7c53e6", "parentComponentId": null }, { "bbox": { "h": 0.04, "w": 0.95, "x": 0.03, "y": 0.16 }, "kind": "paragraph", "text": "We believe HIMS is exposed to material operational and reputational risks from the third-party pharmacies that comprise nearly 50% of its current pharmacy supply chain.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:29:48.826+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "a038f316-51a0-4642-9ba6-5aaa6ea96799", "parentComponentId": null }, { "bbox": { "h": 0.04, "w": 0.95, "x": 0.03, "y": 0.47 }, "kind": "paragraph", "text": "We believe that HIMS, as a seller of commoditized prescription and OTC treatments, has little sustainable competitive advantage and is poorly positioned for the entry of OTC ED medications and new competitors into the online pharmacy market.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:29:48.826+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "bd63ec5d-79d0-4aec-b955-0a2ef4211d3c", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.7, "x": 0.28, "y": 0.03 }, "kind": "title", "text": "HIMS' Supply Chain Is At Risk And The Company Is Poorly Positioned For An Increasingly Competitive Market", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:29:48.826+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "8ac1d8ac-fa41-4dce-81cd-8f25367a65a2", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [], "arcBeats": [ { "to": 13, "arc": { "name": "Overcoming the Monster", "slug": "overcoming-monster", "status": "active", "bestFor": "Competitive positioning, rallying teams", "canonId": "019dd956-6339-76ac-9cbf-4b377c3aa89e", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "The Monster -> The Call -> The Struggle -> The Victory -> The New Order", "description": null, "familyLabel": null }, "from": 9, "name": "Complication", "beatId": "222268c8-de44-43e0-b3f6-65160180d040", "matchId": "f755dc76-7051-4836-8a8b-ed610745cfdd", "beatType": { "name": "Complication", "slug": "complication", "status": "active", "canonId": "019dd9b8-0275-7709-b2d6-4f77c3fc7579", "version": 1, "description": "The point in the narrative where the audience should feel discomfort. 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"confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 20:29:56.806+00", "seconds": 10.791, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b99-62a16d2a2f71/13", "deck": "/decks/019dd923-622c-750b-8b99-62a16d2a2f71", "deckAnchor": "/decks/019dd923-622c-750b-8b99-62a16d2a2f71#slide-13", "deckJson": "/decks/019dd923-622c-750b-8b99-62a16d2a2f71.json" }, "components": [ { "bbox": null, "kind": "callout", "text": "In reality, we estimate that HIMS churns well over 50% of customers by the end of year 1 and nearly 80% by the end of year 2.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": { "name": "Visual emphasis", "slug": "visual-emphasis", "status": "active", "bestFor": null, "canonId": "019dd9e1-474b-736b-a8eb-a794dd88241c", "version": 1, "bodyDocId": null, "description": "Drawing the eye to one element above the rest of the slide.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:14:11+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-0f1d-76e6-8709-105da186ef1b", "parentComponentId": null }, { "bbox": { "h": 0.04, "w": 0.94, "x": 0.03, "y": 0.91 }, "kind": "list", "text": "Finally, we are troubled that as pressures have begun to show in HIMS' business that it has subtly reduced supplemental financial disclosures that would help investors develop a more accurate picture of its business.", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Bullet list", "slug": "bullet", "status": "active", "canonId": "019de52c-fc98-7169-a083-5cab805076ca", "version": 1, "description": null }, "framework": null }, "subkind": "bullet", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:29:56.806+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "43f17095-1801-4c0a-9932-d0258161ff40", "parentComponentId": null }, { "bbox": { "h": 0.04, "w": 0.94, "x": 0.03, "y": 0.8 }, "kind": "list", "text": "And while average order value (AOV) has increased over the past two years largely due to pushing longer term subscriptions, we find that CAC has grown much faster YoY in 2022 than AOV.", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Bullet list", "slug": "bullet", "status": "active", "canonId": "019de52c-fc98-7169-a083-5cab805076ca", "version": 1, "description": null }, "framework": null }, "subkind": "bullet", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:29:56.806+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "4c5c3d27-ec62-4fb0-bcdc-6024b0a51573", "parentComponentId": null }, { "bbox": { "h": 0.14, "w": 0.94, "x": 0.03, "y": 0.66 }, "kind": "list", "text": "We also disagree with management's claim that HIMS is a low customer acquisition costs (CAC) business. For starters, we believe total marketing expenses and marketing-related stock based compensation (most of which we suspect relates to compensation for celebrity endorsements) should be added to acquisition costs, which adds an average of about $40 million in costs for each of the past two years. 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However, when we include stock-based compensation, we note that HIMS remains far away from breakeven and note that the Company has not demonstrated that it can temper the marketing expense firehose and still grow revenue.", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Bullet list", "slug": "bullet", "status": "active", "canonId": "019de52c-fc98-7169-a083-5cab805076ca", "version": 1, "description": null }, "framework": null }, "subkind": "bullet", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:29:56.806+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "69faeb01-17c7-41de-b759-adebdbcf891d", "parentComponentId": null }, { "bbox": { "h": 0.18, "w": 0.94, "x": 0.03, "y": 0.26 }, "kind": "list", "text": "We believe the notion that HIMS is a recurring revenue business to be unsupportable given how quickly we estimate it churns customers. HIMS deflects a complete picture of the its customer churn by quoting “long-term retention rates” and implying that the metric is representative of how well HIMS retains customers over time. In contrast, we believe this metric is largely meaningless, as it only captures retention from the end of year two to the end of year three, meaning (1) it cannot be easily compared with others as a non-standard metric, and (2) it only references what we estimate to be 16% of customer value generated through year three and so reveals shockingly little on retention.", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Bullet list", "slug": "bullet", "status": "active", "canonId": "019de52c-fc98-7169-a083-5cab805076ca", "version": 1, "description": null }, "framework": null }, "subkind": "bullet", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:29:56.806+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "74f2a380-2eb3-40a5-891b-fafe6bb80ead", "parentComponentId": null }, { "bbox": { "h": 0.04, "w": 0.94, "x": 0.03, "y": 0.44 }, "kind": "list", "text": "In reality, we estimate that HIMS churns well over 50% of customers by the end of year 1 and nearly 80% by the end of year 2.", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Bullet list", "slug": "bullet", "status": "active", "canonId": "019de52c-fc98-7169-a083-5cab805076ca", "version": 1, "description": null }, "framework": null }, "subkind": "bullet", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:29:56.806+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "89683e45-1c3f-48f0-bf2f-9b8ea085998a", "parentComponentId": null }, { "bbox": { "h": 0.18, "w": 0.94, "x": 0.03, "y": 0.48 }, "kind": "list", "text": "CEO Dudum has often represented that HIMS customers are spending more on a broader set of products on the platform. However, our analysis calls that into question. We find that subscriptions and orders per subscriber have both declined since early 2021. Moreover, although HIMS claims to have materially increased the percentage of subscribers on multi-month plans, we find it dubious that online revenue per subscriber, per subscription, and per order barely budged from Q1 2021 to Q2 2022 despite an 11% estimated increase in revenue per order. Suspiciously, HIMS no longer discloses revenue mix by product type, further supporting our view that revenue diversification has been modest.", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Bullet list", "slug": "bullet", "status": "active", "canonId": "019de52c-fc98-7169-a083-5cab805076ca", "version": 1, "description": null }, "framework": null }, "subkind": "bullet", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:29:56.806+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "ffa67d75-9905-405e-b4a9-b9bbd116ff1c", "parentComponentId": null }, { "bbox": null, "kind": "metric", "text": "customer churn: 80%", "attrs": null, "canon": { "kind": { "name": "Metric", "slug": "metric", "status": "active", "canonId": "019de52c-f923-73bf-8081-d0b1a8c5264d", "version": 1, "description": "Big-number or KPI value." }, "tool": { "name": "Quantification", "slug": "quantification", "status": "active", "bestFor": null, "canonId": "019dd9e1-47ab-72ce-a079-aab1f5299e88", "version": 1, "bodyDocId": null, "description": "Translating a claim into numbers, charts, or tables.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:14:11+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-0f1d-76e6-8709-162678bf5138", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.94, "x": 0.03, "y": 0.17 }, "kind": "paragraph", "text": "HIMS likes to sell itself as a recurring revenue, low customer acquisition cost business. However, we believe HIMS' disclosures regarding core business metrics are incomplete, being eliminated, and that several key measures are under increasing pressure.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:29:56.806+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "c2f57723-4cd8-4f31-9225-093b81ac449c", "parentComponentId": null }, { "bbox": { "h": 0.12, "w": 0.65, "x": 0.31, "y": 0.03 }, "kind": "title", "text": "We Believe HIMS Misrepresents Major Business Metrics, And We See Deteriorating Momentum", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:29:56.806+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "25c72bf4-02da-4f18-af94-81bc5ea97bfd", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [ { "matchId": "e6b927b4-b599-4264-9e70-57b6a180f297", "evidence": "The slide systematically deconstructs management claims regarding churn, CAC, and EBITDA to argue for misrepresentation.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 20:29:56.806+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 13, "frameworkName": "fraud-exposure" } ], "arcBeats": [ { "to": 13, "arc": { "name": "Overcoming the Monster", "slug": "overcoming-monster", "status": "active", "bestFor": "Competitive positioning, rallying teams", "canonId": "019dd956-6339-76ac-9cbf-4b377c3aa89e", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "The Monster -> The Call -> The Struggle -> The Victory -> The New Order", "description": null, "familyLabel": null }, "from": 9, "name": "Complication", "beatId": "222268c8-de44-43e0-b3f6-65160180d040", "matchId": "f755dc76-7051-4836-8a8b-ed610745cfdd", "beatType": { "name": "Complication", "slug": "complication", "status": "active", "canonId": "019dd9b8-0275-7709-b2d6-4f77c3fc7579", "version": 1, "description": "The point in the narrative where the audience should feel discomfort. Required for argumentative arcs." }, "evidence": "The document presents several complications with HIMS' business model, including operational structure and supply chain risks", "position": 1, "isPrimaryArc": true, "parentBeatType": null, "alignedBlockIds": null, "matchConfidence": 0.8 }, { "to": 53, "arc": { "name": "Overcoming the Monster", "slug": "overcoming-monster", "status": "active", "bestFor": "Competitive positioning, rallying teams", "canonId": "019dd956-6339-76ac-9cbf-4b377c3aa89e", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "The Monster -> The Call -> The Struggle -> The Victory -> The New Order", "description": null, "familyLabel": null }, "from": 4, "name": "Villain Critique", "beatId": "80bd0218-c4cf-4186-b917-bf58199ab190", "matchId": "f755dc76-7051-4836-8a8b-ed610745cfdd", "beatType": null, "evidence": "The document presents a thorough critique of HIMS, framing it as a villain in the healthcare market", "position": 4, "isPrimaryArc": true, "parentBeatType": null, "alignedBlockIds": null, "matchConfidence": 0.8 } ], "loops": [], "locked": true }, { "page": 14, "type": "tension", "title": "The slide uses a red background for the 'Why Spruce Point Believes the HIMS Model Is Broken' section to emphasize the negative outlook.", "function": "frame_problem", "rawType": "thesis_headline", "block": null, "metadata": { "slideType": "thesis_headline", "slideTypeCanon": { "name": "Thesis headline", "slug": "thesis_headline", "status": "active", "canonId": "019de52d-073a-70cb-b9f6-772a597bb5af", "version": 1, "description": null }, "function": "frame_problem", "functionCanon": { "name": "Frame problem", "slug": "frame_problem", "status": "active", "canonId": "019de52d-13db-753e-ad70-e9b2d0dab398", "version": 1, "description": null }, "density": "dense", "densityScore": 73, "componentCount": 7, "textChars": 2301, "nDataPoints": 4, "notes": "The slide uses a red background for the 'Why Spruce Point Believes the HIMS Model Is Broken' section to emphasize the negative outlook.", "elementsJson": [ "headline_text", "bullet_list", "callout_box" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 20:29:50.075+00", "seconds": 4.045, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b99-62a16d2a2f71/14", "deck": "/decks/019dd923-622c-750b-8b99-62a16d2a2f71", "deckAnchor": "/decks/019dd923-622c-750b-8b99-62a16d2a2f71#slide-14", "deckJson": "/decks/019dd923-622c-750b-8b99-62a16d2a2f71.json" }, "components": [ { "bbox": null, "kind": "callout", "text": "We see 25% - 40% downside in HIMS shares, and perhaps more should regulators take actions that could impair its business model.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": { "name": "Visual emphasis", "slug": "visual-emphasis", "status": "active", "bestFor": null, "canonId": "019dd9e1-474b-736b-a8eb-a794dd88241c", "version": 1, "bodyDocId": null, "description": "Drawing the eye to one element above the rest of the slide.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:14:01+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-0f1d-76e6-8703-0592fdc85abe", "parentComponentId": null }, { "bbox": { "h": 0.13, "w": 0.96, "x": 0.02, "y": 0.21 }, "kind": "list", "text": "We believe HIMS is an e-commerce business selling generic products and services and currently trades at a large premium to peers as a result of its high revenue growth. However, given the emergence of new OTC ED medications, and the large marketing expenditure (and high churn) necessary to sustain its revenue growth, we believe its growth rate will materially decline.\nWe believe there are numerous reasons why HIMS revenue multiple is likely to contract closer to its e-commerce peer group and see potential for 25% - 40% downside risk ($5.20 - $6.50), and more if regulators were to take issue with HIMS operating model.", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Bullet list", "slug": "bullet", "status": "active", "canonId": "019de52c-fc98-7169-a083-5cab805076ca", "version": 1, "description": null }, "framework": null }, "subkind": "bullet", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:29:50.075+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "6c6bf87b-6b5b-48a1-9d76-d68df3d530fa", "parentComponentId": null }, { "bbox": { "h": 0.52, "w": 0.96, "x": 0.02, "y": 0.43 }, "kind": "list", "text": "HIMS' core products are highly commoditized, and HIMS is a premium priced supplier while large entrants are gaining momentum.\nNew FDA approved ED treatment available OTC called Eroxon (i.e. without the need for a HIMS prescription) could thwart a sizeable portion of its revenue (estimated >50% of revenue).\nState and/or Federal regulatory action against HIMS for CPoM violations would have grave consequences.\nHIMS is structured to generate high-volume prescriptions for a limited set of conditions, not to provide a broad set of credible healthcare services.\nHIMS lacks real healthcare expertise and, at its core, is an e-commerce company.\nCustomers can game the HIMS system to obtain access to prescriptions and then purchase products elsewhere.\nThe HIMS care model and current infrastructure cannot support the requirements of new care areas such as mental health, cardiovascular health, and weight loss.\nThe HIMS platform is particularly ill-suited and positioned for women's conditions, as evidenced by poor reviews.\nAll the major growth opportunities highlighted by management have failed to materialize.\nHIMS is seemingly unable to grow revenue without massive customer acquisition costs.\nHIMS' customer churn appears to be much worse than the Company represents.", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Bullet list", "slug": "bullet", "status": "active", "canonId": "019de52c-fc98-7169-a083-5cab805076ca", "version": 1, "description": null }, "framework": null }, "subkind": "bullet", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:29:50.075+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "8b998e53-8d85-43f8-89c6-01ffeac3b3f7", "parentComponentId": null }, { "bbox": null, "kind": "metric", "text": "downside risk: 25% - 40%", "attrs": null, "canon": { "kind": { "name": "Metric", "slug": "metric", "status": "active", "canonId": "019de52c-f923-73bf-8081-d0b1a8c5264d", "version": 1, "description": "Big-number or KPI value." }, "tool": { "name": "Quantification", "slug": "quantification", "status": "active", "bestFor": null, "canonId": "019dd9e1-47ab-72ce-a079-aab1f5299e88", "version": 1, "bodyDocId": null, "description": "Translating a claim into numbers, charts, or tables.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:14:01+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-0f1d-76e6-8703-0948db4884b9", "parentComponentId": null }, { "bbox": { "h": 0.04, "w": 0.96, "x": 0.02, "y": 0.16 }, "kind": "paragraph", "text": "We see 25% - 40% downside in HIMS shares, and perhaps more should regulators take actions that could impair its business model.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:29:50.075+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, 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significant downside risk.", "framework": null, "confidence": 0.8, "extraction": { "at": "2026-05-02 20:29:50.075+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 14, "frameworkName": "antagonist-introduction" } ], "arcBeats": [ { "to": 53, "arc": { "name": "Overcoming the Monster", "slug": "overcoming-monster", "status": "active", "bestFor": "Competitive positioning, rallying teams", "canonId": "019dd956-6339-76ac-9cbf-4b377c3aa89e", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "The Monster -> The Call -> The Struggle -> The Victory -> The New Order", "description": null, "familyLabel": null }, "from": 4, "name": "Villain Critique", "beatId": "80bd0218-c4cf-4186-b917-bf58199ab190", "matchId": "f755dc76-7051-4836-8a8b-ed610745cfdd", "beatType": null, "evidence": "The document presents a thorough critique of HIMS, framing it as a villain in the healthcare market", 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The CPoM presents a significant concern to physician business ventures as failure to comply with a state's CPoM laws can result in: Physician licensure action or revocation; Civil (and in extreme cases, criminal) liability; Voiding of an underlying business arrangement; Commercial or government insurers seeking to recoup reimbursement payments.", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Bullet list", "slug": "bullet", "status": "active", "canonId": "019de52c-fc98-7169-a083-5cab805076ca", "version": 1, "description": null }, "framework": null }, "subkind": "bullet", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:29:49.839+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "15ac6d3d-cb32-4527-982d-4d51b36c38b3", "parentComponentId": null }, { "bbox": { "h": 0.12, "w": 0.96, "x": 0.02, "y": 0.43 }, "kind": "paragraph", "text": "In certain jurisdictions, the corporate practice of medicine doctrine generally prohibits non-physicians from practicing medicine, including by employing physicians to provide clinical services, directing the clinical practice of physicians, or holding an ownership interest in an entity that employs physicians.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:29:49.839+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "3d80cdb0-0e16-45f6-b60f-6994edb0debc", "parentComponentId": null }, { "bbox": { "h": 0.18, "w": 0.96, "x": 0.02, "y": 0.18 }, "kind": "paragraph", "text": "The corporate practice of medicine (CPoM) doctrine prohibits corporations from practicing medicine or employing physicians to provide professional medical services in order to prevent the commercialization of medicine and avoid conflicts of interest...", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:29:49.839+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "8259f018-20cf-4b49-8d14-a7cadc7ff954", "parentComponentId": null }, { "bbox": null, "kind": "quote", "text": "The CPoM presents a significant concern to physician business ventures as failure to comply with a state's CPOM laws can result in: Physician licensure action or revocation. 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}, "kind": "callout", "text": "Spruce Point Interviews With Physicians Who Worked in the HIMS Network Confirm Our View", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": null, "subkind": { "name": "Primary callout", "slug": "primary", "status": "active", "canonId": "019de52c-fbd1-70eb-a9ce-8997f8674c1d", "version": 1, "description": null }, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:29:55.503+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "0dc693d4-d157-42df-8177-e9d056a56e3e", "parentComponentId": null }, { "bbox": { "h": 0.04, "w": 0.96, "x": 0.02, "y": 0.3 }, "kind": "callout", "text": "We Believe Physician Ownership Is A Farce", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": null, "subkind": { "name": "Primary callout", "slug": "primary", "status": "active", "canonId": "019de52c-fbd1-70eb-a9ce-8997f8674c1d", "version": 1, "description": null }, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:29:55.503+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "5bd0d44d-e1a4-4b15-bde5-6c80d2255986", "parentComponentId": null }, { "bbox": null, "kind": "callout", "text": "HIMS' claims its AMG entities are solely “owned” by physicians. However, we find and believe that all HIMS AMGs are “owned” by a very small handful of physician “figureheads” under HIMS' control who have none of the traditional benefits of ownership.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": { "name": "Visual emphasis", "slug": "visual-emphasis", "status": "active", "bestFor": null, "canonId": "019dd9e1-474b-736b-a8eb-a794dd88241c", "version": 1, "bodyDocId": null, "description": "Drawing the eye to one element above the rest of the slide.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:14:02+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-0f1d-76e6-8703-566fbae891d8", "parentComponentId": null }, { "bbox": { "h": 0.28, "w": 0.96, "x": 0.02, "y": 0.35 }, "kind": "list", "text": "100% entity “ownership” is held by a single physician and subject to a restrictive stock transfer agreement... The physician owner effectively has no true control... The physician owner appears on corporate registration documents, but HIMS remains the sole beneficial owner... Therefore, financial conflicts of interest... HIMS likes to note that since the practicing physicians are contractors... the physicians are neither “owners” nor share in any profit participation", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Bullet list", "slug": "bullet", "status": "active", "canonId": "019de52c-fc98-7169-a083-5cab805076ca", "version": 1, "description": null }, "framework": null }, "subkind": "bullet", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:29:55.503+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "cc1d56c0-9988-4e4d-b1e0-9146c48800cb", "parentComponentId": null }, { "bbox": { "h": 0.11, "w": 0.96, "x": 0.02, "y": 0.17 }, "kind": "paragraph", "text": "HIMS’ claims its AMG entities are solely “owned” by physicians. However, we find and believe that all HIMS AMGs are “owned” by a very small handful of physician “figureheads” under HIMS’ control who have none of the traditional benefits of ownership...", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:29:55.503+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "6fe45abe-a6d8-4fea-a026-6bdf75c2b2af", "parentComponentId": null }, { "bbox": { "h": 0.22, "w": 0.73, "x": 0.25, "y": 0.7 }, "kind": "quote", "text": "Spruce Point: What did it mean to be an owner? Did you have an ownership or voting stake? Answer: “I wish...no, none of that. None of that. Yeah, I didn’t get any of that...You talk about equity and things like that. There was no equity in the PC. The PC was basically worthless from a financial perspective.” “In practicality, the PC owner really doesn’t do anything. It’s just kind of a figurehead in many ways. Just kind of a check the box to meet the regulation.”", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": null, "subkind": { "name": "Testimonial", "slug": "testimonial", "status": "active", "canonId": "019de52c-fc21-71b6-9ac3-8266a64945e8", "version": 1, "description": null }, "framework": null }, "subkind": "testimonial", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:29:55.503+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "751d3470-4dcb-4f06-b69c-a33f0c7786e6", "parentComponentId": null }, { "bbox": null, "kind": "quote", "text": "“I wish...no, none of that. None of that. Yeah, I didn't get any of that...You talk about equity and things like that. There was no equity in the PC. The PC was basically worthless from a financial perspective.” — Former HIMS Physician. “In practicality, the PC owner really doesn't do anything. It's just kind of a figurehead in many ways. 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"kind": "list", "text": "Nevada: “No owner may enter into a voting trust agreement or any other type of agreement vesting another person with the authority to exercise the voting power of any or all of his or her owner's interest, unless the other person is licensed to render the same specific professional services as those for which the professional entity was formed.”", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Bullet list", "slug": "bullet", "status": "active", "canonId": "019de52c-fc98-7169-a083-5cab805076ca", "version": 1, "description": null }, "framework": null }, "subkind": "bullet", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:29:50.418+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, 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“administrative support” REALLY the “activities that most significantly affect these entities’ economic performance” for a physician group?", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": null, "subkind": { "name": "Primary callout", "slug": "primary", "status": "active", "canonId": "019de52c-fbd1-70eb-a9ce-8997f8674c1d", "version": 1, "description": null }, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:29:50.459+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "4460f3fd-8641-4af0-9ef1-186106131761", "parentComponentId": null }, { "bbox": null, "kind": "callout", "text": "HIMS' own disclosure proves that the Affiliated Medical Groups do not have \"exclusive 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medical practice that violates the letter or spirit of CPoM provisions.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:29:50.459+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "0b18ddaa-f3e5-465c-8dfb-5c498659bdda", "parentComponentId": null }, { "bbox": null, "kind": "quote", "text": "“...we serve as an administrative services manager for the Affiliated Medical Groups for the non-clinical aspects of their operations and receive 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Don't they work for “Bailey Health”, not HIMS?", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": null, "subkind": { "name": "Primary callout", "slug": "primary", "status": "active", "canonId": "019de52c-fbd1-70eb-a9ce-8997f8674c1d", "version": 1, "description": null }, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:29:50.827+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "7d3533c6-69c8-460d-9791-095a91b5a287", "parentComponentId": null }, { "bbox": { "h": 0.32, "w": 0.96, "x": 0.02, "y": 0.36 }, "kind": "list", "text": "The original protocols for doctors who treat patients through Hims' platform recommended that the doctors avoid treating individuals with certain health conditions... That was no longer the case under the new protocols. The doctors work for Bailey Health, the independent medical partner of Hims. But to the secret-group-chat participants, the distinction didn't make much of a difference. The participants were especially concerned about whether Hims was pressuring doctors to write more prescriptions in a more lenient way. One doctor who works at Bailey Health and was included in the secret group messages acknowledged some pressure to write more prescriptions but said it comes as more of a suggestion. In late December, a clinician set up a poll about this subject on Bailey Health's internal Slack messaging system. The survey asked whether the new guidelines for erectile dysfunction patients were clear, and appeared to be open to all Bailey Health clinicians. None of the employees who participated said yes. Five said \"no, they're not\" clear and 10 said \"it has made patient care deteriorate considerably in the past several months.\"", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Bullet list", "slug": "bullet", "status": "active", "canonId": "019de52c-fc98-7169-a083-5cab805076ca", "version": 1, "description": null }, "framework": null }, "subkind": "bullet", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:29:50.827+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "1c28d42b-63d4-49d4-9ebf-3210c8b1b353", "parentComponentId": null }, { "bbox": { "h": 0.12, "w": 0.96, "x": 0.02, "y": 0.17 }, "kind": "paragraph", "text": "According to a Business Insider investigation, in July 2018, less than a month after the June closing of its first large institutional financing (a $50 million series B led by IVP), HIMS changed the prescribing guidelines for sildenafil (generic Viagra) to make it available to more patients, which numerous physicians found objectionable. We note that even if the episode represents a legitimate policy change, BI's reporting clearly shows HIMS' exerting direct influence over prescription writing policies.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:29:50.827+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "076bfa3c-5294-4a06-9301-5345f6709a41", "parentComponentId": null }, { "bbox": { "h": 0.12, "w": 0.96, "x": 0.02, "y": 0.79 }, "kind": "paragraph", "text": "In an email sent to Bailey Health staff late last year, Baird reminded them that \"our advisors\" had said that six-month and 12-month prescriptions were allowed. \"I am not, in any way, critiquing or suggesting the longer duration prescriptions, but about 6 months ago we were around 25% 6 month prescriptions and now we are almost 0,\" she wrote. \"That makes me think that perhaps some newer docs either aren't aware of the advisory board's suggestion or people have just fallen into habit -- as can happen when you are seeing a bazillion patients :)\"", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:29:50.827+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "49c774a3-fa78-4606-9510-7a14f3bc8f11", "parentComponentId": null }, { "bbox": null, "kind": "quote", "text": "“The original protocols for doctors who treat patients through Hims' platform recommended that the doctors avoid treating individuals with certain health conditions... That was no longer the case under the new protocols.” — Business Insider. “The participants were especially concerned about whether Hims was pressuring doctors to write more prescriptions in a more lenient way.” — Business Insider. “I am not, in any way, critiquing or suggesting the longer duration prescriptions, but about 6 months ago we were around 25% 6 month prescriptions and now we are almost 0,” — HIMS COO Baird.", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": { "name": "Authority citation", "slug": "authority-citation", "status": "active", "bestFor": null, "canonId": "019dd9e1-49ae-7557-89ad-3fca70469b45", "version": 1, "bodyDocId": null, "description": "Quoting an authority figure, study, or precedent to lend weight.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:14:03+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-0f1d-76e6-8703-771c9300d19d", "parentComponentId": null }, { "bbox": { "h": 0.02, "w": 0.35, "x": 0.02, "y": 0.97 }, "kind": "source-note", "text": "Source: Spruce Point Research, Business Insider, Crunchbase", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. Numbered footnotes use attrs.numbered." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:29:50.827+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "d51292e3-22ee-4947-9017-10c8bc0873db", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.65, "x": 0.31, "y": 0.03 }, "kind": "title", "text": "HIMS' Past Efforts To Drive Prescription Volumes May Be A CPoM Violation", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, 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Baird has often suggested that HIMS does not track physician prescription writing metrics, but our conversations with former employees suggest that is not true. 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through the Service (collectively, “Third-Parties”), and Hims & Hers may also make available to you for purchase certain services, devices, items or products manufactured, distributed or sold by Third-Parties (“Third-Party Goods and Services”). Your use of any Third-Party Goods and any interactions with Third-Parties, including Certain of Hims & Hers’ shareholders, directors, officers, employees, contractors or agents (collectively, “Hims & Hers Owners and Personnel”) may have a financial interest in one or more Third-Parties and may profit from your use of the Third-Parties and/or the sale of Third-Party Goods and Services to you.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:29:51.396+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "dd77d96c-5a1f-4987-a6b0-2c1800ecea91", "parentComponentId": null }, { "bbox": null, "kind": "quote", "text": "The Affiliated Medical Groups and the Company do not have any shareholders in common. — HIMS Q2 2021 10-Q", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": { "name": "Authority citation", "slug": "authority-citation", "status": "active", "bestFor": null, "canonId": "019dd9e1-49ae-7557-89ad-3fca70469b45", "version": 1, "bodyDocId": null, "description": "Quoting an authority figure, study, or precedent to lend weight.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:14:04+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-0f1d-76e6-8704-777972452e09", "parentComponentId": null }, { "bbox": { "h": 0.02, "w": 0.5, "x": 0.02, "y": 0.97 }, "kind": "source-note", "text": "Source: HIMS Terms and Conditions Updated 5/23/2023, HIMS Q2 2021 10-Q, Spruce Point red underline emphasis", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. 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On or before the Bailey Date, You shall perform a reorganization of the Bailey Entities and certain Practices, which may include the reorganization of the Bailey Entities, the transfer of contracts or other assets held by the Bailey Entities to third parties, the winding down of certain Practices that are owned, directly or indirectly, by You, a restructuring of certain Practices, the forgiveness of up to $30 million of Indebtedness owed by the Bailey Entities or Practices, as of the Closing Date, to You, and a change in the payment structure with respect to accounts of Practices (such reorganization, the “Practice Reorganization”). Following the Practice Reorganization, You may continue to make Investments in the Practices as necessary to fund the operations of such entities on a monthly basis, provided that at no time shall the aggregate balance of any Practice Deposit Account or account holding investment property exceed one month’s of operating expenses for such Practice, in accordance with clause (m) of “Permitted Investments.”", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:29:51.61+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "31f88927-808f-4471-8636-9e18d1c739bf", "parentComponentId": null }, { "bbox": { "h": 0.17, "w": 0.96, "x": 0.02, "y": 0.69 }, "kind": "paragraph", "text": "2. We note that Hims engages service providers, including physicians through the Affiliated Medical Groups and partner pharmacies, to provide its telemedicine and prescription services. Please revise the Company Overview to clearly describe the company’s relationship with the Affiliated Medical Groups for the provision of its telemedicine services and partner pharmacies for its prescription services, the arrangements governing these relationships, and the regulatory landscape applicable to the company’s business model. Please also provide more information regarding the non-prescription products provided by the company. As currently drafted there is no discussion of the mechanics of the business or its operations in this section. 6. We note the risk factor detailing Hims' dependence on the Affiliated Medical Groups and the company's partner pharmacies. Please revise your disclosure to name those Affiliated Medical Groups and/or partner pharmacies that are material to the company's business on an individual basis, disclose the material terms of such agreements and file such agreements as exhibits. In this regard we note your mention of Ochsner Health and 13. Please explain how the \"Affiliated Medical Groups\" are affiliated with Hims & Hers where this term is defined on page 220 and in the Selected Definitions section of the document.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:29:51.61+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "452243ac-301f-4173-97d1-b7e9769bae7b", "parentComponentId": null }, { "bbox": { "h": 0.13, "w": 0.96, "x": 0.02, "y": 0.17 }, "kind": "paragraph", "text": "The original Bailey Health entities were dissolved from 2021-2022 as part of a “practice reorganization” alluded to in a November 2019 loan agreement with Triple Point Venture Growth. The document clearly states that the Bailey entities were owned by HIMS. Also, the new entities incorporated as You Health were “managed/owned” by friendly physicians. Moreover, in its first S-4 filed following the announcement of the SPAC transaction, HIMS appears to have attempted to gloss over the realities of its “Friendly PC” structure, which elicited a major comment from the SEC to dramatically revise its disclosures related to CPoM.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:29:51.61+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "4a85b4f4-c0cf-4591-8b28-c673825abc05", "parentComponentId": null }, { "bbox": null, "kind": "quote", "text": "We note that Hims engages service providers, including physicians through the Affiliated Medical Groups and partner pharmacies, to provide its telemedicine and prescription services. Please revise the Company Overview to clearly describe the company's relationship with the Affiliated Medical Groups for the provision of its telemedicine services and partner pharmacies for its prescription services, the arrangements governing these relationships, and the regulatory landscape applicable to the company's business model. — SEC Comment Letter", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": { "name": "Authority citation", "slug": "authority-citation", "status": "active", "bestFor": null, "canonId": "019dd9e1-49ae-7557-89ad-3fca70469b45", "version": 1, "bodyDocId": null, "description": "Quoting an authority figure, study, or precedent to lend weight.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-23 01:18:10+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-64d3-706e-a455-59fe071f6ddc", "parentComponentId": null }, { "bbox": { "h": 0.02, "w": 0.96, "x": 0.02, "y": 0.95 }, "kind": "source-note", "text": "Source: Spruce Point Research, HIMS / Triple Point Loan Agreement, SEC Comment Letter Dated 11/19/2020, Spruce Point red underline emphasis", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. 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"slide": "/slides/019dd923-622c-750b-8b99-62a16d2a2f71/30", "deck": "/decks/019dd923-622c-750b-8b99-62a16d2a2f71", "deckAnchor": "/decks/019dd923-622c-750b-8b99-62a16d2a2f71#slide-30", "deckJson": "/decks/019dd923-622c-750b-8b99-62a16d2a2f71.json" }, "components": [ { "bbox": { "h": 0.12, "w": 0.96, "x": 0.02, "y": 0.82 }, "kind": "callout", "text": "Is nearly all of HIMS’ mental health physician organization operating without a valid corporate registration? Our research of PC laws in several states, including California, suggests that a current registration is required for healthcare-related entities to operate legally.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": null, "subkind": { "name": "Primary callout", "slug": "primary", "status": "active", "canonId": "019de52c-fbd1-70eb-a9ce-8997f8674c1d", "version": 1, "description": null }, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:29:50.349+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "e4c9ce90-11ea-4d4e-80ad-92c6155c7323", "parentComponentId": null }, { "bbox": { "h": 0.45, "w": 0.48, "x": 0.02, "y": 0.33 }, "kind": "image", "text": "Nebraska Secretary of State filing", "attrs": null, "canon": { "kind": { "name": "Image", "slug": "image", "status": "active", "canonId": "019de52c-f978-701f-a720-51d029d769e7", "version": 1, "description": "Photo, illustration, screenshot or icon." }, "tool": null, "subkind": { "name": "Screenshot", "slug": "screenshot", "status": "active", "canonId": "019de52c-fd87-7509-8391-3d79fb339379", "version": 1, "description": null }, "framework": null }, "subkind": "screenshot", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:29:50.349+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "11f1f5d4-c2a2-432e-95ef-de9c1de2a318", "parentComponentId": null }, { "bbox": { "h": 0.45, "w": 0.47, "x": 0.51, "y": 0.33 }, "kind": "image", "text": "Arkansas Secretary of State filing", "attrs": null, "canon": { "kind": { "name": "Image", "slug": "image", "status": "active", "canonId": "019de52c-f978-701f-a720-51d029d769e7", "version": 1, "description": "Photo, illustration, screenshot or icon." }, "tool": null, "subkind": { "name": "Screenshot", "slug": "screenshot", "status": "active", "canonId": "019de52c-fd87-7509-8391-3d79fb339379", "version": 1, "description": null }, "framework": null }, "subkind": "screenshot", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:29:50.349+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "3158c0d3-4de6-4035-a44d-715f13b7ed13", "parentComponentId": null }, { "bbox": { "h": 0.15, "w": 0.96, "x": 0.02, "y": 0.17 }, "kind": "paragraph", "text": "During our review of AMG corporate filings, we found that the registration for Human Health of Nebraska, the entity that operates in over 40 other states to provide HIMS’ mental health services, is currently suspended. In addition, the entity’s registration in Arkansas has been revoked. Is this due to sloppy organization by HIMS or because Steven Powell, the owner/manager of all these entities, currently has at least three other jobs based on his LinkedIn profile? 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"parentComponentId": null }, { "bbox": null, "kind": "callout", "text": "We believe their unremarkable background (in the case of Williams) and failure to acknowledge these roles (in the case of Powell's LinkedIn biography), highlight the “figurehead” roles they currently fill.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": { "name": "Visual emphasis", "slug": "visual-emphasis", "status": "active", "bestFor": null, "canonId": "019dd9e1-474b-736b-a8eb-a794dd88241c", "version": 1, "bodyDocId": null, "description": "Drawing the eye to one element above the rest of the slide.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:14:03+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, 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"kind": "callout", "text": "Sanctioned for prescribing excessive amount of Benadryl to a patient on a Teladoc consultation.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": null, "subkind": { "name": "Primary callout", "slug": "primary", "status": "active", "canonId": "019de52c-fbd1-70eb-a9ce-8997f8674c1d", "version": 1, "description": null }, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:29:52.027+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "376037ef-e5ab-407c-b8e7-79a63234c407", "parentComponentId": null }, { "bbox": { "h": 0.15, "w": 0.3, "x": 0.68, "y": 0.75 }, "kind": "callout", "text": "Claims to be \"America's Favorite Doctor\" in her own promotional 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"019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": null, "subkind": { "name": "Primary callout", "slug": "primary", "status": "active", "canonId": "019de52c-fbd1-70eb-a9ce-8997f8674c1d", "version": 1, "description": null }, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:29:52.027+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "7e871872-08f6-4056-af7e-da1f2b731530", "parentComponentId": null }, { "bbox": { "h": 0.22, "w": 0.3, "x": 0.68, "y": 0.36 }, "kind": "callout", "text": "Claims to work for \"more than 50\" telehealth providers. 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We are building Hims & Hers into the new front door to healthcare, a new front door that will span dozens of medical specialties, welcoming customers of all demographics into a unified consumer platform that looks and feels and talks to them in a way that gives them confidence they're in the right hands.\" — CEO Dudum (Q2 2021 Earnings Call); \"...we feel confident in our abilities to lead in innovating, visualizing and ultimately creating the future of healthcare.\" — CEO Dudum (Q3 2021 Earnings Call); \"Our vision is a world where being treated through Hims & Hers is equivalent to accessing the collective minds of the top specialists across the nation to review each customer's needs, and provide timely recommendations made possible through the power of machine learning.\" — CEO Dudum (Q4 2022 Earnings Call)", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": { "name": "Authority citation", "slug": "authority-citation", "status": "active", "bestFor": null, "canonId": "019dd9e1-49ae-7557-89ad-3fca70469b45", "version": 1, "bodyDocId": null, "description": "Quoting an authority figure, study, or precedent to lend weight.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:14:05+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-0f1d-76e6-8704-faccda849dd8", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.9, "x": 0.05, "y": 0.95 }, "kind": "source-note", "text": "Source: HIMS Q2 2021 Earnings Call Transcript, HIMS Q3 2021 Earnings Call Transcript, HIMS Q4 2022 Earnings Call Transcript, HIMS Q1 2023 Earnings Presentation", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. 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Was CMO at Cerebral", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": null, "subkind": { "name": "Primary callout", "slug": "primary", "status": "active", "canonId": "019de52c-fbd1-70eb-a9ce-8997f8674c1d", "version": 1, "description": null }, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:29:53.862+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "7bb1f71e-0d6f-4c19-aad5-7db3c85c646d", "parentComponentId": null }, { "bbox": { "h": 0.15, "w": 0.13, "x": 0.35, "y": 0.76 }, "kind": "callout", "text": "Was this the best person to create HIMS' early “clinical guidelines”?", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": null, "subkind": { "name": "Primary callout", "slug": "primary", "status": "active", "canonId": "019de52c-fbd1-70eb-a9ce-8997f8674c1d", "version": 1, "description": null }, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:29:53.862+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "8da502a0-a59f-4c55-9a16-66fe9799d8f9", "parentComponentId": null }, { "bbox": { "h": 0.06, "w": 0.46, "x": 0.52, "y": 0.3 }, "kind": "callout", "text": "We Believe Current Chief Medical Officer Carroll Has A Questionable Track Record", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, 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What happened?", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Bullet list", "slug": "bullet", "status": "active", "canonId": "019de52c-fc98-7169-a083-5cab805076ca", "version": 1, "description": null }, "framework": null }, "subkind": "bullet", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:29:53.862+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "17dfc374-dfbe-4951-a6e0-2e8f69198360", "parentComponentId": null }, { "bbox": { "h": 0.11, "w": 0.46, "x": 0.52, "y": 0.58 }, "kind": "list", "text": "Despite a practice specialty in family medicine, Carroll has provided medical reviews of HIMS content related to dermatology, an area outside his specialty. We believe that even a family medicine physician with a special interest in dermatology is NOT an actual dermatologist.", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Bullet list", "slug": "bullet", "status": "active", "canonId": "019de52c-fc98-7169-a083-5cab805076ca", "version": 1, "description": null }, "framework": null }, "subkind": "bullet", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:29:53.862+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "550d78a3-0114-4065-97ad-6358d28c75d6", "parentComponentId": null }, { "bbox": { "h": 0.12, "w": 0.46, "x": 0.52, "y": 0.37 }, "kind": "list", "text": "Carroll left HIMS in January 2022 to become CMO at Vida Health. Why? Despite Vida’s strong venture backing and momentum, he rejoined HIMS to assume his prior role less than a year later following an unannounced departure from Vida. What happened?", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Bullet list", "slug": "bullet", "status": "active", "canonId": "019de52c-fc98-7169-a083-5cab805076ca", "version": 1, "description": null }, "framework": null }, "subkind": "bullet", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:29:53.862+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "b74795c1-0220-44b3-86cf-c6a3115a0606", "parentComponentId": null }, { "bbox": { "h": 0.11, "w": 0.96, "x": 0.02, "y": 0.17 }, "kind": "paragraph", "text": "According to his LinkedIn profile, Ho Anh served as HIMS' “Founding Medical Director” from October 2017 to February 2019. Prior to joining HIMS, he received a disciplinary order for “gross negligence” and “repeated negligent acts” related to telehealth from the Medical Board of California, and after HIMS he was Co-founder and Chief Medical Officer at Cerebral, which has been the subject of both DOJ and FTC investigations. Similarly, the record of current CMO Patrick Carroll raises questions.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:29:53.862+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "e912153a-e439-418c-9bb3-f3e7e737c7a5", "parentComponentId": null }, { "bbox": { "h": 0.15, "w": 0.27, "x": 0.71, "y": 0.76 }, "kind": "quote", "text": "“HIMS was kind of a hot potato early on... My guess is no self-respecting specialist wanted to have their name affiliated with HIMS at the time.”", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": null, "subkind": { "name": "Testimonial", "slug": "testimonial", "status": "active", "canonId": "019de52c-fc21-71b6-9ac3-8266a64945e8", "version": 1, "description": null }, "framework": null }, "subkind": "testimonial", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:29:53.862+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "1d41ccc0-ac71-40d1-b93e-160f7f42b590", "parentComponentId": null }, { "bbox": null, "kind": "quote", "text": "HIMS was kind of a hot potato early on... My guess is no self-respecting specialist wanted to have their name affiliated with HIMS at the time. — Spruce Point Interview With Former HIMS Physician", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": { "name": "Authority citation", "slug": "authority-citation", "status": "active", "bestFor": null, "canonId": "019dd9e1-49ae-7557-89ad-3fca70469b45", "version": 1, "bodyDocId": null, "description": "Quoting an authority figure, study, or precedent to lend weight.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:14:06+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-0f1d-76e6-8705-82c4724d96bd", "parentComponentId": null }, { "bbox": { "h": 0.02, "w": 0.45, "x": 0.02, "y": 0.97 }, "kind": "source-note", "text": "Source: Ho Anh California Medical License Profile, Wall Street Journal, Wall Street Journal,", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. 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Such comments make it difficult to take HIMS or Dudum seriously.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": null, "subkind": { "name": "Primary callout", "slug": "primary", "status": "active", "canonId": "019de52c-fbd1-70eb-a9ce-8997f8674c1d", "version": 1, "description": null }, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:30:00.624+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "d8381b9e-af85-412c-ae3f-0f5d0c4e0875", "parentComponentId": null }, { "bbox": { "h": 0.12, "w": 0.98, "x": 0.01, "y": 0.79 }, "kind": "callout", "text": "While this seems fine for the guy who just wants to get some ED pills without having to talk about his issues, it strikes us as an embarrassing level of nonchalance around what constitutes quality patient care. Do you want you doctor walking her dog while you discuss a healthcare topic of any importance whatsoever? And isn't this a HIPAA violation?", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": null, "subkind": { "name": "Primary callout", "slug": "primary", "status": "active", "canonId": "019de52c-fbd1-70eb-a9ce-8997f8674c1d", "version": 1, "description": null }, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:30:00.624+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "f930c6b4-2b15-4702-b5be-887b298cb359", "parentComponentId": null }, { "bbox": null, "kind": "quote", "text": "“First and foremost, we're providing them with the tools to achieve significant impact with patients, which is incredibly empowering. We do this through a user-friendly EMR platform, mobile apps that allow for ease of access and predictive clinical education to support improved decision making.” — CEO Dudum on Q3 2022 Earnings Call; “These people are interfacing with beautiful technology to treat their patients and have that flexibility to do it as they are walking their dog right around their block.” — CEO Dudum on Q3 2021 Earnings Call; “And the way that it works is that we have very flexible contractor hours. So physicians can jump on the platform. 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Whether or not that is appropriate for more discretionary issues like ED, we believe it limits the new indications HIMS can target and conflicts with the story HIMS tells investors about its business and strategy.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:29:53.486+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "9112e901-fb88-40ad-8d81-961454a148a4", "parentComponentId": null }, { "bbox": null, "kind": "quote", "text": "When I was at HIMS, the vast majority, if not all of us, had a day job, and HIMS was just there to supplement our income. 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annual consultations, we estimate that the average physician consultation in 2022 was under five minutes, even after the introduction of mental health counseling services that generally last an hour.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": { "name": "Visual emphasis", "slug": "visual-emphasis", "status": "active", "bestFor": null, "canonId": "019dd9e1-474b-736b-a8eb-a794dd88241c", "version": 1, "bodyDocId": null, "description": "Drawing the eye to one element above the rest of the slide.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:14:07+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-0f1d-76e6-8706-23a6e51bcdc5", "parentComponentId": null }, { "bbox": null, "kind": "metric", "text": "Average Consult Length in Minutes: 4.9", "attrs": null, "canon": { "kind": { "name": "Metric", "slug": "metric", "status": "active", "canonId": "019de52c-f923-73bf-8081-d0b1a8c5264d", "version": 1, "description": "Big-number or KPI value." }, "tool": { "name": "Quantification", "slug": "quantification", "status": "active", "bestFor": null, "canonId": "019dd9e1-47ab-72ce-a079-aab1f5299e88", "version": 1, "bodyDocId": null, "description": "Translating a claim into numbers, charts, or tables.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:14:07+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-0f1d-76e6-8706-245bd1d7da84", "parentComponentId": null }, { "bbox": { "h": 0.28, "w": 0.96, "x": 0.02, "y": 0.65 }, "kind": "paragraph", "text": "HIMS discloses total charges 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Although HIMS does not disclose the mix between the two, we know that HIMS acquired Apostrophe in July 2021 and began operations at its Ohio fulfillment facility in 2021 (which together comprise the pharmacy operations). Furthermore, based on a review of LinkedIn profiles, we estimate that HIMS has approximately 25-30 pharmacists on staff. Using these data points, we have estimated the portion of service charges attributable to the pharmacy operations, with the remainder being attributable to physicians. Based on our conversations with former physicians, we believe physician hourly pay has stayed a relatively constant $150 per hour since HIMS launched. 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Since these customers are typically healthy, we do not believe they are seeking, and nor do they likely view HIMS as, a broader and credible healthcare solution.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:29:58.966+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "2c17f6f7-3252-4852-91b6-a1e68563cabe", "parentComponentId": null }, { "bbox": null, "kind": "quote", "text": "“From the very start, they set themselves up as a lifestyle telemedicine platform.” — Spruce Point Interview With Former HIMS Physician; “...their customer is the 25 to 35 year old that drinks too much on the weekends and still wants to be able to perform. 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Of course HIMS will outperform traditional healthcare. The Company is very efficient at getting prescription drugs into customers hands.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": null, "subkind": { "name": "Primary callout", "slug": "primary", "status": "active", "canonId": "019de52c-fbd1-70eb-a9ce-8997f8674c1d", "version": 1, "description": null }, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:29:54.037+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "40aa49b5-63f3-4adb-90b0-c9b3e68ec210", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.48, "x": 0.51, "y": 0.75 }, "kind": "callout", "text": "We believe ratings of Hers are more indicative of potential market receptivity of future HIMS offerings.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": null, "subkind": { "name": "Primary callout", "slug": "primary", "status": "active", "canonId": "019de52c-fbd1-70eb-a9ce-8997f8674c1d", "version": 1, "description": null }, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:29:54.037+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "ac3e5a07-3495-4ee4-b360-41bc6f0b5fe2", "parentComponentId": null }, { "bbox": { "h": 0.28, "w": 0.48, "x": 0.51, "y": 0.41 }, "kind": "chart", "text": "Trustpilot Customer Ratings For Hims vs Hers", "attrs": null, "canon": { "kind": { "name": "Chart", "slug": "chart", "status": "active", "canonId": "019de52c-f9a0-76ef-adc6-0b859109d1f8", "version": 1, "description": "Quantitative chart." }, "tool": null, "subkind": { "name": "Horizontal bar chart", "slug": "bar-horizontal", "status": "active", "canonId": "019de52c-fec4-7221-986b-1cb5f5e84b1f", "version": 1, "description": null }, "framework": null }, "subkind": "bar-horizontal", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:29:54.037+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "d02c0199-b36d-4cee-9f12-c9a34588f21c", "parentComponentId": null }, { "bbox": { "h": 0.28, "w": 0.48, "x": 0.02, "y": 0.41 }, "kind": "chart", "text": "NPS scores by industry", "attrs": null, "canon": { "kind": { "name": "Chart", "slug": "chart", "status": "active", "canonId": "019de52c-f9a0-76ef-adc6-0b859109d1f8", "version": 1, "description": "Quantitative chart." }, "tool": null, "subkind": { "name": "Vertical bar chart", "slug": "bar-vertical", "status": "active", "canonId": "019de52c-fe9d-70f2-b3b7-a9ae294f5917", "version": 1, "description": null }, "framework": null }, "subkind": "bar-vertical", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:29:54.037+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "052b2fce-0cc9-4a73-8b7e-246d2eb73d5f", "parentComponentId": null }, { "bbox": null, "kind": "metric", "text": "NPS score: 78%", "attrs": null, "canon": { "kind": { "name": "Metric", "slug": "metric", "status": "active", "canonId": "019de52c-f923-73bf-8081-d0b1a8c5264d", "version": 1, "description": "Big-number or KPI value." }, "tool": { "name": "Quantification", "slug": "quantification", "status": "active", "bestFor": null, "canonId": "019dd9e1-47ab-72ce-a079-aab1f5299e88", "version": 1, "bodyDocId": null, "description": "Translating a claim into numbers, charts, or tables.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:14:08+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-0f1d-76e6-8707-024f4ea6920b", "parentComponentId": null }, { "bbox": { "h": 0.13, "w": 0.96, "x": 0.02, "y": 0.17 }, "kind": "paragraph", "text": "We believe HIMS' presentation of an NPS score is an overly promotional comparison of apples and oranges. The majority of HIMS' customers are men who we believe want fast and easy access to ED pills or baldness treatments. We question whether this data can be extrapolated to mean that customers actually trust HIMS for meaningful healthcare services. As evidence, we note that reviews for the Hers platform from women, who are generally engaging with HIMS physicians on more weighty healthcare topics, are materially lower than those by men for the Hims platform.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:29:54.037+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "8d40d835-8074-4606-81dc-7463f3942722", "parentComponentId": null }, { "bbox": { "h": 0.02, "w": 0.35, "x": 0.02, "y": 0.96 }, "kind": "source-note", "text": "Source: HIMS SPAC Transaction Presentation, Trustpilot, Trustpilot", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. Numbered footnotes use attrs.numbered." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:29:54.037+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "7afc78fb-dcb2-4681-887f-6aff04c77371", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.68, "x": 0.28, "y": 0.03 }, "kind": "title", "text": "Is HIMS Misinterpreting The True Meaning of Its Positive NPS Score? Easy, Yes, But Good?", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:29:54.037+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "a924f6a5-bd5e-4c4e-9f88-7cf68c6c90af", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [ { "matchId": "f6a11a7f-ef25-4504-9590-82da56671624", "evidence": "Contrasting NPS industry data with specific Trustpilot ratings to invalidate a corporate claim.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 20:29:54.037+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 46, "frameworkName": "comparison_frame" } ], "arcBeats": [ { "to": 105, "arc": { "name": "Overcoming the Monster", "slug": "overcoming-monster", "status": "active", "bestFor": "Competitive positioning, rallying teams", "canonId": "019dd956-6339-76ac-9cbf-4b377c3aa89e", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "The Monster -> The Call -> The Struggle -> The Victory -> The New Order", "description": null, "familyLabel": null }, "from": 15, "name": "Expose Contradiction", "beatId": "e37982bf-a669-4ff0-9d59-9ad104610c60", "matchId": "f755dc76-7051-4836-8a8b-ed610745cfdd", "beatType": null, "evidence": "The document presents numerous contradictions and issues with HIMS' business model, operations, and financials", "position": 2, "isPrimaryArc": true, "parentBeatType": null, 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7.915, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b99-62a16d2a2f71/47", "deck": "/decks/019dd923-622c-750b-8b99-62a16d2a2f71", "deckAnchor": "/decks/019dd923-622c-750b-8b99-62a16d2a2f71#slide-47", "deckJson": "/decks/019dd923-622c-750b-8b99-62a16d2a2f71.json" }, "components": [ { "bbox": { "h": 0.08, "w": 0.45, "x": 0.52, "y": 0.86 }, "kind": "callout", "text": "We find it notable that reviews by women specific to Hers on Trustpilot and the Google Play Store are materially more negative than those by men for Hims.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": null, "subkind": { "name": "Primary callout", "slug": "primary", "status": "active", "canonId": "019de52c-fbd1-70eb-a9ce-8997f8674c1d", "version": 1, "description": null }, "framework": null }, "subkind": "primary", 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"019de52c-fc98-7169-a083-5cab805076ca", "version": 1, "description": null }, "framework": null }, "subkind": "bullet", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:29:58.408+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "1a095dc5-3442-41a2-b84c-1d221b0a1507", "parentComponentId": null }, { "bbox": { "h": 0.2, "w": 0.45, "x": 0.02, "y": 0.36 }, "kind": "list", "text": "Billing Practices: Subscription terms unclear, Product shipped without customer approval, Product shipped after cancellation, Inability to cancel subscription, No notification of upcoming shipments, No returns or refunds", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Bullet list", "slug": "bullet", "status": "active", 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"groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:29:58.408+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "a52ad606-2d5f-49e3-b32b-b4ed35bef0db", "parentComponentId": null }, { "bbox": { "h": 0.12, "w": 0.45, "x": 0.52, "y": 0.67 }, "kind": "list", "text": "Mobile application: Poor messaging capabilities, Difficult to cancel subscription, Frequent crashes, Inability to log in, Unexpected log outs", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Bullet list", "slug": "bullet", "status": "active", "canonId": "019de52c-fc98-7169-a083-5cab805076ca", "version": 1, "description": null }, "framework": null }, "subkind": "bullet", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:29:58.408+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "d811ab4e-932f-47b4-90a7-ee1b0bcd7d47", "parentComponentId": null }, { "bbox": { "h": 0.2, "w": 0.45, "x": 0.02, "y": 0.71 }, "kind": "list", "text": "Product Issues: Expensive, Wrong medicine or wrong dosage delivered, Ship more product than requested, Unclear or delayed delivery times, Prolonged adverse genital side effects from topical Finasteride", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Bullet list", "slug": "bullet", "status": "active", "canonId": "019de52c-fc98-7169-a083-5cab805076ca", "version": 1, "description": null }, "framework": null }, "subkind": "bullet", "groupRole": null, "confidence": null, "extraction": { "at": 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Good luck, HIMS discloses in its 2022 10-K that all of the VIE entities combined have assets of just $7.7 million.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": null, "subkind": { "name": "Primary callout", "slug": "primary", "status": "active", "canonId": "019de52c-fbd1-70eb-a9ce-8997f8674c1d", "version": 1, "description": null }, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:29:54.634+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "f85dfd59-4157-4df4-8a4c-4af8498ae999", "parentComponentId": null }, { "bbox": null, "kind": "callout", "text": "HIMS leverages its role as an intermediary to operate free of the normal healthcare guardrails used to protect patients.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": { "name": "Visual emphasis", "slug": "visual-emphasis", "status": "active", "bestFor": null, "canonId": "019dd9e1-474b-736b-a8eb-a794dd88241c", "version": 1, "bodyDocId": null, "description": "Drawing the eye to one element above the rest of the slide.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:14:07+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-0f1d-76e6-8705-fa5b0f8cef28", "parentComponentId": null }, { "bbox": { "h": 0.58, "w": 0.72, "x": 0.02, "y": 0.33 }, "kind": "list", "text": "By accepting this Agreement, you acknowledge and agree that Hims & Hers is not a healthcare provider... 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"at": "2026-05-02 20:29:53.704+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "2ece7c46-c91a-4c87-be2a-0e2a9bb78b57", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.65, "x": 0.31, "y": 0.03 }, "kind": "title", "text": "Other Terms of The Affiliated Medical Group Privacy Practices Raise An Eyebrow", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:29:53.704+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "457bc4cf-9da0-4061-9be7-84031776ad6a", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [ { "matchId": "1484b3ae-e877-41b3-af4b-718b54cb56c0", "evidence": "The slide explicitly calls out suspicious language in a legal document to undermine the company's credibility.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 20:29:53.704+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 49, "frameworkName": "fraud-exposure" } ], "arcBeats": [ { "to": 105, "arc": { "name": "Overcoming the Monster", "slug": "overcoming-monster", "status": "active", "bestFor": "Competitive positioning, rallying teams", "canonId": "019dd956-6339-76ac-9cbf-4b377c3aa89e", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "The Monster -> The Call -> The Struggle -> The Victory -> The New Order", "description": null, 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Nevada) that never existed according to our search.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": { "name": "Visual emphasis", "slug": "visual-emphasis", "status": "active", "bestFor": null, "canonId": "019dd9e1-474b-736b-a8eb-a794dd88241c", "version": 1, "bodyDocId": null, "description": "Drawing the eye to one element above the rest of the slide.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:14:07+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-0f1d-76e6-8705-b194216c7fb8", "parentComponentId": null }, { "bbox": { "h": 0.35, "w": 0.9, "x": 0.05, "y": 0.58 }, "kind": "image", "text": "Screenshots of state business entity search results showing 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"description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:29:58.289+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "2953131c-a69c-434e-8cd7-2448c57e6823", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.9, "x": 0.05, "y": 0.18 }, "kind": "paragraph", "text": "We find that the medical groups listed as subject to the “Medical Groups Notice of Privacy Practices” last updated December 22, 2022 include four former Bailey Health entities that have been dissolved and another entity (You Health Purdy of Nevada) that never existed according to our search.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": 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}, "components": [ { "bbox": { "h": 0.15, "w": 0.45, "x": 0.05, "y": 0.35 }, "kind": "callout", "text": "DEA Serves Order to Show Cause on Truepill Pharmacy for its Involvement in the Unlawful Dispensing of Prescription Stimulants", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": null, "subkind": { "name": "Primary callout", "slug": "primary", "status": "active", "canonId": "019de52c-fbd1-70eb-a9ce-8997f8674c1d", "version": 1, "description": null }, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:29:55.629+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "1cf2cf5f-327f-4b3f-a8d5-2119c7f57ed5", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.45, "x": 0.52, "y": 0.63 }, "kind": "callout", "text": "Truepill Already Underwent Mass Layoffs and Business Disruption", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": null, "subkind": { "name": "Primary callout", "slug": "primary", "status": "active", "canonId": "019de52c-fbd1-70eb-a9ce-8997f8674c1d", "version": 1, "description": null }, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:29:55.629+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "4fafa294-1847-45c4-bc08-5c10d06876db", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.45, "x": 0.52, "y": 0.3 }, "kind": "callout", "text": "Risks to Truepill's Business Are Substantial", "attrs": null, "canon": { "kind": { "name": 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This would be a business-ending event for TruePill.", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": null, "subkind": { "name": "Pull quote", "slug": "pull-quote", "status": "active", "canonId": "019de52c-fbf9-76fe-97e1-a0b7540445c9", "version": 1, "description": null }, "framework": null }, "subkind": "pull-quote", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:29:55.629+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "b20557c9-1d0f-41c1-a40a-30c472778467", "parentComponentId": null }, { "bbox": { "h": 0.12, "w": 0.28, "x": 0.22, "y": 0.82 }, "kind": "quote", "text": "I think that the industry is a really good target for some pretty strict regulation. Thanks to Cerebral, when the DEA investigation finally concludes, I suspect that'll happen.", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": null, "subkind": { "name": "Testimonial", "slug": "testimonial", "status": "active", "canonId": "019de52c-fc21-71b6-9ac3-8266a64945e8", "version": 1, "description": null }, "framework": null }, "subkind": "testimonial", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:29:55.629+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "4bcadc71-c066-429e-bd32-cbbef12ee8d8", "parentComponentId": null }, { "bbox": null, "kind": "quote", "text": "\"If in fact prescriptions exceeded the supply cap and lacked state authority, I believe the DEA administrator will revoke Truepill’s DEA registration,\" — Ronald Chapman II. \"I think that the industry is a really good target for some pretty strict regulation. 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The collaboration agreements do not involve any monetary exchange - neither party receives any compensation or financial incentive of any kind.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:29:57.652+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "8b1fd4c5-2281-4c7d-9d5e-b64eeb3bddd3", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.74, "x": 0.25, "y": 0.85 }, "kind": "quote", "text": "I don't want to sound snide, but those are just marketing ploys more than anything. None of those facilities are overly interested in us sending or referring patients...I'm not sure [referrals] were even tracked, and if they were, they were inconsequential.", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": null, "subkind": { "name": "Testimonial", "slug": "testimonial", "status": "active", "canonId": "019de52c-fc21-71b6-9ac3-8266a64945e8", "version": 1, "description": null }, "framework": null }, "subkind": "testimonial", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:29:57.652+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "d28db79f-fddc-4404-9ab6-2a17ea13104e", "parentComponentId": null }, { "bbox": null, "kind": "quote", "text": "I don't want to sound snide, but those are just marketing ploys more than anything. None of those facilities are overly interested in us sending or referring patients...I'm not sure [referrals] were even tracked, and if they were, they were inconsequential. — Former HIMS Executive", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": { "name": "Authority citation", "slug": "authority-citation", "status": "active", "bestFor": null, "canonId": "019dd9e1-49ae-7557-89ad-3fca70469b45", "version": 1, "bodyDocId": null, "description": "Quoting an authority figure, study, or precedent to lend weight.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:14:11+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-0f1d-76e6-8708-78bbf00749d9", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.65, "x": 0.02, "y": 0.96 }, "kind": "source-note", "text": "Source: HIMS SEC Response Letter Dated 12/2/2020, HIMS SEC Response Letter Dated 12/22/2020, Spruce Point red underline emphasis", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. 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Dudum went from being \"very energized by the team's progress\" on February 22, 2022 to the lead executive departing in May 2022 to opaquely telling investors he didn't see much opportunity in August 2022. This makes us wonder which current expansion initiatives will simply fade away.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": null, "subkind": { "name": "Primary callout", "slug": "primary", "status": "active", "canonId": "019de52c-fbd1-70eb-a9ce-8997f8674c1d", "version": 1, "description": null }, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:30:01.023+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "745a3669-54e8-4a11-b372-ae8e202cc7cc", "parentComponentId": null }, { "bbox": null, "kind": "callout", "text": "What were they integrating? Dudum went from being \"very energized by the team's progress\" on February 22, 2022 to the lead executive departing in May 2022 to opaquely telling investors he didn't see much opportunity in August 2022.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": { "name": "Visual emphasis", "slug": "visual-emphasis", "status": "active", "bestFor": null, "canonId": "019dd9e1-474b-736b-a8eb-a794dd88241c", "version": 1, "bodyDocId": null, "description": "Drawing the eye to one element above the rest of the slide.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:14:11+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-0f1d-76e6-8708-dc4346148b83", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.96, "x": 0.02, "y": 0.17 }, "kind": "paragraph", "text": "Similarly, HIMS used to boast about all the work it was doing to provide an insured offering for customers. Was it just another shameless effort to promote an ever-larger TAM to a frenzied SPAC market? The Company did a lightning speed about-face in mid-2022.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:30:01.023+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "5fb67ea5-0cad-4ec4-83c6-0a1dad657db9", "parentComponentId": null }, { "bbox": null, "kind": "quote", "text": "\"our team continues the integration of insurance reimbursement as part of the Hims & Hers platform...Expect to hear more about this rollout in the second half of this year.\" — CEO Dudum on Q2 2021 Earnings Call; \"But with that said, we are continuing to work on that insurance reimbursement. The team is actively involved in that for very specific conditions and specific categories.\" — CEO Dudum on Q3 2021 Earnings Call; \"It's a great question. I'm glad you asked. We are continuing to invest in that integration on the insurance side. We believe that, that's a critical part of having a cost-effective platform for a very wide range of conditions. So I think it's something that you can look to hear from us with confidence in the coming months on where we stand, but I'm very energized by the team's progress on that initiative.\" — CEO Dudum on Q4 2021 Earnings Call; \"And so -- we're continuing to look to your point, and we're always very open to find those opportunities where insurance might benefit our customers. But in the categories we're operating today in today and the categories we're most excited about, we actually think we can deliver cash pay prices that are easier and more beneficial.\" — CEO Dudum on Q2 2022 Earnings Call; \"payers and insurance, it's something that we need to continue to explore. I think it goes alongside all of the different avenues that also we could invest in. So, I think at this point in time, we've opted to pursue other avenues of investment...\" — CEO Dudum on Q1 2023 Earnings Call", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": { "name": "Authority citation", "slug": "authority-citation", "status": "active", "bestFor": null, "canonId": "019dd9e1-49ae-7557-89ad-3fca70469b45", "version": 1, "bodyDocId": null, "description": "Quoting an authority figure, study, or precedent to lend weight.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:14:11+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-0f1d-76e6-8708-e0816ce9f059", "parentComponentId": null }, { "bbox": { "h": 0.04, "w": 0.96, "x": 0.02, "y": 0.95 }, "kind": "source-note", "text": "Source: HIMS Q2 2021 Earnings Call Transcript, HIMS Q3 2021 Earnings Call Transcript, HIMS Q4 2021 Earnings Call Transcript, HIMS Q2 2022 Earnings Call Transcript, HIMS Q1 2023 Earnings Call Transcript", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. 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null, "extraction": { "at": "2026-05-02 20:30:01.023+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "81c1a9f8-d15d-480b-985d-cc4230e7ac93", "parentComponentId": null }, { "bbox": { "h": 0.07, "w": 0.65, "x": 0.31, "y": 0.03 }, "kind": "title", "text": "HIMS Has Quietly Dropped Its Plans To Enter The Insured Market", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:30:01.023+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": 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"h": 0.18, "w": 0.29, "x": 0.69, "y": 0.51 }, "kind": "callout", "text": "To our knowledge, HIMS has never provided any public disclosure regarding a single employer that has adopted this offering.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": null, "subkind": { "name": "Primary callout", "slug": "primary", "status": "active", "canonId": "019de52c-fbd1-70eb-a9ce-8997f8674c1d", "version": 1, "description": null }, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:29:58.479+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "5ac10af1-8a36-4215-a650-51468a2ef5ce", "parentComponentId": null }, { "bbox": { "h": 0.48, "w": 0.66, "x": 0.02, "y": 0.34 }, "kind": "image", "text": "Screenshot of HIMS SPAC presentation slide", "attrs": null, "canon": { "kind": { "name": "Image", "slug": "image", "status": "active", "canonId": "019de52c-f978-701f-a720-51d029d769e7", "version": 1, "description": "Photo, illustration, screenshot or icon." }, "tool": null, "subkind": { "name": "Screenshot", "slug": "screenshot", "status": "active", "canonId": "019de52c-fd87-7509-8391-3d79fb339379", "version": 1, "description": null }, "framework": null }, "subkind": "screenshot", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:29:58.479+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "c59026c8-1e2b-4ccf-a1fc-d368aff6679c", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.96, "x": 0.02, "y": 0.17 }, "kind": "paragraph", "text": "We believe HIMS dramatically misjudged the market opportunity for its services in the employer market. It seems investors have forgotten that HIMS dedicated a slide in its SPAC transaction presentation to this huge opportunity. We believe this effort has been terminated.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:29:58.479+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "3c6a3c48-7af5-4300-984f-d17cd101016d", "parentComponentId": null }, { "bbox": { "h": 0.12, "w": 0.74, "x": 0.25, "y": 0.83 }, "kind": "quote", "text": "It quickly died. There's got to be a compelling reason for an employer or insurer or anyone to enter into an agreement like that with a medical provider. And that reason, whether anyone wants to admit it or not, is how it impacts total cost of care...Just by the very nature of what HIMS does, it would only add cost. So I don't think that was ever realistic.", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": null, "subkind": { "name": "Testimonial", "slug": "testimonial", "status": "active", "canonId": "019de52c-fc21-71b6-9ac3-8266a64945e8", "version": 1, "description": null }, "framework": null }, "subkind": "testimonial", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:29:58.479+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "e17ec204-5ad1-47ac-95a9-53f320f5f283", "parentComponentId": null }, { "bbox": null, "kind": "quote", "text": "It quickly died. There's got to be a compelling reason for an employer or insurer or anyone to enter into an agreement like that with a medical provider. And that reason, whether anyone wants to admit it or not, is how it impacts total cost of care...Just by the very nature of what HIMS does, it would only add cost. 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On its Q4 2022 earnings call in February, HIMS management seems to have suggested a more than 50% reduction in the pace of category expansions going forward.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:29:58.927+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "9bde20de-3fe5-413d-8e5a-e4f0a4118db8", "parentComponentId": null }, { "bbox": null, "kind": "quote", "text": "\"And so what I think you can expect from us is that continued expansion every quarter, every two quarters, the launch of new major categories.\" — CEO Dudum on Q3 2021 Earnings Call", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": { "name": "Authority citation", "slug": "authority-citation", "status": "active", "bestFor": null, "canonId": "019dd9e1-49ae-7557-89ad-3fca70469b45", "version": 1, "bodyDocId": null, "description": "Quoting an authority figure, study, or precedent to lend weight.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:14:11+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-0f1d-76e6-8709-280d1f2761a8", "parentComponentId": null }, { "bbox": { "h": 0.04, "w": 0.96, "x": 0.02, "y": 0.95 }, "kind": "source-note", "text": "Source: HIMS Q3 2021 Earnings Call Transcript, HIMS Q4 2021 Earnings Call Transcript, HIMS Q1 2022 Earnings Call Transcript, HIMS Q4 2022 Earnings Call Transcript, HIMS Q1 2023 Earnings Presentation, Bloomberg", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. 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0.22, "x": 0.41, "y": 0.72 }, "kind": "callout", "text": "Sure, this is true, except that Apostrophe ended up generating $5 million and Honest Health's contribution was never mentioned.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": null, "subkind": { "name": "Primary callout", "slug": "primary", "status": "active", "canonId": "019de52c-fbd1-70eb-a9ce-8997f8674c1d", "version": 1, "description": null }, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:30:03.401+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "0d25c584-4293-4a1c-bd98-af6e6b3ae34d", "parentComponentId": null }, { "bbox": { "h": 0.12, "w": 0.33, "x": 0.65, "y": 0.72 }, "kind": "callout", "text": "Sure, this is true, except that Apostrophe was acquired for $150 million and HIMS \"a couple years\" prior (in Q2 2019) generated $36 million of revenue (versus $5m or $0m.)", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": null, "subkind": { "name": "Primary callout", "slug": "primary", "status": "active", "canonId": "019de52c-fbd1-70eb-a9ce-8997f8674c1d", "version": 1, "description": null }, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:30:03.401+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "4bb627df-5d8e-4590-8d8b-d5c9e06accce", "parentComponentId": null }, { "bbox": { "h": 0.12, "w": 0.22, "x": 0.76, "y": 0.65 }, "kind": "callout", "text": "Is the acquisition of a three-person company \"important progress\"?", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": null, "subkind": { "name": "Primary callout", "slug": "primary", "status": "active", "canonId": "019de52c-fbd1-70eb-a9ce-8997f8674c1d", "version": 1, "description": null }, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:30:03.401+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "9867d682-8783-4b17-bb4c-e52d60934fbd", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.96, "x": 0.02, "y": 0.17 }, "kind": "paragraph", "text": "HIMS likes to highlight its massive potential international TAM while never discussing country entry strategies or differing regulatory and healthcare landscapes in any detail. HIMS would have investors believe that Honest Health was highly strategic and a financial contributor, when, in reality, it seems HIMS spent $10 million (plus a $10 million earnout) for three people.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:30:03.401+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "610b341e-9ddf-4c5e-99d5-136452b983ac", "parentComponentId": null }, { "bbox": null, "kind": "quote", "text": "\"International is an area we made important progress during this quarter.\" — CEO Dudum on Q2 2021 Earnings Call; \"In Q3, we expect Honest Health and Apostrophe to generate between $4 million to $5 million in revenue.\" — CFO Lee on Q2 2021 Earnings Call; \"Its early days for Honest Health and Apostrophe and their businesses are in a fairly similar place, where we were a couple of years ago.\" — CFO Lee on Q2 2021 Earnings Call; \"As we indicated on our previous earnings call, the quarter-over-quarter decrease in gross margin was primarily driven by lower margin revenue from Apostrophe and Honest Health.\" — CFO Lee on Q3 2021 Earnings Call", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": { "name": "Authority citation", "slug": "authority-citation", "status": "active", "bestFor": null, "canonId": "019dd9e1-49ae-7557-89ad-3fca70469b45", "version": 1, "bodyDocId": null, "description": "Quoting an authority figure, study, or precedent to lend weight.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:14:11+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-0f1d-76e6-8709-4b42454550e0", "parentComponentId": null }, { "bbox": { "h": 0.02, "w": 0.55, "x": 0.02, "y": 0.97 }, "kind": "source-note", "text": "Source: HIMS Q2 2021 Earnings Call Transcript, HIMS Q3 2021 Earnings Call Transcript, Companies House", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. 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"kind": "callout", "text": "We believe HIMS does little more than breathless hand-waving when it comes to the potential international TAM for its offering. At present, HIMS' only international presence is in a country (the UK) where the Company's biggest seller (ED medication) is already available over the counter.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": null, "subkind": { "name": "Primary callout", "slug": "primary", "status": "active", "canonId": "019de52c-fbd1-70eb-a9ce-8997f8674c1d", "version": 1, "description": null }, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:30:01.432+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "ae2dd544-dd3b-48cf-97a1-9e5a43e6450a", "parentComponentId": null }, { "bbox": null, "kind": "callout", "text": "We believe HIMS does little more than breathless hand-waving when it comes to the potential international TAM for its offering.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": { "name": "Visual emphasis", "slug": "visual-emphasis", "status": "active", "bestFor": null, "canonId": "019dd9e1-474b-736b-a8eb-a794dd88241c", "version": 1, "bodyDocId": null, "description": "Drawing the eye to one element above the rest of the slide.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:14:11+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-0f1d-76e6-8708-20b58504ef79", "parentComponentId": null }, { "bbox": { "h": 0.31, "w": 0.96, "x": 0.02, "y": 0.34 }, "kind": "chart", "text": "HIMS International TAM Representation", "attrs": null, "canon": { "kind": { "name": "Chart", "slug": "chart", "status": "active", "canonId": "019de52c-f9a0-76ef-adc6-0b859109d1f8", "version": 1, "description": "Quantitative chart." }, "tool": null, "subkind": { "name": "Dot plot", "slug": "dot", "status": "active", "canonId": "019de52d-0235-738b-bd2b-78f8e24d7cb0", "version": 1, "description": null }, "framework": null }, "subkind": "dot", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:30:01.432+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "135a27e2-c19a-4942-b242-cc47ac929367", "parentComponentId": null }, { "bbox": null, "kind": "quote", "text": "Indonesia bans sex outside of marriage: Will new laws affect tourists too? — Euronews", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": { "name": "Authority citation", "slug": "authority-citation", "status": "active", "bestFor": null, "canonId": "019dd9e1-49ae-7557-89ad-3fca70469b45", "version": 1, "bodyDocId": null, "description": "Quoting an authority figure, study, or precedent to lend weight.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:14:11+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-0f1d-76e6-8708-266b1f42a4c6", "parentComponentId": null }, { "bbox": { "h": 0.02, "w": 0.55, "x": 0.02, "y": 0.965 }, "kind": "source-note", "text": "Source: HIMS Q4 2020 Investor Presentation, Lloydspharmacy.com, Euronews, Spruce Point red emphasis", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. 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However, in 2022, Dudum dramatically changed his tune, noting that retailers were digesting initial inventories and calling wholesale a brand building exercise. Wholesale growth has turned over and revenues remain insignificant.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:29:58.875+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "ebfbf88d-612f-464e-b625-876c86d281fd", "parentComponentId": null }, { "bbox": { "h": 0.04, "w": 0.73, "x": 0.25, "y": 0.76 }, "kind": "quote", "text": "As we have previously communicated, we expect revenue growth in our wholesale channel to moderate as we now have a presence in the majority of top retailers across the country.", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": null, "subkind": { "name": "Pull quote", "slug": "pull-quote", "status": "active", "canonId": "019de52c-fbf9-76fe-97e1-a0b7540445c9", "version": 1, "description": null }, "framework": null }, "subkind": "pull-quote", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:29:58.875+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "1ca7ca86-9c1e-4a97-a50a-7d3590bdfe97", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.73, "x": 0.25, "y": 0.62 }, "kind": "quote", "text": "But we've been able to branch out and the demand, I think, on the retail side has really been energizing for all of us... I mean there's just an incredible demand for the products and those retailers are coming to us with an energy that I think is very rare.", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": null, "subkind": { "name": "Pull quote", "slug": "pull-quote", "status": "active", "canonId": "019de52c-fbf9-76fe-97e1-a0b7540445c9", "version": 1, "description": null }, "framework": null }, "subkind": "pull-quote", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:29:58.875+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "972a59a0-04dd-47ba-b81e-e2b4994dc734", "parentComponentId": null }, { "bbox": null, "kind": "quote", "text": "\"But we've been able to branch out and the demand, I think, on the retail side has really been energizing for all of us, whether it be CVS or Walgreens or Walmart or GMC, Bed Bath & Beyond, Vitamin Shoppe. I mean there's just an incredible demand for the products and those retailers are coming to us with an energy that I think is very rare.\" — CEO Dudum on Q4 2021 Earnings Call; \"As we have previously communicated, we expect revenue growth in our wholesale channel to moderate as we now have a presence in the majority of top retailers across the country.\" — CEO Dudum on Q4 2022 Earnings Call", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": { "name": "Authority citation", "slug": "authority-citation", "status": "active", "bestFor": null, "canonId": "019dd9e1-49ae-7557-89ad-3fca70469b45", "version": 1, "bodyDocId": null, "description": "Quoting an authority figure, study, or precedent to lend weight.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:14:11+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-0f1d-76e6-8708-aef517483a87", "parentComponentId": null }, { "bbox": { "h": 0.02, "w": 0.75, "x": 0.02, "y": 0.96 }, "kind": "source-note", "text": "Source: HIMS SEC filings, HIMS Q4 2021 Earnings Call Transcript, HIMS Q4 2022 Earnings Call Transcript, HIMS Q1 2023 Earnings Call Transcript", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. 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Risks Associated with Compounded Drug Products... [FDA text excerpt]", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:29:58.933+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "4594455e-fc84-4014-af12-fe83bdf57640", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.75, "x": 0.24, "y": 0.87 }, "kind": "quote", "text": "I kinda started to laugh...that is such a narrow market. You can't just go mixing things and send it to people. Prescription drugs are FDA approved as they are, not mixed together in some other formula.", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": null, "subkind": { "name": "Testimonial", "slug": "testimonial", "status": "active", "canonId": "019de52c-fc21-71b6-9ac3-8266a64945e8", "version": 1, "description": null }, "framework": null }, "subkind": "testimonial", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:29:58.933+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "598dd1e3-c1ec-4a28-8fe9-4296377b9a5b", "parentComponentId": null }, { "bbox": null, "kind": "quote", "text": "I kinda started to laugh...that is such a narrow market. You can't just go mixing things and send it to people. Prescription drugs are FDA approved as they are, not mixed together in some other formula. — Former HIMS Executive", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": { "name": "Authority citation", "slug": "authority-citation", "status": "active", "bestFor": null, "canonId": "019dd9e1-49ae-7557-89ad-3fca70469b45", "version": 1, "bodyDocId": null, "description": "Quoting an authority figure, study, or precedent to lend weight.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:14:11+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-0f1d-76e6-8708-ca59c7b02a4b", "parentComponentId": null }, { "bbox": { "h": 0.02, "w": 0.75, "x": 0.01, "y": 0.97 }, "kind": "source-note", "text": "Source: Prescription Requirement Under Section 503A of the Federal Food, Drug, and Cosmetic Act Guidance for Industry, Spruce Point Research and red underline emphasis", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. Numbered footnotes use attrs.numbered." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:29:58.933+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "f3782773-e99c-4274-873e-df104e1ac5bf", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.99, "x": 0.01, "y": 0.25 }, "kind": "title", "text": "Section 503A Clearly States That Compounded Medications Are Not FDA-Approved", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Action title", "slug": "action-title", "status": "active", "canonId": "019de52c-fb31-734c-a0f5-a3935b73135d", "version": 1, "description": null }, "framework": null }, "subkind": "action-title", 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"bbox": { "h": 0.15, "w": 0.25, "x": 0.02, "y": 0.635 }, "kind": "callout", "text": "The top of HIMS' men's skin care page notes \"FDA-approved prescription treatments\" directly above reference to customized treatments.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": null, "subkind": { "name": "Primary callout", "slug": "primary", "status": "active", "canonId": "019de52c-fbd1-70eb-a9ce-8997f8674c1d", "version": 1, "description": null }, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:29:59.544+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "f84ff9da-a16c-474d-bdd4-7a77a525e298", "parentComponentId": null }, { "bbox": { "h": 0.35, "w": 0.25, "x": 0.52, "y": 0.37 }, "kind": "callout", "text": "HIMS runs a pop-up for its combination finasteride + minoxidil product on its blog discussing FDA-approved hair loss treatments. On its hair loss main page, it touts \"FDA-approved treatment options\" and a picture of a man using the same product. This product is NOT FDA-approved.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": null, "subkind": { "name": "Primary callout", "slug": "primary", "status": "active", "canonId": "019de52c-fbd1-70eb-a9ce-8997f8674c1d", "version": 1, "description": null }, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:29:59.544+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "ff3000fe-ed55-4a96-8305-77cc79f82bae", "parentComponentId": null }, { "bbox": null, "kind": "callout", "text": "HIMS runs a pop-up for its combination finasteride + minoxidil product on its blog discussing FDA-approved hair loss treatments. On its hair loss main page, it touts “FDA-approved treatment options” and a picture of a man using the same product. This product is NOT FDA-approved.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": { "name": "Visual emphasis", "slug": "visual-emphasis", "status": "active", "bestFor": null, "canonId": "019dd9e1-474b-736b-a8eb-a794dd88241c", "version": 1, "bodyDocId": null, "description": "Drawing the eye to one element above the rest of the slide.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:14:11+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-0f1d-76e6-8708-f9c97e8c59b1", "parentComponentId": null }, { "bbox": { "h": 0.55, "w": 0.46, "x": 0.52, "y": 0.36 }, "kind": "image", "text": "HIMS Website: Men's Hair Care", "attrs": null, "canon": { "kind": { "name": "Image", "slug": "image", "status": "active", "canonId": "019de52c-f978-701f-a720-51d029d769e7", "version": 1, "description": "Photo, illustration, screenshot or icon." }, "tool": null, "subkind": { "name": "Screenshot", "slug": "screenshot", "status": "active", "canonId": "019de52c-fd87-7509-8391-3d79fb339379", "version": 1, "description": null }, "framework": null }, "subkind": "screenshot", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:29:59.544+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "db9d5519-8237-465e-ba43-bef6c9e86699", "parentComponentId": null }, { "bbox": { "h": 0.55, "w": 0.48, "x": 0.02, "y": 0.36 }, "kind": "image", "text": "HIMS Website: Men's Skin Care", "attrs": null, "canon": { "kind": { "name": "Image", "slug": "image", "status": "active", "canonId": "019de52c-f978-701f-a720-51d029d769e7", "version": 1, "description": "Photo, illustration, screenshot or icon." }, "tool": null, "subkind": { "name": "Screenshot", "slug": "screenshot", "status": "active", "canonId": "019de52c-fd87-7509-8391-3d79fb339379", "version": 1, "description": null }, "framework": null }, "subkind": "screenshot", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:29:59.544+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "dde0e261-21b5-400c-9e48-678446a0f0b8", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.96, "x": 0.02, "y": 0.18 }, "kind": "paragraph", "text": "Despite the lack of ambiguity regarding Section 503A, we find instances on the HIMS website where the Company strongly implies that its compounded products are, in fact, FDA-approved.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:29:59.544+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "327faf9f-150e-42f5-830e-212fb2f24f2c", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.7, "x": 0.02, "y": 0.97 }, "kind": "source-note", "text": "Source: HIMS men's skincare, HIMS Blog: FDA Approved Hair Growth Products, HIMS hair loss, Spruce Point red underline emphasis", "attrs": { "numbered": true }, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. Numbered footnotes use attrs.numbered." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:29:59.544+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "6b347767-04ba-49b2-b493-31a06605dd74", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.7, "x": 0.28, "y": 0.03 }, "kind": "title", "text": "We Believe HIMS Marketing Claims Blur The Lines And May Confuse Consumers About FDA Approval", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:29:59.544+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "1b76cb49-e077-496d-805c-ed6fb3285e89", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [ { "matchId": "f175c445-3b37-4425-86e3-85d87f62846d", "evidence": "The slide explicitly frames marketing claims as misleading to investors and regulators.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 20:29:59.544+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 82, "frameworkName": "fraud-exposure" } ], "arcBeats": [ { "to": 105, "arc": { "name": "Overcoming the Monster", "slug": "overcoming-monster", "status": "active", "bestFor": "Competitive positioning, rallying teams", "canonId": "019dd956-6339-76ac-9cbf-4b377c3aa89e", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "The Monster -> The Call -> The Struggle -> The Victory -> The New Order", "description": null, "familyLabel": null }, "from": 15, "name": "Expose Contradiction", "beatId": "e37982bf-a669-4ff0-9d59-9ad104610c60", "matchId": "f755dc76-7051-4836-8a8b-ed610745cfdd", "beatType": null, "evidence": "The document presents numerous contradictions and issues with HIMS' business model, operations, and financials", "position": 2, "isPrimaryArc": true, "parentBeatType": null, "alignedBlockIds": null, "matchConfidence": 0.8 } ], "loops": [], "locked": true }, { "page": 83, "type": "tension", "title": "Uses regulatory citations (Section 503A/503B) to cast doubt on the company's operational compliance and scalability.", "function": "name_villain", "rawType": "villain_critique", "block": null, "metadata": { "slideType": "villain_critique", "slideTypeCanon": { "name": "Villain critique", "slug": "villain_critique", "status": "active", 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"parentComponentId": null }, { "bbox": { "h": 0.04, "w": 0.96, "x": 0.02, "y": 0.28 }, "kind": "callout", "text": "Section 503A Restricts Compounding to Individual Patient Orders, and Anticipatory Compounding Increases Risks", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": null, "subkind": { "name": "Primary callout", "slug": "primary", "status": "active", "canonId": "019de52c-fbd1-70eb-a9ce-8997f8674c1d", "version": 1, "description": null }, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:30:00.547+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "8fed4d11-4bfc-4253-b7a2-70cd0b50e878", "parentComponentId": null }, { "bbox": { "h": 0.04, "w": 0.96, "x": 0.02, "y": 0.56 }, "kind": "callout", "text": "The FDA Highlights the Risks to Customers of Anticipatory Compounding", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": null, "subkind": { "name": "Primary callout", "slug": "primary", "status": "active", "canonId": "019de52c-fbd1-70eb-a9ce-8997f8674c1d", "version": 1, "description": null }, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:30:00.547+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "91422ed8-cc2e-430a-9b1e-ffbffcf2acfc", "parentComponentId": null }, { "bbox": { "h": 0.04, "w": 0.96, "x": 0.02, "y": 0.91 }, "kind": "callout", "text": "None of HIMS' affiliated pharmacies or pharmacy partners are FDA-registered outsourcing 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receipt of a valid prescription order", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:30:00.547+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "0e27d840-19c3-443b-a7e8-63af4216d1b4", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.96, "x": 0.02, "y": 0.17 }, "kind": "paragraph", "text": "Section 503A places serious restrictions on the ability of compounding operators to build inventory in order to facilitate 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We question whether HIMS is properly adhering to these regulations.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:30:00.547+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "3ed5c39e-f96d-4e33-8992-60e024b2fdf2", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.96, "x": 0.02, "y": 0.79 }, "kind": "paragraph", "text": "Section 503B states that an outsourcing facility may or may not obtain prescriptions for identified individual patients... HIMS is not one.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:30:00.547+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "577d5590-199f-47d2-8f2a-c9daa8da88fd", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.96, "x": 0.02, "y": 0.61 }, "kind": "paragraph", "text": "However, anticipatory compounding also has risks... there is an inherently greater chance of a production mistake or contamination.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:30:00.547+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "752537b4-00c4-4388-9222-573dab83d145", "parentComponentId": null }, { "bbox": null, "kind": "quote", "text": "Because drug products compounded in accordance with section 503A are exempt from CGMP requirements, there is an inherently greater chance of a production mistake or contamination. — FDA Guidance for Industry", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": { "name": "Authority citation", "slug": "authority-citation", "status": "active", "bestFor": null, "canonId": "019dd9e1-49ae-7557-89ad-3fca70469b45", "version": 1, "bodyDocId": null, "description": "Quoting an authority figure, study, or precedent to lend weight.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:14:11+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-0f1d-76e6-8709-66efbb6c669c", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.75, "x": 0.02, "y": 0.96 }, "kind": "source-note", "text": "Source: Prescription Requirement Under Section 503A of the Federal Food, Drug, and Cosmetic Act Guidance for Industry, Spruce Point Research", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. 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Based on HIMS' language used, we assume HIMS current monthly churn is approximately 6%. This equates to 77% churn by the end of year two.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:30:05.612+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "c54cae5c-e26c-4b11-ac37-67cf539e011a", "parentComponentId": null }, { "bbox": { "h": 0.12, "w": 0.28, "x": 0.21, "y": 0.67 }, "kind": "quote", "text": "But most of that churn really takes place in the first couple of months of the consumer and patient getting acquainted with their medication and building that habit.", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": null, "subkind": { "name": "Testimonial", "slug": "testimonial", "status": "active", "canonId": "019de52c-fc21-71b6-9ac3-8266a64945e8", "version": 1, "description": null }, "framework": null }, "subkind": "testimonial", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:30:05.612+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "b571365d-a57b-4cb7-9a9a-8872772034eb", "parentComponentId": null }, { "bbox": null, "kind": "quote", "text": "\"But most of that churn really takes place in the first couple of months of the consumer and patient getting acquainted with their medication and building that habit.\" — CEO Dudum on Q3 2021 Earnings Call", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": { "name": "Authority citation", "slug": "authority-citation", "status": "active", "bestFor": null, "canonId": "019dd9e1-49ae-7557-89ad-3fca70469b45", "version": 1, "bodyDocId": null, "description": "Quoting an authority figure, study, or precedent to lend weight.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:14:12+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-0f1d-76e6-8709-b3ec541d9f60", "parentComponentId": null }, { "bbox": { "h": 0.02, "w": 0.38, "x": 0.02, "y": 0.97 }, "kind": "source-note", "text": "Source: Spruce Point Analysis, HIMS Q3 2021 Earnings Call Transcript", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. 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0.66 }, "kind": "callout", "text": "HIMS has highlighted its crossover into positive adjusted EBITDA. 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But instead, you hear a lot of this: Raise a ton of money, spend it on marketing, get a bunch of customers and build really fast. I'm not convinced that that's the best way to build a long-lasting business. 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But instead, you hear a lot of this: Raise a ton of money, spend it on marketing, get a bunch of customers and build really fast. I’m not convinced that that’s the best way to build a long-lasting business. 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"y": 0.32 }, "kind": "table", "text": "HIMS' Lack of Operating Leverage table", "attrs": null, "canon": { "kind": { "name": "Table", "slug": "table", "status": "active", "canonId": "019de52c-f9c8-7148-8119-eaac9594cd28", "version": 1, "description": "Tabular data layout." }, "tool": null, "subkind": { "name": "Data table", "slug": "data", "status": "active", "canonId": "019de52d-02d5-75b8-8abf-88e92bf63569", "version": 1, "description": null }, "framework": null }, "subkind": "data", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:30:01.29+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "338a104e-9ca1-42db-909d-420e2122da09", "parentComponentId": null }, { "bbox": { "h": 0.04, "w": 0.96, "x": 0.02, "y": 0.905 }, "kind": "title", "text": "Andrew Dudum might want to listen to Andrew Dudum.", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Action title", "slug": "action-title", "status": "active", "canonId": "019de52c-fb31-734c-a0f5-a3935b73135d", "version": 1, "description": null }, "framework": null }, "subkind": "action-title", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:30:01.29+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "ea76f2d6-d8f6-4d06-8bd4-e423233238d7", "parentComponentId": null }, { "bbox": { "h": 0.035, "w": 0.384, "x": 0.308, "y": 0.055 }, "kind": "title", "text": "Operating Leverage Remains Elusive", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": 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This behavioral pattern is consistent with companies that we've analyzed in the past that have delayed bad news for investors. 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More troubling, Dudum has a long history of inviting conflicts of interest with HIMS investors and employees.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:30:02.53+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "43a61e3b-e23d-4282-8f54-59e2a16b6265", "parentComponentId": null }, { "bbox": null, "kind": "quote", "text": "For the years ended December 31, 2022, 2021, and 2020, the Company recorded a total of $3.6 million, $3.5 million, and $3.4 million, respectively, for payments made to an affiliated company of Atomic Labs for services performed and costs incurred on behalf of the Company. — HIMS 2022 10-K", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": { "name": "Authority citation", "slug": "authority-citation", "status": "active", "bestFor": null, "canonId": "019dd9e1-49ae-7557-89ad-3fca70469b45", "version": 1, "bodyDocId": null, "description": "Quoting an authority figure, study, or precedent to lend weight.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:14:14+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-0f1d-76e6-870a-ebbf10f5c6f3", "parentComponentId": null }, { "bbox": { "h": 0.02, "w": 0.35, "x": 0.02, "y": 0.97 }, "kind": "source-note", "text": "Source: HIMS 2022 10-K, HIMS 2021 Proxy, HIMS 2021 Proxy", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. 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