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  "documentTitle": "Hims & Hers Health, Inc. (HIMS)",
  "authorId": "54_Spruce_Point_Capital",
  "authorName": "Spruce Point Capital Management",
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  "sourceTypeLabel": "Short seller",
  "presentationDate": "2023-07-13 00:00:00",
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  "notes": "Uses a testimonial quote as primary evidence to contradict corporate claims.",
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      "kind": "callout",
      "text": "Spruce Point Interviews With Physicians Who Worked in the HIMS Network Confirm Our View",
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      "kind": "callout",
      "text": "We Believe Physician Ownership Is A Farce",
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      "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.",
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      "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",
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      "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...",
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      "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.”",
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      "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. Just kind of a check the box to meet the regulation.” — Former HIMS Physician.",
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      "kind": "source-note",
      "text": "Source: HIMS 2022 10-K, Spruce Point Research",
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      "kind": "title",
      "text": "We Believe The Friendly PC Structure As Implemented By HIMS Is On Shaky Ground: Not Physician-Owned",
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