{ "docId": "019dd923-622c-750b-8b99-62a16d2a2f71", "docSlug": "747988e81365", "documentTitle": "Hims & Hers Health, Inc. (HIMS)", "authorId": "54_Spruce_Point_Capital", "authorName": "Spruce Point Capital Management", "documentKindSlug": "activist-deck", "documentKindLabel": "Activist deck", "sourceTypeSlug": "short_seller", "sourceTypeLabel": "Short seller", "presentationDate": "2023-07-13 00:00:00", "orientation": "landscape", "aspectRatio": 1.3333334, "pageNumber": 40, "pageCount": 105, "prevPage": 39, "nextPage": 41, "slideType": "expose_contradiction", "function": "expose_contradiction", "density": "overcrowded", "nDataPoints": 0, "notes": "Uses a 'villain critique' style to frame the CEO's comments as evidence of poor quality care.", "elementsJson": [ "headline_text", "callout_box", "paragraph", "quote_block", "footnote" ], "metadataConfidence": 1, "imagePath": null, "slideHref": "/slides/019dd923-622c-750b-8b99-62a16d2a2f71/40", "deckHref": "/decks/019dd923-622c-750b-8b99-62a16d2a2f71", "deckJsonHref": "/decks/019dd923-622c-750b-8b99-62a16d2a2f71.json", "deckAnchorHref": "/decks/019dd923-622c-750b-8b99-62a16d2a2f71#slide-40", "components": [ { "bbox": { "h": 0.06, "w": 0.98, "x": 0.01, "y": 0.48 }, "kind": "callout", "text": "We believe “predictive clinical education” is shorthand for highly automated patient situation assessments that facilitate high-volume prescription writing.", "attrs": null, "subkind": "primary", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "3da74d23-e537-4946-84e4-be75661dc319", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.08, "w": 0.98, "x": 0.01, "y": 0.17 }, "kind": "callout", "text": "CEO Dudum seems to think “the future of healthcare” is doctors speaking with their patients while they are out walking their dogs. Such comments make it difficult to take HIMS or Dudum seriously.", "attrs": null, "subkind": "primary", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "d8381b9e-af85-412c-ae3f-0f5d0c4e0875", "frameworkName": null, "frameworkSlug": 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, "subkind": "primary", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "f930c6b4-2b15-4702-b5be-887b298cb359", "frameworkName": null, "frameworkSlug": 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. Most of the time, it's on their iPhone or on their computer from home or they're going for a walk, right, with their dog and they're talking to patients.” — CEO Dudum at 11/11/21 Citi Healthcare Conference", "attrs": null, "subkind": null, "toolName": "Authority citation", "toolSlug": "authority-citation", "confidence": null, "componentId": "019dd953-0f1d-76e6-8706-962ea5049f6a", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.03, "w": 0.5, "x": 0.01, "y": 0.96 }, "kind": "source-note", "text": "Source: HIMS Q3 2022 Earnings Call Transcript, HIMS Q3 2021 Earnings Call Transcript, Bloomberg", "attrs": null, "subkind": null, "toolName": null, "toolSlug": null, "confidence": null, "componentId": "5e0ea98e-2d66-44a3-bf16-1318f287e2e9", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.06, "w": 0.98, "x": 0.01, "y": 0.59 }, "kind": "table", "text": "CEO Dudum on Q3 2021 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.”", "attrs": null, "subkind": "data", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "4debfe6f-4f35-484f-9972-a2f8d8cf9430", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.12, "w": 0.98, "x": 0.01, "y": 0.35 }, "kind": "table", "text": "CEO Dudum on Q3 2022 Earnings Call: “First and foremost, we're providing them with the tools to achieve significant impact with patients... predictive clinical education to support improved decision making.”", "attrs": null, "subkind": "data", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "af6aac8b-0141-4100-b04d-32dd0c18bfbd", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.08, "w": 0.98, "x": 0.01, "y": 0.69 }, "kind": "table", "text": "CEO Dudum at 11/11/21 Citi Healthcare Conference: “...physicians can jump on the platform. Most of the time, it's on their iPhone or on their computer from home or they're going for a walk, right, with their dog and they're talking to patients.”", "attrs": null, "subkind": "data", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "e456bf19-2d89-4a70-a4e1-7205e9c174ed", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.12, "w": 0.65, "x": 0.305, "y": 0.02 }, "kind": "title", "text": "CEO Dudum’s Commentary Suggests Customers Should Have Low Expectations For HIMS Physician Consultations", "attrs": null, "subkind": "headline", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "19e20f17-5082-4cb4-bf58-b6db9a732305", "frameworkName": null, "frameworkSlug": null } ], "metrics": [], "tools": [], "frameworks": [ { "name": "ceo-quote-contradiction", "slug": null, "matchId": "5e7bf7a4-8afa-4501-bea6-d0fba0a25b96", "evidence": "Contrasting CEO quotes with critical commentary to expose lack of professionalism.", "confidence": 0.9 } ], "arcBeats": [ { "to": 105, "from": 15, "beatId": "e37982bf-a669-4ff0-9d59-9ad104610c60", "arcName": "Overcoming the Monster", "arcSlug": "overcoming-monster", "beatName": "Expose Contradiction", "beatSlug": null, "evidence": "The document presents numerous contradictions and issues with HIMS' business model, operations, and financials", "position": 2, "confidence": 0.8, "parentBeatName": null, "parentBeatSlug": null }, { "to": 53, "from": 4, "beatId": "80bd0218-c4cf-4186-b917-bf58199ab190", "arcName": "Overcoming the Monster", "arcSlug": "overcoming-monster", "beatName": "Villain Critique", "beatSlug": null, "evidence": "The document presents a thorough critique of HIMS, framing it as a villain in the healthcare market", "position": 4, "confidence": 0.8, "parentBeatName": null, "parentBeatSlug": null } ], "loops": [], "imagePathAlt": null, "thumbSrc": null, "thumbSrcAlt": null, "locked": true }