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  "docSlug": "747988e81365",
  "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 comparison of NPS industry benchmarks vs. Trustpilot star ratings to highlight a discrepancy in customer satisfaction.",
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      "text": "78% vs 14% 1-star ratings",
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      "kind": "callout",
      "text": "Apples vs. oranges? Of course HIMS will outperform traditional healthcare. The Company is very efficient at getting prescription drugs into customers hands.",
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      "kind": "callout",
      "text": "We believe ratings of Hers are more indicative of potential market receptivity of future HIMS offerings.",
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      "text": "Trustpilot Customer Ratings For Hims vs Hers",
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      "text": "NPS scores by industry",
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      "text": "NPS score: 78%",
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      "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.",
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      "kind": "source-note",
      "text": "Source: HIMS SPAC Transaction Presentation, Trustpilot, Trustpilot",
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      "kind": "title",
      "text": "Is HIMS Misinterpreting The True Meaning of Its Positive NPS Score? Easy, Yes, But Good?",
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