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  "documentTitle": "Hims & Hers Health, Inc. (HIMS)",
  "authorId": "54_Spruce_Point_Capital",
  "authorName": "Spruce Point Capital Management",
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  "sourceTypeSlug": "short_seller",
  "sourceTypeLabel": "Short seller",
  "presentationDate": "2023-07-13 00:00:00",
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  "pageNumber": 54,
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  "notes": "The slide uses a rhetorical question as a title to frame the company's product portfolio as evidence against its healthcare narrative.",
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      "text": "HIMS crafts a narrative that it is a healthcare company. We believe the Company has done this to both distract from the fact that its products are highly commoditized and to present a larger TAM to investors, not to mention attempt to get the higher valuation multiples ascribed to healthcare companies.",
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      "text": "Collection of HIMS consumer products including massagers, rings, shampoo, moisturizer, vitamins, and apparel.",
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      "text": "HIMS crafts a narrative that it is a healthcare company. We believe the Company has done this to both distract from the fact that its products are highly commoditized and to present a larger TAM to investors, not to mention attempt to get the higher valuation multiples ascribed to healthcare companies. At the end of the day, we think HIMS is just a sub-scale e-commerce company.",
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      "text": "Source: forhims.com",
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      "kind": "title",
      "text": "Doesn't Offering These Products Reinforce The Fact That HIMS Is An E-Commerce, Not a Healthcare, Company?",
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