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  "documentTitle": "Hims & Hers Health, Inc. (HIMS)",
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  "authorName": "Spruce Point Capital Management",
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  "presentationDate": "2023-07-13 00:00:00",
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  "notes": "Uses a table to contrast historical quotes against a timeline to expose management inconsistency.",
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      "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. This makes us wonder which current expansion initiatives will simply fade away.",
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      "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.",
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      "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.",
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      "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",
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      "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",
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      "kind": "table",
      "text": "CEO Dudum's Change of Heart of the \"Critical\" Insurance Integration",
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      "kind": "title",
      "text": "HIMS Has Quietly Dropped Its Plans To Enter The Insured Market",
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