{ "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": 75, "pageCount": 105, "prevPage": 74, "nextPage": 76, "slideType": "expose_contradiction", "function": "expose_contradiction", "density": "overcrowded", "nDataPoints": 5, "notes": "Uses a 'gotcha' style comparison showing the 'hers' website still referencing male-specific medical conditions (erectile dysfunction) in its intake forms.", "elementsJson": [ "headline_text", "paragraph", "callout_box", "screenshot", "bar_chart_horizontal", "quote_block", "footnote" ], "metadataConfidence": 0.95, "imagePath": null, "slideHref": "/slides/019dd923-622c-750b-8b99-62a16d2a2f71/75", "deckHref": "/decks/019dd923-622c-750b-8b99-62a16d2a2f71", "deckJsonHref": "/decks/019dd923-622c-750b-8b99-62a16d2a2f71.json", "deckAnchorHref": "/decks/019dd923-622c-750b-8b99-62a16d2a2f71#slide-75", "components": [ { "bbox": { "h": 0.06, "w": 0.19, "x": 0.02, "y": 0.57 }, "kind": "callout", "text": "Great example for women!", "attrs": null, "subkind": "primary", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "46a226dd-f520-4500-8f5d-9dbc33696ba9", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.06, "w": 0.24, "x": 0.51, "y": 0.415 }, "kind": "callout", "text": "Terrible Trustpilot ratings.", "attrs": null, "subkind": "primary", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "c6cb396f-43ab-4aaf-9e7b-332775985586", "frameworkName": null, "frameworkSlug": null }, { "bbox": null, "kind": "callout", "text": "In contrast to men’s sexual health, where HIMS pushed an asynchronous treatment model, mental health requires both high volume synchronous consultations and a depth of physician engagement HIMS has not delivered previously.", "attrs": null, "subkind": null, "toolName": "Visual emphasis", "toolSlug": "visual-emphasis", "confidence": null, "componentId": "019dd953-0f1d-76e6-8708-8aab467450db", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.12, "w": 0.48, "x": 0.51, "y": 0.31 }, "kind": "chart", "text": "Trustpilot ratings chart", "attrs": null, "subkind": "bar-horizontal", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "6e8be8d0-beb9-4596-a356-1766dd0d8135", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.45, "w": 0.48, "x": 0.02, "y": 0.31 }, "kind": "image", "text": "Screenshot of hers website showing male-specific questions", "attrs": null, "subkind": "screenshot", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "c4c1e797-6c5e-42cf-b70b-ff3a41a71bac", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.07, "w": 0.96, "x": 0.02, "y": 0.17 }, "kind": "paragraph", "text": "For better or worse, HIMS has (very expensively) built a brand image around men's health, and in particular men's sexual health and hair loss. We believe investors underestimate the numerous obstacles HIMS faces in targeting women.", "attrs": null, "subkind": "paragraph", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "44c4b52d-ccf8-4896-a4f1-f0f6f5257ea9", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.12, "w": 0.48, "x": 0.51, "y": 0.51 }, "kind": "paragraph", "text": "In contrast to men's sexual health, where HIMS pushed an asynchronous treatment model, mental health requires both high volume synchronous consultations and a depth of physician engagement HIMS has not delivered previously.", "attrs": null, "subkind": "paragraph", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "66ad5cb6-adef-423f-b7a7-311994697382", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.12, "w": 0.28, "x": 0.71, "y": 0.675 }, "kind": "quote", "text": "There's just not good medical backing behind some of the Hers categories...The women's space is very different than the men's space; it is very crowded.", "attrs": null, "subkind": "testimonial", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "00ba2c7d-503e-4d5c-ad8e-cc0fdb5a54b5", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.08, "w": 0.28, "x": 0.71, "y": 0.85 }, "kind": "quote", "text": "Contraception is covered by insurance. Insurance loves contraception because babies are expensive.", "attrs": null, "subkind": "testimonial", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "040feb9b-5052-4348-a924-3588461bf30f", "frameworkName": null, "frameworkSlug": null }, { "bbox": null, "kind": "quote", "text": "“There's just not good medical backing behind some of the Hers categories...The women's space is very different than the men's space; it is very crowded.” — Spruce Point Interview With Former HIMS Product Executive", "attrs": null, "subkind": null, "toolName": "Authority citation", "toolSlug": "authority-citation", "confidence": null, "componentId": "019dd953-0f1d-76e6-8708-8e7c47c52842", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.02, "w": 0.3, "x": 0.02, "y": 0.97 }, "kind": "source-note", "text": "Source: Forhers.com, Trustpilot, Spruce Point red emphasis", "attrs": null, "subkind": null, "toolName": null, "toolSlug": null, "confidence": null, "componentId": "3264eea8-ad75-4d8c-914f-40e9d43fca6c", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.08, "w": 0.65, "x": 0.31, "y": 0.03 }, "kind": "title", "text": "We Question Whether HIMS Can Effectively Capitalize On Women's Health Opportunities", "attrs": null, "subkind": "headline", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "dbf93107-8600-4cc9-84d0-2873501fdf3d", "frameworkName": null, "frameworkSlug": null } ], "metrics": [], "tools": [], "frameworks": [ { "name": "expose_contradiction", "slug": null, "matchId": "d97785d5-7904-4f91-929b-0adba6d24de5", "evidence": "Contrasting the 'hers' brand with male-specific intake forms and poor ratings.", "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 } ], "loops": [], "imagePathAlt": null, "thumbSrc": null, "thumbSrcAlt": null, "locked": true }