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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": "The slide uses a table to contrast past aggressive expansion claims with recent conservative guidance, followed by a critique of the company's definition of 'category'.",
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      "kind": "callout",
      "text": "We question the accuracy of Dudum's characterization of HIMS' category expansion. While the definition may be flexible or undefined, that would suggest HIMS had about fourteen categories. This graphic in the Company's most recent investor presentation suggests 11 at most, and not all of these seem to rise to the characterization of a \"category\" as opposed to a product.",
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      "text": "We believe that HIMS' penetration of women's health offerings and mental health broadly, essentially any area outside men's sexual health and hair, have proven more difficult than anticipated.",
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      "text": "Graphic showing HIMS categories (Men's Health, Women's Health, Dermatology, Mental Health).",
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      "text": "We believe that HIMS' penetration of women's health offerings and mental health broadly, essentially any area outside men's sexual health and hair, have proven more difficult than anticipated. On its Q4 2022 earnings call in February, HIMS management seems to have suggested a more than 50% reduction in the pace of category expansions going forward.",
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      "kind": "quote",
      "text": "\"And so what I think you can expect from us is that continued expansion every quarter, every two quarters, the launch of new major categories.\" — CEO Dudum on Q3 2021 Earnings Call",
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      "kind": "source-note",
      "text": "Source: HIMS Q3 2021 Earnings Call Transcript, HIMS Q4 2021 Earnings Call Transcript, HIMS Q1 2022 Earnings Call Transcript, HIMS Q4 2022 Earnings Call Transcript, HIMS Q1 2023 Earnings Presentation, Bloomberg",
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      "text": "Management commentary table comparing Q3 2021-Q1 2022 (aggressive) vs Q4 2022-2023 (conservative) expansion guidance.",
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      "kind": "title",
      "text": "HIMS Seems To Be Backtracking On How Rapidly It Can Target New Growth Opportunities",
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