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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 red callout boxes to directly refute specific management quotes.",
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      "kind": "callout",
      "text": "Sure, this is true, except that Apostrophe ended up generating $5 million and Honest Health's contribution was never mentioned.",
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      "kind": "callout",
      "text": "Sure, this is true, except that Apostrophe was acquired for $150 million and HIMS \"a couple years\" prior (in Q2 2019) generated $36 million of revenue (versus $5m or $0m.)",
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      "kind": "callout",
      "text": "Is the acquisition of a three-person company \"important progress\"?",
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      "text": "HIMS likes to highlight its massive potential international TAM while never discussing country entry strategies or differing regulatory and healthcare landscapes in any detail. HIMS would have investors believe that Honest Health was highly strategic and a financial contributor, when, in reality, it seems HIMS spent $10 million (plus a $10 million earnout) for three people.",
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      "kind": "quote",
      "text": "\"International is an area we made important progress during this quarter.\" — CEO Dudum on Q2 2021 Earnings Call; \"In Q3, we expect Honest Health and Apostrophe to generate between $4 million to $5 million in revenue.\" — CFO Lee on Q2 2021 Earnings Call; \"Its early days for Honest Health and Apostrophe and their businesses are in a fairly similar place, where we were a couple of years ago.\" — CFO Lee on Q2 2021 Earnings Call; \"As we indicated on our previous earnings call, the quarter-over-quarter decrease in gross margin was primarily driven by lower margin revenue from Apostrophe and Honest Health.\" — CFO Lee on Q3 2021 Earnings Call",
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      "kind": "source-note",
      "text": "Source: HIMS Q2 2021 Earnings Call Transcript, HIMS Q3 2021 Earnings Call Transcript, Companies House",
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      "text": "Management Commentary on the Financial Impacts of Honest Health",
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      "kind": "title",
      "text": "HIMS' Disclosure Suggests That Honest Health Was A Meaningful Acquisition",
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