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  "documentTitle": "Hims & Hers Health, Inc. (HIMS)",
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  "authorName": "Spruce Point Capital Management",
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  "sourceTypeLabel": "Short seller",
  "presentationDate": "2023-07-13 00:00:00",
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  "notes": "Uses a table to show stagnant wholesale revenue and a quote-based comparison to expose management's changing narrative.",
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      "kind": "callout",
      "text": "Shouldn’t a “presence” at most major retailers mean HIMS is poised to actually sell MORE product? Like with the insurance opportunity, Dudum represented wholesale as the next big thing...until he didn’t.",
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      "text": "Shouldn't a \"presence\" at most major retailers mean HIMS is poised to actually sell MORE product?",
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      "text": "Wholesale Revenue: $7",
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      "text": "HIMS frequently promoted its penetration of numerous large retailers and their “incredible demand” as indications of a large offline opportunity. However, in 2022, Dudum dramatically changed his tune, noting that retailers were digesting initial inventories and calling wholesale a brand building exercise. Wholesale growth has turned over and revenues remain insignificant.",
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      "kind": "quote",
      "text": "As we have previously communicated, we expect revenue growth in our wholesale channel to moderate as we now have a presence in the majority of top retailers across the country.",
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      "text": "But we've been able to branch out and the demand, I think, on the retail side has really been energizing for all of us... I mean there's just an incredible demand for the products and those retailers are coming to us with an energy that I think is very rare.",
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      "kind": "quote",
      "text": "\"But we've been able to branch out and the demand, I think, on the retail side has really been energizing for all of us, whether it be CVS or Walgreens or Walmart or GMC, Bed Bath & Beyond, Vitamin Shoppe. I mean there's just an incredible demand for the products and those retailers are coming to us with an energy that I think is very rare.\" — CEO Dudum on Q4 2021 Earnings Call; \"As we have previously communicated, we expect revenue growth in our wholesale channel to moderate as we now have a presence in the majority of top retailers across the country.\" — CEO Dudum on Q4 2022 Earnings Call",
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      "kind": "source-note",
      "text": "Source: HIMS SEC filings, HIMS Q4 2021 Earnings Call Transcript, HIMS Q4 2022 Earnings Call Transcript, HIMS Q1 2023 Earnings Call Transcript",
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      "text": "HIMS Wholesale Revenue Analysis table showing quarterly revenue, growth percentages, and YoY trends.",
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      "kind": "title",
      "text": "HIMS Wholesale Revenues Have Already Stalled",
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