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  "docSlug": "747988e81365",
  "documentTitle": "Hims & Hers Health, Inc. (HIMS)",
  "authorId": "54_Spruce_Point_Capital",
  "authorName": "Spruce Point Capital Management",
  "documentKindSlug": "activist-deck",
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  "sourceTypeSlug": "short_seller",
  "sourceTypeLabel": "Short seller",
  "presentationDate": "2023-07-13 00:00:00",
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  "notes": "Uses a side-by-side comparison of company claims vs. CEO statements to build a case for regulatory risk.",
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      "kind": "callout",
      "text": "We believe HIMS glosses over regulatory restrictions related to compounding and wrongly implies its products are FDA-approved.",
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      "kind": "list",
      "text": "The HIMS Pitch on Customized Medications vs CEO Dudum Talks Up Bespoke Compounds",
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      "kind": "paragraph",
      "text": "HIMS has consistently promoted its ability to mix multiple medicines into custom compounds tailored for individual customers. We believe HIMS glosses over regulatory restrictions related to compounding and wrongly implies its products are FDA-approved.",
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      "kind": "quote",
      "text": "\"While the majority of products sold on our platform today are generic formulations in nature, we believe the future is one where proprietary formulations and truly personalized products not available anywhere else makes up the majority of our business.\" — CEO Andrew Dudum, Q2 2022 Earnings Call",
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      "kind": "source-note",
      "text": "Source: Apostrophe website, HIMS Q2 2021 Earnings Call Transcript, Spruce Point red emphasis",
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      "kind": "title",
      "text": "We Believe HIMS Oversells Its Strategy To Make Bespoke Medications",
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      "evidence": "The document presents numerous contradictions and issues with HIMS' business model, operations, and financials",
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