Hims & Hers Health Inc
(MEX:HIMS)
MXN
548.68
+13.63 (+2.55%)
Market Cap: 126.07 Bil
Enterprise Value: 132.61 Bil
PE Ratio: 0
PB Ratio: 16.43
GF Score: 59/100 
Q2 2026 Hims & Hers Health Inc Earnings Call Transcript
Aug 10, 2026 / 09:00PM GMT
Release Date Price:
MXN548.68
(+2.55%)
Key Points
Positve
- Hims & Hers Health Inc (HIMS) delivered strong Q2 2026 results with revenue growing nearly 40% year-over-year to over $753 million, and added 300,000 net new subscribers, bringing the total to nearly 3 million.
- The company's AI-native care experience is showing early success, with customers engaging three times more and AI handling 80% of their questions, leading to a 50% reduction in non-clinical tasks for support teams.
- The acquisition of Eucalyptus has expanded the company's global reach, with the UK, Australia, and Germany each generating over $100 million in annualized revenue, and international revenue growing over 17-fold year-over-year.
- The testosterone specialty is scaling faster than any other category outside of weight loss, and is expected to become the sixth US specialty to reach a $100 million annual revenue run rate.
- The company is raising its full-year 2026 revenue outlook to $3.1 billion to $3.3 billion, reflecting confidence in continued growth and the compounding effect of weight-loss cohorts.
- Hims & Hers Health Inc (HIMS) is developing a best-in-class peptides experience, including US-manufactured products and clinical-led guidance, positioning it to enter the market quickly if FDA regulations allow.
- The company's partnership with Novo Nordisk is creating marketing tailwinds and expanding its addressable market, with the Wegovy pill launch being particularly successful.
- Operations and support costs improved by three points sequentially, driven by AI initiatives and increased pharmacy throughput, demonstrating early signs of operating leverage.
- The company has a strong balance sheet with over $840 million in cash and short-term investments, plus a $400 million receivables facility and a convertible debt offering, providing ample liquidity for growth investments.
- Marketing efficiency improved, with marketing as a percentage of revenue down 5 points year-over-year to 34%, driven by stronger retention and brand investment.
Negative
- Gross margins declined to 64% in Q2, down approximately six points quarter-over-quarter, due to the mix shift toward branded weight loss products and international expansion, which is expected to persist.
- The company reported a GAAP net loss of $86 million in Q2, impacted by $81 million in non-recurring costs related to the Eucalyptus acquisition, restructuring, and legal contingency accruals for the FTC litigation.
- Operating cash flow was negative $36 million and free cash flow was negative $68 million in Q2, due to increased working capital demands from the rapidly expanding branded weight loss offering.
- The company faces ongoing legal challenges with the FTC, which filed a complaint on July 29th, and the company is not prepared to accept terms it believes do not reflect the facts or the law, leading to potential legal costs and uncertainty.
- International operations, including Eucalyptus, are expected to continue operating at or near breakeven on an adjusted EBITDA basis, as the company prioritizes scale over profitability in these markets.
- The company's guidance implies a modest adjusted EBITDA margin of 9% at the midpoint for the full year, reflecting continued investment in AI, international expansion, and new product categories.
- The company is waiting for final FDA rulemaking on peptides before launching the six recommended peptides, which could delay market entry and create uncertainty around the timeline.
- The shift to a monthly cadence for branded weight loss offerings creates revenue recognition headwinds, which may impact near-term revenue growth despite strong subscriber additions.
- The company's heavy investment in AI and technology, including opening an AI R&D lab in Menlo Park, is expected to pay back within 12-18 months, but carries execution and cost risks.
- The company's rapid expansion into new categories and markets increases operational complexity and the risk of execution missteps, particularly in international markets with different regulatory environments.
Operator
Director of Investor Relations, Bill, please go ahead.
William Newby
Hims & Hers Health Inc - Director of Investor Relations
Good afternoon, everyone, and welcome to the Hims & Hers Health Second Quarter 2026 Earnings Call.
On the call with me today is Andrew Dudum, our Co-Founder and Chief Executive Officer, Yemi Okoupe, our Chief Financial Officer, and Mo Elshanawi, our Chief Technology Officer.
Before I hand it over to Andrew, I need to remind you of legal safe harbor and cautionary declarations. Certain statements and projections of future results made in this presentation constitute forward-looking statements that are based on, among other things, our current market, competitors and regulatory expectations and are subject to risks and uncertainties that could cause actual results to vary materially.
We take no obligation to update publicly any forward-looking statement after this call, whether as a result of new information, future events, changes in assumptions or otherwise. The risks, uncertainties and other factors
Already have an account? Log in
Get the full story
| Access to All Earning Calls and Stock Analysis | |
| 30-Year Financial on one screen | |
| All-in-one Stock Screener with unlimited filters | |
| Customizable Stock Dashboard | |
| Real Time Insider Trading Transactions | |
| 8,000+ Institutional investors’ 13F holdings | |
| Powerful Excel Add-in and Google sheets Add-on | |
| All data downloadable | |
| Quick customer support | |
| And much more... |
7-Day Free Trial · Cancel Anytime
Subscription fee may be tax deductible.
Excellent 
4.6 out of 5 
Trustpilot
Trustpilot
Survey
We'd love to learn more about your experiences on GuruFocus.com and how we can improve!
Take Survey
Follow Us
Disclaimers