Hims & Hers Health, Inc. (HIMS): Lienzo del Modelo de Negocio [Actualizado en Ene-2025]

En el paisaje en rápida evolución de la atención médica digital, hims & Hers Health, Inc. (HIMS) se ha convertido en una plataforma innovadora que revoluciona cómo las personas acceden a los servicios médicos personalizados. Al combinar sin problemas la tecnología, la conveniencia y la discreción, HIMS ha transformado la prestación de salud tradicional, ofreciendo un conjunto integral de soluciones de telesalud que atienden a los consumidores modernos que buscan experiencias médicas eficientes, confidenciales y fáciles de usar. Este innovador modelo de negocio no solo ha interrumpido las vías de salud convencionales, sino que también ha creado un plan convincente para el emprendimiento de salud digital en el siglo XXI.

Hims & Hers Health, Inc. (HIMS) - Modelo de negocios: asociaciones clave

Fabricantes y distribuidores farmacéuticos

Hims & La HERS mantiene asociaciones estratégicas con fabricantes farmacéuticos para suministrar medicamentos en múltiples áreas terapéuticas.

Tipo de socio	Número de asociaciones	Volumen anual de medicamentos
Fabricantes de medicamentos genéricos	12	3.2 millones de recetas
Proveedores de medicamentos de marca	7	1,5 millones de recetas

Proveedores de plataforma de telemedicina

La compañía colabora con plataformas avanzadas de tecnología de telemedicina para facilitar las consultas de atención médica remota.

• Plataformas de consulta de video que cumplen con HIPAA
• Redes de prescripción electrónica seguras
• Sistemas de gestión de datos del paciente

Compañías de seguros de salud

Categoría de socio de seguros	Número de asociaciones	Porcentaje de cobertura
Aseguradoras de salud nacionales	9	62%
Aseguradoras de salud regionales	18	27%

Socios de marketing y tecnología digital

Las asociaciones de marketing digital se centran en las estrategias de adquisición y participación de los clientes.

• Plataformas de publicidad en redes sociales
• Agencias de marketing de rendimiento
• Proveedores de análisis de datos del cliente

Redes de cumplimiento de medicamentos recetados

Tipo de socio de cumplimiento	Número de socios	Procesamiento de recetas mensual
Farmacias en línea con licencia	6	425,000 recetas
Redes de farmacia de pedidos por correo	4	275,000 recetas

Hims & Hers Health, Inc. (HIMS) - Modelo de negocios: actividades clave

Servicios de consulta de telesalud

A partir del cuarto trimestre de 2023, hims & La suya realizó 375,000 consultas de telesalud con un tiempo de consulta promedio de 12 minutos. La plataforma admite consultas en 10 especialidades médicas principales.

Métrico de consulta	2023 datos
Consultas totales de telesalud	375,000
Duración de consulta promedio	12 minutos
Especialidades médicas cubiertas	10

Desarrollo de productos de salud digital

En 2023, hims & La suya invirtió $ 42.3 millones en investigación y desarrollo, centrándose en expandir las líneas de productos de salud digital a través de la salud sexual, la salud mental y los segmentos de atención primaria.

• Productos de salud sexual: 17 ofertas digitales únicas
• Productos de salud mental: 12 opciones de tratamiento digital
• Productos de atención primaria: 8 soluciones de salud digital

Gestión de recetas en línea

La Compañía procesó 1,2 millones de recetas en línea en 2023, con una tasa de cumplimiento de prescripción del 94% a través de asociaciones integradas de farmacia digital.

Métrica de gestión de recetas	2023 datos
Recetas totales en línea	1,200,000
Tasa de cumplimiento de receta	94%

Marketing de salud directo al consumidor

El gasto de marketing en 2023 alcanzó los $ 87.6 millones, con la publicidad digital que representa el 68% del presupuesto total de marketing.

• Gasto publicitario digital: $ 59.57 millones
• Marketing en redes sociales: 42% del presupuesto digital
• Campañas en línea dirigidas: 26 campañas únicas

Mejora de la tecnología de plataforma continua

La inversión en tecnología totalizó $ 35.2 millones en 2023, centrándose en herramientas de diagnóstico basadas en IA y algoritmos de recomendación de salud personalizados.

Métrica de mejora de la tecnología	2023 datos
Inversión tecnológica total	$ 35.2 millones
Herramientas de diagnóstico de IA desarrolladas	4 nuevas plataformas
Actualizaciones de personalización del algoritmo	7 iteraciones principales

Hims & Hers Health, Inc. (HIMS) - Modelo de negocios: recursos clave

Plataforma de telesalud digital

A partir del cuarto trimestre de 2023, hims & El HERO opera una plataforma de telesalud digital integral con las siguientes especificaciones:

Métrica de plataforma	Datos cuantitativos
Usuarios totales de la plataforma	1.4 millones de suscriptores activos
Visitas de plataforma anuales	Aproximadamente 3.2 millones de consultas virtuales
Cobertura de la plataforma	50 estados en los Estados Unidos

Red médica profesional

Hims & La suya mantiene una red robusta de profesional médico:

• Proveedores de atención médica con licencia: más de 300 médicos certificados por la junta
• Especialidades cubiertas: salud sexual, salud mental, dermatología, atención primaria
• Tasa de expansión de la red: 15% de crecimiento año tras año

Datos y análisis del cliente

Capacidades de infraestructura de datos:

Métrico de datos	Medida cuantitativa
Registros totales de clientes	2.8 millones de perfiles de pacientes únicos
Procesamiento de datos anual	Más de 5 millones de interacciones del paciente analizadas

Reconocimiento de marca fuerte

Métricas de marca a partir de 2023:

• Conciencia total de la marca: 68% entre el grupo demográfico objetivo
• Seguidores de redes sociales: más de 500,000 en todas las plataformas
• Valoración de la marca: $ 1.2 mil millones

Infraestructura tecnológica

Detalles de la pila de tecnología:

Componente tecnológico	Especificación
Infraestructura en la nube	Arquitectura que cumple con HIPAA con sede en AWS
Inversión tecnológica anual	$ 42 millones en I + D e infraestructura
Calificación de ciberseguridad	SoC 2 Tipo II certificado

Hims & Hers Health, Inc. (HIMS) - Modelo de negocio: propuestas de valor

Acceso a la salud en línea conveniente y discreto

A partir del cuarto trimestre de 2023, hims & Hers Health reportó 597,000 suscriptores totales con 84% de interacciones digitales para servicios de salud.

Canal de servicio	Porcentaje
Consultas digitales	84%
Interacciones de telesalud	16%

Entrega de medicamentos recetados asequibles

En 2023, el costo de prescripción promedio de la compañía varió entre $ 30 y $ 75 por mes en varias categorías de tratamiento.

• Precio promedio de medicamentos genéricos: $ 37
• Precio promedio de medicamentos de marca: $ 64
• Ahorros potenciales en comparación con la atención médica tradicional: hasta el 50%

Tratamiento personalizado para diversas afecciones de salud

Hims & El suyo ofrece tratamientos en múltiples dominios de salud con penetración específica del mercado:

Categoría de salud	Cuota de mercado
Salud sexual	42%
Salud mental	28%
Dermatología	18%
Atención primaria	12%

Servicios de salud mental y sexual accesibles

En 2023, hims & El HERS reportó 214,000 suscriptores activos de salud mental con un costo de consulta mensual promedio de $ 49.

• Consultas de salud mental: $ 49/mes
• Tratamientos de salud sexual: promedio de $ 59/mes
• Ingresos anuales del servicio de salud mental: $ 10.5 millones

Experiencia de salud digital fácil de usar

Las métricas de plataforma digital para 2023 demuestran una alta participación del usuario:

Métrica de rendimiento digital	Valor
Descargas de aplicaciones móviles	2.3 millones
Duración de la sesión promedio	7.5 minutos
Tasa de retención de usuarios	68%

Hims & Hers Health, Inc. (HIMS) - Modelo de negocios: relaciones con los clientes

Plataforma digital de autoservicio

A partir del cuarto trimestre de 2023, hims & El suyo reportó 541,000 suscriptores activos totales en su plataforma digital. La plataforma en línea permite a los clientes completar las evaluaciones de salud, consultar con profesionales de la salud con licencia y comprar medicamentos con una tasa de interacción digital del 97.3%.

Métrica de plataforma	2023 datos
Suscriptores activos totales	541,000
Tasa de interacción digital	97.3%
Costo promedio de adquisición de clientes	$54

Sistemas de recarga de recetas automatizadas

La Compañía procesó 2.3 millones de recetas totales en 2023, con el 68% de las recetas utilizando sistemas de recarga automatizados. El tiempo promedio de recolección de recetas es de 3.2 días.

• Prescripciones totales procesadas: 2.3 millones
• Porcentaje de recarga automatizada: 68%
• Tiempo promedio de recarga: 3.2 días

Recomendaciones de salud personalizadas

Hims & El HER aprovecha la personalización impulsada por la IA, con el 72% de los clientes que reciben recomendaciones de salud personalizadas basadas en su evaluación inicial de salud. La personalización aumenta la retención de los clientes en un 41%.

Atención al cliente en línea 24/7

Las métricas de atención al cliente para 2023 incluyen:

Métrico de soporte	Actuación
Tiempo de respuesta promedio	17 minutos
Tasa de satisfacción del cliente	88%
Canales de soporte	Chat, correo electrónico, teléfono

Gestión de la salud basada en suscripción

Los ingresos por suscripción para 2023 alcanzaron los $ 579.4 millones, con el 82% de los clientes que mantienen suscripciones activas más allá del período inicial de 3 meses. Las tarifas de suscripción mensuales varían de $ 30 a $ 120 dependiendo del plan de tratamiento.

• 2023 Ingresos de suscripción: $ 579.4 millones
• Tasa de retención de clientes: 82%
• Rango de suscripción mensual: $ 30- $ 120

Hims & Hers Health, Inc. (HIMS) - Modelo de negocios: canales

Aplicación móvil

A partir del cuarto trimestre de 2023, hims & El suyo reportó 1.7 millones de usuarios activos en su plataforma móvil. La aplicación móvil está disponible en plataformas iOS y Android, que admiten servicios de salud directos al consumidor.

Plataforma	Calificación de la tienda de aplicaciones	Descargas totales
iOS	4.6/5	853,000
Androide	4.4/5	742,000

Sitio web de la empresa

Hims & La suya genera aproximadamente el 62% de sus ventas directas a través del sitio web de la compañía himshers.com. El tráfico web mensual promedia 1.2 millones de visitantes únicos.

Plataformas de redes sociales

Rendimiento del canal de redes sociales a partir de 2024:

• Instagram: 275,000 seguidores
• Tiktok: 187,000 seguidores
• Facebook: 142,000 seguidores
• Twitter/X: 98,000 seguidores

Publicidad digital

Canal	Gasto anual	Tasa de conversión
Ads de Google	$ 18.3 millones	3.7%
Meta publicidad	$ 12.6 millones	4.2%

Comunicación por correo electrónico y texto

Métricas de comunicación para 2024:

• Suscriptores mensuales de correo electrónico: 2.1 millones
• Tasa de apertura de correo electrónico: 22.5%
• Mercado de mensajes de texto Alcance: 1.4 millones de usuarios
• Tasa de conversión de campaña de SMS: 6.3%

Hims & Hers Health, Inc. (HIMS) - Modelo de negocios: segmentos de clientes

Adultos jóvenes (18-40)

A partir del cuarto trimestre de 2023, hims & El suyo reportó 2.1 millones de clientes activos, con un 71% de entre 18 y 40 años.

Grupo de edad	Porcentaje	Número estimado de clientes
18-25 años	28%	588,000
26-40 años	43%	903,000

Consumidores de salud digitales primero

En 2023, hims & La suya generó $ 561.8 millones en ingresos, con 98% de las consultas completadas en línea.

• Descargas de aplicaciones móviles: 1.2 millones en 2023
• Tiempo de consulta digital promedio: 15 minutos
• Tasa de cumplimiento de prescripción en línea: 92%

Personas que buscan servicios de salud confidenciales

El segmento confidencial de servicios de telesalud representó el 45% de la base total de clientes en 2023.

Categoría de servicio	Porcentaje de clientes
Salud sexual	22%
Salud mental	15%
Pérdida de cabello	8%

Pacientes con afecciones crónicas específicas

La gestión de la condición crónica representó el 37% de las ofertas de servicios totales en 2023.

• Manejo de peso: 15% de la base de clientes
• Disfunción eréctil: 12% de la base de clientes
• Condiciones de salud mental: 10% de la base de clientes

Individuos conscientes de la salud expertos en tecnología

En 2023, los consumidores expertos en tecnología comprendían el 55% de los hims & Herse Base de clientes.

Interacción tecnológica	Porcentaje
Usuarios de teléfonos inteligentes	89%
Usuarios de aplicaciones regulares	67%
Tasa de retención de suscripción	62%

Hims & Hers Health, Inc. (HIMS) - Modelo de negocio: Estructura de costos

Mantenimiento de la infraestructura tecnológica

A partir del tercer trimestre de 2023, hims & El suyo reportó $ 14.5 millones en gastos de tecnología y desarrollo. Los costos de infraestructura tecnológica de la compañía incluyen:

Categoría de costos	Gasto anual
Servicios de alojamiento en la nube	$ 3.2 millones
Sistemas de ciberseguridad	$ 1.8 millones
Mantenimiento de software	$ 2.5 millones

Marketing y adquisición de clientes

Gastos de marketing para hims & La suya en 2023 totalizó $ 119.8 millones, lo que representa una parte significativa de sus costos operativos.

• Gasto publicitario digital: $ 45.6 millones
• Marketing en redes sociales: $ 22.3 millones
• Asociaciones de influencia: $ 12.5 millones
• Publicidad de medios tradicional: $ 8.4 millones

Tarifas de consulta profesional médico

Desglose de costos de consulta para 2023:

Tipo de consulta	Costo anual
Consultas de telemedicina	$ 37.2 millones
Red de proveedores de atención médica con licencia	$ 24.6 millones

Adquisición de medicamentos recetados

Gastos de adquisición relacionados con la medicación en 2023:

• Inventario de medicamentos: $ 52.3 millones
• Gestión de la cadena de suministro farmacéutica: $ 8.7 millones
• Control de calidad y cumplimiento: $ 4.5 millones

Desarrollo e innovación de la plataforma

Inversiones de investigación y desarrollo para 2023:

Categoría de innovación	Inversión anual
Desarrollo de productos	$ 22.1 millones
Mejora de la tecnología	$ 15.6 millones
Mejoras de la experiencia del usuario	$ 9.3 millones

Estructura total de costos operativos para 2023: aproximadamente $ 264.5 millones

Hims & Hers Health, Inc. (HIMS) - Modelo de negocios: flujos de ingresos

Tarifas de consulta de telesalud

A partir del tercer trimestre de 2023, hims & El suyo reportó tarifas de consulta de telesalud que van desde $ 30 a $ 85 por consulta médica virtual.

Tipo de consulta	Gama de precios
Atención primaria	$39 - $59
Salud mental	$60 - $85
Salud sexual	$30 - $45

Venta de medicamentos recetados

En 2022, hims & La suya generó $ 579.4 millones en ingresos por medicamentos recetados.

• Costo de receta promedio: $ 50 - $ 120 por mes
• Categorías de medicamentos clave:
  • Tratamientos de disfunción eréctil
  • Medicamentos para la pérdida de cabello
  • Recetas de salud mental

Planes de suscripción mensuales

Los ingresos por suscripción para 2022 alcanzaron $ 295.2 millones.

Nivel de suscripción	Costo mensual	Suscriptores estimados
Plan básico	$20 - $40	125,000
Plan premium	$50 - $75	65,000

Venta de productos para el bienestar sexual

Las ventas de productos de bienestar sexual en 2022 totalizaron $ 137.6 millones.

• Categorías de productos:
  • Productos de bienestar íntimo
  • Suplementos para la salud sexual
  • Artículos de cuidado personal
• Precio promedio del producto: $ 25 - $ 60

Cargos de servicio de salud mental

Los ingresos por servicios de salud mental para 2022 fueron de aproximadamente $ 92.5 millones.

Tipo de servicio	Gama de precios	Usuarios mensuales promedio
Terapia individual	$ 65 - $ 120 por sesión	40,000
Consulta psiquiátrica	$ 85 - $ 250 por consulta	25,000

Hims & Hers Health, Inc. (HIMS) - Canvas Business Model: Value Propositions

You're looking at how Hims & Hers Health, Inc. (HIMS) delivers value in late 2025. It's all about removing the friction points that keep people from seeking care for sensitive issues, while simultaneously layering in more complex, proactive health management tools.

Accessible, affordable, and discreet healthcare for stigmatized conditions

The core value proposition remains the ease of access for conditions people often avoid discussing face-to-face. This is quantified by the platform's sheer scale and the cost differential on key treatments. By the third quarter of 2025, Hims & Hers Health, Inc. served approximately 2.471 million subscribers, a 21% year-over-year increase. This scale helps keep costs down, which is critical for affordability. For example, their compounded GLP-1 medications are priced at $165 a month for a subscription, starkly contrasting with the branded versions which cost around $1,800 a month. The platform's success in this area is evident: in Q2 2025, subscribers using personalized treatment plans jumped 89% year-over-year to nearly 1.5 million. To be fair, discretion is key; a recent white paper showed that 94% of surveyed customers felt the quality of care accessed via Hims & Hers was as good as or better than their prior in-person experiences.

Personalized treatment plans, including compounded medications

Hims & Hers Health, Inc. is shifting focus toward deeper personalization, which drives both retention and higher revenue per user. The company saw more than 500,000 customers benefiting from treatment plans for multiple conditions by Q2 2025, representing an almost 170% year-over-year increase. This stickiness is a major advantage; in the weight loss specialty, 25% of customers on a personalized GLP-1 plan discontinued treatment at 6 months, compared to studies showing 80% drop-off elsewhere. The Monthly Online Revenue Per Average Subscriber (MORAS) in Q3 2025 hit $80, a 19% year-over-year increase, showing that personalization is successfully driving up the value of each customer relationship.

Convenience of online consultation and direct-to-door delivery

The convenience factor is baked into the digital-first model, which translates directly into financial metrics. The overall revenue for the full year 2025 is guided to be between $2.335 billion and $2.355 billion. This massive revenue stream relies on seamless digital intake and delivery. In Q3 2025, online revenue accounted for $589.10 million of the total $598.98 million in revenue. The platform's ability to convert interest into recurring revenue is strong, as evidenced by the 31% year-over-year subscriber growth in Q2 2025.

Proactive health management via new Labs diagnostics offering

The move into diagnostics is designed to transform the platform from reactive treatment to proactive, data-driven health management. Hims & Hers Health, Inc. launched its Labs offering, which the CEO projects will eventually become a $1 billion business. This service allows customers to get insights across areas like heart health, metabolism, hormones, inflammation, and stress. You can access this data-driven care through two main tiers:

Labs Plan Tier	Annual Cost	Biomarker Tests Included	Blood Draws Per Year
Base	$199	50	One
Advanced	$499	Over 120	Two

The base plan, for instance, provides 50 biomarker tests for $199 a year. This capability is intended to power a more intelligent platform, helping providers tailor care based on objective data.

Low-cost access to generic weight loss treatments

The commitment to low-cost generic alternatives is a major differentiator, especially given the regulatory environment around compounded drugs. Hims & Hers Health, Inc. expects its entire weight loss specialty business to deliver at least $725 million in revenue for 2025, even after pivoting away from compounded semaglutide by Q1 2025. This revenue is now driven by oral medications and other generic options. The company's strategic verticalization efforts have already helped reduce GLP-1 treatment costs by 20%. This focus on affordability within weight management is a clear driver of customer acquisition and retention.

Finance: review the Q4 2025 marketing spend as a percentage of revenue against the Q3 39% figure by next Tuesday.

Hims & Hers Health, Inc. (HIMS) - Canvas Business Model: Customer Relationships

You're building a relationship with a customer who values convenience and discretion above all else. Hims & Hers Health, Inc. (HIMS) locks in that relationship through a model designed for compounding value over time, not just one-off transactions. The core of this is the subscription engine, which provides the financial durability that analysts look for in a high-growth tech-enabled healthcare company.

Subscription-based model for recurring revenue and high retention

The entire structure rests on recurring revenue, making the customer relationship inherently sticky. As of the third quarter of 2025, the company reported reaching 2.47 million customers, a base that grew 21% year-over-year for that quarter. Subscription revenue makes up a massive portion of the top line, consistently reported as ~95% of total revenue. This focus on recurring revenue is what drives confidence in the FY2025 revenue guidance of $2.335 billion to $2.355 billion.

Retention is the proof point of the subscription value. The overall retention rate hovers near 85% as of mid-2025, a strong signal for a direct-to-consumer model. This high retention, combined with increasing customer spend, is key to their unit economics.

Metric	Value (Late 2025)	Context
Total Subscribers	2.47 million (Q3 2025)	Up from 2.2 million at the end of 2024.
Subscription Revenue Share	~95%	The vast majority of total revenue.
Customer Retention Rate	Over 85%	A key driver of predictable revenue.
Monthly Online Revenue per Average Subscriber (Q3 2025)	$80	Up 19% year-over-year for the quarter.

The math shows that even if new customer acquisition costs remain high, the lifetime value (LTV) is being extended by this stickiness. Honestly, that's the whole game in this space.

Digital-first, self-service platform for initial consultation

The initial touchpoint is entirely digital, designed to remove the friction of traditional healthcare access. The company has invested heavily in making the initial clinical intake process feel trustworthy and easy. A recent survey showed that 91% of customers found the intake process easy to complete. Furthermore, 83% of those surveyed stated that the intake process increased their confidence in starting treatment on the platform.

When customers compare their digital experience to their previous in-person care, the results are telling: 94% of customers said the overall quality of care accessed via Hims & Hers was as good as or better than their prior in-person healthcare experiences. This digital efficiency is what allows them to scale so quickly.

Personalized, longitudinal relationship with a licensed provider

The relationship moves beyond a single transaction by focusing on longitudinal care and personalization. This is where the platform deepens its hold. Subscribers engaging with personalized treatment plans grew 50% year-over-year in Q3 2025. More importantly, the platform is successfully cross-selling and bundling services: subscribers trusting Hims & Hers with multiple conditions increased 80% year-over-year, now representing over 20% of the total subscriber base.

This longitudinal engagement is particularly evident in high-demand areas like weight management. For GLP-1 drug customers on their platform, only 25% had discontinued treatment at the 6-month mark, which is significantly better than the reported industry average of 80% discontinuation. This suggests the continuous provider check-ins and personalized adjustments are working to keep patients engaged long-term.

• 83% of customers reported receiving clear treatment instructions from their care team.
• 74% reported that care team interactions made them feel supported throughout treatment.
• The company is actively expanding into new, chronic-care focused specialties like Menopause and Low Testosterone.
• Over 60% of new testosterone customers in Q3 2025 were already subscribed to another Hims offering.

Automated re-ordering and prescription management

The subscription model inherently automates re-ordering, but the relationship is reinforced by the system's ability to manage ongoing care needs efficiently. This is tied directly to the personalization engine, which helps providers tailor ongoing prescriptions and manage refills without constant manual intervention from the patient. The growth in multi-condition subscribers, up 80% year-over-year, shows the system is effectively automating the management of several chronic needs under one roof.

Community and educational content for health awareness

Building trust in a digital-only environment requires transparency about quality, which acts as a substitute for the in-person reassurance you get from a local clinic. The company emphasizes its clinical quality reviews and adherence to standards. In a recent survey, 85% of respondents indicated that knowledge about quality and safety practices increases their trust in telehealth platforms like Hims & Hers. This focus on educating the customer about the how and why of their care reinforces the provider relationship, even when the interaction is asynchronous.

Hims & Hers Health, Inc. (HIMS) - Canvas Business Model: Channels

You're looking at how Hims & Hers Health, Inc. gets its personalized care products and services into the hands of customers. The Channels block is all about distribution, and for Hims & Hers Health, Inc., it's heavily weighted toward digital direct-to-consumer (DTC).

Online Platform and Digital Reach

The core channel is definitely the online platform, which includes the website and mobile applications. This is where the vast majority of the revenue flows through. For the third quarter of 2025, this channel generated $589.1 million in revenue. That's a 50.1% surge year-over-year, showing the platform's continued scaling power. Honestly, the growth here is what drives the whole story. The Monthly Online Revenue per Average Subscriber (MORPUS) hit $80 in Q3 2025, which is up 19.4% compared to the prior year, reflecting the success of pushing personalized treatment plans. You'll want to watch that MORPUS number closely; it shows how much value you are extracting from each active user on the site.

The subscriber base is the engine feeding this channel. By the end of Q3 2025, the total subscriber count was approximately 2.5 million, representing a 20.7% year-over-year increase. This traffic growth is fueled by marketing activities and improved onboarding experiences across the digital touchpoints.

Here's a quick look at the Q3 2025 revenue segmentation:

Channel Segment	Q3 2025 Revenue (USD)	Year-over-Year Growth
Online Platform (Website/App)	$589.1 million	50.1%
Wholesale Channel	$9.9 million	9.9%
Total Reported Revenue	~$600 million	49%

Direct-to-Consumer Shipping and Logistics Network

Behind the digital storefront is the physical fulfillment. Hims & Hers Health, Inc. relies on a direct-to-consumer shipping and logistics network to deliver prescriptions and non-prescription products. This network is critical to maintaining the DTC promise, but it also introduces operational complexities. For instance, management noted that shorter shipping cadences for some weight-loss offerings, which is a customer service positive, contributed to gross margin pressure in Q3 2025. If onboarding or fulfillment takes longer than expected, churn risk definitely rises, so you want to ensure their logistics partners are performing consistently.

Wholesale Channel

While the focus is DTC, there is a smaller, but growing, wholesale component for non-prescription products. This channel brought in $9.9 million in Q3 2025. That's a 9.9% increase from the year prior. It's a minor piece of the pie compared to the online platform, but it shows a willingness to use traditional retail pathways where it makes sense for certain product categories.

International Expansion via Acquired Platforms

Hims & Hers Health, Inc. is actively using acquisitions to jumpstart international channel access. The planned acquisition of European digital health provider ZAVA was expected to close in the second half of 2025. This move is designed to immediately establish a foundation in key markets.

The ZAVA integration is projected to contribute $50M+ in revenue during the second half of 2025 alone. ZAVA previously served over 1.3 million active customers and completed nearly 2.3 million consultations in 2024 across its existing footprint. The plan is to leverage ZAVA's established operations to offer personalized care in the UK, Germany, France, and Ireland, using local language providers.

Key elements of the international channel strategy include:

• Acquisition of ZAVA, expected to close in H2 2025.
• Immediate expansion into Germany, France, and Ireland.
• Leveraging ZAVA's local care network and language capabilities.
• Projected contribution of $50M+ in H2 2025 revenue from the integration.
• Future plans mentioned for a Canadian launch, possibly in 2026.

Finance: draft 13-week cash view by Friday.

Hims & Hers Health, Inc. (HIMS) - Canvas Business Model: Customer Segments

You're looking at Hims & Hers Health, Inc. (HIMS) and need to map out exactly who is using the platform as of late 2025. The customer base is broad but unified by a preference for digital access to care.

The total platform size is significant. Hims & Hers Health, Inc. reported nearly 2.5 million total subscribers as of Q3 2025. This represents a year-over-year growth of 21% in the subscriber base for that quarter.

The customer base is segmented across the Hims and Hers platforms, addressing specific, often sensitive, health needs. Consumers are actively choosing this route because they value privacy and convenience over the traditional in-person care model.

Here is a breakdown of the key customer groups driving that growth:

• Men (Hims) seeking treatment for hair loss, ED, and low testosterone.
• Women (Hers) seeking treatment for sexual health, mental health, and menopause.
• Individuals seeking affordable, long-term chronic care (e.g., weight loss, mental health).
• Consumers valuing privacy and convenience over traditional in-person care.

The platform has successfully expanded beyond its initial focus areas. For instance, the Weight Loss business alone was projected to bring in $725 million in revenue for the full year 2025. Furthermore, new specialties like Testosterone and Menopause support were launched in 2025 to capture more of the chronic care market.

To give you a sense of the financial engagement across these segments, here's how the overall platform metrics looked in Q3 2025:

Segment Context	Metric	Value (Q3 2025)
Total Platform Size	Total Subscribers	2.47 million to 2.5 million
Customer Engagement	Monthly Online Revenue Per Average Subscriber	$80
Core Growth Driver	Online Revenue Year-over-Year Growth	50.1%
High-Impact Specialty	Projected Weight Loss Revenue	$725 million (Full Year 2025 Estimate)

The success in attracting these segments is tied directly to the value proposition. Patients are active participants, choosing providers based on convenience, price, and anonymity. If onboarding takes 14+ days, churn risk rises, so speed is a key factor for this customer base.

Finance: draft 13-week cash view by Friday.

Hims & Hers Health, Inc. (HIMS) - Canvas Business Model: Cost Structure

You're looking at the expense side of the Hims & Hers Health, Inc. (HIMS) engine, the costs that power its direct-to-consumer healthcare platform. The structure is heavily weighted toward acquiring and serving customers, which is typical for a high-growth, digitally-native model.

High variable cost of fulfillment (COGS) impacting gross margin

The cost of goods sold (COGS), which includes fulfillment, is a major variable cost component. This has put some pressure on the overall profitability metric. For the third quarter of 2025, the gross margin came in at 73.8%. Management noted that a shift in fulfillment for certain weight-loss offerings, moving to shorter shipping cadences and a change in compounding pharmacy sourcing (shift to 503(a) facilities), directly increased fulfillment costs and subsequently pressed this margin down. You should expect this area to be closely watched as the company works through these fulfillment dynamics.

Significant marketing and advertising spend

Acquiring subscribers is expensive, and Hims & Hers Health, Inc. (HIMS) commits substantial capital here. In Q3 2025, the marketing and advertising spend totaled $232.2 million. To put that in perspective relative to the top line, marketing represented 39% of revenue for the quarter. The company did point to leverage, as marketing spend as a percentage of revenue was down year-over-year, showing that revenue growth outpaced marketing investment somewhat.

Technology and development investment

Building out the platform, improving the customer experience, and developing new features requires ongoing investment in engineering and product talent. Technology and development expenses for Q3 2025 were reported at $40.6 million. This investment represented about 7% of revenue in the quarter, reflecting an ongoing commitment to infrastructure that management believes will lead to future cost efficiencies and unlock new growth factors.

Operations, support, and general administrative expenses

These are the overhead costs necessary to run the business, including customer support, corporate functions, and the recent Zava integration. For Q3 2025, the combined Selling, General, and Administrative (SG&A) and Operations & Support costs were substantial. Here is the breakdown:

Expense Category	Q3 2025 Amount (Millions USD)
General and Administrative (G&A)	$80.7 million
Operations and Support	$76.8 million
Combined Total	$157.5 million

The combined total for these two categories in Q3 2025 was exactly $157.5 million. G&A costs, in particular, saw pressure due to leadership hiring and the Zava integration.

Costs associated with vertical integration and compounding pharmacy operations

The move toward vertical integration is a strategic cost lever, even if it creates short-term fulfillment cost volatility. The goal is to gain control over the supply chain and potentially lower long-term costs, especially for high-volume personalized treatments.

• Strategic verticalization efforts reportedly reduced GLP-1 treatment costs by 20%.
• The shift in sterile weight-loss product fulfillment to 503(a) facilities created a recognized revenue headwind of $20 million to $25 million expected in Q4 2025 due to shorter shipment cadences.
• Management expects this fulfillment dynamic to normalize in the second half of 2026 as refill cohorts stack up.
• The acquisition of Zava Global is projected to contribute at least $50 million in incremental revenue in the second half of 2025, which will impact the cost base as that operation scales.

Finance: draft 13-week cash view by Friday.

Hims & Hers Health, Inc. (HIMS) - Canvas Business Model: Revenue Streams

You're looking at the core engine of Hims & Hers Health, Inc. (HIMS), and it's built on recurring revenue. The primary way Hims & Hers Health, Inc. brings in money is through its online subscription model, which is definitely the dominant stream.

For the full-year 2025, the company has guided its total revenue to a tight range between $2.335 billion to $2.355 billion. This projection shows the expected scale of the platform as it continues to onboard new subscribers across its various specialties.

The strength of the subscription model is visible in the key metric of Monthly Online Revenue Per Average Subscriber (MORAS). As of the third quarter of 2025, the MORAS stood at $80. This figure reflects the success of driving subscribers toward personalized treatment plans, which generally carry a higher value and better retention than one-off purchases. You see, the shift to personalization is directly converting into higher revenue per user.

Here's a quick look at the revenue breakdown from the third quarter of 2025, showing just how central the online channel is:

Revenue Component	Q3 2025 Amount
Total Revenue	$598.98 million
Online Revenue	$589.10 million
Wholesale Revenue	$9.88 million

The wholesale revenue from retail distribution, while present, is a small fraction of the total. In Q3 2025, this channel contributed $9.88 million. This channel serves a different purpose, perhaps brand building or reaching customers outside the core direct-to-consumer (DTC) platform, but it's not the growth driver.

Revenue from new diagnostics and personalized care offerings is a critical area for future growth, underpinning that $80 MORAS. The company is actively building out these capabilities to increase customer lifetime value and deepen the platform's utility. For instance, the Hers offerings are on pace to deliver revenue of over $1 billion in 2026, driven by expansion into areas like menopause/perimenopause specialty, and the imminent launch of comprehensive lab testing. This testing capability is the foundation for a planned Longevity specialty in 2026.

To be fair, the company is investing heavily to secure these future revenue streams, including expanding its US operational footprint with an additional 350,000 square feet facility in Ohio. This investment is meant to bring the majority of compounded GLP-1 compounding orders in-house by the end of 2026, which should eventually help stabilize margins while supporting the personalized care revenue base.

You should keep an eye on these key revenue drivers:

• Online subscription revenue growth rate.
• Adoption rate of personalized treatment plans.
• Contribution from new specialties like Hers menopause care.
• Progress on international expansion following the ZAVA acquisition.

Finance: draft 13-week cash view by Friday.