Him & Hers Health, Inc. (HIMS): Business Model Canvas [Jan-2025 Mise à jour]

Dans le paysage en évolution rapide des soins de santé numériques, HIMS & Hers Health, Inc. (HIMS) est devenu une plate-forme révolutionnaire révolutionnant la façon dont les individus accèdent aux services médicaux personnalisés. En mélangeant de manière transparente la technologie, la commodité et la discrétion, HIMS a transformé la prestation de soins de santé traditionnels, offrant une suite complète de solutions de télésanté qui s'adressent aux consommateurs modernes à la recherche d'expériences médicales efficaces, confidentielles et conviviales. Ce modèle commercial innovant a non seulement perturbé les voies de santé conventionnelles, mais a également créé un plan convaincant pour l'entrepreneuriat de la santé numérique au 21e siècle.

Him & Hers Health, Inc. (HIMS) - Modèle commercial: partenariats clés

Fabricants et distributeurs pharmaceutiques

Him & Le sien entretient des partenariats stratégiques avec des fabricants pharmaceutiques pour fournir des médicaments dans plusieurs zones thérapeutiques.

Type de partenaire	Nombre de partenariats	Volume de médicaments annuels
Fabricants de médicaments génériques	12	3,2 millions d'ordonnances
Fournisseurs de médicaments de la marque	7	1,5 million d'ordonnances

Fournisseurs de plate-forme de télémédecine

L'entreprise collabore avec des plateformes de technologie de télémédecine avancées pour faciliter les consultations à distance des soins de santé.

• Plates-formes de consultation vidéo conformes à la HIPAA
• Réseaux de prescription électroniques sécurisés
• Systèmes de gestion des données des patients

Compagnies d'assurance maladie

Catégorie de partenaire d'assurance	Nombre de partenariats	Pourcentage de couverture
Assureurs nationaux de santé	9	62%
Assureurs de santé régionaux	18	27%

Partners du marketing numérique et technologique

Les partenariats de marketing numérique se concentrent sur les stratégies d'acquisition et d'engagement des clients.

• Plateformes de publicité sur les réseaux sociaux
• Agences de marketing de performance
• Fournisseurs d'analyses de données clients

Réseaux de réalisation des médicaments sur ordonnance

Type de partenaire de réalisation	Nombre de partenaires	Traitement mensuel sur ordonnance
Pharmacies en ligne agréées	6	425 000 ordonnances
Réseaux de pharmacie par correspondance	4	275 000 ordonnances

Him & Hers Health, Inc. (HIMS) - Modèle commercial: activités clés

Services de consultation en télésanté

Au quatrième trimestre 2023, HIMS & Le sien a effectué 375 000 consultations de télésanté avec un temps de consultation moyen de 12 minutes. La plate-forme prend en charge les consultations sur 10 spécialités médicales primaires.

Métrique de consultation	2023 données
Consultations totales de télésanté	375,000
Durée de consultation moyenne	12 minutes
Spécialités médicales couvertes	10

Développement de produits de santé numérique

En 2023, HIMS & Le sien a investi 42,3 millions de dollars dans la recherche et le développement, en se concentrant sur l'expansion des gammes de produits de santé numérique à travers les segments de santé sexuelle, de santé mentale et de soins primaires.

• Produits de santé sexuelle: 17 offres numériques uniques
• Produits de santé mentale: 12 options de traitement numérique
• Produits de soins primaires: 8 solutions de santé numérique

Gestion de prescription en ligne

La société a traité 1,2 million d'ordonnances en ligne en 2023, avec un taux de réalisation de 94% sur les partenariats intégrés de pharmacie numérique.

Métrique de gestion des ordonnances	2023 données
Prescriptions totales en ligne	1,200,000
Taux de réalisation de la prescription	94%

Marketing de la santé directe aux consommateurs

Les dépenses de marketing en 2023 ont atteint 87,6 millions de dollars, la publicité numérique représentant 68% du budget marketing total.

• Dépenses publicitaires numériques: 59,57 millions de dollars
• Marketing des médias sociaux: 42% du budget numérique
• Campagnes en ligne ciblées: 26 campagnes uniques

Amélioration de la technologie de plate-forme continue

L'investissement technologique a totalisé 35,2 millions de dollars en 2023, en se concentrant sur les outils de diagnostic axés sur l'IA et les algorithmes de recommandation de santé personnalisés.

Métrique d'amélioration de la technologie	2023 données
Investissement technologique total	35,2 millions de dollars
Outils de diagnostic IA développés	4 nouvelles plateformes
Mises à jour de la personnalisation de l'algorithme	7 itérations majeures

Him & Hers Health, Inc. (HIMS) - Modèle commercial: Ressources clés

Plateforme de télésanté numérique

Au quatrième trimestre 2023, HIMS & Le sien exploite une plate-forme de télésanté numérique complète avec les spécifications suivantes:

Métrique de la plate-forme	Données quantitatives
Total des utilisateurs de la plate-forme	1,4 million d'abonnés actifs
Visites de plate-forme annuelle	Environ 3,2 millions de consultations virtuelles
Couverture de la plate-forme	50 États à travers les États-Unis

Réseau professionnel médical

Him & Le sien maintient un réseau professionnel médical robuste:

• Provideurs de soins de santé agréés: 300+ médecins certifiés au conseil d'administration
• Spécialités couvertes: santé sexuelle, santé mentale, dermatologie, soins primaires
• Taux d'expansion du réseau: croissance de 15% en glissement annuel

Données et analyses clients

Capacités d'infrastructure de données:

Métrique de données	Mesure quantitative
Records clients totaux	2,8 millions de profils de patients uniques
Traitement annuel des données	Plus de 5 millions d'interactions de patients analysées

Solide reconnaissance de la marque

Métriques de la marque à partir de 2023:

• Sensibilisation totale de la marque: 68% parmi les cibles démographiques
• Abonnés des médias sociaux: 500 000+ sur toutes les plateformes
• Évaluation de la marque: 1,2 milliard de dollars

Infrastructure technologique

Détails de la pile technologique:

Composant technologique	Spécification
Infrastructure cloud	Architecture compatible HIPAA basée sur AWS
Investissement technologique annuel	42 millions de dollars en R&D et en infrastructure
Cote de cybersécurité	SOC 2 TYPE II CERTIFIÉ

Him & Hers Health, Inc. (HIMS) - Modèle d'entreprise: propositions de valeur

Accès à la santé en ligne pratique et discret

Au quatrième trimestre 2023, HIMS & Hers Health a déclaré 597 000 abonnés au total avec 84% d'interactions numériques pour les services de santé.

Canal de service	Pourcentage
Consultations numériques	84%
Interactions de télésanté	16%

Livraison de médicaments sur ordonnance abordables

En 2023, le coût moyen de prescription de l'entreprise variait entre 30 $ et 75 $ par mois dans diverses catégories de traitement.

• Prix ​​de médicaments génériques moyens: 37 $
• Prix ​​de médicaments de marque moyen: 64 $
• Économies potentielles par rapport aux soins de santé traditionnels: jusqu'à 50%

Traitement personnalisé pour diverses conditions de santé

Him & Le sien propose des traitements dans plusieurs domaines de santé avec une pénétration spécifique du marché:

Catégorie de santé	Part de marché
Santé sexuelle	42%
Santé mentale	28%
Dermatologie	18%
Soins primaires	12%

Services de santé mentale et sexuelle accessibles

En 2023, HIMS & Les siens ont déclaré 214 000 abonnés en santé mentale active avec un coût de consultation mensuel moyen de 49 $.

• Consultations en santé mentale: 49 $ / mois
• Traitements de santé sexuelle: moyenne 59 $ / mois
• Revenus de services de santé mentale annuels: 10,5 millions de dollars

Expérience de santé numérique conviviale

Les mesures de plate-forme numérique pour 2023 démontrent un engagement élevé des utilisateurs:

Métrique de performance numérique	Valeur
Téléchargements d'applications mobiles	2,3 millions
Durée moyenne de la session	7,5 minutes
Taux de rétention des utilisateurs	68%

Him & Hers Health, Inc. (HIMS) - Modèle d'entreprise: relations clients

Plate-forme numérique en libre-service

Au quatrième trimestre 2023, HIMS & Le sien a déclaré 541 000 abonnés actifs au total sur leur plate-forme numérique. La plateforme en ligne permet aux clients de terminer les évaluations de la santé, de consulter des professionnels de la santé agréés et d'acheter des médicaments avec un taux d'interaction numérique de 97,3%.

Métrique de la plate-forme	2023 données
Abonnés actifs totaux	541,000
Taux d'interaction numérique	97.3%
Coût moyen d'acquisition des clients	$54

Systèmes de recharge de prescription automatisés

La société a traité 2,3 millions d'ordonnances totales en 2023, avec 68% des ordonnances utilisant des systèmes de recharge automatisés. Le temps de recharge d'ordonnance moyen est de 3,2 jours.

• Prescriptions totales traitées: 2,3 millions
• Pourcentage de recharge automatisée: 68%
• Temps de recharge moyen: 3,2 jours

Recommandations de santé personnalisées

Him & Le sien exploite la personnalisation axée sur l'IA, 72% des clients recevant des recommandations de santé personnalisées en fonction de leur évaluation initiale de la santé. La personnalisation augmente la rétention de la clientèle de 41%.

Support client 24/7 en ligne

Les métriques du support client pour 2023 incluent:

Métrique de soutien	Performance
Temps de réponse moyen	17 minutes
Taux de satisfaction client	88%
Canaux de support	Chat, e-mail, téléphone

Gestion de la santé basée sur l'abonnement

Le chiffre d'affaires de l'abonnement pour 2023 a atteint 579,4 millions de dollars, 82% des clients conservant des abonnements actifs au-delà de la période initiale de 3 mois. Les taux d'abonnement mensuels varient de 30 $ à 120 $ selon le plan de traitement.

• 2023 Revenus abonnement: 579,4 millions de dollars
• Taux de rétention de la clientèle: 82%
• Plage d'abonnement mensuel: 30 $ - 120 $

Him & Hers Health, Inc. (HIMS) - Modèle commercial: canaux

Application mobile

Au quatrième trimestre 2023, HIMS & Les siens ont signalé 1,7 million d'utilisateurs actifs sur leur plate-forme mobile. L'application mobile est disponible sur les plates-formes iOS et Android, en prenant en charge les services de santé directe aux consommateurs.

Plate-forme	Note de l'App Store	Téléchargements totaux
ios	4.6/5	853,000
Androïde	4.4/5	742,000

Site Web de l'entreprise

Him & Le sien génère environ 62% de ses ventes directes via le site Web de l'entreprise HimShers.com. Le trafic Web mensuel est en moyenne de 1,2 million de visiteurs uniques.

Plateformes de médias sociaux

Performance des canaux de médias sociaux à partir de 2024:

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

Publicité numérique

Canal	Dépenses annuelles	Taux de conversion
Publicités Google	18,3 millions de dollars	3.7%
Méta-publicité	12,6 millions de dollars	4.2%

Communication par e-mail et texte

Métriques de communication pour 2024:

• Abonnés par e-mail mensuels: 2,1 millions
• Taux d'ouverture par e-mail: 22,5%
• Message texte RECHERCHE: 1,4 million d'utilisateurs
• Taux de conversion de campagne SMS: 6,3%

Him & Hers Health, Inc. (HIMS) - Modèle d'entreprise: segments de clientèle

Jeunes adultes (18-40)

Au quatrième trimestre 2023, HIMS & Les siens ont déclaré 2,1 millions de clients actifs, avec 71% âgés de 18 à 40 ans.

Groupe d'âge	Pourcentage	Nombre estimé de clients
18-25 ans	28%	588,000
26-40 ans	43%	903,000

Consommations de soins de santé au numérique axé sur le numérique

En 2023, HIMS & Le sien a généré 561,8 millions de dollars de revenus, avec 98% des consultations terminées en ligne.

• Téléchargements d'applications mobiles: 1,2 million en 2023
• Temps de consultation numérique moyen: 15 minutes
• Taux de réalisation de prescription en ligne: 92%

Les personnes à la recherche de services de santé confidentiels

Le segment confidentiel des services de télésanté représentait 45% de la clientèle totale en 2023.

Catégorie de service	Pourcentage de clients
Santé sexuelle	22%
Santé mentale	15%
Perte	8%

Patients souffrant de conditions chroniques spécifiques

La gestion des conditions chroniques représentait 37% du total des offres de services en 2023.

• Gestion du poids: 15% de la clientèle
• Dysfonction érectile: 12% de la clientèle
• Conditions de santé mentale: 10% de la clientèle

Individus de la santé avertis en technologie

En 2023, les consommateurs avertis en technologie représentaient 55% de HIMS & Sa clientèle.

Interaction technologique	Pourcentage
Utilisateurs de smartphones	89%
Utilisateurs réguliers de l'application	67%
Taux de rétention d'abonnement	62%

Him & Hers Health, Inc. (HIMS) - Modèle d'entreprise: Structure des coûts

Maintenance des infrastructures technologiques

Au troisième trimestre 2023, Hims & Le sien a déclaré 14,5 millions de dollars en frais de technologie et de développement. Les coûts d'infrastructure technologique de l'entreprise comprennent:

Catégorie de coûts	Dépenses annuelles
Services d'hébergement cloud	3,2 millions de dollars
Systèmes de cybersécurité	1,8 million de dollars
Maintenance des logiciels	2,5 millions de dollars

Marketing et acquisition de clients

Frais de marketing pour HIMS & Les siens en 2023 ont totalisé 119,8 millions de dollars, ce qui représente une partie importante de leurs coûts opérationnels.

• Dépenses publicitaires numériques: 45,6 millions de dollars
• Marketing des médias sociaux: 22,3 millions de dollars
• Partenariats d'influenceurs: 12,5 millions de dollars
• Publicité médiatique traditionnelle: 8,4 millions de dollars

Frais de consultation professionnelle médicale

La rupture des coûts de consultation pour 2023:

Type de consultation	Coût annuel
Consultations de télémédecine	37,2 millions de dollars
Réseau de prestataires de soins de santé agréés	24,6 millions de dollars

Marchandage de médicaments sur ordonnance

Frais d'approvisionnement liés aux médicaments en 2023:

• Inventaire des médicaments: 52,3 millions de dollars
• Gestion de la chaîne d'approvisionnement pharmaceutique: 8,7 millions de dollars
• Contrôle de la qualité et conformité: 4,5 millions de dollars

Développement et innovation de la plate-forme

Investissements de recherche et développement pour 2023:

Catégorie d'innovation	Investissement annuel
Développement	22,1 millions de dollars
Amélioration de la technologie	15,6 millions de dollars
Améliorations de l'expérience utilisateur	9,3 millions de dollars

Structure totale des coûts opérationnels pour 2023: environ 264,5 millions de dollars

Him & Hers Health, Inc. (HIMS) - Modèle commercial: Strots de revenus

Frais de consultation de la télésanté

Au troisième trimestre 2023, Hims & Le sien a déclaré des frais de consultation de télésanté allant de 30 $ à 85 $ par consultation médicale virtuelle.

Type de consultation	Fourchette
Soins primaires	$39 - $59
Santé mentale	$60 - $85
Santé sexuelle	$30 - $45

Ventes de médicaments sur ordonnance

En 2022, HIMS & Le sien a généré 579,4 millions de dollars de revenus de médicaments sur ordonnance.

• Coût de prescription moyen: 50 $ - 120 $ par mois
• Catégories de médicaments clés:
  • Traitements de la dysfonction érectile
  • Médicaments contre la perte de cheveux
  • Prescriptions de santé mentale

Plans d'abonnement mensuels

Le chiffre d'affaires de l'abonnement pour 2022 a atteint 295,2 millions de dollars.

Niveau d'abonnement	Coût mensuel	Abonnés estimés
Plan de base	$20 - $40	125,000
Plan premium	$50 - $75	65,000

Ventes de produits pour le bien-être sexuel

Les ventes de produits de bien-être sexuel en 2022 ont totalisé 137,6 millions de dollars.

• Catégories de produits:
  • Produits de bien-être intimes
  • Suppléments de santé sexuelle
  • Articles de soins personnels
• Prix ​​moyen du produit: 25 $ - 60 $

Frais de service de santé mentale

Les revenus des services de santé mentale pour 2022 étaient d'environ 92,5 millions de dollars.

Type de service	Fourchette	Utilisateurs mensuels moyens
Thérapie individuelle	65 $ - 120 $ par session	40,000
Consultation psychiatrique	85 $ - 250 $ par consultation	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.