Hims & Her Health, Inc. (HIMS): Modelo de negócios Canvas [Jan-2025 Atualizado]

No cenário em rápida evolução da saúde digital, Hims & O Her Health, Inc. (HIMS) emergiu como uma plataforma inovadora, revolucionando como os indivíduos acessam serviços médicos personalizados. Ao misturar perfeitamente tecnologia, conveniência e discrição, a HIMS transformou a prestação tradicional de assistência médica, oferecendo um conjunto abrangente de soluções de telessaúde que atendem aos consumidores modernos que buscam experiências médicas eficientes, confidenciais e amigáveis. Esse modelo de negócios inovador não apenas interrompeu os caminhos convencionais de saúde, mas também criou um plano atraente para o empreendedorismo de saúde digital no século XXI.

Hims & Her Health, Inc. (HIMS) - Modelo de negócios: Parcerias -chave

Fabricantes e distribuidores farmacêuticos

Hims & As dela mantêm parcerias estratégicas com fabricantes farmacêuticos para fornecer medicamentos em várias áreas terapêuticas.

Tipo de parceiro	Número de parcerias	Volume anual de medicamentos
Fabricantes de medicamentos genéricos	12	3,2 milhões de prescrições
Fornecedores de medicamentos de marca	7	1,5 milhão de prescrições

Provedores de plataforma de telemedicina

A empresa colabora com plataformas avançadas de tecnologia de telemedicina para facilitar consultas de assistência médica remotas.

• Plataformas de consulta em vídeo compatíveis com HIPAA
• Redes de prescrição eletrônica segura
• Sistemas de gerenciamento de dados do paciente

Companhias de seguros de saúde

Categoria de parceiro de seguro	Número de parcerias	Porcentagem de cobertura
Seguradoras nacionais de saúde	9	62%
Seguradoras de saúde regionais	18	27%

Parceiros de marketing e tecnologia digital

Parcerias de marketing digital se concentram nas estratégias de aquisição e engajamento de clientes.

• Plataformas de publicidade de mídia social
• Agências de marketing de desempenho
• Provedores de análise de dados do cliente

Redes de atendimento de medicamentos prescritos

Tipo de parceiro de cumprimento	Número de parceiros	Processamento mensal de prescrição
Farmácias on -line licenciadas	6	425.000 prescrições
Redes de farmácias de ordem de correio	4	275.000 prescrições

Hims & Her Health, Inc. (HIMS) - Modelo de negócios: atividades -chave

Serviços de consulta de telessaúde

A partir do quarto trimestre 2023, Hims & Os dela realizaram 375.000 consultas de telessaúde com um tempo médio de consulta de 12 minutos. A plataforma suporta consultas em 10 especialidades médicas primárias.

Métrica de consulta	2023 dados
Total de consultas de telessaúde	375,000
Duração média da consulta	12 minutos
Especialidades médicas cobertas	10

Desenvolvimento de produtos de saúde digital

Em 2023, Hims & Os dela investiram US $ 42,3 milhões em pesquisa e desenvolvimento, com foco na expansão das linhas de produtos de saúde digital em segmentos de saúde sexual, saúde mental e cuidados primários.

• Produtos de saúde sexual: 17 ofertas digitais exclusivas
• Produtos de saúde mental: 12 opções de tratamento digital
• Produtos de atenção primária: 8 soluções de saúde digital

Gerenciamento de prescrição on -line

A empresa processou 1,2 milhão de prescrições on -line em 2023, com uma taxa de atendimento de prescrição de 94% por meio de parcerias de farmácia digital integradas.

Métrica de Gerenciamento de Prescrição	2023 dados
Prescrições online totais	1,200,000
Taxa de atendimento à prescrição	94%

Marketing de saúde direto ao consumidor

As despesas de marketing em 2023 atingiram US $ 87,6 milhões, com publicidade digital representando 68% do orçamento total de marketing.

• Gastes de publicidade digital: US $ 59,57 milhões
• Marketing de mídia social: 42% do orçamento digital
• Campanhas on -line direcionadas: 26 campanhas únicas

Aprimoramento da tecnologia de plataforma contínua

O investimento em tecnologia totalizou US $ 35,2 milhões em 2023, com foco em ferramentas de diagnóstico orientadas por IA e algoritmos de recomendação de saúde personalizados.

Métrica de aprimoramento da tecnologia	2023 dados
Investimento total em tecnologia	US $ 35,2 milhões
Ferramentas de diagnóstico de IA desenvolvidas	4 novas plataformas
Atualizações de personalização do algoritmo	7 iterações principais

Hims & Her Health, Inc. (HIMS) - Modelo de negócios: Recursos -chave

Plataforma digital de telessaúde

A partir do quarto trimestre 2023, Hims & O dela opera uma plataforma de telessaúde digital abrangente com as seguintes especificações:

Métrica da plataforma	Dados quantitativos
Usuários totais da plataforma	1,4 milhão de assinantes ativos
Visitas anuais da plataforma	Aproximadamente 3,2 milhões de consultas virtuais
Cobertura da plataforma	50 estados nos Estados Unidos

Rede Profissional Médica

Hims & O dela mantém uma rede profissional médica robusta:

• Provedores de saúde licenciados: mais de 300 médicos certificados pela placa
• Especialidades cobertas: saúde sexual, saúde mental, dermatologia, cuidados primários
• Taxa de expansão da rede: crescimento de 15% ano a ano

Dados e análises do cliente

Recursos de infraestrutura de dados:

Métrica de dados	Medida quantitativa
Total de registros do cliente	2,8 milhões de perfis de pacientes únicos
Processamento anual de dados	Mais de 5 milhões de interações de pacientes analisadas

Forte reconhecimento de marca

Métricas de marca a partir de 2023:

• Reconhecimento total da marca: 68% entre a demografia -alvo
• Seguidores de mídia social: 500.000 mais de plataformas
• Avaliação da marca: US $ 1,2 bilhão

Infraestrutura de tecnologia

Detalhes da pilha de tecnologia:

Componente de tecnologia	Especificação
Infraestrutura em nuvem	Arquitetura compatível com HIPAA, baseada em AWS
Investimento de tecnologia anual	US $ 42 milhões em P&D e infraestrutura
Classificação de segurança cibernética	Certificado SoC 2 Tipo II

Hims & Her Health, Inc. (HIMS) - Modelo de negócios: proposições de valor

Acesso de saúde on -line conveniente e discreto

A partir do quarto trimestre 2023, Hims & O Her Health reportou 597.000 assinantes totais com 84% de interações digitais para serviços de saúde.

Canal de serviço	Percentagem
Consultas digitais	84%
Interações de telessaúde	16%

Entrega de medicamentos prescritos acessíveis

Em 2023, o custo médio de prescrição da empresa variou entre US $ 30 e US $ 75 por mês em várias categorias de tratamento.

• Preço médio de medicamentos genéricos: $ 37
• Preço médio de medicação da marca: US $ 64
• Economia potencial em comparação com a assistência médica tradicional: até 50%

Tratamento personalizado para várias condições de saúde

Hims & O dela oferece tratamentos em vários domínios de saúde com penetração específica de mercado:

Categoria de saúde	Quota de mercado
Saúde sexual	42%
Saúde mental	28%
Dermatologia	18%
Cuidados primários	12%

Serviços de saúde mental e sexual acessíveis

Em 2023, Hims & Os dela relataram 214.000 assinantes ativos de saúde mental com um custo médio mensal de consulta de US $ 49.

• Consultas de saúde mental: US $ 49/mês
• Tratamentos de saúde sexual: média de US $ 59/mês
• Receita anual do Serviço de Saúde Mental: US $ 10,5 milhões

Experiência de saúde digital fácil de usar

As métricas de plataforma digital para 2023 demonstram alto engajamento do usuário:

Métrica de desempenho digital	Valor
Downloads de aplicativos móveis	2,3 milhões
Duração média da sessão	7,5 minutos
Taxa de retenção de usuários	68%

Hims & Her Health, Inc. (HIMS) - Modelo de negócios: relacionamentos com o cliente

Plataforma digital de autoatendimento

A partir do quarto trimestre 2023, Hims & Os dela relataram 541.000 assinantes ativos totais em sua plataforma digital. A plataforma on -line permite que os clientes concluam as avaliações de saúde, consultem profissionais de saúde licenciados e adquiram medicamentos com taxa de interação digital de 97,3%.

Métrica da plataforma	2023 dados
Total de assinantes ativos	541,000
Taxa de interação digital	97.3%
Custo médio de aquisição de clientes	$54

Sistemas de recarga de prescrição automatizada

A Companhia processou 2,3 ​​milhões de prescrições totais em 2023, com 68% das prescrições utilizando sistemas de recarga automatizados. O tempo médio de recarga de prescrição é de 3,2 dias.

• Prescrições totais processadas: 2,3 milhões
• Porcentagem de recarga automatizada: 68%
• Tempo médio de recarga: 3,2 dias

Recomendações de saúde personalizadas

Hims & O dela aproveita a personalização orientada pela IA, com 72% dos clientes recebendo recomendações personalizadas de saúde com base em sua avaliação inicial de saúde. A personalização aumenta a retenção de clientes em 41%.

Suporte ao cliente on -line 24 horas por dia, 7 dias por semana

As métricas de suporte ao cliente para 2023 incluem:

Métrica de suporte	Desempenho
Tempo médio de resposta	17 minutos
Taxa de satisfação do cliente	88%
Canais de suporte	Bate -papo, e -mail, telefone

Gerenciamento de saúde baseado em assinatura

A receita de assinatura para 2023 atingiu US $ 579,4 milhões, com 82% dos clientes mantendo assinaturas ativas além do período inicial de 3 meses. As taxas mensais de assinatura variam de US $ 30 a US $ 120, dependendo do plano de tratamento.

• 2023 Receita de assinatura: US $ 579,4 milhões
• Taxa de retenção de clientes: 82%
• Faixa mensal de assinatura: US $ 30- $ 120

Hims & Her Health, Inc. (HIMS) - Modelo de Negócios: Canais

Aplicativo móvel

A partir do quarto trimestre 2023, Hims & O dela relatou 1,7 milhão de usuários ativos em sua plataforma móvel. O aplicativo móvel está disponível nas plataformas iOS e Android, suportando serviços de saúde direta ao consumidor.

Plataforma	App Store Classificação	Downloads totais
iOS	4.6/5	853,000
Android	4.4/5	742,000

Site da empresa

Hims & O dela gera aproximadamente 62% de suas vendas diretas através do site da empresa Himshers.com. O tráfego mensal da Web em média 1,2 milhão de visitantes únicos.

Plataformas de mídia social

O desempenho do canal de mídia social a partir de 2024:

• Instagram: 275.000 seguidores
• Tiktok: 187.000 seguidores
• Facebook: 142.000 seguidores
• Twitter/X: 98.000 seguidores

Publicidade digital

Canal	Gasto anual	Taxa de conversão
Google anúncios	US $ 18,3 milhões	3.7%
Meta publicidade	US $ 12,6 milhões	4.2%

Comunicação de e -mail e texto

Métricas de comunicação para 2024:

• Assinantes mensais de e -mail: 2,1 milhões
• Taxa de abertura por e -mail: 22,5%
• Alcance de marketing de mensagens de texto: 1,4 milhão de usuários
• Taxa de conversão de campanha de SMS: 6,3%

Hims & Her Health, Inc. (HIMS) - Modelo de negócios: segmentos de clientes

Jovens adultos (18-40)

A partir do quarto trimestre 2023, Hims & Os dela relataram 2,1 milhões de clientes ativos, com 71% com idades entre 18 e 40 anos.

Faixa etária	Percentagem	Número estimado de clientes
18-25 anos	28%	588,000
26-40 anos	43%	903,000

Consumidores de assistência médica digital primeiro

Em 2023, Hims & Os dela geraram US $ 561,8 milhões em receita, com 98% das consultas concluídas online.

• Downloads de aplicativos móveis: 1,2 milhão em 2023
• Tempo médio de consulta digital: 15 minutos
• Taxa de atendimento de prescrição on -line: 92%

Indivíduos que buscam serviços de saúde confidenciais

O segmento confidencial de serviços de telessaúde representou 45% da base total de clientes em 2023.

Categoria de serviço	Porcentagem de clientes
Saúde sexual	22%
Saúde mental	15%
Perda de cabelo	8%

Pacientes com condições crônicas específicas

O gerenciamento de condições crônicas representou 37% do total de ofertas de serviço em 2023.

• Gerenciamento de peso: 15% da base de clientes
• Disfunção erétil: 12% da base de clientes
• Condições de saúde mental: 10% da base de clientes

Indivíduos preocupados com a saúde com conhecimento em tecnologia

Em 2023, os consumidores com experiência em tecnologia compreendiam 55% do HIMS & A base de clientes dela.

Interação tecnológica	Percentagem
Usuários de smartphones	89%
Usuários regulares de aplicativos	67%
Taxa de retenção de assinatura	62%

Hims & Her Health, Inc. (HIMS) - Modelo de negócios: estrutura de custos

Manutenção de infraestrutura de tecnologia

A partir do terceiro trimestre de 2023, Hims & O dela registrou US $ 14,5 milhões em despesas de tecnologia e desenvolvimento. Os custos de infraestrutura de tecnologia da empresa incluem:

Categoria de custo	Despesa anual
Serviços de hospedagem em nuvem	US $ 3,2 milhões
Sistemas de segurança cibernética	US $ 1,8 milhão
Manutenção de software	US $ 2,5 milhões

Marketing e aquisição de clientes

Despesas de marketing para ele & O dela em 2023 totalizou US $ 119,8 milhões, representando uma parcela significativa de seus custos operacionais.

• Gastes de publicidade digital: US $ 45,6 milhões
• Marketing de mídia social: US $ 22,3 milhões
• Parcerias de influenciadores: US $ 12,5 milhões
• Publicidade da mídia tradicional: US $ 8,4 milhões

Taxas de consulta profissional médico

Custos de consulta quebram para 2023:

Tipo de consulta	Custo anual
Consultas de telemedicina	US $ 37,2 milhões
Rede de provedores de saúde licenciada	US $ 24,6 milhões

Compra de medicamentos prescritos

Despesas de compras relacionadas a medicamentos em 2023:

• Inventário de medicamentos: US $ 52,3 milhões
• Gerenciamento da cadeia de suprimentos farmacêuticos: US $ 8,7 milhões
• Controle e conformidade de qualidade: US $ 4,5 milhões

Desenvolvimento e inovação de plataforma

Investimentos de pesquisa e desenvolvimento para 2023:

Categoria de inovação	Investimento anual
Desenvolvimento de produtos	US $ 22,1 milhões
Melhoria da tecnologia	US $ 15,6 milhões
Melhorias na experiência do usuário	US $ 9,3 milhões

Estrutura total de custos operacionais para 2023: aproximadamente US $ 264,5 milhões

Hims & Her Health, Inc. (HIMS) - Modelo de negócios: fluxos de receita

Taxas de consulta de telessaúde

A partir do terceiro trimestre de 2023, Hims & Os dela relataram taxas de consulta de telessaúde que variam de US $ 30 a US $ 85 por consulta médica virtual.

Tipo de consulta	Faixa de preço
Cuidados primários	$39 - $59
Saúde mental	$60 - $85
Saúde sexual	$30 - $45

Vendas de medicamentos prescritos

Em 2022, Hims & Os dela geraram US $ 579,4 milhões em receita de medicamentos prescritos.

• Custo médio de prescrição: US $ 50 - US $ 120 por mês
• Categorias de medicação -chave:
  • Tratamentos de disfunção erétil
  • Medicamentos para perda de cabelo
  • Prescrições de saúde mental

Planos de assinatura mensais

A receita de assinatura para 2022 atingiu US $ 295,2 milhões.

Camada de assinatura	Custo mensal	Assinantes estimados
Plano básico	$20 - $40	125,000
Plano premium	$50 - $75	65,000

Vendas de produtos para bem -estar sexual

As vendas de produtos de bem -estar sexual em 2022 totalizaram US $ 137,6 milhões.

• Categorias de produtos:
  • Produtos de bem -estar íntimo
  • Suplementos de saúde sexual
  • Itens de cuidados pessoais
• Preço médio do produto: US $ 25 - $ 60

Cobranças do serviço de saúde mental

A receita do serviço de saúde mental para 2022 foi de aproximadamente US $ 92,5 milhões.

Tipo de serviço	Faixa de preço	Usuários médios mensais
Terapia individual	$ 65 - US $ 120 por sessão	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.