Hims & Hers Health, Inc.
Bald Criticism Of Hims
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Hims & Hers Health, Inc.
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Research Overview

INDEX:
S&P 500
Sector:
Consumer Discretionary
Position:
Short
Date:
Jul 13, 2023

After conducting a forensic financial review of Hims & Hers Health, Inc. (NYSE: HIMS), a health and wellness e-commerce company, Spruce Point believes the image of the business presented to investors does not match reality. Based on our investigation, we estimate a 25% to 40% downside risk, or $5.20-$6.50 per share.

The report highlights several key concerns with the company, including:

  • Hims’ physician operating structure and practices operate on tenuous grounds related to corporate practice of medicine provisions
  • We believe Hims’ physician operation has been finely tuned to generate prescriptions in high volume rather than provide quality healthcare
  • We believe Hims is exposed to material operational and reputational risks from the third-party pharmacies that comprise nearly 50% of its current pharmacy supply chain
  • Hims has little sustainable competitive advantage and is poorly positioned to face numerous competitive threats
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