A：Hims and Hers has spent years building physical infrastructure, investing more than 300 million in facilities over the last three years, which expanded their footprint by over 1 million square feet across pharmacy operations, lab testing capabilities, and R&D to support innovations like peptide therapies. These investments are planned to be used to improve the healthcare experience by providing broader access to personalized care, combining with continued innovation, and ensuring consistent delivery across the platform.

A：The three pillars of advancements in healthcare highlighted by Hims and Hers are deeper data, stronger technology, and a scalable way to make the final step in healthcare more precise and personal. These advancements are significant because they enable the delivery of personalized treatments and custom formulas that bring together pharmaceuticals and supplements, driven by what's best for the customer, not by insurance coverage or stock availability at pharmacies.

A：Hims and Hers's core priorities include reinventing healthcare systems to prioritize customers, bring more offerings to customers with more insights and personalization capabilities, and partner with leaders who believe in better healthcare experiences. Their vision is to be a leader in the next era of healthcare. Hims and Hers is aiming for a target of 6.5 billion in revenue and 1.3 billion in Adjusted EBITDA.

A：In the fourth quarter of 2025, Hims and Hers experienced financial success with revenue reaching 600 million, representing a year-over-year growth rate of 20%. For the full fiscal year 2025, revenue grew to 2.35 billion, marking a year-over-year increase of 59%. They added almost 1 million net new subscribers, and over 40% of subscribers utilized personalized treatments. This led to a 25% year-over-year increase in monthly revenue per average subscriber.

A：Hims and Hers's consumer-centric approach has led to immense success in the US, resulting in year-over-year revenue growth of over 200 million. This approach has now been extended internationally with the addition of brands in Germany, the UK, Ireland, Spain, France, and Canada, contributing to an international revenue growth of almost 200 million. The profitability is demonstrated through the Adjusted EBITDA growth of nearly 80% year over year to 318 million and an adjusted EBITDA margin expansion of nearly two points. Hims and Hers expects the international footprint to become a significant portion of their revenue in the future.

A：In 2025, Ed invested over $25 million into discretionary CapEx to expand capacity and introduce new capabilities across domestic facilities, entered into agreements for over $330 million in acquisitions to accelerate expansion into international markets and launched R&D efforts in the peptide space. Additionally, they closed a deal for a painless at home offering for approximately $150 million and repurchased roughly $90 million worth of common stock. As a result, they generated over $57 million in free cash flow and ended the year with $929 million of cash and short-term and long-term investments.

A：Ed's capital allocation priorities include deepening the combination of data and insights, thoughtfully expanding personalized solutions, and elevating digital and physical consumer assets to improve the health care experience for tens of millions of consumers.

A：In 2026, Ed will continue to invest in operational facilities' capacity and capabilities to unlock the ability to respond to lab insights and wearables with a broader set of personalized treatments, making treatments more accessible, and reducing the cost to serve to pass value back to consumers. These investments aim to provide users with at-home blood draws and AI technology guidance for impactful tests.

A：Upon the expected closing of the Eucalyptus deal, it is anticipated that the company's collective international business will break even within 12 to 16 weeks, and Eucalyptus's current capital allocation framework will continue, with an annual revenue run rate of $450 million. While there are no expectations for meaningful margin expansion in the short term, the approach is to focus on growth in international markets before focusing on margin expansion.

A：The Eucalyptus acquisition is expected to contribute up to $1 billion in total consideration, with an upfront payment at close of approximately $200 million. Hims & Hers plans to fund the majority of the Eucalyptus transaction with its existing balance sheet and cash flow from domestic operations. The acquisition is expected to generate at least $200 million in revenue contributions from international markets, potentially including additional contributions from the Eucalyptus deal. The revenue from these markets is expected to aid in the company's growth expansion and profitability.

A：The company views global expansion as a significant area of investment, with a focus on growing the business across international markets such as the UK, Germany, Canada, Australia, Japan, and others. This growth strategy is supported by strong free cash flow and adjusted EBITDA from established specialties in domestic operations. The goal is to optimize and realize economies of scale similar to those achieved in the US while growing the subscriber base in strategic markets.

A：The company plans to target the 10 key most critical markets and win them handily over the next 12 to 24 months, with the ambition to unify the Hims and Hers brand across these markets within the next year. Additionally, they aim for a north star of a billion plus in incremental international revenue in the next few years.

A：The company expects to disrupt how patients access great care with a vision that is not just about treating conditions but a broader vision for the business. They plan to manage the dynamics of the ecosystem without changing their internal approach, which includes expanding the offering systematically, broadening the platform's assortment, deepening patient relationships, and working on innovation and RMD for future categories like peptides. They see potential for growth and value in the new expanding categories and accelerating international business.

A：Investors should consider the weight loss business to have an increasingly diverse assortment of treatments that are anticipated to be important for patients' lives and the platform's growth. The company is confident in the next two to three years there will be a dozen or more additional treatments that will make a significant impact. Even in a scenario where compounding GLP-1 is not an option, the weight loss business is expected to remain durable, given the new therapies being brought to market and the potential for an expanding assortment of treatments important to patients.

A：The company's marketing is evolving as they expand into less stigmatized health categories domestically. They are seeing structural improvements in CAC and lifetime value as the brand matures, and it is indicated by the company's ability to provide personalized treatments to consumers, leading to stronger retention across the platform.

A：When considering the scale up of La over the next year, it is important to note the company's focus on AI labs and wearables to create a flywheel for the future. The company is looking to deepen its involvement with the wearables ecosystem and is investing in bioacoustics and at-home testing to make data collection more frequent and accessible for its members. This will allow the company to transition from focusing on a single treatment to providing proactive preventative care and is seen as a new category for Hims and Hers, almost a longevity category. The company plans to engage deeply in all three areas, potentially through partnerships or acquisitions, and is already starting to see success with their AI efforts and blood testing device launches.

A：The company plans to continue investing in the brand, technology, and data to reinforce personalization and unique product delivery, as well as the strength of its provider network. These investments are expected to result in a strong balance sheet and positive ROI, becoming self-funded and generating value for the company.

A：The company expects continued growth in both the Hes and hers specialties. For the Hes brand, growth of 30% year over year in 2025 is anticipated, with potential from emerging specialties like testosterone and benefits from stronger retention in daily health offerings to drive continued growth.

A：Historically, newer categories have taken 18 months to scale. The company continues to see robust growth across various categories, including labs and metaplasm support, as well as in established categories like her care.

A：The company's approach to international markets includes focusing on growth across most markets and not viewing the international universe as static. It plans to assess opportunities on a market-by-market basis and utilize current assets to enter new markets, expecting more challenging margin profiles initially but opportunities for margin expansion over time.

A：The composition of the international business is expected to eventually mirror the US, with category expansion and diverse focus across different markets. Each of the businesses integrates different focuses, but over time, it is expected to achieve diversity at scale with a strong relationship with branded pharmaceutical companies.

A：The company has observed massive increases in testosterone levels and improved retention in the menopause space, as well as providing people with data that previously cost between $5 and $1000 to obtain. Engagement with the experience has been very high, with 70% of users identifying areas of clinical risk that the platform can help treat.

A：The wide range of EBITDA guidance is due to the company's investments in transformative specialties that can impact unit economics positively. The guidance is flexible to allow investment in these specialties if they show promising results, and in international markets. The company aims to maintain a wide enough range to accommodate growth opportunities in new specialties and international markets.

A：The GLP 1 business has a slightly larger ticket size compared to the core business, resulting in meaningful revenue and EBITDA impacts. However, the majority of revenue is generated from non-GLP 1 business, and as the company continues to diversify, this trend is expected to persist.