Hims Took a Hit — But Not the One You Think

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Hims & Hers $HIMS ( ▼ 2.15% ) has spent the last year aggressively expanding — broadening its treatment offerings, entering the European market through ZAVA, and building a GLP-1 weight loss business that quickly became a major growth driver. But this quarter, the risks around that fast expansion cycle finally showed up in the numbers.

Revenue dipped to $545 million from $586 million last quarter. Average revenue per customer dropped to $74 from $84. Weight loss revenue slid $40 million quarter-over-quarter. And in response, the stock sold off 12%, now trading around $55.

But behind the selloff is a much more nuanced and increasingly attractive story. Because while revenue recognition took a hit this quarter, subscriber growth remains strong, regulatory headwinds are temporary, and management reaffirmed full-year guidance. For investors who’ve been waiting on the sidelines, this pullback may present a cleaner entry point ahead of a reacceleration in Q3 and Q4. Let’s take a deeper look.

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