In Episode 34 of Hims House, Jonathan Stern and Patrick Lester (aka Bayside) break down HIMS' acquisition of European telehealth company ZAVA. They dig into ZAVA’s 2023 financials — £20M revenue, 74% gross margins, and a reduction in net loss from £8M to £320K. The hosts debate how much HIMS likely paid, speculate on the strategic rationale, and analyze early market reactions. Bayside lays out his bullish case, and they discuss how much this is about instant regulatory access to top EU markets (UK, Germany, France, Ireland). They discuss the likely role of board member Anja Manuel in helping navigate expansion and if Hims can bring its marketing engine to Europe despite advertising restrictions. The conversation also touches on insurance, manufacturing, and implications for future M&A and a potential Lilly partnership.

00:00 Introduction

00:56 Financial overview of ZAVA

02:34 Stock price reaction

03:11 Bayside "extremely bullish"

04:34 The logic of the deal

07:54 Board member insights

08:59 Discussion on financials and trust

13:12 Speculation on deal size

14:41 Other acquisitions still to come?

16:25 Insurance

19:15 Pharma advertising in Europe

20:44 Google Trends and Market Growth

25:53 Questions around operations & manufacturing

28:26 Short interest dynamics post-deal

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