In episode 40 of Hims House, Jonathan and Patrick Lester (Bayside) dive into HIMS' Q2 2025 earnings — the company’s first-ever miss vs. Wall Street expectations. They discuss slowing subscriber growth, flat core business performance, the GLP-1 revenue pullback, and the broader implications for future growth. They also debate whether this was simply a “transition quarter” or a warning sign, and explore what the next 12-18 months might look like with international expansion and new product categories. They also analyze commentary around the ZAVA acquisition, AI ambitions, and the role of lab testing in building a “membership model” for healthcare.

00:22 – Revenue miss: $545M vs. $552M estimate

01:56 – Net new subscribers fall below 100K for first time since Q2'23

03:54 – GLP-1 breakdown reveals flat core business

05:14 – Long-term thesis still intact?

08:35 – International expansion

10:31 – ZAVA acquisition: $265M for $50M in revenue by 2025

14:34 – Marketing spend decline: sign of diminishing returns?

18:02 – AI + at-home testing ambitions

19:52 – Transition quarter or something worse?

24:05 – HIMS AI aspirations

24:56 – No analyst questions on collapsed Novo deal

26:09 – “Investment period” signals higher near-term expenses

26:56 – New Novo CEO + legal/regulatory risk

28:54 – FDA levers that could shake compounding market

31:44 – Audience Q&A

In Episode 39 of Hims House, Jonathan Stern and Patrick Lester (Bayside) sit down with David Maris—one of the most decorated healthcare analysts of the past two decades. Maris shares why he flagged HIMS as a buy around $15, what excites him about the company’s growth, and how he views its expansion into Europe and Canada. The discussion covers the implosion of Hims’ partnership with Novo Nordisk, litigation risk, and how this all plays into the broader GLP-1 landscape. David also weighs in on Hims as a healthcare platform, its acquisition potential, and new verticals like TRT and menopause. The episode concludes with insights into the valuation, high short interest, and a discussion on governance issues related to Hims’ dual-class stock structure.

00:00 - Introduction

01:48 - Why David Got Bullish at $15

04:50 - HIMS’ Acquisition of ZAVA and European Expansion

09:20 - Expansion into Canada

13:21 - Novo Partnership Implosion & Legal Risk

22:04 - Long-Term Outlook for GLP-1s

28:16 - Can HIMS Become a Full-Fledged Healthcare Platform?

35:13 - Acquisition Potential

39:22 - Kare Schultz

40:50 - Clinical Adherence and Personalized Medicine

46:28 - Core Business Concerns, CAC, and Ad Trends

48:38 - Why This is a Massive Earnings Report

55:36 - TRT, Menopause, and the Next $1B Category

01:11:27 - Valuation Frameworks, Short Interest, and Governance

In Episode 38 of Hims House, Jonathan Stern and Patrick Lester (Bayside) break down all the recent news surrounding Hims. They cover the new Bloomberg Businessweek article and Washington Post coverage, discuss Hims’ expansion into Canada with generic semaglutide, and highlight the company’s recent job listing for a new blood diagnostics vertical. The episode closes with an analysis of Hims’ positioning ahead of earnings. They unpack alt data trends, app rankings, web traffic discrepancies, and Google Trends.

00:52 Bloomberg Businessweek Story Analysis

03:45 Hims Expansion into Canada

09:00 Washington Post Story and the Novo Deal Collapse

24:40 New Blood Diagnostics Vertical

29:17 Andrew Responds to Nighthawk: "🤣"

31:00 Hims Alt Data Recap

31:39 Morgan Stanley's Note on App Deceleration

32:08 Web Traffic

34:02 GLP-1 Contribution and Revenue Impact

46:17 Advertising

01:00:14 Short Interest Hits 38%

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In episode 37 of Hims House, patent attorney Gaston Kroub joins Jonathan Stern and Patrick Lester (Bayside) to unpack the legal fallout from Novo Nordisk’s split with Hims. With speculation swirling around a potential lawsuit, Gaston explains why a patent case is unlikely — and why, if Novo sues, they may instead lean on trademark or false advertising claims. The discussion dives into Novo’s patent portfolio, including the critical ‘343 patent, and how ongoing lawsuits against Empower and Strive could shape Novo’s next move. Gaston breaks down what a lawsuit would look like, the most likely outcomes, and why compounders like Hims remain legally protected despite accusations of skirting the law’s intent. The conversation closes with a look at the Supreme Court ruling that is responsible for the compounding exemption, and why any legislative fix may be years away.

00:00 – Godel Terminal

00:54 – Intro

02:43 – Gaston’s Legal Background and Expertise

04:46 – Will Novo Nordisk Sue Hims?

17:02 – How Novo Has Targeted Other Compounders

21:54 – FDA Law and Whether Novo Can Sue Directly

26:57 – Breaking Down Novo’s Patent Portfolio

39:10 – Lawsuit Scenarios

41:19 – How Preliminary Injunctions Work

42:53 – Why Novo Might NOT File A Lawsuit

45:43 – Legal Precedents and Comparisons

46:36 – What Makes Compounders Vulnerable in Court

52:46 – Possible Outcomes If Novo Files a Lawsuit

01:00:29 – Future of Compounding & Possible Congressional Actions

01:16:15 – Final Takeaways

In Episode 36 of Hims House, Jonathan Stern and Patrick Lester (aka Bayside) sit down with biotech investor and dermatologist Adam May, easily the most bearish guest ever to appear on the show. Adam shares the timeline of his trades — shorting HIMS, briefly flipping long on the Novo partnership news, and now short again — all while the stock doubled in 2025. Together, they discuss the sudden collapse of the Hims-Novo deal, GLP-1 legality and risk, and whether HIMS' compounding model can withstand scrutiny.

00:00 - Welcome & What’s on Deck

03:25 - Adam May’s Background and Biotech Origin Story

08:19 - Adam's History Trading HIMS

17:28 - Hims' Approach to GLP-1s and Personalized Dosing

39:08 - Live Reaction: Andrew Dudum Responds on Twitter to Novo Nordisk Deal Imploding

43:58 - European Expansion

45:04 - Future of Pharma Ads

45:30 - RFK Jr. & MAHA

50:03 - AI in Biotech: Drug Discovery

52:05 - Could HIMS Ever Be a Drug Developer?

54:43 - Future of “Personalization” in Medicine

01:00:00 - Peptides Beyond GLP-1

01:09:37 - Valuation & Price Targets

01:17:47 - Adam's Gift to Hims House

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In this episode of Hims House, Jonathan Stern and Patrick Lester break down Hims & Hers’ recent acquisition of ZAVA, a major telehealth provider in Europe, alongside two European healthcare experts: Sekander Amini, a UK-based private pharmacy owner and longtime Hims investor; and Mads Christiansen, founder of New Deal Invest and a practicing GP in Denmark. Together, they explore how Hims’ U.S. playbook will need to adapt for European markets, the realities of competing with publicly funded healthcare systems, and the regulatory and operational hurdles ahead. They also discuss the likely strategic rationale behind the deal—licenses, market entry speed—and discuss the potential long-term opportunity around personalized medicine, AI, and peptides.

00:00 – Godel Terminal

02:23 – Europe vs. US — What “competing with free healthcare” really means

05:06 – Google Trends data: rising interest in ZAVA over time

05:35 – Why “free” care often leaves room for paid services

16:34 – Advertising laws in Europe vs. US

25:41 – Cross-border shipping: Will Hims need pharmacies in every EU country?

29:55 – Compounding and Personalization

33:29 – Strategic rationale: Why Hims bought ZAVA

35:07 – The hidden importance of pharmacy licenses in the UK

36:03 – Hims’ evolving product strategy in Europe

37:59 – How AI + real-world data will unlock personalized treatment

39:20 – Platform vision: Hims as the “front door” to next-gen healthcare

01:00:24 – How to judge the success of the ZAVA acquisition

01:04:11 – The future of medicine

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In episode 33 of Hims House, hosts Jonathan Stern and Patrick Lester sit down with Max Marchione, founder of Superpower — a health tech startup reimagining preventive care through AI, advanced diagnostics, and personalized protocols. The conversation explores how healthcare might look if rebuilt from first principles today, why AI could become the true "front door" to care, and how Superpower is betting on a tech-first model. Max also shares candid thoughts on Hims' billion-dollar raise, its AI and international strategy, the potential of peptides, and what it takes to build a healthcare brand with cultural pull.

00:00 – The Godel Terminal

01:01 – Intro - Max Marchione & Superpower’s Mission

02:40 – Reimagining Healthcare from First Principles

04:16 – AI as the New Front Door to Care

07:18 – Lessons Learned: Superpower’s Evolving Strategy

17:24 – Branding in Healthcare: Sci-Fi vs. Friendly

23:29 – Long-Term Vision: Membership, Outcomes, and Impact

28:01 – Vertical Integration & Personalized Therapeutics

30:14 – Hims, AI, and the Commoditization of Care

32:52 – Global Expansion: Who Hims Might Acquire

38:48 – What Peptides Are and Why They Matter

42:45 – Legal Gray Zones

46:43 – Innovation in the UAE & Saudi Arabia

50:11 – Taking More Risks

52:43 – Final Reflections

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

In Episode 32 of Hims House, hosts Jonathan Stern and Patrick Lester (aka Bayside) are joined by Antonio Linares — early Tesla and AMD investor, and one of the biggest Hims bulls on earth. Antonio lays out his long-term thesis: Hims isn’t just a telehealth brand, it’s a platform applying the Costco algorithm to healthcare, with world-class execution, a proprietary data loop, and the potential to birth an AI-driven digital twin of the human body.

The discussion covers the explosive potential of peptides, the role of network effects and personalized manufacturing, and why traditional pharma and Wall Street still underestimate Hims’ moat. Antonio also unpacks his concentrated investment strategy and the dynamics of retail vs. institutional conviction.

00:00 Introduction

01:00 Antonio's Investment Philosophy

02:15 The Costco Algorithm Applied to Healthcare

07:22 Comparing Hims to Other Tech Giants

10:51 Antonio's Approach to Portfolio Construction

18:50 Hims as a Platform & Tech Company

28:07 The Role of Data and AI in Healthcare

38:06 Peptides

42:35 Hims and Traditional Pharma

51:40 Andrew Dudum and Management

56:40 "Hims is a 100x. From Here."

01:08:48 Retail vs. Wall Street

In this episode of Hims House, Jonathan Stern, Patrick Lester (Bayside), and Nate Endicott sit down with Amit, one of the most notable names on fintwit and long-time skeptic of Hims. While Amit was early to Palantir and Robinhood, he’s unconvinced by Hims — and this episode is all about changing that. The crew makes the bull case: Hims’ 10-year vision, vertical integration, brand moat, and recent moves in weight loss, lab testing, peptides, and more. Amit pushes back, questioning the company’s tech DNA, long-term edge, and differentiation from giants like Amazon. They debate everything from customer retention and GLP-1 demand to regulatory chaos, and how the Hims retail investor community is rivaling institutional coverage.

00:00 Intro

00:38 Why Is Amit Even Here?!

01:22 Amit’s First Impressions of Hims

03:12 Laying Out the 10-Year Vision

08:36 "No Moat"

14:33 Vertical Integration

20:19 Hims as a Tech Company

25:32 Customer Retention, CAC, and LTV

34:31 Regulatory Chaos

35:22 Eli Lilly + Novo Nordisk Partnerships

36:42 Hims Earnings and Speculations

38:32 GLP-1 Market Dynamics

46:27 Building a Retail Community

51:04 Retail vs. Institutions

58:36 Volatility and Trading Strategies

01:06:10 Final Thoughts