Hims House

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

In Hims House episode 30, Jonathan Stern and Patrick Lester are joined by legendary entrepreneur Mark Cuban. The discussion kicks off with Mark unpacking why the healthcare system is so dysfunctional -- explaining how pharmacy benefit managers (PBMs) and the lack of transparency drive high drug prices. He shares his journey from a healthcare novice to launching Cost Plus Drugs, which aims to offer cheaper, more transparent pharmaceutical options. The episode also touches on the comparison between Hims & Hers and Cost Plus Drugs, potential legislative reforms, the importance of brand in healthcare, whether "personalized" medicine is merely marketing speak, and what Mark thinks about the future of healthcare and wearables.

00:00 Introduction

02:10 The Broken Healthcare System

02:47 Mark Cuban's Journey into Healthcare

06:12 The Role of Pharmacy Benefit Managers (PBMs)

19:31 Cost Plus Drugs: Transparency and Trust

26:57 Comparing Cost Plus Drugs and Hims & Hers

31:31 The Future of Insurance-Covered Drugs

33:09 Personalization in Healthcare

34:57 The Importance of Brand

43:42 International Expansion Strategies

50:22 Policy & Tariffs Impact

55:43 The Role of Tech, AI, and Wearables in Healthcare

In this episode of Hims House, Jonathan Stern and Patrick Lester break down the Q1 2025 earnings results for Hims & Hers. They highlight strong topline and bottom-line performance -- including $586M in revenue, 345% YoY net income growth, and 321% free cash flow growth. The discussion also covers softer metrics, such as a modest 137k net new subscriber additions and a conservative Q2 revenue guide. They explore the company’s reaffirmed full-year outlook and new long-term revenue goal of $6.5 billion by 2030, analyzing whether it may be a sandbagged target. Other topics include international expansion, strategic partnerships (including Novo Nordisk and conversations with Eli Lilly), and the appointment of former Amazon executive Nader Kabbani as COO.

00:00 Introduction and Q1 2025 Highlights

02:20 Patrick's Take on Earnings

05:17 The Long-Term Revenue Target

08:20 – Hims House Valuation Model Breakdown

11:14 Q2 Revenue Guidance

13:41 International Expansion

17:10 – The Five Growth Levers

27:52 Sexual Health Vertical and Core Specialties

32:00 New COO Nader Kabbani

In this episode of Hims House, Jonathan Stern sits down with Alvan Chow — the original WallStreetBets poster who made a legendary 100,000% return during the GameStop short squeeze. They break down what happened in January 2021, the mechanics behind a short squeeze, and how institutional and retail forces collided to trigger one of the wildest moments in market history. The conversation then pivots to Hims, which increasingly has a similar setup: a strong fundamental story, massive short interest, and increasing retail momentum. They explore the potential for a “second squeeze,” compare Hims to Tesla & Palantir, and debate how much of the recent volatility is driven by technical flows vs. fundamental news. They also dig into how retail investors in South Korea could play a surprise role, why the borrow fee and other short metrics matter, and how investors should think about risk management during parabolic moves.

Note: During HIMS' first short squeeze in February, Alvan turned $500K into $5M. Now, he's eyeing HIMS short squeeze 2.0 🔥

01:26 Alvan Chow's Origin Story and the GameStop Saga

03:52 Mechanics of Short Selling and Short Squeezes

07:17 Comparing GameStop and Hims

14:24 Why Shorting Hims Makes No Sense

15:43 What a Hims “Squeeze Part 2” Could Look Like

20:45 Is This Like GameStop, Tesla, or Palantir?

26:04 The Korean Retail Investor Factor

32:33 Final Thoughts

In Episode 27 of Hims House, Jonathan Stern, Patrick Lester, and Louis Stevens discuss the blockbuster news of Hims partnering with Novo Nordisk to sell branded GLP-1 medication Wegovy for $599 a month. They delve into the deal terms, initial market reaction, and the potential long-term impacts on Hims as the direct-to-consumer telehealth leader. The conversation also touches on the possibility of future partnerships, notably with Eli Lilly, and how Hims' business model and profit margins might evolve.

00:00 Introduction

01:46 Patrick's Perspective on the Deal

08:09 Louis' Return and Reflections

09:58 Comparing Hims to Netflix and Long-term Prospects

15:46 Impact on Bear Thesis and Revenue Projections

21:12 Understanding Hims as an AI-Orchestrated General Physician

27:01 Wall Street's Obsession with GLP-1s

31:30 Margin Impact of the Novo Deal

40:01 Future Partnerships and 2025 Outlook

Disclaimer: This podcast is for informational and entertainment purposes only. Nothing discussed should be considered financial, investment, or legal advice. Always consult with a qualified professional before making financial decisions

In this episode of Hims House, Jonathan Stern and Patrick Lester sit down with Martin Shkreli — one of the sharpest and most controversial voices in healthcare. They break down what’s driving Hims’ explosive revenue growth and why the company remains so widely misunderstood. The conversation covers the “Netflix of Healthcare” analogy, GLP-1 compounding and IP risk, and questions around long-term sustainability. Shkreli also breaks down the stock dynamics behind Hims’ unusually high short interest, how hedge funds and quants are positioned, and what the holder list — including Citadel, Farallon, and Renaissance — reveals about how the smartest players on Wall Street are positioned. The episode closes on valuation, scale, and why management execution is likely to be the single most important factor in how the Hims story plays out.

00:00 Introduction

04:00 The Netflix of Healthcare

05:52 Positive Second Derivative Revenue Growth

07:33 Founder-Led Companies

09:13 Comparing Hims to Google

15:30: The Importance of Management

20:15 Hims As Big As UnitedHealthcare?

24:50 GLP-1s and Hims

25:45 Why Big Stock Price Swings are Bullish

27:30 The Rise of Eli Lilly and GLP-1s

34:55 Ozempic Growth and Patent Challenges

36:01 The Complexities of Pharma Patents

44:50 Would Novo Sue Hims?

45:40 Hims, AI, and the Future of Healthcare Platforms

50:30 It's Time for a Healthcare Social Platform

55:19 The Debate on OTC Drugs and Healthcare Access

58:00 Stock Dynamics: Short Interest, Institutional Ownership, Retail Interest

01:06:06 Addressing the Top Bear Arguments

01:08:29 Insider Sales

01:13:24 Top Institutional Holders: Citadel, Farallon, Renaissance, and More

01:25:03 Hims Valuation

Disclaimer: This podcast is for informational and entertainment purposes only. Nothing discussed should be considered financial, investment, or legal advice. Always consult with a qualified professional before making financial decisions.

In this episode of Hims House, Jonathan Stern and Patrick Lester are joined by Raul Shah, the owner of DocShah Financial. They discuss Raul’s article on Hims, referencing Christopher Mayer's book 100-Baggers. They delve into the factors that may allow Hims to become an extremely valuable company over the next 10 years, tackling bear theses about the stock, such as "no moat", customer acquisition costs, and potential legal risks. The discussion also covers the critical importance of hiring a chief technology officer to advance Hims' AI ambitions. Finally, Raul shares his long-term valuation outlook for Hims, emphasizing the distinction between stock price and valuation.

00:00 Introduction

01:05 Raul Shah's Background and Investment Journey

03:25 What Makes a 100-Bagger?

07:16 Addressing Bear Theses and Market Perspectives

21:21 The Importance of a Chief Technology Officer

25:59 Hims x Apple

27:26 News Round-Up

39:26 Price Targets vs. Valuation

In this episode of Hims House, Jonathan Stern and Patrick Lester are joined by Alex Beinfield, founder & CIO of Blue Duck Capital, for a wide-ranging conversation on markets, healthcare, and the future of HIMS. They kick off by unpacking the market implications of Trump’s tariffs, with ripple effects for global trade and the pharmaceutical sector. The conversation then turns to HIMS. Alex shares what first got him excited about the company back in 2020, and why he’s still bullish today. He breaks down HIMS’ long-term potential and competitive moats in telehealth—from its DTC strength and brand equity to its mission of solving one of the biggest pain points in modern life. They also discuss how shifts in healthcare policy — the “Make America Healthy Again” agenda — could shape the company’s path forward.

01:22 Tariff Turmoil

02:32 Market Reactions and Predictions

08:05 Impact on Hims and the Pharmaceutical Industry

12:43 Blue Duck Capital's Unique Approach

19:00 Alex's Investment Journey with Hims

24:03 The Pain Points in Healthcare

24:40 Reinitiating a Position in Hims

25:37 The Impact of RFK Jr. on Healthcare Policy

28:25 Hims' Growth and Market Position

29:34 Regulatory Environment Under the New Administration

33:58 Hims' Competitive Moats

41:12 GLP-1 and the Bigger Picture

45:44 Valuation and Price Targets