Hims House

Jonathan Stern
  • 5.0 (8)
  • Investing
  • Updated Semiweekly

Hims House is the ultimate podcast for Hims & Hers investors. Hosted by Jonathan Stern and Patrick Lester, Hims House breaks down all the key questions shaping $HIMS — from telehealth and pharma to GLP-1s, compounding, and the future of healthcare. New episodes every week. himshouse.substack.com

  1. 🚨 EXCLUSIVE: Hims board member David Wells on why he bought $1.2M of Hims

    17h ago

    🚨 EXCLUSIVE: Hims board member David Wells on why he bought $1.2M of Hims

    In episode 72 of Hims House, Jonathan Stern interviews David Wells, Hims board member and former Netflix CFO, about his recent $1.2 million open-market purchase of Hims shares. Wells explains why he believes the company is at an inflection point after the Novo dispute and why the market may be missing the larger healthcare platform story. He discusses Hims’ mission, the broken cost and access structure of U.S. healthcare, and why he focuses more on longer-term cohorts and customer value than quarter-to-quarter CAC. The conversation covers the GLP-1 transition, peptides, acquisition pace, Andrew Dudum’s leadership, remote culture, AI, wearables, and what Hims can learn from Netflix’s disruption playbook. Wells also breaks down 10b5-1 insider selling plans, the promise of preventative scans, and why poor execution is the bear case that matters most. 00:00 - Sponsor: Superpower 01:07 - Meet David Wells 02:30 - Why he bought $1.2M in shares 05:58 - Building a mission-driven company 09:03 - Why he accepted the offer to join the board 10:45 - Financial metrics David is tracking 12:53 - Novo deal + GLP-1s 15:13 - Peptides: best, not first 19:45 - M&A and execution risk 20:40 - What CEO Andrew Dudum does well 22:30 - Remote impact on company culture 24:22 - AI, tech, and wearables 29:55 - Lessons from Netflix 36:17 - Insider sales 10b5-1 explained 45:37 - Short interest and the bear case 48:23 - Hims in 2030 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.

    51 min
  2. Hedge funder Ignacio Canto on retail cults, Hims as Costco + Netflix, and why Hims has 10x upside

    Jun 24

    Hedge funder Ignacio Canto on retail cults, Hims as Costco + Netflix, and why Hims has 10x upside

    In Hims House episode 71, Jonathan Stern sits down with hedge fund manager Ignacio Canto -- founder & portfolio manager at X-Square Capital, which held over 420k Hims shares as of Q1. Canto traces his interest back years, through personal product discovery and his late father's perspective as a urologist, and frames Hims as a platform business attacking a broken, expensive, and slow healthcare system. He explains why he never considered selling through the Novo Nordisk lawsuit, then lays out the moats he cares about: network effects, data ownership, proprietary wearables, and a retail following that grants rare access to cheap equity capital. He compares Hims to a mix of Costco + Netflix, makes a Tesla-style case for why the retail cult is itself part of the thesis, and argues geographic expansion widens the TAM and helps surface winning verticals. He flags regulation and competition as the main risks, but sees logarithmic upside that makes any linear price target a trap -- and thinks the stock could eventually command a 10x price-to-sales. 00:00 - Sponsor: Superpower 01:38 - Why he never considered selling 03:41 - Buying the collapse into the teens 06:29 - Why Hims first caught his eye 10:37 - Healthcare is broken and overpriced 12:50 - Why Ignacio has added to his position since 2024 21:41 - Why price targets aren't right for Hims 27:42 - Retail cults 38:40 - Hims as Costco + Netflix 41:33 - Why Hims should own the wearable 44:25 - Regulation as a bear case 46:09 - Competition: Ro, Amazon, and others 55:30 - Why Hims could command a 10x P/S ratio

    1h 7m
  3. Hedge fund manager Imran Khan bought more Hims at its most hated moment -- here's why

    Jun 16

    Hedge fund manager Imran Khan bought more Hims at its most hated moment -- here's why

    In Hims House episode 70, Jonathan Stern sits down with hedge fund manager Imran Khan, founder and CIO of Proem Asset Management and a Hims shareholder (110,000 shares as of March 31). Khan lays out his investment framework -- long-term growth potential, execution track record -- and argues that Hims' core asset is its loyal customer base and its ability to stack new products and services on top of it, with execution as the main bear case. Drawing on his years at Snap as Chief Strategy Officer, he explains why markets overreact in both directions and why investors should follow the numbers rather than the narrative. They dig into the risks of hiring big-company executives, the limited visibility into product progress, and gross margins hitting an all-time low (which Khan sees as non-structural for Hims). The discussion widens to SpaceX's IPO, software vs semis in the AI capex cycle, Duolingo as a "learning social network," buybacks and insider buying, and the dangers of excessive leverage and round-the-clock markets. 00:00 - Sponsor: Superpower 02:07 - Conviction to double down on Hims 04:32 - How being an operator reshaped his investing 06:51 - Inside the Proem portfolio 09:38 - The bull case for Hims 14:15 - Why founder focus matters 15:45 - Execution is the whole bear case 17:45 - The LTV and CAC flywheel 21:56 - The risk of hiring big-company execs 27:03 - Is the pace of product development too slow? 29:51 - Let the numbers speak 31:10 - Gross margins heading the wrong way? 32:59 - What SpaceX's IPO does to markets 35:33 - Software versus semis in the AI cycle 38:51 - Duolingo as a learning social network 42:45 - Buybacks and why insider buys don't excite him 44:28 - Why memory names may go higher 45:23 - The value of sell-side research 48:31 - Why he loves being an investor (and spectating) 50:55 - Managing risk and avoiding leverage 52:26 - Leverage, 24/7 markets, and closing advice 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.

    54 min
  4. Cremieux - Half of America could be on GLP-1s by 2030 (and why peptides are probably overhyped)

    Jun 10

    Cremieux - Half of America could be on GLP-1s by 2030 (and why peptides are probably overhyped)

    In episode 69 of Hims House, Jonathan Stern welcomes back researcher and data analyst Cremieux to take stock of the GLP-1 and peptides market. Cremieux points to Epic's new EHR dashboard as the best live read on adoption, backing estimates that roughly one in eight adults are on GLP-1s and one in five have tried them -- with cost and stigma holding back uptake until semaglutide generics arrive around 2031. They also dig into the next wave of GLP-1s, spotlighting glucagon combos like servadutide and mazdutide for dramatic liver-fat reductions, plus retatrutide's standout weight-loss numbers. Cremieux pushes back on the claim that retatrutide preserves muscle and throws cold water on peptide hype, especially BPC-157, while flagging thymosin alpha-1 as the one with the most real clinical support. They close on why wearables rarely change behavior, and whether Ro will ever go public. 00:00 - Sponsor: Superpower 01:37 - What America looks like in 2030 03:58 - How many Americans are on GLP-1s today? 05:46 - Why price still keeps people off GLP-1s 06:32 - Generic GLP-1s in 2031 09:30 - The next-generation of GLP-1s 11:02 - GLP-1 effect on fatty liver disease 15:48 - Could the FDA fast-track retatrutide? 17:15 - The oral GLP-1 war: Wegovy Pill vs Foundayo 21:04 - Is it a myth that reta preserves muscle? 25:05 - ADA conference takeaways 27:23 - Why GLP-1s are likely safe over the long term 31:55 - BPC-157's thin evidence + cancer risk 35:12 - Which peptides actually have the most evidence 38:20 - Peptides market dynamics 41:29 - Why wearables usually don't change behavior 46:10 - Will Ro go public? 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.

    48 min
  5. Sagar & Sahil Chopra - Founders of Empower Sleep on AI-powered sleep care and the Hims opportunity

    May 26

    Sagar & Sahil Chopra - Founders of Empower Sleep on AI-powered sleep care and the Hims opportunity

    In episode 68, Jonathan Stern hosts Sagar and Sahil Chopra, founders of Empower Sleep, to unpack why sleep care is still fragmented, slow, and overly dependent on single-night testing. They explain how Empower uses multi-night diagnostics, wearable integrations, coaches, and clinicians to build a fuller picture of what is actually driving poor sleep. They also discuss how weight loss, GLP-1s, alcohol, congestion, and physiology changes can alter sleep therapy over time. Finally, they explore how Hims could enter sleep through diagnostics, targeted treatments, cash-pay CPAP, and AI-enabled longitudinal care. 00:59 - Background on Empower Sleep 07:41 - Why sleep care is broken 11:12 - The single-night testing flaw 15:02 - Medical-grade sensors vs wearables 20:08 - Empower’s patient journey 28:29 - The sleep market opportunity 36:29 - How Hims could enter sleep 46:02 - Future of sleep tech 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.

    55 min
  6. Eli Dorf (Bask Health) - What is Hims’ moat if anyone can launch a telehealth startup overnight?

    May 19

    Eli Dorf (Bask Health) - What is Hims’ moat if anyone can launch a telehealth startup overnight?

    In episode 67 of Hims House, Jonathan Stern hosts Eli Dorf, founder and president of Bask Health. Bask provides the operating infrastructure for telehealth brands to launch quickly, choose pharmacy and clinical partners, route patients, process payments, and fulfill medications. Eli explains why outsourced infrastructure can let small teams scale fast, what Medvi’s rise reveals about the telehealth stack, and why he sees Hims’ strongest moat as brand trust and customer scale rather than pure technology. They also discuss pricing pressure in compounded GLP-1s, FDA enforcement, 503A compounding latitude, and why fragmentation could keep compressing margins. The conversation closes with peptides, LegitScript and payments hurdles, trusted brands, wearables, the health super app race, and whether Ro could go public. 00:00 - Sponsor: Superpower 02:18 - What Bask Health does 03:19 - Launching a telehealth brand overnight 07:21 - Can anyone copy Hims? 14:28 - Bask's business model 16:28 - Fragmentation hits telehealth margins 19:48 - Medvi’s cautionary tale 21:56 - What are Hims’ real moats 25:29 - Data, AI, and wearables 26:39 - Should Hims sell hardware? 30:15 - FDA pressure on GLP-1s 33:44 - Peptides as the next GLP-1 moment 36:48 - Payment processing and LegitScript 41:05 - Why peptide trust matters 43:52 - The health super-app race 47:44 - Ro vs Hims 50:45 - Will Ro go public? 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.

    56 min
  7. Brian Birnbaum - Hims & Hers Q1 earnings breakdown and the long-term bull case for Hims

    May 13

    Brian Birnbaum - Hims & Hers Q1 earnings breakdown and the long-term bull case for Hims

    Thanks to our partner: Superpower - https://superpower.com Subscribe to Hims House: https://himshouse.com Brian's excellent essay on Hims: https://thepsychoanalyst.substack.com/p/protect-this-hims-house Follow us: https://x.com/himshouse https://x.com/jonathanrstern https://x.com/therealbirnbaum In episode 66 of Hims House, Jonathan Stern hosts Brian Birnbaum, “The Psycho Analyst,” for a post-earnings breakdown of Hims & Hers’ Q1. They unpack the transition to branded GLP-1s, the $608M in revenue (and y/y U.S. revenue decline), lower gross margins, subscriber net new adds, and why guidance matters more than the headline numbers. Brian argues Hims is still a venture-style bet, as they discuss all of the factors that will shape the next phase. They also discuss Ro’s momentum, peptides, Hims as an AI doctor / healthcare "operating system", wearables, insider selling, and valuation. The episode closes with Brian’s broader market outlook and why he remains bullish despite volatility, short pressure, and execution risk. 00:56 - Meet Brian Birnbaum 01:51 - Why “The Psycho Analyst” 03:03 - Market psychology and Hims 04:38 - Q1 numbers that actually matter 07:07 - Bullish revenue guidance 07:56 - Gross margins 10:17 - Testosterone and Wegovy scale 13:26 - Branded GLPs 14:30 - Subscribers, churn, and Q2 guidance 19:02 - Novo lawsuit aftermath 21:41 - Volatility and conviction 23:53 - Why Brian trusts Andrew 25:25 - International risk and Ro pressure 28:22 - Ro’s domestic momentum 31:08 - Is Ro preparing to IPO? 32:14 - Peptides 34:39 - Why best beats first 36:34 - Speed 40:40 - The AI doctor thesis 41:19 - Wearables 46:59 - Insider selling 50:30 - Valuing a venture-stage public company 52:35 - Broader market outlook 58:33 - Final takeaways 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. $HIMS #hims #peptides #glp1 #retatrutide #tirzepatide #semaglutide

    59 min
  8. Mansi Hukmani - The #1 peptide Substacker on peptide culture, supply-chain race & coming gold rush

    Apr 30

    Mansi Hukmani - The #1 peptide Substacker on peptide culture, supply-chain race & coming gold rush

    In episode 65 of Hims House, Jonathan Stern talks with Mansi Hukmani, founder of Chief Longevity Officer, about how peptide culture moved from biohacker circles into the next big frontier for telehealth. Mansi explains how New York, San Francisco, London, and Dubai each approach longevity culture differently, and why distrust in traditional healthcare has helped peptides feel more like a movement than a product category. They discuss her own experience with retatrutide, the coming FDA regulatory milestones, and why reclassification could unleash a wave of clinics, compounders, and telehealth players. The conversation then turns to the real bottleneck: supply chain control, especially China’s dominance in protected amino acids and peptide synthesis. Mansi argues the winners may not be first to market, but first to secure manufacturing, data, and trust at scale. 02:09 - The #1 peptide substacker 03:45 - Inside peptide culture 06:30 - NAD+ shots and different form factors 08:20 - Peptide culture across cities 10:54 - Dubai’s longevity gold rush 12:21 - Why peptides feel a little like crypto 16:41 - Mansi’s peptide experiments 19:50 - FDA timeline for peptide reclassification 24:46 - Why supply chain wins 26:11 - The synthesis bottleneck 28:15 - China’s scale advantage 30:29 - Why Hims bought CS Bio 31:39 - State laws 33:57 - Who wins the peptide rush 36:51 - Pricing power, tariffs, and trust 41:53 - Why gray markets persist 45:01 - Peptides with real LTV 47:51 - The Flatiron Health for peptides 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.

    50 min
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Ratings & Reviews

5
out of 5
8 Ratings

About

Hims House is the ultimate podcast for Hims & Hers investors. Hosted by Jonathan Stern and Patrick Lester, Hims House breaks down all the key questions shaping $HIMS — from telehealth and pharma to GLP-1s, compounding, and the future of healthcare. New episodes every week. himshouse.substack.com

Information

  • Creator
    Jonathan Stern
  • Years Active
    2024 - 2026
  • Episodes
    72
  • Rating
    Explicit
  • Copyright
    © Jonathan Stern
  • Show Website
    Hims House

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