Hims & Hers Health, Inc. 2026 Q2 Earnings Call

Bill, please go ahead. Good afternoon, everyone, and welcome to the Hims & Hers Health second quarter 2026 earnings call.

On the call with me today is Andrew Dudum, our Co-founder and Chief Executive Officer, Yemi Okupe, our Chief Financial Officer, and Mo Elshenawy, our Chief Technology Officer. Before I hand it over to Andrew, I need to remind you of legal safe harbor and cautionary declarations. Certain statements and projections of future results made in this presentation constitute forward-looking statements that are based on, among other things, our current market, competitors and regulatory expectations, and are subject to risks and uncertainties that could cause actual results to vary materially. We take no obligation to update publicly any forward-looking statement after this call, whether as a result of new information, future events, changes in assumptions, or otherwise.

The risks, uncertainties, and other factors that could cause actual results to differ from our forward-looking statements are described in our earnings release and SEC filings. Please see our recent earnings release and most recently filed 10-K and 10-Q reports for a discussion of these risk factors as they relate to forward-looking statements. In today's presentation, we also have certain non-GAAP financial measures. We refer you to the reconciliation tables to the most directly comparable GAAP financial measures contained in today's press release. You can find this information as well as a link to today's webcast at investors.hims.com. After the call, this webcast will be archived on the website for 12 months. With that, I will turn the call over to Andrew.

Thanks, Bill. Good afternoon, everyone, and thank you for being here. This quarter, we made significant progress on building a first of its kind health experience that proves it is possible to deliver access to world-class care on a global scale at a reasonable price. As our customer base grows and our influence on the industry deepens, we are showing that a business can both take care of people and be profitable. Before Yemi walks us through financials, I want to highlight three key areas driving our continued growth. First, our investment in AI and technology is delivering a health experience that we believe no other company can replicate. Our CTO, Mo Elshenawy, is on the call today to walk us through how that is coming to life in both deeper customer relationships and increasing business efficiencies.

Second, our world-class infrastructure means we can not only support customers across a greater spectrum of needs from beginning to end, but also safely enter more complex categories at a faster pace and at a greater scale than others in the industry. Third, our global reach, when paired with our technology and infrastructure, has created a platform that shows customers and industry leaders alike that access to high-quality care can be personal and widely accessible. Hims & Hers is building something entirely new, and it is increasingly difficult to replicate. Nearly 3 million customers believe in a future of health that is proactive, personal, and built for their lives, and we are thrilled to be the partner bringing it to them every day. Let's start with our investment in AI.

By weaving AI into the entire platform, we'll deliver a unified AI native health experience we believe no other peer or LLM can match. Mo, our CTO, will walk us through what that looks like for our customers and the early success we've seen. I want to start with the why. Why we are taking this approach, and why we know it is the path to dramatically improving the care experience for customers everywhere. in the second quarter, we welcomed more than 300,000 subscribers, bringing our global subscriber base to nearly 3 million people. To put that into context, we are now serving a patient population that rivals some of the largest healthcare systems in the U.S.

Unlike frontier AI companies that many people currently rely on for day-to-day advice, we support customers through their entire health journey, from their very first question to their clinical treatment and continued follow-up care. That end-to-end closed loop relationship, combined with our scale, is incredibly powerful. Customer trust isn't something you can buy. It has to be earned. For nine years, millions of people have trusted Hims & Hers to help them feel comfortable seeking care for conditions that should be normalized. We have earned that trust by listening to their concerns, for finding solutions to meet them, and delivering outcomes year after year, specialty by specialty. Nine years of data that deepen our evidence base of what works, for whom, and why. That accumulated understanding is what makes our platform different.

It's powered by the millions of customers who have shown us just how impactful great care can be, and that's why they trust us with what comes next. Other health companies major in the minor. They tack on minor improvements to the existing system while we're making our platform completely AI native, so that our platform can provide an integrated experience that is alive and personal. One where AI coaches and support agents, a care team, a clinician, and a pharmacy are one unified system with a single goal, keeping people well. Our customers don't just ask us about their health or seek out specific treatments through our platform. They go on a long journey with us, and we believe the intelligence we're building around that relationship will make Hims & Hers their preferred everyday health partner.

I'd now like to turn it over to Mo to speak more on how this is coming to life.

Thanks, Andrew. Our AI-centric technical strategy is the difference between adding a feature and re-imagining the entire customer experience. We are making AI load-bearing, not decorative. We are replacing the traditional telehealth model with something entirely new for our industry. A unified care experience where customer's care team lives in a single platform that already knows them. No portals, no starting over, no explaining yourself to a tool that can only give you one size fits all advice. Just care that is built for you, guided by data, delivered by clinicians, and powered by seamless technology. This is the foundational customer experience, which we plan to roll out across our entire platform over time. It leverages our closed loop data, and it is becoming the basis for personalization across the entire journey. Smarter outreach, earlier risk signals, and tools that help providers tailor treatment to each patient.

We are seeing impacts for our customers and our business as a result of this approach, and I would like to walk you through both. To start, the AI native experience we just launched for Hers weight loss customers is driving meaningful change for the people who come to us for care. We began a phased rollout in early July, and the results were immediate. Customers began engaging more often. Hers customers using the new care experience are sending 3 times as many messages on the platform, with AI answering 80% of their questions to support their treatment journey. As a result, AI has reduced non-clinical tasks, like order updates and general side effect questions that are handled by our support teams by nearly 50%.

We know that a lack of engagement and poor adherence can lead to poor outcomes, which is why we're thrilled to see customers having more engaged, intentional conversations without overloading our care teams. This also means clinical challenges like dosage adjustments or changes in treatments can be identified and flagged for a provider more quickly, resulting in earlier interventions that help our customers stay on track. In just a few months, the internal updates we've rolled out are powerful enough that we have meaningfully reduced how much we rely on agentic AI customer support vendors, and eventually, we expect to roll off them completely. We've built a clinically grounded agentic AI customer support experience that we believe serves our customers better.

We are excited to bring the experience to more of our customers across the world, and we think we are moving closer to a future where the model we are building becomes the backbone for health platforms beyond Hims and Hers. We are also continuing to invest in our core technical foundation, rebuilding core components so that updates to our customer flow, product fulfillment, and catalog management are all modular. This will allow us to stand up new categories and markets in a fraction of the time it used to take us at a lower cost to us, which has historically translated into lower prices for our customers. This is just the beginning of how we are weaving AI into every step of the customer journey. These early signals are why we are accelerating our investment in bringing this experience to life for all of our customers.