Hims & Hers Health, Inc. Files 2023 Annual Report (10-K)

TL;DR

<b>Hims & Hers Health, Inc. has filed its annual 10-K report for the fiscal year ending December 31, 2023.</b>

AI Summary

Hims & Hers Health, Inc. (HIMS) filed a Annual Report (10-K) with the SEC on February 26, 2024. Hims & Hers Health, Inc. filed its 10-K report for the fiscal year ending December 31, 2023. The company was formerly known as Oaktree Acquisition Corp. and changed its name on April 12, 2019. The filing covers the fiscal year from January 1, 2023, to December 31, 2023. Hims & Hers Health, Inc. is incorporated in Delaware. The company's business address is 2269 Chestnut St, #523, San Francisco, CA 94123.

Why It Matters

For investors and stakeholders tracking Hims & Hers Health, Inc., this filing contains several important signals. This 10-K filing provides a comprehensive overview of the company's financial performance, business operations, and risk factors for the fiscal year 2023. Investors and analysts can use this report to assess the company's financial health, strategic direction, and potential for future growth.

Risk Assessment

Risk Level: medium — Hims & Hers Health, Inc. shows moderate risk based on this filing. The company's financial performance and future prospects are subject to the inherent risks and uncertainties of the healthcare and wellness industry, as detailed in the 10-K filing.

Analyst Insight

Review the detailed financial statements and risk factors in the 10-K to understand Hims & Hers' performance and outlook.

Key Numbers

• 2023-12-31 — Fiscal Year End (Reporting period)
• 2024-02-26 — Filing Date (Date of submission)
• 001-38986 — SEC File Number (Company's SEC file number)

Key Players & Entities

• Hims & Hers Health, Inc. (company) — Filer name
• Oaktree Acquisition Corp. (company) — Former company name
• 2023-12-31 (date) — Fiscal year end
• 2024-02-26 (date) — Filing date
• 2269 Chestnut St, #523, San Francisco, CA 94123 (address) — Business address

FAQ

Industry Context

Hims & Hers operates in the direct-to-consumer telehealth and wellness sector, providing a range of healthcare services and products.

Regulatory Implications

The company is subject to various healthcare regulations, including those related to telehealth, prescription drugs, and patient privacy, as governed by federal and state authorities.

What Investors Should Do

1. Analyze the financial statements for revenue, profitability, and cash flow trends.
2. Review the 'Risk Factors' section for potential challenges and uncertainties.
3. Examine management's discussion and analysis (MD&A) for insights into business strategy and outlook.

Key Dates

• 2023-12-31: Fiscal Year End — End of the reporting period for the 10-K.
• 2024-02-26: Filing Date — Date the 10-K was officially filed with the SEC.

Year-Over-Year Comparison

This is the initial 10-K filing for Hims & Hers Health, Inc. as a public company, following its transition from Oaktree Acquisition Corp.

Key Financial Figures

• $0.0001 — which registered Class A common stock, $0.0001 par value per share HIMS New York Stock
• $9.40 — he registrant's Class A common stock of $9.40 per share on June 30, 2023 on the New Y
• $0 — ares of Class A common stock, par value $0.0001, and 8,377,623 shares of Class V c

Filing Documents

• hims-20231231.htm (10-K) — 2081KB
• hims-20231231x10kxexhibit23.htm (EX-23) — 2KB
• hims-20231231x10kxex311.htm (EX-31.1) — 11KB
• hims-20231231x10kxex312.htm (EX-31.2) — 11KB
• hims-20231231x10kxex321.htm (EX-32.1) — 6KB
• hims-20231231x10kxex322.htm (EX-32.2) — 5KB
• hims-20231231xxex97policyr.htm (EX-97) — 46KB
• hims-20231231_g1.jpg (GRAPHIC) — 689KB
• 0001773751-24-000025.txt (&nbsp;) — 12626KB
• hims-20231231.xsd (EX-101.SCH) — 87KB
• hims-20231231_cal.xml (EX-101.CAL) — 113KB
• hims-20231231_def.xml (EX-101.DEF) — 420KB
• hims-20231231_lab.xml (EX-101.LAB) — 1074KB
• hims-20231231_pre.xml (EX-101.PRE) — 713KB
• hims-20231231_htm.xml (XML) — 1420KB

Risk Factors

Item 1A. Risk Factors 11

Unresolved Staff Comments

Item 1B. Unresolved Staff Comments 46

Cybersecurity

Item 1C. Cybersecurity 46

Properties

Item 2. Properties 47

Legal Proceedings

Item 3. Legal Proceedings 47

Mine Safety Disclosures

Item 4. Mine Safety Disclosures 47

Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities

Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 48

[Reserved]

Item 6. [Reserved] 49

Management's Discussion and Analysis of Financial Condition and Results of Operations (MD&A)

Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations (MD&A) 49

Quantitative and Qualitative Disclosures about Market Risk

Item 7A. Quantitative and Qualitative Disclosures about Market Risk 62

Financial Statements and Supplementary Data

Item 8. Financial Statements and Supplementary Data 62

Changes in and Disagreements with Accountants on Accounting and Financial Disclosure

Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 94

Controls and Procedures

Item 9A. Controls and Procedures 94

Other Information

Item 9B. Other Information 95

Disclosures Regarding Foreign Jurisdictions that Prevent Inspections

Item 9C. Disclosures Regarding Foreign Jurisdictions that Prevent Inspections 96

Directors, Executive Officers and Corporate Governance

Item 10. Directors, Executive Officers and Corporate Governance 97

Executive Compensation

Item 11. Executive Compensation 97

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 97

Certain Relationships and Related Transactions, and Director Independence

Item 13. Certain Relationships and Related Transactions, and Director Independence 97

Principal Accountant Fees and Services

Item 14. Principal Accountant Fees and Services 97

Exhibits and Financial Statement Schedules

Item 15. Exhibits and Financial Statement Schedules 98

Form 10-K Summary

Item 16. Form 10-K Summary 100

Signatures

Signatures 101 i Table of Contents CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS This Annual Report on Form 10-K for the year ended December 31, 2023 (the "Form 10-K"), including, without limitation, statements under the heading "Management's Discussion and Analysis of Financial Condition and Results of Operations," includes forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, (the "Securities Act") and Section 21E of the Securities Exchange Act of 1934, as amended, (the "Exchange Act"). These forward-looking statements can be identified by the use of forward-looking terminology, including the words "believe," "estimate," "anticipate," "expect," "assume", "imply", "intend," "plan," "may," "will," "potential," "project," "predict," "continue," "could," or "should," or, in each case, their negative or other variations or comparable terminology. There can be no assurance that actual results will not materially differ from expectations. Such statements include, but are not limited to, any statements relating to our financial and business performance, including with respect to the Hims & Hers platform, our marketing campaigns, investments in innovation, and our infrastructure, and the underlying assumptions with respect to the foregoing; statements relating to events and trends relevant to us, including with respect to our financial condition, results of operations, short- and long-term business operations, objectives, and financial needs; expectations regarding our mobile applications, market acceptance, user experience, customer retention, brand development, our ability to invest and generate a return on any such investment, customer acquisition costs, operating efficiencies and leverage (including our fulfillment capabilities), the effect of any pricing decisions, changes in our product and offering mix, the timing and market acceptance of any new products or offerings, the success of our business mode

Business

Item 1. Business Overview Launched in 2017, Hims & Hers Health, Inc. (and together with its subsidiaries, "Hims & Hers", the "Company", "we", "us" or "our") has built a consumer-first platform transforming the way customers fulfill their health and wellness needs. We believe that the Company has the technical platform, distributed provider network, and access to clinical capabilities to lead the migration of routine office visits to a digital format. The Hims & Hers platform includes access to a highly-qualified and technologically-capable provider network, a clinically-focused electronic medical record system, digital prescriptions, and cloud pharmacy fulfillment. Our digital platform enables access to treatments for a broad range of conditions, including those related to sexual health, hair loss, dermatology, mental health, and weight loss. Hims & Hers connects patients to licensed healthcare professionals who can prescribe medications when appropriate. Prescriptions are fulfilled online through licensed pharmacies on a subscription basis. In addition, we also offer access to a range of health and wellness products designed to meet individual needs, which can include curated prescription and non-prescription products. Through the Hims & Hers mobile apps, consumers can access a range of educational programs, wellness content, community support, and other services that promote lifelong health and wellness. Since our founding, we have facilitated nearly twenty million telehealth consultations, enabling greater access to high-quality, convenient, and affordable care for people in all 50 states and the United Kingdom. Hims & Hers products can also be found in tens of thousands of top retail locations in the United States. The mission of Hims & Hers is to help the world feel great through the power of better health. To fulfill this mission, our business strategy and market differentiation are centered around our trusted brand, leading technology, innovative prod

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View this 10-K filing on SEC EDGAR