Hims is turning into a bigger beast

From telehealth side hustle to scaled-up machine

Hims & Hers is looking less like a one-trick telehealth app and more like a company trying to build a real consumer health platform. It’s now approaching 3 million subscribers, U.S. growth is reaccelerating, and international markets are starting to show up on the scoreboard instead of just the slide deck.

The growth story is getting broader

International revenue hit $131 million, which is a pretty loud way of saying this isn’t just a domestic story anymore. Meanwhile, testosterone is on track to become Hims’ sixth U.S. specialty above a $100 million annual run rate — the kind of milestone that tells you the product line is starting to stack up like a buffet instead of a single entree.

But the money part is still the test

The catch? Gross margin slipped to 64%, and Q2 free cash flow came in at negative $68 million. So yes, the top line is doing push-ups — but investors still need proof the business can flex operating leverage without burning too much cash along the way.

Big picture

This is the classic growth-stock tradeoff: bigger market, more products, more geography — and now the annoying little question of whether the economics can keep up. If Hims can widen the business without crushing margins, the upside gets a lot more interesting. If not, all that growth can start to look expensive fast.