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