Hims & Hers Pitch Deck (2021): 43-Slide Breakdown

Hims & Hers used this investor presentation to secure its public listing via a SPAC merger in 2021. The deck is a masterclass in brand-led healthcare disruption, moving from its origins in erectile dysfunction and hair loss into a 'multi-condition health platform.' Key to the narrative is the company's vertical integration, encompassing a distributed provider network, a proprietary EMR, and a 300,000 sq. ft. pharmacy in Ohio. Financially, the company demonstrated hyper-growth, with revenue jumping from $27 million in 2018 to an estimated $138 million in 2020. By positioning itself against tra…

Key takeaways

• The company estimates the US healthcare market at $4 trillion, positioning it as one of the last industries yet to be disrupted (Slide 7).
• Hims & Hers claims a Net Promoter Score (NPS) of 65, significantly higher than the health provider industry average of 9 (Slide 17).
• Revenue grew at a 128% CAGR from 2018 to 2020, reaching an estimated $138 million (Slide 31).
• Gross margins expanded from 29% in 2018 to an estimated 71% in 2020 (Slide 31).
• The platform is fully verticalized, including a proprietary EMR, digital prescriptions, and a cloud pharmacy (Slide 11).
• The company is expanding its TAM by moving from 'Today' (ages 18-40, $350bn TAM) to 'Tomorrow' (ages 60+, $500bn TAM) (Slide 19).
• Average Order Value (AOV) increased from $23 in Q2 2018 to $59 in Q2 2020 (Slide 33).
• A 300,000 sq. ft. facility in Columbus, Ohio is highlighted as the key to unlocking insurance reimbursement (Slide 27).

Frequently asked questions

What is the core business model of Hims & Hers according to the deck?

Hims & Hers operates as a digitally native, fully verticalized telehealth platform. It connects consumers with a distributed provider network for consultations, uses a proprietary EMR for diagnosis, and fulfills orders through its own cloud pharmacy. This end-to-end control allows them to capture high margins and maintain a consistent brand experience across multiple health conditions.

How does Hims & Hers justify its valuation compared to traditional healthcare?

The deck uses 'comparable company benchmarking' to align Hims & Hers with high-growth digital health peers like Livongo and Teladoc rather than traditional providers. It highlights its 70%+ gross margins and 100%+ revenue growth rates, arguing that its tech-enabled, direct-to-consumer approach warrants a multiple closer to SaaS or high-end e-commerce than legacy medical services.

What are the primary growth drivers mentioned in the financials?

Growth is driven by two main factors: increasing the number of online orders and significantly raising the Average Order Value (AOV). AOV grew at a 59% CAGR between 2018 and 2020. Additionally, the shift toward multi-month orders (increasing from 0% to 17% of orders in one year) improved revenue predictability and retention.

What is the significance of the Ohio pharmacy facility?

The 300,000 sq. ft. Columbus, Ohio facility is described as a strategic asset that allows the company to accept insurance. By moving beyond a cash-pay-only model, Hims & Hers aims to access a $408 billion market of branded drug spend and increase its drug coverage by 400%, serving as a 'top of funnel accelerant' for customer acquisition.

How does the company plan to expand its target demographic?

While the company started with a focus on the 18-40 age demographic (hair loss, birth control), the deck outlines a roadmap to target older populations. This includes moving into chronic conditions like hypertension, cholesterol, and diabetes, which represent a combined TAM of nearly $1 trillion for the 40-60 and 60+ age brackets.

Hims & Hers pitch deck: the facts

Company

Hims & Hers

Year

2021

Stage

Public

Slides

43

Sector

Healthcare

Hims & Hers pitch deck PDF

The full Hims & Hers deck is embedded on this page and can be read slide by slide in the browser — no download or account required. Each slide is covered in the breakdown above.

What the Hims & Hers Health, Inc. pitch deck was used for

This deck is an investor presentation used by Hims & Hers Health, Inc. in connection with its going-public transaction via a merger with the special purpose acquisition company (SPAC) Oaktree Acquisition Corp. The business combination agreement was signed on September 30, 2020 and the transaction closed on January 20, 2021, after which the combined company began trading on the NYSE under the ticker HIMS on January 21, 2021. The presentation positions Hims & Hers as evolving from a niche wellness brand into a fully verticalized telehealth healthcare platform with high gross margins around 71% and predominantly recurring revenue. It highlights the SPAC deal economics, the company’s growth and margin profile, and its investor base and leadership team in support of the public listing rather than a private capital raise.

Business model: Multi-specialty direct-to-consumer telehealth platform connecting consumers to licensed healthcare professionals for conditions including mental health, sexual health, dermatology, and primary care.

Round

SPAC business combination / de-SPAC public listing.

Year

2021

Lead investor

Oaktree Acquisition Corp (SPAC sponsored by an affiliate of Oaktree Capital Management).[]

Investors

Oaktree Acquisition Corp as the SPAC counterparty sponsored by an affiliate of Oaktree Capital Management., Pre-SPAC venture investors highlighted in the deck OCR include 8VC, Forerunner Ventures, Redpoint Ventures, Thrive Capit

Founded

2017

Founders

Andrew Dudum

Headquarters

San Francisco, California

Industry

Telehealth / Digital Healthcare

What happened after the Hims & Hers Health, Inc. deck

The deck supported Hims & Hers’ SPAC merger with Oaktree Acquisition Corp, which closed on January 20, 2021, leading to the company’s NYSE listing as Hims & Hers Health, Inc. (HIMS) on January 21, 2021, at an enterprise value of about $1.6 billion and an implied deal value reported around $1.9 billion.

• Agreement and Plan of Merger with Oaktree Acquisition Corp signed on September 30, 2020.
• Business combination (merger) between Hims, Inc. and Oaktree Acquisition Corp completed on January 20, 2021.
• NYSE listing of Hims & Hers Health, Inc. Class A common stock under the ticker HIMS began on January 21, 2021.
• Subsequent SEC filings and investor communications report continued operations as a publicly traded telehealth company w

What the Hims & Hers Health, Inc. deck got right

• Strong margin expansion and high recurring revenue profile. The deck demonstrates a compelling financial trajectory, with gross margins increasing from roughly 29% in 2018 to about 71% in 2020 and early 2021, supported by recurring revenue around 91% of total revenue, which is attractive to public market investors.
• Clear platform and market-disruption narrative. It clearly positions Hims & Hers as a multi-specialty telehealth platform transforming from a niche wellness brand into a vertically integrated healthcare offering, aligning the brand evolution with a large, broken healthcare market opportunity.
• Credible, diversified investor base showcased. Slide 5 highlights a “world class suite” of well-known venture investors (including 8VC, Forerunner, Redpoint, Thrive Capital, McKesson Ventures, Founders Fund, SV Angel), reinforcing credibility and signaling strong prior backing to SPAC and public investors.
• Experienced leadership and founder story. Slide 6 emphasizes a visionary founder and veteran leadership with relevant healthcare, technology, and consumer experience, which is important for executing a regulated, consumer-facing telehealth strategy at public-company scale.
• Compelling problem framing around healthcare access. The deck leverages clear, emotionally resonant framing of the U.S. healthcare system as broken, inaccessible, and inconvenient, helping investors quickly grasp the customer pain points Hims & Hers addresses.
• Strong positioning as a telehealth category leader. By tying the SPAC transaction to a rapidly growing telehealth industry and highlighting margin and revenue metrics, the deck effectively builds a case for Hims & Hers to be a category leader in digital health within public markets.

What could have been stronger

• Limited granularity on gross margin sustainability and unit economics. The deck touts “71% gross margins” and high recurring revenue but, based on filings, actual quarterly gross margin figures vary (e.g., Q1 2021 at 77% and prior periods at 69%), with limited detail on margin drivers, sustainability, or sensitivity to product mix and customer acquisition costs. This makes it harder for an investor to fully assess margin durability and unit economics from the deck alone.
• High-level problem framing with sparse competitive and regulatory analysis. The OCR from slide 8 frames the U.S. healthcare system as “broken and disjointed” and emphasizes inaccessibility and inconvenience, but there is little in the extracted content about regulatory risk, competition, or how Hims & Hers’ model compares quantitatively to traditional providers or telehealth peers. This suggests the deck may underplay market structure and competitive dynamics.
• Branding of investors and leadership without detailed governance disclosure. Slide 5 presents a “world class suite” of investors, and slide 6 emphasizes a visionary founder and veteran leadership, but the partial text does not show clear governance structures, independence of the board, or how aligned, long-term investor interests are operationalized beyond branding. For public market investors, the governance and control picture may be incomplete.
• Insufficient visibility into customer retention and LTV/CAC dynamics. While external sources confirm strong revenue growth and margin expansion, the deck excerpt focuses on brand evolution and investor pedigree rather than concrete cohorts, retention metrics, or lifetime value versus acquisition cost. This limits an investor’s ability to underwrite the sustainability of the growth and subscription-like revenue.

How an investor would read this deck

What draws attention

• Impact of the SPAC structure on ownership, dilution, and warrant overhang for public shareholders, given the business combination framework detailed in SEC filings.
• Verification of the 71% gross margin claim, understanding the mix of products (prescription vs. over-the-counter), and confirmation via financial statements showing 2020 gross margin around 71% and Q1 2021 at 77%.
• Assessment of regulatory and compliance risks in telehealth and online prescribing, which are only lightly touched in the high-level problem statements but are material for a multi-specialty telehealth platform.
• Evaluation of the sustainability of 90%+ recurring revenue and the underlying customer behavior, including subscription stickiness, churn, and cohort performance.
• Understanding the role and influence of key venture investors (8VC, Forerunner, Redpoint, Thrive, Founders Fund, SV Angel, McKesson Ventures) and the SPAC sponsor Oaktree on governance, strategy, and exit expectations.

Risks that stand out

• Regulatory changes affecting telehealth, online prescribing, and direct-to-consumer pharmacy services could alter the economics or viability of key product lines despite the deck’s emphasis on accessibility and convenience.
• High recurring revenue and attractive gross margins may depend on continued strong customer acquisition; if acquisition costs rise or retention weakens, margins and growth could be pressured despite the historical improvements highlighted around 71% gross margins.
• Reliance on branding and consumer trust in sensitive health categories (e.g., sexual health, mental health) creates reputational risk; adverse events or quality issues could undermine the customer experience the deck claims to improve.
• The SPAC structure, including warrants and sponsor economics, can introduce dilution and complexity for public shareholders that may not be fully visible from the high-level deck slides emphasizing growth and margins.
• Competitive pressures from larger telehealth platforms, traditional health systems, and new entrants could erode Hims & Hers’ market position if differentiation beyond marketing and convenience is limited.

Questions this deck invites

• How do reported gross margins (around 71% in 2020, 77% in Q1 2021) break down by product line (e.g., mental health, sexual health, dermatology) and by channel, and what are the key drivers of margin expansion or compression going forward?
• What are the historical customer acquisition costs, payback periods, and cohort-level retention metrics that underpin the claim of high recurring revenue (about 91% of topline at the time of the deal)?
• How does Hims & Hers manage regulatory compliance and medical quality across all states in which it operates, and what enforcement or policy changes could materially impact the current telehealth business model?
• What governance structures, board composition, and shareholder rights are in place post-SPAC, particularly in light of the involvement of Oaktree and multiple prominent venture investors listed in the deck?
• How does Hims & Hers’ unit economics and margin profile compare to other public telehealth companies, and where does management see durable competitive advantage beyond branding and convenience?

What founders can take from the Hims & Hers Health, Inc. deck

• A SPAC investor deck can effectively reposition a company from a narrow consumer brand to a broader platform narrative by combining financial metrics (like ~71% gross margins and 90%+ recurring revenue) with a clear evolution story.
• Highlighting a roster of recognized venture investors (8VC, Forerunner, Redpoint, Thrive Capital, McKesson Ventures, Founders Fund, SV Angel) can lend credibility and signal validation, especially when paired with a well-known SPAC sponsor such as Oaktree.
• Emphasizing experienced leadership and a visionary founder with relevant healthcare, technology, and consumer backgrounds can reassure public market investors about execution in a regulated and fast-changing sector.
• Framing the macro problem in stark, relatable terms (e.g., a broken, inaccessible, inconvenient healthcare system) helps connect the business model to a large addressable market, even if detailed competitive analysis must be handled in supplementary materials.
• Public-listing decks that marry strong margin expansion (from sub-30% to ~71%) with a subscription-like revenue base can support a premium valuation narrative, but investors will still seek underlying cohort and unit economics.
• Using a SPAC route allows a high-growth digital health company to access public markets relatively quickly, but the deck must address not only growth and margins but also governance and warrant-related complexities to fully satisfy sophisticated investors.

Hims & Hers Health, Inc. pitch deck: common questions

What fundraise or transaction was this Hims & Hers deck used for?

Hims & Hers used this deck for its business combination with Oaktree Acquisition Corp., a SPAC sponsored by an affiliate of Oaktree Capital Management, which resulted in Hims & Hers becoming a publicly traded company on the NYSE under the ticker HIMS starting January 21, 2021.

What was the valuation of Hims & Hers in the SPAC transaction shown in this deck?

The business combination valued the combined company at an enterprise value of approximately $1.6 billion according to the transaction announcement. Some market data sources describe the deal consideration as a $1.9 billion reverse merger, reflecting the implied equity value.

When did Hims & Hers complete the SPAC merger and start trading publicly?

Hims & Hers completed its merger with Oaktree Acquisition Corp. on January 20, 2021, and its Class A common stock began trading on the New York Stock Exchange under the symbol HIMS on January 21, 2021.

What financial performance (especially gross margins) did Hims & Hers highlight in this SPAC deck?

According to coverage of the transaction, Hims & Hers more than doubled its gross margins to around 71%, with recurring revenue accounting for roughly 91% of its revenue at the time of the SPAC deal. Company filings for Q4 2020 show reported gross margins in the low-70% range, with a full-year 2020 gross margin of about 71%.

Which investors appear in this Hims & Hers SPAC deck, and who sponsored the SPAC?

Slide 5’s OCR text lists investors including 8VC, Forerunner Ventures, Redpoint, Thrive Capital, McKesson Ventures, Founders Fund, and SV Angel, which aligns with widely reported venture investors in Hims & Hers prior to the SPAC. The SPAC itself was sponsored by an affiliate of Oaktree Capital Management, which provided the public vehicle and capital structure for the listing.

Sources

Funding and outcome facts on this page were researched on 2026-08-22 from the pages below.

• Hims & Hers goes public in $1.6B SPAC deal - Healthcare Dive
• Hims & Hers Health, Inc. Closes Business Combination and Will...
• HIMS & HERS HEALTH, INC.: Other Events, Financial Statements...
• Report of Organizational Actions Affecting Basis of Securities � See separate instructions
• 424B3
• Hims & Hers Health, Inc. (Form: 8-K, Received - EDGAR Online
• Hims, Inc. completed the acquisition of Oaktree Acquisition Corp. in a reverse merger transaction.
• Hims & Hers Announces Merger with Oaktree Acquisition...

Hims & Hers pitch deck slides

What each slide of the Hims & Hers pitch deck says

Slide 4

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Slide 5

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Slide 6

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Slide 8

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Slide text above is read directly from the Hims & Hers deck PDF embedded on this page.

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