遠距醫療個股 - $HIMS (Hims &Hers) 4Q21 concall memo
想研究這間的原因是當初SPAC的背後是Oaktree(以保守高殖利率債券投資聞名的保守型投資人)、看好telehealth產業，尤其該公司target的是在公開場合談論會稍嫌敏感的慢性疾病(性病、皮膚病、禿頭、失眠、心理疾病)。
$HIMS 簡介 : HIMS 運營一個數字健康平台，連接消費者對所有 50 個州和多個專業的醫療保健提供者，包括初級保健、性健康、失眠、心理健康和皮膚病學。以消費者為中心平台，Hims & Hers 為原本可能避免尋求治療，尤其是針對污名化的情況或更願意將其治療對其雇主保密或付款人保密。自 2017 年 11 月推出以來，HIMS截至 2020 年第三季度，已進行了超過 240 萬次遠程醫療諮詢，並擁有超過 28 萬用戶。作為消費者與千禧一代一起使用遠程醫療變得更加舒適構成 HIMS 的大部分消費者，筆者相信 HIMS 的定位是佔領直接面向消費者 (DTC) 的醫療保健品牌。
4Q21 concall memo
1.4Q21 Rev. $84.7mn, representing 104% yoy, FY21 Rev. $270.6mn, whose $259mn from online business). Subscribers grow to 609k from 312k in year end of 2020. Exclude M&A effect, 4Q21 Rev. $78.5mn, representing 89% yoy, FY21 Rev. $259.7mn (75% yoy)
GM in FY21 is 75% up from 73.4% in FY20. 4QFY21 GM is down to 73% from 73.7% in 4Q21, driven by mroe wholesale revenue (lwoer margin than online business)
Omnichannel : TGT, Walgreen’s, BBB, Vitamin Shoppe.
2.New Customer cohorts (customers acquired since 2020) six month gross profit is higher than paid marketing expense, which means payback epriod is within six months, comapred with 2019 ones >1 yr payback period.
2020 Cohorts culmulative GProfit is 4x higher than 2019 cohorts.
In 2021, HIMS retain 80% of 2020 online revenue, and those customers are acquired before 2020.
3.4Q21 digital properties have 90% yoy on online visits, which is 11mns.
4.4Q21 CAC per new sub decrease 13% yoy, which didn’t impacted by IDFA (ios privacy change).
5. 4Q21 have 247mn cash and restriced cash and no debt.
6.Guidance :
1Q22 Rev. $90–93mn (72–78% yoy), M&A effect is account of 10–15% yoy. So orginal business yoy guided by the Co. is 57%-68% yoy.
1Q22 EBITDA -10mn~-12mn
FY22 Rev. 365–380mn (34–40% yoy)
Gross Margin is expected to go down down in 2022 due to Co. expect wholesale revenue increase.
7.AOV is expected to be falt to slightly up through 2022.
8.marketing expense diversify in 2021, no one channel is higher than 20% of overall marketing expense, which lower risk of unsuccessful marketing efficiency.
9.Mgt. expect to expand 1–2 categories on their product lines every couples of quarters.
10.They are working on insurance reimbursemnet, expect to announce something in coming months.
- Upcoming 1Q22 earning call is coming (5/9/2022), expect Co. to beat guidance, comtinue to build up track record and management team’s creditbility.
- New CFO, finally..Hims & Hers Health, Inc. Appoints Yemi Okupe Chief Financial Officer — Savoy (savoynetwork.com)
Yemo’s LinkedIn looks like have tons of experience on company finance.
