Acquisition will further support Company’s mission of making access to personalized health available to everyone; lay the foundation for future expansion into UK & Europe; add best in class distribution capabilities, including pharmaceutical compounding
SAN FRANCISCO, Jun 14, 2021--(BUSINESS WIRE)--Hims & Hers Health, Inc., the multi-specialty telehealth platform focused on providing modern personalized health and wellness experiences to all consumers, today announced plans to expand their UK footprint and acquire London-based vertical health platform, Honest Health. Honest Health offers consumers hair loss-related products, including access to compounded products, such as a topical Finasteride with Minoxidil solution when appropriate, through an exclusive relationship with the first UK compounding pharmacy and fulfillment center. The proposed transaction provides Hims & Hers with best-in-class operational capability and infrastructure to support the beginnings of the Company’s long-term plans for expansion across the United Kingdom and Western Europe. Financial details of the transaction will not be disclosed at this time.
"Honest Health has demonstrated a powerful combination of leadership, passion and innovation in digital health -- at scale -- that will further elevate our ability to provide the Hims & Hers personalized healthcare experience to a new segment of consumers in the United Kingdom," said Andrew Dudum, CEO and co-founder of Hims & Hers. "Adding Honest Health to our family not only perfectly aligns with our mission but also unlocks new category and geographic opportunities to even further accelerate growth. We are thrilled to have the Honest Health team join the Hims & Hers family."
Honest Health, founded by Sam Gluck and Pavlo Maherovsky, launched in November 2018 with Freshman, its next generation hair loss virtual clinic for men.
"Since launching Honest Health in the UK two and a half years ago, we have been dedicated to demolishing the obstacles standing between people and better health," said Gluck. "We are excited to join the Hims & Hers team to take this mission of healthcare access and personalization for all to the next level."
The deal is expected to close during the second fiscal quarter of this year.
Forward Looking Statements
This press release includes forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended and Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements can be identified by the use of forward-looking terminology, including the words "believes," "estimates," "anticipates," "expects," "intends," "plans," "may," "will," "potential," "projects," "predicts," "continue," 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 the Company’s expansion plans, the Company’s ability to consummate the anticipated transaction, the ability of Honest Health to distribute products outside the UK, and the anticipated impacts of the transaction on the Company’s business. These statements are based on management’s current expectations, but actual results may differ materially due to various factors. By their nature, forward-looking statements involve risks and uncertainties because they relate to events and depend on circumstances that may or may not occur in the future.
The forward-looking statements contained in this press release are based on our current expectations and beliefs concerning future developments and their potential effects on us. Future developments affecting us may not be those that we have anticipated. These forward-looking statements involve a number of risks, uncertainties (some of which are beyond our control) and other assumptions that may cause actual results or performance to be materially different from those expressed or implied by these forward-looking statements. These risks and uncertainties include, but are not limited to, risks associated with Honest Health’s ongoing operations; the possibility that the acquisition will not occur; the possibility that the expected benefits of the acquisition are not realized when expected or at all; and consumer acceptance and changes in demand for Honest Health’s and the Company's products, as well as those factors described in the "Risk Factors" section of the Company’s most recently filed Quarterly Report on Form 10-Q for the three months ended March 31, 2021, and our subsequent filings with the Securities and Exchange Commission.
Should one or more of these risks or uncertainties materialize, or should any of our assumptions prove incorrect, actual results may vary in material respects from those projected in these forward-looking statements. We undertake no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required under applicable securities laws.
About Hims & Hers
Hims & Hers is a multi-specialty telehealth platform that connects consumers to licensed healthcare professionals, enabling them to access high-quality medical care for numerous conditions related to primary care, mental health, sexual health, dermatology, and more. Launched in November 2017, the company also offers thoughtfully created and curated health and wellness products. With products and services available across all 50 states and Washington, D.C., Hims & Hers is able to provide access to quality, convenient and affordable care for all Americans. Hims & Hers was founded by CEO Andrew Dudum, Hilary Coles, Jack Abraham and Joe Spector at venture studio Atomic in San Francisco, California. LionTree Advisors served as exclusive financial advisor to Hims & Hers. For more information about Hims & Hers, please visit forhims.com and forhers.com.
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