🎧 What Investors Get Wrong About Hims & Hers, Ep. 2 with Paul Cerro
In this episode, the hosts dissect why investors misunderstand Hims & Hers' (HEMS) gross margin potential, emphasizing that as a compounder without its own API manufacturing, HEMS cannot achieve margins higher than drug manufacturers. They illustrate how HEMS' margin trajectory is declining—from 73.5% to 71.9%—due to a product mix shift toward higher‑average‑order-value items with lower margins, such as sexual‑health drugs like Sildenafil. The discussion highlights the importance of supply‑chain ownership in margin economics and uses concrete examples to explain the margin dynamics at play.
🎧 The GLP-1 Business Model Problem, Ep. 1 with Prof. Alex Miras
In the inaugural episode, host Alex discusses the GLP‑1 business model with obesity expert Prof. Alex Miras, who emphasizes that the drug itself drives the bulk of weight loss—about 20% versus 2.5% from behavioral support—making extensive multidisciplinary care unnecessary for...