LIVE: What will HIMS say during their Q2 earnings call?

• YES: Platform 45, Quarter 52, Subscriber 22, Eucalyptus 19, Peptide 17, Testosterone 13, Longevity 5, Europe 2, Wearable 2, GLP-1 1.
• Not said enough, and did not pay: Amazon 0, Regulation 0, Fiscal 2 against a threshold of 10.

The 13-word contracts cost 917.85 cents to buy as a set at 4.30 PM, so the board expected 9.18 of them to clear, and 10 cleared.

Nothing priced above 53 cents failed, and nothing priced below 28 cents cleared.

This was the most heavily traded contract on the entire board, about $7K of a $23K event, nearly a third of all the money in the market.

Tonight it was said twice. Both came from Glen Santangelo of Barclays, in the same question, and both were the phrase "fiscal 2027":

"Is it reasonable to use that as sort of a jump-off point when we think about fiscal 2027... I appreciate you don't want to say much about fiscal 2027."

Nobody who works at Hims & Hers said the word once. Not the CEO, not the CFO, not investor relations, not in the guidance section where you would most expect it. Okupe walked through a full-year revenue range, a full-year EBITDA range, a Q3 guide, and a 2030 ambition without ever using it.

The six-call history was 44, 45, 64, 44, 24 and 35.

This is the second-highest reading in 2 years.

Okupe mentioned it 24 times, Dudum 16 times, and 5 came from Mo Elshenawy, the chief technology officer, who was on an earnings call for only the second time and whose entire section was about making the platform, in his words, "AI native".

The six-call history is 63, 38, 39, 27, 39 and 56.

3 of the 5 hang off a single hire. Hims has a new Chief Medical Officer, Dr. Anant Vinjamoori, and Dudum introduced him twice, once in the prepared remarks and once again answering the retail question on peptides, both times with the same phrase: an expert across "hormonal therapy, longevity, and peptide therapy".

The other two were a passing reference to "cutting-edge longevity therapies" being easier to launch in some overseas markets, and this, in the last analyst answer of the night:

"We're going towards sleep and recovery and longevity focus because that's what people are telling our providers."

The six-call history reads as 0, 6, 1, 12, 1, and 2 times.

On previous calls, the team mentioned the word 4, 7, 2, 8, 10, 15, and now 13 times. This is the first fall since the branded oral product launched in September 2025, and it happened on the call where management told everybody the category is about to get bigger.

Okupe: "In the coming quarters, we expect testosterone will become our sixth U.S. specialty to reach a $100 million annual revenue run rate."

Dudum: "Only three quarters after launch, testosterone is scaling faster than any other specialty outside of weight loss," with injectable and oral both promised before the end of this year and the whole thing going overseas after that.

8 of the 13 were Dudum, five Okupe, split almost evenly between the script and the Q&A.

Only 5 of the 19 came in the prepared remarks. 14 came in the analyst Q&A, and 7 of those came out of the analysts' own mouths, two each from Ryan MacDonald, Mark Mahaney and Glen Santangelo, and one from Eric Percher. 4 of the 6 analysts on the call opened with it.

The facts they were digging for: it closed on June 2, cost roughly $225m upfront, contributed about $40m of revenue in the quarter, and Okupe conceded under questioning that it is "running at break-even to moderate losses".

6 of the 17 came inside the first retail question, which was entirely about peptides, and two more came from Ryan MacDonald of Needham following up on it.

The company's position, from the prepared remarks: it has begun validation and stability testing on the active ingredients for the six peptides the FDA advisory panel backed in July, at its Menlo Park facility, and will not sell them until there is "full and final rulemaking". In the meantime, it plans sermorelin, glutathione, and NAD+ before the end of the year.

The six-call sequence was saying peptide/peptides 6, 6, 1, 8, 3, and 18 times. Tonight the team said the word 17 times.

20 of those 22 were said by Yemi Okupe, and 21 of the 22 came in the prepared remarks before a single analyst spoke. The CFO section alone cleared the bar by 40%.

Here's the sentence that did most of the work:

"Expanded assortment, new geographic markets, and elevated consumer experience allowed us to add 300,000 net new subscribers and end the quarter with nearly 3 million subscribers on our platform."

The last six calls the team said subscriber 28, 39, 38, 21, 23, and 21 times. Tonight was 22 times, which is the second-lowest reading in 2 years.

The first was Newby reading one out, from somebody identified only as Tom T:

"Between labs, potential wearable partnerships, and the treatment and outcome data you're collecting from millions of customers, is there a plan to bring all of that together?"

The second was Dudum answering him, describing a vision built on "wearable data, our own devices, external devices, lab testing data".

"We're going towards metabolic health, with broader sets assortment on the GLP-1 side."

The last six calls used the term 23, 6, 17, 10, 21, and 8 times.

A 94.5 cent contract came within one sentence of paying nothing.

The word was said twice tonight, and both times by the chief financial officer, Yemi Okupe.

The first, in his prepared remarks, immediately after the international revenue number:

"We welcomed the Eucalyptus team in June, deepening our presence in Europe and extending our reach to Australian and Japanese consumers."

The second came in the Q&A, answering Mark Mahaney of Evercore on where the AI savings get reinvested:

"As we look at particularly attractive markets in Western Europe like the U.K., Germany, as well as Canada."

Q3 guidance is revenue of $880m to $900m, up 47% to 50%, and adjusted EBITDA of $75m to $95m. The revenue line is ahead of where the street was. However, the profit line is not. International revenue is now guided to at least $600m for the year.

The stock is at $30.90 as the call begins, which is 2.7% below the close.

Revenue $753.2m, up 38%, against guidance of $680m to $700m and consensus of $698.9m. Subscribers 2.891 million, up 19% from a year ago and up from 2.584 million last quarter, with 300,000 added in the three months. Adjusted EBITDA $60.3m, above the top of the $35m to $55m guide, on an 8.0% margin.

GAAP net loss of $86.3m and a loss of $0.37 a share, against a consensus of -$0.05 and a profit of 0.17 a year ago. Gross margin 64%, down from 65% last quarter and 76% in the same quarter last year. About $81m of the gap is non-recurring: acquisition, restructuring and legal costs, including a legal contingency the company has taken against the Federal Trade Commission case.

International revenue was $131m against $622m in the United States.

Across the last six calls, on strict counts, regulation appears four times in total and none of them in the last four calls. Regulatory appears 24 times. Dudum says "the regulatory landscape" and "regulatory clarity". He does not say regulation.

Europe at 53 cents has the same problem. European does not count. In May, the closest anyone got was Dudum saying "Canada, the U.K., Australia and other European countries", which pays nothing.

Quarter 20+ times, Subscriber 15+ times, Platform 10+ times, Fiscal 10+ times, Peptide 5+ times, GLP-1, Testosterone, Eucalyptus, Longevity, Wearable, Europe, Amazon, Regulation, and No Qualifying Event.

Platform and quarter both have cleared in each of the last six calls with room to spare, and the last six calls used the word platform 63, 38, 39, 27, 39 and 56 times.

The interesting ones are further down, though. Amazon costs 28 cents, and Amazon One Medical launched a competing GLP-1 program on 21 April that knocked 6% off this stock. Three weeks later, on the Q1 call, the word Amazon was said zero times by anyone.

Guidance for tonight is revenue of $680m to $700m and adjusted EBITDA of $35m to $55m, and consensus sits at $698.9m, at the very top. The stock is currently trading at $31.73, up 0.43% on the day.