Hims & Hers Health, Inc. (HIMS) Earnings Call Transcript & Summary

All right. So welcome to the last session of our health care conference, and we probably saved the best for the last here. Again, I'm Jailendra Singh, health care technology and distribution analyst at Crédit Suisse. Thanks, everyone, for joining us for this session. So we have Hims & Hers for this session. And from the company, we have Andrew Dudum, CEO. Hims & Hers is a multi-specialty telehealth platform, connecting consumers to licensed health care professionals, enabling them to access high-quality medical care for numerous condition related to primary care, mental health, sexual health, dermatology and more. We are going to do this in a fireside chat format. I have some prepared questions, which I plan to cover. But if anyone from the audience has a question, please e-mail them to me at [email protected]. Andrew, thanks so much for doing this. We appreciate it.

Thanks for having me, Jailendra.

So you guys reported earnings last night, a strong quarter. Maybe provide some quick highlights from the release. What were better? What were worse than expectations? And what have you seen most focused from some conversation investors from so far?

Yes. Yes. We reported yesterday after the market closed, and quite frankly, it was really one of the most successful quarters we've had as a public company. From a revenue standpoint, we really visit 79% year-over-year for the quarter, that's over $74 million in revenue. We nearly doubled 95% growth our member subscription account, which is the amount of people on the platform that are paying us a monthly subscription for some type of medical condition or service for one of the offerings. And we were able to do this all while essentially keeping the efficiency of our engine, the marketing, the acquisition costs entirely flat, right? And this is an environment, as anybody knows, especially those that are going after consumers directly, where you've got increased CPMs, you have increasing headwinds with things like Facebook and IRS 14. And so our ability to drive really meaningful growth, but maintain the efficiency of that engine, I think is something really that we're quite proud of. So we raised guidance to over $260 million for this year, which is nearly 80% year-over-year growth, and I'm really just excited for the continued execution.

Great. Maybe talk about some of the assumptions you're making for fourth quarter in terms of like net orders, AOV trends, retention, advertisement, just like some of the assumptions, which you expect to continue the trends -- expect to continue in Q4 and beyond?

I think we like to take a fairly conservative approach to guidance and believe that Q4, like last year, will have certain amount of dynamics, especially with the holidays and investments in retail and commerce that are often a challenge. And so we expect Q3 and Q4 to be relatively in line with slight increases, a couple of million in additional revenue, coming from a completely new partnership that we inked and announced just a couple of weeks ago with Walgreens, where we will be announcing and rolling out to over 7,000 stores nationwide, all of the Hims & Hers portfolio of products, including things like shampoos and moisturizers, vitamin supplements, sexual health products. And so for Q4, we expect the same degree of execution in line with Q3 with an additional amount of revenue coming in from that retail partnership on top of Walgreens.

Okay. Just taking the Walgreens partnership pretty exciting. You guys talked about 2% quarter-over-quarter decline in gross margin for 4Q due to higher mix of wholesale revenue from Walgreens and also increased seasonal shipping costs from your shipping carriers. Can you elaborate on this shipping cost comment? Is that just a seasonal thing or some ongoing supply chain disruption?

Yes, it's mostly seasonal. We saw this last year. As the market gets traded in Q4, as people are buying Christmas gifts and more is getting delivered to the house, and there's more friction on the supply chain, you see seasonal increases in those shipping costs. And so we've built those in. We think they're pretty reasonable and expected on annual cadence. But outside of that, the traditional supply chain dynamics and struggles that the general market is facing right now is really not something that we've had to struggle with, and it's really not been a headwind for the business.

Okay. And then in the third quarter, you called out the quarter-over-quarter trend on gross margin due to higher contribution from catastrophe. But the gross margin still came in at the low end of your guidance. I'm trying to understand, I mean, that was already in your guidance, right? So just what other items were there, which really pulled down your gross margin to the low end versus higher end?

It was really just a combination of the Apostrophe acquisition, where they had a very different degree of customer dynamics and different AOVs coming in. So that blended in, kept us within guidance, but on the lower side. And then also a little bit of mix shift, right? So as customers are coming to the platform, a subtle change in them purchasing longer durations or shorter durations or more mental health versus more of dermatology, all of those dynamics within the bundling and the choice that the patients are selecting have subtle changes in the margin profile. So that's where you see that fluctuation, but again, you're talking 1% or 2% fluctuation because of those types of dynamics.

But are you experiencing any wage pressure on the provider side or not really?

No, not at all.

Okay. The other thing which I actually saw, I believe in the 10-Q, we saw that the percentage of multi-month orders jumped from 30% to 36%. I mean that was a pretty nice jump because I think you were saying it stable at 30%. Walk us through the drivers there. I mean is that something you think is kind of benchmark going forward from here?

As customers are coming to us and they are getting more comfortable with the packages and the programs that they're purchasing from Hims & Hers, they're getting more confident in the brand. They're getting more used to the habit of taking certain treatments for specific medical conditions. You're going to see over time, I think, a continued movement towards multi month. It just makes sense economically for customers. If they can be buying 3 or 6 or 12 months of the membership and be saving 5%, 10%, I think there's going to continue to be tailwinds moving towards that direction. So the degree to which it's not something we are pushing aggressively to customers, it's really a customer choice. But as the base of customers becomes more entrenched in the ecosystem, as they become longer-term members of the platform, I do think you're going to see natural movement towards a more multi-month dynamic, which has phenomenal dynamics for the business and tailwinds, right? You've got retention implications. We reported 88% long-term retention for this business, which is really incredible best-in-class retention. And it also has margin implications, right? Because you're saving money on shipping and fulfillment costs. And so I think it's just really all about continuing to nurture that customer, and ultimately, I think you will be able to have some of those optimizations take place.

Great. Right. With those kind of earnings-focused questions out of our way, let's take a step back and talk about somewhat business model discussion. For those who are kind of new to the story among the audience and are just getting started, maybe give us a quick refresh on the revenue model, subscription versus nonsubscription, all-in versus wholesale, maybe across health care conditions. Just provide a quick overview of the business model.

Yes. So the business model is actually exceptionally simple. It's a membership subscription model where consumers, patients, we like to call those consumers, come to the platform and they purchase a program, a membership for a specific medical condition. Now this might be for something like acne, for dermatology-related issues. It might be something like anxiety or just a depression program within mental health. And what they get for that membership is unlimited access to this physician, essentially a virtual care network, a specialist, who can help guide them through the diagnosis process, the prescription necessary for that treatment, an appropriate plan and then handle them through the course of the months to follow to make sure that the dosing, the titration, the side effects, everything that they need is taken care of. And they're actually seeing those clinical benefits. And so it's an ongoing membership. Everything that we offer really on the platform is a chronic condition. And so when you look at revenue for the business, 94% of revenue this quarter is made up of membership revenue -- subscription recurring revenue. So it makes for an incredibly predictable model, a very simple model. We have over 0.5 million members on the platform that are paying us these membership fees, and they all go down to solve one different condition. And so what you can expect from us, it's really similar to what at you've seen in the last couple of years, which is continued expansion into more conditions, more specialty services, more membership options for things like sleep, fertility, hypertension, high cholesterol, diabetes, allowing different customers to come to the Hims & Hers platform, find things that maybe they're challenged with or concerns they might have and offer them a way for them to start that treatment process and get started with really seeking that care.

You have rolled out various solutions in the past after 6 to 12 months and even some through acquisitions. Do you still think that going forward as well, the future growth will be a combination of new solutions, new products and increased penetration among your existing customer base? I mean how should we think about the at least next 6 to 12 months of growth drivers?

Absolutely. You have both of those dynamics in stage with this company. So when you look at the core businesses that we launched -- even some of the original, and these are stigmatized conditions and sometimes people get funny and uncomfortable talking about them. But things like men's hair loss, let's say, there are 50 million to 60 million men in the United States suffering from men's hair loss. When you look at the pharmaceutical data, the prescription data, there's only 200,000 or 300,000 men actually getting treated for that condition with the appropriate medication that essentially solves men's hair loss. It's incredibly effective medication with very low side effect profile. But because of stigma, because of access, price points, knowledge, those patients are not getting treated. And so what you have with this business is an ability to scale these categories for many years. The categories we exist in today are less than 1% penetrated in general. And so you've got a massive growth categories that continue to grow. And then you've got the introduction of new categories such as mental health, psychiatry services, dermatology that we've rolled out in the last 6 to 12 months that are also exceptionally large categories and growing. And so it's a combination of both depth in that vertical and continuing to expand in those verticals as well as introducing new categories to the TAM in general.

Some of the conditions, which looking at your slide deck from your Analyst Days in the past, there are several conditions that represent future opportunities like sleep, fertility, cholesterol. We would assume that the sleep and fertility are likened to the areas you enter. Would you agree with that? And what is the incremental work that needs to be done to enter these new categories?

I think those ones you mentioned are absolutely ones that we look at. Cholesterol is also ones we look at. You've got heart disease is one of the leading causes of death in this country. We've got Dr. Toby Cosgrove, who was the CEO of the Cleveland Clinic for 15 years, he's on our Board of Directors, and we're constantly trying to strategize the best way to activate a population, men and women, to proactively take care of their heart health. So there's a lot of categories we're excited about. We think generally about 80% of the reason you go into the health care system today, the brick-and-mortar health care system, can be treated safely and effectively in a platform like Hims & Hers over the next 3 to 5 years. And so there's massive opportunity. It's really just an execution exercise of which categories do you launch into and when. And so a lot of low hanging fruit, frankly, with regard to how we can help more people on the platform.

I mean one of your competitors actually, Thirty Madison, announced today plans to open in-person hair restoration clinic with the first location opening in New York in, I think, next year. I know you guys have had some pop-up locations from time to time, but what your thoughts are on having an in-person presence somewhere?

I think we currently do. We have them in 10,000 retail locations across the country today across Target and Walgreens and Vitamin Shop and soon at Urban Outfitters and Revo.com. So I think there's a really efficient model to build an omnichannel presence in building a brand with customers in a way that is exceptionally CapEx efficient, and I think we've taken a path that we really like. I do think there are opportunities to bring services back into the brick-and-mortar. And again, when we talk to customers in their 20s and 30s and 40s, and these are the people who are going to be the main spenders in health care over the next couple of decades, they don't much want to spend time in person, right? They want to pick up their phone, click a button, get access to a specialist. They want a text message with that doctor. They want to send a picture of their skin and have the doctor react and help them understand what's going on. So I think there's a real intentionality about what we're building to build the best digital experiences that can make them feel like they are truly getting cared for with the best clinical outcomes. And I think that's really our #1 focus.

Okay. Well, a lot of DTC companies -- LTV to CAC is a very important metric, right? So maybe talk about that. How has that trended? And what are your expectations for that metric near term as well as longer term?

We are incredibly rigorous when it comes to our marketing efficiency. And that's how -- when you look at earnings from last evening, we grew our member subscriptions 100% nearly year-over-year, right? Over 0.5 million members paying us on that subscription basis all while the fluctuation in our customer acquisition costs on a quarterly basis over the entire year, fluctuated no more than 3%. This is really astounding. I mean you have increasing CPMs through the roof in the marketplace. You have more investment in this space than ever before. You've got Facebook struggling from a privacy iOS 14 standpoint to drive attribution. There are headwinds in marketing. And I think the fact that we have been able to deliver such growth with this efficiency just really speaks to the power of what happens when you bring together a trusted consumer brand, truly investing in a brand. And this is Miley Cyrus, Rob Gronkowski, Jennifer Lopez, Target stores, Walgreens stores, a brand people love with also this ability to come and get treated for many different conditions. It gives us an immense amount of flexibility and control within our marketing engine to scale. And so we have a very high degree of rigor when it comes to the efficiency of that engine. We strive on all of our campaigns and all of our launches to be optimizing incrementally at a lifetime value at CAC ratio that is excellent. And that's really how we run the business.

Yes. I was hoping for that you will get one of your celebrity partnership on this conference, but we will talk about that later. But anyway, let's just on that point, just thinking about the longevity of the awareness and customer acquisition benefits you capture from these celebrity partnerships. I mean any quick reads from all these partnerships we have announced this year? Like how have those been trending? I mean do you think are you able to achieve the ROI you expected?

Yes. I think, again, the proof is in the numbers, right? We are growing faster really than we ever growth, right? We've acquired more new members on the platform last quarter than any quarter in the company's history, all while keeping the efficiency of our marketing entirely in line. And probably one of the most challenging external marketing environments that we've seen in years, right, especially with the Facebook dynamics. And so I think there is a real defensible asset that is being built here in the Hims & Hers brand, and I think that has always been the ambition. That is why we're naming the company Hims & Hers is to build a trusted household name for health and wellness, where a mom could buy dermatology products or birth control products or hair products and the father can buy sleep products or sexual health products, and maybe the child can buy others, too, right, for them. It really is this intent to build something mass market. And I think these celebrity partnerships along with the marketing engine being built creates an amount of atomic radiation, so to speak, that lasts for many years. We are still receiving benefits and dividends from early campaigns with Snoop Dog when we were de-stigmatizing things like sexual health 3 years ago. And so the compounding benefits of these things, when you're talking about brand defensibility, is a very real asset that ends up showing up in the economics pretty clearly.

Yes, that makes sense. Maybe let's switching gears to provider network. Maybe talk about that. How that is set up? Are these providers working primary part time with you guys on the platform, getting paid on an hourly basis? Just help us understand that.

Yes. So the way that we're structured with the provider group is very similar to how most companies in the public markets delivering telemedicine are structured, which is a friendly physician corporation structure. So this is nearly identical to how companies like Teladoc are delivering services. These providers are an independent entity within an independent structure. For the most part, we have about 300 to 400 physicians on the platform, varying in specialties from psychiatric professionals to dermatologists to primary care, original medicine. And the way that it works is that we have very flexible contractor hours. So physicians can jump on the platform. Most of the time, it's on their iPhone or on their computer from home or they're going for a walk, right, with their dog and they're talking to patients. And so we've built a technology interface for them that is really unlike anything in market. It's not like Epic or Cerner. It's not complicated. It's not difficult. It's seamless and enjoyable for them to use. I think that's really been a big part of how we've been able to acquire these physicians and excite them to come to the platform and how we've been able to scale. To date, when you look back in the last couple of years, we powered 1 million medical visits on the platform in the first 12 months of operation. It took Teladoc, just as a reference point, 13 years for them to power 1 million medical visits. So we're powering thousands of these a day, and it's all because of this engine powered by this physician group that is delivering world-class shareholder platform. So it's a great model. It's a very high leverage model, and it's been a nice benefit to see that we've never really been supply constrained on the provider side of the house in a way that limits grow.

Has anything changed in the past few months, especially with all the tight labor market supply? And have you seen any difficulty in sourcing those high-quality providers?

We really haven't. We really haven't. It's I think the combination of the brand, the combination of the technology that these providers are able to utilize when interfacing with these patients, I think how rewarding it is for them to be able to effortlessly treat a lot of patients in a high leverage manner, especially compared to the burnout and the complexities of bureaucracy associated with the brick-and-mortar hospital setting, which many of them are coming from. I think it just really attracts high-quality providers.

Okay. Switching gears to your third-party pharmacies. I mean, you have historically relied on your contract with the third-party pharmacies, for example, Truepill to fulfill the medications, but the company has continued to verticalize the aspect -- that aspect of business. We give Ohio pharmacy in the past, we have West Coast pharmacy. How important are the internal pharmacies from a strategic standpoint? What are some financial benefit? Just spend some time there.

These are incredibly strategic. Both our Ohio pharmacy, which is filling a large portion of our script medication as well as the recent acquisition of the Apostrophe's pharmacy, which is really a compounding specialized pharmacy. These deliver a few things. First is control of your destiny, right? This is the last part of the infrastructure within the Hims & Hers engine that was yet to be verticalized. And so with the rollout of these 2 -- and over the course of the next year as we completely integrate them, we will be 100% verticalized from start to finish. So the moment a patient comes to the platform all the way to the point that medication is delivered to their door, we own and operate that entire system. What that allows you to do is a level of care, a level of personalization, a level of experience that is just impossible if you're outsourcing parts of that chain. So I think it continues to push the boundaries of what's possible when it comes to experience for consumers, and we love that. That's always what we're prioritizing first. Second, it really changes our ability to bring differentiated products to market. So for example, in the men's hair care category, one of the leading sellers within our men's hair care category is a compounded spray. This is a compounded spray that brings together 2 different FDA medications into 1 spray that has incredible efficacy and very low side effect profiles. This is a product we made from scratch, right? The compounding abilities, whether you're talking about prescription skin care, oral medications, topical sprays and creams, is very powerful. It allows you to bring more differentiation, more capabilities, more unique offerings and merchandising experiences that customers really do want. And so I think it pushes the boundaries for what we will be able to deliver to customers relative to everybody else in the market. And then lastly, you mentioned this from an economic standpoint, there's efficiencies, right, in bringing that in-house. I suspect, in the coming years as we continue to verticalize that fully, you're going to get a couple of points in margin efficiency because you're just not outsourcing those dynamics. And so there really is an incredible amount of strategic assets associated with it, but also core economic optimizations.

Okay. Just talk about the competitive landscape. Clearly, there are a lot of players pushing for similar services, and I mean, there are new entrants out there. And as a result, there are 2 primary concerns investors have been raising up. One is like pricing pressure, which kind of might restrict future AUV growth, and the second is kind of increasing customer acquisition cost. What is your pushback when these concerns are raised by investors? Like what are your thoughts there?

This is the #1 question I get, and it's a question I've gotten every month for 2 years. And the answer is always the same, which is just follow the numbers, right? When you look at the business, we are scaling faster than we've ever scaled before, 100% -- nearly 100% year-over-year growth on the membership side of our business. That's driving all of the revenue. Efficiency of our marketing has stayed entirely the same all year. When you look at the cohorts -- and we've shared this in investor docs, the cohorts and the lifetime value of those cohorts, they're continuing to expand. Margins, continue to maintain 70-plus percent gross margins. All of those dynamics would be impossible in a market where there's pricing compression, whether it's an ability for competitors to erode your margin and ability for them to take your customers, drive churn, it's just not happening. And so I think the reality is this, the combination of the brand we have built, the audience we're targeting, which is the young 20s, 30s, 40s, first-time buyers of these products and these services, and then also the experience we've built, where there's dozens of different conditions, beautiful content and handheld navigation through this process, it is an incredible combination. Brand, audience and experience, and it's winning and I think customers are showing with their wallets that they are willing to pay for it. And so I think as that conversation continues to come, I think I would always point people back to the numbers. It has been the largest investment years in the last couple of years in telemedicine in history. And we've continued to be able to execute on all of those core metrics, and I think show to the market we are truly doing something different, and it's defensible and it's working.

So when you think about the -- in terms of gaining scale, moving forward, do you think the company will need to start taking more market share from the traditional health care systems, hospital, physician offices or from competitors or from more like retail brick-and-mortar operators? Or you think it's not a zero-sum game, it's -- these are the conditions which are not just being treated and now you are providing solutions for these individuals?

Yes, I think it's the last point you made. When we talk to our customers, almost all of them are first-time buyers of these services. We are not getting the customer who goes to GoodRx and has a prescription, and they're trying to save $5, right? They're trying to find the right pharmacy to pick it up at. We're not getting the customer that has a prescription and they're trying to upload it to an online pharmacy to have it delivered to their door. That's not our customer, are they? The customers that come to us do not have primary care physicians. They graduated college and they moved to L.A. or lived in New York or Chicago or Boston and they don't have a deep relationship with a health care system, a brick-and-mortar clinic or a doctor. So almost all of them, when they come, they self identify and say, I've never sought treatment for this dermatology issue. Never sought treatment for anxiety or depression, but I'm struggling, and I want to talk to somebody about it. And so I think one of the things that is so missed about this business and it's such a beautiful opportunity is that there are so many people struggling, and they are underrepresented, and we can go help them, right? People have always felt like in order to succeed in health care, you need to take from the health care system or need to take from this competitor. And the reality is, there's a lot of people that just aren't getting great care, and it might be because of price or stigma or access. And that's where I think is our core focus. Going and helping those people who are really first-time people, first-time buyers that we're bringing into the health care ecosystem. So I really don't believe it's zero sum. I mean, I think that strategy is a very unique strategy in market. And I think when people think about the market sizes of the industries we are in, they need to understand that what we are doing is all market creation. These market TAMs are wildly underrepresented, right? Because they don't take into account the tens of millions of people who are struggling, but not currently paying or currently seeking that care, and that's exactly what we're going after. And I believe over the long mark -- I'm 33 years old, over the next 10 and 20 years, building the deep relationship with those patients and then scaling with them, that is how you create a multigenerational business and that is very much the focus.

Yes. And finally, last night of wait was over. Your much anticipated mobile platform is out. So that was pretty exciting. I mean I haven't really explored an app there, but maybe from your perspective, how important will this mobile app be as part of the business when we think about retention or moving into other conditions? Maybe share some thoughts there.

Yes. The mobile platform we launched yesterday, anybody can go take a look at it. It's just at app.forhims.com or forhers.com. This is probably the most important piece of technology I've ever been a part of building. We really see this as the foundation for which we will be building over the next 10 years. So when you think about a member at Hims & Hers, they're young. They're coming to us. They're struggling with an issue. We want more than anything to figure out how we can help them with as much as possible, making it easy for them to one-click access to virtual care team, 24/7 concierge services, right? And available doctor and specialists right there who can help them with 3 in the morning when they have questions about their treatment. That's part of the app. We wanted to build a platform where we could expand from the 10 to 20 conditions we're in today to the 50 to 100 conditions that we know people need. And so we launched this concept of programs, which is original content, coaches leading beautiful digital journeys, helping them navigate through all types of different problems. So if you're struggling with cholesterol, just like you jump into the app store and you type in your cholesterol, you jumped to the program section, look at the heart health section and click play on the solving cholesterol program and start to learn what you should be doing. If you're worried about navigating the IVF process with your partner, you can jump over to the fertility section of programs, look at what's top rated and start watching and learning about the first steps to take. So this program's concept is really the world in which we will continue to invest in expansion of new conditions. And I think it will help bring to the masses the expertise and specialists -- specialist expertise from the corners of the country, right? We want to go and work with the [ clean ] clinic, get the absolute specialist there to help bring the other program that we bring to the masses. I think there's something really powerful about that. And then lastly, the mobile platform is a whole member shop, right? We have amazing products people love: shampoos, moisturizers, vitamin supplements, protein powders, and these are what sell off the shelves at Target or at Walgreens. We built an entire e-commerce experience there, where those members can get discounts, can Apple Pay, one click have those products delivered to their door. And so again, given that business business is a subscription membership business, 0.5 million subscribers, everything we focus is on is, how do we attract more of those subscribers into the ecosystem, and how do we make it so amazing that there's no chance they would want to leave. And I think that's really the platform that we've built with the mobile app and where we're going to be investing in a lot of those resources.

The other thing people are waiting on is for the company to accept insurance in select areas. What's the latest there and walk us through how that might work as you look to maintain kind of still cash pay business model?

Yes, absolutely. The insurance aspect and integration is well on its way within the company. We shared this, I think, in the last quarter. And so we're working with those payers to line up those abilities, and it's really for select situations, as you just said. The reality is, most of what can be purchased and the experience is served on the Hims & Hers platform. It's cheaper for them to use $20 to $30 in cash then for them to try to use their co-pay on insurance. And that's a really confusing thing for people in health care to understand, right? I think everybody believes, unless you have insurance, you are not a health care company. And when you rebuild the health care system and rip out all the costs, it turns out I can give you the doctor visits, unlimited access to them, the treatment and all of that delivered to your door for the same price or less than the co-pay of one doctor visit. So insurance is really valuable in the situations where there's a service or a drug that is incredibly expensive, right? Truvada is a great example. This is an HIV prevention medication. It's called PrEP, $1,600 per month. Amazing opportunity for insurance to come in and help those patients. And so without question, it's something that will increase access to the platform, but it's really something to be used in select situations where it's advantageous to the customers.

I know you guys last night also kind of blessed the growth rate for next year, like 30%. Maybe talk about some notable headwind, tailwind you see next year? And just anything you can elaborate beyond just 30% run rate.

We're really confident in the ability for this to be a long-term fast growth company and we share that we believe we can hit 30-plus percent in the coming years. Now as in our IPO documents and then I think we want to reconfirm that from what we're seeing. I think there's an incredible amount of tailwinds with the brand and the defensible assets associated with that. The organic word of mouth dynamics, the amount of traffic that is coming, it's unlike anything that we've ever experienced. And then on top of that, the diversity in the new categories is driving completely new revenue opportunities. We mentioned yesterday, I recall, the fastest-growing parts of our business are mental health, dermatology. These categories didn't exist a year ago on the platform. They were tiny and now we're attracting so many customers that need help. And so our ability to expand into new offerings, stack that revenue on top of themselves, to acquire new customers on the platform to scale that 0.5 million members, we think is really there. We've got a lot of tailwinds. And so we're excited to be able to kind of bless the ongoing 30-plus percent growth and work really hard to try to achieve that.

All right. Before we wrap up, anything else we did not cover you want to highlight?

I think per usual, Jailendra, you asked all the great questions upfront. So no, thank you for having me and for everyone who listened and continuing to follow the story. So thank you.

Great. And thanks, everyone. This actually does conclude our 2021 Virtual Healthcare Conference. And I would actually like just to thank my team, Adam Heussner, Carlos Kansagra, Jain and Alex and course, Brett Weis from corporate axis team. They all played a very critical role in making this conference a successful conference. I hope everybody enjoyed, and we had some quality companies participating. And of course, we are ending on a great note with Hims. So thank you so much, Andrew. Thanks for the participation, and thanks, everyone, for dialing in. Take care.