# Brian Birnbaum - Hims & Hers Q1 earnings breakdown and the long-term bull case for Hims

Page: https://stenobird.com/podcast/hims-house-7026583/brian-birnbaum-hims-hers-q1-earnings-breakdown-and-the-long-term-bull-case-for-hims
Text version: https://stenobird.com/podcast/hims-house-7026583/brian-birnbaum-hims-hers-q1-earnings-breakdown-and-the-long-term-bull-case-for-hims.md
Podcast: [Hims House](https://stenobird.com/podcast/hims-house-7026583)
Published: 2026-05-13T12:00:00+00:00
Episode link: https://podcasters.spotify.com/pod/show/jonathan-stern1/episodes/Brian-Birnbaum---Hims--Hers-Q1-earnings-breakdown-and-the-long-term-bull-case-for-Hims-e3j9oks
Audio file: https://anchor.fm/s/10e9c0874/podcast/play/119906396/https%3A%2F%2Fd3ctxlq1ktw2nl.cloudfront.net%2Fstaging%2F2026-4-13%2F424044353-44100-2-5ca556b36a241.mp3
Processing state: not_requested
JSON: https://stenobird.com/v1/public/podcasts/hims-house-7026583/episodes/brian-birnbaum-hims-hers-q1-earnings-breakdown-and-the-long-term-bull-case-for-hims
Duration seconds: 3563

## Resource

Thanks to our partner: Superpower - https://superpower.com Subscribe to Hims House: https://himshouse.com Brian's excellent essay on Hims: https://thepsychoanalyst.substack.com/p/protect-this-hims-house Follow us: https://x.com/himshouse https://x.com/jonathanrstern https://x.com/therealbirnbaum In episode 66 of Hims House, Jonathan Stern hosts Brian Birnbaum, “The Psycho Analyst,” for a post-earnings breakdown of Hims & Hers’ Q1. They unpack the transition to branded GLP-1s, the $608M in revenue (and y/y U.S. revenue decline), lower gross margins, subscriber net new adds, and why guidance matters more than the headline numbers. Brian argues Hims is still a venture-style bet, as they discuss all of the factors that will shape the next phase. They also discuss Ro’s momentum, peptides, Hims as an AI doctor / healthcare "operating system", wearables, insider selling, and valuation. The episode closes with Brian’s broader market outlook and why he remains bullish despite volatility, short pressure, and execution risk. 00:56 - Meet Brian Birnbaum 01:51 - Why “The Psycho Analyst” 03:03 - Market psychology and Hims 04:38 - Q1 numbers that actually matter 07:07 - Bullish revenue guidance 07:56 - Gross margins 10:17 - Testosterone and Wegovy scale 13:26 - Branded GLPs 14:30 - Subscribers, churn, and Q2 guidance 19:02 - Novo lawsuit aftermath 21:41 - Volatility and conviction 23:53 - Why Brian trusts Andrew 25:25 - International risk and Ro pressure 28:22 - Ro’s domestic momentum 31:08 - Is Ro preparing to IPO? 32:14 - Peptides 34:39 - Why best beats first 36:34 - Speed 40:40 - The AI doctor thesis 41:19 - Wearables 46:59 - Insider selling 50:30 - Valuing a venture-stage public company 52:35 - Broader market outlook 58:33 - Final takeaways Disclaimer: This podcast…

## Actions

- request_transcript: `POST https://stenobird.com/v1/public/podcasts/hims-house-7026583/episodes/brian-birnbaum-hims-hers-q1-earnings-breakdown-and-the-long-term-bull-case-for-hims/transcription-requests` — Idempotently request low-priority transcript generation for this episode.
- read_markdown: `GET https://stenobird.com/podcast/hims-house-7026583/brian-birnbaum-hims-hers-q1-earnings-breakdown-and-the-long-term-bull-case-for-hims.md` — Read the agent-friendly Markdown representation of this episode resource.

A page view does not enqueue transcription. Agents should invoke `request_transcript` explicitly when they need this episode processed.

## Transcript

Full transcripts are not published on public pages unless there is a clear rights basis.