1、M IdeaHims&Hers Health Inc|North AmericaVery weak app download and web traffic Vs.excitement around the new testosterone offering App downloads declined by 22%and web traffic was down 10%y/y in August.A key debate for the stock is slowing growth in the core offering and durability of growth in weigh

2、t loss relative to contribution from new product introductions,with these dynamics likely to keep HIMS volatile.M Third party data reveals a 22%y/y decline for app downloads in the month of August(Exhibit 1).The Hims platform was especially weak(-36%y/y),while the Hers platform saw a second-lowest g

3、rowth rate since tracking at 12%y/y growth (Exhibit 3).Overall,app download growth declined 4%m/m for a four-month streak of negative growth and 6th time in 7 months (Exhibit 3).Monthly app downloads were 172k,well below the recent high of 253k in the beginning of the year and below the level seen p

4、rior to the launch of compounded GLP-1s (Exhibit 6).The proportion of Hers downloads reached 41%of total downloads in past month,up from 29%in the year ago period(Exhibit 7).Unique web traffic declined 10%y/y in August,well below the 12 month average of 13%y/y growth and the first negative reading i

5、n just over a year(Exhibit 4).Exhibit 4 Exhibit 1:Hims&Hers app downloads declined 22%y/y in August-22%-40%-20%0%20%40%60%80%100%120%140%160%Hims and Hers Monthly App Downloads Y/YSource:Morgan Stanley Research,Sensor Tower,AlphaWise Web IntelligenceMorgan Stanley&Co.LLCCraig HettenbachEquity Analys

6、t Craig.H +1 212 761-6435 John Y ParkResearch Associate John.P +1 212 761-4029 Jialin JinResearch Associate Jay.J +1 212 761-3913 Erin WrightEquity Analyst Erin.W +1 212 761-6137 Connor M MassariResearch Associate Connor.M +1 212 761-2417 Linda BolducEquity Analyst Linda.B +1 617 856-8009 Rauf UralR