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Investing.com -- Hims & Hers Health (NYSE:HIMS) stock rose 3.6% Thursday after the company announced its official expansion into the Canadian market, marking a significant step in its international growth strategy.
The health and wellness platform’s entry into Canada follows its recent acquisition of Livewell, a Canadian digital health platform specializing in weight loss treatments. This strategic move positions the company to launch its comprehensive weight loss program in Canada next year, coinciding with the anticipated availability of generic semaglutide.
The expansion addresses a critical need in Canada, where nearly two-thirds of adults are overweight or living with obesity, yet face limited access to effective treatments due to high costs and other barriers. To support this new market, Hims & Hers has appointed Austin Kouri as General Manager of Canada and Dr. Sandy Van as Chief Medical Officer in Canada.
"Our expansion into Canada is a direct response to critical public health needs, particularly around the obesity crisis," said Andrew Dudum, co-founder and CEO of Hims & Hers. The company completed the all-cash acquisition using funds from its existing balance sheet.
The company, which already operates in the United States and Europe, views this expansion as part of its broader mission to democratize access to personalized healthcare globally. Hims & Hers plans to continue expanding into additional specialties in Canada and other international markets as demand for personalized healthcare access grows.
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