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Investing.com -- Hims & Hers Health, Inc. (NYSE:HIMS) stock rose 3.5% on Wednesday after the telehealth company announced it is expanding into menopause and perimenopause treatments.
The company’s latest push into hormone-replacement therapies targets a significant market opportunity, with approximately 1.3 million women in the United States experiencing menopause annually. According to Dow Jones, the company sees this expansion as a major opportunity to scale its platform.
Dr. Jessica Shepherd, chief medical officer of Hers, the company’s women’s health business, highlighted the gap in care for menopausal women, noting that "every woman will go through this. Does that mean they get the best care in how they navigate their symptoms? No." She added that only about 30% of OB/GYN residency programs provide formal menopause training.
The telehealth provider expects this new specialty to help its Hers unit surpass $1 billion in annual revenue next year. Hims & Hers, which offers services across various categories including hair care, weight loss, and mental health, reported total revenue of $1.48 billion last year.
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