GLOSSY

Background:

Hims & Hers Health, Inc., a recently public company, made a significant move in the telemedicine space by acquiring Apostrophe, a leading teledermatology platform. The acquisition adds another layer to Hims & Hers' expanding portfolio, following its earlier acquisition of Honest Health, a London-based company specializing in hair loss-related products. Apostrophe, formerly known as YoDerm, had established itself as a platform connecting patients with dermatologists before pivoting to telemedicine in 2019.

Situation:

Hims & Hers CEO, Andrew Dudum, highlighted that the interest in Apostrophe was not solely based on its telemedicine capabilities, as both companies already shared a robust telemedicine infrastructure. Instead, Hims & Hers saw value in Apostrophe's vertical integration, specifically in the development, fulfillment, and compounding of physical products. Apostrophe's strengths in diagnosing and formulating prescriptions, along with its robust pharmacy network, complement Hims & Hers' existing offerings.

PR & Market Impact:

The acquisition of Apostrophe by Hims & Hers was a two-year plan that relied heavily on PR efforts to elevate the brand’s positioning and market presence. During our partnership, Apostrophe demonstrated significant growth, doubling its revenue and patient base every quarter. Between Q1 and Q2 of 2020, the company reported a remarkable 145% increase in revenue, underscoring its success in the teledermatology space. Leveraging the brand’s product roll outs, raises, leadership and exciting growth, we secured coverage on top tier beauty and business publications, resulting in investor interest and prominent influencer partnerships.

At the time, Apostrophe's acquisition foreshadowed potential movements in the teledermatology sector, with other companies like Curology, Musely RX, and Agency potentially following suit. The exit of Apostrophe suggests a growing interest in and recognition of the value within the teledermatology landscape.

Hims & Hers Health's acquisition of Apostrophe showcased a strategic move to strengthen its position in the teledermatology space. With a focus on vertical integration and recognizing the potential of dermatology in digital health, the combined forces of Hims & Hers and Apostrophe are poised to make a lasting impact in the telemedicine industry.

The acquisition news was exclusively offered to Glossy and received syndication coverage on trade publications within the beauty space.