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After having massive success with off-brand weight-loss drugs, the millennial-focused telehealth company Hims & Hers (HIMS-5.03%) is now expanding its offerings to include at-home blood tests.
The company announced today that it has acquired Sigmund NJ, marketed as Trybe Labs, allowing Hims & Hers to offer affordable, at-home blood draws. The company will be using blood lancets, small medical tools used to prick skin to obtain drops of blood, for its tests. Through the new tests, customers will be able to get lab work done on a variety of health concerns including hormone levels, cardiac risk, stress markers, cholesterol, liver function, thyroid function, and prostate health.
Healthcare providers on the Hims & Hers platform will then be able to use those tests results to help develop a personalized treatment plan for patients. Additionally, Hims & Hers said it plans to use de-identified data from the tests to accelerate the development of its AI efforts including MedMatch, a tool that recommends users personalized treatments.
“Access to richer data allows us to deepen the insights that providers can use on our platform to guide their clinical decisions for each individual patient,” said Hims & Hers chief medical officer Dr. Patrick Carroll in a press release. “At-home lab testing is one more exciting step towards elevating the personal, comprehensive care customers in this country should expect.”
Hims & Hers said the transaction is complete and was funded through cash, but it did not disclose how much it paid to acquire Sigmund NJ. The company plans to roll out its new blood tests to customers over the next year.
Hims & Hers stock rose over 16% on Wednesday morning following the news. The company’s stock has skyrocketed in the past year soaring over 500% in the past 12 months.
Hims & Hers was founded in 2017, known as just “Hims” at the time, as a platform for men to get prescriptions online for erectile dysfunction and hair loss medications. Since then, it has expanded to offer treatments for men and women to address skin care, anxiety, and overall sexual health.
Last May, Hims & Hers began offering customers compounded semaglutide — the active ingredient in the popular weight-loss treatments Ozempic (NVO+0.20%) and Wegovy — for just $199 a month. That’s hundreds of dollars cheaper than Ozempic’s nearly $1,000 list price and Wegovy’s $1,349 price tag.