After Amazon (AMZN) announced its launch of its Amazon One Medical Pay-per-visit telehealth service, which is “very similar” to Hims & Hers’ (HIMS) core offering in catering to cash pay patients who value convenient care and price transparency, Citi noted that this is “not the first time” Amazon has launched a Hims-like service, pointing to the prior launch in November 2022 of Amazon Clinic. This is “the next iteration of Amazon Clinic” where, instead of using third-party telehealth vendors, Amazon is relying on Amazon-affiliated doctors and given that e-commerce giant is offering “much more compelling prices” than Hims on most treatments, the firm sees a threat to Hims’ core offering, the analyst tells investors. The firm, which adds that this makes Hims’ strategy to personalize treatment via compounding “ever-more important,” has a Neutral rating on Hims & Hers shares.
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