Hims & Hers Health, Inc. Not Materially Impacted by Silicon Valley Bank Closure

Rhea-AI Summary

Hims & Hers Health, Inc. (NYSE: HIMS) has responded to the liquidity concerns surrounding Silicon Valley Bank (SVB), stating that it has limited cash exposure due to the ongoing situation. Most of the company's cash and short-term investments are secured with third-party custodians not associated with SVB. Furthermore, Hims & Hers confirms it has no debts or current lines of credit affected by these developments. The company continues to focus on its mission to provide personalized health and wellness solutions.

Positive

• Limited cash exposure to Silicon Valley Bank, ensuring financial stability.
• Majority of cash and short-term investments are held with third-party custodians.

Negative

• None.

SAN FRANCISCO--(BUSINESS WIRE)-- Hims & Hers Health, Inc. (“Hims & Hers” or the “Company”) (NYSE: HIMS), the leading health and wellness platform, is aware of the current actions taken by the Federal Deposit Insurance Corporation with respect to Silicon Valley Bank (“SVB”). The Company has limited cash exposure resulting from the liquidity concerns at SVB. The vast majority of the Company’s cash and short-term investments are held via third-party custodians other than SVB. Additionally, the Company does not have any debts or current lines of credit directly impacted by these events.

About Hims & Hers Health, Inc.

Hims & Hers is the leading health and wellness platform on a mission to help the world feel great through the power of better health.

We believe how you feel in your body and mind transforms how you show up in life. That’s why we’re building a future where nothing stands in the way of harnessing this power. Hims & Hers normalizes health & wellness challenges—and innovates on their solutions—to make feeling happy and healthy easy to achieve. No two people are the same, so the Company provides access to personalized care designed for results.

For more information, please visit https://investors.forhims.com/.

Cautionary Note Regarding Forward-Looking Statements

The Company cautions you that statements included in this report that are not a description of historical facts are forward-looking statements. These forward-looking statements include statements regarding any liquidity concern. The inclusion of forward-looking statements should not be regarded as a representation by the Company that any of these results will be achieved. These forward-looking statements are based on the Company’s current expectations and beliefs concerning future developments and their potential effects on the Company. Future developments affecting the Company may not be those that the Company has anticipated. These forward-looking statements involve a number of risks, uncertainties (some of which are beyond the Company’s control) and other assumptions that may cause actual results or performance to be materially different from those expressed or implied by these forward-looking statements. These risks and uncertainties include, but are not limited to, those factors described in the “Risk Factors” section of each of the Company’s most recently filed Quarterly Report on Form 10-Q, the Company’s most recently filed Annual Report on Form 10-K, and any of the Company’s subsequent filings with the Securities and Exchange Commission (the “Commission”).

View source version on businesswire.com: https://www.businesswire.com/news/home/20230310005431/en/

Investor Relations

Alice Lopatto

Investors@forhims.com

Media Relations

Press@forhims.com

Source: Hims & Hers Health, Inc.

FAQ

What is Hims & Hers' exposure to Silicon Valley Bank?

Hims & Hers has limited cash exposure to Silicon Valley Bank, mitigating potential financial risks.

Does Hims & Hers have any debts affected by the SVB situation?

No, Hims & Hers has confirmed it has no debts or current lines of credit impacted by the actions at Silicon Valley Bank.

What is the financial status of Hims & Hers following the SVB news?

Hims & Hers maintains a stable financial status, with the majority of cash and investments secured through third-party custodians.