Hims acquires Eucalyptus

Hims & Hers Health, Inc. has entered into an agreement to acquire Australian telehealth firm Eucalyptus for up to $1.15 billion, seeking to strengthen its international presence and expand its customer reach. The deal, which comprises around $240 million in upfront cash, deferred payments over 18 months, and performance-based earn-outs through early 2029, aligns with Hims & Hers' strategic objective to grow its footprint in key international markets including Australia, Canada, Germany, and the UK.

Eucalyptus, which serves over 775,000 customers, boasts a notable operating presence in multiple countries, supported by its accreditation from the Australian Council on Healthcare Standards. The company has a portfolio of direct-to-consumer healthcare brands and has conducted over 20 peer-reviewed studies focused on patient outcomes and adherence. The acquisition will see Eucalyptus' brand portfolio integrated into the Hims & Hers umbrella, and its CEO Tim Doyle will assume a new role as Senior Vice President of International, managing operations outside the U.S.

For Hims & Hers, acquiring Eucalyptus provides an opportunity to leverage a successful existing platform to extend their customer-centric healthcare model beyond the U.S. "With Eucalyptus, we will not only enter new markets, we will expand our ability to serve customers globally," said Andrew Dudum, CEO of Hims & Hers, underscoring the company's ambition to become a leading global consumer health platform.

Within the broader telehealth landscape, this acquisition positions Hims & Hers to capitalize on the rising demand for digital healthcare solutions. The addition of Eucalyptus' operations and market insights are expected to aid Hims & Hers in refining its offerings to align more closely with the healthcare systems of the new markets they are entering. Amid intensifying competition in the sector, securing a foothold in international markets can be a decisive factor in maintaining growth trajectories and shareholder value.

The completion of the acquisition remains contingent on regulatory approvals and customary closing conditions, with a targeted closing date in mid-2026. This timeline allows Hims & Hers to strategically scale its operations and continue its pursuit of becoming a dominant player in the global telehealth industry. As the deal progresses, stakeholders will be watching closely for how Hims & Hers navigates regulatory landscapes and integrates Eucalyptus' assets into its broader operations.