Sacra estimates that Hone Health hit $113.5M in annual recurring revenue (ARR) in September 2025, up from $69.7M at the end of 2024. The company has seen its monthly growth rate double from approximately 3% to 6% over the course of 2025.

This acceleration follows the January 2025 launch of Hone's women's hormone therapy line, which is already growing faster than the core men's testosterone replacement therapy business. The company has also expanded into weight loss medications through GLP-1s and longevity treatments including metformin and glutathione.

Hone's subscription model centers around $129-$149 monthly memberships that bundle blood testing, physician consultations, and ongoing prescriptions. The average customer pays around $225 per month out of pocket, with 65% of customers earning between $50,000 to $100,000 annually.

The company has tested 300,000 patients and treated 55,000 to date, indicating strong conversion from initial testing to ongoing treatment subscriptions.

Hone Health closed a $33 million Series A in January 2025 led by Tribe Capital. The round included participation from Saudi Arabia's Public Investment Fund, Republic Capital, Vibe VC, Humbition, Hanwha, Gaingels, Looking Glass Capital, FJ Labs, and Agent Capital.

Notable angel investors in the round included Codie Sanchez, Sam Parr, Shaan Puri, and Anthony Pompliano, reflecting the company's appeal to the wellness and longevity investment community.

The company has raised $39 million in total funding across its fundraising history. The Series A coincided with Hone's acquisition of ivee, an in-home phlebotomy provider that adds physical patient touchpoints to complement the telehealth platform.

Hone Health (2020) found product-market fit doing an end-around brick-and-mortar low T clinics, replacing in-person visits with mail-order blood testing and testosterone treatment. 

Hone took testosterone’s trashy, late-night-infomercial image and rebranded it as a sleek, scientific supplement for male longevity, aggressively marketing it on Facebook, Instagram, and TikTok as a cure-all for brain fog, low libido, ED, poor sleep, weight gain, and chronic fatigue.

Customers start by purchasing a $45 testing kit which includes a remote consultation with a Hone-employed physician. This kit, which can be easily used at home, collects blood samples to measure eight different hormones critical to men's health. After being sent to one of Hone's labs for analysis, customers do a 30-minute FaceTime with one of Hone's physicians.

For those who qualify for testosterone treatment based on clinical evidence of deficiency, Hone offers personalized treatment plans—options range from testosterone injections to sublingual mouth drops and topical creams. Each treatment plan requires follow-up blood tests and consultations every 90 days for the first year.

Beyond testosterone, Hone now offers women's hormone therapy for menopause, GLP-1 weight loss medications, longevity injectables like NAD+ and glutathione, and metabolic treatments including metformin. The acquisition of ivee adds IV therapy and in-home nursing services across 20 major metropolitan areas.

Hone’s core product is their $129/month subscription membership that includes regular blood tests and physician consults and unlocks the ability for customers to order add-ons, like testosterone injections ($28/month) and anastrozole for estrogen reduction ($22/month).

Hone enjoys structurally high customer lifetime value (CLTV) due to their high AOV of $150+ and strong retention driven by the for-life tendency of TRT treatment—particularly when compared to the 50% yearly churn of companies like Ro and Hims that have seen their core product commoditized by the broad availability of generic Viagra and Cialis.

TRT prescription is an ops-heavy business compared to shipping out ED drugs, from collecting and analyzing blood work to managing a patient’s ongoing dosage week-to-week.

Hone Health's pricing structure is designed to be transparent and straightforward, although it tends to be on the higher end when compared to traditional in-person clinics.

The cost of 12 months of intramuscular testosterone treatment ranges from $1,586 to $4,200 at online clinics, with Hone coming in at around $1884. In-person clinics, on the other hand, charge an average of $1,333 per year without insurance and $134 to $781 with insurance. Hone Health's approach to pricing reflects its positioning as a premium provider in the TRT telehealth space.

Hims & Hers represents the largest competitive threat with $2B in trailing twelve-month revenue growing 36% year-over-year. The company launched menopause hormone replacement therapy in 2025 and plans to introduce testosterone replacement therapy in 2026 through an exclusive partnership with Marius Pharma for oral testosterone products.

Ro operates a similar high-volume, asynchronous consultation model across erectile dysfunction, hair loss, and GLP-1 medications. While neither Hims nor Ro currently offers comprehensive testosterone therapy, both have the infrastructure and customer base to quickly enter Hone's core market.

These platforms compete primarily on convenience and price, with Hims averaging $99 monthly order values compared to Hone's $225. However, they lack Hone's operational infrastructure for blood draws and ongoing hormone monitoring, operating as purely virtual prescription businesses.

Function Health reached $100M in annualized revenue by February 2025, selling $499 annual memberships for biannual blood testing across 100+ biomarkers. The platform provides clinician summaries and AI-generated insights but doesn't prescribe medications or manage ongoing treatment.

Superpower raised a $30M Series A from Forerunner Ventures with a similar model combining comprehensive blood panels with multi-cancer screening. Both platforms target affluent biohackers willing to pay for extensive testing and insights.

These companies complement rather than directly compete with Hone, as they focus on diagnostics without the prescription and treatment management that drives Hone's higher monthly recurring revenue.

Traditional testosterone replacement therapy clinics operate through physical locations with higher overhead costs. Many lack the technology infrastructure for seamless patient onboarding and medication management that Hone provides through its digital platform.

Newer entrants like Mochi, Fella, and Henry Meds have faced regulatory challenges around compounded medications, particularly with GLP-1 weight loss drugs. Hone avoided these risks by offering only FDA-approved medications like liraglutide and Zepbound through legitimate pharmaceutical partnerships.

Hone's expansion from testosterone therapy into women's hormone replacement therapy more than triples the addressable market, with 3.3 million U.S. women entering menopause annually. The women's business launched in January 2025 and is already growing faster than the core men's testosterone business.

The addition of GLP-1 weight loss medications taps into the exploding obesity care market, while longevity treatments like NAD+, glutathione, and metformin address the broader wellness and anti-aging segment. These expansions increase customer lifetime value by enabling existing patients to layer on additional treatments.

IV therapy and peptide treatments through the ivee acquisition create higher-margin service offerings that differentiate Hone from pure prescription fulfillment competitors.

Declining testosterone affects younger demographics, with 20% prevalence in adolescents and young adults expanding Hone's target market beyond the traditional 40+ testosterone therapy demographic. An estimated 6.5 million symptomatic men aged 30-79 represent the core addressable market by 2025.

Corporate wellness programs and performance medicine stipends at technology and finance companies create B2B2C distribution channels. These employer-sponsored benefits reduce customer acquisition costs while targeting higher-income demographics willing to pay for optimization services.

The removal of FDA cardiovascular warnings for testosterone products in February 2025 reduces prescriber friction and expands the potential patient population willing to consider hormone therapy.

Hone already operates nationwide, with the ivee acquisition adding in-home phlebotomy and IV therapy in 20 major metropolitan areas. This creates a template for expanding physical service capabilities across all 50 states while maintaining the core telehealth platform.

International expansion into English-speaking markets like Canada, the UK, and Australia represents longer-term opportunities where telehealth regulations may be less restrictive than current U.S. frameworks.

Regulatory changes: The December 2025 expiration of DEA waivers allowing remote prescribing of controlled substances like testosterone threatens Hone's core business model. While bipartisan political support exists for accessible testosterone therapy, regulatory rollbacks could force expensive operational changes or limit prescribing capabilities.

Competitive pressure: Hims & Hers and Ro have significantly larger customer bases and marketing budgets that could quickly capture market share once they launch comprehensive testosterone therapy offerings. Their ability to cross-sell existing customers and achieve lower customer acquisition costs through scale poses a structural competitive threat.

Margin compression: As diagnostic costs collapse toward zero and telehealth becomes commoditized, Hone's premium pricing model faces pressure from lower-cost alternatives. The company's $225 average monthly spend requires continuous clinical differentiation to justify costs nearly 2.5x higher than mass-market telehealth competitors.