Sacra estimates that Hone grew revenue 4x in 2021 and 2x in 2022, hitting $50M in annualized revenue at the end of 2023.

Compare to Hims & Hers (NYSE: HIMS) at $906M of annualized revenue, up 56% year-over-year off $99 average monthly order value, Thirty Madison at $300M of revenue in 2022 after merging with the female-focused Nurx, and Ro at $300M of revenue in 2021, up 30% from $230M in 2020.

Hone Health was valued at $20-25M as of September 2020. The company has raised a total of $17.8M across three funding rounds, with the most recent being a $12.8M Series B round completed in July 2024. Key investors in Hone Health include Tribe Capital, Looking Glass Capital, and Gaingels. The company has also received backing from Liquid 2 Ventures and Sweater across various funding rounds.

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.

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.

Into their core membership product, Hone is now selling a range of other male enhancement drugs, from metformin for weight loss to glutathione for anti-aging and vitamin B12 injections. 

A potential rollback of the COVID-era D2C prescription rules threatens to disrupt the TRT foundation of their business. Ironically, that regulatory risk is mitigated by the bipartisan bodybuilder-trans coalition fighting to keep testosterone easily accessible—albeit for different reasons—led by Massachusetts senators Elizabeth Warren (D) and Ed Markey (D).

In looking at Hone’s avenues for future product expansion, there are a few key opportunities that would make sense to pursue:

Longevity medications

One of the key areas identified for TAM expansion is the introduction of longevity and energy medications. Hone Health's CEO, Saad Alam, has articulated a vision that extends beyond merely addressing testosterone deficiency. The company is actively exploring the inclusion of longevity medications, which represents a significant opportunity to cater to a growing demographic interested in health span and quality of life improvements. This move aligns with the broader trend of consumers seeking preventive and wellness-enhancing treatments, thereby broadening Hone's market reach.

Women’s health

Another notable area for TAM expansion is the foray into women's health. Although Hone Health initially focused on men's health, particularly TRT, the company has recognized the immense potential and need within women's health. By developing and offering services tailored to women, including hormonal optimization and other health services, Hone can tap into a vast and underserved market. This expansion not only aligns with the company's mission of providing momentum and confidence through health optimization but also significantly increases its potential customer base.

Weight loss

Hone Health's strategic plan also includes expanding into medically assisted weight loss and thyroid management. These areas—most notably GLP1 drugs, a market expected to grow to $71B by 2032—represent substantial market opportunities, given the prevalence of obesity and thyroid disorders. By leveraging its telehealth platform and expertise in hormone optimization, Hone can offer personalized and effective treatment plans for these conditions. This expansion not only diversifies Hone's product offerings but also addresses critical health issues affecting a large segment of the population.