Hims and Ro Can Bolt Testosterone

The real threat is not that Hims or Ro already match Hone’s care model, it is that both can bolt testosterone onto machines they already use to sell recurring telehealth at scale. They already have huge paid acquisition engines, asynchronous intake, prescribing workflows, fulfillment, and repeat purchase behavior. That means they can enter fast on the easy part of testosterone care, then gradually add labs, monitoring, and higher acuity workflows that have been Hone’s main operational moat.

• Hone’s edge today is operational depth. Testosterone is a controlled substance and ongoing therapy needs blood work, dosage changes, and repeat clinician review. Hone was built around that loop, while its earlier research compared Ro and Hims as more transactional businesses with higher churn and less lab heavy care.
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• Ro has shown it can build heavier care infrastructure when a category demands it. In obesity care it added in home phlebotomy, at home diagnostics, its own lab capabilities, and owned pharmacies, which shows the company can move beyond simple prescription shipping when the unit economics justify it.
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• Hims is moving even more directly toward Hone’s lane. It reported $2.35B of 2025 revenue and more than 2.5M subscribers, launched menopause hormone care, announced an exclusive oral testosterone partnership with Marius for 2026, and said most new testosterone customers were already buying another Hims product.
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Going forward, testosterone telehealth is likely to split into two layers. Large multi category platforms will win the top of funnel with convenience, brand, and cross sell, while specialists like Hone will need to stay ahead on monitoring, personalization, and broader hormone optimization. If Hims and Ro keep deepening their clinical ops, that gap narrows fast.