Women's HRT Drives Hone Growth
Hone Health
The fastest growing part of Hone is the one that turns a niche men’s clinic into a much broader midlife hormone platform. Men’s TRT built the operating system, with lab work, clinician review, dosage changes, and recurring prescriptions. Women’s hormone therapy plugs into that same workflow, but opens a much larger pool of patients, since Hone estimates menopause HRT more than triples its addressable market and is already helping drive ARR from $69.7M at the end of 2024 to $113.5M by September 2025.
-
Women’s HRT fits Hone’s existing care model almost exactly. The company already runs blood testing, quarterly follow ups, and mail order prescriptions for controlled and monitored therapies. That means the new line can grow on top of infrastructure built for TRT, instead of requiring a brand new service stack.
-
The competitive set in women’s hormone care is still fragmented. Midi is focused on menopause care with insurance covered virtual visits in all 50 states, while Hims & Hers only launched Hers menopause and perimenopause in October 2025. That gave Hone a meaningful head start in cash pay hormone optimization for women during 2025.
-
This expansion also makes Hone less dependent on one condition and one customer identity. The business started with testosterone, then added GLP-1s, metformin, glutathione, and women’s HRT. That matters because the same subscriber relationship can now support multiple therapies over time, raising lifetime value and smoothing growth beyond the original low T market.
From here, the category is moving toward bundled midlife care, not single condition telehealth. Hone is positioned to keep widening from TRT into menopause, weight loss, diagnostics, and longevity, and the winners will be the companies that can combine prescribing with labs, follow up care, and enough product breadth to keep one patient inside the same subscription for years.