If we start to see peptides get moved back to category 1, the two biggest beneficiaries will be $HIMS and $NURS.V Most of you are familiar with $HIMS (~3 million members across multiple continents) so I won't spend time on this one. I've shared my long-term thesis before... I remain bullish because they're in a great position to build a vertically integrated consumer healthcare platform which includes peptides. I'm guessing $NURS.V is a name that many of you aren't familiar with so I'll provide an overview. The company has 3 main segments but the one I care about most has created a health infrastructure platform to support any company, gym chain, medspa, entrepreneur, influencer, etc that wants to launch a wellness/longevity business to sell a full suite of products including peptides. Hydreight ie $NURS.V provides everything except customer acquisition... which means they do compliance, legal, telehealth, prescriptions, payments, sourcing, fulfillment and much more. As we see the FDA/DOJ continue to crack down on the grey market... we'll see many of these companies wanting to go legit but they won't have the time and resources to build all the infrastructure so it will make sense just to plug into Hydreight's infrastructure ecosystem. Hydreight is much smaller than $HIMS, their market cap is only $130M USD however they should do ~$110M USD revenues this year which breaks down into ~$38M in 1H and $72M in 2H ... which means they're growing ~90% from the first half of 2026 to the second half of 2026... fueled by this new health infrastructure platform which is only a year old. $NURS.V has been onboarding hundreds of new customers this year... currently around ~650 with a target of ~2000 by end of 2027. Most of the recently onboarded customers are just starting to generate revenues which is why 2H growth looks so strong and we expect that growth to carry into next year. Currently, the sell side is looking for 40% revenue growth in 2027... we think that number will be closer to 100% which ~10% QoQ through next year ... and this might be conservative if they hit their customer targets over the next ~15 months. If we're right and $NURS.V does $110M USD revenues this year and $220M USD revenues next year.. and they're able to hit ~13% net income margins in CY2027.. then stock is trading today at 4.5x CY 2027 EPS NFA. DYOR. *We have positions in both $HIMS and $NURS.V at @FirstWaveFund
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