Hims

The service is now available in some markets, but the companies plan to expand to additional cities.

The telehealth brand's annual revenue increased 80% YoY to $148.8 million in 2020, although its quarterly YoY growth dipped in Q4 compared to the months prior.

The deal has brought the consumer telehealth and wellness company approximately $280 million in proceeds that it will use to grow and invest in new product categories.

The company also announced $44.13 million in revenue in Q3. 

The newly announced deal is expected to close in Q4 2020, and values the direct-to-consumer telehealth company's combined entity at $1.6 billion.

COVID-19 has made it clear that state-by-state licensure and other roadblocks to telehealth delivery should be left in the past, write Hims & Hers CEO Andrew Dudum and Health Innovation Alliance Executive Director Joel White.

Also: VillageMD's new chief innovation officer, and Hims & Hers brings on behavioral health expertise.

Virtual primary care customers living in specific regions will have the option to use Alto's app and services at no additional cost.

News of the potential sale or merger with a special purpose acquisition company appears at the same time as one-on-one counseling and a key strategic hire.

Following a virtual consultation, both companies are supplying Rutgers Clinical Genomics Laboratory's saliva-based molecular test to consumers at $150 per kit.