Thirty Madison
Telehealth network (Keeps, Cove, Nurx) selling prescriptions for hair loss, migraine, birth control.
The call
Thirty Madison lost the growth race to Hims & Hers and is being folded into Remedy Meds, whose own future rides on an unresolved GLP-1 compounding rule and an untested IPO plan.
Thirty Madison was an online pharmacy that prescribed common medications like birth control and allergy treatments directly to customers without a doctor visit. It lost ground to Hims & Hers, a company six times larger that offers the same service, and eventually sold itself to Remedy Meds in a down-round deal worth less than half its 2021 value. The company's revenue has shrunk since 2022, and it recently pulled out of three business lines, suggesting it could not compete. What matters next is whether Remedy Meds can survive on its compounded GLP-1 drugs (the new weight-loss medication category) and whether regulators approve the combined company's structure, since the whole deal payment depends on Remedy Meds going public in the next year or so.
Why
01
AI pressure: None apparent. AI-driven intake and refill bots could automate the protocolized visits that fund Thirty Madison's subscriptions, squeezing margins further. Could AI do the core job? Only partly.
02
Bigger players: Hims & Hers Health. Hims is six times larger, expanding into women's health, and already outgrew Thirty Madison before this sale even closed. Could a giant copy it? Yes, easily.
03
What protects it. Existing patient files and brand recognition in narrow verticals like hair loss and birth control give it a small, defensible customer base.
What would change this call
Remedy Meds combined entity attempts IPO in late 2026 or early 2027. Would test whether the merger created real value or just delayed decline.
FDA/DEA issues a ruling on GLP-1 compounding pathway. Determines if Remedy Meds' core acquired business has a viable regulatory future.
Hims & Hers reports women's-health revenue growth in next earnings. Would show Hims directly capturing share in Nurx's former core vertical.
FDA/DEA issues a ruling on GLP-1 compounding pathway. Determines if Remedy Meds' core acquired business has a viable regulatory future.
Hims & Hers reports women's-health revenue growth in next earnings. Would show Hims directly capturing share in Nurx's former core vertical.
Key numbers
- $500M all-stock sale price to Remedy Meds
- $225M projected 2025 revenue, down from $300M in 2022
- Hims & Hers made $1.5B in 2024, 6x Thirty Madison's size
Named risks
- Down-round exit at roughly half of 2021 unicorn valuation signals sustained business weakness.
- No structural moat versus Hims & Hers or Ro, which use identical regulatory and pharmacy model at greater scale.
- Equity converts to illiquid Remedy Meds stock dependent on unproven 12-18 month IPO timeline.
- Combined entity's core GLP-1 business exposed to compounding regulatory changes at FDA/DEA.
- Repeated layoffs (2022, 2025) and vertical retreat from sleep, derm, allergy indicate ongoing distress.
Rivals, as read in July 2026
| Rival | Direction | Evidence |
|---|---|---|
| Hims & Hers Health | losing to | 6x larger at $1.5B 2024 revenue vs Thirty Madison's ~$225M; women's health growth cited as threat, 2025-09-03 |
| Ro (Roman/Rory) | contesting | Described as a competing telehealth behemoth in men's health, ED, weight loss per Axios, 2025-09-03 |
| Noom | contesting | Listed as a competitor in weight management telehealth space in Oregon regulatory filing, 2025 |
| Remedy Meds | gaining on | Former rival GLP-1 platform became acquirer/owner via ~$500M all-stock deal, 2025-09-03 |
Questions people ask
- Is Thirty Madison profitable?
- Thirty Madison projected roughly $225 million in annual revenue for 2025 and was described as profitable by the company around its September 3, 2025 acquisition announcement by Remedy Meds, though this figure is vendor-claimed and not independently audited.
- Who owns Thirty Madison now?
- As of September 3, 2025, Remedy Meds LLC, a GLP-1 telehealth platform founded in 2024, agreed to acquire Thirty Madison in an all-stock deal valued at just north of $500 million. Oregon regulators approved the deal on October 22, 2025.
- Is Thirty Madison losing to Hims & Hers?
- Yes. Hims & Hers reported $1.5 billion in 2024 revenue, over 6 times Thirty Madison's roughly $225 million, and Axios reported on September 3, 2025 that Hims' expanding women's health division was a key competitive pressure driving Thirty Madison's sale.
- Could AI replace Thirty Madison's services?
- AI could commoditize Thirty Madison's intake, triage, and refill workflows, but actual prescribing requires licensed clinicians under its captive medical group, KMG Medical Group, per Nurx's terms of service as of December 3, 2025, which limits full AI replacement.
- What happened to Thirty Madison's valuation?
- Thirty Madison hit roughly $1 billion valuation after a $140 million Series C in June 2021, then sold to Remedy Meds for about $500 million in an all-stock deal announced September 3, 2025, a down-round exit relative to its 2021 peak.
- Will Thirty Madison or its acquirer go public?
- Remedy Meds' CEO said the combined Remedy Meds and Thirty Madison entity was eyeing a possible IPO within 12 to 18 months of the September 3, 2025 acquisition announcement, putting a potential window in late 2026 to early 2027.
Timeline
- 2025-10-22Oregon Health Care Market Oversight approves Remedy Meds acquisition of Thirty Madison
- 2025-09-03Remedy Meds announces all-stock acquisition of Thirty Madison valued near $500 million
- 2025-01-10Thirty Madison narrows focus to Nurx and Keeps, cuts 21 staff including CFO
- 2024Thirty Madison partners with Talkspace for mental health services on Nurx and Cove
- 2023-06-13Thirty Madison buys ~100,000 patient files from bankrupt Pill Club for $32.3M
- 2022-08-19Thirty Madison lays off about 10 percent of staff
- 2022-05-13Thirty Madison lays off 24 employees following Nurx merger
- 2022-02-11Thirty Madison announces combination with Nurx to form specialty telehealth platform
- 2021-06Thirty Madison raises $140M Series C, reaching roughly $1B valuation
Revision history
22 July 2026
First assessed. Little protection left. The text above is fixed as of this date and is not edited afterwards.
In the same band
Sources
- Remedy Meds to Acquire Thirty Madison (2025-09-03)
- Thirty Madison : Office of Health Policy : State of Oregon (2025-10-21)
- Thirty Madison Stock Price, Funding, Valuation (2025-09-02)
- Thirty Madison scoops up assets from bankrupt The Pill Club (2023-06-13)
- Remedy Meds to acquire Thirty Madison (2025-09-03)
- Digital health company Thirty Madison lays off 10% of staff (2022-08-19)
- Thirty Madison 2026 Company Profile
- Thirty Madison lays off two dozen after Nurx merger (2022-05-13)
- Thirty Madison narrows its business (2025-01-10)
- Remedy Meds acquires Thirty Madison in $500M deal (2025-09-08)
- Thirty Madison to Combine With Nurx (2022-02-11)
- Terms and Conditions (2025-12-03)