Hims & Hers Health Inc (HIMS) 2024 Q2 法說會逐字稿

Ladies and gentlemen, thank you for standing by. At this time, I would like to welcome everyone to the Hims & Hers second quarter 2024 earnings conference call. Please note that this call is being recorded. (Operator Instructions) I would now like to turn today's call over to Bill Newby, Head of Investor Relations. Please go ahead.

女士們、先生們，感謝你們的支持。現在，我歡迎大家參加 Hims & Hers 2024 年第二季財報電話會議。請注意，本次通話正在錄音。（操作員指示）現在，我想將今天的電話轉給投資者關係主管比爾紐比 (Bill Newby)。請繼續。

Good afternoon, everyone, and welcome to the Hims & Hers Health second quarter 2024 earnings call. Today after the market closed, we released this quarter's shareholder letter, a copy of which you can find on our website at investors.hims.com.

大家下午好，歡迎參加 Hims & Hers Health 2024 年第二季財報電話會議。今天收盤後，我們發布了本季度的股東信，您可以在我們的網站 investors.hims.com 上找到副本。

On the call with me today is Andrew Dudum, our Co-Founder and Chief Executive Officer; as well as Yemi Okupe, our Chief Financial Officer.

今天與我一起通話的是我們的共同創辦人兼執行長 Andrew Dudum；以及我們的財務長 Yemi Okupe。

Before I hand it over to Andrew, I need to remind you of legal, Safe Harbor and cautionary declarations. Certain statements and projections of future results made in this presentation constitute forward-looking statements that are based on among other things, our current market, competitors and regulatory expectations and are subject to risks and uncertainties that could cause actual results to vary materially.

在我將其交給安德魯之前，我需要提醒您法律、安全港和警告聲明。本簡報中對未來結果做出的某些陳述和預測構成前瞻性陳述，這些陳述基於我們當前的市場、競爭對手和監管預期等，並受可能導致實際結果發生重大差異的風險和不確定性的影響。

We take no obligation to update publicly any forward-looking statement after this call, whether as a result of new information, future events, changes in assumptions or otherwise. Please see our most recently filed 10-K and 10-Q reports for a discussion of risk factors as they relate to forward-looking statements.

我們不承擔在本次電話會議後公開更新任何前瞻性聲明的義務，無論其是由於新資訊、未來事件、假設變更或其他原因。請參閱我們最近提交的 10-K 和 10-Q 報告，以了解與前瞻性陳述相關的風險因素的討論。

In today's presentation, we also have certain non-GAAP financial measures. We refer you to the reconciliation tables to the most directly comparable GAAP financial measures contained in today's press release and shareholder letter. You can find this information as well as a link to today's webcast at investors.hims.com. After the call, this webcast will be archived on the website for 12 months.

在今天的演示中，我們還提供了某些非公認會計準則財務指標。我們請您參閱今天的新聞稿和股東信中包含的最直接可比較的 GAAP 財務指標的對帳表。您可以在 investors.hims.com 上找到這些資訊以及今天網路直播的連結。電話會議結束後，本次網路直播將在網站存檔 12 個月。

And with that, I will now turn the call over to Andrew.

現在，我將把電話轉給安德魯。

Thanks, Bill. The second quarter marked one of the most exciting points in our company's history as momentum continued to rapidly accelerate in the fulfillment of our mission to help the world feel great to the power of better health.

謝謝，比爾。第二季是我們公司歷史上最令人興奮的時刻之一，我們繼續以迅猛的速度完成我們的使命，幫助世界感受到更健康的力量。

The long long-term trend toward the consumerization of healthcare continues. And the belief is that this trend will only accelerate. Consumers are increasingly expecting the same quality and level of service that technology has unlocked across other areas of their lives.

醫療保健消費化的長期趨勢仍在持續。人們相信，這一趨勢只會加速。消費者越來越期待科技在其生活的其他領域提供同樣的品質和水準的服務。

This includes speed, convenience, transparency, affordable pricing, and a personalized experience. I'm excited by the progress we have made on our platform in unlocking these capabilities for consumers across a broader set of conditions and specialties.

這包括速度、便利性、透明度、實惠的價格和個人化的體驗。我很高興看到我們的平台取得了進展，為更廣泛的條件和專業的消費者釋放了這些功能。

We believe that our platform is capable in the long term of delivering a new type of healthcare where consumer preference and needs, insights and data is at the foundation of a hyper-personalized set of offerings, treatments and care.

我們相信，從長遠來看，我們的平台能夠提供一種新型的醫療保健服務，其中消費者的偏好和需求、見解和數據是超個人化產品、治療和照護的基礎。

We're more energized than ever to deliver this innovation on behalf of the hundreds of millions of people trying to live their happiest and healthiest lives. Several elements continue to come together in the second quarter to bring us one step closer in making that vision a reality.

我們比以往任何時候都更有活力地為數億想要過最快樂、最健康生活的人們提供這項創新。第二季度，多種因素繼續匯聚，使我們距離實現這個願景更近了一步。

First, we broadened the number of personalized offerings across our specialties, with 4 out of 5 specialties now carrying at least 10 personalized solutions. Second, we expanded our weight management offering with the launch of GLP-1s. Weight is a particularly strategic category for us and that enables us to scale the value that comes from personalized solutions to over 100 million potential consumers.

首先，我們擴大了各專科領域個人化服務的數量，目前 5 個專科領域中有 4 個提供至少 10 種個人化解決方案。其次，我們透過推出 GLP-1 擴展了我們的體重管理產品。重量對我們來說是一個特別具有戰略意義的類別，它使我們能夠將個人化解決方案帶來的價值擴大到超過 1 億潛在消費者。

Lastly, we brought on world-class talent across multiple levels of the organization, from the Board to [ml] leaders that will enable us to further refine our capabilities and scale them to increasingly broader audiences.

最後，我們在組織的多個層面引進了世界一流的人才，從董事會到[ml]領導者，這將使我們能夠進一步完善我們的能力並將其擴展到越來越廣泛的受眾。

Christopher Payne, who most recently served as President and COO of DoorDash, brings a great depth of experience, helping organizations scale their operations globally. Our ambition is to make the world feel great to the power of better health.

克里斯托弗·佩恩 (Christopher Payne) 最近擔任 DoorDash 總裁兼首席營運官，他擁有豐富的經驗，幫助各組織擴大全球業務規模。我們的目標是讓世界感受到更健康的力量。

Foreign policy and regulatory expertise from Anja Manuel will help us broaden the geographic scope of our platform in the coming years. And KÃ¥re Schultz brings over three decades of experience in the pharmaceutical industry that can help us effectively navigate the challenges of higher acuity and more complex specialties inclusive of weight may present.

安雅·曼努埃爾 (Anja Manuel) 的外交政策和監管專業知識將幫助我們在未來幾年拓寬我們平台的地理範圍。KÃ¥re Schultz 在製藥業擁有超過三十年的經驗，可以幫助我們有效地應對更高敏銳度和更複雜的專業（包括體重）可能帶來的挑戰。

Our platform is rapidly scaled from thousands of interactions to millions, and with greater personalized capabilities comes the ability to leverage as appropriate our structured data to further refine and improve our customers' experience on the platform.

我們的平台已從數千次互動迅速擴展到數百萬次，隨著個人化功能的增強，我們能夠根據需要利用結構化數據來進一步完善和提高客戶在平台上的體驗。

We recently kicked off our search for a CTO with expertise in AI and machine learning. We believe this hire will help put us at the forefront of the many exciting opportunities AI can bring in healthcare. Strong progress across these areas are translating into incredible business performance.

我們最近開始尋找一位在人工智慧和機器學習方面具有專業知識的技術長。我們相信，此次聘用將幫助我們走在人工智慧在醫療保健領域帶來的眾多令人興奮的機會的前沿。這些領域的強勁進步正在轉化為令人難以置信的業務表現。

During the quarter, revenue increased 52% year over year to $316 million, yielding $39 million of adjusted EBITDA. The primary driver of our growth continues to be the expansion of our subscriber base. We ended the quarter with nearly 1.9 million subscribers, adding more than 155,000 net new users to the platform.

本季度，營收年增 52% 至 3.16 億美元，調整後 EBITDA 為 3,900 萬美元。我們成長的主要動力仍然是用戶群的擴大。本季結束時，我們的訂閱用戶數量接近 190 萬，平台新增用戶超過 155,000 名。

Our focus on providing access to high quality, personalized solutions and an affordable price continues to resonate with consumers. Over 40% of subscribers in the second quarter were utilizing a personalized solution, representing close to a 30 point increase in just two years.

我們致力於提供高品質、個人化的解決方案和實惠的價格，並持續獲得消費者的共鳴。第二季度，超過 40% 的用戶使用個人化解決方案，短短兩年內就成長了近 30 個百分點。

In evolving portfolio of personalized offerings that providers can utilize to meet the unique needs of individual consumers was a key catalyst behind this expansion. This innovation is informed in part by feedback from our users and development occurs through collaboration with our internal specialists, leading medical organizations, and external advisors.

不斷發展的個人化產品組合是供應商可以利用來滿足個人消費者的獨特需求，這是此次擴張背後的關鍵催化劑。這項創新部分來自我們用戶的回饋，並透過與我們的內部專家、領先的醫療機構和外部顧問的合作進行開發。

Increasingly, we are driving value for consumers across a broader set of specialties. Consumer feedback has been resoundingly positive as we've launched access to treatments that address multiple concerns within specialty. And even more exciting, we now have solutions that span across specialties.

我們正越來越多地在更廣泛的專業領域為消費者創造價值。當我們推出能夠解決專業領域內多種問題的治療方法時，消費者的回饋非常正面。更令人興奮的是，我們現在擁有跨專業的解決方案。

This shows up in the ability to target multiple sexual health concerns, support cardiovascular health through a more simplified daily routine, or address concerns across our most popular specialties concurrently in one solution.

這體現在能夠解決多種性健康問題、透過更簡化的日常生活來支持心血管健康、或透過一個解決方案同時解決我們最受歡迎的專業領域中的問題。

The combination of these multi condition capabilities and access to a broader set of form factors is having a profound impact on the value we can provide to consumers. In dermatology, providers can prescribe users personalized sprays, [serums] or oral medications based on their unique needs.

這些多條件能力與更廣泛的形式因素的結合對我們能夠為消費者提供的價值產生了深遠的影響。在皮膚病學方面，醫療服務提供者可以根據使用者的獨特需求為他們開出個人化的噴霧劑、精華液或口服藥物。

These capabilities enable us to cover a broader spectrum of user profiles. The individual seeking to proactively prevent hair loss and individuals seeking to actively regrow hair, each now have access to a distinct set of solutions that better meet their needs.

這些功能使我們能夠覆蓋更廣泛的用戶群體。尋求主動預防脫髮的個人和尋求主動再生頭髮的個人現在都可以獲得一套更能滿足他們需求的獨特解決方案。

As a result, more than 85% of new subscribers in our dermatology specialties were utilizing a personalized solution in the second quarter. The impact of personalization extends beyond simply consumer preference. By addressing the needs of different user profiles, we're able to remove barriers to treatment for a broader set of individuals, ultimately yielding stronger customer acquisition.

因此，我們皮膚病學專業的 85% 以上的新用戶在第二季度使用了個人化解決方案。個人化的影響不僅限於消費者偏好。透過滿足不同使用者的需求，我們能夠為更廣泛的個人消除治療障礙，最終獲得更強大的客戶獲取能力。

Additionally, we expect stronger retention of consumers on these offerings, especially as they continue to be placed at more mass market price points. Investment in the expansion of these offerings will increase in the second half of the year.

此外，我們預計這些產品的消費者保留率會更高，特別是當它們繼續以更大眾的市場價格出售時。下半年對這些產品的擴展投資將會增加。

We expect to launch access to new multi condition treatments with a particular focus on those that are into specialty or enable expansion into adjacent markets. Additionally, new form factors across our specialties are expected in the second half. We believe this will allow us to scale our new verticals even faster while also maintaining robust growth for even our longest tenured specialties.

我們期望推出新的多種病症治療方法，特別關注那些專業治療或能夠擴展到鄰近市場的治療方法。此外，預計下半年我們的專業領域將推出新的形式。我們相信，這將使我們能夠更快地擴展新的垂直領域，同時也能保持我們最長任期專業的強勁成長。

Our strong financial profile has enabled us to capitalize on unique opportunities in order to position our platform for future growth. In 2021, we acquired Apostrophe in Arizona based 503A facility. This acquisition provided compounding capabilities and expertise to serve as the foundation for many of our personalized offerings today.

我們強大的財務狀況使我們能夠利用獨特的機會，為我們的平台的未來成長做好準備。2021 年，我們收購了位於亞利桑那州的 Apostrophe 503A 工廠。此次收購提供了複合能力和專業知識，為我們今天的許多個人化產品奠定了基礎。

We're excited to have recently signed an agreement to purchase an FDA registered 503B facility. Over the long term, this acquisition will present additional opportunities across specialties such as hormonal therapy and other treatments that require sterile compounded medications.

我們很高興最近簽署了購買 FDA 註冊的 503B 設施的協議。從長遠來看，此次收購將為荷爾蒙療法和其他需要無菌複合藥物的治療等專業領域帶來更多機會。

In the near term, this further enhances the durability of our supply chain for compounded GLP-1s and positions us to improve accessibility as we verticalize these operations. Prior to signing this acquisition, we expanded the capabilities of our weight loss specialty with the launch of compounded GLP-1s across 21 states in the second quarter through a partnership with an FDA registered 503B facility.

從短期來看，這進一步增強了我們複合 GLP-1 供應鏈的耐用性，並使我們能夠在垂直化這些營運時提高可訪問性。在簽署此次收購之前，我們透過與 FDA 註冊的 503B 設施合作，於第二季度在 21 個州推出了複合 GLP-1，從而擴展了我們的減肥專業能力。

Since then, we've expanded access to the offering to more than 30 states, covering over 60% of the US population, and we anticipate nationwide availability before year end. We believe that our platform was already having a meaningful impact across society prior to this launch, by helping close to 2 million consumers access treatment for many of the most emotionally resonant conditions.

從那時起，我們已將服務範圍擴大到 30 多個州，覆蓋了美國 60% 以上的人口，我們預計年底前將在全國推出。我們相信，在推出之前，我們的平台已經對整個社會產生了有意義的影響，幫助近 200 萬消費者獲得許多最能引起情感共鳴的疾病的治療。

We expect that the value we bring to consumers within our weight loss specialty will further enable us to have a transformative impact on society. Over 100 million individuals suffer with weight related challenges in the US alone, and those challenges don't simply impact an individual's appearance.

我們期望，我們在減重專業領域為消費者帶來的價值將進一步使我們對社會產生變革性的影響。光是在美國就有超過 1 億人面臨體重相關的問題，而這些問題不僅影響個人的外表。

These challenges can also wrote confidence and lead to serious health related conditions, including cardiovascular disease, diabetes, and cancer. Given the impact of obesity can have on an individual and the severity of conditions that can lead to, we expect weight loss as a specialty to be foundational over the coming decade in the way Hims & Hers impacts the lives of our consumers and the way we influence the healthcare industry.

這些挑戰也會削弱信心並導致嚴重的健康問題，包括心血管疾病、糖尿病和癌症。鑑於肥胖對個人的影響以及可能導致的嚴重後果，我們預計減肥作為專業服務將在未來十年內成為 Hims & Hers 影響消費者生活和醫療保健行業的基礎。

Historically, weight related challenges have been viewed simply as a matter of lifestyle preference. GLP-1s have driven broader awareness that weight related issues can also be a medical condition. This has empowered more consumers to actively seek treatment even when GLP-1s are not the right fit.

從歷史上看，與體重相關的問題一直被簡單地視為生活方式偏好的問題。GLP-1 提高了人們的認識，即體重相關問題也可能是一種疾病。這使得更多消費者即使在 GLP-1 不適合您的情況下也能積極尋求治療。

In the fourth quarter of last year, we launched our weight loss specialty with personalized oral based solutions. This offering utilizes different combinations of personalized compounds to address the underlying conditions clinically tied to obesity, including metabolic disorders, depression, and overeating habits.

去年第四季度，我們推出了以個人化口服解決方案為特色的減重專項服務。本產品利用不同組合的個人化化合物來解決臨床上與肥胖相關的潛在疾病，包括代謝失調、憂鬱症和暴飲暴食習慣。

It has been incredibly successful. Within less than a year, it has scaled to a run rate of $100 million in annual revenue, becoming our fastest specialty ever to do so. Our approach centers on equipping providers with the ability to offer consumers access to a breadth of personalized solutions, and we expect the ability to personalize oral formulations will remain central to our weight loss offering and continue to evolve.

它取得了令人難以置信的成功。在不到一年的時間裡，它的年收入就達到了 1 億美元的營業額，成為我們有史以來最快的專業業務。我們的方法重點是讓供應商能夠為消費者提供廣泛的個人化解決方案，我們預計個人化口服配方的能力將繼續成為我們減肥產品的核心並不斷發展。

We also believe our ability to provide consumers with access to personalized GLP-1 solutions, who offer an experience and level of service that today is only available to the most privileged segments of our society.

我們也相信，我們有能力為消費者提供個人化的 GLP-1 解決方案，而這種解決方案所提供的體驗和服務水準如今只有社會中最有特權的階層才能享受。

This approach is informed by Dr. Craig Primack, our SVP of weight loss, who has seen firsthand in his Scottsdale clinic, the impact of personalized care model can have on providing a more sustainable path for a wider spectrum of consumers to reach the desired outcome.

這種方法是由我們的減肥高級副總裁 Craig Primack 博士提出的，他在斯科茨代爾診所親眼目睹了個性化護理模式對為更廣泛的消費者提供更可持續的途徑以達到預期結果的影響。

The side effects and misalignment of expectations drove a meaningful reduction in adherence for these solutions, alongside issues like cost and accessibility. We believe adherence to these medications can be improved considerably through consistent communication between providers and consumers to manage expectations, personalized titration schedules, and personalized end dosing to mitigate side effect concerns.

副作用和期望的不一致導致這些解決方案的依從性顯著降低，同時也存在成本和可訪問性等問題。我們相信，透過提供者和消費者之間的持續溝通來管理期望、個人化滴定計劃和個人化最終劑量以減輕副作用問題，可以大大提高對這些藥物的依從性。

Each of our subscribers has the ability to communicate concerns to a license provider and receive a response in a timely manner for no extra charge across all of our specialties today. Personalization for GLP-1 solutions will be supported by two fundamental components.

如今，我們的每個訂閱者都可以向許可證提供者傳達疑慮，並及時收到答复，且無需支付我們所有專業的額外費用。GLP-1 解決方案的個人化將由兩個基本組件支援。

The first is a breadth of products offered on the platform. Recently, we launched personalized dosages for compounded semaglutide that providers can prescribe in response to side effect concerns and desired levels of weight loss. Patient feedback to their provider during the titration process can inform the appropriate end-state dose for users.

首先是該平台提供的產品範圍廣泛。最近，我們推出了複合索馬魯肽的個人化劑量，醫療服務提供者可以根據副作用問題和期望的減肥程度來開出處方。在滴定過程中，患者向其提供者的回饋可以為使用者提供適當的最終劑量。

Additionally, we're excited to expand the scope of offerings available on the platform, and we'll look to add tirzepatide and liraglutide to the existing compounded semaglutide offering in the near future. We expect this portfolio of solutions will be inclusive of branded offerings when supply allows.

此外，我們很高興擴大平台上的產品範圍，並期待在不久的將來將 tirzepatide 和利拉魯肽添加到現有的複合 semaglutide 產品中。我們預計，當供應允許時，這套解決方案將包含品牌產品。

The second component is continuing to scale our technology investments across weight loss by activating MedMatch by Hims & Hers for providers in the specialty. Machine learning and AI models anchored on consumer preferences and prior experiences across our provider network have been built for weight loss.

第二部分是透過為專業服務提供者啟動 Hims & Hers 的 MedMatch，繼續擴大我們在減肥領域的技術投資。我們根據消費者偏好和供應商網路的先前經驗建立了機器學習和人工智慧模型，用於減肥。

We are also moving toward integrating explainability into the EMR, further empowering providers with these groundbreaking tools. The value of this technology will be vital as the range of solutions, dosages, and treatment options continue to expand over the coming quarters.

我們也正致力於將可解釋性融入 EMR，進一步利用這些突破性的工具為提供者提供支援。隨著未來幾季解決方案、劑量和治療方案的範圍不斷擴大，這項技術的價值將至關重要。

With scale, we expect these models will continue to improve, helping providers to optimize initial medication selection, titration schedules, and end-state dosing to help each user reach their desired outcome. By leveraging this approach, we are providing a weight loss program that can continuously improve over time.

隨著規模的擴大，我們預計這些模型將繼續改進，幫助供應商優化初始藥物選擇、滴定計畫和最終劑量，以幫助每個使用者達到他們期望的結果。透過這種方法，我們提供了一個可以隨著時間推移而不斷改進的減肥計劃。

Having said that, we've already started (technical difficulty) based upon self-reported data from approximately 12,000 customers subscribed at holistic Hims & Hers weight loss offerings, customers report having lost on average 10.2 pounds while on compounded GLP-1 injections and 6.3 pounds while on compounded oral medication kit between their initial weight loss consultation and their first check-in approximately four weeks later.

話雖如此，我們已經開始（技術難度）基於大約 12,000 名訂閱整體 Hims & Hers 減肥服務的客戶的自我報告數據，客戶報告稱，在初次減肥諮詢和大約四周後第一次檢查之間，使用複合 GLP-1 注射劑平均減重 10.2 磅，使用複合口服藥物套裝平均減重 6.3 磅。

During the same period, less than 10% of customers using our compounded GLP-1 offering have reported side effects that they feel they can't tolerate. This progress underlines the importance of a holistic approach as each of our subscribers has access to personalized treatment plans based on lifestyle, eating pattern, health history, and weight loss goals, and includes medications in addition to diet, exercise, and weight loss counseling and support.

在同一時期，使用我們的複合 GLP-1 產品的客戶中，不到 10% 的人報告了他們感到無法忍受的副作用。這項進展強調了整體方法的重要性，因為我們的每個訂閱者都可以根據生活方式、飲食習慣、健康史和減肥目標獲得個性化的治療計劃，除了飲食、運動和減肥諮詢和支持之外還包括藥物治療。

We believe these figures are just the starting point for what we can help our customers achieve. By continuing to invest strategically in our technological infrastructure and further refining our approach, we believe we can deliver access to better outcomes than any other in-person or digital provider over the long term.

我們相信這些數字只是我們幫助客戶實現目標的起點。透過繼續對我們的技術基礎設施進行策略性投資並進一步改進我們的方法，我們相信我們可以長期提供比任何其他面對面或數位提供者更好的結果。

We are in a transformative moment in healthcare delivery in this country, and Hims & Hers is uniquely positioned to meet that moment and set the standard for what truly personalized care can look like for every household in the United States. We believe that we are transforming the way that consumers engage with their health. And I look forward to extending this experience to an ever-growing audience in the second half of 2024.

我們正處於這個國家醫療保健服務的變革時刻，而 Hims & Hers 具有獨特的優勢來滿足這一需求，並為美國每個家庭真正個性化的護理樹立標準。我們相信我們正在改變消費者關注健康的方式。我期待在 2024 年下半年將這種體驗擴展到越來越多的觀眾。

With that, I will pass it over to Yemi to walk through our financials in greater detail.

說完這些，我將交給 Yemi 更詳細地介紹我們的財務狀況。

Thanks, Andrew. I will start by providing an overview of our second quarter financial performance and then discuss our updated outlook for 2024. In the second quarter, we continue to strengthen our leadership position across our specialties, mental health, sexual health, men's and women's dermatology and weight loss.

謝謝，安德魯。我將首先概述我們第二季的財務業績，然後討論我們對 2024 年的最新展望。在第二季度，我們繼續加強我們在心理健康、性健康、男性和女性皮膚病學和減肥等專業領域的領導地位。

Our strategy of democratizing access to high quality personalized solutions on our platform at an affordable price continues to resonate with consumers. A rapidly evolving weight loss specialty that is inclusive of personalized oral solutions tailored to the underlying drivers, again, in individual's weight challenges. And the recently launched compound GLP-1 offering is serving as an accelerant to what was already a phenomenal trajectory.

我們的策略是，以可負擔的價格在我們的平台上提供高品質的個人化解決方案，而這項策略繼續引起消費者的共鳴。一種快速發展的減肥專業，包括針對個人體重挑戰的潛在驅動因素而量身定制的個人化口腔解決方案。而最近推出的複合 GLP-1 產品則為這原本就驚人的發展軌跡起到了加速作用。

In the second quarter, we were able to drive north of $300 million of revenue from our suite of offerings outside of GLP-1s. We consolidated revenue in the second quarter grew 52% year over year to $315.6 million, representing a 6 point acceleration in year-over-year growth relative to the prior quarter.

在第二季度，我們能夠從 GLP-1 以外的一系列產品中獲得超過 3 億美元的收入。我們第二季的綜合營收年增 52% 至 3.156 億美元，與上一季相比年增了 6 個百分點。

Expansion of our online subscriber base continues to be the primary catalyst in our incredible growth. Our subscriber base grew 43% year over year to 1.9 million. Growth in our subscriber base is being powered by two primary drivers.

線上用戶群的擴大繼續成為我們驚人成長的主要催化劑。我們的用戶群年增 43%，達到 190 萬。我們的用戶群的成長主要受到兩個驅動因素的推動。

The first is an evolution of personalized solutions that continues to attract a broader base of consumers to the platform as well as offer unique value propositions to our existing consumer base. As our offerings expand to encompass more multi condition solutions, a broader set of form factors, and customized messages, we are seeing an increasing number of our existing subscribers switch to a personalized solution.

首先是不斷演變的個人化解決方案，它將繼續吸引更廣泛的消費者群體加入平台，並為我們現有的消費者群體提供獨特的價值主張。隨著我們的服務範圍擴大到涵蓋更多的多條件解決方案、更廣泛的外形尺寸和客製化訊息，我們看到越來越多的現有用戶轉向個人化解決方案。

Additionally, we are seeing new customers overwhelmingly utilize these options with more than 55% of new users in the second quarter subscribing to a personalized solution. This is not only driven stronger retention across several specialties, but has also enabled higher engagement levels in others.

此外，我們看到新客戶大量使用這些選項，第二季超過 55% 的新用戶訂購了個人化解決方案。這不僅提高了多個專業的留存率，也提高了其他專業的參與度。

Prior to the launch of personalized solutions and sexual health, over 95% of consumers on the platform were using an on-demand solution, reflective of broader market dynamics. During the second quarter, stronger value propositions resulted in over 40% of new sex health users subscribing to solutions oriented around building a daily habit. Continued innovation and launches of new capabilities that will continue in the second half of the year gives us conviction that there is a long runway of durable growth across even our most tenured specialties.

在推出個人化解決方案和性健康服務之前，平台上超過 95% 的消費者都在使用隨選解決方案，這反映​​了更廣泛的市場動態。在第二季度，更強大的價值主張使得超過 40% 的新性健康用戶訂閱了以養成日常習慣為導向的解決方案。持續的創新和新功能的推出將在今年下半年繼續進行，這使我們堅信，即使在我們最資深的專業領域中，也存在著長期持久的成長空間。

A second primary driver of growth is our ability to combine our brand, breadth of personalized capabilities, and past learnings to more rapidly scale new specialties. Our historical timeframe for a new category to reach meaningful scale has been 1.5 to 2 years.

成長的第二個主要動力是我們能夠結合我們的品牌、廣泛的個人化能力以及過去的經驗，以更快地擴展新的專業。我們歷史上認為新類別達到有意義規模的時間範圍是 1.5 到 2 年。

In the fourth quarter of last year, we launched our weight loss specialty with a personalized set of oral based treatments designed to address the underlying root cause of an individual's weight gain. Almost 100,000 consumers have subscribed to our weight loss offering in just over seven months since launch.

去年第四季度，我們推出了減重專項服務，提供個人化的口服治療方案，旨在解決個人體重增加的根本原因。自推出以來的短短七個多月內，已有近10萬名消費者訂閱了我們的減肥產品。

In the middle of the second quarter, we expanded this offering with the launch of compound of GLP-1 injections on the platform. We expect meaningful contributions from this entire suite of solutions as we continue to evolve the personalized oral based solutions as well as our GLP-1 offering.

在第二季中期，我們擴大了這個產品系列，在平台上推出了 GLP-1 注射劑化合物。隨著我們繼續發展個人化口服解決方案以及 GLP-1 產品，我們期望這整套解決方案能夠做出有意義的貢獻。

We believe that we are in the early innings of utilizing our platform to have a transformative impact on the way consumers receive treatment for some of the most emotionally resonant conditions. As a result, we continue to invest in growth, but remain committed to adhering to our rigorous capital allocation framework.

我們相信，我們正處於利用我們的平台對消費者接受一些最能引起情感共鳴的疾病的治療方式產生變革性影響的早期階段。因此，我們將繼續投資於成長，但仍致力於遵守嚴格的資本配置框架。

We believe adherence to this framework will enable us to continue to scale our platform while also expanding margins over the long term. Our performance in the second quarter is a sound demonstration of our ability to do so.

我們相信，堅持這個框架將使我們能夠繼續擴大我們的平台，同時長期擴大利潤率。我們第二季度的表現充分證明了我們有能力做到這一點。

In the second quarter, adjusted EBITDA was $39.3 million. Adjusted EBITDA margins expanded 6 points year over year to north of 12% as efficiency gains and operating expenses offset a slight degradation in gross margin.

第二季度，調整後的 EBITDA 為 3,930 萬美元。由於效率提升和營運費用抵消了毛利率的輕微下降，調整後的 EBITDA 利潤率年增 6 個百分點，達到 12% 以上。

Gross margins were 81% in the second quarter. The addition of GLP-1s and growth of our broader weight loss specialty resulted in slight margin degradation. Early in the new offerings lifecycle, margins are typically less favorable than the expected steady state margin profile. As we scale, we continue to see gains in efficiency on our cost structure.

第二季毛利率為81%。GLP-1 的加入和我們更廣泛的減肥專業的成長導致利潤率略有下降。在新產品生命週期的早期，利潤率通常低於預期的穩定狀態利潤率狀況。隨著規模的擴大，我們的成本結構效率不斷提高。

G&A costs improved 2 points year over year to 13% and operations and support costs improved 1 point year over year to 13%. We expect continued efficiency gains in these areas over the mid to long term. Marketing as a percentage of revenue improved nearly 6 points year-over-year to 46%, marking the lowest point in our history as a public company.

一般及行政成本較去年同期改善 2 個百分點至 13%，營運與支援成本較去年同期改善 1 個百分點至 13%。我們預期中長期內這些領域的效率將持續提高。行銷佔收入的比例年增了近 6 個百分點，達到 46%，這是我們作為上市公司歷史上的最低點。

A shifting mix toward personalized solutions combined with the seasoning of newer cohorts on favorable pricing is yielding stronger retention. We also continue to benefit from customer acquisition through lower-cost channels as our brand continues to strengthen, and we scale in categories that consumers are more open to speak with others about.

向個人化解決方案轉變，加上新客戶群對優惠價格的認可，將帶來更高的留存率。隨著我們品牌的不斷加強，我們也繼續受益於透過低成本管道獲取客戶，並且我們擴大了消費者更願意與他人談論的類別。

Outstanding execution across the organization has resulting in strong free cash flow. This has allowed us to simultaneously strengthen our balance sheet, strategically invest, and return capital to shareholders. Free cash flow in the second quarter was $47.6 million, exceeding the entire amount of free cash flow generated in 2023. Cash and short term investments expanded $24 million quarter over quarter to $227 million as a result.

整個組織的出色執行帶來了強勁的自由現金流。這使我們能夠同時加強資產負債表、進行策略性投資並向股東返還資本。第二季的自由現金流為 4,760 萬美元，超過了 2023 年產生的全部自由現金流。現金和短期投資季增 2,400 萬美元，達到 2.27 億美元。

Before going into our outlook for the remainder of the year, I'd like to reiterate our capital allocation priorities and give additional insight into how we intend to utilize our balance sheet. As previously mentioned, we believe we are in the early innings of the adoption curve of a market with over 100 million potential users in the US alone.

在談到今年剩餘時間的展望之前，我想重申我們的資本配置重點，並進一步說明我們打算如何利用我們的資產負債表。如前所述，我們相信我們正處於市場採用曲線的早期階段，光在美國就有超過 1 億潛在用戶。

As such, our first priority will remain on ensuring that our platform has the ability to serve tens of millions of users across an expanding set of specialties. In addition to scaling overall capacity, this can take the form of many investments.

因此，我們的首要任務仍然是確保我們的平台能夠為不斷擴展的專業領域的數千萬用戶提供服務。除了擴大整體產能外，這還可以採取多種投資的形式。

Investments in affiliated pharmacies can unlock the ability to enable capabilities such as additional form factors, multi condition treatments of greater manufacturing complexity, and a broader set of personalized dosages on the platform. Scale allows us to automate affiliated facilities, and we're excited to embark on the next phase of that journey in the second half. Automation drives greater efficiency, enabling us to unlock more value for consumers in the platform and further strengthen our competitive position.

對附屬藥局的投資可以釋放出實現諸如額外外形尺寸、製造複雜性更高的多種病症治療以及平台上更廣泛的個性化劑量等功能的能力。規模使我們能夠實現附屬設施的自動化，我們很高興在下半年開始這趟旅程的下一階段。自動化提高了效率，使我們能夠為平台上的消費者釋放更多價值，並進一步增強我們的競爭地位。

Lastly, we will unlock new specialties and capabilities on the platform through both organic and inorganic means. The bar for M&A will remain high for us. We are willing to deploy our balance sheet towards high value assets that we feel will accelerate execution of our broader corporate strategy.

最後，我們將透過有機和無機的方式在平台上解鎖新的專業和能力。對我們來說，併購的門檻仍然很高。我們願意將資產負債表配置到我們認為將加速執行更廣泛的公司策略的高價值資產。

As Andrew mentioned, we have entered into an agreement to acquire an FDA registered 503B facility. This sets the foundation for us to efficiently enter new specialties that requires sterile compounded injectable and oral medications, while also providing optionality for increased efficiency in the cost structure for compound of GLP-1s. Our expectation is that the deal will close by the end of this year.

正如安德魯所提到的，我們已經達成協議，收購 FDA 註冊的 503B 設施。這為我們有效進入需要無菌複合注射劑和口服藥物的新專業領域奠定了基礎，同時也為提高 GLP-1 化合物的成本結構效率提供了可選性。我們預計該交易將在今年年底前完成。

A rapidly expanding free cash flow profile will enable us to efficiently return capital to shareholders. In November of last year, we announced a $50 million share repurchase program. Market dynamics enabled us to repurchase 3.9 million shares at an average price of just under $13 since the inception of the program. In the second quarter, we purchased 1.6 million shares at an average price of $12.39, fully completing the program.

快速擴大的自由現金流狀況將使我們能夠有效地向股東返還資本。去年11月，我們宣布了一項5,000萬美元的股票回購計畫。自從該計劃實施以來，市場動態使我們能夠以平均略低於 13 美元的價格回購 390 萬股。第二季度，我們以平均12.39美元的價格回購了160萬股，全面完成了該計劃。

The momentum of the business has enabled us to establish a new share repurchase program of $100 million to be utilized over the course of the next three years. This program will enable us to partially offset the effective dilution from stock based compensation as well as continuing to take advantage of momentum we believe our share price is disconnected from its intrinsic value. We are confident that we can deliver across each of these objectives while also continuing to strengthen our balance sheet.

業務的發展勢頭使我們能夠建立一項新的 1 億美元股票回購計劃，並將在未來三年內使用。該計劃將使我們能夠部分抵消股票薪酬帶來的有效稀釋，並繼續利用我們認為股價與其內在價值脫節的勢頭。我們有信心實現每一個目標，同時繼續加強我們的資產負債表。

With that backdrop, I'd like to detail our updated outlook for 2024. In the third quarter, we are anticipating revenue in the range of $375 million to $380 million, representing a year-over-year increase of 65% to 68%. We expect adjusted EBITDA to be between $35 million to $40 million, representing an adjusted EBITDA margin of 10% at the midpoint of both ranges.

在此背景下，我想詳細介紹我們對 2024 年的最新展望。我們預計第三季營收將在 3.75 億美元至 3.8 億美元之間，年增 65% 至 68%。我們預計調整後的 EBITDA 將在 3,500 萬美元至 4,000 萬美元之間，代表調整後的 EBITDA 利潤率為兩個範圍中間值的 10%。

For the full year, we are anticipating revenue of between $1.37 billion to $1.4 billion, representing a year-over-year increase of 57% to 61%. Lastly, we expect adjusted EBITDA will be between $140 million and $155 million. These adjusted EBIT and revenue ranges imply an adjusted EBITDA margin of 11% at the midpoint of both ranges.

我們預計全年營收將在 13.7 億美元至 14 億美元之間，年增 57% 至 61%。最後，我們預計調整後的 EBITDA 將在 1.4 億美元至 1.55 億美元之間。這些調整後的 EBIT 和收入範圍意味著調整後的 EBITDA 利潤率為兩個範圍中點的 11%。

In the second half, we expect to have a broader set of personalized capabilities across our specialties. As a result of this and a more comprehensive weight loss offering, we anticipate more strategic investment in marketing in the back half of the year. This investment will still maintain our typical standard of a one year payback period.

下半年，我們期望在我們的專業領域擁有更廣泛的個人化能力。由於這項措施以及更全面的減肥產品，我們預計今年下半年將在行銷方面投入更多策略資金。這項投資仍將維持我們典型的一年回收期標準。

Our guidance last quarter of $1.2 billion to $1.23 billion of revenue and $120 million to $135 million of adjusted EBITDA in 2024 was in our view already ambitious. Given this is a meaningful revision from that, I will spend a brief moment outlining some of the underlying assumptions behind our revised outlook.

我們認為，上個季度我們對 2024 年營收目標為 12 億美元至 12.3 億美元、調整後 EBITDA 目標為 1.2 億美元至 1.35 億美元的預期已經十分雄心勃勃。鑑於這是一個有意義的修訂，我將花一點時間概述我們修訂後的展望背後的一些基本假設。

We anticipate continued consumer adoption of personalized solutions for the remainder of the year. Our expectation is that we will have north of 1 million subscribers with a personalized subscription by the end of the year, close to the total number of subscribers we have in the platform just two years ago.

我們預計今年剩餘時間內消費者將繼續採用個人化解決方案。我們的預期是，到今年年底，我們將擁有超過 100 萬的個人化訂閱用戶，接近兩年前該平台的訂閱用戶總數。

Our weight loss specialty will continue to evolve throughout the year to leverage both our technology and personalized capabilities. As this happens, we expect rapid growth across the entire portfolio of offerings within this specialty.

我們的減肥專業將在全年不斷發展，以充分利用我們的技術和個性化能力。隨著這種情況的發生，我們預計該專業領域的整個產品組合將快速成長。

Utilization of third parties and other dynamics are expected to result in near term gross margin erosion of 3 points to 4 points that we expect to revert over the midterm. Long term revenue retention is expected to remain north of 85%, ensuring durability, while we scale the platform.

預計利用第三方和其他動態因素將導致短期毛利率下降 3 到 4 個百分點，我們預計中期毛利率將恢復正常。在我們擴大平台規模的同時，長期收入保留率預計將保持在 85% 以上，以確保持久性。

Line of sight toward our first full year of net income profitability is becoming increasingly clear. As of the end of 2023, we have a tax valuation allowance of $70.5 million. If our financial trajectory holds, it is likely to result in the reversal of the vast majority of this allowance as more certainty around profitability and our ability to utilize our deferred tax assets will negate the need for this allowance. This is after driving significant one-time increase in net income later this year. This will not impact any of the previously discussed ranges.

我們實現第一個全年淨收入獲利的前景變得越來越清晰。截至 2023 年底，我們的稅務估值準備金為 7,050 萬美元。如果我們的財務軌跡保持不變，則可能會導致絕大多數此類準備金被逆轉，因為盈利能力的確定性和我們利用遞延稅項資產的能力將消除對此類準備金的需求。這是在今年稍後推動淨收入一次性大幅增長之後。這不會影響之前討論的任何範圍。

2024 setting a strong foundation for the attainment of our midterm goals and fulfillment of our longer term mission. Investments today give us conviction that we will achieve our goal of adjusted EBITDA margins of at least 20%, no later than 2030.

2024年為實現我們的中期目標和完成我們的長期使命奠定了堅實的基礎。今天的投資讓我們確信，我們將在不遲於 2030 年實現調整後 EBITDA 利潤率至少達到 20% 的目標。

More exciting is that this extraordinary momentum increases our ability to have a transformative impact on society by bringing the value of our platform to tens of millions of consumers. All of this would not be possible without the hard work and dedication of our employees across Hims & Hers.

更令人興奮的是，這種非凡的勢頭透過將我們平台的價值帶給數千萬消費者，增強了我們對社會產生變革性影響的能力。如果沒有 Hims & Hers 員工的辛勤工作和奉獻，這一切都不可能實現。

I'd like to thank them as well as our shareholders for helping us fulfill our mission of helping the world feel great through the power of better health.

我要感謝他們以及我們的股東，感謝他們幫助我們實現我們的使命，透過更健康的力量讓世界感覺更好。

With that, I'd like to turn the call over to the operator for questions.

說到這裡，我想把電話轉給接線生來回答問題。

(Operator Instructions) Maria Ripps, Canaccord.

（操作員指示）Maria Ripps，Canaccord。

Great. Thanks so much for taking my questions and congrats on the strong performance here. So appreciate all the color around your guidance. It sounds like your core business continues to do really well.

偉大的。非常感謝您回答我的問題，並祝賀您在這裡的出色表現。因此，感謝您給予我的所有指導。聽起來您的核心業務繼續表現良好。

Is there any color you can able to share with us in terms of projected GLP revenue contribution for the second half of the year that's embedded in your full year outlook? And then secondly, how can this acquisition of the outsourcing facility impact your gross margins and sort of unit economics longer term?

您能否與我們分享一下預計的 GLP 對下半年營收的貢獻，並將其納入全年展望？其次，此次收購外包設施將如何影響您的長期毛利率和單位經濟效益？

Thanks for the question, Maria, this is Yemi. I'd say overall, I think we're very excited by how the core business is performing. In the second quarter, as mentioned, the core business, excluding GLT-1s deliver north of $300 million of revenue.

謝謝你的提問，瑪麗亞，我是 Yemi。總的來說，我認為我們對核心業務的表現感到非常興奮。如上所述，第二季度，核心業務（不包括 GLT-1）的收入超過 3 億美元。

What we're expecting in the second half of the year is we'll continue to innovate on the suite of personalized offerings across the core business. And so we do expect the momentum to remain strong from there.

我們預計今年下半年我們將繼續在核心業務的個人化產品套件上進行創新。因此，我們確實預計這一勢頭將保持強勁。

With respect to GLP-1 specific contributions, I think we're very much in the early days on the GLP-1 launch being less than three months out from the launch. In the second quarter, we did see very strong momentum. I think it's too early at this point to provide definitive guidance around a specific specialty or core product. But we're very pleased off of the initial launch and the confidence in the momentum for that specific vertical is very strong as we roll out the product nationally.

關於 GLP-1 的具體貢獻，我認為我們還處於 GLP-1 發布的早期階段，距離發布不到三個月。在第二季度，我們確實看到了非常強勁的勢頭。我認為現在就針對特定專業或核心產品提供明確的指導還為時過早。但我們對於首次發布感到非常高興，並且隨著我們在全國範圍內推出該產品，我們對該特定垂直領域的發展勢頭充滿信心。

With respect to your second question around gross margins, I think that typically, as we do see specialties and products within specialties scale, we historically look for opportunities to optimize the margin for those products, that can be in the form of processes that we change or increasingly, as you see across other specialties, the verticalization.

關於您關於毛利率的第二個問題，我認為通常情況下，當我們確實看到專業產品和專業規模內的產品時，我們歷來都在尋找機會來優化這些產品的利潤率，這可以採用我們改變的流程的形式，或者像您在其他專業領域看到的那樣，越來越多地採用垂直化的形式。

And so I think that the acquisition that we mentioned around the 503B facility, that will do a few things. I think it will unlock the ability to enter additional specialties within the future. But also I think it does provide opportunity for us to optimize the cost structure on the compound of GLP-1 offering.

因此我認為我們提到的圍繞 503B 設施的收購將會產生一些作用。我認為它將在未來開啟進入更多專業領域的能力。但我也認為它確實為我們提供了優化 GLP-1 產品化合物成本結構的機會。

Got it. Thank you so much, Yemi.

知道了。非常感謝，Yemi。

Allen Lutz, Bank of America.

美國銀行的艾倫·盧茨。

Hi, good afternoon and thanks for taking the questions. One for Yemi, you talked about more strategic marketing investment in the back half of the year. Can you talk about just generally as we think about the total investment in the second half of the year, potential impacts from the election, how should we think about where those marketing dollars are going in GLP-1s versus the core?

大家好，下午好，感謝您回答問題。一個關於 Yemi 的問題，您談到了今年下半年更多的策略行銷投資。您能否概括地談談，當我們考慮下半年的總投資、選舉的潛在影響時，我們應該如何考慮將行銷資金投入 GLP-1 還是核心藥物？

And then you also mentioned 30 states are live today for GLP-1s. You expect that to get to 50 by the end of the year, how much of the incremental marketing spend is going to new states? Just really trying to understand the breakdown as we think about the next six months, how much of your marketing dollars are going towards the GLP-1 business? Thanks.

然後您也提到，目前有 30 個州已經開始使用 GLP-1。您預計到今年年底這一數字將達到 50，那麼新增的行銷支出中有多少將用於新州？我們只是想了解未來六個月的細目分類，你們的行銷資金中有多少將用於 GLP-1 業務？謝謝。

Thanks to question Allen. And I think it's a really good question. I think so the way that we think around marketing is I think there are few dimensions. There is a component that can be GLP-1 specific that's in the form of traditional paid channels.

感謝艾倫的提問。我認為這是一個非常好的問題。我認為，我們對行銷的思考方式有幾個維度。有一種元件可以是 GLP-1 特定的，它以傳統付費管道的形式存在。

But just stepping back, I think one of the beauties of the Hims & Hers platform is the fact that we have a multispecialty offering and we have the ability to connect with users across multitude of specialties. And so I think a lot of the investment will come as we start to broaden the aperture of the number of personalized solutions that we have even across the core set of specialties as well as in our weight loss offering.

但退一步來說，我認為 Hims & Hers 平台的優點之一是我們提供多種專業服務，並且能夠與多個專業的使用者建立聯繫。因此，我認為，當我們開始擴大個人化解決方案的數量，甚至涵蓋核心專業領域以及減肥服務時，大量的投資將會到來。

Increasingly, you'll see a meaningful portion of the spend go towards speaking to the multi condition capabilities that you see across Hims & Hers. We've also left ourselves some room just given the fact that we are in an election year and this is new, some flexibility on that dimension.

您會越來越多地看到，很大一部分支出都用於實現 Hims & Hers 中的多種條件功能。考慮到我們正處於選舉年，我們也給自己留了一些空間，這是一個新的、靈活的面向。

We do anticipate a meaningful portion of that spend to come more in the form of speaking to consumers around the broader capabilities of the platform, weight and GLP-1, inclusive of that. I think that kind of just to provide a frame of reference for how we think around that.

我們確實預計，這筆支出的很大一部分將更多地以向消費者介紹該平台的更廣泛功能、重量和 GLP-1 等形式投入。我認為這只是為我們的思考提供一個參考框架。

I think we will still be very disciplined with the overall spend structure. It will maintain the one year payback period. We'll also look to position ourselves from economies of scale. And so I think it's a similar dynamic to what we saw in the back half of 2022, in the front half of 2023.

我認為我們仍然會非常嚴格地控制整體支出結構。它將保持一年的投資回收期。我們也將尋求從規模經濟的角度來定位自己。因此，我認為這與我們在 2022 年下半年和 2023 年上半年看到的動態相似。

So as we started to see new capabilities in the platform scale, we leaned in to a variety of different channels and we're expecting that in the second half and then expect to see leverage of the 1 to 3 points that we mentioned on a per annum basis on marketing for the next couple of years.

因此，當我們開始看到平台規模的新功能時，我們傾向於使用各種不同的管道，我們預計在下半年，我們預計在未來幾年內，行銷每年將實現我們提到的 1 到 3 個百分點的槓桿作用。

Great. And then one for Andrew. Can you just talk about the broader GLP-1 strategy? I think it's obvious we've gotten a lot of questions around the durability of this opportunity? How should we think about Hims ability to stay in the GLP-1 market in a scenario where these drugs are taken off the shortage list? Thanks.

偉大的。然後還有一篇是給安德魯的。您能談談更廣泛的 GLP-1 策略嗎？我認為很明顯我們對這個機會的持久性有很多疑問？在這些藥物不再短缺的情況下，我們該如何看待 Hims 留在 GLP-1 市場的能力？謝謝。

Yeah, thank you Allen for the question. I'd start by saying we're currently still seeing and wouldn't expect this to change thousands of patients coming to us every day, struggling to get access to these GLP-1s, including tirzepatide, which has caused a lot of news last couple of days.

是的，謝謝艾倫提出這個問題。首先我想說的是，我們目前仍然看到並且不指望這會改變每天來找我們的數千名患者，他們努力獲取這些 GLP-1，包括 tirzepatide，這在最近幾天引起了很多新聞。

I think given the breadth of the portfolio that we have, and this is inclusive of the personalized oral compounds, which as we shared in the remarks, has grown as the $100 million in run-rate business, our fastest specialty alone.

我認為，考慮到我們擁有的產品組合的廣度，其中包括個性化口服化合物，正如我們在評論中分享的那樣，該業務的運行率已增長至 1 億美元，是我們增長最快的專業領域。

But in addition to the oral compound, the branded medications, the personalized GLP-1 doses, which augment the commercially available dosages for patients that need it, as well as the off-patent GLP-1s like liraglutide.

但除了口服化合物、品牌藥物外，還有個人化 GLP-1 劑量，可增加所需的患者的商業可用劑量，以及利拉魯肽等非專利 GLP-1。

I think we believe the combination of that portfolio allows customers and providers a really robust range of offerings that we think is very durable. And this will exist and expand beyond the shortage dynamic. I think there's really established precedent with regard to the compounding exception, which allows for this level of personalization that we've spoken about for patients that need it.

我認為，我們相信該產品組合可以為客戶和供應商提供一系列真正強大的產品，我們認為這些產品非常耐用。這種現象將會存在，並且會超越短缺動態。我認為複合例外方面確實有先例，這使得我們能夠為有需要的患者提供我們所說的這種程度的個人化服務。

And I would expect that the clinical necessity of that will be really clear. With these medications as people know, there are real side effects, there are really no one size fits all dynamic. So we think there's a really robust platform that extends well beyond the shortage across a number of these avenues.

我希望這一點的臨床必要性能夠非常明確。眾所周知，這些藥物確實存在副作用，因此沒有萬能的藥物可以解決所有問題。因此，我們認為，這是一個真正強大的平台，能夠彌補許多途徑的短缺。

Great. Thanks, Andrew.

偉大的。謝謝，安德魯。

Thanks, Alan.

謝謝，艾倫。

Jack Wallace, Guggenheim Securities.

古根漢證券公司的傑克華萊士。

Hey, thanks for taking my questions and congrats on a great quarter. Just wanted to follow-up to that last question and maybe ask the personalization element a different way. Is there a -- is the existing product in the marketing existing form factor, is that enough to be personalized or is it through a personalized dosing regimen personalized enough to operate under a personalization exemption after the drugs are off the shortage list or do they need to be further personalization enhancements to make that possible?

嘿，感謝您回答我的問題，並祝賀您本季度取得了出色的成績。只是想跟進最後一個問題，也許以不同的方式詢問個人化元素。是否存在 - 行銷中的現有產品是否具有現有的形式因素，是否足以實現個性化，或者是否通過個性化給藥方案足夠個性化，以便在藥品脫離短缺名單後在個性化豁免下運作，或者是否需要進一步個性化增強才能實現這一點？

And as a follow-up to that, how much is the MedMatch capability and the data you're collecting on the platform going to be empowering those personalization enhancements to the medication? Thank you.

接下來，MedMatch 的功能和您在平台上收集的數據將在多大程度上增強藥物的個人化功能？謝謝。

Yeah. Thanks. Thanks Jack, good question. The short answer is that the compound exemption it's relatively clear there's been decades of established precedence with regards to what qualifies as personalized and this often is form factor, as you outlined or could be dosing dynamics of a patient is not getting the outcome that they're hoping for or they're experiencing side effects that are intolerable.

是的。謝謝。謝謝傑克，好問題。簡短的回答是，複合豁免相對明顯，關於什麼才算個性化，已有數十年的既定先例，而這通常是形式因素，正如您所概述的，或者可能是患者的劑量動態沒有得到他們希望的結果，或者他們正在經歷無法忍受的副作用。

So these types of customizations are relatively well established. And I think the clinical necessity of compounding and the clinical necessity of personalizing medications is really well established, right? This is not overwhelmingly the case, but in many ways these personalized dosages (inaudible) what is commercially available.

所以這些類型的客製化相對來說已經比較完善了。我認為複合藥物的臨床必要性和個人化藥物的臨床必要性已經得到充分證實，對嗎？這種情況並不普遍，但從很多方面來看，這些個人化劑量（聽不清楚）都是可以商業化獲得的。

And so I think our personalization dosages that exist on the platform today are offering fantastic high touch care to patients that otherwise really wouldn't be able to experience the benefits of GLP-1. Now to expect in the future in a post-COVID world, this also continues to exist for patients as an access point.

因此，我認為我們目前平台上的個人化劑量為患者提供了極好的高接觸護理，否則他們將無法真正體驗 GLP-1 的好處。可以預見，在後疫情時代，這仍將作為患者的一個接入點而繼續存在。

With regard to MedMatch, I think what is happening right now is that there is an expansion of a breadth of options that we are bringing to the market in the second half of this year and next year across all avenues, this is oral compounds, new combination therapies on the oral side, this is branded medications when available (technical difficulty) liraglutide.

關於 MedMatch，我認為現在的情況是，我們將在今年下半年和明年透過各種途徑向市場提供更廣泛的選擇，包括口服化合物、口服方面的新聯合療法，以及在利拉魯肽可用時提供的品牌藥物（技術難度）。

And so the breadth is only expanding. The range of dosages is only expanding on the platform, which gives providers and patients that level of nuance that we think is really, really critical. And when you match (technical difficulty) capability of MedMatch to help identify the right (technical difficulty) people, the right end dose adjustments as necessary for a patient. We think that combination is incredibly strong.

因此廣度只會不斷擴大。該平台上的劑量範圍正在不斷擴大，這為供應商和患者提供了我們認為非常非常關鍵的細微差別。當您進行配對（技術難度）時，MedMatch 的功能可以幫助識別合適的（技術難度）人選，並根據需要為患者進行正確的最終劑量調整。我們認為這種組合非常強大。

And the data today already suggests patients are having really world class experiences. But long term, honestly, we believe the combination of that breadth of portfolio and MedMatch together will be able to hopefully result in clinical outcomes that are far superior than you can get not only in brick and mortar but also via any online type telemedicine provider.

今天的數據已經顯示患者正在享受真正世界一流的體驗。但從長遠來看，老實說，我們相信，廣泛的產品組合和 MedMatch 的結合將有望帶來遠遠優於實體醫療和任何線上遠距醫療提供者所能獲得的臨床結果。

Gosh, that's helpful. Thank you, Andrew. And then Yemi, just a quick two partner on the guide. I just wanted to make sure I heard it correctly. For the gross margin erosion in the back half of the year from the launch in categories, is that for a second half versus first half comparison, or is that a full year comparison? And I'll leave it there.

天哪，這很有幫助。謝謝你，安德魯。然後是 Yemi，只是導遊的兩位快速搭檔。我只是想確保我聽得正確。對於下半年各類別產品推出後的毛利率下降，是下半年與上半年的比較，還是全年的比較？我就把它留在那裡。

Yeah, thanks for the question, Jack. Yeah, it's a first half versus second half comparison. And so I think in the near term, while we look to optimize the cost structure for our overall weight categories, specifically GLP-1s, we do expect some compression, but I think that we do expect that to revert in the midterm once some of the investments that we mentioned earlier start to come online.

是的，謝謝你的提問，傑克。是的，這是上半場與下半場的比較。因此我認為，在短期內，雖然我們希望優化整體重量類別（特別是 GLP-1）的成本結構，但我們確實預計會出現一些壓縮，但我認為，一旦我們之前提到的一些投資開始上線，我們確實預計這種情況會在中期恢復。

Daniel Grosslight, Citi.

花旗銀行的丹尼爾‧格羅斯萊特（Daniel Grosslight）。

Hi, thanks for taking the question. I know you probably haven't gotten this question in about a year now, but it seems like everyone's thinking about this. At least today, a weakening economy and a potential recession. I'm curious if you've seen any signs out there of a slackening in consumer demand? And if so, if you can kind of describe where that segment is coming in?

你好，謝謝你回答這個問題。我知道你可能已經有一年左右沒有遇到這個問題了，但似乎每個人都在思考這個問題。至少在今天，經濟正在走弱，並可能陷入衰退。我很好奇，您是否看過消費需求放緩的跡象？如果是的話，您能否描述一下該部分的內容？

Hey Dan, this is Yemi. Thanks for the question. I think overall, in the second quarter, we've not seen any meaningful degradation from the consumer. I think that's similar to during other periods of economic uncertainty, we do see the consumer continue to remain durable.

嘿，丹，我是 Yemi。謝謝你的提問。我認為總體而言，在第二季度，我們並未看到消費者有任何明顯的下滑。我認為這與其他經濟不確定時期類似，我們確實看到消費者繼續保持耐用性。

I think there's a few reasons behind this. One is just the diversity and the breadth of the consumers that we serve across different age ranges, income levels, geographic locations is pretty broad. The second is that we serve consumers across a wide variety of some of the most emotionally resonant conditions that impact how they look, how they sell each and every day.

我認為背後有幾個原因。一是我們所服務的消費者的多樣性和廣度相當廣泛，涵蓋不同的年齡層、收入水平和地理位置。第二，我們為各種最能引起情感共鳴的消費者提供服務，這些因素影響著他們的外表和日常的銷售方式。

And so we've observed historically during these moments of economic uncertainty is that consumers are very reticent to let that go.

因此，我們從歷史上觀察到，在經濟不確定的時刻，消費者非常不願意放棄這一點。

We are continuously excited by some of the optimization around our cost structure being able to place even some of the most personalized products at more and more attractive price points that are transparent and provide consumers with access to a holistic solution from being able to match their providers to be able to leverage the technology across the platform to get matched with an attractive solution at a price point that is oftentimes less than the collection of deductibles for them to do so.

我們不斷對成本結構的一些優化感到興奮，能夠將一些最個性化的產品以越來越有吸引力的價格出售，這些價格是透明的，並為消費者提供整體解決方案，從能夠匹配他們的供應商到能夠利用整個平台的技術，以通常低於他們這樣做的免賠額的價格匹配一個有吸引力的解決方案。

And so overall, we've not seen a slowdown. And I think based upon what we've seen historically during these periods of economic uncertainty, we do have very high conviction in the ability for our consumers to continue to come to the platform and ultimately for the platform to continue to grow.

因此整體而言，我們並未看到經濟放緩。我認為，根據我們在這些經濟不確定時期的歷史經驗，我們確實非常有信心我們的消費者有能力繼續使用該平台，並且最終該平台能夠繼續發展。

Got it. Okay. And Yemi, and Andrew as well, you both mentioned more folks coming to the platform, taking product that cuts across categories are a single product that cuts across categories. I'm curious if you can provide an update on how many folks are taking multiple drugs across categories or single drug across categories. And then of the folks who have come in for GLPs, have any of them converted to other products in other categories.

知道了。好的。Yemi 和 Andrew 也提到，你們都提到了更多的人來到這個平台，採用跨類別的產品，即單一跨類別的產品。我很好奇您是否可以提供最新信息，有多少人服用跨類別的多種藥物或跨類別的單一藥物。那麼，在那些參加 GLP 的人中，是否有人轉換到其他類別的產品？

Thanks Daniel. I think I can kick it off. On the on the personalization side and the cross-category side, we don't disclose specifically maybe the specialty mixes and how those cross, but I would point to the pretty rapid acceleration, personalized adoption.

謝謝丹尼爾。我想我可以開始了。在個人化方面和跨類別方面，我們可能不會特別透露專業組合以及它們如何交叉，但我想指出的是，個人化採用的速度相當快。

We shared 55% of new subscribers are now planned for personalized product and 40% of the entire (technical difficulty) This is going pretty fast from astronomical speed acceleration relative to last year (technical difficulty) customizations and aggregation across specialties.

我們分享了 55% 的新訂戶現在計劃用於個性化產品和 40% 的整體（技術難度）這與去年相比以天文速度加速（技術難度）跨專業的定制和聚合相比發展得相當快。

I think specifically on the weight category, (technical difficulty) a really complex mix of (technical difficulty) issues. But I think the overall compound category that we have has scaled so quickly and has had such great success is because it's really treating many underlying conditions, right? And that could be depressive eating dynamics, binge eating, metabolic disorders, insulin resistant.

我認為，具體到重量類別，（技術難度）問題確實非常複雜。但我認為，我們的整體複合類別之所以能夠如此迅速地擴大規模並取得如此巨大的成功，是因為它確實可以治療許多潛在疾病，對嗎？這可能是憂鬱性飲食動態、暴飲暴食、代謝紊亂、胰島素抗性。

And so I think for the obesity category in general, I would expect there to be very significant cross category and cross specialty concerns, whereby both in oral combination through compounding therapies as well as certain bundling option, the ability for us to treat a person or holistically because I think the patient, frankly, will just necessitated.

因此，我認為對於肥胖症類別總體而言，我預計會有非常重要的跨類別和跨專業問題，透過複合療法的口服組合以及某些捆綁選擇，我們可以治療一個人或整體，因為我認為坦率地說，患者是必要的。

I think the patients more than many -- more than maybe any patient we've seen on the platform is requiring a more holistic approach, which I think will then be reflected in the bundles and offerings and compounds that you will see the company bring to market.

我認為，與我們平台上見過的許多患者相比，這些患者——也許比任何患者——都需要更全面的治療方法，我認為這將反映在公司推向市場的捆綁產品、產品和化合物中。

Jonna Kim, TD Cowen.

喬娜金（Jonna Kim），TD Cowen。

So thanks for taking my question. Could you just provide additional color around the unit economics of the GLP-1s and how you're able to offer the GLP-1s at a current price point that are way below others in the market. And Yemi, would love to get additional color around how what you're assuming around monthly revenues and subscriber adds in your guide? Thank you so much.

感謝您回答我的問題。您能否提供有關 GLP-1 單位經濟效益的更多細節，以及您如何能夠以遠低於市場上其他產品的當前價格提供 GLP-1。還有 Yemi，您能否進一步了解您對指南中每月收入和訂閱用戶增加的假設？太感謝了。

Yeah. Thanks so much for the question, Jonna. I think what we -- how we're able to offer the structure that we are and the pricing that we are around GLP-1 is really just a reflection of the benefits from the scale that we have today, just given how the number of consumers on our platform that enables us when we do partnerships with third parties to negotiate across the supply chain, a cost structure that enables us to place it at these price points.

是的。非常感謝你的提問，喬娜。我認為我們如何能夠提供現有的結構以及圍繞 GLP-1 的定價實際上只是我們今天所擁有的規模帶來的好處的反映，考慮到我們平台上的消費者數量，當我們與第三方合作時，這使我們能夠在整個供應鏈中進行談判，形成一種成本結構，使我們能夠將其置於這些價格點。

I think what's even more exciting is with our scale, with our balance sheet, we're able to make investments in the future< that provide line of sight to an increasingly strong set of unit economics. And so I think as the cost structure stands today, on a gross margin basis, GLP-1s do have a dilutive effect on the gross margins.

我認為更令人興奮的是，憑藉我們的規模和資產負債表，我們能夠對未來進行投資，從而為日益強大的單位經濟提供視線。因此，我認為，以目前的成本結構，從毛利率來看，GLP-1 確實會對毛利率產生稀釋作用。

I think we're confident that as we continue to make investments in verticalization, optimizing processes, continuing to look for optimization opportunities across the logistics, the economics and what we've observed in other specialties, as they started to season a bit, will only mature. And so I think that the price points that we put the GLP-1s at are a reflection of us being able to utilize this muscle historically in the past.

我認為我們有信心，隨著我們繼續在垂直化、優化流程方面進行投資，繼續尋找物流、經濟方面的優化機會，以及我們在其他專業領域觀察到的情況，隨著它們開始逐漸成熟，它們只會逐漸成熟。因此，我認為我們為 GLP-1 設定的價位反映了我們過去能夠利用這種肌肉。

With respect to some of the dynamics in the back half of the year around gross subscriber adds and monthly average revenue per subscriber, we don't necessarily give specific guidance there, but can speak to what are some of the broad trends and themes that we do expect.

關於下半年新增用戶數和每個用戶月平均收入的一些動態，我們不一定能給出具體的指導，但可以談談我們預期的一些大趨勢和主題。

Overall, I think resoundingly we do expect the vast majority of growth to continue to come from subscribers coming onto the platform at increasingly stronger and stronger levels, that setting there are a few different dynamics that we do expect will lead to growth in the monthly average revenue per subscriber.

總體而言，我認為我們確實預計絕大多數成長將繼續來自平台訂閱用戶數量的不斷增長，我們預計在幾個不同的動態因素的影響下，每位訂閱用戶的月平均收入將有所增長。

The price point of the overall weight category on a monthly basis, roughly $79 a month for the oral compounds to as well as $199 per month on the GLP-1 offering. While that is very attractive for the overall market, it is accretive to the price points that the rest of the core businesses offer that.

整體重量類別的每月價格點為口服化合物每月約 79 美元，GLP-1 產品每月約 199 美元。雖然這對整個市場來說非常有吸引力，但它也會增加其他核心業務所提供的價格點。

And so as the weight offering continues to scale, we would expect upward dynamics on the monthly average revenue per subscriber in the back half of the year. Additionally, we do see more and more users each quarter up for personalized solutions, that's coming from new users that increasingly are opting for those solutions as well as existing users making the switch as there's more and more value offer to consumers.

因此，隨著服務重量的不斷增加，我們預計下半年每位用戶的月平均收入將呈現上升趨勢。此外，我們確實看到每個季度都有越來越多的用戶尋求個人化解決方案，這來自越來越多選擇這些解決方案的新用戶以及由於向消費者提供越來越多的價值而進行的轉換的現有用戶。

And so as we look to launch more unique form factors, as we also look to launch more personalized offerings that cut across multiple conditions, we would expect that trend to continue to accelerate in the back half of the year, which would again lead to some tailwinds on the monthly average revenue per subscribers.

因此，當我們尋求推出更多獨特的外形尺寸時，我們也希望推出更多能夠跨越多種條件的個人化產品，我們預計這種趨勢將在今年下半年繼續加速，這將再次為每位用戶的月平均收入帶來一些順風。

So that is an element of monthly average revenue per subscriber that we do expect to elevate and increase in the back half of the year. But we still do expect the vast majority of growth to come from new subscriber additions onto the platform.

因此，我們確實預計，這是每位用戶每月平均收入的一部分，今年下半年這一數字將會上升和增加。但我們仍然預計，絕大部分的成長將來自於平台新用戶的增加。

Got it. Thank you so much.

知道了。太感謝了。

Aaron Kessler, Seaport.

亞倫·凱斯勒，海港。

Hey guys, great a couple of questions. Maybe first, just on the guidance. I heard kind of on a personalized solutions in terms of the increased revenue, would you attribute any categories as well? Is it mostly on weight loss or is it really across categories? And then just maybe any updates on some of your other key categories, including dermatology, mental health and sexual health as well. Thank you.

嘿夥計們，有幾個問題很好。也許首先只是指導。我聽說個人化解決方案可以增加收入，您會將其歸類嗎？它主要針對減肥嗎？還是真的跨類別？然後也許還會更新一些其他關鍵類別的信息，包括皮膚病學、心理健康和性健康。謝謝。

Well, maybe let Andrew speak to like the broader dynamics, and I can cut into some of the more detailed nuances there.

好吧，也許讓安德魯談談更廣泛的動態，然後我可以談談其中的一些更詳細的細微差別。

Yeah, great question. Aaron, thanks for question. I think across categories, (technical difficulty) offering and engaging with personalized products is up 3 times year-over-year. In particular, what's really interesting is it's not just personalized, but it's actually more engaged behavior.

是的，很好的問題。亞倫，謝謝你的提問。我認為，在各個類別中，提供和參與個人化產品的（技術難度）比去年同期成長了 3 倍。特別有趣的是，它不僅僅是個性化，而且實際上是一種更具參與性的行為。

So on the men's side of the business (technical difficulty) weight loss business fully unlocking a step function on top of what is already a very robust set of priorities.

因此，在男性業務方面（技術難度），減肥業務在已經非常強大的一套優先事項的基礎上完全解鎖了階梯功能。

Yeah, I think just to follow up on that. I think Andrew was breaking up a bit. I think we do expect the adoption of personalization to cut across most of the specialties. What we have seen is that as we continue to elevate the breadth of choices, both in terms of new form factors or offering products within conditions, they offer multiple sources of value within specialty, we see more and more consumers opt to switch to those.

是的，我想只是跟進一下。我認為安德魯有點崩潰了。我認為我們確實希望個人化的採用能涵蓋大多數專業領域。我們看到的是，隨著我們不斷擴大選擇的廣度，無論是在新的形式因素方面還是在條件下提供的產品，它們在專業領域提供了多種價值來源，我們看到越來越多的消費者選擇轉向這些。

We also do you expect in the back half of the year, the innovation will accelerate across multiple of our specialties. Additionally, we do expect in the back half of the year is for the ability to bring solutions that cut across popular specialties concurrently.

我們也預計，今年下半年，我們多個專業的創新將會加速。此外，我們確實期望在今年下半年能夠同時推出跨越熱門專業的解決方案。

And so with that, we do expect more and more consumers to either revert to that, whether that's new users that are opting for more of those solutions with greater frequency or are existing users switch. And so an example of what we've seen that we -- that Andrew mentioned in his prepared remarks, is in the sexual health business, we've seen a rapid uptick in the adoption of personalized products as we've brought on solutions like the hard mints or the multi condition solutions such as the heart health products.

因此，我們確實預期會有越來越多的消費者回歸到這種模式，無論是新用戶更頻繁地選擇這些解決方案，還是現有用戶轉換過來。舉個例子，安德魯在他的準備好的發言中提到，在性健康領域，隨著我們推出硬薄荷糖等解決方案或多種病症解決方案（如心臟健康產品），個性化產品的採用率迅速上升。

As a result of that, we've seen more and more folks opt to switch to a daily habit in a specialty that's historically been more of an on-demand type of dynamic. And so we're confident in the back half of the year. But as that value continues to broaden, more and more users across all of our specialties will do so.

因此，我們看到越來越多的人選擇將一項專業領域的日常習慣轉變為按需動態習慣。因此我們對今年下半年充滿信心。但隨著這價值的不斷擴大，我們各個專業領域的越來越多的用戶都會這麼做。

In the weight management category, I think we're very excited by that. And similar to our mental health category, when you're able to combine our ability to offer a very broad set of personalized solutions with technology that can assist providers in matching consumers to the solution that is likely to yield successful results with potentially less side effects.

在體重管理方面，我認為我們對此感到非常興奮。與我們的心理健康類別類似，當您能夠將我們提供的廣泛的個人化解決方案的能力與技術結合時，可以幫助提供者為消費者匹配可能產生成功結果且副作用更少的解決方案。

We generally see that that yields to a few things. One is it just fosters a greater build of consumer trust. Also, we do see is that the retention as a result of the stronger value proposition as well as the dynamics, we've been able to mitigate side effect concerns or meet consumers with their preferences that generally yields to both stronger retention as well as acquisition. And so we're very excited by the portfolio that's to come in the second half of the year.

我們通常會發現這會導致一些結果。一是它有助於增強消費者的信任。此外，我們確實看到，由於更強大的價值主張和動態，我們已經能夠減輕副作用問題或滿足消費者的偏好，這通常會帶來更強的保留率和收購率。因此，我們對下半年即將推出的投資組合感到非常興奮。

Great. That's helpful. Thank you.

偉大的。這很有幫助。謝謝。

Michael Cherny, Leerink Partners.

Leerink Partners 的 Michael Cherny。

Good afternoon. Thanks for taking the question. I want to come back to this dynamic of the, I guess, called multiyear long term components of your GLP-1 business within weight management. I know some questions have been asked about the patent protection and where you sit.

午安.感謝您回答這個問題。我想回到這個動態，我想，這就是你們的 GLP-1 業務在體重管理中的多年長期組成部分。我知道有人問到一些有關專利保護以及您所處位置的問題。

If you can maybe give us some examples, given this is obviously still an evolving market on where you've seen some of these dynamics put in place. You obviously have the ability to scale well, but I think also companies like Lilly and Novo are clearly going to go out of the way to protect the franchises they have.

鑑於這顯然仍是一個不斷發展的市場，您能否給我們舉一些例子，您已經看到其中一些動態已經到位。你顯然有能力很好地擴大規模，但我認為像禮來和諾和諾德這樣的公司顯然會不遺餘力地保護他們擁有的特許經營權。

And also I know that you have the ability to offer branded components over time. So I guess along all those lines, how should we expect all of this dynamic to develop relative to your product availability, the mix of compounded versus traditional brand over time and where you sit in the marketplace, knowing some of the dynamics around their focus on their patent tickets.

而且我也知道您有能力隨著時間的推移提供品牌組件。因此，我想，沿著所有這些思路，我們應該如何預期所有這些動態相對於您的產品可用性、複合品牌與傳統品牌的組合隨時間的變化以及您在市場中的位置而發展，了解他們對專利票關注的一些動態。

Thanks, Michael. I'll take a crack. I think at a high level, you should expect some degree of fluidity right over the next couple of years, just given I think there's going to be not only a changing market dynamic with the current medications that are on shortage, but I think there's also probably going to be 5 or 10 new medication that come to market in the next few years, just given if you look at the clinical studies and the FDA pipeline.

謝謝，麥可。我要嘗試一下。我認為，從總體上看，未來幾年應該會出現一定程度的流動性，因為我認為不僅當前藥物短缺的市場動態會發生變化，而且我認為未來幾年還可能有 5 到 10 種新藥上市，如果你看一下臨床研究和 FDA 管道的話。

So I think you're looking at 5 to 10 years of (technical difficulty) innovation, all kind of expanding off of the initial GLP-1 learning, and that first medication out there with liraglutide now coming off time. So I think what you can expect is some fluidity without question.

所以我認為你正在考慮 5 到 10 年的（技術難度）創新，各種擴展，從最初的 GLP-1 學習開始，而第一種藥物利拉魯肽現在已經面世。因此我認為毫無疑問你可以期待一定的流動性。

Where I think we get a lot of confidence is that there's a really broad set of offerings under the hood that we believe in combination results in a really durable business line. As we talked about the oral compounds that we have launched that in and of itself is the fastest growing specialty we've ever launched on the platform, achieving north of $100 million run rate just in six or seven months. We expect huge evolutions in that platform and expansion of offerings there that patients really do love and are having great outcomes.

我認為我們非常有信心，因為我們擁有非常廣泛的產品系列，我們相信這些產品的結合將形成真正持久的業務線。正如我們所談到的，我們推出的口服化合物本身就是我們平台上推出的成長最快的專業產品，僅在六、七個月內就實現了超過 1 億美元的運行率。我們期待該平台能夠發生巨大的變化，並擴大其提供的服務範圍，讓患者真正喜愛並獲得良好的治療效果。

And then on the injectable side, I think there's going to be without question a long horizon of on and off availability just given the demand. We see thousands of patients coming every single day saying that they can't get access to these medications. And so we suspect that we'll be able to offer commercially available dosages in some form for extended periods.

然後在註射劑方面，我認為只要有需求，毫無疑問注射劑的供應將會長期存在。我們每天都會看到成千上萬的病人來找我們，說他們無法取得這些藥物。因此，我們認為我們將能夠以某種形式長期提供可供商業使用的劑量。

I think on top of that, as you said, as supply grows, we are excited to bring the branded medications for patients that are interested onto the platform as well as the personalized dosages. The compounding (technical difficulty) titration and end dose customization exists and operates regardless of shortage. This is an exemption for which we operate the entire business under and have for the last six or seven years.

我認為除此之外，正如您所說，隨著供應的增長，我們很高興將有興趣的患者的品牌藥物以及個人化劑量引入平台。無論是否存在短缺，配製（技術難度）滴定和最終劑量定制都存在並可運行。這是我們整個業務運作所遵循的豁免政策，過去六、七年來一直如此。

And there's really established precedent where everybody in market, really respect the clinical need of personalization and realizes that often these personalized dosages augment what is commercially available and are not directly cannibalizing large pharma.

而且確實有先例，市場上的每個人都真正尊重個人化的臨床需求，並意識到這些個人化劑量通常會增強市售藥物的有效性，而不會直接蠶食大型製藥公司的市場份額。

So when you think about very few, if any examples where large pharma comes after legitimate clinically necessary compounding, and what we're seeing on our platform is that for these medications that that clinical customization is definitely needed for some patients. And we believe in combination with the rest of the portfolio that will be included and available to patients for over a long period of time.

因此，當您想到很少的例子時，大型製藥公司會進行合法的臨床必要配製，而我們在平台上看到的是，對於這些藥物，某些患者肯定需要進行臨床客製化。我們相信，與其他產品組合結合，這些產品將長期被患者使用。

So maybe if I can ask one more quick question, especially given your future offerings, what is your current day-to-day relationship like with Lilly and Novo? And how much are you preparing for that branded offering as some of the products come off shortage?

所以也許我可以再問一個簡單的問題，特別是考慮到您未來的產品，您目前與禮來和諾和諾德的日常關係如何？由於部分產品出現短缺，您為該品牌產品準備了多少資金？

Yes, it's a great question. We as you guys probably saw, we recently brought on KÃ¥re Schultz to the Board who was there for north of 20, 25 years as President and COO. I think we are sitting in the same place as almost everybody in market, which is trying to get supply for the branded medication.

是的，這是一個很好的問題。正如你們可能看到的，我們最近將凱爾·舒爾茨 (KÃ¥re Schultz) 引入董事會，他曾在公司擔任總裁兼首席營運長 20 至 25 年。我認為我們與市場上幾乎所有人處於同樣的境地，都在努力獲得品牌藥物的供應。

We know that some customers will without question one easy quick application of the self-inject pen. They know the brand. They trust the brand, and they see all the benefits of that medication and they want those medications.

我們知道，有些顧客會毫無疑問地輕鬆快速地使用自註筆。他們知道這個品牌。他們信任該品牌，並且看到了該藥物的所有好處，因此他們想要這些藥物。

So we I think, like many others, if not almost everybody, are trying our best to source supply. I think what we can tell you is that it's not easy, there's not really any available in volume, but we are doing our best to try to aggregate some and have a durable supply of that for our customers.

因此，我認為，我們和許多其他人（如果不是幾乎所有人）一樣，都在盡力尋找供應。我想我們可以告訴你的是，這並不容易，實際上並沒有任何可用的數量，但我們正在盡最大努力聚集一些並為我們的客戶提供持久的供應。

Jailendra Singh, Truist Securities.

Jailendra Singh，Truist Securities。

Thank you and thanks for taking my questions. One follow-up on gross margin trends. I know I'm making some assumptions here, but I'm getting low to mid 50% gross margin on GLP-1 offering in the quarter. Just to confirm if I'm in the ballpark, it seems you expect the margins to improve on this offering as you have kind of being a 503B outsourcing facility onboard.

謝謝您，也謝謝您回答我的問題。對毛利率趨勢進行追蹤。我知道我在這裡做了一些假設，但本季 GLP-1 產品的毛利率約為 50% 至 50% 之間。只是為了確認我是否在大致範圍內，似乎您預計此產品的利潤率會提高，因為您已經成為 503B 外包設施。

So on that point, does owning that facility anyways impact your relationship and economics of BPI labs, the facility you currently have agreement with. How quickly can you shift volume to your own facility? Just trying to understand if there are any contractual agreements with your existing partner, which would put any restrictions on how aggressively you can leverage your own facilities?

那麼從這一點來看，擁有該設施是否會影響您與 BPI 實驗室（您目前與之有協議的設施）的關係和經濟狀況。您能多快將產量轉移到自己的工廠？只是想了解您與現有合作夥伴之間是否有任何合約協議，這些協議會對您如何積極地利用自己的設施施加任何限制？

Yeah. Thanks for the question, Jailendra. I think we don't comment on the specific gross margins for any individual product. Like most other products in the near term, we do see some degree of gross margin degradation.

是的。謝謝你的提問，Jailendra。我認為我們不會對任何單一產品的具體毛利率發表評論。與近期大多數其他產品一樣，我們確實看到一定程度的毛利率下降。

I think that as products tend to season in their tenure, there's a multitude of different levers that we have to pull to improve the unit economics. This is everything from being able to intelligently adjusts information and product dynamics of the consumer to reduce customer service costs, to be able to optimize on the logistics of the supply chain, automate some of the facilities to verticalization.

我認為，隨著產品在其使用壽命內逐漸老化，我們必須採取多種不同的手段來提高單位經濟效益。這包括能夠智慧地調整消費者的資訊和產品動態以降低客戶服務成本，能夠優化供應鏈的物流，實現某些設施的自動化以及垂直化。

Those have been historical levers we've pulled in the past, and I think we're confident in our ability to do each of those over time with GLP-1s. In the near term, we do expect to see some gross margin compression.

這些都是我們過去曾經使用過的歷史性槓桿，我認為我們有信心隨著時間的推移利用 GLP-1 來實現這些槓桿。短期內，我們確實預期毛利率會有所壓縮。

But as we start to go out into next year, the ability to start to deploy multiple of those levers does come into play. And so I think as Andrew has mentioned historically in the past, as we make investments, we tend to think about them on multiyear horizons and look to have multiple different angles to do so.

但隨著我們開始進入明年，開始部署多個槓桿的能力確實開始發揮作用。因此，我認為，正如安德魯過去提到的那樣，當我們進行投資時，我們傾向於從多年的角度來考慮，並從多個不同的角度進行投資。

And so while GLP-1 scale in the near term, there's roughly the couple of points of margin degradation in the back half of this year that we're expecting. We do expect in the midterm as we start to optimize some of those efficiency levers, increases with the verticalization. We have the ability to revert that, but there's no like individual lever of, it's only verticalization, or it's only optimization in terms of our processes. We have the ability to pull multiple levers and expand the margins over time.

因此，儘管 GLP-1 在短期內會擴大規模，但我們預計今年下半年利潤率將下降約幾個點。我們確實預計，隨著我們開始優化一些效率槓桿，中期效率會隨著垂直化而提高。我們有能力扭轉這種局面，但沒有單獨的槓桿，這只是垂直化，或者只是我們流程方面的最佳化。我們有能力利用多種手段來逐步擴大利潤。

But just to clarify, there's no restriction from the existing pharmacy partner to shift any volume right?

但需要澄清的是，現有的藥局合作夥伴對轉移任何數量沒有任何限制，對嗎？

We don't speak to the specific dynamics around what happens or what the partnership arrangement looks like for any individual partner. That said, I think that what we do expect is there's a period of time for us to close the deal.

我們不會談論具體發生了什麼事情，或者對於任何單一合夥人來說，合作安排是什麼樣的。話雖如此，我認為我們確實需要一段時間來完成這筆交易。

There's often a period of time for us to invest accordingly to be able to scale up appropriately. I think that those dynamics we do expect to occur more in the midterm. And so as those occur, we would expect the gross margins to expand.

我們通常需要一段時間進行相應的投資才能適當擴大規模。我認為我們確實預計這些動態將在中期更多地出現。當這些情況發生時，我們預計毛利率將會擴大。

Glen Santangelo, Jefferies.

傑富瑞的格倫桑坦傑洛。

Oh yeah, thanks for taking my questions. Just a couple from me. Hey, Yemi, I want to follow up on are these incremental subscribers to the compound to GLP-1 products, are many of the subscribers taking advantage of multi-month subscriptions?

哦，是的，感謝您回答我的問題。距離我只有幾對。嘿，Yemi，我想跟進一下這些複合 GLP-1 產品的增量訂閱者，其中許多訂閱者是否利用了一個多月訂閱的優勢？

Could you give us a little bit more about the demographic of these types of subscribers? And like on average, how many months are they, are they buying at a time? Anything you can tell us to help us think about that? And then I have a quick follow-up.

您能否向我們詳細介紹一下這類訂閱者的人口統計？平均而言，他們一次購買幾個月？您能告訴我們什麼來幫助我們思考這個問題嗎？然後我有一個快速的跟進。

Yeah, thanks for the question, Glen. We do see the vast majority of subscribers on the just the overall weight management solution, both inclusive of oral as well as GLP-1s up for multi months. What you do see as I think that the price points as you make longer term commitments tend to be more attractable, we also do see is that this is a product across all of the way towards oral and GLP-1s that does require multiple months of commitment to really get to the appropriate titration schedule and see the effects emerge.

是的，謝謝你的提問，格倫。我們確實看到大多數訂閱者只使用整體體重管理解決方案，包括口服和 GLP-1，持續數月。我認為，隨著您做出長期承諾，價格點往往會更具吸引力，您確實看到了這一點，我們也確實看到，這是一款涵蓋口服和 GLP-1 的所有產品，確實需要數月的承諾才能真正達到適當的滴定計劃並看到效果。

And so as a result of that, we do see the overwhelmingly majority of consumers opt for a multi-month solution.

因此，我們確實看到絕大多數消費者選擇多個月解決方案。

Yeah, that's what I thought. So my follow-up question is, I guess, how many months of this compounded semaglutide can you ship it once? And then when I think about the revenue recognition, sort of related to that, if you ship three months at once, book all three months of the revenue upfront, any sort of clarity on how that works? I mean, I think that would help us a lot from a modeling perspective. Thanks, and I'll stop there.

是的，我就是這麼想的。所以我的後續問題是，我猜，這種複方司美格魯肽您一次可以運送幾個月？然後，當我考慮收入確認時，有點與此相關，如果您一次發貨三個月，則預先記錄所有三個月的收入，對此有何明確說明？我的意思是，我認為從建模的角度來看這對我們有很大幫助。謝謝，我就講到這裡。

Yes, I think that the short answer is I think that the number of months that we ship does vary, state, state to state. Typically we depending on the duration that the individuals selects we do typically ship between three months or no more than six months historically.

是的，我認為簡短的回答是，我認為我們發貨的月份數確實因州而異。通常，根據個人選擇的時間長度，我們通常會在三個月或不超過六個月的時間內發貨。

We do see it as an effect of that across the oral as well as the GLP-1 solution as more and more consumers are opting for longer duration subscriptions that exceed 90 days. You do see the deferred revenue component start to increase on the balance sheet as a result of that as well.

我們確實看到了這種影響，即口服和 GLP-1 解決方案的效果，因為越來越多的消費者選擇超過 90 天的長期訂閱。因此，您確實會看到資產負債表上的遞延收入部分開始增加。

So typically, it's going to be within the three to six months timeframe. Beyond that, particular given the product cost specifically for GLP-1s, we typically don't extend beyond that type of cadence. And so the effect of that would be is if consumers continue to take longer and longer cadences, you would expect to see the deferred revenue expand from quarter to quarter on the balance sheet.

因此，通常情況下，這將在三到六個月的時間範圍內完成。除此之外，特別是考慮到 GLP-1 的產品成本，我們通常不會超出這種節奏。因此，其效果是，如果消費者繼續採取越來越長的節奏，您會看到資產負債表上的遞延收入逐季度擴大。

George Hill, Deutsche Bank.

德意志銀行的喬治·希爾。

Good afternoon, guys. Thanks for taking the question. First of all, just a point of clarification. I want to make sure I heard you guys right, that you said you're tracking towards 1 million weight loss subscribers by the end of the year.

大家下午好。感謝您回答這個問題。首先，我只想澄清一點。我想確認一下我聽到的你們說的是否正確，你們說你們計劃在今年年底前獲得 100 萬減肥訂閱者。

And then if I have that number in the paper or you can just correct me on what it was, but I'm just interested in the mix. I guess if you can talk about how many of those people are on GLP-1s or paying GLP-1 versus other drugs.

然後，如果我在報紙上看到這個數字，或者你可以糾正我，但我只是對混合感興趣。我想您可以談談其中有多少人正在服用 GLP-1 或支付 GLP-1 費用而非其他藥物費用。

And then within the GLP-1 category, there's compounded products versus the injection product. You guys draw a differentiation there. And then looking forward, Yemi, Andrew, I'd love to hear you guys talk a little bit about like how you expect the business mix to evolve in that category?

然後在 GLP-1 類別中，有複合產品和注射產品。你們在那裡做出了區分。展望未來，Yemi、Andrew，我很想聽聽你們談談你們對這一類別的業務組合將如何發展的期望？

Maybe I can take the front half of that question, just to clarify, so I think it was, George, it was 1 million personalized subscribers. Andrew can go into the specifics.

也許我可以回答這個問題的前半部分，只是為了澄清一下，所以我認為，喬治，是 100 萬個個人化訂閱者。安德魯可以講得更詳細一些。

Okay. So I missed, sorry about that.

好的。所以我錯過了，很抱歉。

Yeah. thanks George. I think long term, I would suspect like we see across almost every one of our specialties, pretty vast diversity within the offerings. You see that already within the weight loss specialty as we talked about the oral compounds in of themselves growing very, very quickly, the fastest we've ever had as a specialty north of $100 million run rate just in six to seven months.

是的，謝謝喬治。我認為從長遠來看，我們幾乎在每個專業領域都能夠看到所提供的服務具有相當大的多樣性。正如我們所討論的，在減肥專業領域中，口服化合物本身的增長速度非常非常快，這是我們專業領域有史以來最快的增長速度，在短短六到七個月內就達到了 1 億美元的運行率。

And I think as we continue to expand the options on that side as well as off-patent medications like liraglutide and the branded mix, we've always seen historically great variation. When we look back, for example, on our sexual health side of the business, we had branded Viagra, we had generic Viagra, we had custom compounds.

我認為，隨著我們繼續擴大這方面的選擇以及利拉魯肽和品牌混合物等非專利藥物，我們總是會看到歷史上巨大的變化。例如，當我們回顧我們的性健康業務時，我們有品牌威而鋼、有仿製威而鋼、有客製化化合物。

And you see just really no concentration. And I think if we're doing our job well, there is no concentration because we are expanding into further segments that better serve each customer.

你確實看不到任何集中力。我認為，如果我們能做好自己的工作，就不會過於集中，因為我們正在擴展到其他領域，以便更好地服務每個客戶。

And I think that's really how we think about our product road map approach, which is if there's a large segment of customers that is on a current medication, let's really get to know the customers, let's figure out how we can make their experience better, what other conditions are specialties they're struggling with, what other types of concerns do they have, and how can we optimize even further the assurance and the clinical outcomes.

我認為這正是我們對產品路線圖方法的看法，即如果有大量客戶正在服用當前藥物，那麼我們就要真正了解這些客戶，弄清楚如何才能改善他們的體驗，他們正在努力應對哪些其他特殊情況，他們還有哪些其他類型的擔憂，以及我們如何才能進一步優化保證和臨床結果。

So I would suspect like all other specialties, you'll get to pretty wide variations. What is abundantly clear is that while GLP-1s are incredible medications, I think what's even more incredible is that they have really changed the cultural conversation around obesity management.

因此，我認為就像所有其他專業一樣，你會發現變化非常大。非常清楚的是，雖然 GLP-1 是令人難以置信的藥物，但我認為更令人難以置信的是，它們確實改變了圍繞肥胖管理的文化對話。

You now have its tens of thousands of people coming to us every week that are looking to get treated for obesity as a disease. And I think that stigma and that shame associated with taking action and pharmaceutical action to treat way losses has really been diminished, which is fantastic because I think it just really empowers people to get care.

現在每週都有數以萬計的人來找我們，希望治療肥胖症。我認為，採取行動和採取藥物措施治療身體損失所帶來的恥辱感和羞恥感已經真正減少了，這是非常好的，因為我認為這確實使人們能夠得到治療。

And so the awareness of the disease state as something that is treatable in of itself is driving really tremendous interest in exploration. And then I think on top of that, what we're seeing is there's a lot of people that come in who are at very different stages of their process, right?

因此，認識到疾病本身是可以治療的，這激發了人們對探索的極大興趣。然後我認為最重要的是，我們看到有很多人進入這個行業，他們處於不同的發展階段，對嗎？

Many people have come in and have tried everything and they want to be the most (technical difficulty) possible. And often that means going with something like a Zepbound, right, highest chance of weight loss, self-inject, where these things are actually quite scary for a lot of people and many of them come in and say hey, I want to go a little bit slower.

許多人來到這裡並嘗試了一切方法，他們希望達到盡可能高的（技術難度）。這通常意味著要使用像 Zepbound 這樣的東西，對吧，減肥成功率最高，需要自我注射，但這些東西對很多人來說實際上相當可怕，他們中的許多人進來後會說，嘿，我想慢一點。

I want something that involves an oral medication or something that I can chew or dissolve them on the tongue that might not be as extreme, but is much more known and there're around for decades. And we see every customer in and between that spectrum.

我想要一種口服藥物，或者可以咀嚼或溶解在舌頭上的東西，這種藥物可能不那麼極端，但卻更為人所知，而且已經存在了幾十年。我們看到了每位處於該範圍內或介於該範圍內的客戶。

So there's not only a product mix that takes place, but there's really a customer mix because in this category it is so large that it really represents such a massive part of the country and everybody is coming in at a very different point in their cycle and is looking to be different levels of aggressive with different types of caution and perspective.

因此，不僅存在產品組合，而且實際上還存在客戶組合，因為這個類別非常大，它確實代表了該國如此龐大的一部分，每個人都處於其周期的不同階段，並且希望以不同類型的謹慎和觀點採取不同程度的積極行動。

Thank you.

謝謝。

Korinne Wolfmeyer, Piper Sandler.

科琳·沃爾夫邁耶，派珀·桑德勒。

Hey, thanks for taking the question. Could you provide a little bit of color on the cadence of sign-ups with the GLP-1s that you saw right after launching? And I know you're still in early days, but have you seen any change in kind of the monthly sign-ups since that launch? And then how has been retention been for those GLP-1 patients so far? Thanks>

嘿，謝謝你回答這個問題。能否稍微介紹一下 GLP-1 上市後註冊的節奏？我知道你們還處於早期階段，但自推出以來，你有沒有看到每月註冊量有任何變化？那麼到目前為止，GLP-1 患者的保留情況如何？謝謝>

Yeah, thanks for the question, Korinne. I think what we have seen since the launch, we saw this with the oral medications as well is the vast majority or overwhelming majority effects are selecting a multi-month cadences across the platform.

是的，謝謝你的提問，科琳。我認為，自推出以來，我們就看到了口服藥物的這種現象，絕大多數或絕大多數的效果都是在整個平台上選擇數月的節奏。

Again, I think a lot of that is just due to the nature to truly see the benefits from these medications. Oftentimes it does take longer than an individual month. Consumers do recognize that in the education process from providers and throughout the flow as they're going through the journey.

再說一次，我認為這在很大程度上只是因為人們能夠真正看到這些藥物的益處。通常，它需要的時間會超過一個月。消費者確實在提供者的教育過程中以及整個旅程中認識到了這一點。

I think that dynamic paired with the more favorable economics of the consumer with longer term cadences that you commit to resulting in an overwhelming the majority of the consumers opting for longer duration cadences.

我認為，這種動態加上消費者更有利的經濟狀況以及您承諾的長期節奏，導致絕大多數消費者選擇更長持續時間的節奏。

We're very much in the early days where the product has been in market for a little less than three months at this point. I think that what we are seeing is based upon the cadences that users are selecting as well as on the feedback that users are giving to their providers and that check in, we are confident that retention will be very strong and sound. But that said, I think we have less than three months of data at this point. So truly hard to get a meaningful read there.

我們正處於早期階段，產品上市不到三個月。我認為，我們所看到的是基於用戶選擇的節奏以及用戶向其提供者提供的反饋和檢查，我們相信保留率將非常強勁和穩健。但話雖如此，我認為我們目前擁有的數據還不到三個月。因此，確實很難在那裡讀到有意義的文章。

Great. Thank you. And then can you just let us know that regarding the news from Lilly last week and the improvement in capacity there, did you alter your internal expectations on, I guess, for both this year and next year following that announcement? Or is this -- is that kind of a non-event for related to your guidance? Thank you.

偉大的。謝謝。然後您能否告訴我們，關於上週禮來公司發布的消息以及產能的提高，您是否改變了對今年和明年的內部預期？或者這是—與您的指導無關的事件嗎？謝謝。

Yemi, you might be on mute, but I wouldn't say corn, I don't think there's any material expectations that alters guidance. As you can tell from the current business, (inaudible) are the only GLP-1s currently on the offering in platform today. And so I think all of that was built into the existing forecast.

Yemi，你可能沉默了，但我不會說玉米，我認為沒有任何物質預期會改變指導。從目前的業務中可以看出，（聽不清楚）是目前平台上唯一提供的 GLP-1。所以我認為所有這些都已納入現有的預測中。

And there are no further questions at this time. This concludes today's conference call. Thank you for your participation. You may now disconnect.

目前沒有其他問題。今天的電話會議到此結束。感謝您的參與。您現在可以斷開連線。