Hims & Hers Health Inc (HIMS) 2024 Q3 法說會逐字稿

Ladies and gentlemen, thank you for standing by. My name is Krista and I will be your conference operator today. At this time, I would like to welcome everyone to His & Hers third-quarter earnings conference call. (Operator Instructions)

女士們先生們，謝謝你們的支持。我叫克里斯塔，今天我將擔任你們的會議操作員。此時此刻，我謹歡迎大家參加他和她的第三季財報電話會議。（操作員說明）

I would now like to turn the conference over to Bill Newby, Head of Investor Relations.

我現在想將會議交給投資者關係主管比爾紐比 (Bill Newby)。

Bill, you may begin.

比爾，你可以開始了。

Good afternoon, everyone, and welcome to the His & Hers Health third-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. On the call with me today is Andrew Dudum, our Co-Founder and Chief Executive Officer; Yemi Okupe, our Chief Financial Officer; and Dr. Patrick Carroll, our Chief Medical Officer.

大家下午好，歡迎參加 His & Hers Health 2024 年第三季財報電話會議。今天，市場收盤後，我們發布了本季度的股東信函，您可以在我們的網站 Investors.hims.com 上找到該信函的副本。今天與我通話的是我們的共同創辦人兼執行長 Andrew Dudum； Yemi Okupe，我們的財務長；和我們的首席醫療官帕特里克·卡羅爾博士。

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 and 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因素，並受到風險和不確定性的影響，可能導致實際結果發生重大變化。

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.

我們沒有義務在本次電話會議後公開更新任何前瞻性聲明，無論是由於新資訊、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 will 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，我們還將提供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公認會計準則財務指標的調整表。您可以在 Investors.hims.com 上找到此資訊以及今天網路廣播的連結。通話結束後，該網路廣播將在網站上存檔 12 個月。

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

這樣，我會將電話轉給安德魯。

Thanks, Bill. Strong momentum from last quarter continued into the second half, as we further expanded capabilities on our platform to help millions of consumers feel great through the power of better health. We made considerable progress across several dimensions that consumers value. including the speed with which they can access providers and personalized solutions to address their needs, the convenience and transparency provided by our world-class technology platform, and lastly, the breadth of personalized solutions that enables them to address concern across our specialties in a more unique and customized way.

謝謝，比爾。上季的強勁勢頭延續到下半年，我們進一步擴大了平台的功能，透過改善健康的力量幫助數百萬消費者感覺良好。我們在消費者重視的幾個方面都取得了長足的進步。包括他們訪問提供者和個人化解決方案以滿足其需求的速度、我們世界一流的技術平台提供的便利性和透明度，以及最後，個性化解決方案的廣度，使他們能夠以更廣泛的方式解決我們專業領域的問題。

Ongoing success in the delivery against our mission is translating into exceptional business results. Year-over-year revenue growth accelerated 25 points quarter over quarter to 77% and as we surpassed $400 million in revenue in the quarter. A disciplined approach to investment enabled us to surpass $50 million in adjusted EBITDA, reflecting a 13% adjusted EBITDA margin.

我們在履行使命方面的持續成功正在轉化為卓越的業務成果。營收年增 上一季加快 25 個百分點，達到 77%，本季營收超過 4 億美元。嚴格的投資方法使我們的調整後 EBITDA 超過 5,000 萬美元，調整後 EBITDA 利潤率為 13%。

Our strategy of offering high-quality personalized solutions at mass market prices continues to resonate with consumers. We ended the third quarter with over 2 million subscribers and north of 50% of subscribers utilizing a personalized solution.

我們以大眾市場價格提供高品質個人化解決方案的策略繼續引起消費者的共鳴。截至第三季末，我們擁有超過 200 萬訂閱者，其中超過 50% 的訂閱者使用個人化解決方案。

We believe there are four primary factors driving rapid adoption of personalized solutions. The first is the continuous expansion of personalized solutions within new specialties. During the third quarter, we launched access to personalized titration schedule and dosing for semaglutide within weight loss.

我們認為有四個主要因素推動個人化解決方案的快速採用。首先是在新專業內不斷擴展個人化解決方案。在第三季度，我們推出了個人化滴定時間表和索馬魯肽減肥劑量。

The second is scaling the number of compelling multi-condition solutions available on our platform that draw in a broader set of users. This includes access to personalized treatments that address multiple concerns both within and the crop specialties.

第二是擴大我們平台上可用的引人注目的多條件解決方案的數量，以吸引更廣泛的用戶。這包括獲得個人化治療，解決作物專業內部的多個問題。

The third is a wider selection of form factors, unlocking access to solutions that can now be utilized via chewable or topical solution and in the near future, gummy. And finally, as these solutions and our underlying capabilities expand, we're able to offer them at more accessible price points, strengthening a high value proposition for our customers that we believe is unmatched.

第三個是更廣泛的形狀因素選擇，解鎖了現在可以透過咀嚼或局部解決方案以及在不久的將來透過軟糖使用的解決方案。最後，隨著這些解決方案和我們的基礎能力的擴展，我們能夠以更實惠的價格提供它們，從而為我們的客戶強化了我們認為無與倫比的高價值主張。

Each of these developments allows us to service a broader set of consumer needs, which we believe will ultimately support more consumers sticking with their treatments and achieving positive outcomes. All of our specialties have benefited from this innovation, and we're seeing it have significant impact on the Hers brand.

每項發展都使我們能夠滿足更廣泛的消費者需求，我們相信這最終將支持更多消費者堅持治療並取得積極成果。我們所有的專業都受益於這項創新，我們看到它對 Hers 品牌產生了重大影響。

I've always believed that the Hers brand has the potential to eventually match if not surpass the size of the Hims brand, as we surpassed 400,000 Hers subscribers in the third quarter across specialties such as dermatology, it is becoming increasingly clear that this area of our business is at an inflection point.

我一直相信，Hers 品牌有潛力最終與Hims 品牌的規模相匹配，甚至超越Hims 品牌，隨著第三季度我們在皮膚科等專業領域超過400,000 名Hers 訂閱者，越來越明顯的是，這一領域我們的業務正處於轉折點。

In response to this accelerating trajectory, we are excited to announce the addition of Dr. Jessica Shepherd, who recently joined us as Chief Medical Officer of IRS. A board-certified OB/GYN, Dr. Shepherd has served patients for nearly 20 years across health issues top of mind for women. Including endometriosis, sexual health, menopausal health, fibroids and narrowing health disparities for women.

為了因應這一加速發展的趨勢，我們很高興地宣布 Jessica Shepherd 博士的加入，她最近加入我們，擔任國稅局首席醫療官。Shepherd 博士是一名獲得委員會認證的婦產科醫生，近 20 年來一直為患者提供服務，解決女性最關心的健康問題。包括子宮內膜異位症、性健康、更年期健康、肌瘤和縮小女性健康差距。

More recently, she has run a clinic that has offered personalized solutions across weight management, hormonal therapy and dermatology. Our expanding platform continues to make significant strides in unlocking access to a level of care that has historically been available to only the most privileged segments of society.

最近，她經營了一家診所，提供體重管理、荷爾蒙治療和皮膚科的個人化解決方案。我們不斷擴大的平台在解鎖歷史上只有社會最特權階層才能獲得的護理水平方面繼續取得重大進展。

As our platform continues to scale, we are seeing an increased ability to reach some of the most vulnerable populations across America. We've seen an increase in individuals from less affluent communities joining and retaining on our platform as we have made access to personalized solutions and high-quality care available at mass market prices. We ended the third quarter with over 400,000 subscribers on the platform from zip codes where the average household income is below $50,000, with nearly 40,000 of those subscribers in weight loss.

隨著我們的平台不斷擴大，我們看到覆蓋美國一些最弱勢群體的能力增強。我們看到越來越多來自不太富裕社區的個人加入並保留在我們的平台上，因為我們以大眾市場價格提供個人化解決方案和高品質護理。截至第三季末，我們平台上有超過 40 萬名來自郵遞區號地區的訂閱者，這些地區的平均家庭收入低於 5 萬美元，其中近 4 萬名訂閱者正在減肥。

Similarly, we are seeing an increase in subscribers from older communities where we often see mobility issues, financial constraints and in the case of weight loss, lack of Medicare coverage present barriers to treatment. Over 100,000 of our subscribers as of quarter end are over the age of 65, with nearly 7,000 of those accessing a weight-loss solution.

同樣，我們看到來自老年社區的訂戶數量有所增加，在這些社區中，我們經常遇到流動性問題、財務限制，以及在減肥的情況下，缺乏醫療保險覆蓋給治療帶來障礙。截至季末，我們的訂閱者中有超過 10 萬名年齡在 65 歲以上，其中近 7,000 人正在使用減肥解決方案。

And finally, many individuals who spend their lives care for others and keeping our country safe and healthy, often face robots when seeking access to medical care. This includes teachers that educate our communities, first responders at Save Lives and military personnel and veterans that keep us safe. I'm incredibly proud of our service appreciation initiative, which launched on September 18, it allows us to offer US military veterans, teachers, nurses and first responders access to personalized compounded GLP-1 weight loss solutions for as low as $99 per month.

最後，許多畢生關心他人、維護國家安全和健康的人在尋求醫療服務時經常面臨機器人。這包括教育我們社區的教師、拯救生命的急救人員以及保障我們安全的軍事人員和退伍軍人。我對我們於9 月18 日啟動的服務讚賞計劃感到非常自豪，它使我們能夠為美國退伍軍人、教師、護士和急救人員提供個性化複合GLP-1 減肥解決方案，每月費用低至99 美元。

Underpinning our ability to bring this type of value to our consumers is scale, and more importantly, scale that is supported by a continuously advancing technology platform. Our platform is enabling us to democratize a high standard of care historically accessible by only a small population.

支撐我們為消費者帶來這種價值的能力是規模，更重要的是，規模是由不斷進步的技術平台所支持的。我們的平台使我們能夠實現歷史上只有少數人才能獲得的高標準護理的民主化。

Consumers on our platform have the ability to message providers and generally address concerns within hours as opposed to days or weeks. Access follow-up care on demand, which is especially beneficial in high-touch areas like mental health and weight loss and seamlessly access providers from the comfort of their own home, outside of traditional working hours, minimizing disruption to income from time loss commuting or sitting in a waiting room.

我們平台上的消費者能夠向提供者發送訊息，並且通常在數小時內解決問題，而不是數天或數週。按需獲得後續護理，這對於心理健康和減肥等高接觸領域尤其有益，並且可以在傳統工作時間之外舒適地在家中無縫地與醫療服務提供者聯繫，從而最大程度地減少因通勤或減肥時間損失而對收入造成的干擾坐在候診室。

We believe this has translated into remarkable success by drawing new customers to the platform and providing the kind of personalized support we believe is critical for patient adherence and positive outcomes.

我們相信，透過吸引新客戶到該平台並提供我們認為對於患者依從性和積極結果至關重要的個人化支持，這已經轉化為巨大的成功。

I'd like to pass it over to our Chief Medical Officer, Dr. Patrick Carroll, to briefly talk through some of the dynamics we're seeing in some of our higher touch specialties.

我想將其轉交給我們的首席醫療官帕特里克·卡羅爾博士，簡要介紹我們在一些高接觸專業領域中看到的一些動態。

Thanks, Andrew. Over the course of 40 years of running my own medical practice and overseeing health care institutions, I have heard again and again that one of the deepest desires for medical providers, which to spend more time with patients and offer them a deeper level of care. There are several hurdles that impact disability from medical providers which unfortunately only increased for many in recent years.

謝謝，安德魯。在我經營自己的醫療實踐和監督醫療保健機構的40 年過程中，我一次又一次地聽到醫療服務提供者最深切的願望之一，那就是花更多的時間陪伴患者並為他們提供更深層次的護理。醫療服務提供者存在一些影響殘疾的障礙，不幸的是，這些障礙近年來只增加了許多。

These include, first, the time medical providers lose across their day as a result of navigating numerous administrative tasks with inefficient tools and the need to operate on a nonintuitive technological platforms that are not designed for patients or providers.

首先，醫療服務提供者由於使用低效率工具處理大量管理任務而損失了一天的時間，並且需要在並非為患者或服務提供者設計的非直觀技術平台上進行操作。

Hims & Hers ability to remove these hurdles through thoughtful business practices and innovative technology centered on providing exceptional care to patients has unlocked an ability for medical providers to offer a deeper level of care to patients. This has been particularly transformational in traditionally higher touch areas such as weight loss.

Hims & Hers 透過深思熟慮的商業實踐和創新技術消除這些障礙，致力於為患者提供卓越的護理，從而使醫療服務提供者能夠為患者提供更深層次的護理。這在傳統的高接觸領域（例如減肥）中尤其具有變革性。

We believe GLP-1s have the ability to have a tremendous impact on society. However, several barriers prevent them from unlocking their full potential. Studies have shown that intolerable side effects like gastrointestinal issues and substantial muscle loss less than desired frequency of engagement with providers and lack of access to affordable solutions result in less than 70% of patients continuing the medication after 4 weeks of treatment by 12 weeks.

我們相信 GLP-1 有能力對社會產生巨大影響。然而，一些障礙阻止他們充分發揮潛力。研究表明，胃腸道問題和大量肌肉損失等難以忍受的副作用，與提供者接觸的頻率低於預期，以及缺乏負擔得起的解決方案，導致不到70% 的患者在治療4 週至12 週後繼續用藥。

Across the Hims & Hers platform, we have seen strong retention rates for compounded GLP-1 solutions. At 4 weeks, 85% of GLP-1 patients are engaging with the platform including through continuation of care, completing a check in a proactive engagement with the provider. By 12 weeks, we observed 70% of patients continuing with their subscription. We believe there are 4 primary drivers of these great results. First, our platform enables consistent provider communication.

在 Hims & Hers 平台上，我們看到複合 GLP-1 解決方案的保留率很高。在第 4 週時，85% 的 GLP-1 患者正在使用該平台，包括透過持續照護、主動與提供者互動完成檢查。到 12 週時，我們觀察到 70% 的患者繼續訂閱。我們相信取得這些出色成果有 4 個主要驅動因素。首先，我們的平台能夠實現一致的提供者溝通。

By four weeks, patients have typically had at least three engagements with the provider on the platform and by 12 weeks, we've had an average of five engagements.

到 4 週時，患者通常在平台上與提供者進行了至少 3 次互動，到 12 週時，我們平均進行了 5 次互動。

Once the patient reaches the end of their titration schedule, providers still engage with patients on average of at least once a month. This level of service would be incredibly challenging to offer at scale to the average consumer in the typical brick-and-mortar setting.

一旦患者達到滴定計畫結束，醫療服務提供者仍平均每月至少與患者接觸一次。在典型的實體環境中向普通消費者大規模提供這種程度的服務將具有極大的挑戰性。

Second, technology on our platform removes administrative overhead on providers and equips them with products and tools to better address individual patient needs. Providers on the Hims & Hers platform have access to tools with our proprietary EMR that automate nodes on patients programmatically flag certain risk and leverage structured data to help them highlight important concerns and dynamics for providers.

其次，我們平台上的技術消除了提供者的管理開銷，並為他們配備了產品和工具，以更好地滿足個別患者的需求。Hims & Hers 平台上的提供者可以使用我們專有的 EMR 工具，以程式方式自動化患者節點上的某些風險，並利用結構化資料來幫助他們強調提供者的重要問題和動態。

Additionally, capabilities such as MedMatch by Hims & Hers, our proprietary AI technology support providers in identifying ways to balance weight loss results with the side effect management, including medication and titration schedule adjustments.

此外，我們專有的人工智慧技術 Hims & Hers 的 MedMatch 等功能支援提供者確定平衡減肥結果與副作用管理的方法，包括藥物和滴定計劃調整。

Third, a wide breadth of personalized doses options means that providers on our platform can serve a broader set of patients. Standard doses will work for many patients However, given the diversity of obesity challenges across the American population and the concerns many have with common side effects like nausea, vomiting, diarrhea, and muscle loss or sarcopenia we expect there are millions of individuals who stand to benefit from personalized dosages.

第三，廣泛的個人化劑量選擇意味著我們平台上的提供者可以為更廣泛的患者提供服務。標準劑量對許多患者有效。的人願意接受受益於個人化劑量。

Finally, based on customer reported data, from more than 10,000 subscribers on a personalized weight loss program who have reached their 28-day check-in and several thousand of those who have reached the 56-day check-in. These patients are seeing results and are indicating they are excited to continue accomplishing their goals.

最後，根據客戶報告的數據，來自超過 10,000 名已達 28 天登記的個人化減肥計劃訂閱者以及數千名已達 56 天登記的訂閱者。這些患者正在看到結果，並表示他們很高興繼續實現他們的目標。

We have seen customers lose average of 4.1% of their initial body weight in their first four weeks. While customers who have reached the eight-week mark, have lost 5.5% of their initial body weight. We believe the clinical benefits of the care and personalized solutions available through our platform are clear as we are seeing more consumers continue with their medication schedules and report positive outcomes. While both our mental health and weight loss specialties are in their early innings, I am excited by the foundation that we are laying with capabilities that we expect will expand over time.

我們發現顧客在使用後的前 4 週內平均體重減輕了 4.1%。而達到八週大關的顧客體重比初始體重減輕了 5.5%。我們相信，透過我們的平台提供的護理和個人化解決方案的臨床益處是顯而易見的，因為我們看到越來越多的消費者繼續他們的藥物計劃並報告積極的結果。雖然我們的心理健康和減肥專業都處於早期階段，但我對我們正在奠定的基礎感到興奮，我們預計這些能力將隨著時間的推移而擴展。

Thanks for those insights, Dr. Caroll. As we enter the final months of 2024, I'm so excited by the momentum we are seeing and how all of the pieces we've built over the last seven years are coming together. Our brand continues to connect with customers and is increasingly becoming known as a leader in high-quality personalized solutions. Each of our strategic pillars, a trusted brand, leading technology platform, innovative products and services and clinical excellence are coalescing in a way that is enabling us to bring increased value to our subscribers at a rapid pace.

感謝卡羅爾博士的這些見解。當我們進入 2024 年的最後幾個月時，我對我們所看到的勢頭以及我們在過去七年裡所建立的所有部分如何整合在一起感到非常興奮。我們的品牌不斷與客戶保持聯繫，並日益成為高品質個人化解決方案的領導者。我們的每一個策略支柱、值得信賴的品牌、領先的技術平台、創新的產品和服務以及卓越的臨床表現都在以一種使我們能夠快速為我們的訂戶帶來更高價值的方式結合起來。

We see the benefit in this with respect to how our weight loss specialty has rapidly scaled over the course of the last year.

我們看到了這方面的好處，因為我們的減肥專業在過去一年中迅速擴大了規模。

I'm impressed with how our team has come together to enable access to weight management solutions and grateful that the company can play an integral part in taking a step toward reducing the 0.5 million preventable deaths of Americans that obesity contributes to each year. While the regulatory landscape continues to evolve, the data we are seeing on our platform suggests widespread difficulty accessing name brand GLP-1 solutions.

我對我們的團隊如何齊心協力提供體重管理解決方案印象深刻，並感謝公司能夠發揮不可或缺的作用，努力減少每年因肥胖造成的 50 萬美國人可預防的死亡。雖然監管環境不斷發展，但我們在平台上看到的數據表明，存取名牌 GLP-1 解決方案普遍存在困難。

And the resolution of the GLP-1 shortage would not be possible without the potential disruption of care to hundreds of thousands of Americans. In the last two months, a total of over 80,000 reports have come through our platform from consumers that have been unable to obtain name brand GLP-1 treatments. And we are seeing the number of consumers voicing their frustration increase, not decrease in recent weeks.

如果不影響數十萬美國人的護理，就不可能解決 GLP-1 短缺問題。在過去的兩個月裡，我們的平台總共收到了超過 80,000 份來自無法獲得名牌 GLP-1 療程的消費者的報告。最近幾週，我們看到表達不滿的消費者數量增加，而不是減少。

In fact, on a single day last week, we saw nearly 2,000 indications from individuals that have been unable to obtain name brand GLP-1s.

事實上，上週的某一天，我們就看到了近 2,000 條來自無法獲得名牌 GLP-1 的個人的指示。

Consumers are doing their part to ensure their voices are heard and we are actively communicating with federal and state legislative and regulatory bodies to share the experience of our customers and the dynamics that we are seeing across our platform. Our belief is that the principles that have unlocked success in other specialties provide a path for weight loss to continue to succeed when the shortage is ultimately resolved.

消費者正在盡自己的一份力量，確保他們的聲音被聽到，我們正在積極與聯邦和州立法和監管機構溝通，分享客戶的體驗以及我們在平台上看到的動態。我們相信，在其他專業領域取得成功的原則為減肥在最終解決短缺問題時繼續成功提供了一條道路。

Having a breadth of solutions that continues to expand enables us to fulfill different consumer requirements and needs while building a specialty that can be increasingly durable. We launched access to a holistic weight loss program last November for as low as $79 per month, including access to personalized oral-based solutions aimed at addressing the underlying drivers behind an individual's weight gain.

擁有不斷擴展的廣泛解決方案使我們能夠滿足不同消費者的要求和需求，同時打造越來越耐用的專業產品。去年 11 月，我們推出了每月低至 79 美元的整體減肥計劃，包括獲得個性化的口服解決方案，旨在解決個人體重增加背後的潛在驅動因素。

Our customers using personalized oral medications as part of the holistic program have reported weight loss results that are on average at least 70% of the numbers being self-reported by customers utilizing compounded GLP-1s on the platform. The addition of GLP-1s further expanded our weight loss offering and unlocked access to these potentially life-changing solutions for a broader portion of the American population.

作為整體計劃的一部分，使用個人化口服藥物的客戶報告的減肥結果平均至少佔平台上使用複合 GLP-1 的客戶自我報告數字的 70%。GLP-1 的添加進一步擴大了我們的減肥產品範圍，並為更廣泛的美國人口提供了獲得這些可能改變生活的解決方案的機會。

Next, we plan to bring Liraglutide, the first generic GLP-1 in the market to the platform in 2025. We have already confirmed a core supplier for this addition and over the next few months, expect to finish completing test and batch validation as well as confirming certificates of authenticity.

接下來，我們計劃在 2025 年將市場上第一個仿製 GLP-1 利拉魯肽引入該平台。我們已經確認了此次新增的核心供應商，預計在接下來的幾個月內完成測試和批次驗證以及真品證書確認。

Our technology platform enables us to support consumers in identifying their options and help providers match their patients with the most appropriate solution for an individual's personal clinical need. Consumers' ability to maintain frequent communication with providers as they progress to their treatment with products like GLP-1 can help them effectively balance side effect concerns with weight loss goals.

我們的技術平台使我們能夠支援消費者確定他們的選擇，並幫助提供者為患者提供最適合個人臨床需求的解決方案。消費者在使用 GLP-1 等產品進行治療時與提供者保持頻繁溝通的能力可以幫助他們有效平衡副作用問題與減肥目標。

We are continuing to actively invest in our 503(a) facilities, which we expect will enable us to continue offering personalized weight loss solutions on the platform over the long term. The ability to bring significant value to consumers by democratizing access to high-quality, personalized solutions at affordable prices has enabled us to quickly achieve scale.

我們將繼續積極投資我們的 503(a) 設施，我們預計這將使我們能夠繼續在平台上長期提供個人化的減肥解決方案。透過以實惠的價格普及高品質、個人化的解決方案，為消費者帶來巨大的價值，使我們能夠快速實現規模化。

Continued execution on this front provides me with confidence that we can fulfill our ambitious aspiration of having every household in the US using Hims & Hers for their personalized health and wellness needs.

在這方面的持續執行讓我充滿信心，我們能夠實現我們的雄心勃勃的願望，即讓美國每個家庭都使用 Hims & Hers 來滿足他們的個人化健康和保健需求。

With that, I will pass it over to Yemi to walk through our financials and for the remainder of the year in greater detail.

至此，我將把它交給 Yemi，以詳細介紹我們的財務狀況以及今年剩餘時間的情況。

Thanks, Andrew. I will start by providing an overview of our third quarter financial performance and then discuss our updated outlook for 2024. To date, 2024 has shaped up to be a transformational year with exceptional momentum across several areas of our business.

謝謝，安德魯。我將首先概述我們第三季的財務業績，然後討論我們對 2024 年的最新展望。迄今為止，2024 年已成為轉型的一年，我們的多個業務領域都呈現出非凡的勢頭。

We are excited to see what was already a strong trajectory accelerate in the third quarter. It is becoming increasingly clear that there is tremendous consumer demand for the value that our platform brings as well as for high-quality personalized solutions at accessible prices.

我們很高興看到第三季已經強勁的軌跡加速。越來越明顯的是，消費者對我們平台帶來的價值以及價格實惠的高品質個人化解決方案有著巨大的需求。

In the third quarter, revenue increased 77% year over year to $401.6 million, with ongoing strength coming out of our online channel.

第三季度，營收年增 77% 至 4.016 億美元，我們的線上通路持續強勁。

Online revenue was $392.6 million, up 79% from the third quarter of last year. Expansion of our online subscriber base continues to remain the primary driver of growth across the platform. Our subscriber base grew at a record level pace with over 180,000 net subscribers added in the third quarter.

線上營收為 3.926 億美元，比去年第三季成長 79%。我們線上用戶群的擴大仍然是整個平台成長的主要驅動力。我們的用戶群以創紀錄的速度成長，第三季淨用戶增加了 18 萬多名。

We ended the quarter with over 2 million subscribers, representing a 44% increase from the third quarter of last year. While our GLP-1 offering is resulting in incremental users coming to the platform, the majority of our subscriber growth is coming from our non-GLP-1 related offerings.

截至本季末，我們的訂戶數量超過 200 萬，比去年第三季成長 44%。雖然我們的 GLP-1 產品導致越來越多的用戶來到該平台，但我們的大部分用戶成長來自我們的非 GLP-1 相關產品。

Our subscriber base, excluding GLP-1s, grew approximately 40% year over year. Our continued success at growing our subscriber base can largely be attributed to innovation across our portfolio of personalized solutions.

我們的用戶群（不包括 GLP-1）較去年同期成長約 40%。我們在擴大用戶群方面的持續成功很大程度上歸功於我們個人化解決方案組合的創新。

We are pleased to achieve our goal of bringing the value of personalized solutions and care to over 1 million consumers by year-end, a quarter early. We are seeing the value to customers of personalized solutions reflected on the platform in two primary ways.

我們很高興實現我們的目標，即到年底提前一個季度為超過 100 萬消費者帶來個人化解決方案和護理的價值。我們看到個人化解決方案對客戶的價值主要體現在平台上的兩個面向。

The first is through an ability to drive a broader audience of users who may have historically struggled to find treatments that meet their clinical needs. Personalized solutions enable us to reach a broader set of consumer phenotypes that come with different clinical requirements, concerns and goals.

第一個是透過吸引更廣泛的用戶受眾的能力，這些用戶歷來可能一直在努力尋找滿足其臨床需求的治療方法。個人化解決方案使我們能夠接觸到更廣泛的消費者表型，這些表型具有不同的臨床要求、關注點和目標。

For example, through innovative form factors and dosages, we are able to provide access to differentiated solutions and messaging to individuals that have suffered from hair loss for years relative to the individual earlier on in their journey and more interested in preventative measures.

例如，透過創新的外形和劑量，我們能夠為多年來遭受脫髮困擾的個人（相對於脫髮早期且對預防措施更感興趣的個人）提供差異化的解決方案和資訊。

North of 65% of new subscribers benefited from a personalized solution in the third quarter, and we believe this number can continue to grow with continued innovation to meet customers' clinical needs. The second way we are seeing personalization demonstrate value is through higher retention, which we believe reflects increasing consumer satisfaction.

第三季度，超過 65% 的新訂戶受益於個人化解決方案，我們相信，隨著不斷創新以滿足客戶的臨床需求，這一數字可以繼續增長。我們看到個人化展示價值的第二種方式是透過更高的保留率，我們認為這反映了消費者滿意度的提升。

User feedback around factors that prevent them from adopting or adhering to a treatment is a core part of the design process for personalized solutions. With greater customization for individual clinical needs at affordable prices, we are seeing retention drift higher across many of our specialties.

關於阻止他們採用或堅持治療的因素的使用者回饋是個人化解決方案設計過程的核心部分。透過以實惠的價格更好地滿足個人臨床需求，我們發現我們許多專業的保留率不斷提高。

For example, in some subspecialties of women's dermatology, we are seeing annual retention increase by more than 20 points year over year as the mix of those utilizing a personalized solution increased 40 points year over year to approximately 70% of the specialty.

例如，在女性皮膚科的一些子專業中，我們發現年保留率年增了 20 以上，因為使用個人化解決方案的人數比去年同期增加了 40 個百分點，達到該專業的約 70%。

We believe that with continued innovation and personalization for individual clinical needs, these benefits will continue to compound across specialties in the future. Monthly online revenue per average subscriber increased 24% in the third quarter relative to last year to $67.

我們相信，隨著針對個人臨床需求的持續創新和個人化，這些好處將在未來繼續在各個專業領域中複合。第三季平均訂戶每月線上收入較去年成長 24%，達到 67 美元。

A continued shift to more premium personalized offerings has been one contributor towards this dynamic, which has offset headwinds from a migration toward longer-duration commitments that carry a lower average monthly price. The success of our weight loss specialty has been another key driver in the increase in monthly online revenue per average subscriber through two mechanisms.

持續轉向更優質的個人化產品是這一動態的推動因素之一，這抵消了向平均每月價格較低的長期承諾遷移帶來的阻力。我們減重專業的成功是透過兩種機制增加平均訂戶每月線上收入的另一個關鍵驅動力。

Firstly, our weight loss solutions carry a higher monthly average price relative to other product offerings. Historically, our offerings have ranged from $35 to $55 per month depending on specialty and duration. Our oral weight management offering starts at $79 per month, and our GLP-1 offering generally starts at $199 per month.

首先，與其他產品相比，我們的減肥解決方案的月平均價格更高。從歷史上看，我們的服務範圍從每月 35 美元到 55 美元不等，具體取決於專業和持續時間。我們的口服體重管理產品起價為每月 79 美元，我們的 GLP-1 產品起價通常為每月 199 美元。

Secondarily, many of our existing subscribers to other specialties are adopting weight loss solutions and subscribers come to the platform initially for weight loss are subsequently adopting solutions across other specialties. In the third quarter, subscribers that acquired a weight loss solution were preexisting customers and 20% of weight loss subscribers had a multispecialty relationship with Hims & Hers.

其次，我們許多其他專業的現有訂閱者正在採用減肥解決方案，而最初進入該平台是為了減肥的訂閱者隨後也採用了其他專業的解決方案。第三季度，獲得減肥解決方案的訂閱者是現有客戶，20% 的減肥訂閱者與 Hims & Hers 建立了多專業關係。

Increased multi-specialty adoption for subscribers has been largely organic. In the third quarter, nearly 300,000 subscribers were treated for two or more conditions on the platform, inclusive of subscribers on a single treatment with mall condition capabilities.

訂戶多專業採用的增加很大程度上是有機的。第三季度，近 30 萬名訂戶在該平台上接受了兩種或多種病症的治療，其中包括使用商場病症功能接受單一治療的訂戶。

As we continue to broaden the variety of solutions across specialties, and elevate the number of multi-condition personalized treatments, we expect the number of multi-condition subscribers to continue to increase. In 2025, we expect to elevate the consumer experience for multi-specialty subscribers through technological advancements on our platform. We believe this carries immense potential to drive higher retention as users receive multiple benefits.

隨著我們不斷擴大跨專業的解決方案種類，並增加多條件個人化治療的數量，我們預計多條件訂閱者的數量將繼續增加。到 2025 年，我們希望透過平台上的技術進步來提升多專業訂閱者的消費者體驗。我們相信，隨著用戶獲得多種好處，這具有提高保留率的巨大潛力。

Effective execution of our capital allocation framework has enabled us to maintain a robust margin profile while simultaneously accelerating revenue growth.

資本配置框架的有效執行使我們能夠維持強勁的利潤率，同時加速營收成長。

In the third quarter, adjusted EBITDA was $51.1 million, increasing 4 times relative to last year. Adjusted EBITDA margin expanded more than 7 points year over year to nearly 13% and as efficiency gains in operating expenses offset an expected degradation in gross margin associated with new product launches. Gross margin declined 2 points quarter over quarter and was 79% in the third quarter.

第三季調整後 EBITDA 為 5,110 萬美元，較去年成長 4 倍。調整後的 EBITDA 利潤率年增超過 7 個百分點，達到近 13%，營運費用的效率提升抵銷了與新產品推出相關的毛利率預期下降。第三季毛利率較上季下降 2 個百分點，為 79%。

Scaling of the weight loss specialty was the primary driver of this margin degradation. As we highlighted last quarter, lower margins are a common dynamic we often see early in an offerings life cycle. As the offering continues to scale and we are able to unlock efficiencies from automation and verticalization, we expect to offset a portion of these gross margin headwinds in the future.

減重專業的規模化是利潤率下降的主要驅動因素。正如我們在上季度所強調的那樣，利潤率下降是我們在產品生命週期早期經常看到的常見動態。隨著產品不斷擴大，我們能夠透過自動化和垂直化提高效率，我們預計未來將抵消部分毛利率不利因素。

Management of our operating cost structure enabled us to offset pressure from gross margin headwinds. G&A cost as a percentage of revenue improved 5 points year over year and 2 points quarter over quarter to 11%. The G&A expenses may fluctuate from quarter to quarter, but in the midterm, we see continued opportunity for leverage.

營運成本結構的管理使我們能夠抵消毛利率不利因素所帶來的壓力。G&A 成本佔收入的百分比年增 5 個百分點，較上季提高 2 個百分點，達到 11%。一般管理費用可能會因季度而波動，但從中期來看，我們看到槓桿的持續機會。

Operations and support costs as a percentage of revenue improved 2 points year over year and 1 point quarter over quarter to 12%. We expect continued efficiency gains in these areas over the mid- to long term as we benefit from scale efficiencies and further leverage technologies like clever routing to improve the performance of our customer support and care teams.

營運和支援成本佔收入的百分比年增 2 個百分點，季增 1 個百分點，達到 12%。我們預計，從中長期來看，這些領域的效率將持續提高，因為我們受益於規模效率，並進一步利用智慧路由等技術來提高客戶支援和關懷團隊的績效。

Marketing as a percentage of revenue improved 6 points year over year to 45%, marketing a new record in our history as a public company for the second quarter in a row. The growing emphasis on personalized solutions, along with the maturation of newer customer groups introduced to favorable pricing models is enhancing our retention rates.

行銷佔營收的百分比年增 6 個百分點，達到 45%，連續第二季創下我們作為上市公司歷史上的新紀錄。對個人化解決方案的日益重視，以及引入有利定價模式的新客戶群的成熟，正在提高我們的保留率。

Additionally, we are seeing continued success in acquiring customers through more cost-effective channels as awareness of the Hims & Hers brands grows. As we expand in categories where consumers feel more comfortable discussing their experiences, these factors are driving both growth and customer loyalty.

此外，隨著 Hims & Hers 品牌知名度的提高，我們看到透過更具成本效益的管道不斷成功地獲取客戶。隨著我們擴大消費者更願意談論他們的體驗的類別，這些因素正在推動成長和客戶忠誠度。

Net income was $75.6 million in the third quarter and included a $6.8 million tax benefit related to the release of a tax valuation allowance partially offset by current period tax expense. Recall I highlighted this possibility last quarter due to our improving certainty around long-term profitability, resulting in the increased likelihood in the utilization of our deferred tax assets.

第三季淨利為 7,560 萬美元，其中包括與釋放稅收估價津貼相關的 680 萬美元稅收優惠，部分被當期稅收費用抵銷。回想一下，我在上個季度強調了這種可能性，因為我們對長期獲利能力的確定性不斷提高，從而導致利用我們的遞延稅資產的可能性增加。

Our income before taxes was $23.6 million for the third quarter, which excludes the total income tax effects, which were impacted by the valuation allowance release. Excellent execution across the business continues to result in improving cash flow dynamics, putting us in a great position to strategically invest in growth, return capital to shareholders and further strengthen our balance sheet.

第三季我們的稅前收入為 2,360 萬美元，其中不包括受估價備抵釋放影響的總所得稅影響。整個業務的出色執行力繼續改善現金流動態，使我們處於有利地位，能夠策略性投資於成長、向股東返還資本並進一步加強我們的資產負債表。

Solid free cash flow of $79.4 million in the third quarter enabled us to make strategic investments and increase cash and short-term investments on our balance sheet by nearly $27 million quarter over quarter to $254 million. In the third quarter, we saw what we believe to be a meaningful disconnect between the market value and intrinsic value of our stock.

第三季 7,940 萬美元的穩定自由現金流使我們能夠進行策略性投資，並將資產負債表上的現金和短期投資環比增加近 2,700 萬美元，達到 2.54 億美元。在第三季度，我們看到我們股票的市值和內在價值之間出現了明顯的脫節。

As a result, we allocated $30 million to repurchase 1.9 million shares at an average share price of $15.83 during the quarter. At the end of the quarter, there were $70 million remaining on our $100 million share repurchase authorization. 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.

因此，我們在本季撥款 3,000 萬美元以平均股價 15.83 美元回購 190 萬股股票。截至本季末，我們的 1 億美元股票回購授權還剩 7,000 萬美元。在討論我們對今年剩餘時間的展望之前，我想重申我們的資本配置優先事項，並進一步深入了解我們打算如何利用我們的資產負債表。

Given the momentum we are seeing across the business, we continue to believe our model is positioned to help tens of millions of individuals. As such, our first priority remains in ensuring that our platform has the necessary capabilities in place to meet the growing needs of our subscribers. While CapEx investment has been moderate through the last two quarters, we expect more significant investment during the fourth quarter as we further evolve our capabilities.

鑑於我們在整個業務中看到的勢頭，我們仍然相信我們的模式可以幫助數千萬個人。因此，我們的首要任務仍然是確保我們的平台具備必要的功能，以滿足訂閱者不斷增長的需求。雖然過去兩個季度的資本支出投資一直較為溫和，但隨著我們進一步發展我們的能力，我們預計第四季度的投資將更加重大。

These investments will primarily go for two areas of focus. First, increasing our capacity to provide more individuals with access to a personalized solution uniquely designed to address their clinical needs. We expect these investments will position us to continue expanding the variety of form factors, multi-condition treatments and dosage options available to our customers; second, increasing the level of automation at each of our affiliated facilities.

這些投資將主要用於兩個重點領域。首先，提升我們的能力，為更多的人提供專門設計的個人化解決方案，以滿足他們的臨床需求。我們預計這些投資將使我們能夠繼續擴大客戶可用的外形尺寸、多條件治療和劑量選擇的多樣性；第二，提高我們各附屬設施的自動化水準。

We expect these investments to drive greater efficiency and allow us to unlock more value for consumers strengthening our competitive position while allowing an increasingly wider portion of the population to access the solutions available on our platform. We will continue to explore opportunities to expect the evolution of our platform through strategic M&A transactions.

我們期望這些投資能提高效率，讓我們能夠為消費者釋放更多價值，增強我們的競爭地位，同時讓越來越多的人能夠存取我們平台上提供的解決方案。我們將繼續探索機會，透過策略併購交易期待我們平台的發展。

While we set an extremely high bar in this regard, the Medisource acquisition is a great example of our willingness to deploy our balance sheet towards high-value assets that we feel will accelerate our corporate strategy. With that backdrop, I'd like to provide the final update for our 2024 outlook.

雖然我們在這方面設定了極高的標準，但收購 Medisource 是我們願意將資產負債表部署到高價值資產的一個很好的例子，我們認為這將加速我們的公司策略。在此背景下，我想提供 2024 年展望的最終更新。

In the fourth quarter, we are anticipating revenue in the range of $465 million to $470 million, representing a year-over-year increase of 89% to 91%. We expect adjusted EBITDA to be between $50 million to $55 million, representing an adjusted EBITDA margin of 11% at the midpoint of both ranges.

我們預計第四季的營收將在 4.65 億美元至 4.7 億美元之間，年增 89% 至 91%。我們預計調整後 EBITDA 為 5,000 萬美元至 5,500 萬美元，調整後 EBITDA 利潤率為 11%，處於兩個範圍的中點。

For the full year, we are anticipating revenue of between $1.46 billion to $1.465 billion, representing a year-over-year increase of 67% to 68%. Lastly, we expect 2024 adjusted EBITDA will be between $173 million and $178 million. These adjusted EBITDA and revenue ranges imply an adjusted EBITDA margin of 12% at the midpoint of both ranges.

我們預計全年營收將在 14.6 億美元至 14.65 億美元之間，年增 67% 至 68%。最後，我們預計 2024 年調整後 EBITDA 將在 1.73 億美元至 1.78 億美元之間。這些調整後的 EBITDA 和收入範圍意味著調整後的 EBITDA 利潤率為 12%，處於兩個範圍的中點。

Embedded in our outlook is an expectation for more substantial investment in marketing in the fourth quarter relative to prior quarters. A significant portion of this increased spend will be to build general awareness for our brand as well as to educate Americans on the evolving dynamics and solutions in the weight management space.

我們的展望中預計第四季度的行銷投資將比前幾個季度增加。增加的支出的很大一部分將用於建立我們品牌的普遍意識，以及教育美國人了解體重管理領域不斷發展的動態和解決方案。

Current momentum of the business provides us with confidence to continue to drive 1 to 3 points of marketing leverage per annum and achieve our goal of adjusted EBITDA margins of at least 20%, no later than 2030. Continued gross margin degradation is expected in the fourth quarter as our weight loss specialty continues to gain traction.

目前的業務動能使我們有信心繼續每年提高 1 至 3 個百分點的行銷槓桿，並在 2030 年之前實現調整後 EBITDA 利潤率至少 20% 的目標。隨著我們的減肥專業繼續受到關注，預計第四季度毛利率將持續下降。

Capital investment will start to reaccelerate as we invest in capabilities that we expect will enable us to fulfill an increasing portion of demand for GLP-1 solutions through our affiliated pharmacies and bring new solutions to the platform in 2025, such as liraglutide. We believe these investments will enable us to bring the benefit of our platform to tens of millions of users across weight loss in our other specialties.

隨著我們對能力的投資，資本投資將開始重新加速，我們預計這些能力將使我們能夠透過我們的附屬藥局滿足對GLP-1 解決方案日益增長的需求，並在2025 年為該平台帶來新的解決方案，例如利拉魯肽。我們相信這些投資將使我們能夠將我們平台的優勢帶給我們其他專業領域的數千萬減肥用戶。

Our business has always centered on our subscription platform, but now more than ever, the majority of our revenue is derived from recurring subscription revenue. The focus of our strategy is centered around acquiring, retaining and expanding our relationships with our subscribers. As a result, we will no longer report on orders and average order value after our 2024 10-K filing.

我們的業務始終以訂閱平台為中心，但現在我們的大部分收入比以往任何時候都更來自經常性訂閱收入。我們策略的重點是獲取、保留和擴大我們與訂戶的關係。因此，在 2024 年 10-K 備案後，我們將不再報告訂單和平均訂單價值。

Our trajectory in 2024 has been nothing short of phenomenal due to excellent execution across the organization. The business trajectory as well as the current investments in capabilities and talent are setting a robust foundation for 2025.

由於整個組織的優異執行力，我們 2024 年的發展軌跡堪稱驚人。業務軌跡以及當前對能力和人才的投資正在為 2025 年奠定堅實的基礎。

More and more consumers are coming to the platform as we continue to expand technological capabilities in our breadth of solutions. We are drawing world-class providers under the platform as a result of our technology's ability to help them focus on treating patients versus handling administrative burdens.

隨著我們不斷擴展解決方案範圍內的技術能力，越來越多的消費者來到這個平台。我們正在該平台上吸引世界一流的供應商，因為我們的技術能夠幫助他們專注於治療患者而不是處理行政負擔。

Exiting the year with over 1 million subscribers on the platform benefiting from personalized solutions and many more consumers benefiting from the potential our platform can bring is a clear signal that our strategy is resonating across America.

今年結束時，平台上超過 100 萬的訂閱者受益於個人化解決方案，更多消費者受益於我們平台帶來的潛力，這是一個明確的信號，表明我們的策略正在全美產生共鳴。

Our ability to drive these incredible results would not be possible without the ongoing commitment and dedication from every team member at Hims & Hers. I'd like to thank them as well as all of our customers, partners and shareholders for supporting us in our mission of helping the world feel great the power of better health.

如果沒有 Hims & Hers 每位團隊成員的持續承諾和奉獻精神，我們就不可能取得這些令人難以置信的成果。我要感謝他們以及我們所有的客戶、合作夥伴和股東支持我們實現幫助世界感受更健康的力量的使命。

With that, I will now turn it over to the operator for questions.

現在我將把它交給接線員詢問。

(Operator Instructions) Allen Lutz, Bank of America.

（操作員指示）Allen Lutz，美國銀行。

Good afternoon. Thanks for taking the question. I didn't think that I caught it on the prepared remarks, but are you providing what the GLP-1 contribution was in the quarter, either members or revenue would be fine?

午安.感謝您提出問題。我沒想到我在準備好的發言中註意到了這一點，但您是否提供了本季度 GLP-1 的貢獻是多少，會員或收入都可以嗎？

Thanks for the question, Allen. This is Yemi, we provided the year-over-year growth rate of the subscriber base, excluding GLP-1s. So that number was north of 40% year over year.

謝謝你的提問，艾倫。這是 Yemi，我們提供了用戶群的同比增長率，不包括 GLP-1。所以這個數字比去年同期超過 40%。

Okay. Got it. And then, Andrew, you mentioned a belief that we can continue to succeed when these projects is ultimately installed. You mentioned a lot of different opportunities in the shareholder letter. But can you kind of describe to us what do you think the GLP-1 business looks like a year from now?

好的。知道了。然後，安德魯，您提到了一種信念，即當這些項目最終安裝後，我們可以繼續取得成功。您在股東信中提到了許多不同的機會。但您能否向我們描述一下您認為一年後的 GLP-1 業務會是什麼樣子？

You mentioned different form factors. You mentioned world business growing. You mentioned liraglutide. How should we think about the way that you're thinking about the business maybe this time next year? Thanks.

您提到了不同的外形尺寸。您提到了世界商業的成長。你提到了利拉魯肽。我們該如何看待您明年這個時候考慮業務的方式？謝謝。

Yeah. Thanks, Allen. I think like all of our specialties, we're looking at a diverse breadth of the portfolio within the product assortment. And so when you look at the weight loss business, the oral business, which we launched, the fastest business to $100 million run rate that we had on the platform, that business is delivering 70% of the weight loss of GLP-1 medicines for $70 per month.

是的。謝謝，艾倫。我認為，就像我們所有的專業一樣，我們正在尋找產品組合中多樣化的產品組合。因此，當你看看我們推出的減肥業務時，口服業務是我們在平台上運行速度最快達到 1 億美元的業務，該業務為 GLP-1 藥物提供了 70% 的減肥效果。 。

You then have medications like liraglutide, which are generic medications now coming to the platform in you have when it comes to a brand medications like semaglutide, the ability to hyper-personalize for the millions of patients that need to mitigate those side effects of monthly loss and nausea and vomiting.

然後，您可以擁有像利拉魯肽這樣的藥物，這些藥物現在已經進入平台，而當涉及像索馬魯肽這樣的品牌藥物時，您可以為數百萬需要減輕每月損失帶來的副作用的患者進行超個性化客製化。

So we think the composition of all of those different avenues will enable quite a durable business across weight. And that really, I think, is regardless of whether or not that shortage dynamic happens in a couple of months or next year or years from now. I think the precedent specifically on the GLP-1 side for personalization and compounding to the 503 has existed for many, many years.

因此，我們認為所有這些不同途徑的組合將在重量上實現相當持久的業務。我認為，這實際上與短缺動態是否會在幾個月、明年或幾年後發生無關。我認為專門針對 GLP-1 方面的個人化和 503 複合的先例已經存在很多很多年了。

And I think the regulators, the legislators, the drug company and the health care system really respect the clinical need of that personalization when it's necessary for a patient. And given you're talking about north of 100 million people suffering from obesity in this country and the very, very high side effect rate with these medications we fully expect that there's millions of patients that will need that level of personalization. That's been our platform over the long haul is really well equipped to deliver on.

我認為監管機構、立法者、製藥公司和醫療保健系統確實尊重患者所需的個人化臨床需求。鑑於您談論的是這個國家有超過 1 億人患有肥胖症，而且這些藥物的副作用率非常非常高，我們完全預期有數百萬患者需要這種程度的個人化治療。從長遠來看，我們的平台確實具備充分的能力來交付。

Great. Thanks, Andrew.

偉大的。謝謝，安德魯。

Maria Ripps, Canaccord.

瑪麗亞·里普斯，Canaccord。

Great. Congrats on the strong quarter and thanks for taking the questions. First, and this and the question for Patrick, actually. So you talked about sort of healthy retention rates during the initial period of treatment, especially compared to the Blue Health Intelligence study.

偉大的。恭喜季度的強勁表現，並感謝您提出問題。首先，其實這是派崔克的問題。因此，您談到了治療初期的健康保留率，特別是與 Blue Health Intelligence 研究相比。

What are some key reasons you were sort of observing that are driving some of these patients to maybe drop out during the initial period of treatment, especially given that you're able to personalize the titration schedule?

您觀察到哪些關鍵原因導致這些患者在治療初期可能退出，特別是考慮到您能夠個人化調整滴定計畫？

And then secondly, more broadly, how are you thinking about the average duration of the GLP-1 patients on the platform.

其次，更廣泛地說，您如何看待 GLP-1 患者在平台上的平均持續時間。

Yeah, Maria, let me take the first question, passing on the call. When it comes to the GLP-1 study and the white paper we put out last week, the numbers are really quite astounded. As you mentioned, 70% of patients on the Hims & Hers platform that are getting this type of personalized treatment or a hearing and retaining on the treatment relative to just around 40% in the traditional brick-and-mortar system that has been reported.

是的，瑪麗亞，讓我回答第一個問題，轉接電話。當談到GLP-1研究和我們上週發布的白皮書時，這些數字確實相當令人震驚。正如您所提到的，Hims & Hers 平台上有 70% 的患者正在接受此類個人化治療或聽證會並保留治療，而據報道，傳統實體系統中這一比例僅為 40% 左右。

That's a 30-point delta in clinical adherence. And when you look at the public data on GLP-1 adherence over the course of the year, the data is also staggeringly low. You're talking about 10% to 15% people actually being retained. The reasons for these are relatively straightforward, but very material.

這相當於臨床依從性的 30 點增量。當你查看一年來 GLP-1 遵守情況的公開數據時，你會發現該數據也低得驚人。你說的是 10% 到 15% 的人實際上被保留了下來。這些原因相對簡單，但卻非常重要。

You have nearly every single person who tries these medication experiencing side effects. You've got very wide thread nausea, vomiting, muscle losses of great concern, gastrointestinal issues. And for many patients, they can't bear those side effects. And so I think what's really powerful about the engine platform is you've got the combination of factors. You've got the provider communication.

幾乎每個嘗試這些藥物的人都會遇到副作用。你會感到噁心、嘔吐、令人擔憂的肌肉損失、腸胃問題。而對許多患者來說，他們無法忍受這些副作用。所以我認為引擎平台的真正強大之處在於你擁有多種因素的組合。您已獲得提供者的通訊。

As we mentioned, providers are talking to these patients and engaging with them every single month, allowing a really robust set of communication to titrate, adjust dosing, just treatment regimen in order to optimize for the patient's needs and for the side effect, you've got technology underpinning this where MedMatch is able to start helping providers set the right prescription treatment from day zero, so that could be a slower titration schedule in and dose that is optimized for the patient's preferences.

正如我們所提到的，醫療服務提供者每個月都會與這些患者交談並與他們接觸，從而進行一系列真正強大的溝通來滴定、調整劑量、治療方案，以便優化患者的需求和副作用，您'我們擁有支持這一點的技術，MedMatch 能夠從零天開始幫助提供者設定正確的處方治療，因此可以根據患者的喜好優化較慢的滴定時間表和劑量。

And then obviously, under the hood, the capabilities on the platform allows for a really wide range of personalized dosages. This has continued to expand in Q3, and I think you'll continue to see us expand that like we have in other specialties, but more and more of the nuance of understanding these patients, letting the technology and the provider and then the high-touch allow for personalization is ultimately going to result in better outcomes. And for this treatment specific given the side effect rate, I think it's going to be a key driver of much better clinical outcome and adhering.

顯然，在幕後，平台上的功能允許非常廣泛的個人化劑量。這種情況在第三季度繼續擴大，我想你會繼續看到我們像其他專業一樣擴大這一範圍，但越來越多地了解這些患者的細微差別，讓技術和提供者，然後是高. ..觸摸允許個性化最終會帶來更好的結果。對於這種特定的治療，考慮到副作用率，我認為這將成為更好的臨床結果和堅持的關鍵驅動因素。

And then Maria, this is Yemi. To take the second part of your question, the factors that Andrew mentioned really are driving stronger retention across the platform. What we are seeing is that the brand, the transparency and really having providers act as a partner in the care with consumers is also providing consumers with greater comfort upfront to commit to longer durations on the platform.

然後瑪麗亞，這是耶米。對於你問題的第二部分，安德魯提到的因素確實正在推動整個平台更強的保留。我們看到的是，品牌、透明度以及真正讓提供者充當消費者護理合作夥伴的同時，也為消費者提供了更大的舒適感，讓他們能夠在平台上停留更長的時間。

And so I think across the GLP-1 solutions, we are seeing consumers a dock on the higher end of the duration spectrum that currently sits at roughly like around five months right now for the typical consumer.

因此，我認為在 GLP-1 解決方案中，我們看到消費者處於持續時間範圍的高端，目前對於典型消費者來說大約是五個月左右。

Got it. Thank you, both, and good luck with the rest of the year.

知道了。謝謝你們兩位，祝福今年剩下的時間一切順利。

Daniel Grosslight, Citi.

丹尼爾‧格羅斯萊特，花旗銀行。

Hey, guys. Thanks for taking the question and congrats on the strong quarter. You noted in your shareholder letter that you introduced the personalized dosing and titration for GLP-1s and you mentioned, I think, on the call that around 10,000 books are on that, which would make it a little less than 20% of GLP-1 numbers, if my math is correct.

嘿，夥計們。感謝您提出問題，並祝賀本季的強勁表現。您在股東信中指出，您介紹了GLP-1 的個人化劑量和滴定，並且您在電話會議上提到，大約有10,000 本書是關於這方面的，這將使其略低於GLP-1的20%數字，如果我的數學正確的話。

So I just wanted to confirm that I heard that correctly, around 10,000 on the more personalized titration schedule? And then on that, is it your understanding that these more personalized titrated GLP-1 doses go -- be able to -- you'll be able to continue to compound that once the shortages abate, is it enough to kind of get around that personalization carve-out?

所以我只是想確認我聽到的是否正確，在更個性化的滴定計劃中大約 10,000？然後，您是否認為這些更個人化的滴定 GLP-1 劑量能夠 — — 您將能夠繼續複合，一旦短缺現象緩解，是否足以解決這個問題個性化剝離？

Thanks, Daniel. Regarding the tent, I think that was specific to study that we put out on the on patient outcomes for GLP-1. So I don't think it was the exact number of patients specifically on personalized doses in aggregate I think more and more given the nature of our business, as you know, for many years, across specialties, patients are coming to us for personalization. That's the type of person that comes to us. And so I think our platform will continue to invest in catering to those needs.

謝謝，丹尼爾。關於帳篷，我認為這是我們針對 GLP-1 患者結果進行的研究所特有的。因此，我認為這並不是具體的個人化劑量患者的確切數量，我認為考慮到我們業務的性質，正如您所知，多年來，跨專業的患者越來越多地向我們尋求個性化治療。我們就是這樣的人。因此，我認為我們的平台將繼續投資以滿足這些需求。

The compounding exemption, whether or not on shortage or not has always allowed for the personalization when clinically necessary, and this can be a form factor it can be in doses, it can be in combination therapy.

複合豁免，無論是否短缺，總是允許在臨床需要時進行個性化，這可以是劑量的形式因素，也可以是聯合治療的形式。

There's very well documented and outlined absent of the compounding exemption for which are allowed and necessary for clinical flexibility. We believe that dosing specifically for this type of a treatment to mitigate Syntec is very much right down the center of what that compound exemption is built for. I think also there's wide threat clinical awareness of this level of personalization and the benefits of it.

對於臨床靈活性所允許和必需的複合豁免，有非常詳細的記錄和概述。我們相信，專門針對此類治療來緩解 Syntec 的劑量是化合物豁免的核心內容。我認為臨床對這種個人化程度及其好處也有廣泛的威脅意識。

When you go back to some of those white papers and the public data around side effects and clinical outcomes and adherence like we were talking about with Maria, these people are really struggling, and we see it overwhelmingly on the platform and most just stop, right? They stopped taking the medicine for many of these reasons.

當你回顧一些白皮書以及關於副作用、臨床結果和依從性的公開數據時，就像我們與瑪麗亞談論的那樣，這些人真的很掙扎，我們在平台上看到壓倒性的情況，大多數人只是停下來，對吧？由於許多原因，他們停止服藥。

And so the ability to really customize that level of care, we think is very well-respected precedents, very much within the bound of the compounding exemption. And we also believe it's very well respected across all the parties in the industry.

因此，我們認為真正定制這種護理水平的能力是非常受尊敬的先例，很大程度上在複合豁免的範圍內。我們也相信它受到業界各方的高度尊重。

Yeah. Makes sense. And then on the acquisition of the 503(b) compounding pharmacy that you recently closed, what investments do you need to make to get that operational and up and running on GLP-1. And I mean, was that a bulk of the CapEx that you were talking about increasing in the fourth quarter?

是的。有道理。然後，在收購您最近關閉的 503(b) 複合藥局時，您需要進行哪些投資才能使其在 GLP-1 上正常運作並啟動和運行。我的意思是，這是您所說的第四季增加的大部分資本支出嗎？

Yeah. Thanks for the question, Dan. So I think that when we look at the acquisition of Medisource, I think as it stands today, it does have the capability to produce the GLP-1 really the investments that we are looking to make over the course of the next couple of quarters is expanding capacity as well as just the overall efficiency through leveraging the playbook of automation.

是的。謝謝你的提問，丹。因此，我認為，當我們考慮收​​購 Medisource 時，我認為就目前情況而言，它確實有能力生產 GLP-1，我們希望在接下來的幾個季度進行的投資是透過利用自動化策略來擴大容量以及整體效率。

We know that we will have scale with GLP-1s on our platform. And so deploying that knowledge and the playbook that we've utilized across other specialties in the past something that we expect to do in the coming quarters to drive more and more efficiency on that front.

我們知道，透過 GLP-1 在我們的平台上我們將實現規模化。因此，我們預計在未來幾季將部署我們過去在其他專業領域使用的知識和手冊，以提高這方面的效率。

With respect to your second question, I think that really the CapEx will be diversified across several areas. We have received clear signal that consumers overwhelmingly are resonating with personalization given the fact that it produces unique advantages to address their clinical needs. And so I think as we mentioned in the prepared remarks, we now have over 1 million subscribers that are benefiting from personalized solutions, more than half of the subscriber base.

關於你的第二個問題，我認為資本支出實際上將在多個領域中實現多元化。我們收到了明確的訊號，即絕大多數消費者對個人化產生了共鳴，因為它可以產生獨特的優勢來滿足他們的臨床需求。因此，我認為正如我們在準備好的發言中提到的那樣，我們現在有超過 100 萬訂戶受益於個人化解決方案，佔訂戶基數的一半以上。

So as a result, we're going to look to also, in addition to verticalizing the GLP-1 operation, start to widen the aperture both from capacity, personalized options that we can have, but also the breadth personalized options that we can have in the coming quarters. And so I would say that the CapEx really is a mix across those developments.

因此，除了垂直化 GLP-1 操作之外，我們還將開始擴大我們可以擁有的容量、個人化選項以及我們可以擁有的個人化選項的廣度。所以我想說，資本支出其實是這些開發的混合體。

Got it. Thank you.

知道了。謝謝。

Eric Percher, Nephron Research.

艾瑞克‧佩徹（Eric Percher），腎臟單位研究中心。

Thank you. Yemi, I'd like to follow on that line. And just as I heard, 503(a) investments for the long-term 503(b) in the near term. how do you think about the ability to flex on those two as the regulatory environment changes? And is there any major difference in efficiency if you need to move towards 503(a).

謝謝。Yemi，我想遵循這條路線。正如我所聽到的，503(a) 投資是為了近期的長期 503(b) 投資。您如何看待隨著監管環境的變化而靈活運用這兩者的能力？如果您需要轉向 503(a)，效率是否有重大差異。

Yeah. Thanks for the question, Eric. I think that really, we're going to need to be able to walk and chew gum at the same time. So we have a very talented team across the board. We also have the strength of our balance sheet with north of $250 million in the growing free cash flow portfolio that will enable us to invest in these things concurrently.

是的。謝謝你的提問，艾瑞克。我認為，我們真的需要能夠同時走路和嚼口香糖。所以我們擁有一支非常有才華的團隊。我們的資產負債表也很強大，自由現金流投資組合不斷成長，超過 2.5 億美元，這將使我們能夠同時投資這些項目。

So we would expect to continue to invest in the capabilities in both the 503(a) as well as the 503(b), with respect to the efficiency across the two different operations. 503(b)s are generally more efficient than 503(a)s given the fact that we have 503(a) for numerous years, we do believe that we can drive a substantial amount of efficiency the reality is that both operations will be significantly more efficient than utilizing a third party. So we see substantial opportunity for efficiency and greater economics within that subspecialty in the coming quarters.

因此，我們預計將繼續投資 503(a) 和 503(b) 的功能，以提高兩種不同操作的效率。考慮到我們已經使用 503(a) 多年，503(b) 通常比 503(a) 更有效率，我們確實相信我們可以大幅提高效率，但現實情況是，這兩種操作都將顯著提高比使用第三方更有效。因此，我們認為在未來幾個季度，該專業領域將有大量提高效率和經濟效益的機會。

And the liraglutide, is that identification of API versus a manufacturer of a generic injectable. And does that then have to go into an NDA submission?

利拉魯肽是 API 與仿製藥注射劑製造商的區別。那麼這是否必須提交 NDA？

Great question. Similar across all of the medications that we offer on the platform is a pretty extensive set of protocols that the supply chain goes through and many of the times, this is DMS numbers with the FDA, batch authentication, certificate authentication now we open source to all of the patients we do in-house and third-party independent testing of these APIs and treatments. Both what is absolutely clinically necessary from a safety standpoint with the FDA, but also kind of the above and beyond that our team goes through just to get comfortable.

很好的問題。我們在平台上提供的所有藥物中類似的是供應鏈要經歷的一套相當廣泛的協議，很多時候，這是 FDA 的 DMS 編號、批量身份驗證、證書身份驗證，現在我們向所有人開放源代碼我們對這些API 和治療方法進行內部和第三方獨立測試。從 FDA 的安全角度來看，這既是臨床上絕對必要的，也是我們團隊為了感到舒適而經歷的上述和超越的事情。

So when it comes to liraglutide, it will be the exact same process that we've utilized across the stack. And really excited about that medication in particular, just because I think patients are really looking for value when it comes to obesity treatment.

因此，當談到利拉魯肽時，它將與我們在整個堆疊中使用的過程完全相同。尤其對這種藥物感到興奮，因為我認為患者在肥胖治療方面確實在尋找價值。

And that medication is known. It's increasingly available the affordability profile will be something that we think is achievable for many, and similar to our oral medications, where you're seeing 70% of the weight loss for $70 per month that type of value offering is really something we're pretty excited to bring to market. But same protocols and same safety standards when it comes to bringing that to customers and how we think about it.

這種藥物是已知的。越來越多的人可以負擔得起，我們認為對許多人來說是可以實現的，類似於我們的口服藥物，每月70 美元你會看到70% 的體重減輕，這種價值提供確實是我們想要的。但在向客戶提供這些服務以及我們如何看待它時，有相同的協議和相同的安全標準。

Thank you.

謝謝。

Ryan MacDonald, Needham.

瑞恩麥克唐納，李約瑟。

Hi. Congrats on a great quarter and thanks for taking my questions. Maybe to start out, it seems like the oral business and weight loss continues to perform really well despite sort of the now availability of GLP-1s in your platform. Can you just talk about how you're sort of able to sort of effectively route patients customers to the oral option versus some of the GLP-1s and what's really the top of the funnel driving men? Is it customers coming in, looking for GLP-1s and sort of being made aware and educated on the oral option? Just any color there would be helpful. Thanks.

你好。恭喜您度過了一個出色的季度，並感謝您回答我的問題。也許首先，儘管您的平台中現在有 GLP-1，但口服業務和減肥似乎仍然表現良好。您能否談談與某些 GLP-1 相比，您如何能夠有效地將患者客戶引導至口服藥物，以及驅動男性的漏斗頂部到底是什麼？是顧客進來尋找 GLP-1 並了解口服選項並接受教育嗎？任何顏色都會有幫助。謝謝。

Thanks, Ryan. It's a great question. In many ways, I think we see ourselves of the platform looking a little bit like Switzerland, where we offer a wide range of treatments and services and try to help patients identify what is right for them. that could be related to clinical needs. It could be related to personal preferences something they've heard of or something they're excited by.

謝謝，瑞安。這是一個很好的問題。在很多方面，我認為我們認為這個平台有點像瑞士，我們提供廣泛的治療和服務，並盡力幫助患者確定適合他們的治療和服務。這可能與臨床需求有關。這可能與個人喜好、他們聽說過的東西或他們感興趣的東西有關。

So there's really no, sort to speak Trojan Horse, where we're leveraging one medication to bring people in the oral treatment option as we shared is an incredibly robust business within the obesity business. As we shared last quarter, is the fastest specialty we have ever launched on the platform to see oral medication alone.

因此，實際上不存在所謂的“特洛伊木馬”，我們利用一種藥物來讓人們接受口服治療，正如我們所分享的那樣，這是肥胖行業中一項非常強勁的業務。正如我們上季度分享的那樣，這是我們在平台上推出的最快的專業，僅查看口服藥物。

And what that's doing is something really special. It's doing something that also is very rarely accessible to the mass market, which is a hyper-personalization approach to understand the underlying factors driving your weight gain.

它所做的事情非常特別。它正在做一些大眾市場很少能接觸到的事情，這是一種超個人化的方法，可以了解導致體重增加的潛在因素。

So this could be insulin resistance, metabolic disorder, binge eating, depressive dynamics and symptoms and our SVP of Weight Management, Dr. Craig Primack has been a specialist in this for 20 years. And we've brought a lot of that expertise that is available only to the 1% or 2% to the math is at scale or a price point that's very, very achievable.

因此，這可能是胰島素阻抗、代謝紊亂、暴飲暴食、憂鬱動態和症狀，我們的體重管理高級副總裁 Craig Primack 博士 20 年來一直是這方面的專家。我們帶來了許多只有 1% 或 2% 的人才能獲得的專業知識，在規模或價格點上是非常非常可實現的。

So I think different people have different preferences and different clinical needs. This is a treatment that is, as I was saying, delivering 70% of the weight loss of an injectable weekly gold standard GLP-1 for only $70 per month.

所以我認為不同的人有不同的偏好和不同的臨床需求。正如我所說，這種治療方法每月僅需 70 美元，可實現每週注射黃金標準 GLP-1 的 70% 減肥效果。

So incredible value, which I think just naturally is attracting consumers. I think there's also a lot of comfort in the fact that these treatments in the oral business have been around for decades. The known side effects and safety profiles are very widely studied and the fact that there's different formats oral medication shoes versus in injectable is also, I think, appealing to people. So we expect that oral business to be a large composition of the Wage business regardless of GLP-1s and liraglutide and everything to come.

如此令人難以置信的價值，我認為這自然吸引了消費者。我認為這些口腔治療方法已經存在了幾十年，這一事實也讓人感到很安慰。已知的副作用和安全性得到了廣泛的研究，我認為，口服藥物鞋與注射藥物的不同形式也對人們很有吸引力。因此，我們預計口服業務將成為 Wage 業務的重要組成部分，無論 GLP-1 和利拉魯肽以及未來的一切如何。

Appreciate all the color there, Andrew. Maybe as a follow-up. You mentioned, obviously, a number of options of how the way business is going to continue to evolve in the future. One obviously being a supply becomes available, offering the branded options.

欣賞那裡的所有顏色，安德魯。也許作為後續行動。顯然，您提到了未來業務如何繼續發展的多種選擇。其中一個顯然是供應可用，提供品牌選項。

As we think about the incremental investments you're making, is there any sort of contemplation in the near term about sort of building out the infrastructure for sort of getting reimbursed and taking insurance? Or would you expect even as you start to offer the branded options continuing on the cash base side.

當我們考慮您正在進行的增量投資時，短期內是否有任何關於建立基礎設施以獲得報銷和保險的考慮？或者，即使您開始在現金基礎方面繼續提供品牌選項，您也會期望這樣做嗎？

Yeah. Great question, Ryan. I think right now, the simplicity of the cash pay side has been relatively straightforward for patients as most know, the actual coverage for the brand name medication when it comes to obesity is very, very low. Almost nobody without extremely high-end plans or getting coverage and you see more and more coverage dropping quarter over quarter even in the last couple of weeks.

是的。好問題，瑞安。我認為目前，現金支付的簡單性對患者來說相對簡單，正如大多數人所知，品牌藥物在肥胖方面的實際覆蓋率非常非常低。幾乎沒有人沒有極其高端的計劃或沒有獲得保險，即使在過去幾週內，您也會看到越來越多的保險覆蓋率逐季度下降。

So the simplicity, I think, of the cash pay market is probably our approach. We will continue to try to bring more branded options to the platform because, again, choice is king and consumers do love that choice. But with that said, I think we're excited by some of the treatments, likely guide and the oral treatment and the personalize semaglutide and GLP-1s that offer really effective treatment at something that is more accessible to the mass market.

因此，我認為，現金支付市場的簡單性可能是我們的方法。我們將繼續嘗試為該平台帶來更多品牌選擇，因為選擇是王道，消費者確實喜歡這個選擇。但話雖如此，我認為我們對一些治療方法感到興奮，可能是指南和口服治療以及個人化索馬魯肽和 GLP-1，它們提供了真正有效的治療，更容易進入大眾市場。

And as we shared in the prepared remarks, we're now treating hundreds of thousands of Americans that are in ZIP codes in economic brackets that really, really struggle with care. And so I think it's increasingly becoming a really spirited altruistic part of the business that we're really excited by.

正如我們在準備好的演講中所分享的那樣，我們現在正在治療數十萬經濟困難的美國人。因此，我認為它正日益成為我們真正感到興奮的業務中真正充滿活力的利他主義部分。

Aaron Kessler, Seaport Research.

亞倫‧凱斯勒，海港研究中心。

Great. Thanks, guys. A couple of questions. Just in terms of new sub verticals with kind of Dr. Sheppard joining as CMO of Hers, can you just help us think through the potential kind of for new sub verticals within the Hers category. And just within some of the -- maybe the traditional categories you've been and including sexual health, kind of hair dermatology, just provide us an update on maybe performance of some of those within the quarter as well. Thank you.

偉大的。謝謝，夥計們。有幾個問題。就新的子垂直領域而言，Sheppard 博士作為 Hers 的首席行銷長加入，您能否幫助我們思考 Hers 類別中新子垂直領域的潛在類型。就在一些傳統類別中，包括性健康、頭髮皮膚病學，也為我們提供了本季某些類別的最新表現。謝謝。

Yeah. Thanks, Aaron. So on the new side of the house, we're really excited by Dr. Shepperd joining the Hertz business, as we mentioned, is the fastest part of the aggregate business drug, right? It's an incredible business, and it's diversified quite dramatically across mental health, dermatology, as you shared, metabolic health, obesity.

是的。謝謝，亞倫。因此，在新的方面，我們對謝潑德博士加入赫茲業務感到非常興奮，正如我們所提到的，赫茲業務是藥品整體業務中最快的部分，對嗎？這是一項令人難以置信的業務，並且在心理健康、皮膚病學、代謝健康、肥胖等領域非常多元化。

So an incredible amount of diversity taking place that's actually driving that. I think the combination of moves that we've made, such as bringing Dr. Shepperd onto the team as well as the 503(b) Medisource in California, which allows for sterile injectables kind of leads towards categories that we've spoken about in the past that Dr. Shepperd is an expert on and these are categories such as paramenopause, menopause hormonal therapy and all of the related impact that, that might have for women as they age.

因此，令人難以置信的多樣性正在發生，這實際上是推動這一趨勢的因素。我認為我們採取的舉措相結合，例如將 Shepperd 博士帶入團隊以及加州的 503(b) Medisource，這使得無菌注射劑成為我們在謝珀德博士是過去的專家，這些類別包括準絕經期、更年期荷爾蒙療法以及隨著女性年齡增長可能產生的所有相關影響。

Same thing on the men's side of the business. We expect that business to be something that is rolling out in the next couple of years and something that our customers really have been wanting for some time. So that's maybe a little bit of color on kind of the new verticals to come. With regard to the core, as Yemi shared, there was 40%-plus year-over-year growth in our subscribers, excluding the GLP-1 business. So the core is growing very robustly.

男士業務方面也是如此。我們預計該業務將在未來幾年內推出，並且是我們的客戶長期以來想要的業務。所以這可能會為即將到來的新垂直領域帶來一些色彩。至於核心，正如Yemi分享的那樣，我們的用戶同比增長了40%以上，不包括GLP-1業務。所以核心的成長非常強勁。

You're seeing mass market adoption of the personalization options across all of these categories with I think it's 65%, 70% of new customers now opting for personalization, which is really bringing a level of clinical excellence, adherent, stickiness, retention and customer demand kind of all-time high across the core, which we think has been an exciting contributor, which is even more exciting when you add in, obviously, the scale of the obesity opportunity. So it's a combination of those factors that are driving all of this growth.

您會看到大規模市場採用所有這些類別的個人化選項，我認為現在有65%、70% 的新客戶選擇個人化，這確實帶來了臨床卓越性、依從性、黏性、保留性和客戶水平核心需求達到歷史最高水平，我們認為這是一個令人興奮的貢獻者，顯然，當你加上肥胖機會的規模時，這就更令人興奮了。因此，這些因素的綜合推動了所有這些成長。

Great. Thank you.

偉大的。謝謝。

Jonna Kim, TD Cowen.

喬納森·金，TD·考恩。

Thank you for taking my question. As you focused on creating more efficiency around your platform, how are you thinking about the pricing structure overall? And do you plan to lower any price in 2025? And also, as you think about the weight loss side, will you be able to lower your pricing on that specialty as well?

感謝您回答我的問題。當您專注於提高平台效率時，您如何考慮整體定價結構？你們計劃在 2025 年降低價格嗎？而且，當您考慮減肥方面時，您是否也能夠降低該專業的價格？

Yeah, Jonna, thanks so much for the question. I think what we constantly do as we unlock efficiency gains as we look for the best vehicles to pass that through to consumers. Some of this you've seen in the rollout of some of the newer products like the multi-condition treatments in sex and hair, where we were able to roll that out for as low as $49 per month for both conditions.

是的，喬娜，非常感謝你的提問。我認為，當我們尋找最好的車輛將效率提升傳遞給消費者時，我們會不斷地做些什麼。您在推出一些新產品時已經看到了其中的一些內容，例如針對性和頭髮的多病症治療，我們能夠以每月低至 49 美元的價格針對這兩種病症推出該產品。

I think that as we unlock additional efficiencies, we will definitely test price as a lever. But as we see the technological capabilities across the platform expand and we also have numerous specialties. We're very excited by some of the additional creative opportunities that we can do beyond price to pass value back to consumers.

我認為，當我們釋放額外的效率時，我們肯定會測試價格作為槓桿。但隨著我們看到整個平台的技術能力不斷擴展，我們也擁有許多專業知識。我們對一些額外的創意機會感到非常興奮，除了價格之外，我們還可以將價值傳遞給消費者。

And just one follow-up. You mentioned GLP-1 users are also using other offerings that you have. What is the strategy to further grow that sort of cross-selling of your platform? Thank you so much.

只有一個後續行動。您提到 GLP-1 用戶也在使用您提供的其他產品。進一步發展平台交叉銷售的策略是什麼？太感謝了。

Yeah. To date, it's largely been organic. Like what we do see is that as we have a wide breadth of specialties across the platform. Users are organically opting into multiple treatments. As we look to 2025, I think that subscriber growth will largely be the continued focus in aggregate.

是的。迄今為止，它基本上是有機的。就像我們所看到的那樣，我們在整個平台上擁有廣泛的專業知識。使用者有機地選擇多種治療方法。展望 2025 年，我認為用戶成長將在很大程度上成為整體持續關注的焦點。

But what we can do is make it easier for users to often select into multiple bundles through moving friction points that we're aware of today. And so we would expect that number over time to go up. But largely, in the next quarter or two will be mainly organic.

但我們能做的是，透過移動我們今天意識到的摩擦點，讓使用者更容易經常選擇多個捆綁包。因此，我們預計這個數字會隨著時間的推移而上升。但在很大程度上，未來一兩個季度將主要是有機的。

Thank you.

謝謝。

Jailendra Singh, Truist Securities.

Jailendra Singh，Truist 證券公司。

Thank you and congrats on the strong quarter. I want to go back to GLP on related contribution in the quarter. It seems like GLP-1 subscriber count was around 45,000 to 48,000 in the quarter. Is there any additional color you can provide us to frame the revenue contribution in the quarter?

謝謝並恭喜本季的強勁表現。我想回到普洛斯本季的相關貢獻。本季 GLP-1 訂閱者數量約為 45,000 至 48,000 人。您是否可以向我們提供任何其他顏色來框架本季的收入貢獻？

You said $12 million in 2Q, just trying to understand the growth there. Basically, the AOV was up pretty strong sequentially and trying to understand how much is driven by GLP-1 contribution versus like other tailwinds in the quarter.

您說第二季為 1200 萬美元，只是想了解那裡的成長情況。基本上，AOV 連續成長相當強勁，並試圖了解 GLP-1 貢獻與本季其他推動因素的推動程度。

Yeah, I think I can kind of take that and a few questions. So I think that we largely see the subscriber growth coming from the core. That said, we do see accelerating GLP-1 growth. Some of that was a result of the fact that we started to roll out GLP-1s across a broader number of states.

是的，我想我可以接受這個問題和幾個問題。所以我認為我們很大程度上看到用戶成長來自核心。也就是說，我們確實看到 GLP-1 的成長加速。其中部分原因是我們開始在更多州推出 GLP-1。

Additionally, as consumers become more aware of the capabilities that we offer and we expand those capabilities, we do see GLP-1 adoption accelerating and increasing on the platform.

此外，隨著消費者越來越意識到我們提供的功能並且我們擴展了這些功能，我們確實看到 GLP-1 在該平台上的採用正在加速和增加。

I think just kind of doing the math on the subscriber count and looking at the rough average approximation of the monthly average revenue per subscriber can get you within the ballpark of what the GLP-1 contribution looks like.

我認為，只需對訂閱者數量進行數學計算，並查看每個訂閱者每月平均收入的粗略平均近似值，就可以讓您大致了解 GLP-1 貢獻的情況。

Okay. And then going back to the comment earlier I made about only 13% of GLP-1 canceled their treatment in the first month. Of the remaining 87% are you seeing customers renewing for the same duration? Are you seeing them opting for higher duration subscription? Are you seeing like people getting comfortable standing for 3, 6, 12 months? Just trying to understand the mix of the duration in the subscription here.

好的。然後回到我之前的評論，大約只有 13% 的 GLP-1 在第一個月取消了治療。在剩下的 87% 中，您是否看到客戶在相同期限內續約？您是否看到他們選擇更長期限的訂閱？您是否發現人們在 3、6、12 個月內能夠輕鬆站立？只是想了解這裡訂閱的持續時間的組合。

Yeah. I think what we do see is really I think the hurdle, like most of our other specialties, the cancellations come early on in the life cycle of a given user. As a user, particularly for medication like GLP-1s, starts to cross the 12-week or 3-month milestone you generally do see that the overall platform becomes sticky and we would expect that. With respect to the duration of weight, what we mentioned in a question earlier, is that we're seeing a duration kind of in the ballpark of five months.

是的。我認為我們確實看到的是我認為障礙，就像我們大多數其他專業一樣，取消出現在給定用戶生命週期的早期。作為用戶，特別是像 GLP-1 這樣的藥物，開始跨越 12 週或 3 個月的里程碑，您通常會看到整個平台變得黏性，這是我們所期望的。關於體重的持續時間，我們在先前的問題中提到，我們看到的持續時間大約是五個月。

And that really is just a testament to consumers are enjoying the transparency that our platform is bringing, they're enjoying having providers act as partners and walk them through what -- how to get effective care, how to manage side effects that Andrew mentioned earlier, such as muscle loss or nausea, providers walking consumers through that is really resulting in strong and some results. And as a result, we're seeing very strong performance on the typical duration that consumers are signing up for.

這確實證明了消費者正在享受我們平台帶來的透明度，他們喜歡讓提供者作為合作夥伴並引導他們了解如何獲得有效的護理，如何管理安德魯之前提到的副作用，例如肌肉損失或噁心，提供者引導消費者經歷這些確實會產生強而有力的結果。因此，我們看到在消費者註冊的典型持續時間內表現非常強勁。

Great. Thanks a lot.

偉大的。多謝。

And that's all the time we had for questions today. And ladies and gentlemen, that does conclude today's conference call. Thank you for your participation and you may now disconnect.

這就是我們今天提問的全部時間。女士們、先生們，今天的電話會議到此結束。感謝您的參與，您現在可以斷開連接。