Hims & Hers Health Inc (HIMS) 2024 Q4 法說會逐字稿

Good afternoon, ladies and gentlemen, and thank you for standing by. My name is Kelvin, and I will be your conference operator today. At this time, I would like to welcome everyone to the Hims & Hers' fourth quarter 2024 earnings call. (Operator Instructions) I would now like to turn the call over to Bill Newby, Head of Investor Relations. Please go ahead.

女士們、先生們，下午好，謝謝大家的支持。我叫凱爾文，今天我將擔任您的會議主持人。現在，我歡迎大家參加 Hims & Hers 2024 年第四季財報電話會議。（操作員指示）現在，我想將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's fourth quarter and full year 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; and Yemi Okupe, our Chief Financial Officer. 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.

大家下午好，歡迎參加 Hims & Hers Health 2024 年第四季和全年財報電話會議。今天，市場收盤後，我們發布了本季度的股東信，您可以在我們的網站 investor.hims.com 上找到該信的副本。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。在我將其交給安德魯之前，我需要提醒你法律安全港和警告聲明。本簡報中所做的某些陳述和對未來結果的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. 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.

無論是由於新資訊、未來事件、假設變更或其他原因，本次電話會議後我們均不承擔公開更新任何前瞻性聲明的義務。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。在今天的介紹中，我們還有一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所含的最直接可比較的 GAAP 財務指標的對帳表。您可以在 investor.hims.com 上找到此資訊以及今天的網路廣播連結。

After the call, this webcast will be archived on our website for 12 months. And with that, I will turn the call over to Andrew.

通話結束後，該網路廣播將在我們的網站上存檔 12 個月。說完這些，我會把電話轉給安德魯。

Thanks, Bill. What an incredible last few months we have had to finish a breakout year. At Hims & Hers, we believe we are building the next-generation health care platform, a platform that leverages personalization and technology unlike any traditional health care system, delivering access to affordable, on-demand, high-quality and precision tailored care to millions of people, the future model of health and wellness that centers around the consumer and the consumer alone. This vision requires extraordinary levels of innovation across technology, infrastructure and services, and I'm absolutely in awe at the team's execution across so many avenues to accelerate towards this vision. From our recent acquisition of our new whole body lab testing facilities, which will bring Hims & Hers customers a deeper understanding of the comprehensive health and treatment personalization, to our acquisition of our new Menlo Park peptide facility, which will establish domestic durability of our supply chain for one of the most innovative and exciting areas in medicine, to our Super Bowl ad, which sparked an incredible breadth of discussion around our existing health care systems; and lastly, to our growing bench of impressive talent, making our team an even stronger competitive advantage.

謝謝，比爾。我們度過了令人難以置信的幾個月，並完成了突破性的一年。在 Hims & Hers，我們相信我們正在建立下一代醫療保健平台，該平台利用個人化和技術，不同於任何傳統醫療保健系統，為數百萬人提供負擔得起、按需、高品質和精準定制的醫療服務，這是以消費者為中心的未來健康和保健模式。這個願景需要在技術、基礎設施和服務方面實現非凡的創新水平，我對團隊在如此多途徑加速實現這一願景的執行力感到敬佩。從我們最近收購的新的全身實驗室測試設施，這將使 Hims & Hers 客戶對綜合健康和治療個性化有更深入的了解，到我們收購新的門洛帕克肽設施，這將為醫學領域最具創新性和令人興奮的領域之一建立我們供應鏈的國內耐久性，再到我們的超級碗廣告，引發了圍繞我們現有的醫療保健系統之一的廣泛討論

We are attracting leaders across disciplines from technology to women's health, who recognize the extraordinary opportunity to reshape American health care. At the end of 2024, over 2 million subscribers entrusted Hims & Hers to aid them in their journey to better health with thousands more joining daily. This vision of an on-demand, personalized health care platform is resonating with consumers across America. Over the past 25 years, Uber and Airbnb reshaped transportation and hospitality. Amazon and Shopify revolutionized e-commerce and logistics.

我們正在吸引從科技到婦女健康等各個領域的領導者，他們認識到重塑美國醫療保健的絕佳機會。截至 2024 年底，已有超過 200 萬訂閱者選擇 Hims & Hers 幫助他們走上更健康的旅程，並且每天還有數千名訂閱者加入。這種按需個人化醫療保健平台的願景正在引起全美消費者的共鳴。在過去的 25 年裡，Uber 和 Airbnb 重塑了交通和旅館業。亞馬遜和 Shopify 徹底改變了電子商務和物流。

Netflix and Spotify redefined media consumption, and PayPal and Square modernized digital payments. Yet we haven't seen a similarly transformative shift in 1 of life's most critical areas, health care. Recently, however, I felt the same sense of disruption and possibility with what we are building at Hims & Hers. These disruptors introduced a concept of on-demand in a manner I had never experienced, hyper-personalized and catered to my needs, transparent in their pricing and ultimately reliable and empowering. These are words never uttered when describing health care in America.

Netflix 和 Spotify 重新定義了媒體消費，PayPal 和 Square 實現了數位支付的現代化。然而，我們還沒有看到生活中最關鍵的領域之一——醫療保健也發生類似的變化。然而最近，我對我們在 Hims & Hers 所建造的東西也感受到了同樣的顛覆性和可能性。這些顛覆者以我從未體驗過的方式引入了按需的概念，高度個人化，迎合我的需求，定價透明，最終可靠且具有賦權性。在描述美國醫療保健時，人們從來不會提到這些字眼。

At Hims & Hers, our ambition is simple, we plan to change that. We have been breaking the status quo since our founding in 2017. And through our vision of what health care can and should look like, we've achieved a breadth of accomplishment that few thought possible. We've engineered a vertically integrated proprietary technology stack that powers over 10,000 patient visits per day and we believe is home to one of the most powerful completely closed loop data sets in health care. We've built nearly 0.5 million square feet of cutting-edge pharmacies and fulfillment centers that deliver personalized treatments across dozens of conditions and multiple innovative form factors, helping support high-quality clinical outcomes through optimized dosing, side effects mitigation, and vitamin supplementation.

在 Hims & Hers，我們的目標很簡單，我們計劃改變這一點。自 2017 年成立以來，我們一直在打破現狀。透過我們對醫療保健可以和應該是什麼樣子的願景，我們取得了很少有人認為可能的成就。我們設計了一個垂直整合的專有技術堆疊，每天可為超過 10,000 名患者就診提供支持，我們相信它是醫療保健領域最強大的完全閉環數據集之一。我們已建造近 50 萬平方英尺的先進藥房和配送中心，為數十種病症和多種創新形式提供個人化治療，並透過優化劑量、減輕副作用和補充維生素來幫助支持高品質的臨床結果。

And we've broadened our brand from 1 that's focused on niche men's categories like ED to 1 that millions of Americans entrust for their health and wellness needs across an ever-broadening set of specialties from men's and women's health, dermatology, mental health, adjunctive cardiovascular support and most recently, metabolic health. We are in the earliest of days in transforming how Americans improve their health and wellness. And when we think about the future, our investment areas fit into simple yet powerful buckets. First, by leveraging advancements in technology, specifically AI, we can expand the scope, quality, and capabilities of diagnostic tools available on Hims & Hers platform. Second, as our technology is more sophisticated and we bring more data-rich integrations onto our ecosystem like lab testing and wearable devices, we can expand the breadth of personalized treatments, including preventative capabilities accessible on our platform.

而且，我們已經將我們的品牌從專注於勃起功能障礙 (ED) 等男性小眾疾病的品牌，拓展為數百萬美國人信賴的品牌，滿足他們的健康和保健需求，涉及不斷擴大的專業領域，包括男性和女性健康、皮膚病學、心理健康、輔助心血管支持以及最近的代謝健康。我們正處於改變美國人改善健康和保健方式的早期階段。當我們思考未來時，我們的投資領域簡單而有力。首先，透過利用技術進步，特別是人工智慧，我們可以擴大 Hims＆Hers 平台上可用的診斷工具的範圍、品質和功能。其次，隨著我們的技術更加先進，我們將更多數據豐富的整合引入我們的生態系統，如實驗室測試和可穿戴設備，我們可以擴大個人化治療的範圍，包括在我們的平台上可以訪問的預防功能。

Third, by focusing on the long-term consumer journey, we can expand the value of the Hims & Hers relationship with improved offerings that drive increased and higher engagement follow-up care. And fourth, as our verticalized capabilities and platform get stronger, we see a path to export our capabilities beyond the walls of Hims & Hers, helping legacy health care enterprises transform to be capable of delivering the same quality, efficiency, and personalization for their patients. Our recent investments are in lockstep with its future vision, helping to position us to execute across each of these critical areas. Data is a key differentiator of our platform as we are one of, if not the only large-scale vertically integrated health systems spanning the end-to-end patient journey. At the end of 2024, we began negotiations to acquire a provider of at-home whole-body lab testing, which we were excited to close last week.

第三，透過專注於長期消費者旅程，我們可以透過改進產品來擴大「他和她」關係的價值，從而提高後續照護的參與度和參與度。第四，隨著我們的垂直化能力和平台變得更加強大，我們看到了一條將我們的能力輸出到 Hims & Hers 之外的道路，幫助傳統醫療保健企業轉型，使其能夠為患者提供同樣的品質、效率和個人化服務。我們最近的投資與其未來願景保持一致，幫助我們在每個關鍵領域執行計劃。數據是我們平台的關鍵差異化因素，因為我們是其中一個（如果不是唯一一個）涵蓋端到端患者旅程的大型垂直整合醫療系統。2024 年底，我們開始談判收購一家家庭全身實驗室測試提供商，我們很高興上週完成了交易。

With this additional capability, we will be able to test for a wide range of critical biomarkers across heart, hormone, liver, thyroid, and prostate, helping to proactively identify individual risks for disease. We believe this type of comprehensive health testing should be available to everyone, given the possible life-altering learnings. Given this, we look forward to expanding the value each Hims & Hers subscriber receive this year with comprehensive testing and extraordinarily affordable cost to our customers. Whole body testing gives providers even more insights into their patient's health, enabling a more holistic individualized treatment plan inclusive of personalized medications, supplements, workout routines and nutrition. Whole body lab testing will also enable us to expand into specialties such as menopausal support, low testosterone and more.

憑藉這項附加功能，我們將能夠檢測心臟、荷爾蒙、肝臟、甲狀腺和前列腺等多種關鍵生物標記物，幫助主動識別個體患病風險。我們相信，這種全面的健康測試應該向所有人開放，因為它可能會改變人們的生活。有鑑於此，我們期待透過全面的測試和極其實惠的價格為我們的客戶擴大每個 Hims & Hers 訂閱者今年獲得的價值。全身測試讓服務提供者能夠更深入地了解患者的健康狀況，從而製定更全面的個人化治療計劃，包括個人化藥物、補充劑、運動計劃和營養。全身實驗室測試也能讓我們拓展到更年期支持、低睪酮等專業領域。

With this acquisition, we are elevating the personalization of care individuals will be able to access on our platform. Expanding data sets enable us to identify elements of a member's health such as vitamin deficiencies and unoptimized health indicators, leading to better personalization of treatment through expanded offerings that take these diagnostic components into account. As we deepen personalized care, we can offer investments across our nearly 0.5 million square foot footprint across Ohio, Arizona, and California, will set the foundation to potentially move from offering hundreds of personalized treatment variations to eventually offering thousands of treatments over the coming years. At the end of 2024, we also signed an agreement to acquire a California peptide facility. As we work to address chronic conditions and areas of need among Americans, this facility will provide the ability to explore innovative advances in preventative health, metabolic optimization, cognitive performance, recovery science and biological resistances.

透過此次收購，我們將提升個人在我們的平台上所能獲得的個人化照護。擴大數據集使我們能夠識別會員的健康狀況，例如維生素缺乏症和未優化的健康指標，從而透過考慮這些診斷成分的擴展服務實現更好的個人化治療。隨著我們深化個人化護理，我們可以在俄亥俄州、亞利桑那州和加州近 50 萬平方英尺的佔地面積上進行投資，為未來幾年從提供數百種個人化治療方案到最終提供數千種治療方案奠定基礎。2024年底，我們也簽署了收購加州勝肽工廠的協議。在我們致力於解決美國人的慢性病和需要幫助的領域時，該設施將提供探索預防性保健、代謝優化、認知表現、恢復科學和生物抗性方面的創新進展的能力。

I'm thrilled with the potential range of treatments in peptide science and we are committed to being at the forefront. We believe that this acquisition will provide us with opportunities to more closely participate in this innovation and also bolster our domestic supply chain for treatments that could be critical to America's future. As the breadth of treatment and services expand on our platform over the course of the next decade, our belief is that advancements in technology can facilitate materially better outcomes and unlock a level of access unlike anything available today. We believe that AI and scaled de-identified data will help power extremely important network effects for our platform, enabling each new customer's experience to drive improvement to the care and experience of the next. We also believe that leveraging AI and our current clinical expertise and intelligence can elevate the types of follow-up care available for millions of individuals.

我對勝肽科學的潛在治療範圍感到非常興奮，我們致力於走在最前線。我們相信，此次收購將為我們提供更密切參與這項創新的機會，並加強對美國未來至關重要的治療藥物的國內供應鏈。隨著未來十年我們平台上治療和服務範圍的擴大，我們相信科技的進步可以帶來更好的結果，並帶來當今無法想像的訪問水平。我們相信，人工智慧和規模化的去識別資料將有助於為我們的平台提供極其重要的網路效應，使每個新客戶的體驗能夠推動下一個客戶的服務和體驗的改善。我們也相信，利用人工智慧和我們目前的臨床專業知識和情報可以提升數百萬人可獲得的後續照護類型。

We see great health care as a combination of appropriate treatment, high-frequency provider support, and access to services that help individuals achieve healthier habits. In 2024, we launched tools such as BMI calculators and trackers to help members monitor water intake, nutrition, movement and sleep, all focused on helping our subscribers build a healthier lifestyle. In this next generation of health care, we see a world where AI can substantially elevate the subscriber experience by providing resources with greater sophistication such as AI coaches, therapists, nutritionalists, and trainers available for 24/7 on-demand support to help our customers make meaningful lifestyle changes in pursuit of their health and wellness goals. Trusted and empathetic AI-powered care coordinators to help customers navigate their health care journey, and greater transparency and visibility into the reasoning that drives each treatment and service recommendation on our platform in a manner not constrained by the availability of provider time on the platform. While our ambitions and technology advancement are far reaching, we have been energized by the market receptivity to this vision.

我們認為優質的醫療保健是適當的治療、高頻度的提供者支持以及有助於個人養成更健康習慣的服務的結合。2024 年，我們推出了 BMI 計算器和追蹤器等工具，幫助會員監測飲水量、營養、運動和睡眠，所有這些都致力於幫助我們的訂閱者建立更健康的生活方式。在下一代醫療保健領域，我們看到了這樣一個世界：人工智慧可以透過提供更複雜的資源（例如人工智慧教練、治療師、營養師和培訓師）來大幅提升使用者體驗，這些資源可以提供全天候的按需支持，幫助我們的客戶做出有意義的生活方式改變，以實現他們的健康和保健目標。值得信賴且富有同情心的人工智慧護理協調員將幫助客戶規劃他們的醫療保健之旅，並提高平台上每項治療和服務推薦的理由的透明度和可見性，而不會受到平台上提供者時間可用性的限制。雖然我們的抱負和技術進步影響深遠，但市場對此願景的接受度也為我們注入了活力。

Leading engineering executives, world-class AI researchers and operators responsible for building and massively scaling some of the most notable businesses in the world have been part of our year-long search for our Chief Technology Officer. We have been humbled by the shared excitement for our vision and the widespread passion to transform the American health care system. We are thrilled to share that we have signed an offer for our new Chief Technology Officer, and we expect to share more about our latest executive team member in the coming weeks. Our focus in 2025 will be on continuing to further progress our platform capabilities, deepening our competitive moats and expanding our value to customers. We will do this through continued execution across 5 key priorities.

我們為期一年的技術長搜尋工作包括：領先的工程主管、世界級的人工智慧研究人員以及負責建立和大規模擴展世界上一些最知名企業的營運商。我們對我們的願景有著共同的興奮，並且有著改變美國醫療保健系統的廣泛熱情，這讓我們感到謙卑。我們很高興地宣布，我們已經簽署了新任首席技術長的聘任協議，並預計將在未來幾週內分享更多有關我們最新執行團隊成員的資訊。2025 年，我們的重點將是繼續進一步提升我們的平台能力、深化我們的競爭優勢並擴大我們對客戶的價值。我們將透過持續執行五個關鍵優先事項來實現這一目標。

First, through the integration of whole body lab testing, we will provide access to richer insights for consumers into their health. I cannot stress the transformative unlocks we believe will come from empowering customers with their data. capabilities will serve consumers by supporting our expansion into additional specialties such as menopause and low testosterone and pave the way for a greater breadth of personalized offerings, inclusive of medication, supplements and lifestyle changes. Second, we will continue to invest in our pharmacies and infrastructure. These investments will come in the form of expanding our capacity for sterile compounding as well as further automation of facilities to unlock the capacity to offer access to thousands of more highly personalized treatments in the future.

首先，透過整合全身實驗室測試，我們將為消費者提供更豐富的健康見解。我無法強調我們相信利用客戶資料賦予他們權力將帶來的變革性釋放。這些能力將透過支持我們向更年期和低睪固酮等其他專業領域的擴展來服務消費者，並為更廣泛的個人化服務鋪平道路，包括藥物、補充劑和生活方式的改變。第二，我們將繼續投資我們的藥房和基礎設施。這些投資將以擴大我們的無菌配製能力以及進一步設施自動化的形式進行，從而在未來提供數千種高度個人化的治療。

Third, we will broaden and deepen the capabilities of our technology stack to facilitate even better recommendations from providers to each individual patient, as well as lay the foundation for AI-centered tools and coaches capable of even further improving the quality of follow-up care received on the platform. And fourth, we expect to conduct R&D for the launch of future specialties and subspecialties that leverage our capabilities and reach an even broader set of customers. And finally, we'll continue to position ourselves to be a leader in addressing the chronic obesity epidemic across America. There may not be a more impactful use case for precision medicine than America's obesity epidemic, which impacts 100 million individuals across the country and results in 0.5 million preventable deaths per annum. North of 200,000 individuals joining the Hims & Hers platform in the span of a year to meet their weight loss needs is evidence of the benefits that consumers see in our approach to personalized medicine.

第三，我們將拓寬和深化我們的技術堆疊的功能，以方便服務提供者向每位患者提供更好的建議，並為以人工智慧為中心的工具和教練奠定基礎，從而進一步提高平台上收到的後續護理的品質。第四，我們希望進行研發，以推出未來的專業和次專業，以充分利用我們的能力並涵蓋更廣泛的客戶群。最後，我們將繼續致力於成為解決美國慢性肥胖症流行問題的領導者。對於精準醫療而言，可能沒有比美國的肥胖症流行更具影響力的案例了，肥胖症流行影響著全國 1 億人，每年導致 50 萬人死亡。在一年的時間裡，有超過 20 萬名個人加入 Hims & Hers 平台來滿足他們的減肥需求，證明了消費者從我們的個人化醫療方法中看到了好處。

As we shared last year, we believe our approach can enable material improvements in clinical adherence and compelling customer satisfaction, and we're seeing gains in the realization of this goal. In order to truly address the epidemic, patients need comprehensive care that extends beyond medicine to making lifestyle changes from nutrition to exercise to mental health and we are dedicated to this approach. Precision medicine is about using the right tool for the right patient at the right time. We believe this approach to personalized medicine will ultimately drive better clinical outcomes by enabling providers to personalize the dose, form factor and other clinical delivery aspects of existing clinically validated medications. In our work, we are committed to integrity and transparency.

正如我們去年所分享的那樣，我們相信我們的方法可以顯著提高臨床依從性和提高客戶滿意度，並且我們在實現這一目標的過程中看到了進展。為了真正應對這一流行病，患者需要全面的護理，這種護理不僅限於藥物，還包括從營養到運動到心理健康的生活方式的改變，我們致力於這種方法。精準醫療就是在正確的時間為正確的病人使用正確的工具。我們相信，這種個人化醫療方法最終將透過使服務提供者個性化現有臨床驗證藥物的劑量、形式因素和其他臨床給藥方面，帶來更好的臨床結果。在工作中，我們致力於誠信和透明。

We are not bypassing the regulatory process nor are we creating new drugs. The regulatory framework for compounding and the FDA have long recognized the need for compounders to be able to compound medication to meet patient needs that utilize ingredients of but that are not essential copies of existing drugs. We focus on providing access to better care in this framework through personalization, period. We believe that Americans deserve transparency about the system and their options, and we will continue to passionately push back against any attempts to confuse or scare consumers about whether compounding can be done legally and safely. We won't claim improved efficacy until the data substantiates it.

我們並沒有繞過監管程序，也沒有創造新藥。配製藥物的監管框架和 FDA 早已認識到配製人員需要能夠配製藥物以滿足患者的需求，這些藥物可以利用現有藥物的成分，但不是現有藥物的必要副本。我們專注於透過個人化在這一框架內提供更好的護理。我們相信，美國人應該對這個系統和他們的選擇有清楚的了解，我們將繼續強烈反對任何試圖混淆或嚇唬消費者關於複利是否可以合法安全地進行的企圖。除非數據證實，否則我們不會聲稱療效有所提高。

We will continue to show our quality and safety process across every step of the customer journey. We take a logical approach that lets patients and providers draw their own conclusions because we believe that patients, not pharmaceutical profits, should drive our health care system. We are aware that change can be scary for industry incumbents. Big Pharma's reaction to our call to fix today's stuck in sick health care system has been to band together and question the need for affordable compounded solutions and incite fear in regular Americans through broad stroke statements about the safety of all compounded medications. As always, we will continue to monitor and comply with regulatory requirements related to the GLP-1 shortages.

我們將繼續在客戶旅程的每一步中展示我們的品質和安全流程。我們採取一種合乎邏輯的方法，讓患者和提供者自己得出自己的結論，因為我們相信患者而不是製藥利潤應該推動我們的醫療保健系統。我們意識到，變化對於產業現有企業來說可能是可怕的。我們呼籲修復當今陷入困境的醫療保健系統，而大型製藥公司對此的反應是聯合起來質疑負擔得起的複合藥物解決方案的必要性，並通過對所有複合藥物的安全性發表籠統的聲明來煽動普通美國人的恐懼。像往常一樣，我們將繼續監測並遵守與 GLP-1 短缺相關的監管要求。

And we will continue to primarily focus within our weight loss category on bringing care to individuals that stand to benefit from our oral-based offerings, liraglutide later this year and clinically necessary personalized dosages of semaglutide. The investments we've made on our platform will help ensure that we can effectively help the millions of potential Americans that can benefit from our holistic approach to weight loss treatment. Additionally, these investments position us to be a leader in providing access to high-quality treatment to millions of more Americans as more brand name GLP-1 medications go generic in the coming years. As a founder-led company, we have 1 rare advantage that most companies do not, extreme patients. While most might get lost in the noise of today's realities, the future is where we are focused, a future where high-quality personalized care is available to everyone on demand at affordable prices from the comfort of their home.

我們將繼續主要關注減肥領域，為那些能從我們的口服產品、今年稍後推出的利拉魯肽以及臨床必需的個人化劑量的索馬魯肽中受益的個人提供醫療服務。我們在平台上的投資將有助於確保我們能夠有效地幫助數百萬潛在的美國人，讓他們受益於我們的整體減肥治療方法。此外，隨著未來幾年更多品牌 GLP-1 藥物成為通用藥物，這些投資使我們成為為數百萬美國人提供高品質治療機會的領導者。作為一家由創辦人領導的公司，我們擁有大多數公司所沒有的一個罕見優勢，那就是極度耐心。雖然大多數人可能會迷失在當今現實的喧囂中，但我們關注的重點是未來，未來每個人都可以舒適地在家中以可承受的價格按需獲得高品質的個人化護理。

This vision is coming to reality and it's shaking the incumbent system. We believe that in the coming years, that future will be obvious and available to all. We look forward to updating you on our progress across these priorities over the course of 2025. With that, I will pass it over to Yemi to talk through our financial performance and outlook for 2025.

這個願景正在變成現實並震撼現有體制。我們相信，在未來幾年，這個未來將會顯而易見，並為所有人所用。我們期待在 2025 年向您通報這些優先事項的進展。說完這些，我會把話題交給 Yemi 來談談我們的財務表現和 2025 年的展望。

Thanks, Andrew. I will start by providing an overview of our fourth quarter financial performance before diving further into our outlook for 2025. The success of our platform in 2024 is a reflection of how our ability to democratize access to high-quality personalized treatments and services is resonating with consumers. Revenue was $481 million and $1.5 billion for the fourth quarter and 2024 fiscal year, respectively. This represents year-over-year revenue growth of 95% for the fourth quarter and 69% for 2024.

謝謝，安德魯。我將首先概述我們第四季度的財務業績，然後進一步探討我們對 2025 年的展望。我們的平台在 2024 年的成功反映了我們使獲得高品質個人化治療和服務民主化的能力如何引起消費者的共鳴。第四季和2024財年的營收分別為4.81億美元和15億美元。這意味著第四季營收年增 95%，2024 年營收年增 69%。

Helping drive our success is our ability to attract and retain subscribers across our tenured specialties and secondarily, an ability to scale new offerings such as our weight loss treatments. Revenue outside of our GLP-1 offering increased 43% year-over-year to $1.2 billion in 2024, reflecting an ability to achieve the floor of our revenue expectations for 2025 a year early. Expansion of personalized treatments on our platform is continuing to result in strong subscriber growth. Total subscribers on the platform increased 45% to over 2.2 million in the fourth quarter, with over 55% of the subscribers subscribing to at least 1 personalized solution. Unique form factors, multi-condition treatments and personalized dosages are unlocking growth in some of our most tenured specialties and serving it as an accelerant for some of our newer specialties.

推動我們成功的因素包括我們吸引和留住我們長期專科領域的用戶的能力，其次還有擴大新產品（例如我們的減肥治療）的能力。到 2024 年，我們 GLP-1 產品以外的營收將年增 43% 至 12 億美元，這反映出我們能夠提前一年實現 2025 年收入預期的底線。我們平台上個人化治療的擴展正在持續帶來用戶數量的強勁增長。第四季度，該平台的總訂閱用戶數量成長了45%，達到2,20多萬，其中超過55%的訂閱用戶訂閱了至少1個個人化解決方案。獨特的形式因素、多種情況的治療和​​個性化的劑量正在推動我們一些最長期的專業領域的發展，並成為我們一些較新的專業加速器。

For example, in the fourth quarter, subscribers in men's and women's dermatology grew over 55% and 100% year-over-year, respectively. Our belief is that lab diagnostics will unlock a greater breadth of personalized treatments, which will further expand the runway for growth across our existing specialties. Almost 100 million Americans are currently struggling with weight loss. We launched an oral-based weight loss offering in the fourth quarter of 2023, which saw great success at a sales to a revenue run rate of over $100 million in just over 7 months. Our GLP-1 offering, which launched in the second quarter of 2024 has experienced similar success, delivering north of $225 million of incremental revenue in 2024.

例如，第四季男性和女性皮膚科訂閱用戶數量分別年增超過55%和100%。我們相信，實驗室診斷將開啟更廣泛的個人化治療，這將進一步拓展我們現有專業的成長空間。目前有近 1 億美國人正在努力減肥。我們在 2023 年第四季推出了一款口服減肥產品，該產品取得了巨大的成功，在短短 7 個多月內銷售額就達到了 1 億美元的收入運行率。我們在 2024 年第二季推出的 GLP-1 產品也取得了類似的成功，在 2024 年帶來了超過 2.25 億美元的增量收入。

We believe success behind this offering is a result of the brand equity we have built over the years, as well as our high-touch model that includes frequent provider engagement, tools to build healthier lifestyle habits and access to personalized treatments. Line of sight to future operational efficiencies gave us comfort to make our injectable offering even more affordable. We reduced the price for our 12-month SKU from $199 a month to $165 per month in December. The majority of weight loss subscribers are now opting for treatment plans of 6 months or more, which we believe will translate into strong retention and improved adherence for our weight loss subscribers. Similar to previous strategic pricing actions, we are confident that these changes will be long-term accretive to the platform and provide a path to unlock economies of scale in the future.

我們相信，此項服務的成功得益於我們多年來建立的品牌資產，以及我們的高接觸模式，其中包括頻繁的提供者參與、建立更健康生活習慣的工具以及獲得個人化治療的機會。對未來營運效率的展望使我們能夠提供更實惠的注射產品。12 月份，我們將 12 個月 SKU 的價格從每月 199 美元降至每月 165 美元。目前，大多數減肥訂閱者都選擇 6 個月或更長時間的治療計劃，我們相信這將為我們的減肥訂閱者帶來更高的保留率和更好的依從性。與先前的策略定價行動類似，我們相信這些變化將為平台帶來長期增值，並為未來實現規模經濟提供途徑。

Additionally, we believe that the ability of providers on our platform to personalize successful titration plans and steady-state dosages strengthens with each subscriber that has success in our platform, making our ability to rapidly scale a distinct competitive advantage. While the addition of subscribers remains the primary component of our growth, monthly online average revenue per subscriber is becoming a more meaningful contributor as well. Monthly online average revenue per subscriber increased 38% year-over-year to $73 in the fourth quarter. Scaling of GLP-1s as well as subscribers shifting to more premium personal lines offerings are the primary growth drivers. Significant investment was made in the fourth quarter in areas that we believe set the foundation to drive future economies of scale.

此外，我們相信，隨著平台上每個訂閱者的成功，我們平台上的提供者個性化成功滴定計劃和穩態劑量的能力會增強，從而使我們能夠迅速擴大獨特的競爭優勢。雖然增加訂閱用戶仍然是我們成長的主要因素，但每位訂閱用戶的每月線上平均收入也正在成為更有意義的貢獻因素。第四季每位用戶每月線上平均收入年增 38% 至 73 美元。GLP-1 的擴大以及用戶轉向更優質的個人線路產品是主要的成長動力。我們認為，第四季度我們在一些領域進行了大量投資，為推動未來的規模經濟奠定了基礎。

Despite this investment, adjusted EBITDA margins remained strong at over 11% as adjusted EBITDA increased over 160% year-over-year to $54 million in the fourth quarter. For the fiscal year of 2024, our platform delivered $177 million of adjusted EBITDA as adjusted EBITDA margins more than doubled year-over-year to 12%. Gross margins declined approximately 2 points quarter-over-quarter in line with expectations highlighted earlier this year. The scaling of our GLP-1 offering as well as strategic pricing actions enacted within our GLP-1 offering in the fourth quarter are the primary drivers of this change. We expect margins to start to recover in the second quarter as we reach milestones for preadjusted volume-driven discounts across our operation with further opportunity as we expand sterile fulfillment capabilities within our affiliated facilities later this year.

儘管進行了這項投資，調整後的 EBITDA 利潤率仍然保持強勁，超過 11%，因為第四季度調整後的 EBITDA 同比增長超過 160%，達到 5,400 萬美元。2024 財年，我們的平台實現了 1.77 億美元的調整後 EBITDA，調整後 EBITDA 利潤率年增一倍以上，達到 12%。毛利率季減約 2 個百分點，與今年稍早提出的預期一致。我們的 GLP-1 產品範圍的擴大以及第四季度在 GLP-1 產品範圍內實施的策略定價行動是這項變化的主要驅動力。我們預計利潤率將在第二季度開始回升，因為我們在整個運營中達到了預先調整的批量驅動折扣的里程碑，並且隨著我們在今年晚些時候擴大附屬設施內的無菌履行能力，我們將獲得進一步的機會。

In the fourth quarter, we leaned into specialty-specific marketing on national stages at scale for the first time. Marketing as a percentage of revenue in the fourth quarter was 46%, representing a 5-point improvement from the prior year and a 1-point degradation from the prior quarter. Higher retention as a result of an increasing shift toward personalization as well as acquisition of customers organically and through lower cost channels continues to provide confidence in our ability to achieve between 1 to 3 points of leverage on our marketing spend per annum. For this fiscal year of 2024, we exceeded this goal, driving marketing as a percentage of revenue to 46%, reflecting over 5 points of leverage relative to the prior year. Strict management of our operating cost continues to allow us to gain leverage on our G&A as well as operations and support costs.

第四季度，我們首次在全國大規模開展專業行銷。第四季行銷佔營收的比例為46%，比去年同期上升了5個百分點，比上一季下降了1個百分點。由於客戶日益向個人化轉變，以及透過低成本管道有機獲取客戶，客戶保留率不斷提高，這讓我們有信心實現每年 1 到 3 個行銷支出槓桿點。在 2024 財年，我們超額完成了這一目標，將行銷佔收入的比例推高至 46%，與前一年相比提高了 5 個多點。嚴格管理我們的營運成本使我們能夠繼續控制一般行政費用以及營運和支援成本。

In the fourth quarter, G&A and operations and support costs as a percentage of revenue improved 3 points and 1 point year-over-year, respectively. Net income was $26 million in the fourth quarter and $126 million for the full year, marking our first full year of GAAP profitability. The full year figure included a tax benefit primarily related to the release of a domestic tax valuation allowance, partially offset by current period tax expense. Cash flow generation remains strong as we delivered nearly $60 million of free cash flow in the fourth quarter, bringing the total free cash flow generated in 2024 to nearly $200 million. Cash and short-term investments on our balance sheet were over $300 million at the end of the year.

第四季度，一般及行政費用和營運及支援成本佔收入的百分比分別較去年同期提高了 3 個百分點和 1 個百分點。第四季淨收入為 2,600 萬美元，全年淨收入為 1.26 億美元，這是我們首次實現 GAAP 全年獲利。全年資料包括主要與釋放國內稅收估價準備有關的稅收優惠，但部分被當期稅費所抵銷。現金流產生能力依然強勁，我們在第四季度實現了近 6,000 萬美元的自由現金流，使 2024 年產生的總自由現金流達到近 2 億美元。截至年底，我們資產負債表上的現金和短期投資超過 3 億美元。

2024 was an exceptional year for Hims & Hers, but as Andrew mentioned, we believe that we are just scratching the surface of what our platform can deliver in the years to come. Before going into our outlook for the year, I will provide insight into how we expect to allocate capital in 2025. We expect more capital investments across a few key areas in 2025 to continue building toward our long-term vision for the company. These areas include: first, an investment and expansion of sterile capabilities and capacity within our 503(a) and 503(b) facilities. These investments will ultimately enable us to more economically provide offerings such as liraglutide on our platform, which we believe will further enhance the durability of our weight loss offering.

2024 年對 Hims & Hers 來說是特別的一年，但正如安德魯所說，我們相信，我們的平台在未來幾年所能實現的只是冰山一角。在介紹今年的展望之前，我將深入介紹我們預計如何分配 2025 年的資本。我們預計 2025 年將在幾個關鍵領域加大資本投資，以繼續實現公司的長期願景。這些領域包括：首先，投資並擴大我們的 503(a) 和 503(b) 設施內的無菌能力和產能。這些投資最終將使我們能夠更經濟地在我們的平台上提供利拉魯肽等產品，我們相信這將進一步增強我們的減肥產品的持久性。

Additionally, sterile capabilities provide a critical component necessary to expand into other areas such as menopausal support and low testosterone in the future. Second, we are investing to expand capacity for a greater breadth of personalized offerings through investment in equipment with increased automation capabilities as well as the launch of a larger facility in Arizona later this year. Our ambition is to have the capacity to leverage additional de-identified data points from interactions on our platform and lab diagnostics to increase the depth of personalized treatments available to subscribers, whether that be through additional form factors or multi-condition treatments. Third, we expect to integrate lab diagnostic capabilities into our platform in a way that allows us to offer it to subscribers at a low cost or, in some instances, for free. We believe lab diagnostics can be an additional value-add service for subscribers that serve as a foundation for more personalized treatments as well as enable expansion in other specialties in the future.

此外，無菌能力為未來擴展到更年期支持和低睪酮等其他領域提供了必要的關鍵組成部分。其次，我們正在投資擴大個人化產品的產能，透過投資具有更高自動化能力的設備以及今年稍後在亞利桑那州啟動更大的工廠。我們的目標是能夠利用來自我們平台互動和實驗室診斷的額外去識別數據點來增加可供訂閱者使用的個人化治療的深度，無論是透過額外的形式因素還是多種條件治療。第三，我們希望將實驗室診斷功能整合到我們的平台中，以便我們以低成本甚至免費的方式向訂閱者提供該功能。我們相信實驗室診斷可以為訂閱者提供額外的增值服務，為更個人化的治療奠定基礎，並為未來其他專業的擴展提供支援。

Lastly, we will continue our focus on strengthening the long-term durability of our domestic supply chain through investment in our recently acquired peptide facility. We view this facility and peptide capabilities as providing an additional long-term anchor for a focus on U.S.-based operations as well as an opportunity to explore innovations in medicine made possible through peptide development in the coming years. Similar to prior years, we will be thoughtful in our allocation of capital across these initiatives and expect to continue to deliver strong free cash flow in the future. With that backdrop, I will provide an additional perspective into our outlook for 2025. In the first quarter, we are anticipating revenue in the range of $520 million to $540 million, representing a year-over-year increase of 87% to 94%.

最後，我們將繼續致力於透過投資最近收購的勝肽設施來加強我們國內供應鏈的長期耐久性。我們認為該設施和勝肽生產能力將為專注於美國業務提供額外的長期支撐，同時也為未來幾年探索透過勝肽開發實現的醫學創新提供機會。與前幾年類似，我們將認真考慮這些計劃中的資本分配，並期望未來繼續實現強勁的自由現金流。在此背景下，我將從另一個角度展望2025年的前景。我們預計第一季營收將在 5.2 億美元至 5.4 億美元之間，年增 87% 至 94%。

We expect adjusted EBITDA to be between $55 million to $65 million, representing an adjusted EBITDA margin of 11% at the midpoint of both ranges. For the full year, we are anticipating revenue of between $2.3 billion to $2.4 billion, representing a year-over-year increase of 56% to 63%. It is our expectation that 2025 adjusted EBITDA will be between $270 million and $320 million. These adjusted EBITDA and revenue ranges imply an adjusted EBITDA margin of 13% at the midpoint of both ranges. Embedded within our outlook are the following assumptions.

我們預計調整後的 EBITDA 在 5,500 萬美元至 6,500 萬美元之間，代表調整後的 EBITDA 利潤率為 11%，位於兩個範圍的中間值。我們預計全年營收在 23 億美元至 24 億美元之間，年增 56% 至 63%。我們預計 2025 年調整後的 EBITDA 將在 2.7 億美元至 3.2 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 利潤率為兩個範圍的中間值 13%。我們的觀點包含以下假設。

First, given what we know today, we anticipate 2025 revenue contributions from our weight loss specialty of at least $725 million. This figure excludes contributions from commercially available dosages of semaglutide, which will not be offered on the platform after the first quarter. There may be the potential to offer commercially available dosages of compounded semaglutide throughout the year. However, we see our steady-state weight loss offering being primarily composed of our evolving oral-based solutions as well as liraglutide later this year. Personalized semaglutide dosages will supplement these core offerings for the subset of consumers for whom it is a clinical necessity.

首先，根據我們今天所掌握的信息，我們預計 2025 年我們的減肥專業收入貢獻將至少為 7.25 億美元。該數字不包括市售劑量的索馬魯肽的貢獻，該劑量的索馬魯肽將在第一季後不再在該平台上提供。我們可能有潛力全年提供市售劑量的複方索馬魯肽。然而，我們看到，我們穩態減肥產品主要由我們不斷發展的口服解決方案以及今年稍後的利拉魯肽組成。個人化的索馬魯肽劑量將補充這些核心產品，為有臨床需求的消費者群體提供服務。

Supply chain consistency across 2025, inclusive of affiliated pharmacy and third-party fulfillment and distribution dynamics is a key assumption in our guidance. Second, our expectation is that the first quarter will remain an investment quarter as a result of the strategic pricing actions made in December and investment in our 1-minute Super Bowl campaign. We expect some pressure on gross and adjusted EBITDA margins in the first quarter but anticipate improvement through 2025, beginning in the second quarter. Line of sight exists to realize volume-driven discounts across our ecosystem later in the second quarter, and further benefit is expected as greater sterile fulfillment capacity from our facilities comes online throughout the year. Third, we remain committed to ensuring that our voice is heard during the most culturally relevant moments across America and expect to continue to have a significant voice for the most pertinent issues across health care relevant to our platform.

2025 年的供應鏈一致性（包括附屬藥局和第三方履行和分銷動態）是我們指導中的關鍵假設。其次，我們預計第一季仍將是一個投資季度，這是由於我們 12 月採取的策略性定價行動以及對 1 分鐘超級盃活動的投資。我們預計第一季的毛利潤率和調整後的 EBITDA 利潤率將面臨一些壓力，但預計從第二季開始到 2025 年將會有所改善。我們預計在第二季度後期實現整個生態系統中以數量為導向的折扣，並且隨著我們設施的無菌履行能力在全年不斷增強，預計還將獲得進一步的收益。第三，我們仍然致力於確保我們的聲音在美國各地最具文化相關性的時刻被聽到，並期望繼續在與我們的平台相關的醫療保健最緊迫問題上發出重要聲音。

Our expectation is that we will maintain a 1-year payback period on our investments while executing these activities. Additionally, we have high confidence in our ability to continue driving between 1 to 3 points of marketing leverage per annum as a result of: first, an increasing amount of our spend becoming semi-fixed in nature; second, an ability to drive a broader audience and retain them as a result of high-quality personalized solutions available on the platform; third, an increasing amount of customers acquired organically and through lower-cost channels as a result of historical investments in our brand as well as entry into specialties more conducive to word-of-mouth referrals; and lastly, the continued maturation of additional subscriber cohorts on our platform. Marketing leverage is an instrumental component of our path toward margins of at least 20% by 2030, which we believe we are on track to achieve. Lastly, we expect long-term revenue retention to remain above 85% as subscribers engage with personalized products across more specialties. Ongoing subscriber adoption of personalized solutions present both acquisition and retention benefits across each of our specialties.

我們的期望是，在執行這些活動時，我們的投資回報期將維持 1 年。此外，我們對自己繼續推動每年 1 到 3 個點的營銷槓桿的能力充滿信心，這是由於：首先，我們的支出越來越多地變得半固定化；第二，透過平台上提供的高品質個人化解決方案，能夠吸引更廣泛的受眾並留住他們；第三，由於我們過去對品牌的投資以及進入專業群體行銷槓桿是我們實現 2030 年至少 20% 利潤率的關鍵要素，我們相信我們正朝著這個目標邁進。最後，隨著訂閱者使用更多專業的個人化產品，我們預計長期收入保留率將保持在 85% 以上。用戶不斷採用個人化解決方案，為我們的每個專業領域帶來了獲取和保留方面的優勢。

Recent trends give us confidence that each of our specialties will deliver more than $100 million of revenue in 2025. Capabilities that were built organically as well as recently acquired provide a pathway and an exciting future for Hims & Hers in 2025 and beyond. Investments that we make in 2025 will position us to transform the way millions of individuals optimize their health through the examples that Andrew highlighted for our long-term vision. Our ability to drive these strong results would not be possible without the dedication of over 1,000 employees across Hims & Hers. I'd like to thank them as well as all of our customers and partners that support us in our mission of helping the world feel great through the power of better health.

最近的趨勢讓我們有信心，到 2025 年，我們的每項專業業務都將帶來超過 1 億美元的收入。自然構建和新收購的能力為 Hims & Hers 在 2025 年及以後的發展提供了道路和令人興奮的未來。透過安德魯為我們長期願景所強調的例子，我們在 2025 年進行的投資將使我們能夠改變數百萬個人優化健康的方式。如果沒有 Hims & Hers 1,000 多名員工的奉獻，我們就不可能取得這些強勁的業績。我要感謝他們以及所有支持我們透過更健康的力量幫助世界感覺美好的使命的客戶和合作夥伴。

We appreciate the support of our subscribers and shareholders and look forward to keeping you updated on our progress. With that, I will now turn the call back over to Bill to kick off Q&A with 2 questions from our retail community.

我們感謝訂閱者和股東的支持，並期待向您通報我們的進展。說完這些，我現在將電話轉回給比爾，由他來開始問答環節，回答我們零售社區的兩個問題。

Thanks, Yemi, and thank you to all the investors who've sent us questions over the weekend. It's clear that, that part of the investor base continues to expand, and we're excited to more regularly engage with this part of the group.

謝謝，Yemi，也感謝所有週末向我們提問的投資者。顯然，這部分投資者群體不斷擴大，我們很高興能夠更定期地與這部分投資者群體接觸。

To get things started, this was a top question from the Hims House, a retail community dedicated to Hims that is growing in popularity. The question is, what are the top 3 to 4 strategies that will allow Hims to reach tens of millions of subscribers on this platform? And what is the rough time frame for reaching this goal?

首先，這是 Hims House 提出的熱門議題，Hims House 是一個致力於為 Hims 服務的零售社區，其受歡迎程度正在日益提高。問題是，哪 3 到 4 種最佳策略可以讓 Hims 在這個平台上接觸到數千萬訂閱者？要實現這目標大概需要多久？

Thanks, Bill, and thanks, Hims House. It's been fun to watch you guys grow as a community. I think 10 million subs on the platform to me feels really quite in reach and I think, frankly, pretty straightforward from a growth standpoint if you look at historical growth over the last 5 to 6 years. My optimistic hope and personally ambition would be to try to achieve this in the next 5 to 6 years. I think the top strategies are the ones, frankly, that the business is operating against today, which is, first, to expand the categories and the specialties on the platform, so you'll see deeper segmentation, more indications.

謝謝，比爾，謝謝，Hims House。看到你們作為一個社區不斷成長真是有趣。我認為，平台上 1,000 萬訂閱用戶的目標對我來說確實很容易實現，而且坦白說，如果回顧過去 5 到 6 年的歷史成長情況，從成長的角度來看，這非常簡單。我的樂觀希望和個人抱負是努力在未來 5 到 6 年內實現這一目標。坦白說，我認為最重要的策略是當今業務運作所遵循的策略，即首先擴大平台上的類別和特色，這樣你就會看到更深層次的細分和更多的指示。

I think the lab testing acquisition this past week is something that will massively accelerate the breadth of conditions. The second, I think, is a broad expansion of the personalized treatments on the platform. And as we talked about in the prepared remarks, my ambition is really to go from a place where we have 300 personalized treatments which exist today on the platform to a place in the not-so-distant future, where you've got thousands of treatment variations. And this is hyper-personalization across dosing, side effect mitigation, multi-condition support, vitamin supplementation, and ultimately, form factor, which we know has a massive adherence contribution. So I think as you expand those personalized treatments, you're unlocking different groups of people who feel like there's something on the platform that better represents their needs.

我認為過去一周的實驗室測試收購將大大加速條件的廣度。第二我覺得是平台個人化治療的廣泛拓展。正如我們在準備好的演講中談到的，我的目標是，在不久的將來，平台上提供的個人化治療方案將從目前的 300 種增加到數千種。這是跨劑量、副作用緩解、多條件支持、維生素補充以及最終形式因素的超個人化，我們知道這對依從性有巨大的貢獻。因此，我認為，隨著這些個人化治療的擴展，你會解鎖不同的人群，他們會覺得平台上有一些東西可以更好地滿足他們的需求。

And then I think lastly, there's going to be a real accelerated investment in technology that's going to be necessary to empower this type of scale. Right now, as I shared, we're powering north of 10,000 visits on the platform per day. You need to be able to power 20,000 and 30,000 and 40,000 visits on the platform per day. And so there's a real necessary investment across decision-making tools for providers to help them be more efficient and more precise, more long-term capabilities with AI that allow a customer to have a higher touch experience after they've been treated and more handheld throughout the long term of their journey. And so all of that, I think, is kind of the big area.

最後，我認為，我們需要真正加速對科技的投資，以實現這種規模。目前，正如我所分享的，我們平台每天的訪問量超過 10,000 次。您需要能夠為平台每天帶來 20,000、30,000 和 40,000 次訪問量。因此，對於提供者來說，對決策工具進行真正的投資是必要的，以幫助他們提高效率和精確度，並利用人工智慧實現更具長期性的功能，使客戶在接受治療後能夠獲得更高的觸感體驗，並在整個旅程中獲得更多手持支援。所以我認為，所有這些都是一個大領域。

So very excited from a technology standpoint to have our CTO joining and be able to share more about that offer in the next couple of weeks.

從技術角度來看，我們非常高興我們的 CTO 能夠加入我們，並能夠在接下來的幾週內分享有關該計劃的更多資訊。

Thanks, Andrew. Kind of on that last point, we've received a lot of questions on AI and its applications on the platform. This 1 comes from Stephen W, who asks, how is Hims leveraging AI and data analytics to enhance the telehealth offerings today as well as the personalized treatments and drive increased efficiency in the health care ecosystem? Are there plans for AI-driven diagnostics or automation to improve patient outcomes?

謝謝，安德魯。關於最後一點，我們收到了很多關於人工智慧及其在平台上的應用的問題。這個問題來自 Stephen W，他問道，Hims 如何利用人工智慧和數據分析來增強目前的遠距醫療服務以及個人化治療，並提高醫療生態系統的效率？是否有計劃利用人工智慧診斷或自動化來改善患者的治療效果？

Yes. Thanks, Stephen, for the question. Absolutely, across both of those, both diagnostics and long-term patient outcome management. I think increasingly, AI is at the core of everything that we're discussing as a management team. What we are building, I believe, is possibly the most powerful data set in health care because it's really the only at-scale, fully verticalized end-to-end system.

是的。謝謝史蒂芬提出這個問題。當然，涵蓋這兩者，包括診斷和長期患者結果管理。我認為，人工智慧越來越成為我們管理團隊所討論的一切事物的核心。我相信，我們正在建立的可能是醫療保健領域最強大的數據集，因為它實際上是唯一大規模、完全垂直化的端到端系統。

So we are overseeing and managing not only the initial patient intake but the diagnostic component, the treatment component, the long-term relationship, the chronic care, the adjustment to treatment and ultimately, whether or not the outcome is delivered. And so that data set delivers a really powerful flywheel. I think what you'll see from a diagnostic standpoint is real investments in MedMatch, the ability to more precisely identify diagnosis for patients but also personalized treatments for patients. I think you'll obviously see lab work be built into MedMatch in a way that expands the range of diagnostic capabilities and treatment capabilities. And then lastly, I think on that follow-up care side and on the patient improvement side, I think you'll see us meaningfully change the status quo for what it looks like to be a Hims & Hers customer long term.

因此，我們不僅監督和管理最初的患者接收，還監督和管理診斷部分、治療部分、長期關係、慢性病護理、治療調整，以及最終是否達到治療結果。因此該數據集提供了一個真正強大的飛輪。我認為從診斷的角度來看，您會看到對 MedMatch 的真正投資，它不僅能夠更準確地為患者確定診斷，還能為患者提供個人化治療。我認為您顯然會看到實驗室工作被融入 MedMatch 中，從而擴大了診斷能力和治療能力的範圍。最後，我認為在後續護理和患者改善方面，我認為您會看到我們顯著改變了長期成為 Hims & Hers 客戶的現狀。

One of the things that I think about a lot as an entrepreneur is what are things that the ultra-rich have access to? And then how can we broaden that and give that to everybody? So things that people have are on-demand therapists, right? They've got nutritionalists, they have fitness coaches. They have medication coaches.

身為企業家，我經常思考的問題是超級富豪可以享受到什麼？那麼我們如何才能擴大這一範圍並將其普及到每個人？那麼人們擁有的是按需治療師，對嗎？他們有營養師，有健身教練。他們有藥物教練。

These are people that are in your life, helping you to live a healthier lifestyle. I think we are capable of building incredible AI versions of all of those coaches, which really changed the paradigm for how easy it is to change the lifestyle dynamics in your house and ultimately expand that to tens of millions of more people down the line. Now at the end of all of this, I think what is maybe even the most exciting from an AI standpoint is as we build these fairly proprietary models internally and validate them internally across our data set, I think there's, 1 day, the opportunity to open this up and in partnership actually help power the existing legacy health care systems and help transform those legacy health care systems to actually be able to deliver the Hims & Hers' quality and experience and personalization at scale. And I think that ambition is really exciting for us because it means that we're not only changing health care for the customers that are coming to Hims & Hers, but we're also 1 day possibly helping power the rest of the system in delivering great health care to others.

這些人存在於您的生活中，幫助您過更健康的生活。我認為我們有能力為所有這些教練打造出令人難以置信的人工智慧版本，這真正改變了改變家庭生活方式動態的模式，並最終將其擴展到數千萬人。現在，所有這一切結束後，我認為從人工智慧的角度來看，最令人興奮的可能是，當我們內部構建這些相當專有的模型並在我們的數據集內進行內部驗證時，我認為有一天，有機會開放這些模型，並通過合作真正幫助支持現有的傳統醫療保健系統，並幫助改造這些傳統的醫療保健系統，使其能夠大規模地提供 Hims & Hers 的質量、體驗和個性化。我認為這一雄心壯志讓我們感到非常興奮，因為這意味著我們不僅在為 Hims & Hers 的顧客改變醫療保健，而且有朝一日我們還可能幫助推動整個系統的進步，為其他人提供優質的醫療保健。

Great. Thanks, Andrew. Thanks again to all for sending questions. We look forward to hearing from you again next quarter. And with that, I'll pass it back to the operator and we can begin the regular way Q&A.

偉大的。謝謝，安德魯。再次感謝大家提問。我們期待下個季度再次收到您的來信。然後，我會將其交還給操作員，然後我們就可以開始常規問答了。

(Operator Instructions) Maria Ripps, Canaccord.

（操作員指示）Maria Ripps，Canaccord。

Congrats on strong results. First, I'd just like to talk about GLP-1 personalization. Can you maybe just help us understand some of the mechanics around assessing new patients when deciding if they're good candidates for personalized semaglutide dosing? I guess, especially for some of the patients that are new to GLP-1s and maybe haven't had experience with side effects. I guess, what's your approach to understanding if someone needs a personalized solution versus some patients that have been attracted to more affordable prices?

恭喜您取得優異的成績。首先，我想談談 GLP-1 個人化。您能否幫助我們了解評估新病患是否適合接受個人化索馬魯肽給藥的一些機制？我想，尤其是對一些剛開始使用 GLP-1 並且可能還沒有經歷過副作用的患者來說。我想，您如何理解某些患者需要個人化解決方案，而有些患者則被更實惠的價格所吸引？

Maria, that's a great question. I think first off, we see a lot of patients that come on to the platform that have already experienced GLP-1s. And I think there's no shortage of the data to support this. I think a huge portion of the population has started, tried, and unfortunately churned off of them and that data is quite public. A lot of it, as we've talked about, loss concerns, extreme nausea, extreme vomiting.

瑪麗亞，這個問題問得很好。我認為首先，我們看到許多進入該平台的患者已經體驗過 GLP-1。我認為有足夠的數據來支持這一點。我認為很大一部分人已經開始、嘗試過這些技術，但不幸的是，他們已經放棄了，而且這些數據是相當公開的。正如我們所討論的，許多症狀包括失重擔憂、極度噁心、極度嘔吐。

So what we do from a medical standpoint in partnership with our clinical advisers and clinical leaders is build the information and intake to allow for essentially an understanding of their existing situation, whether or not they've tried them before, their side effect sensitivities, their nausea sensitivities. There's a tremendous amount of personalization with these medications with regard to actual goal weight loss, right? No individual body is the same. No individual person has the same ideal health outcomes. And so I think the idea of a single-dose regimen for this medication, especially given the extreme side effect nature of it and also the extreme efficacy of it is actually really well tailored.

因此，從醫學角度來看，我們與臨床顧問和臨床領導合作，建立資訊和攝取量，以便從本質上了解他們目前的情況，無論他們以前是否嘗試過，他們的副作用敏感性，他們的噁心敏感性。就實際的減肥目標而言，這些藥物具有很大的個人化特點，對嗎？沒有一個人的身體是完全相同的。沒有哪個人能擁有同樣理想的健康結果。因此我認為，對於這種藥物來說，單劑量治療方案的想法實際上是非常適合的，特別是考慮到它的極端副作用和極端療效。

So with all of that information that then gets piped into the EMR within the platform, served up to the provider and in partnership with the provider's expertise and their experience as well as MedMatch, which is able to educate providers on similar patients with similar dynamics and how they've had great outcomes, those decisions can be made between the patient and the provider.

因此，所有這些資訊隨後都會傳輸到平台內的 EMR 中，並提供給供應商，並結合提供者的專業知識和經驗以及 MedMatch，後者能夠讓提供者了解具有類似動態的類似患者以及他們如何獲得良好的結果，這些決定可以由患者和提供者之間做出。

That's very helpful. And then can you maybe talk about how the short ending could impact the competitive setup and some of the dynamics among platforms that have been offering compounded semaglutide?

這非常有幫助。然後，您能否談談短期結局將如何影響競爭格局以及提供複方索馬魯肽的平台之間的一些動態？

Yes. I mean, we are pretty clear with regard to what the regulation states. So my expectation is most parties in markets that have been offering commercial available doses of semaglutide will seek to do that in the next couple of months. Again, the FDA outlined very clearly when you can and cannot compound, 1, during a shortage, which has now indicated is no longer, and then second, when there's a clinical necessity for that personalization to the facilities. So I think on an ongoing basis, outside of the next quarter, as commercial doses come out of the market, you'll see probably a smaller amount of personalization happening through the A for those that are clinically requiring that level of tailoring.

是的。我的意思是，我們非常清楚法規的內容。因此，我預計，市場上大多數已經提供商業化劑量司馬魯肽的各方將在未來幾個月內嘗試這樣做。再次強調，FDA 非常清楚地規定了何時可以配藥、何時不可以配藥​​，第一，在短缺期間（現在已經表明不再存在短缺情況）；第二，在有臨床需要對設施進行個性化時。因此我認為，在下個季度之外，隨著商業劑量的推出，您可能會看到透過 A 進行的個人化治療量有所減少，而這些個人化治療適用於臨床上需要這種程度的客製化治療。

Craig Hettenbach, Morgan Stanley.

摩根士丹利的克雷格‧赫滕巴赫 (Craig Hettenbach)。

Outside of semaglutide, can you talk about just rough expectations for liraglutide in terms of possible timing for this year? And then also an update on the oral weight loss drugs. You've mentioned on prior calls as well the $100 million run rate. Just are you sustaining some of that momentum or what's the latest on the oral side?

除了索馬魯肽之外，您能否談談對利拉魯肽今年可能上市時間的粗略預期？然後還有關於口服減肥藥的最新資訊。您在先前的電話會議中也提到 1 億美元的運行率。您是否能保持這種勢頭，或者口頭方面的最新情況是什麼？

Yes. Thanks for the question, Craig. We see the oral business continue to remain incredibly strong. And so the guidance of expecting at least $725 million of revenue contribution from our weight business effectively excludes any contribution from the commercially available dosages of semaglutide. We set the guidance typically based upon what we have line of sight to today.

是的。謝謝你的提問，克雷格。我們看到口腔業務持續保持強勁勢頭。因此，預計我們的體重業務將帶來至少 7.25 億美元的收入貢獻，這實際上排除了市售劑量的司美魯肽帶來的任何貢獻。我們通常根據今天的視線來制定指導。

There's a few things that we do know hold true and we've seen the oral business benefit as a result of it. The first is we know that our subscribers value the benefits the platform brings beyond the medication. Consumers are very motivated to lose weight and have a holistic platform to do so. We also know that consumers are looking for health and treatments from platforms that they do trust. So those are the elements being one of the reasons why the oral weight loss was able to scale so quickly.

我們確實知道一些事情是正確的，我們看到口腔業務因此受益。首先，我們知道我們的訂閱者看重該平台除了藥物之外所帶來的好處。消費者減肥的動力非常大，而且有一個完整的減肥平台。我們也知道，消費者正在尋找他們信賴的平台來獲得健康和治療。所以這些因素就是口服減重能夠如此快速達到效果的原因之一。

We see continued momentum even when we had personal -- or our compounded commercial available dosages of semaglutide on the platform oral offering continue to remain quite popular as a result of broader eligibility requirements, as a result of many consumers just being candidly more comfortable with the modality. And so as we look to what 2025 looks like, we do expect a continued meaningful contribution from our oral business. We're excited for liraglutide to come later this year. We expect those to be foundational pieces of the overall system for our weight loss specialty that can be supplemented, as Andrew mentioned, by the consumers for whom personally -- personalized dosages, compounded semaglutide are effective looking for.

即使當我們在平台上提供個人或複合市售劑量的索馬魯肽時，我們也看到了持續的勢頭，由於更廣泛的資格要求，它仍然非常受歡迎，因為許多消費者坦率地對這種方式更加滿意。因此，當我們展望 2025 年時，我們確實期待我們的口腔業務繼續做出有意義的貢獻。我們很高興利拉魯肽將於今年稍後上市。我們希望這些成為我們減肥專業整體系統的基礎部分，正如安德魯所提到的那樣，可以由消費者進行補充，個人化劑量、複合索馬魯肽是有效的。

Got it. And then just as a follow-up on the Hers platform reaching 30% of the business, outside of GLP-1, can you maybe just give some color in terms of some of the key categories that are driving traction on the Hers side?

知道了。然後，作為對 Hers 平台在 GLP-1 之外達到 30% 業務的後續關注，您能否就推動 Hers 方面發展的一些關鍵類別提供一些細節？

Yes. I think one of the things that we're seeing Hers really benefit from, first and foremost, is just many of the learnings that we had around marketing effectiveness from Hims as well as strategies around personalization, we also brought over to Hers. What we also do see is that many of the categories for Hers are visible in nature, so things in dermatology that are inclusive of both skincare as well as hair loss prevention for women remain incredibly popular and one of our fastest scaling specialties. We also, as we talked around at various points last year, see a very successful mental health business. That is also driving learning curves as well.

是的。我認為，我們看到 Hers 真正受益的一件事，首先也是最重要的，就是我們從 Hims 學到的關於行銷效果以及個人化策略的許多知識，我們也帶到了 Hers。我們還看到，Hers 的許多類別都是可見的，因此，包括女性皮膚護理和脫髮預防在內的皮膚病學產品仍然非常受歡迎，也是我們成長最快的專業之一。正如我們去年在各個場合所談論的那樣，我們也看到了心理健康業務的非常成功。這也推動了學習曲線。

And then the full ecosystem of weight, we're seeing that gain traction across both Hers and Hims. And so really, we're seeing a healthy composition across multiple specialties driving the acceleration of Hers. And a large part of that is it's benefiting from many learnings that we had on the Hims side of being able to bring those over and drive faster acceleration to the Hers brand.

然後，我們看到，體重的完整生態系統在「她」和「他」身上都獲得了關注。因此，我們確實看到多個專業的健康組成推動了 Hers 業務的加速發展。其中很大一部分原因是因為我們在 Hims 方面累積的許多經驗，我們能夠將這些經驗帶過來，並推動 Hers 品牌更快的發展。

Eric Percher, Nephron Research.

Eric Percher，腎元研究機構。

A question on the transition beyond commercial semaglutide. Maybe question 1, what happens to the patients and subscribers currently on the commercial product? How do you think about supporting them? And what portion do you expect would be viable for personalization?

關於商業化司馬魯肽以外產品的轉變的問題。也許是問題 1，目前使用該商業產品的患者和訂閱者會發生什麼事？您如何看待支持他們？您認為哪一部分可以實現個人化？

Yes, that's a great question, Eric. I would suspect we will have to start notifying customers in the coming month and 2 that they will need to start looking for alternative options on the commercial dosing. Obviously, we have the expansive platform, whether it's the oral medication that are already out there, or if there is some reason that a patient would qualify for some level of personalization that exists. But I would suspect, just being very direct, that a lot of those patients will try to go into the open market and try to secure a branded option in some form factors. So that transition is inevitable.

是的，艾瑞克，這個問題問得真好。我估計我們將不得不在未來的一個月和兩個月內開始通知客戶，他們需要開始尋找商業劑量的替代方案。顯然，我們擁有廣泛的平台，無論是已經存在的口服藥物，還是由於某種原因患者有資格獲得某種程度的個人化治療。但我懷疑，很直接地說，很多患者會嘗試進入公開市場並嘗試以某種形式獲得品牌選擇。因此這種轉變是不可避免的。

I think that transition is going to have to take place and has been built into the guidance that Yemi provided.

我認為這種轉變必須發生，並且已經融入 Yemi 提供的指導中。

And as you look out at the end of the year when you have are building on personalization, do you have a feel for what portion of the weight loss population may be spread across those? Yemi, I might also ask you. I think we have $725 million as the goal this year. We know $229 million last year for GLP-1, $100 million for weight loss. Can you help us on the equivalent or at least $100 million for weight loss, can you help us on the equivalent to that number of $725 million?

當您在年底建立個人化策略時，您是否感覺到減肥族群中有多少比例可能分佈在這些人群中？Yemi，我可能也會問你。我認為我們今年的目標是 7.25 億美元。我們知道，去年 GLP-1 的銷售額為 2.29 億美元，減肥領域的銷售額為 1 億美元。您能否幫助我們減輕體重，或至少 1 億美元，您能否幫助我們減輕體重，相當於 7.25 億美元？

Yes, I think what we're -- what we would expect as we look to the end of this year, given the fact that we, as Andrew mentioned, are one of the platforms has the ability to provide data insights to consumers. We also are trusted and affordable brand. We do expect to see the oral-based offering to be quite popular, given the fact that many other platforms will no longer be offering commercially available dosages of semaglutide. We are likely to receive benefits from that across both of our specialties on the oral side as well as liraglutide. And so I think that the competitive advantages that have served as a foundation for how we've been able to scale specialties in the past, the trusted brand, the value that we bring to consumers beyond the medication will be a critical component of maintaining our existing ecosystem of subscribers but then also continuing to draw a broader set of subscribers to the platform.

是的，我認為，展望今年年底，我們的預期是，正如安德魯所提到的，我們是能夠為消費者提供數據洞察的平台之一。我們也是值得信賴且價格實惠的品牌。鑑於許多其他平台將不再提供市售劑量的司美魯肽，我們確實預期口服產品會非常受歡迎。我們很可能從口服藥物和利拉魯肽兩個專業領域中獲益。因此，我認為，作為我們過去能夠擴大專業範圍的基礎的競爭優勢、值得信賴的品牌、我們為消費者帶來的藥品以外的價值，將是維持我們現有用戶生態系統的關鍵因素，同時也能繼續吸引更廣泛的用戶使用我們的平台。

I would add there, Eric, one thing we talked about last quarter I think is again, as Yemi mentioned, the platform's capability to deliver a more comprehensive offering, higher touch care, increased personalization, whatever the actual medications are, is delivering what we believe is really a fantastic result. And so even when you think about the oral medications, which I think a lot of people forget, that's a category with that type of personalization that is delivering, I believe we shared 10% weight loss at more than -- or less than half the cost of the semaglutide, both the commercial and the personalization. And so I think there's a real group of customers out there. I think it's overwhelmingly the majority that is looking for handheld care. And we can help achieve weight loss in different ways and different mechanisms with different treatments.

我想補充一點，埃里克，我們上個季度討論過的一件事，我想再次是，正如 Yemi 提到的，該平台能夠提供更全面的產品、更高接觸度的護理、更高的個性化，無論實際的藥物是什麼，都能夠帶來我們認為真正出色的結果。因此，即使考慮到口服藥物，我想很多人都忘記了，這是一種具有個性化的藥物類別，我相信我們的減肥效果達到 10%，而成本卻只有司美魯肽的一半以上或更少，無論是商業版還是個性化版。所以我認為那裡有一群真正的客戶。我認為絕大多數人都希望獲得手持式照護。我們可以透過不同的方式、不同的機制和不同的治療方法來幫助達到減肥的目的。

But I think that's why you're -- there's a strong degree of confidence in the delivery of that $700-plus million this year without the branded medications or the commercial doses just because I think what we see on the hood is patients really need help, they want to be cared for, they want that high touch, and that's really what the platform is able to deliver for them.

但我認為這就是為什麼——我們對今年交付 7 億多美元（沒有品牌藥物或商業劑量）充滿信心，因為我認為我們看到的是患者確實需要幫助，他們希望得到照顧，他們想要高接觸，而這正是該平台能夠為他們提供的。

Daniel Grosslight, Citi.

花旗銀行的丹尼爾‧格羅斯萊特（Daniel Grosslight）。

I just had really a numbers question here on the GLP-1 contribution this quarter. It seems like for the full year, you guys were, Yemi, did you say $225 million or so of GLP-1 contribution? In my model, and frankly, I could be off in my model but I had you doing around $75 million in 2Q and 3Q. So I would put the fourth quarter GLP-1 revenue somewhere in that $150 million range, which would be a pretty nice step up quarter-over-quarter, but then it does also apply very limited or even declining sequential growth in non-GLP revenue from 3Q, 4Q. So I just wanted to put a finer point on GLP-1 contribution in the fourth quarter specifically. And then maybe if you can comment on the quarter-over-quarter trends in the non-GLP-1 revenue.

我對本季 GLP-1 貢獻的數字確實有一個疑問。看起來，就全年而言，你們，Yemi，你說的 GLP-1 貢獻是 2.25 億美元左右嗎？在我的模型中，坦白說，我的模型可能有點偏差，但我預計你在第二季和第三季的利潤約為 7500 萬美元。因此，我認為第四季度的 GLP-1 收入將在 1.5 億美元的範圍內，這將是一個相當不錯的環比增長，但與第三季度和第四季度相比，非 GLP 收入的環比增長也非常有限，甚至呈下降趨勢。所以我只是想特別強調 GLP-1 在第四季的貢獻。然後，您能否評論一下非 GLP-1 營收的季度環比趨勢。

Yes. Thanks so much for the question, Dan. So I think across the year but on the full year basis as well as within quarters, the vast majority of the revenue is still coming from the non-GLP-1-related offering. We still see that the overall tenured specialties remain quite durable. Much of the increase in personalized subscribers that you're seeing that number drive north of 55% is driven in part by the continued shifting of subscribers to those categories.

是的。非常感謝你提問，丹。因此我認為，從全年以及各季度來看，絕大部分收入仍來自非 GLP-1 相關產品。我們仍然看到，整體終身專業仍然相當持久。個人化訂閱用戶數量增加了 55% 以上，其中很大一部分原因是訂閱用戶不斷轉向這些類別。

So overall, I think it's -- we're not necessarily speaking on a quarter-to-quarter basis of the performance out of specialty level. But we do see the overall core specialties outside of GLP-1 remain quite durable. How do you start to bring on some of the capabilities that Andrew mentioned in his prepared remarks such as lab testing and bring greater precision around personalization? We do see the ability for that to continue even further as we've seen acceleration in some of our tenured specialties in the past.

所以總的來說，我認為——我們不一定按季度來談論專業水平的表現。但我們確實看到 GLP-1 之外的整體核心專業仍然相當持久。您如何開始實現安德魯在準備好的演講中提到的一些功能，例如實驗室測試，並提高個人化的精確度？我們確實看到了這種趨勢能夠持續下去的能力，就像我們過去看到一些終身專業的加速發展一樣。

Okay, okay. And then on -- as we think about that $725 million of weight loss guidance for this fiscal year, I'm wondering if there's -- I don't know, is there any way to partner with some of the branded companies out there. One of your competitors does have a partnership with Lilly on tirzepatide vials. I'm curious if you would pursue something on the branded side of GLP-1s outside of liraglutide, or are you going to kind of stick with your knitting on what you got currently?

好的，好的。然後——當我們考慮本財年 7.25 億美元的減肥指導金額時，我想知道是否有辦法與一些品牌公司合作。您的一個競爭對手確實與禮來公司在替澤帕肽小瓶方面建立了合作關係。我很好奇，除了利拉魯肽之外，您是否還會在 GLP-1 的品牌方面進行探索，或者您會堅持您目前的經營狀況？

Thanks, Daniel. Yes, great question. We've spoken to both of the leadership teams at Novo and Lilly and looked at the deal that Ro did with Lilly and LillyDirect. It's not off the table, right? I think the branded medications, without question, and we see this on our platform today with branded Viagra and other branded products, there is a subset of people that always wants to get them.

謝謝，丹尼爾。是的，很好的問題。我們與 Novo 和 Lilly 的領導團隊進行了交談，並研究了 Ro 與 Lilly 和 LillyDirect 達成的交易。這也不是不可能，對吧？我認為，毫無疑問，品牌藥物以及我們今天在平台上看到的品牌威而鋼和其他品牌產品，有一部分人總是想得到它們。

I think right now what is challenging is twofold: one, the actual reliability of sourcing those medication and not to be kind of here, but like we still really can't actually source the branded medications from our pharmacies for our own platform. And so there is a limited supply in a way that prevents us from having any durable offering on the existing Hims & Hers platform at the scale that we offer it. Obviously, for other players who have smaller scale, that's a different story. But that is still a challenge. And then I think the other thing as a challenge is just the reimbursement rates are continuing to go down.

我認為目前的挑戰有兩個：第一，購買這些藥物的實際可靠性，以及我們無法真正從我們的藥局購買品牌藥物用於我們自己的平台。因此，供應有限，從而阻止我們以現有的 Hims＆Hers 平台的規模提供任何耐用產品。顯然，對於其他規模較小的玩家來說，情況就不同了。但這仍然是一個挑戰。我認為另一個挑戰是報銷率持續下降。

And so frankly, the reliability that we can say to a patient that, hey, you're going to have this price and here's a guaranteed kind of locked-in experience, it's kind of crumbling a little bit. And so I think we still need to see how that pans out from a customer relationship standpoint. We want to have consistency. We want to have price transparency like we've always talked about. We want to have seamlessness.

坦白說，我們可以告訴患者，您將享受這個價格，並且這是一種有保證的鎖定體驗，這種可靠性有點崩潰了。因此我認為我們仍然需要從客戶關係的角度看看結果如何。我們希望保持一致性。我們希望實現我們一直在談論的價格透明度。我們想要實現無縫銜接。

And the current ecosystem across supply chain, reimbursement rate, cost, it just really doesn't hit those marks in any way yet. Hopefully, those do change, right, because again, as a platform that likes to be Switzerland, we benefit from having more offerings on the platform and our patients also benefit. So I think we're keeping our eyes open and seeing how the dynamics change and you always have a really open conversation with any of those companies that can be helpful in getting more breadth to the platform for these patients.

而目前的供應鏈、報銷率、成本等生態系統實際上還未達到這些標準。希望這些確實會改變，對吧，因為作為一個喜歡成為瑞士的平台，我們從平台上提供更多的產品中受益，我們的患者也受益。因此，我認為我們會保持關注，觀察動態如何變化，並且始終與任何一家公司進行真正開放的對話，這有助於為這些患者提供更廣泛的平台。

Ryan MacDonald, Needham.

瑞安麥克唐納，尼德姆。

Congrats on a great quarter. As we look at the GLP-1 business, you talked about personalized and commercial. Can you give us a sense of what the rough mix is across that? And then as you -- as we get past Q1 here, is there any risk, whether it be from a legal or regulatory perspective on continuing to offer the personalized version in your view?

恭喜您度過了一個美好的季度。當我們審視 GLP-1 業務時，您談到了個人化和商業化。能為我們介紹一下其中的粗略混合部分嗎？然後，當我們進入第一季末時，您認為繼續提供個人化版本是否有風險（無論是從法律角度還是監管角度）？

Maybe I can take the first part and then I'll hand the second part over to Andrew to address. I think we initially launched the platform with just commercially available dosages. What we see in general in our platform is, as Andrew mentioned, many of the folks that are coming to our platform have come and have had struggles with GLP-1s in the past. That was the genesis behind one of the reasons behind why we very quickly looked to roll out the personalized dosages as well.

也許我可以先處理第一部分，然後再將第二部分交給安德魯處理。我認為我們最初推出的平台僅提供市售劑量。正如安德魯所提到的，我們在我們平台上看到的普遍情況是，許多來到我們平台的人過去都曾遇到 GLP-1 方面的困擾。這就是我們迅速推出個人化劑量的原因之一。

And so we see between that as well as the other benefits that we offer on the platform, the high-touch provider engagement is it, given the fact that many folks have already experienced side effect concerns with the commercially available dosages, a majority of individuals on the platform today are utilizing personalized dosages versus the commercially available dosages. You want to take the second part?

因此，我們看到，除了我們在平台上提供的其他好處之外，高接觸提供者的參與也是其中之一，鑑於許多人已經對市售劑量的副作用感到擔憂，今天平台上的大多數人都在使用個人化劑量，而不是市售劑量。你想學第二部分嗎？

Yes, sure. Yes, I think the regulatory framework for the allowance of personalization and actually what that means, right, to Maria's question, the documentation, the clinical necessity of it, what the actual experience of it looks like, what personalization means from an actual dosing standpoint and a difference from commercially available drug, all of this is very clear and regulated. And so we play by the rules and the rules are quite clear. And so I don't expect there to be meaningful conflict when it comes to the personalization standpoint. I think historically, the broad industry, inclusive of the pharmaceutical companies, have recognized and respected, I think, the need for this type of clinical personalization of medication.

是的，當然。是的，我認為允許個性化治療的監管框架以及這實際上意味著什麼，對瑪麗亞的問題來說，它的文檔、它的臨床必要性、它的實際體驗是什麼樣的、從實際劑量的角度看個性化治療意味著什麼以及與市售藥物的區別，所有這些都非常明確和受監管。因此我們遵守規則，而且規則非常明確。因此，我並不認為從個人化的角度來看會出現有意義的衝突。我認為從歷史上看，包括製藥公司在內的廣大行業都已經認識到並尊重這種臨床個人化醫療的必要性。

I think what they have always really had issue with understandably, just given the bottom line implications, is the mass scale production through the 503(b)s, right? Commercial mass scale production is something that they would prefer doesn't existed is, again, regulatorily allowed. But with that closing as a result of the shortage, I think you'll see a meaningfully smaller number of players in market. I think the necessity for kind of a high filter of who those customers are and what the experience looks like and how it's documented will be very important, and ultimately, I think will be respected by most of those industry leaders.

我認為，他們一直以來真正存在的問題就是透過 503(b) 進行大規模生產，這可以理解，只要考慮到底線影響，對嗎？他們寧願不進行商業大規模生產，但這也是受到監管允許的。但由於短缺導致的關閉，我認為你會看到市場參與者的數量明顯減少。我認為，對客戶是誰、體驗是什麼樣的以及如何記錄客戶進行高層次的篩選是非常重要的，而且我認為最終這會受到大多數行業領導者的尊重。

I appreciate all the color there. And then as you think about the liraglutide launch, any more specifics you can give us on sort of what we should expect in terms of the time line for when that will be -- become available on Hims? And then how are you thinking from a pricing strategy perspective for generic liraglutide relative to the ranges that you have of orals at $70 up to compounded GLP-1 at $165, how should we think about the -- where that could come in the pricing range here?

我欣賞那裡的一切色彩。然後，當您考慮利拉魯肽的推出時，您能否給我們更多具體信息，說明我們應該期待什麼時候在 Hims 上推出該藥物？那麼，從定價策略的角度來看，相對於口服藥物 70 美元到複合 GLP-1 165 美元的價格範圍，您如何看待仿製利拉魯肽，我們應該如何考慮——這裡的定價範圍是多少？

Yes, that's a great question. From a timing standpoint, I would expect sometime midyear or early second half of the year to bring that to market. On the pricing side, our ambition is always to bring this to market in the most mass affordable way possible. Now with liraglutide, it's a bit of a challenge because you have more medication that's needed, given it's a daily injection versus a weekly injection. You've got more sterile needles that are required on a weekly basis given this.

是的，這是一個很好的問題。從時間角度來看，我預計該產品將在年中或下半年初上市。在定價方面，我們的目標始終是以最大眾可承受的方式將其推向市場。現在有了利拉魯肽，這有點困難，因為需要注射更多的藥物，因為它是每日註射而不是每週注射。因此，您每週需要更多的無菌針頭。

So everything from raw API to packaging is more expensive. So I would suspect that there's going to be some trickle-down affect that results in us having a similar price point to the commercial dosing in the couple of hundred dollar range. But again, I think our ambition will always try to get to scale quickly, negotiate either through our own third-party partners or through the verticalization of our own infrastructure to be able to then bring that price down over the coming year and bring it to people in a way that ultimately delivers great outcomes. And I think with liraglutide, the base level dosing has okay results compared to the newer generation GLP-1s. But there's a lot of people that have very strong results when you pair it with other treatments, whether it's compounds on the oral side or healthy lifestyle or calorie deficit or even personalized doses of liraglutide.

因此，從原始 API 到包裝的所有環節都更加昂貴。因此，我懷疑會產生一些涓滴效應，導致我們的價格點與商業劑量相似，在幾百美元的範圍內。但是，我認為我們的目標始終是試圖迅速擴大規模，透過我們自己的第三方合作夥伴或透過我們自己的基礎設施的垂直化進行談判，以便能夠在未來一年內降低價格並以最終帶來出色成果的方式將其帶給人們。我認為，與新一代 GLP-1 相比，利拉魯肽的基礎劑量效果還不錯。但有許多人將其與其他治療方法結合時獲得了非常好的效果，無論是口服複方藥物還是健康的生活方式或熱量不足，甚至是個人化劑量的利拉魯肽。

So I think we have a lot of excitement for that medication because we think it will be a nice thing to add to the arsenal and be very successful for a certain group of people.

因此我認為我們對這種藥物感到非常興奮，因為我們認為它將是一個很好的藥物庫補充，並且對於特定人群來說非常有效。

Aaron Kessler, Seaport Research.

海港研究公司的亞倫‧凱斯勒 (Aaron Kessler) 說。

Maybe just on the kind of for the testing, you kind of mentioned menopause testing as well as low testosterone on them. Any thoughts on timing potentially for that offering? And then just maybe how to think about kind of that growth versus revenue per sub for the year as well?

也許只是就測試而言，您提到了更年期測試以及低睪固酮測試。您對於此次發行的潛在時機有什麼想法嗎？那麼也許您該如何看待這種成長與全年每位用戶的收入呢？

Yes. Thanks, Aaron. We're really excited about the whole body testing. I think you'll hopefully see us start to get that in the market in the first half of the year, but it's not early second as well as we integrate in. And that's going to really unlock not only more precise treatments, vitamin supplementation, but also, I think, multi-condition treatments because you're able to really start to get earlier biomarkers for things like metabolic disorders, insulin resistance, cardio disorders on the lipid profile side.

是的。謝謝，亞倫。我們對全身測試感到非常興奮。我想你會看到我們在今年上半年開始將其推向市場，但現在還不是我們整合的第二早期階段。這不僅能真正開啟更精準的治療、維生素補充，而且我認為，還能開啟多種病症的治療，因為你可以真正開始獲得諸如代謝紊亂、胰島素抗性、脂質譜方面的心臟疾病等的早期生物標記。

So I think there's going to be a real expansion opportunity there that can expand not only the number of customers that are coming to us every day, but also just the stickiness of the relationship. And then Yemi, I'll let you speak a little bit on the second half.

因此我認為這裡將有一個真正的擴張機會，不僅可以增加每天光顧我們的客戶的數量，還可以增強雙方關係的黏性。然後 Yemi，我請你講下半部。

Yes. On the second half, we do expect continued expansion on revenue per sub. I think the pace of that will vary depending on a few factors. One is just, as Andrew mentioned, as we start to roll out more multi-condition treatments, those typically carry a bit of a premium to the existing treatments on the platform. So that will drive some expansion.

是的。我們確實預計下半年每用戶收入將持續擴大。我認為其速度將取決於幾個因素。一方面，正如安德魯所提到的，當我們開始推出更多針對多種情況的治療方法時，這些治療方法通常比平台上現有的治療方法要貴一些。因此這將推動一定程度的擴張。

And as we see continued adoption on both the oral as well as liraglutide in the back half of this year but likely some expansion in revenue per subscriber as well.

我們看到今年下半年口服藥物和利拉魯肽的採用將繼續進行，而且每位用戶的收入也可能會增加。

There are no further questions at this time. With that, ladies and gentlemen, that concludes your conference call. We thank you for participating and ask that you please disconnect your lines.

目前沒有其他問題。女士們、先生們，你們的電話會議到此結束。感謝您的參與，並請您斷開線路。