Hims & Hers Health Inc (HIMS) 2025 Q1 法說會逐字稿

Good afternoon, ladies and gentlemen. Thank you for standing by. At this time, I would like to welcome everyone to the Hims & Hers first-quarter 2025 earnings call.

女士們、先生們，午安。感謝您的支持。現在，我歡迎大家參加 Hims & Hers 2025 年第一季財報電話會議。

I would now like to turn the call over to Bill Newby, Head of Investor Relations. Please go ahead, sir.

現在我想將電話轉給投資人關係主管比爾紐比 (Bill Newby)。先生，請繼續。

Good afternoon, everyone, and welcome to the Hims & Hers Health first-quarter 2025 earnings call.

大家下午好，歡迎參加 Hims & Hers Health 2025 年第一季財報電話會議。

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.

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 investors.hims.com 上找到副本。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。

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

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

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

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

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

在今天的演示中，我們還提供了某些非公認會計準則財務指標。我們請您參閱今天的新聞稿和股東信中包含的最直接可比較的 GAAP 財務指標的對帳表。您可以在 investors.hims.com 上找到此資訊以及今天的網路廣播連結。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.

說完這些，我會把電話轉給安德魯。

Thanks, Bill. 2025 is already shaping up to be a landmark year for Hims & Hers. We're delivering on our long-held vision, healthcare that's convenient, affordable, transparent, and deeply personalized. As we continue to execute, we see clear signs that our vision is resonating with more people than ever around the world. This has been our plan from day 1, to build a global platform centered around the individual and to combine technology with data to reimagine how care is delivered.

謝謝，比爾。 2025 年對 Hims & Hers 來說已經成為具有里程碑意義的一年。我們正在實現我們長期以來的願景：提供便利、實惠、透明且高度個人化的醫療保健。隨著我們不斷執行，我們看到明顯的跡象表明，我們的願景正在引起世界各地更多人的共鳴。這是我們從第一天起就制定的計劃，即建立一個以個人為中心的全球平台，並將技術與數據相結合，重新構想醫療服務的提供方式。

We're proving it can be done, and more importantly, that we can scale it. We have a solid foundation, strong confidence in our ability to deliver long-term growth. And with new expansions and new partnerships, we are excited for what's next. While this may feel like a new story in healthcare, we've seen this kind of transformation across several other industries. Netflix transformed the way we consume media through an initial focus on building a broad subscriber base by leveraging convenience and then utilize data and insights to elevate the experience for their subscribers.

我們正在證明這是可以做到的，更重要的是，我們可以擴大規模。我們擁有堅實的基礎，對實現長期成長的能力充滿信心。隨著新的擴張和新的合作關係，我們對接下來的發展充滿期待。雖然這看起來像是醫療保健領域的一個新故事，但我們在其他幾個行業已經看到了這種轉變。Netflix 改變了我們消費媒體的方式，最初專注於利用便利性建立廣泛的用戶群，然後利用數據和見解來提升用戶的體驗。

We are embarking on a similar journey as we increasingly leverage a rich set of structured and proprietary data to bring precision medicine to a broadening subscriber base. Consistent execution is allowing us to confidently outline new long-term financial objectives. By 2030, we expect to generate at least $6.5 billion in revenue and $1.3 billion in adjusted EBITDA. That's not just a vision; it's the foundation for a robust road map to one day reach tens of millions of users.

我們正在踏上類似的旅程，越來越多地利用豐富的結構化和專有數據，為不斷擴大的用戶群提供精準醫療。持續的執行使我們能夠自信地勾勒出新的長期財務目標。到 2030 年，我們預計將創造至少 65 億美元的營收和 13 億美元的調整後 EBITDA。這不僅僅是一個願景；它是未來覆蓋數千萬用戶的穩健路線圖的基礎。

Our team's track record of delivering against ambitious goals quarter after quarter gives us the confidence to share these targets. We've built a platform for the future of healthcare, one that's accessible, affordable, transparent, and personalized. We scaled it, we strengthened it, and now we are accelerating it.

我們團隊每季都實現了雄心勃勃的目標，這項記錄讓我們有信心分享這些目標。我們為未來的醫療保健建立了一個平台，該平台易於訪問、價格合理、透明且個人化。我們擴大了它，加強了它，現在我們正在加速它。

Over the next five years, we'll focus on five core drivers of growth that we believe will help bring this new vision of healthcare to tens of millions of customers. First, we will deepen personalization capabilities, enabling access to a more precise level of care. Our vision involves expanding from hundreds of personalized treatments today to potentially thousands, powered by richer insights from lab diagnostics, growing subscriber data sets, and eventually daily tracking from wearable devices. This will unlock faster feedback loops and intervention, resulting in greater optimized care.

未來五年，我們將專注於五大核心成長動力，我們相信這將有助於將這個新的醫療保健願景帶給數千萬客戶。首先，我們將深化個人化能力，以實現更精準的照護水準。我們的願景是從目前的數百種個人化治療擴展到潛在的數千種，這得益於實驗室診斷的更豐富的見解、不斷增長的用戶數據集以及最終可穿戴設備的日常追蹤。這將解鎖更快的回饋循環和乾預，從而實現更優化的護理。

Next, we'll continue expanding into new specialties that deeply impact people's lives. Building on our success in weight loss, we're launching new offerings in low testosterone and menopause support this year with longer-term opportunities emerging in longevity, sleep, and preventative care as we expand lab testing and peptide capabilities.

接下來，我們將持續拓展對人們生活產生深遠影響的新專業。基於我們在減肥方面取得成功，我們今年將推出低睪酮和更年期支持的新產品，隨著我們擴大實驗室測試和勝肽能力，長壽、睡眠和預防保健方面將出現長期機會。

Third, we will elevate precision care without sacrificing convenience. With nearly 2.4 million subscribers, we are uniquely positioned to deliver access to personalized end-to-end care at scale. Our technologies like MedMatch are already reinventing initial care interactions, and we expect AI-driven tools, including access to coaches, therapeutic tools, and nutrition advice to deepen engagement and outcomes over time.

第三，在不犧牲便利性的前提下，提升精準醫療水準。我們擁有近 240 萬用戶，具有獨特的優勢，可以大規模提供個人化的端到端護理。我們的技術（例如 MedMatch）已經在重塑初始護理互動，我們期望人工智慧驅動的工具（包括教練、治療工具和營養建議）能夠隨著時間的推移加深參與度和成果。

Fourth, we will continue building strategic partnerships to expand our ecosystem. Over time, we aim to create a curated healthcare ecosystem, bringing together best-in-class solutions, anchored by better data, personalized experiences, and trusted clinical support.

第四，我們將繼續建立策略夥伴關係，擴大我們的生態系統。隨著時間的推移，我們的目標是創建一個精心策劃的醫療保健生態系統，匯集一流的解決方案，以更好的數據、個人化的體驗和值得信賴的臨床支援為基礎。

And lastly, we will scale the benefits of our platform globally. Demand for convenient, customized, transparent, high-quality healthcare is universal. Early traction in the U.K. gives us confidence that we can scale our platform globally and extend our mission to help people around the world feel great through the power of better health.

最後，我們將在全球範圍內擴大我們平台的優勢。人們普遍需要便利、客製化、透明、高品質的醫療保健。英國早期的進展讓我們有信心在全球範圍內擴展我們的平台，並延伸我們的使命，透過更好的健康的力量幫助世界各地的人們感覺良好。

Now let's talk about this quarter. We kicked off 2025 with strong momentum, delivering first-quarter results that demonstrate significant progress against our 2025 priorities. Revenue more than doubled year over year, and adjusted EBITDA nearly tripled. Our subscriber base grew to nearly 2.4 million with over 1.4 million subscribers now using personalized solutions.

現在我們來談談本季。我們以強勁勢頭開啟了 2025 年，第一季的業績表明我們在 2025 年優先事項方面取得了重大進展。營收年增一倍以上，調整後的 EBITDA 成長近兩倍。我們的用戶群成長至近 240 萬，其中超過 140 萬用戶目前使用個人化解決方案。

We're not just offering access to treatment; we're helping people live better for the long term. We're connecting the dots between cardiovascular health, hormone support, hair health and more, all in one place. You can see this clearly resonating with customers and specialties such as men's and women's dermatology. Over 80% of subscribers in our dermatology specialty are benefiting from a personalized solution as of the end of the first quarter, which was a critical part in driving nearly 50% year-over-year subscriber growth across those specialties.

我們不只是提供治療機會；我們正在幫助人們長期過上更好的生活。我們將心血管健康、荷爾蒙支持、頭髮健康等多個面向整合到一個地方。您可以清楚地看到，這與客戶以及男性和女性皮膚科等專科產生了共鳴。截至第一季末，我們皮膚病學專業領域超過 80% 的訂閱用戶受益於個人化解決方案，這對於推動該專業領域訂閱用戶數量同比增長近 50% 起到了關鍵作用。

Sexual health is following a similar path. We believe that our ability to grow with our customers' evolving needs is a critical driver of both long-term retention and long-term growth. Weight loss is another example that demonstrates how execution of our vision can translate into rapid scale. In just 18 months, it has become one of our largest specialties. We've added liraglutide earlier this year. And now through our new collaboration with Novo Nordisk, we're expanding access to branded Wegovy to bring subscribers on our platform an even broader range of choice.

性健康也遵循著類似的路徑。我們相信，我們隨著客戶不斷變化的需求而成長的能力是長期保留和長期成長的關鍵驅動力。減肥是另一個例子，它證明了我們的願景的執行如何轉化為快速的規模。在短短 18 個月內，它已成為我們最大的專業領域之一。我們今年早些時候添加了利拉魯肽。現在，透過與諾和諾德的新合作，我們正在擴大品牌 Wegovy 的訪問權限，為我們平台上的訂閱者提供更廣泛的選擇。

Branded Wegovy will be an additional option for subscribers and will complement our oral kit offering, liraglutide, and personalized semaglutide options. Teaming up with Novo Nordisk is a pivotal milestone. We are pairing our customer-first platform with Novo's medicines, reaching more people and helping them stay on track with their goals. This collaboration also signals something important, trust from a major pharmaceutical leader, and it sets the blueprint for future partnerships that can expand both our reach and our relevance.

品牌 Wegovy 將成為訂閱者的額外選擇，並將補充我們的口服套件產品、利拉魯肽和個人化司美格魯肽選項。與諾和諾德的合作是一個重要的里程碑。我們將以客戶為先的平台與 Novo 的藥物結合，以接觸更多人並幫助他們實現目標。此次合作也標誌著一個重要訊號：來自一家大型製藥公司領導者的信任，它為未來的合作制定了藍圖，可以擴大我們的影響力和相關性。

Over time, we expect wider collaboration across the industry from pharmaceutical players, innovative leaders in diagnostics and preventative testing to world-class providers. This will strengthen our ecosystem and position us to curate a best-in-class offering that can reach tens of millions of people. This is the future of our platform, allowing a historically disjointed industry to reach more consumers for the benefit of those customers.

隨著時間的推移，我們期望整個行業能夠進行更廣泛的合作，包括製藥企業、診斷和預防性測試領域的創新領導者以及世界一流的供應商。這將加強我們的生態系統，並使我們能夠策劃能夠覆蓋數千萬人的一流產品。這就是我們平台的未來，讓歷史上脫節的產業接觸到更多的消費者，進而造福這些客戶。

We look forward to providing future updates as this collaboration and others like it continue to evolve. When we look towards the future, it's clear, we are just getting started on the realm of what's possible within healthcare. In addition to evolving our existing specialties, we plan to unlock value for customers in new ways later this year.

隨著此次合作以及其他類似合作的不斷發展，我們期待提供未來的更新。當我們展望未來時，很顯然，我們才剛開始探索醫療保健領域的一切可能性。除了發展我們現有的專業之外，我們還計劃在今年稍後以新的方式為客戶釋放價值。

Earlier this year, we acquired an innovative at-home lab testing provider. As we integrate those capabilities into our platform, we are excited to make blood testing easier and more accessible, giving customers access to testing for key biomarkers tied to heart, hormone, liver, thyroid, and prostate health. These tools will support our current specialties and unlock entirely new ones. They'll also help customers better understand their health and track their progress, enabling more proactive, informed decisions for both patients and providers.

今年早些時候，我們收購了一家創新的家庭實驗室測試提供者。隨著我們將這些功能整合到我們的平台中，我們很高興能夠讓血液檢測變得更容易、更容易取得，讓客戶能夠檢測與心臟、荷爾蒙、肝臟、甲狀腺和攝護腺健康相關的關鍵生物標記。這些工具將支援我們目前的專業並解鎖全新的專業。它們還將幫助客戶更好地了解他們的健康狀況並追蹤他們的進展，從而為患者和提供者提供更積極主動、更明智的決策。

This lower-friction approach to diagnostics is especially important as we expand into hormone-driven conditions like low testosterone and menopause. There are over 50 million people in the United States navigating symptoms tied to these conditions, and many of them are already on our platform. We believe our model with its high-touch personalized care is uniquely positioned to meet these needs.

當我們擴展到低睪酮和更年期等荷爾蒙驅動的疾病時，這種低摩擦診斷方法尤其重要。美國有超過 5000 萬人出現與這些疾病相關的症狀，其中許多人已經在我們的平台上。我們相信，我們的模式憑藉其高接觸個人化護理，能夠滿足這些需求。

We expect to launch both a low testosterone and menopause support offering before the end of this year. As we look ahead, everything we're doing from expanding into new specialties, deepening personalization to forging new partnerships and ultimately broadening our global reach tied back to the core priorities we laid out at the start of this year.

我們預計在今年年底前推出低睪酮和更年期支持服務。展望未來，我們所做的一切，從拓展新專業、深化個人化到建立新的合作關係，最終擴大我們的全球影響力，都與我們今年年初制定的核心優先事項息息相關。

We took another huge step along this path earlier this morning with the announcement of Nader Kabbani as our new Chief Operating Officer. Nader was an operations leader at Amazon for nearly 20 years and his experience scaling operations at the highest level makes him uniquely qualified to help us build the future of healthcare. I'm thrilled to formally welcome him to the company today.

今天早上，我們宣布任命 Nader Kabbani 為我們的新任營運官，這標誌著我們沿著這條道路又邁出了一大步。納德曾在亞馬遜擔任營運主管近 20 年，他在最高層擴大營運規模的經驗使他具備獨特的資格來幫助我們打造醫療保健的未來。我很高興今天正式歡迎他加入公司。

In addition, I'd like to thank Melissa Baird for over seven years of friendship and dedicated efforts in bringing Hims & Hers to the place we are today. She will be deeply missed, but we are so excited for her in her next phase of life.

此外，我還要感謝梅麗莎·貝爾德 (Melissa Baird) 七年多來的友誼和奉獻努力，使 Hims & Hers 取得了今天的成就。我們會深深懷念她，但我們對她人生的下一個階段感到非常興奮。

In closing, we have a clear road map built on a strong foundation and underpinned by innovation and a deep belief in putting the customer at the center of everything we do. The momentum is real and we're just getting started.

最後，我們有一個清晰的路線圖，建立在堅實的基礎之上，並以創新和將客戶置於我們所做的一切的中心的堅定信念為基礎。這種勢頭是真實的，而且我們才剛開始。

With that, I will pass it over to Yemi to talk through our financial performance and updated outlook for 2025.

接下來，我將把主題交給 Yemi，讓她談談我們的財務表現和 2025 年的最新展望。

Thanks, Andrew. I'll walk through our financial results for the first quarter before going deeper into our updated outlook for the rest of the year.

謝謝，安德魯。我將介紹我們第一季的財務業績，然後深入探討我們對今年剩餘時間的最新展望。

As Andrew mentioned, we've built a strong foundation and have real conviction in our ability to drive long-term growth. With new partnerships, investments in deeper personalization capabilities, and expansion into new specialties, we're preparing for the next phase of Hims & Hers. We're seeing early proof points that this next chapter is already underway from the strong start in 2025. We're continuing to build what we believe is a first-of-its-kind healthcare platform, one that's more personalized, more accessible and affordable that we already see resonating with a growing number of consumers each day.

正如安德魯所提到的，我們已經建立了堅實的基礎，並且對我們推動長期成長的能力充滿信心。透過新的合作夥伴關係、對更深層個人化能力的投資以及向新專業的擴展，我們正在為 Hims & Hers 的下一階段做好準備。我們看到早期證據表明，從 2025 年強勁開局開始，新的篇章就已拉開序幕。我們正在繼續建立我們認為獨一無二的醫療保健平台，該平台更加個人化、更易於訪問且價格更實惠，我們已經看到它每天都受到越來越多消費者的共鳴。

The strength of our platform is clear in the first quarter. Revenue grew 111% year over year to $586 million. That momentum is the result of our ability to execute on a strategy that is able to bring a greater precision of care to more people. As our platform expands, we're serving a broader set of customers across our existing specialties and starting to provide value within new specialties. We ended the quarter with nearly 2.4 million subscribers, reflecting a year-over-year increase of 38%.

我們平台的優勢在第一季就顯而易見。營收年增 111% 至 5.86 億美元。這種勢頭源於我們有能力執行一項策略，該策略能夠為更多人帶來更精準的照護。隨著我們平台的擴展，我們正在為現有專業領域的更廣泛的客戶提供服務，並開始在新專業領域提供價值。截至本季末，我們的訂閱用戶數量接近 240 萬，年增 38%。

Data and insights on our platform are serving as a foundational element in identifying solutions that resonate with a broad base of consumers. In the first quarter, over 70% of new subscribers partnered with a provider to obtain access to a personalized solution. Results like this give us strong conviction that we are not simply gaining market share through consumer rotation, rather we believe that our strengths, inclusive of our brand, personalized solutions, and technology platform are allowing us to expand the overall market by democratizing access to higher-quality treatment across the country.

我們平台上的數據和見解是尋找引起廣大消費者共鳴的解決方案的基礎要素。第一季度，超過 70% 的新用戶與提供者合作以獲得個人化解決方案。這樣的結果讓我們堅信，我們並不是簡單地透過消費者輪換來獲得市場份額，而是相信我們的優勢，包括我們的品牌、個人化解決方案和技術平台，使我們能夠透過在全國範圍內實現更高品質治療的民主化來擴大整體市場。

Over the last several quarters, we've leveraged innovation in personalized solutions to start transformation within our sexual specialty. Historically, our subscriber base has mirrored the broader industry with respect to an overwhelming majority of consumers utilizing on-demand offerings. Launches of multi-condition treatments that hold additional benefits in areas like vitamin support, hair loss prevention, testosterone support, and cardiovascular health are allowing us to elevate the experience for our sexual health subscribers, who are increasingly using our daily offerings.

在過去的幾個季度中，我們利用個人化解決方案的創新來開始我們的性專業的轉型。從歷史上看，我們的用戶群與整個行業的情況一致，絕大多數消費者都使用按需服務。推出在維生素支持、脫髮預防、睾酮支持和心血管健康等領域具有額外益處的多種病症治療方法，使我們能夠提升性健康訂閱者的體驗，他們越來越多地使用我們的日常產品。

The number of subscribers utilizing a daily offering has more than doubled year over year and now represents nearly 40% of sexual health subscribers. We are already seeing benefits through signs of stronger retention with subscribers of sexual health daily offerings demonstrating a nearly 10-point improvement in retention in their first year relative to on-demand users with evidence of even stronger retention benefits over time.

使用每日訂閱服務的訂閱者數量年增了一倍多，目前佔性健康訂閱者的近 40%。我們已經看到了好處，用戶留存率有所提高，性健康日報訂閱服務的訂閱者第一年的留存率比點播用戶提高了近 10 個百分點，而且有證據表明，隨著時間的推移，留存率的優勢會越來越大。

Our focus remains on driving long-term growth, even if at times that results in near-term temporary headwinds. As we transition our subscriber base towards more premium daily products, we expect some volatility in sexual health growth as we recalibrate our approach to messaging and invest in consumer education around the benefits our offerings provide. Over the mid- to long-term horizon, we believe this transition will drive durable growth within our sexual health specialty as a result of increased retention and acquisition efficiency.

我們的重點仍然是推動長期成長，即使有時這會導致短期內暫時的阻力。隨著我們的用戶群轉向更優質的日常產品，我們預計性健康成長會出現一些波動，因為我們會重新調整訊息傳遞方式，並圍繞我們的產品所提供的益處對消費者進行教育。從中長期來看，我們相信，由於保留和獲取效率的提高，這種轉變將推動我們性健康專業的持久成長。

Despite a significant shift in marketing spend towards weight loss and dynamics from the previously mentioned transition, year-over-year revenue growth outside of our GLP-1 offering remained robust at nearly 30% year over year. That's an important proof point. It demonstrates the underlying ability to drive robust growth across our broader business even in the presence of fewer dollars to drive top-of-funnel demand.

儘管行銷支出從前面提到的轉變中明顯轉向減肥和動態，但我們 GLP-1 產品之外的同比收入增長仍然保持強勁，同比增長近 30%。這是一個重要的證明點。它表明，即使在資金較少的情況下，我們仍有能力推動整個業務的強勁成長，以推動漏斗頂端的需求。

Growth in the first quarter benefited from a unique opportunity to extend the reach of our platform to aid the more than 100 million Americans impacted by obesity. Our platform empowered our subscribers to pursue their goals with access to personalized solutions and tools customized for their unique journeys.

第一季的成長得益於一個獨特的機會，即擴大我們平台的覆蓋範圍，以幫助超過 1 億受到肥胖影響的美國人。我們的平台使我們的訂閱者能夠獲得針對他們獨特旅程量身定制的個人化解決方案和工具，從而實現他們的目標。

We are excited to offer our weight loss subscribers access to an expanding portfolio of solutions through the start of a long-term collaboration with Novo Nordisk, one of the most respected companies in medical innovation. This collaboration combines our proven treatments with our ability to deliver personalized, tech-enabled care and services at scale. In the near term, this unlocks another compelling option for subscribers of commercially available dosages of semaglutide to transition to. It's a meaningful validation of our model and a powerful first step in expanding access to effective obesity care across the country.

我們很高興透過與醫療創新領域最受尊敬的公司之一諾和諾德建立長期合作關係，為我們的減肥訂閱者提供不斷擴展的解決方案組合。此次合作將我們成熟的治療方法與我們大規模提供個人化、技術支援的護理和服務的能力結合在一起。從短期來看，這為市售劑量的司美格魯肽的訂購者提供了另一個引人注目的過渡選擇。這是對我們模型的一次有意義的驗證，也是在全國範圍內擴大有效肥胖症治療覆蓋範圍的有力的第一步。

Together, these drivers, the momentum of our weight loss specialty and the continued adoption of premium personalized solutions are creating tailwinds in subscriber engagement. In the first quarter, monthly online revenue per average subscriber climbed to $84, up more than 50% year over year. We expect this to moderate as we move through the year, driven by subscriber transitions off of commercially available semaglutide and typical seasonality in our weight offering.

這些驅動因素、我們減肥專業的發展勢頭以及優質個人化解決方案的持續採用共同為用戶參與度帶來了順風。第一季度，平均每位用戶的每月線上收入攀升至 84 美元，年增超過 50%。我們預計，隨著時間推移，這種情況將會緩和，這是由於用戶對市售司美格魯肽的轉變以及我們提供的體重產品的典型季節性所致。

Now shifting to investment efficiency and profitability. We have upheld our rigorous capital allocation standards, inclusive of a payback period of less than a year on marketing investments, while concurrently elevating our brands reach with consumers. As a result of this and prior investments in platform infrastructure, we're seeing real operating leverage as revenue scales.

現在轉向投資效率和獲利能力。我們堅持嚴格的資本配置標準，包括少於一年的行銷投資回收期，同時提升我們品牌在消費者中的影響力。由於這項舉措以及先前對平台基礎設施的投資，隨著收入規模的擴大，我們看到了真正的營運槓桿。

In the first quarter, adjusted EBITDA increased to $91 million, nearly triple what we delivered in the same quarter last year. Adjusted EBITDA margins expanded by over 4 points quarter over quarter to nearly 16%. Gross margins declined approximately 3 points quarter over quarter as GLP-1 revenue scaled. We expect improvement in the second quarter as we benefit from economies of scale across our ecosystem and continue augmenting our internal fulfillment capabilities.

第一季度，調整後的 EBITDA 增至 9,100 萬美元，幾乎是去年同期的三倍。調整後的 EBITDA 利潤率較上季擴大 4 個百分點，達到近 16%。隨著 GLP-1 收入的擴大，毛利率較上季下降約 3 個百分點。我們預計第二季情況會有所改善，因為我們受益於整個生態系統的規模經濟，並繼續增強我們的內部履行能力。

The first quarter was a significant moment for our marketing efforts on multiple fronts. We lean into upper funnel awareness through our Super Bowl campaign and also invested heavily in specialty-specific marketing campaigns within weight. Despite this, we achieved record level efficiency on our marketing spend. Marketing spend in the first quarter was 39% of revenue, reflecting an improvement of 8 points year over year and over 6-point improvement from last quarter.

第一季對於我們在多個方面的行銷工作來說是一個重要的時刻。我們透過超級盃活動來提高上層漏斗意識，並且還在體重領域的專業行銷活動上投入了大量資金。儘管如此，我們的行銷支出效率仍達到了創紀錄的水平。第一季行銷支出佔營收的 39%，較去年同期成長 8 個百分點，較上季成長 6 個百分點以上。

These efficiency gains were driven by a few factors. First, we saw retention gains from a shift toward personalized solutions in our subscriber base as well as benefits from a shift toward more premium daily options in our sexual health offering.

這些效率的提高是由幾個因素推動的。首先，我們看到，我們的用戶群轉向個人化解決方案帶來了保留率的提高，而我們的性健康產品轉向更優質的日常選擇也帶來了好處。

Second, we dramatically raised the bar for marketing investment across our non-weight specialties. This gave us the ability to support a one-minute Super Bowl campaign in specialty-specific marketing in our weight offering. Rotation takes time to do efficiently, so we chose to reduce overall spend as opposed to recalibrate weight-related spend to other categories after the end of the semaglutide shortage in February.

其次，我們大幅提高了非體重專科領域的行銷投資標準。這使我們能夠在針對特定體重的特定行銷中支援一分鐘超級盃活動。輪調需要時間才能有效完成，因此我們選擇減少整體支出，而不是在二月份司美格魯肽短缺結束後將與體重相關的支出重新調整到其他類別。

Lastly, we're seeing more subscribers come to our platform through organic and other lower-cost channels. We believe this is a reflection of investments that are extending the reach of our brand as well as benefit stemming from high advocacy from subscribers in our more visible specialties.

最後，我們看到越來越多的訂閱者透過自然管道和其他低成本管道來到我們的平台。我們相信，這體現了我們不斷擴大品牌影響力的投資，同時也得益於我們更受關注的專業領域的訂閱者的高度支持。

Leverage further down in the P&L continues to increase as we thoughtfully scale operations. G&A as a percentage of revenue improved 4 points year over year to 8%. Operations and support improved 3 points year over year to 11%. Those gains reflected ongoing automation, verticalization and improved efficiency across the business. Fiscal discipline is driving significant cash flow generation.

隨著我們深思熟慮地擴大經營規模，損益表中的槓桿率進一步上升。一般及行政費用佔收入的百分比年增了 4 個百分點，達到 8%。營運和支援年增 3 個百分點，達到 11%。這些收益反映了整個業務的持續自動化、垂直化和效率提高。財政紀律正在推動大量現金流的產生。

Cash flow from operations was $109 million, which translated into free cash flow of $50 million. At quarter end, we had $323 million in cash and short-term investments on the balance sheet. Strong free cash flow is enabling us to expand capabilities across our operation. In the first quarter, we invested $59 million into CapEx to augment our operations across a few areas.

經營活動產生的現金流為 1.09 億美元，轉化為 5,000 萬美元的自由現金流。截至季末，我們的資產負債表上有 3.23 億美元的現金和短期投資。強勁的自由現金流使我們能夠擴大整個營運的能力。第一季度，我們投資了 5,900 萬美元的資本支出，以擴大我們在幾個領域的業務。

First, we continued investment to expand capacity for personalized offerings, setting the stage to be able to offer our subscribers access to more precise care by unlocking capacity for thousands of SKUs. We recently signed a lease for a larger facility in Arizona that expands our nationwide internal fulfillment footprint from approximately 400,000 square feet to nearly 700,000 square feet.

首先，我們繼續投資擴大個人化產品的產能，透過釋放數千個 SKU 的容量，為我們的訂閱者提供更精準的照護奠定了基礎。我們最近簽署了位於亞利桑那州的更大工廠的租約，這將使我們在全國範圍內的內部履行面積從約 400,000 平方英尺擴大到近 700,000 平方英尺。

Second, we made investments to efficiently unlock scale through greater automation. While we are still early in our journey, automation provides a path to unlocking thousands of choices for our subscribers in an efficient manner. We upgraded equipment in the first quarter across several of our facilities, further enabling us to make the vision of precision medicine a reality.

其次，我們進行了投資，透過提高自動化程度來有效地釋放規模。雖然我們仍處於早期階段，但自動化為我們的訂閱者提供了一條高效解鎖數千種選擇的途徑。我們在第一季對多個設施的設備進行了升級，進一步使我們能夠實現精準醫療的願景。

Finally, we invested in infrastructure to unlock sterile fulfillment capacity across our facilities. This provides a platform for more efficient fulfillment of specialties we are in today, such as weight and those that we expect to be in the future such as low testosterone that require sterile capabilities. In the coming quarters, we will also invest to expand our lab diagnostic capabilities.

最後，我們投資了基礎設施，以釋放我們所有設施的無菌履行能力。這為我們目前所從事的專業領域（例如體重）以及未來需要無菌能力的專業領域（例如低睪酮）更有效地實現提供了一個平台。在接下來的幾個季度中，我們還將投資擴大我們的實驗室診斷能力。

This capability unlocks several benefits, such as reduced consumer barriers within new specialties, greater health-related insights for our subscriber base and a wider assortment of more precise personalized solutions. This, combined with our other investments, will serve as a critical component for the next phase of growth, enabling us to more efficiently provide access to precision medicine to a broader population.

此功能可帶來多種好處，例如降低新專業領域的消費者障礙、為我們的用戶群提供更深入的健康相關見解以及提供更多種類、更精確的個人化解決方案。這項投資與我們的其他投資相結合，將成為下一階段成長的關鍵組成部分，使我們能夠更有效地為更廣泛的人群提供精準醫療服務。

With that, I will now walk through our guidance and longer-term outlook. In the second quarter, we expect revenue between $530 million to $550 million, representing year-over-year growth of between 68% to 74%. We are anticipating adjusted EBITDA in the range of $65 million to $75 million, reflecting a 13% margin at the midpoint. For the full year, we expect revenue between $2.3 billion and $2.4 billion, up 56% to 63% year over year. We are anticipating adjusted EBITDA in the range of $295 million to $335 million, reflecting a 13% margin at the midpoint.

接下來，我將介紹我們的指導和長期展望。我們預計第二季營收在 5.3 億美元至 5.5 億美元之間，年增 68% 至 74%。我們預計調整後的 EBITDA 在 6,500 萬美元至 7,500 萬美元之間，中間值為 13%。我們預計全年營收將在 23 億美元至 24 億美元之間，年增 56% 至 63%。我們預期調整後的 EBITDA 在 2.95 億美元至 3.35 億美元之間，中間值利潤率為 13%。

Embedded in our outlook are a few key assumptions that reflect the intentional evolution of our platform and how we're setting ourselves up for long-term success. First, we expect continued strong growth across many of our most tenured offerings, including mental health as well as men and women's dermatology, all of which are benefiting from years of investment in brand retention and personalized offerings.

我們的展望中包含一些關鍵假設，這些假設反映了我們平台的有意演變以及我們如何為長期成功做好準備。首先，我們預計我們許多歷史最悠久的產品/服務將繼續保持強勁增長，包括心理健康以及男性和女性皮膚病學，所有這些產品/服務都受益於多年來對品牌保留和個性化產品/服務的投入。

That said, while sequential and year-over-year growth is expected to continue, we do expect uneven trends in sexual health as we navigate transitions in the treatment mix, which we believe is temporary as new daily personalized solutions gain traction. We're already starting to see encouraging signs of momentum that we believe will strengthen with the addition of new offerings over the course of the year.

儘管如此，雖然預計連續和同比增長將繼續，但隨著我們應對治療組合的轉變，我們確實預計性健康趨勢將不均衡，我們認為這只是暫時的，因為新的日常個人化解決方案將獲得關注。我們已經開始看到令人鼓舞的勢頭跡象，我們相信，隨著今年新產品的推出，這種勢頭將會增強。

Second, we expect to complete the transition of subscribers previously on commercially available dosages of semaglutide to either appropriate alternatives on our platform or other platforms entirely by the end of the second quarter. This transition is expected to result in a onetime quarter-over-quarter revenue drop in the second quarter from which we are confident we can continue to build upon through the remainder of the year.

其次，我們預計在第二季末之前，將先前使用市售劑量司美格魯肽的訂閱用戶完全轉換為我們平台或其他平台上的合適替代品。預計這一轉變將導致第二季收入出現一次性的環比下降，但我們有信心在今年剩餘時間內繼續保持這一勢頭。

Third, we expect gross margins to expand in the second quarter. Based on the information that we see today, our expectation is that operational efficiency gains and growth from more tenured specialties can offset potential headwinds from macroeconomic factors such as tariffs.

第三，我們預期第二季毛利率將會擴大。根據我們今天看到的信息，我們預計營運效率的提高和更多終身專業的成長可以抵消關稅等宏觀經濟因素帶​​來的潛在阻力。

Fourth, we expect some volatility in marketing efficiency from quarter to quarter. In the second quarter, we expect to lean into specialty-specific marketing across a broader set of specialties, which may result in some deleveraging.

第四，我們預期行銷效率每季都會出現一些波動。在第二季度，我們預計將傾向於在更廣泛的專業領域進行專業行銷，這可能會導致一些去槓桿化。

We remain committed to our capital allocation framework, which calls for a payback period of less than a year. Rigorous adherence to this framework, combined with evolving dynamics such as increased acquisition via lower cost channels, stronger retention from personalized products, and the continued maturation of our subscriber base provides us with confidence in our ability to continue driving one to three points of marketing leverage per annum. Lastly, we expect long-term revenue retention to remain above 85% as more subscribers engage with personalized solutions across multiple specialties.

我們仍然致力於我們的資本配置框架，該框架要求投資回收期少於一年。嚴格遵守這個框架，加上不斷發展的動態，例如透過低成本管道增加收購、透過個人化產品提高保留率以及用戶群的不斷成熟，使我們有信心繼續每年推動一到三個點的營銷槓桿。最後，隨著越來越多的用戶參與跨多個專業的個人化解決方案，我們預計長期收入保留率將保持在 85% 以上。

Before going to Q&A, I'll take a moment to provide additional color on our long-term targets. When we close out our 2022 fiscal year, momentum allowed us to paint a picture of what we thought our financial profile in 2025 could look like, at least $1.2 billion in revenue and $100 million of adjusted EBITDA. Exceptional execution enabled us to achieve those targets a year early as well as potentially deliver revenue and adjusted EBITDA in 2025 that could be almost 2x and 3x higher than the original floors, respectively.

在進入問答環節之前，我想花點時間進一步闡述我們的長期目標。當我們結束 2022 財年時，這種勢頭使我們能夠描繪出我們認為 2025 年的財務狀況，即至少 12 億美元的收入和 1 億美元的調整後 EBITDA。卓越的執行力使我們提前一年實現了這些目標，並有可能在 2025 年實現收入和調整後 EBITDA 分別比原來的底線高出近 2 倍和 3 倍。

More importantly, these execution patterns and the growth levers ahead position us to update our longer-term perspective on what we believe the financial profile of Hims & Hers can look like in the coming years. We believe that we can achieve at least $6.5 billion in annual revenue and $1.3 billion in adjusted EBITDA by 2030.

更重要的是，這些執行模式和未來的成長槓桿使我們能夠更新我們的長期觀點，了解未來幾年 Hims & Hers 的財務狀況。我們相信，到 2030 年，我們可以實現至少 65 億美元的年收入和 13 億美元的調整後 EBITDA。

Our ability to deliver these targets is predicated on continued execution across the levers outlined by Andrew that further solidify our strategic advantages, deepening personalization, specialty expansion, elevating the subscriber experience, fostering innovative partnerships, and lastly, geographic expansion. We expect the majority of our investment in the coming years to be organic, but we'll continue to ensure that our financial position affords us the flexibility to opportunistically accelerate our road map to strategic acquisitions.

我們實現這些目標的能力取決於安德魯概述的各個槓桿的持續執行，這些槓桿將進一步鞏固我們的戰略優勢、深化個性化、專業擴展、提升用戶體驗、促進創新合作夥伴關係以及最後的地域擴展。我們預計未來幾年的大部分投資將是有機的，但我們將繼續確保我們的財務狀況為我們提供靈活性，以便抓住機會加速我們的策略性收購路線圖。

2025 is off to a great start and we are excited by the momentum we continue to see across the business. Consumers continue to turn to us as a solution for a better and more precise healthcare experience, and we believe this will accelerate as we continue to build upon the already strong foundation that we've built.

2025 年開局良好，我們對整個業務持續呈現的發展勢頭感到興奮。消費者繼續向我們尋求更好、更精確的醫療保健體驗的解決方案，我們相信，隨著我們繼續鞏固我們已經建立的強大基礎，這一進程將會加速。

Data enriched by each additional user on the platform will enable us to further refine our personalized offerings, elevating the experience for our subscribers and taking us one step further for the reality of Hims & Hers becoming synonymous with high-quality personalized care. I'd like to thank our customers, partners and employees for helping us deliver these outstanding results, and we look forward to continuing to update you on our progress.

平台上每個新增用戶所累積的數據將使我們能夠進一步完善個人化服務，提升訂閱用戶的體驗，並使 Hims & Hers 更進一步成為高品質個人化護理的代名詞。我要感謝我們的客戶、合作夥伴和員工幫助我們取得這些出色的成果，我們期待繼續向您通報我們的進展。

With that, I'll turn it back to Bill to kick off Q&A with two questions from our retail community.

接下來，我會把話題轉回比爾，由他來開始問答環節，回答我們零售業提出的兩個問題。

Thanks, Yemi, and thank you to all the investors that sent us questions over the weekend. We're very excited to continue engaging with this growing part of our investor base. We received quite a few questions on our recently announced collaboration with Novo Nordisk. This is a multipart question from both the Hims House community and [pyrosdee]. Can you elaborate on the future road map Hims & Hers and Novo Nordisk are developing together?

謝謝，Yemi，也感謝所有週末向我們提問的投資者。我們非常高興能夠繼續與我們不斷成長的投資者群體合作。我們收到了不少關於我們最近宣布的與 Novo Nordisk 合作的問題。這是 Hims House 社區和[火神]。您能詳細說明 Hims & Hers 和 Novo Nordisk 共同製定的未來路線圖嗎？

And what do you see as the next possible steps on this road map? Over time, can Hims platform player a role in partnering with companies with newly approved drugs for the sake of post-approval monitoring of side effect and efficacy.

您認為該路線圖的下一步可能是什麼？隨著時間的推移，Hims 平台可以發揮作用，與新批准藥物的公司合作，以便在批准後監測副作用和療效。

Thanks, Bill. So on the Novo side, this is a collaboration we're excited by the teams across both organizations have been spending quite a bit of time together, sharing meals and really aligning on what we think the future of healthcare looks like, and I think there's real excitement around that shared vision. So when I step back, I think there's a real set of opportunities, hopefully, across categories, across Novo product lines, potentially across geographies that we are brainstorming. And hopefully, in the coming quarters, can give a little bit more precise road map with regard to what some of those offerings can be.

謝謝，比爾。因此，從 Novo 方面來看，我們對這次合作感到非常興奮，兩個組織的團隊都花了很多時間在一起，一起吃飯，並真正就我們對醫療保健的未來的看法達成一致，我認為大家對這一共同願景感到非常興奮。因此，當我退一步思考時，我認為存在一系列真正的機會，希望這些機會能夠跨越類別、跨越 Novo 產品線，甚至跨越我們正在集思廣益的地域。希望在接下來的幾個季度中，能夠提供更精確的路線圖，說明其中一些產品的具體內容。

Generally, I think this type of a partnership, though, is a blueprint for what we think the next 5 and 10 years could look like across categories, right? There are incredible innovations happening in biotech. There are incredible innovations happening around diagnostic testing, preventative testing. And when we think about the platform that we have and the growing consumers that we are caring for, our ability to bring together a very disjointed set of players and broaden the ecosystem in a way where everybody really wins, I think it's something that uniquely Hims & Hers can do.

總的來說，我認為這種合作關係是我們對未來 5 年和 10 年各個類別的藍圖，對嗎？生物技術領域正在發生令人難以置信的創新。診斷測試和預防性測試領域正在發生令人難以置信的創新。當我們考慮到我們擁有的平台和我們所關注的不斷增長的消費者時，我們有能力將一群非常分散的參與者聚集在一起，並以一種讓每個人都真正受益的方式拓寬生態系統，我認為這是 Hims & Hers 獨有的。

And so this is an exciting first step with Novo. And I think we're really looking forward to what can be possible in the next few years. And there's also, I think, a whole new avenue of opportunities across treatment types, across testing capabilities, across clinical providers where we can bring our ecosystem and theirs together on behalf of the consumer to ultimately be the curator of what we believe to be world-class healthcare.

這是 Novo 邁出的令人興奮的第一步。我認為我們確實期待未來幾年可能發生的事情。我認為，在治療類型、檢測能力和臨床提供者方面也存在著全新的機會，我們可以代表消費者將我們的生態系統和他們的生態系統整合在一起，最終成為我們所認為的世界一流醫療保健的管理者。

Thanks, Andrew. We also received a number of questions on the recently announced acquired peptide and lab testing facilities. This one comes from [Nick] who asks, what type of longevity products is the team looking to build for its customers with the recent acquisition of the peptide facility? And how does this facility fit in with the plan to roll out lab testing and grow your ability to offer precise and more targeted treatments?

謝謝，安德魯。我們也收到了一些關於最近宣布收購的勝肽和實驗室測試設施的問題。這個問題來自 [Nick]，他問道，透過最近收購的勝肽設施，團隊希望為客戶打造什麼類型的長壽產品？該設施如何與進行實驗室測試的計劃相適應，並增強您提供精確和更有針對性的治療的能力？

Yes, it's a great question. Thank you for asking that. We are continuing to invest across the stack in innovative operations and capabilities that can deliver really cutting-edge care for patients. Peptide innovation is expanding very, very rapidly. This is something our team is really paying attention to, that I am paying attention to deeply. And this is across a lot of different areas. It's across pain management. It's across recovery. It's across generalized longevity.

是的，這是一個很好的問題。謝謝你問這個問題。我們將繼續在各個方面投資創新運營和能力，以便為患者提供真正尖端的護理。勝肽創新正在非常非常迅速地擴張。這是我們團隊真正關注的事情，也是我深切關注的事情。這涉及許多不同的領域。它涉及疼痛管理。這是整個恢復過程。它涉及普遍的長壽。

And when I think of those types of categories, the innovation happening in peptides is generally innovation that's accessible really to only the extreme wealthy subset of the population. And I think, like all Hims & Hers approaches, we aim to invest in the innovative infrastructure for these cutting-edge areas of therapeutics to broaden what a small subset of the population has to the masses at affordable and hyper-personalized scale.

當我想到這些類型的類別時，勝肽領域發生的創新一般是只有極度富裕的人群才能真正獲得的創新。我認為，就像所有 Hims & Hers 方法一樣，我們旨在投資於這些尖端治療領域的創新基礎設施，以可承受和高度個性化的規模將一小部分人群所能享受到的服務擴展到大眾。

So the peptide facility, I think, is going to be a really vital component of this future platform. And I think you'll see with the intersection of lab testing and longevity, us taking a more proactive and preventative care model on the platform, making some of these more diagnostic and action-based care is just easier for people.

因此，我認為勝肽設施將成為這個未來平台的一個真正重要的組成部分。我認為你會看到，隨著實驗室測試和長壽的結合，我們在平台上採取了更積極主動和預防性的護理模式，使一些更具診斷性和基於行動的護理對人們來說更容易。

And so instead of people coming just Hims & Hers for a very specific conditions such as hair loss, sexual health, mental health, et cetera, I also think you're going to start seeing offerings in the next couple of years that are more about gaining understanding of your health and taking that first step to be the most optimized you can for not only yourself but also your family.

因此，人們來到「男士和女士」診所不僅僅是為了解決脫髮、性健康、心理健康等非常具體的問題，我認為，在未來幾年裡，你將會看到更多的服務，這些服務旨在了解你的健康狀況，並邁出第一步，為你和你的家人提供最優化的治療。

Great. Thanks, Andrew, and thanks again to all who sent questions over the weekend. With that, I will pass the call back to the operator to begin the analyst Q&A.

偉大的。謝謝，安德魯，再次感謝週末提問的所有人。說完，我將把電話轉回給接線生，開始分析師問答。

(Operator Instructions)

（操作員指示）

Craig Hettenbach, Morgan Stanley.

摩根士丹利的克雷格·赫滕巴赫。

Great, thank you. On the weight loss category and the target for $725 million of revenue this year, can you just touch on what you see as the key drivers? And just looking for color across how the personalized offerings are going, I saw some commentary in the letter about the oral offering is very strong, and you also have liraglutide. So just kind of how you see the buildup to weight loss this year and how you're tracking for that target?

太好了，謝謝。關於減肥類別以及今年 7.25 億美元的收入目標，您能否談談您認為的主要驅動因素是什麼？只是想了解個人化產品的進展情況，我看到信中關於口服產品的一些評論非常有力，而且還有利拉魯肽。那麼您如何看待今年的減肥進度以及如何實現這一目標？

Yes. Thanks for the question, Craig. When we laid out the targets for 2025, we were aware that the shortage was coming to an end. So we kind of outlined last quarter that we effectively would assume that all of the folks that were on commercially available doses of the semaglutide would be off the platform by Q2. And that's largely holding in line with our expectations.

是的。謝謝你的提問，克雷格。當我們制定 2025 年的目標時，我們意識到短缺即將結束。因此，我們在上個季度概述了，我們實際上會假設所有使用市售劑量的司美格魯肽的人都會在第二季度退出該平台。這基本上符合我們的預期。

Across all of our specialties what we historically really leaned into to have success is really offering our subscribers a breadth of numerous different options. And so I think we're very pleased in the weight loss specialty to recently and in the past quarter, launch several additions to the specialty that we believe will give us the ability to meet or exceed the $725 million target.

在我們所有的專業領域中，我們過去真正依賴的成功之處在於為我們的訂閱者提供廣泛的不同選擇。因此，我認為我們對減肥專業領域感到非常高興，最近和過去一個季度，我們推出了幾項專業補充，我們相信這些補充將使我們有能力達到或超過 7.25 億美元的目標。

And so we recently launched liraglutide as well as through the partner -- or the collaboration that we spoke around with Novo Nordisk to bring the branded [indiscernible] as well as the existing products that we had within the weight specialty, such as personalized semaglutide and the oral offering. And so we're seeing continued strength across all of those. That gives us the conviction to reiterate the top line revenue guidance as well as lift the adjusted EBITDA guidance.

因此，我們最近推出了利拉魯肽，並透過合作夥伴 - 或者我們與諾和諾德公司商談的合作，將品牌 [音頻不清晰] 以及我們在體重專業領域現有的產品，如個性化司美格魯肽和口服產品。因此，我們看到所有這些都持續保持強勁勢頭。這使我們有信心重申營業收入指引並提高調整後的 EBITDA 指引。

Great. And then just a follow-up question for Andrew. When I think about the 2030 targets, can you just touch on just kind of the core business as it stands today, like just the runway for growth that you still see in some of the core categories and then also just the importance of newer categories that come in to track to that $6.5 billion?

偉大的。然後我再問安德魯一個後續問題。當我考慮 2030 年的目標時，您能否簡單談談目前的核心業務，例如您在某些核心類別中仍然看到的成長空間，以及新類別對於實現 65 億美元目標的重要性？

Yes, it's a great question, Craig. I think what gives us confidence is that you're seeing incredible robustness in both of those segments. Some of the new innovative categories like the metabolic health and the obesity care across Hims & Hers, obviously, a big accelerant. We believe those businesses will be very, very important businesses, just given the pure population that is really struggling.

是的，這是一個很好的問題，克雷格。我認為讓我們充滿信心的是，這兩個領域都表現出令人難以置信的強勁勢頭。一些新的創新類別，如 Hims & Hers 中的代謝健康和肥胖護理，顯然是一個很大的促進劑。我們相信，考慮到真正陷入困境的人口，這些企業將是非常非常重要的企業。

But then when you actually look under the hood at what we consider some of the more legacy categories, those are growing incredibly robustly, right? You've got the Hims & Hers dermatology businesses growing 50%-plus year over year. Those businesses have really been transformed with personalization, where north of 80% of those businesses are now with personalized proprietary SKUs, having driven a 20-point retention gain in just the last couple of years. You see the same kind of things happening across the sexual health business as we really transform that business to one with dual-action treatments, hyper-personalization, daily benefits.

但是，當你真正深入研究我們認為的一些較為傳統的類別時，你會發現它們的成長非常強勁，對嗎？Hims & Hers 皮膚科業務的年增長率超過 50%。這些企業確實透過個人化實現了轉型，其中 80% 以上的企業現在都擁有個人化專有 SKU，僅在過去幾年就實現了 20 個百分點的保留率成長。隨著我們真正將性健康業務轉變為具有雙重功效治療、高度個人化和日常益處的業務，你會看到同樣的事情正在發生。

So the penetration rates of the core categories we're in are still very, very low. I mean you're talking low single digits given the TAM. And so I think it's going to be a really nice composition of revenue across Hims & Hers, across categories, across new and old that is coming together to deliver on that 2030. But ultimately, I think that's the strength of this business, right, as you have a unified brand for men and a unified brand for women under which you have the opportunity to build probably dozens of completely different businesses under the hood with completely different care, different treatments, different customers, different marketing channels. And it's that diversity that I think is what really gets this business the strength long term.

因此，我們所處的核心類別的滲透率仍然非常非常低。我的意思是，考慮到 TAM，你說的是低個位數。因此，我認為，跨男士和女士、跨類別、跨新舊產品的收入組合將會非常好，這些組合將共同實現 2030 年的目標。但最終，我認為這就是這個行業的優勢，因為你有一個統一的男裝品牌和一個統一的女裝品牌，在這個品牌下，你有機會建立幾十個完全不同的業務，提供完全不同的護理、不同的治療方法、不同的客戶、不同的營銷渠道。我認為，正是這種多樣性才是這項業務長期保持優勢的真正原因。

Got it. Thanks a lot.

知道了。多謝。

Maria Ripps, Canaccord Genuity.

Canaccord Genuity 的 Maria Ripps。

Great. Thanks so much for taking my questions. First, I appreciate all the color on the transition within the sexual health vertical. Can you maybe just talk about sort of some of the initiatives to re-accelerate growth in that vertical? I think you mentioned some of the products kind of launching later this year.

偉大的。非常感謝您回答我的問題。首先，我很欣賞性健康垂直領域內轉變的所有色彩。您能否談談重新加速該垂直產業成長的一些舉措？我想您提到了一些將於今年稍後推出的產品。

Are you planning to maintain or at least some level of less personalized solutions there? And I guess understanding that sort of we may see some near-term volatility, how should we think about maybe the timing of subscriber and revenue normalizing in that vertical?

您是否計劃在那裡維持或至少保留某種程度的不太個性化的解決方案？我想，了解這一點，我們可能會看到一些短期波動，我們應該如何考慮使用者和收入在該垂直領域正常化的時機？

Maybe I can speak in just a sense of the high level about that business and let you dive into some of the details. I think, Maria, the willingness from our standpoint with that business to take our time and have a long-term orientation is really what's happening under the hood. There is a historical business within sexual health that is really an on-demand business, right? It's a heavy Viagra-based business. It's a low sticky, low attach-rate business where patients are coming to you for singular needs.

也許我可以從高層次談談該業務，然後讓您深入了解一些細節。瑪麗亞，我認為，從我們的角度來看，我們願意花時間並有一個長期的定位，這確實是幕後正在發生的事情。性健康領域有一個歷史悠久的行業，它實際上是一種按需行業，對嗎？這是一項以威而鋼為主營業務的業務。這是一項低黏性、低附加率的業務，患者來找你只是為了滿足單一需求。

What we're seeing more and more is that the opportunity to help a growing number of these sexual health patients with a broader set of care, things like cardiometabolic care or preventative care or testosterone support or vitamin support is really quite robust. And so what we're doing out of the hood is really accelerating the R&D road map, the formularies, the form factors to expand into a new set of breadth of services and care within sexual health that not only takes care of the core issues that they came for, but also likely some of the contributing elements of their health that are driving those side effects.

我們越來越多地看到，透過更廣泛的護理，幫助越來越多的性健康患者的機會確實非常強大，例如心臟代謝護理或預防性護理或睪固酮支持或維生素支持。因此，我們在實際工作中正在加速研發路線圖、處方集和形式因素，以擴展到性健康領域一系列新的服務和護理，不僅能解決患者尋求的核心問題，還能解決可能導致這些副作用的一些健康因素。

So these types of daily solutions have more than doubled year over year. And they now account for almost 40% of that entire business. That trajectory is only growing. And so what we believe is going to happen over the next couple of years is a continued transition to hyper-personalized care, continued transition to more daily multi-action care and ultimately, really a much stickier, higher retentive customer that allows us to expand with them as they age.

因此，這些類型的日常解決方案的數量比去年同期增長了一倍以上。現在它們佔據了整個業務的近40%。這一軌跡還在不斷增加。因此，我們相信，未來幾年將繼續向高度個人化的護理過渡，繼續向更日常的多功能護理過渡，最終，真正擁有一個更加粘性、更高保留率的客戶，這使我們能夠隨著他們的年齡增長而不斷擴大。

So that, I think, is really some of the dynamics taking shape. And it's really unique to the sexual-health business given that's really the only business where the core habit is more of an on-demand as-needed habit versus the other categories we operate in that have more of a daily behavior.

所以我認為這確實是一些正在形成的動力。它對於性健康業務來說確實是獨一無二的，因為它實際上是唯一一個核心習慣更多的是按需習慣的業務，而我們所經營的其他類別則更多地具有日常行為。

We'll take the next question from Eric --. I'm sorry, sir, go ahead.

我們將回答 Eric 的下一個問題--.抱歉，先生，請繼續。

Yes, I was going to say. I think just what I would add to that is, as Andrew mentioned, over the last two years, we've gone from less than 10% of users they're receiving the benefit of a daily option that has multiple benefits. I think a daily option provides the ability to do multi-condition. We're also uniquely positioned to do so with our internal fulfillment capabilities. And so our belief is as we make that transition, we're already seeing the signs of much stronger retention.

是的，我正要這麼說。我想補充的是，正如安德魯所提到的，在過去兩年中，我們從不到 10% 的用戶中獲得了具有多種好處的每日選項的好處。我認為每日選項提供了執行多種條件的能力。我們也憑藉自身的內部履行能力獲得了獨特的優勢。因此，我們相信，隨著我們實現這一轉變，我們已經看到了更強的保留率的跡象。

But at the one-year mark, and then also as you kind of get to the two-, three-year mark, the ability to perpetuate that is something that we're very excited by. We've gone from less than 10% of users utilizing those types of solutions to now roughly 40%. And given what we've seen, we're going to continue to lean into that over the coming years.

但在一年之後，以及兩年、三年之後，我們對於能夠延續這種狀態感到非常興奮。使用此類解決方案的用戶比例從不到 10% 上升到現在的約 40%。鑑於我們所看到的情況，我們將在未來幾年繼續傾向於此。

Eric Percher, Nephron Research.

Eric Percher，Nephron Research。

Thank you. I appreciate the commentary on the brand opportunity at the top. And maybe I'd ask a bit more tactically, it seems like very clear near-term opportunity for you to shift subscribers to commercial dosages, but it's also pretty clear that the manufacturers will be watching your positioning on personalized GLP-1s closely. So how do you approach the opportunity for growth in personalized? Is that a growth opportunity versus the opportunity to grow via brand partnership?

謝謝。我很欣賞上面關於品牌機會的評論。也許我會問得更策略性一些，這似乎是您將訂閱者轉向商業劑量的非常明顯的近期機會，但同樣明顯的是，製造商將密切關注您在個性化 GLP-1 方面的定位。那麼您該如何把握個人化成長的機會呢？這是一個成長機會，還是透過品牌合作實現成長的機會？

Yes, Eric, it's a great question. I think we've said this from the beginning, we aim in all of our ventures to be extremely blue chip and play by the rules. And with regard to compounding and the personalization exemption, the rules are extremely straightforward and clear. So we continue to expect to personalize semaglutide to exist on the platform, that's something we've shared as of last call and it's something we shared early with Novo.

是的，埃里克，這是一個很好的問題。我想我們從一開始就說過，我們所有企業的目標都是成為一流的藍籌股並遵守規則。關於複利和個人化豁免，規則非常簡單明了。因此，我們繼續期望在平台上實現個人化的 semaglutide，這是我們上次分享的內容，也是我們早期與 Novo 分享的內容。

But we also believe that the necessity of that should be limited to when providers feel it is clinically needed. And so the ability to do hyper-personalization for side effect mitigation, whether this is nausea, vomiting, muscle loss, et cetera, is something that we continue to allow on the platform to continue to give providers that flexibility and the tools to make that type of personalization. But generally, we think of it as relatively additive to the ecosystem because for the most part, these are patients that, frankly, just cannot use commercial doses or a lot of them have actually tried the commercial dose and then have churned off due to the high side effect rate.

但我們也認為，這種必要性應該只限於醫療服務提供者認為臨床上有需要時。因此，我們將繼續在平台上允許進行超個人化治療以減輕副作用，無論是噁心、嘔吐、肌肉萎縮等等，以便繼續為提供者提供靈活性和工具來實現這種個人化。但一般來說，我們認為它對生態系統來說相對來說只是一種補充，因為在大多數情況下，這些患者坦率地說就是不能使用商業劑量，或者他們中的許多人實際上已經嘗試過商業劑量，然後由於副作用率高而放棄了。

And so we think it's really additive as part of the mix. And then when we step back, as Yemi said earlier, choice and selection on behalf of consumers, all with regard to what they are clinically eligible for as well as from a regulatory perspective eligible for is what we believe is our duty, right, to push, to give them choice and options that work and ultimately to them and the providers to choose the best outcomes.

因此我們認為它作為混合物的一部分確實具有添加劑的作用。然後，當我們退一步時，正如 Yemi 之前所說，代表消費者做出選擇和挑選，所有這些都與他們在臨床上有資格獲得什麼以及從監管角度有資格獲得什麼有關，我們認為這是我們的責任，對吧，推動，給予他們選擇和有效的選項，並最終讓他們和供應商選擇最好的結果。

Thank you.

謝謝。

Ryan MacDonald, Needham & Company.

麥克唐納（Ryan MacDonald），Needham & Company。

Hi, thanks for taking my question. Congrats on a great quarter. As we think about the shortage ending here and sort of that transitionary period for the commercially dosing customers, can you talk about what retentions look like on the base? And then as you are offering this portfolio approach where you're seeing sort of those commercial dosage customers shifting into with on the Hims platform, whether it be personalized, liraglutide, oral, et cetera?

你好，謝謝你回答我的問題。恭喜本季取得優異成績。當我們考慮這裡的短缺即將結束以及商業劑量客戶的過渡期即將結束的時候，您能談談基地的保留嗎？然後，當您提供這種投資組合方法時，您會看到那些商業劑量客戶轉向 Hims 平台，無論是個人劑量、利拉魯肽、口服劑量等等？

Yes, Ryan. Great question. I think the transition, we started to communicate this to patients, I think, maybe two months ago when we have visibility of the shortage ending. Most of these patients that are on commercial-available doses were able to qualify for commercial doses. That doesn't mean they were qualified for personalized.

是的，瑞安。好問題。我認為，我們開始向患者傳達這一轉變，我想，大概兩個月前，當我們預見短缺即將結束時。大多數使用市售劑量的患者都符合市售劑量的資格。這並不意味著他們有資格獲得個人化服務。

So you don't see many of those then qualifying on the personalized side. You see them going to either branded options, branded tirzepatide or Zepbound, or Mounjaro, branded Wegovy now as well as the generic options such as liraglutide injections or the oral compounds. The oral compounds all kind of say this because I think are often overlooked.

因此，您不會看到很多符合個人化要求的人。您會看到他們現在要么選擇品牌藥物，要么選擇品牌藥物 tirzepatide 或 Zepbound，要么選擇 Mounjaro，要么選擇品牌藥物 Wegovy，以及選擇通用藥物，例如利拉魯肽注射或口服化合物。口服化合物都這麼說，因為我認為它們經常被忽視。

This is a really compelling offering for consumers and is in high demand across the platform, both pre-shortage, post-shortage, it didn't matter. And when you really think about why, it's because you were getting about two-thirds of the weight loss as brand Wegovy for one-third of the cost.

對於消費者來說，這確實是一項極具吸引力的產品，無論是在短缺之前還是短缺之後，整個平台的需求都很高。如果你認真思考原因，你會發現這是因為你只要花費 Wegovy 品牌三分之一的成本，就能獲得 Wegovy 品牌三分之二的減肥效果。

And so when we think about even the future, the next year and two when you see on-brand oral GLP-1s coming to market, those expensive medicines are also going to compete with our oral treatments, which are, again, two-thirds of the weight loss for one-third of the cost. And so we have, I think, a really nice set of variety for patients. But generally, you're seeing them split between the generic sets of treatments like the orals and liras, and then also those that are capable of paying for the branded options as well.

因此，當我們考慮未來時，在未來的一兩年內，當你看到品牌口服 GLP-1 進入市場時，那些昂貴的藥物也將與我們的口服治療競爭，而口服治療只需花費三分之一的成本，就能達到三分之二的減肥效果。所以我認為，我們為患者提供了一系列非常好的治療方案。但一般來說，你會看到他們分為口服藥物和里拉等通用治療方案，以及有能力支付品牌治療方案的人。

Daniel Grosslight, Citi.

花旗銀行的丹尼爾‧格羅斯萊特（Daniel Grosslight）。

HI, thanks for taking the question. Andrew, I have a similar question, but I'm curious if you can provide what percent of folks who are on commercially available doses transition to personalized doses. And when you were inking the partnership with Novo, was there any discussion around limiting the uptick of personalized doses that you're offering? And then finally, just given some recent lawsuits that were filed against competitors of yours, can you just put a finer point for us on how Hims, the corporate entity, interacts with its affiliated-provider groups when making medical decisions?

您好，感謝您提出這個問題。安德魯，我有一個類似的問題，但我很好奇你是否可以提供使用市售劑量的人群中有多少比例過渡到個人化劑量。當您與 Novo 簽署合作協議時，是否討論過限制您提供的個人化劑量的增加？最後，鑑於您最近針對競爭對手提起的一些訴訟，您能否更詳細地說明 Hims 公司在做出醫療決策時如何與其附屬提供者團體互動？

Yes, great questions in there. On the commercial doses that transition to non-commercial, I don't think that's something we disclose, unfortunately, Daniel. On the personalized semaglutide standpoint, one of the things that we did talk about with Novo early is just what we believe is appropriate use of personalization and aligned philosophically with what our providers believe is that clinical necessities. So there is an alignment for what we believe to be blue-chip use of that compounding exemption.

是的，其中有很好的問題。關於從商業劑量轉變為非商業劑量的情況，不幸的是，丹尼爾，我認為我們不會透露這一點。從個人化索馬魯肽的角度來看，我們早期與 Novo 討論的事情之一就是我們認為個性化的適當使用以及在哲學上與我們的供應商認為的臨床必需品相一致。因此，我們認為藍籌股使用複合豁免是一致的。

And again, it is for patients that are suffering from some type of intolerable dynamic where a commercial-available dose is just not actually an option for them. So this is side effect sensitivities, nausea, vomiting, muscle loss, et cetera. This is all super well documented. So I think patients know this, providers know this and giving them the opportunity to have those discussions and see what is right for them is really where we leave it.

再說一次，它適用於那些患有某種無法忍受的疾病的患者，而市售的劑量實際上對他們來說不是一種選擇。所以這是副作用敏感、噁心、嘔吐、肌肉萎縮等等。這一切都有非常詳盡的記錄。所以我認為患者知道這一點，提供者也知道這一點，並給予他們機會進行這些討論並了解什麼對他們來說是正確的，這才是我們真正要做的事情。

When you ask about, and this goes to your third point, was there any conversation about limiting this type of behavior and then how do our providers interact with us as a corporate entity? We, as a corporate entity, do not do anything and try very hard to not engage with the provider group when it comes to clinical decision-making, right? There is a very strong wall there where providers have independent judgment and collaboration with their patients to figure out what is best.

當您問到這一點時，這涉及到您的第三點，是否有任何關於限制此類行為的討論，然後我們的供應商如何與我們作為企業實體互動？作為一個企業實體，在臨床決策方面我們什麼也不做，並且盡力不與醫療服務提供者團體接觸，對嗎？那裡有一堵非常堅固的牆，醫療服務提供者可以獨立判斷並與患者合作，以找出最好的解決方案。

And so no organizations have asked us to alter that, nor would we ever alter that because, again, our role is simply to be the mediator, right? Our role is to bring together patients, providers and great treatments and let those providers and patients and those great treatments do the rest of the work.

因此，沒有任何組織要求我們改變這一點，我們也永遠不會改變這一點，因為我們的角色只是調解人，對嗎？我們的職責是將患者、醫療服務提供者和優質治療手段聚集在一起，然後讓醫療服務提供者、患者和優質治療手段完成剩下的工作。

Jonna Kim, TD Cowen.

喬娜金（Jonna Kim），TD Cowen。

Thank you for taking my question. I wanted to get further color on the monthly revenue line. Obviously, it grew nicely this quarter where you mentioned moderating throughout the year. How should we just think about the puts and takes there? And would love additional color on the oral medication. You mentioned potentially more people opting into that. Any color on how you're thinking about that opportunity within this year and just going forward, would be helpful. Thank you so much.

感謝您回答我的問題。我想進一步了解月收入線。顯然，本季的成長勢頭良好，而您之前提到全年的成長速度都在放緩。我們該如何思考那裡的投入與產出？並且希望口服藥物能有更多顏色。您提到可能會有更多人選擇這樣做。如果您能透露一下自己對今年以及未來這一機會的看法，那將會很有幫助。太感謝了。

Yes. Thanks for the question, Jonna. I think with respect to the monthly online average revenue per subscriber, I think that we do see -- we expect to see some headwinds in the second quarter as we start to pull off users that were on the commercially available dosages of semaglutide. So that will be a headwind. I think the tailwinds will be things such as the branded partnerships from Wegovy as well as more and more users continue to aim to adopt the premium products across our other specialties that tend to be such as in our sexual health, more daily in nature and come at a premium relative to the generics.

是的。謝謝你的提問，喬娜。我認為，就每位用戶的每月線上平均收入而言，我們確實看到——我們預計第二季度會遇到一些阻力，因為我們開始吸引那些使用市售劑量的司美格魯肽的用戶。所以這將是一個阻力。我認為順風因素包括與 Wegovy 的品牌合作，以及越來越多的用戶繼續尋求採用我們其他專業領域的優質產品，這些產品往往更側重於性健康，更注重日常性，而且相對於仿製藥來說價格更高。

I think with respect to the oral medication, I think what we're just seeing is if you take a step back across all of our specialties, breadth of choice is a key tenet that we fundamentally believe in to have success. I think it's what's driven success across all of our historical specialties such as men's and women's dermatology, sexual health, amongst others.

我認為就口服藥物而言，我認為我們所看到的是，如果你回顧我們所有的專業，選擇的廣度是我們從根本上相信成功的關鍵原則。我認為這是我們所有歷史專業領域（例如男性和女性皮膚病學、性健康等）成功的動力。

And so when we think around the weight category and how there is 100 million Americans across the country that are suffering from obesity-related challenges, I think that there in that specialty more than ever, having a breadth of choice will be absolutely critical. And so across each of the elements that we've launched, we've seen a lot of traction, a lot of that is due to TAM. I think the oral medications, as Andrew mentioned, are at very attractive price points as low as $69 a month. They also carry -- do not carry the same eligibility requirements as some of the other GLP-1-oriented medications.

因此，當我們考慮體重類別以及全國有 1 億美國人正遭受肥胖相關挑戰時，我認為在這一專業領域，擁有廣泛的選擇比以往任何時候都更重要。因此，在我們推出的每個元素中，我們都看到了很多吸引力，其中很大一部分歸功於 TAM。我認為，正如安德魯所提到的，口服藥物的價格非常有吸引力，每月只需 69 美元。它們還具有——不具有與其他一些 GLP-1 導向藥物相同的資格要求。

And so as a result, we've seen very robust growth in the subscriber count, growing north of 300% year over year. And so I think we would expect to continue to see strong growth as a result of those dynamics.

因此，我們看到用戶數量成長非常強勁，較去年同期成長超過 300%。因此我認為，我們有望在這些動力的作用下繼續看到強勁的成長。

George Hill, Deutsche Bank.

德意志銀行的喬治·希爾。

Yeah. Good afternoon, guys, and thanks for taking the question. I wanted to come back to Daniel's question about the relationship between Novo and Hims. And I guess, there's kind of this natural tension between the dispensing of the personalized product in the commercial Wegovy that you guys are selling. So was there any like interaction or any discussion around like a ratio of the dispensing of the personalized products versus the commercial product?

是的。大家下午好，感謝你們回答這個問題。我想回到丹尼爾關於 Novo 和 Hims 之間關係的問題。我想，你們在 Wegovy 商業平台上銷售的個人化產品之間存在著一種自然的張力。那麼，是否有類似的互動或討論，例如個人化產品與商業產品的分配比例？

And Andrew, I'd really be interested in the background. Is there any risk that like Novo would ever pull the commercial relationship with you guys if personalized kind of sold too well? Do we just kind of love the background of the discussions around that?

安德魯，我真的很想知道背景。如果個人化產品賣得太好，Novo 是否會有與你們斷絕商業關係的風險？我們是否只是喜歡圍繞這一點的討論背景？

Yes. Thanks, George. Yes, again, I think there's within both organizations, a foundational appreciation for the fact that clinical decision-making is truly independent. And I truly cannot emphasize that enough. Providers make decisions on our platform. We give providers and patients choices of treatments and ultimately, what is right for them is their own discretion.

是的。謝謝，喬治。是的，我再次認為，這兩個組織都從根本上認識到臨床決策是真正獨立的。我真的不能過度強調這一點。提供者在我們的平台上做出決策。我們為醫療服務提供者和患者提供治療選擇，最終，什麼是適合他們的，由他們自行決定。

I think we strongly believe it's really important that we maintain that independence. So this idea, even of ratios and things of that sort, that is business impacting clinical decision-making in a way that is something we're definitely not comfortable with, nor do I think, frankly, any organization would be comfortable with because it's stepping on the toes of provider discretion. Well, we agreed to philosophically was what the regulation allows for, right? And we made this very clear.

我認為我們堅信保持獨立性非常重要。因此，這種想法，即使是比率和諸如此類的事情，也會以一種我們絕對不舒服的方式影響臨床決策，坦白說，我也不認為任何組織會感到舒服，因為它侵犯了提供者的自由裁量權。嗯，從哲學上來說，我們同意的是法規允許的，對嗎？我們已經明確地表示了這一點。

We believe that personalized semaglutide is both clinically necessary for some patients because of the side effects that are very widespread and well known and that the regulation under the compounding exemption, specifically under the personalized 503(a), right? We're not talking about bulk manufacturing during a shortage. We're talking about personalization of the A facilities that is regulatorily protected.

我們認為，個人化的司美格魯肽對於某些患者來說在臨床上是必要的，因為其副作用非常普遍且眾所周知，並且複合豁免下的規定，特別是個性化 503（a）下的規定，對嗎？我們談論的並不是短缺期間的大量生產。我們正在討論受監管保護的 A 設施的個人化。

So I think there's an alignment that both the regulation allows for it, and we believe there's a need, whether or not there's total agreement with regard to how much of that should be available to what types of consumers. Will our organizations ever align on that perfectly? Probably not. But I think the reality is, and I think everybody is stepping back and realizing this reality, is that we have millions of patients on Hims & Hers platform. We have 10,000 to 15,000 patients who are treating every single day, and they are looking for options.

因此，我認為，法規允許這樣做，而且我們認為有必要這樣做，無論是否就哪些類型的消費者應該獲得多少服務達成完全一致。我們的組織能否完美地達成這項目標？可能不是。但我認為現實是，而且我認為每個人都退一步並意識到這個現實，那就是我們在 Hims & Hers 平台上有數百萬名患者。我們每天要治療 10,000 到 15,000 名患者，他們正在尋找治療方案。

And so in a world where great medicine is trying to find the patient that needs their option, it makes sense to work with Hims & Hers. And I think we have a responsibility to do that in the right way, to do it in a respectful way to play by the book, and to respect all parties. But I think that's where we, as a distribution platform, can really bring the ecosystem together whether these players traditionally fight each other or compete with each other, might not matter if ultimately at the end of the day, we have millions of patients coming to us every day looking for choice, and we want to make sure they have the broadest choice possible.

因此，在這個偉大的醫學界都在努力尋找需要治療方案的患者的世界裡，與 Hims & Hers 合作是有意義的。我認為我們有責任以正確的方式做到這一點，以尊重的方式做到這一點，按規矩辦事，尊重各方。但我認為，作為一個分銷平台，我們可以真正將生態系統整合在一起，無論這些參與者傳統上是相互爭鬥還是相互競爭，最終都可能不重要，因為每天有數百萬患者來找我們尋求選擇，我們希望確保他們擁有盡可能廣泛的選擇。

That type of alignment, it's something that everybody, I think, can agree to. It's something that benefits everybody. And I think as long as there's trust between all organizations at the way in which those patients receive care is independent and driven by clinical best practices, then I hope that we're able to have a really long and tenured relationship with many partners like this.

我認為，這種一致性是每個人都能同意的。這是一件對每個人都有益處的事。我認為，只要所有組織之間都相互信任，相信患者接受護理的方式是獨立的，並且由臨床最佳實踐驅動，那麼我希望我們能夠與許多這樣的合作夥伴建立真正長期的合作關係。

David Larsen, BTIG.

BTIG 的 David Larsen。

Congratulations on a good quarter. Can you talk about your willingness or ability or desire to, at some point in time, take insurance? It seems to me like if you were taking insurance, you would potentially be more aligned with drug manufacturers when the price of their brand products are fairly high because the members could then have those products covered by insurance and the out-of-pocket costs wouldn't be so high. So can you talk about that, please?

恭喜本季業績良好。您能談談您在某個時間點購買保險的意願、能力或願望嗎？在我看來，如果您購買保險，當藥品製造商的品牌產品價格相當高時，您可能會與藥品製造商更加一致，因為會員可以透過保險支付這些產品，自付費用就不會那麼高。那你能談談這個嗎？

\And then also, what is your relationship with Lilly? Are you connected with LillyDirect? And just any thoughts around your relationship with Lilly would be very helpful. Thank you.

\還有，你和莉莉是什麼關係？您與 LillyDirect 有聯繫嗎？任何有關您與莉莉的關係的想法都會非常有幫助。謝謝。

Yes. Thanks, David. On the insurance side, no, I have very, very low interest in figuring out how to integrate insurance. And I think there's a few reasons. But mostly, it's because it is extremely complicated and extremely inefficient for consumers.

是的。謝謝，大衛。在保險方面，不，我對如何整合保險非常不感興趣。我認為有幾個原因。但主要是因為它對消費者來說極為複雜且效率極低。

So today, the vast majority of the country has insurance, as you know, and the vast majority of those people have high-deductible insurance plan. And so what that means is, on average, patients that are coming to Hims & Hers platform are fully covered by insurance, but they have, let's say, a $2,000 to $3,000 annual deductible that they have to pay in cash before they get the benefit of $1 of insurance.

因此，正如你所知，今天全國絕大多數人都有保險，其中絕大多數人都有高免賠額保險計劃。這意味著，平均而言，造訪 Hims & Hers 平台的患者都享有全額保險，但他們每年需要支付 2,000 至 3,000 美元的免賠額，必須先以現金支付，然後才能獲得 1 美元的保險福利。

And so while everybody is insured in this country, almost nobody is actually getting the benefit of insurance. It's essentially a cash pay system today. People are just paying very, very high co-pays and very few ever actually get the benefit of insurance unless it's a true catastrophic situation.

因此，儘管這個國家的每個人都有保險，但幾乎沒有人真正享受保險的益處。如今，它本質上是一種現金支付系統。人們只是支付非常非常高的共同支付費用，除非發生真正的災難性情況，否則很少有人真正享受保險的福利。

So when I think about Hims & hers and general health and wellness kind of everyday healthcare, I'm not talking about catastrophic care, but everyday healthcare, I think consumers having choice, selection using their cash where they want on services and providers that deliver really high NPS experiences, that's going to be the gold standard because it's a basic capitalistic environment where competition will drive great quality experiences, will drive the cost down and ultimately drive great, valuable places for these people to put their money.

因此，當我考慮他的和她的以及一般健康和保健類型的日常醫療保健時，我指的不是災難性護理，而是日常醫療保健，我認為消費者可以選擇用他們的現金來選擇他們想要的服務和提供真正高 NPS 體驗的提供者，這將成為黃金標準，因為這是一個基本的資本主義環境，競爭將帶來高品質的體驗，將降低成本，並最終為這些人投資的資本主義。

And I think what's happening right now, for example, in the obesity market is a really great example of that. The pressure that Hims & Hers is putting by aggregating millions of patients who need choice, I think is a huge component and why some of the most important medicines of the last decade and probably the next decade are now being priced in the hundreds of dollars, not thousands of dollars range.

我認為現在肥胖市場所發生的事情就是一個很好的例子。我認為，Hims & Hers 聚集了數百萬需要選擇的患者，給他們帶來了壓力，這也是為什麼過去十年以及未來十年一些最重要的藥物現在的價格都在數百美元而不是數千美元的範圍內。

So we want to be a party to everybody in the ecosystem, but we also want to put the consumer first ahead of all. And when I think about insurance and alignment, I believe we should be able to care for patients at a cash pay price for most of the things that affect us day to day, equal to or cheaper than the co-pays on their insurance plan. And so far, we're pretty damn close to pulling that off for most categories, but I think that's kind of the ambition that we want to keep pushing on for the next 5 to 10 years.

因此，我們希望成為生態系統中每個人的參與方，但我們也希望把消費者放在第一位。當我考慮保險和協調時，我相信我們應該能夠以現金支付的價格來照顧患者，以支付我們日常生活中大部分影響的事情，這筆費用等於或低於他們保險計劃中的共同支付費用。到目前為止，我們在大多數類別中已經非常接近實現這一目標，但我認為這是我們希望在未來 5 到 10 年繼續努力實現的目標。

With regard to Lilly, we would love to continue to broaden the partnership opportunities on the platform. We have branded Mounjaro and Zepbound hands on the platform, their thousands of dollars. So this is not through a direct partnership integration with LillyDirect. It's just through us going through the pharmaceutical supply chain.

對於禮來公司而言，我們很樂意繼續擴大該平台上的合作機會。我們已經在平台上為 Mounjaro 和 Zepbound 打上了品牌烙印，它們的價值高達數千美元。因此，這不是透過與 LillyDirect 直接合作實現的。這只是透過我們經歷的醫藥供應鏈。

We have had conversations with that organization. We continue to have conversations with the leadership of that organization. At this point, we've not been able to bring those offerings on to the platform, and we hope that we can. And so we'll continue to push and fight on behalf of consumers to broaden their reach. But as of this point, there's nothing yet to disclose with regard to Lilly products directly integrated.

我們已經與該組織進行了對話。我們繼續與該組織的領導層進行對話。目前，我們還無法將這些產品引入平台，但我們希望能夠實現。因此，我們將繼續代表消費者努力奮鬥，擴大他們的覆蓋範圍。但截至目前，尚無任何有關直接整合的禮來產品的資訊可供揭露。

Aaron Kessler, Seaport Global.

亞倫‧凱斯勒 (Aaron Kessler)，Seaport Global。

Yes. Great. A couple of questions. Maybe just on gross margins, how to think about that through the remainder of the year? Maybe any color on the branded partnerships margin? And then just you mentioned kind of longevity sleep and preventative opportunities. Just how are you thinking about those opportunities specifically? Thank you.

是的。偉大的。有幾個問題。也許只是關於毛利率，如何考慮今年剩餘時間的情況？品牌合作夥伴關係利潤率可能有顏色嗎？然後您提到了長壽睡眠和預防機會。您具體是如何考慮這些機會的？謝謝。

Great. I'll take the first question, and maybe I'll pass it over to Andrew for the second. I think on gross margins, we do expect those to sequentially increase. I think as we look into the ecosystem, we see a couple of things. One is just the benefit from economies of scale.

偉大的。我先回答第一個問題，然後也許我會把它交給安德魯來回答第二個問題。我認為就毛利率而言，我們確實預計它會連續增加。我認為，當我們研究生態系統時，我們會看到一些事情。一是規模經濟帶來的好處。

The second is we do expect strength in growth outside of our GLP-1 offering, which historically has come at a different margin profile currently to also start to elevate the gross margin profile as we progress over the course of the year.

第二，我們確實預期 GLP-1 產品以外的成長將會強勁，該產品歷史上的利潤率狀況目前有所不同，但隨著我們在今年的發展，其毛利率狀況也將開始提升。

And Aaron, just to clarify, were you asking about the preventative care category?

亞倫，只是想澄清一下，你問的是預防性護理類別嗎？

Yes. I think you mentioned the kind of longevity leap and preventative kind of opportunities. Just how are you thinking about the potential there?

是的。我想您提到了長壽的飛躍和預防的機會。您如何看待那裡的潛力？

Yes. Yes. This is a really exciting set of categories. I think generally, from a cultural standpoint, all of us are now being awakened and wanting to take more proactive care, right? We have seen parents pass away from preventable disease. We've seen grandparents age. Data is making this easier. Testing is making this easier. Proactive health is making this easier.

是的。是的。這是一組真正令人興奮的類別。我認為總體而言，從文化角度來看，我們所有人現在都被喚醒了，並且想要採取更積極主動的護理，對嗎？我們看到父母因可預防的疾病而去世。我們見證了祖父母們的老去。數據使這變得更容易。測試使這變得更容易。積極主動的健康讓這一切變得更容易。

So I think there's just a cultural desire to not only treat yourself when you're sick, but actually trying to get ahead of kind of an ultimate lifespan, right? And you've got huge influencers that are making books popular on this front.

所以我認為，人們的文化願望不僅是在生病時治療自己，而且實際上還試圖延長最終的壽命，對嗎？在這方面，有許多具有巨大影響力的人物讓書籍變得流行。

Right now, I would say this kind of lives in the transformation from kind of biohacker to early adopter part of kind of phased adoption. I would suspect in the next two to five years, this grows to be very mass market, where for relatively affordable prices, you can get whole body testing, either blood diagnostic or physical scans. You can get cancer-preventative diagnostics. You can get polygenic risk scores for all types of longer-term chronic conditions, Alzheimer's and others. And you could be able to do this kind of at the same routine that you go to the dentist.

現在，我想說，這種從生物駭客到早期採用者的轉變是分階段採用的一部分。我預計在未來兩到五年內，這將發展成為一個大眾市場，以相對實惠的價格，您可以進行全身檢測，無論是血液診斷還是身體掃描。您可以獲得癌症預防診斷。您可以獲得所有類型的長期慢性病、阿茲海默症和其他疾病的多基因風險評分。您可以在去看牙醫的同時做這樣的事情。

And on an annual basis, make sure that your body is operating as it should be and that you're getting ahead either through vitamins supplementation, through prescription medication on some of the known areas that you have vulnerabilities in lifespan. This is something I experiment a tremendous amount with, our management team experiment a tremendous amount with. And we aim to figure out what best-in-class curation of that is.

每年都要確保你的身體正常運轉，並透過補充維生素或服用處方藥來改善一些已知的生命過程中容易出現脆弱的部位。這是我進行過大量實驗的事情，我們的管理團隊也進行過大量實驗。我們的目標是找出最佳的策展方式。

And through partnership, through M&A, through building it ourselves, bring to market very consumer-friendly, consumer easy to digest offerings that are affordable and can start taking a big chunk out of people's fear, right? Because I think ultimately, what this is, it's giving people power and giving them control and option. And I think Hims & Hers is exceptionally well positioned with the trust we have, the distribution, the brand, the clinical capabilities to then treat. To help people identify these areas of risk, get ahead of them and monitor them, track them, log them and make sure that they're staying on the right course.

並且透過合作、透過併購、透過我們自己建設，向市場推出非常消費者友善、消費者易於消化、價格實惠的產品，並可以開始消除人們的恐懼，對嗎？因為我認為，從根本上來說，這賦予了人們權力、控制權和選擇權。我認為，憑藉我們擁有的信任、分銷、品牌和臨床治療能力，Hims & Hers 處於非常有利的地位。幫助人們識別這些風險領域，提前發現並監控、追蹤、記錄這些風險領域，確保它們走在正確的方向上。

So I think this is a category probably once we get out the hormonal balance category, inclusive of perimenopause, menopause, low testosterone, that this is probably an area that we'll put a lot of focus on.

因此，我認為，一旦我們擺脫荷爾蒙平衡類別，包括圍絕經期、更年期、低睪固酮，這可能是我們會重點關注的領域。

And ladies and gentlemen, that is all the time we have for questions. That does conclude our conference for today. We would like to thank you all for your participation. You may now disconnect.

女士們、先生們，我們的提問時間就到這裡了。今天的會議就到此結束了。我們感謝大家的參與。您現在可以斷開連線。