Hims & Hers Health Inc (HIMS) 2025 Q2 法說會逐字稿

Hello, and thank you for standing by. My name is Tiffany, and I will be your conference operator today. At this time, I would like to welcome everyone to the Hims & Hers second-quarter 2025 earnings call. (Operator Instructions)

您好，感謝您的支持。我叫蒂芬妮，今天我將擔任您的會議主持人。現在，我歡迎大家參加 Hims & Hers 2025 年第二季財報電話會議。（操作員指示）

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

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

Good afternoon, everyone, and welcome to the Hims & Hers Health second-quarter 2025 earnings call. Today, after the market closed, we released this quarter's shareholder letter, a copy of which you can find on our website at investors.hims.com.

大家下午好，歡迎參加 Hims & Hers Health 2025 年第二季財報電話會議。今天，市場收盤後，我們發布了本季度的股東信，您可以在我們的網站 investors.hims.com 上找到副本。

On the call with me today is Andrew Dudum, our Co-Founder and Chief Executive Officer; Oluyemi Okupe, our Chief Financial Officer; and our new Chief Technology Officer, Mo Elshenawy.

今天與我一起通話的有我們的聯合創始人兼首席執行官 Andrew Dudum、我們的首席財務官 Oluyemi Okupe 以及我們的新任首席技術官 Mo Elshenawy。

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的某些陳述和預測構成前瞻性陳述，這些陳述基於我們目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 linked to today's webcast at investors.hims.com. After the call, this webcast will be archived on the website for 12 months.

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

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

說完這些，我會把電話轉給安德魯。

Thanks, Bill. The momentum we saw through the first half of 2025 is proof that our platform is delivering exactly what millions of people have been waiting for: access to personalized, high-quality care that meet people where they are.

謝謝，比爾。我們在 2025 年上半年看到的勢頭證明，我們的平台正在提供數百萬人一直在等待的東西：獲得個人化、高品質的護理，滿足人們的需求。

From the beginning, we have believed that medicine should be centered on the individual, not the system. We're now seeing the market demanding just that. What we have built is working and it's working at scale. We're seeing it in the momentum of our business, in the results our customers are experiencing, and the growing number of people choosing our platform to optimize their health and realize the benefits of precision medicine.

從一開始，我們就相信醫學應該以個人為中心，而不是以系統為中心。我們現在看到市場有這樣的需求。我們所建造的一切正在發揮作用，並且正在大規模地發揮作用。我們從業務發展勢頭、客戶體驗到的結果以及越來越多的人選擇我們的平台來優化健康狀況並實現精準醫療的好處中看到了這一點。

For decades, only the wealthiest have enjoyed access to these benefits. We are now making them accessible to everyone. At the end of the second quarter, we were serving over 2.4 million subscribers on our platform. with nearly $1.5 million collaborating with the provider to receive a personalized treatment, and that number continues to grow each day.

幾十年來，只有最富有的人才能享受這些福利。我們現在讓每個人都能使用它們。截至第二季末，我們平台上的服務用戶超過 240 萬，其中與提供者合作獲得個人化治療的用戶接近 150 萬美元，而且這個數字每天都在增長。

We believe we're not just expanding access to care. We're fundamentally improving how it can be delivered. Today, our platform allows subscribers to access a network of nearly 1,500 world-class providers that can diagnose and treat concerns in a fraction of the time it can take in the traditional brick-and-mortar setting.

我們相信我們不只是在擴大醫療服務覆蓋範圍。我們正在從根本上改進它的交付方式。如今，我們的平台允許用戶訪問由近 1,500 家世界級供應商組成的網絡，這些供應商可以在傳統實體環境中所需時間的一小部分內診斷和治療問題。

It equips these providers with hundreds of options to address the unique needs of each individual patient with these options informed by millions of past clinical interactions and customer journeys. And it enables consistent and proactive support to be delivered seamlessly through the Hims & Hers apps.

它為這些提供者提供了數百種選擇，以滿足每個患者的獨特需求，這些選擇是根據數百萬過去的臨床互動和客戶旅程得出的。並且它可以透過 Hims & Hers 應用程式無縫提供一致且主動的支援。

We believe this innovative and connected approach is leading to transformative results while also expanding the number of specialties we're positioned to address. I'd like to first touch on the customer successes we are witnessing today before diving deeper into where we're going next.

我們相信，這種創新且互聯的方法將帶來變革性的成果，同時也擴大我們所能解決的專業領域數量。在深入探討我們下一步的發展方向之前，我想先談談我們今天見證的客戶成功。

We recently published a white paper containing an analysis of internal data highlighting what we're seeing in our weight loss specialty when care is personalized, holistic, and readily available. The data reflected that customers on a personalized treatment plan inclusive of a GLP-1 treatment for six months reported losing on average 10.3% of their body weight and even more impressive is the number of individuals sticking with their plans.

我們最近發表了一份白皮書，其中包含內部數據分析，重點介紹了當護理個性化、整體性且隨時可用時，我們在減肥專業領域所看到的情況。數據顯示，接受包括 GLP-1 治療在內的個人化治療計畫六個月的客戶平均體重減輕了 10.3%，更令人印象深刻的是堅持執行計畫的人數。

At six months, only 25% of customers on our platform had discontinued treatment. This is particularly encouraging when considering discontinuation rates in certain publicly available studies reached approximately 80% by six months. Our belief is that this strong retention is a result of three key factors.

六個月後，我們平台上只有 25% 的客戶停止了治療。考慮到某些公開研究中的停藥率在六個月內達到約 80%，這一點尤其令人鼓舞。我們相信，這種強大的保留率是三個關鍵因素的結果。

The first is provider access. It is not surprising that consumers are looking for deep engagement with a medical professional when starting and undergoing a new treatment. Our typical weight loss subscriber has six interactions with the provider in the first three months of beginning their treatment.

首先是提供者訪問。消費者在開始和接受新療法時尋求與醫療專業人士的深入交流，這並不奇怪。我們的典型減重使用者在開始治療的前三個月內與提供者有六次互動。

The second is white glove customization. Providers are collaborating with subscribers to manage efficacy and side effects by assessing how subscribers are responding to treatment and then adjusting titration schedules and end dosages if clinically appropriate.

第二是白手套訂製。提供者正在與訂閱者合作，透過評估訂閱者對治療的反應來管理療效和副作用，然後根據臨床情況調整滴定時間表和最終劑量。

The final element is the accessibility and clarity brought by app-based tools. Subscribers have the ability to receive clear treatment instructions and educational content, while also accessing tools such as water intake trackers and calorie counters that help them live healthier lives.

最後一個要素是基於應用程式的工具帶來的可訪問性和清晰度。訂閱者可以收到清晰的治療指導和教育內容，同時還可以使用飲水量追蹤器和卡路里計數器等工具來幫助他們過上更健康的生活。

This approach and the resulting benefits were historically reserved for a privileged subset of the population. Today, we're broadening access to this model despite pushback from traditional incumbents who we believe seek to limit providers' ability to prescribe personalized treatments.

這種方法及其帶來的好處歷來只為一小部分特權人群所享有。今天，儘管我們認為傳統既有者試圖限制醫療服務提供者開立個人化治療方案的能力，但我們仍在擴大這種模式的使用範圍。

Our belief is that the two key principles that have played a significant part in the success of our platform will become the industry standard in the years to come. First, the top priority is and will always be the protection of the consumer's interest. Our platform exists to serve the customer, and we ensure that the providers and the offerings and services that we make available are oriented toward delivering the best quality of care for our subscribers.

我們相信，對我們平台的成功起到重要作用的兩個關鍵原則將在未來幾年成為行業標準。第一，保護消費者的利益永遠是首要任務。我們的平台旨在服務客戶，我們確保提供者以及我們提供的產品和服務致力於為我們的用戶提供最優質的服務。

Second, providers have complete independence in decision-making. We empower providers to exercise their own independent clinical judgment in making clinical decisions during each interaction. We've implemented multiple safeguards to ensure providers never feel that they've been coursed or forced in any way to make clinical decisions for business purposes.

其次，供應商在決策上擁有完全的獨立性。我們授權提供者在每次互動中做出臨床決策時運用自己獨立的臨床判斷。我們實施了多項保障措施，以確保醫療服務提供者不會感到自己被以任何方式強迫或被要求為商業目的做出臨床決策。

Over time, we expect more companies will recognize this as the future of healthcare and the ones who prioritize the customer above all else will be the ones who succeed. We look forward to partnering with those who share that vision.

隨著時間的推移，我們預計會有更多公司意識到這是醫療保健的未來，而那些將客戶放在首位的公司將會成功。我們期待與擁有共同願景的人合作。

Now moving to where we're going next. As we build upon this vision and embark on our next chapter of growth, we look forward to bringing the same focus into new specialties. We believe these new specialties will expand our ability to address each individual customer and position us to achieve the 2030 targets we set out last quarter of at least $6.5 billion in revenue and $1.3 billion in adjusted EBITDA.

現在我們前往下一個目的地。當我們以此願景為基礎並開啟下一階段的成長時，我們期待將同樣的重點帶入新的專業領域。我們相信，這些新的專業服務將擴大我們滿足每個客戶需求的能力，並使我們能夠實現上個季度製定的 2030 年目標，即至少 65 億美元的收入和 13 億美元的調整後 EBITDA。

Our upcoming launch in hormonal health marks a significant step forward along this path. For men, low testosterone often causes fatigue, decreased libido, and an overall diminished quality of life, while women face menopause challenges like hot flashes, sleep disturbances, and mood swings.

我們即將推出的荷爾蒙健康產品標誌著我們沿著這條道路邁出了重要一步。對於男性來說，低睪固酮水平通常會導致疲勞、性慾下降以及整體生活品質下降，而女性則會面臨潮熱、睡眠障礙和情緒波動等更年期問題。

Evidence also shows that treatment in these areas can help reduce the risk of heart disease and cognitive decline over the long term. Our approach will provide access to personalized solutions for both men and women to effectively manage these hormonal changes. We're excited to expand our offerings over time to help combat these conditions that are estimated to impact more than $50 million in the US alone and have been underrecognized in traditional health care for decades.

證據還表明，這些方面的治療有助於長期降低心臟病和認知能力下降的風險。我們的方法將為男性和女性提供個人化的解決方案，以有效管理這些荷爾蒙變化。我們很高興能夠隨著時間的推移擴大我們的服務範圍，以幫助對抗這些疾病，據估計，這些疾病僅在美國就造成超過 5000 萬美元的損失，而且幾十年來傳統醫療保健一直未充分認識到這一點。

A key component to addressing the undertreatment of these conditions will be the integration of comprehensive and accessible lab testing. With our recent acquisition of a blood testing lab, we're in the process of verticalizing testing capabilities that will transform how we deliver access to care.

解決這些疾病治療不足的關鍵因素是整合全面且便利的實驗室測試。隨著我們最近收購了一家血液檢測實驗室，我們正在垂直化檢測能力，這將改變我們提供醫療服務的方式。

Initially, we expect this will support our hormone launch offering. For the coming quarters, we plan to begin offering lab testing as a standalone service. We expect this will result in a significant category on its own. We live in a country where normal biomarker ranges completely distort the perception of what optimal health looks like, and access to lab testing can be overwhelming, expensive, and intimidating.

最初，我們預計這將支持我們的荷爾蒙產品上市。在接下來的幾個季度中，我們計劃開始提供實驗室測試作為獨立服務。我們預計這將產生一個重要的類別。我們生活在這樣一個國家，正常的生物標記範圍完全扭曲了人們對最佳健康狀況的看法，而進行實驗室檢測可能會讓人不知所措、昂貴且令人生畏。

By offering access to simple, standardized tests tailored to the individual's need, we expect to empower customers to better understand their health and give them the ability to take proactive steps toward optimizing it. As we move into 2026, these insights will provide the foundation for our initial entry into longevity.

透過提供根據個人需求量身訂製的簡單、標準化測試，我們希望讓客戶更了解自己的健康狀況，並讓他們能夠採取主動措施來優化健康狀況。隨著我們進入 2026 年，這些見解將為我們初步邁入長壽奠定基礎。

In recent years, there has been an explosion of innovative treatments across immunity, recovery, and improved metabolic function. We believe that by combining access to comprehensive lab work with a growing network of compounding and peptide facilities, we are well positioned to unlock broader access to thoughtful, proactive interventions that are not just reacting to certain conditions, be focused on helping individuals live longer, healthier lives. We believe each of these initiatives is laying the foundation for a future where a membership at Hims & Hers will cover the majority of conditions that impacted individual's everyday health.

近年來，免疫、恢復和改善代謝功能的創新治療方法激增。我們相信，透過將綜合實驗室工作與不斷增長的複合和勝肽設施網絡相結合，我們能夠更廣泛地獲得周到、主動的干預措施，這些幹預措施不僅僅是針對某些情況，而是專注於幫助人們活得更長壽、更健康。我們相信，這些措施都為未來奠定了基礎，未來 Hims & Hers 的會員資格將涵蓋影響個人日常健康的大多數情況。

Eventually, we expect that we will transform our platform from a destination where customers come to treat issues to one where they come to prevent them. Alongside these opportunities, our teams are developing the technologies and data platform needed to deliver an increasingly comprehensive offering to tens of millions of subscribers.

最終，我們希望將我們的平台從客戶解決問題的地方轉變為客戶預防問題的平台。除了這些機會之外，我們的團隊還在開發所需的技術和數據平台，以便為數千萬用戶提供日益全面的服務。

I'm excited to introduce Mo Elshenawy, our new Chief Technology Officer, who is leading these efforts. Mo's experience in partnering with regulatory bodies to design industry-defining frameworks along with his work scaling AI for life in-depth decisions will be crucial in advancing Hims & Hers technological capabilities.

我很高興向大家介紹領導這些工作的新任技術長 Mo Elshenawy。Mo 與監管機構合作設計行業定義框架的經驗以及他將人工智慧擴展到生活深度決策的工作對於提升 Hims & Hers 的技術能力至關重要。

While we'll dive deeper into our technology roadmap at a later date, I'd like to briefly turn it over to Mo to share his vision and approach to making us a truly technology-first healthcare platform.

雖然我們稍後會深入探討我們的技術路線圖，但我想簡要地將其交給 Mo，讓他分享他的願景和方法，使我們成為一個真正的技術優先的醫療保健平台。

Thanks, Andrew. I'm excited to be here and join the Hims & Hers team at what I believe is a critical moment in healthcare. One of the main reasons I joined Hims & Hers is the clear opportunity to drive change in an industry that has seen limited innovation despite significant advances in technology. The pace of innovation in healthcare has frankly been unacceptable, but Hims & Hers is in a unique position to change that.

謝謝，安德魯。我很高興來到這裡並加入 Hims & Hers 團隊，我相信現在正是醫療保健的關鍵時刻。我加入 Hims & Hers 的主要原因之一是，儘管技術取得了重大進步，但這個行業仍然缺乏創新，因此有機會推動變革。坦白說，醫療保健領域的創新速度令人難以接受，但 Hims & Hers 擁有獨特的優勢來改變這種狀況。

With a trusted brand, a massive and engaged customer base, and consistent clinical support, we have already established a remarkable pipeline of structured data that providers and customers are vesting from every day. We believe this will enable us to enhance every aspect of the patient journey, from initial intake to treatment, follow-up and ongoing care.

憑藉值得信賴的品牌、龐大且忠誠的客戶群以及一致的臨床支持，我們已經建立了卓越的結構化資料管道，供應商和客戶每天都會從中受益。我們相信這將使我們能夠改善患者旅程的各個方面，從最初的入院到治療、隨訪和持續護理。

And with the addition of lab testing capabilities and the eventual planned integration of wearables, we will continue to build on this experience, delivering access to tailored and proactive care that can evolve with each customer. Moving forward, our vision is ambitious. It's to reinvent healthcare by making high-quality personalized care accessible to everyone, everywhere.

隨著實驗室測試能力的增強以及最終計劃中的可穿戴設備集成，我們將繼續在此基礎上進一步積累經驗，為每位客戶提供量身定制的主動護理服務。展望未來，我們的願景是宏偉的。它旨在透過讓每個人、每個地方都能享受高品質的個人化醫療服務來重塑醫療保健。

In the near term, we will focus on several key pillars as we work towards realizing this vision. First, we will ensure care is supported by a unified data and intelligence platform. Our multisource learning system will not only improve and personalize access to care at scale but also automate key processes like fulfillment, inventory and routing to increase efficiencies. And we believe our systems powered by AI will never plateau and will continuously improve over time.

短期內，我們將專注於幾個關鍵支柱，努力實現這個願景。首先，我們將確保護理得到統一的數據和智慧平台的支援。我們的多源學習系統不僅可以改善和個人化大規模的醫療服務，還可以自動化履行、庫存和路線等關鍵流程，以提高效率。我們相信，由人工智慧驅動的系統永遠不會停滯不前，並且會隨著時間的推移而不斷改進。

Second, we will be focused on building AI-powered personalized agents that are always on. This would create an end-to-end patient journey powered by AI that will be able to help personalize every interaction and provide 24/7 support to ensure continuous engagement and increase the likelihood of reaching a positive outcome.

其次，我們將專注於建立始終在線的人工智慧個人化代理。這將創建一個由人工智慧驅動的端到端患者旅程，能夠幫助個性化每一次互動並提供全天候支持，以確保持續參與並增加達成積極成果的可能性。

Third, our entire platform will be designed with global-ready architecture. Scalable modular architecture will allow us to continue to expand internationally, adapting different regulatory environments across regions. And we aim to build a secure, cost-effective platform that can seamlessly support millions of customers and begin fostering valuable partnership across the healthcare ecosystem.

第三，我們的整個平台將採用全球化架構進行設計。可擴展的模組化架構將使我們能夠繼續在國際上擴張，以適應不同地區的不同監管環境。我們的目標是建立一個安全、經濟高效的平台，無縫支援數百萬客戶，並開始在整個醫療保健生態系統中建立有價值的合作夥伴關係。

And finally, we will prioritize AI governance, safety, and ethics. We will foster responsible AI use with human oversight, unbiased mitigation, and are committed to developing our technology in an ethical manner. We believe these pillars will make foundation for a healthcare system that can learn and improve with each new subscriber that joins the platform. And I could not be more excited for the opportunity to help build what I believe will be the future of healthcare.

最後，我們將優先考慮人工智慧治理、安全和道德。我們將透過人工監督、公正的緩解來促進負責任的人工智慧使用，並致力於以道德的方式開發我們的技術。我們相信，這些支柱將為醫療保健系統奠定基礎，該系統可以隨著每個新用戶加入平台而學習和改進。我非常高興有機會幫助建立我所相信的未來醫療保健。

With that, I'll pass it back to Andrew.

說完這些，我就把它交還給安德魯。

Thanks, Mo. We're looking forward to seeing the impact you and your team will have on how our customers are able to engage in their health on a daily basis.

謝謝，莫。我們期待看到您和您的團隊對我們的客戶如何日常專注於健康的影響。

Before passing it over to Yemi, I'd like to touch on one more recent development. In July, we closed our acquisition of ZAVA, expanding our presence in the UK and establishing a foundation in other strategic markets such as Germany, Ireland, and France. We believe this acquisition and the talent it provides will accelerate our ability to expand into markets beyond Europe.

在將其交給 Yemi 之前，我想談談最近的一個進展。7 月，我們完成了對 ZAVA 的收購，擴大了我們在英國的業務，並為德國、愛爾蘭和法國等其他戰略市場奠定了基礎。我們相信，此次收購及其帶來的人才將加速我們向歐洲以外市場擴張的能力。

In 2026, we expect to enter Canada with initial focus on holistic weight loss program time to align with the anticipated first ever availability of generic semiglutide globally. We believe this represents a significant opportunity in a country where two-thirds of adults are overweight or living with obesity.

2026 年，我們預計將進入加拿大，最初重點關注整體減肥計劃，以配合全球預計的首款通用賽米魯肽上市時間。我們相信，對於三分之二的成年人超重或肥胖的國家來說，這是一個重大機會。

While our initial focus in Canada will be centered on weight loss, we expect to launch additional specialties within the Canadian market over time. We believe our expanded operational and technological expertise establish a strong foundation to extend the benefits enjoyed by our US subscribers to geographies across the globe.

雖然我們在加拿大的最初重點是減肥，但我們希望隨著時間的推移在加拿大市場推出更多特色產品。我們相信，我們不斷擴展的營運和技術專長將奠定堅實的基礎，將美國用戶享受到的利益擴展到全球各地。

It has never been more clear that we are in the early stages of unlocking the full potential of a customer-centric, world-class platform in healthcare. Customers love our approach. They're demanding we do more, and we're meeting that demand with confidence and impact. Our success continues to prove that consumers are better served when healthcare is personalized, accessible and driven by a relentless focus on putting the customer first.

我們正處於釋放以客戶為中心、世界一流醫療保健平台全部潛力的早期階段，這一點從未如此清晰。客戶喜歡我們的方法。他們要求我們做得更多，我們也滿懷信心、卓有成效地滿足了他們的要求。我們的成功再次證明，當醫療保健個人化、便利且始終以客戶為中心時，消費者將得到更好的服務。

This is the future of healthcare and we're proud to be building it, person by person, specialty by specialty and now market by market.

這是醫療保健的未來，我們很自豪能夠為每個人、每個專業、每個市場建立它。

With that, I will pass it over to Yemi to walk through the financials.

說完這些，我會把問題交給 Yemi 來處理財務事宜。

Thanks, Andrew. I'll start by providing an overview of our second-quarter financial results before going deeper into our updated outlook for 2025.

謝謝，安德魯。我將首先概述我們的第二季財務業績，然後深入探討我們對 2025 年的最新展望。

In the second quarter, we continue to see remarkable success across our platform, signaling that our strategy focused on democratizing access to precision medicine is resonating with consumers. Consumers are increasingly engaging with our platform across all stages of their care journey from collaborating with providers to address and manage their conditions, benefiting from provider tools to access customized treatments, and utilizing app-based tools and provider access for their follow-up care.

在第二季度，我們繼續看到我們平台取得的顯著成功，這表明我們專注於實現精準醫療民主化的策略正在引起消費者的共鳴。消費者在其護理旅程的各個階段越來越多地與我們平台互動，從與提供者合作解決和管理他們的病情，到利用提供者工具獲取客製化治療，再到利用基於應用程式的工具和提供者訪問進行後續護理。

We believe we are just scratching the surface of what's possible and over the course of the second quarter, have laid an even stronger foundation to elevate the future value we can bring to our subscribers.

我們相信，我們只是觸及了可能性的表面，並在第二季奠定了更堅實的基礎，以提升我們未來能為用戶帶來的價值。

Our efforts translated into strong results in the second quarter. Revenue grew 73% year over year to $545 million, while we simultaneously maintain an adjusted EBITDA margin north of 15%. The expanding access to personalized treatment options and a wide array of tools is allowing us to attract new subscribers to the platform and also resulting in stronger retention. Subscribers increased 73,000 quarter over quarter to over 2.4 million, reflecting a year-over-year growth rate of 31%.

我們的努力在第二季度取得了強勁的成果。營收年增 73% 至 5.45 億美元，同時我們保持調整後的 EBITDA 利潤率在 15% 以上。個人化治療方案和各種工具的不斷擴展使我們能夠吸引新的用戶加入該平台，並提高用戶留存率。訂閱用戶數較上季增加 7.3 萬，達 240 多萬，較去年同期成長 31%。

We see continued robust subscriber growth across our dermatology, oral weight loss, and daily section up offerings that all sustained year-over-year subscriber growth rates above 55% in the second quarter. Strong performance across these offerings helped offset headwinds that came from off-boarding GLP-1 subscribers on commercially available dosages as well as a decline in our on-demand sexual health subscriber base.

我們看到，我們的皮膚病學、口服減肥和日常護理產品的用戶繼續強勁增長，這些產品在第二季度的用戶增長率均超過 55%。這些產品的強勁表現有助於抵消市售劑量的 GLP-1 用戶下線以及按需性健康用戶群下降的不利影響。

We expect headwinds from the rotation of our sexual health specialty toward more premium daily offerings for the next couple of quarters, but are excited to see over 40% of total sexual subscribers and roughly 65% of new sexual subscribers in the quarter benefiting from a daily offering, respectively.

我們預計，未來幾個季度，我們的性健康專業內容將轉向更優質的每日服務，這將帶來不利影響，但我們很高興看到本季度超過 40% 的性健康訂閱用戶和約 65% 的新性健康訂閱用戶將受益於每日服務。

We are able to embed an expanding set of capabilities within our daily offerings that are not feasible to incorporate into our on-demand offerings. Today, our daily sexual offerings allow subscribers to partner with providers to treat hair loss concerns, improve their cardiovascular health, support to soften levels and optimized vitamin levels. Over time, we expect this to have a meaningful benefit and retention in the customer lifetime value across our sexual hub specialty.

我們能夠在日常產品中嵌入一系列不斷擴展的功能，而這些功能無法融入按需產品。如今，我們每日提供的性服務使訂閱者能夠與供應商合作，治療脫髮問題、改善心血管健康、支持軟化水平和優化維生素水平。隨著時間的推移，我們預計這將為我們的性中心專業領域的客戶終身價值帶來有意義的利益和保留。

Continued subscriber adoption of personalized offerings as well as the success of our weight loss specialty continue to drive year-over-year growth in our monthly average online revenue per subscriber. However, in the second quarter, we saw monthly average revenue per subscriber decline quarter over quarter to $74 from $84, primarily as a result of the off-boarding of a portion of our GLP-1 subscribers.

訂閱者持續採用個人化服務以及我們減肥專長的成功，並持續推動我們每位訂閱者的每月平均線上收入年增。然而，在第二季度，我們發現每位用戶的月平均收入環比下降，從 84 美元降至 74 美元，這主要是由於部分 GLP-1 用戶退出所致。

Now shifting to profitability. The second quarter was an exceptional demonstration of our team's ability to remain agile and deliver on the high standards outlined in our capital allocation framework across even the most volatile environments. Our platform drove $82 million of adjusted EBITDA in the second quarter. The complexity of our platform and future ambitions were necessitating more nuanced organizational structure, one that is able to move in an even more agile manner and scale globally.

現在轉向獲利。第二季出色地證明了我們團隊即使在最動蕩的環境中也能保持敏捷並達到資本配置框架中概述的高標準的能力。我們的平台在第二季實現了 8,200 萬美元的調整後 EBITDA。我們的平台的複雜性和未來抱負需要更細緻的組織結構，這種結構能夠以更靈活的方式發展並在全球範圍內擴展。

In the second quarter, we took action to adjust to that new reality. Adjusted EBITDA was negatively impacted by approximately $7 million in the second quarter as a result of severance payments to former employees and sign-on bonuses used to attract new talent. Leverage on marketing investment and gross margin expansion were the primary levers that resulted in second quarter adjusted EBITDA margins expanding nearly 3 points year over year.

在第二季度，我們採取了行動來適應這個新現實。由於向前員工支付遣散費以及用於吸引新人才的簽約獎金，第二季調整後的 EBITDA 受到約 700 萬美元的負面影響。行銷投資槓桿和毛利率擴張是導致第二季調整後 EBITDA 利潤率年增近 3 個百分點的主要槓桿。

Marketing as a percentage of revenue was 40% and investment was slowed at various points throughout the quarter as we saw volatility in marketing efficiency as a result of the onboarding and offboarding of a previous collaboration within the second quarter.

行銷佔收入的百分比為 40%，由於第二季度內先前合作的開始和結束導致行銷效率出現波動，因此整個季度的投資在不同時間點有所放緩。

Strong performance outside of our non-weight loss offerings as a result of improving retention from adoption of personalized treatment plans and rollout of new offerings was able to offset some of the volatility we observed within our weight loss specialty.

由於採用個人化治療計劃和推出新產品提高了保留率，我們在非減肥產品之外的業績表現強勁，這能夠抵消我們在減肥專業領域觀察到的一些波動。

Gross margins expanded 3 points quarter over quarter to 76%, primarily as a result of growth in specialties outside of weight loss. G&A costs were pressured in the second quarter as a result of the onboarding of new executives as well as additional cost stemming from the decision to reassess our organizational structure. G&A as a percentage of revenue improved 1 point year over year, but deleveraged 4 points quarter over quarter as a result of these dynamics.

毛利率較上月增加 3 個百分點至 76%，主要得益於減肥以外專科業務的成長。由於新主管的加入以及重新評估組織架構的決定所產生的額外成本，第二季的一般及行政費用面臨壓力。由於這些動態因素，一般及行政費用佔收入的百分比年增了 1 個百分點，但季減了 4 個百分點。

A similar dynamic was seen in operations and support costs. Technology and development costs as a percentage of revenue increased 1 point year over year and 2 points quarter over quarter to 7%, reflecting increased investment in technology talent across the organization. This is an area that we expect to continue to invest in across the coming quarters, as we believe it will translate into an even better customer experience and be long-term financially accretive.

在營運和支援成本方面也出現了類似的動態。技術和開發成本佔營收的百分比年增 1 個百分點，較上季成長 2 個百分點，達到 7%，反映出整個組織對技術人才的投資增加。我們預計將在未來幾季繼續投資這一領域，因為我們相信這將轉化為更好的客戶體驗並帶來長期的財務增值。

In the second quarter, we meaningfully strengthened our balance sheet with the completion of a convertible debt offering in May. We ended the second quarter with a cash and short-term investments balance of over $1.1 billion. Meaningful investment was made in the second quarter to expand our ability to offer new form factors, automate processes within our facilities, and strengthen supply chain through significant investment in working capital.

在第二季度，我們在五月完成了可轉換債券的發行，從而顯著增強了我們的資產負債表。截至第二季末，我們的現金和短期投資餘額超過 11 億美元。我們在第二季度進行了有意義的投資，以擴大我們提供新外形規格的能力、實現設施內流程的自動化，並透過對營運資金的大量投資來加強供應鏈。

Free cash flow for the second quarter was negative $69 million as a result. We expect to return to positive free cash flow generation in the second half of the year. Our balance sheet provides a meaningful opportunity to deploy capital across both organic and strategic M&A opportunities. We will not loosen our capital allocation standards as a result of this flexibility, but have even greater confidence in our ability to accelerate efforts across the strategic growth levers that we believe will shape the future for Hims & Hers.

因此，第二季的自由現金流為負 6,900 萬美元。我們預計今年下半年自由現金流將恢復正成長。我們的資產負債表為在有機和策略併購機會中部署資本提供了有意義的機會。我們不會因為這種靈活性而放鬆資本配置標準，而是對我們加快策略成長槓桿的努力的能力更有信心，我們相信這將塑造 Hims & Hers 的未來。

I'll double click in the areas that we expect to receive the most meaningful share of investment. First, we expect to continue investing in deeper personalization capabilities, which we view as a critical component of our ability to democratize access to precision medicine. Our ambition is to move from a world of hundreds of treatment options to thousands over time.

我將雙擊我們預計會獲得最有意義的投資份額的領域。首先，我們預計將繼續投資於更深層的個人化能力，我們認為這是我們實現精準醫療民主化能力的關鍵組成部分。我們的目標是隨著時間的推移，將治療方案從數百種增加到數千種。

We expect this to unlock greater flexibility for our subscribers across form factors as well as enable customized treatments to address the multiple concerns concurrently such as vitamin deficiencies and side effects within our specialties. This will necessitate upgraded equipment, additional facilities and more extensive automation capabilities over time.

我們希望這能為我們的訂閱用戶帶來更大的靈活性，並實現客製化治療，以同時解決我們專業領域內的多種問題，例如維生素缺乏症和副作用。隨著時間的推移，這將需要升級設備、增加設施和更廣泛的自動化能力。

Second, we intend to invest in capabilities that will enable us to gain deeper insights to better serve our subscribers while simultaneously increasing investment in our platform to better leverage that data to address subscriber needs. We believe that responsibly harnessing data from potential future capabilities such as lab testing and wearables will allow us to better serve subscribers across multiple stages of our treatment journeys, including diagnostics, treatment and follow-up care, and that investing in our platform will allow us to elevate the subscriber experience through even more expansive tools such as AI coaches, chatbots and more dynamic customer support models.

其次，我們打算投資於能夠讓我們獲得更深入洞察力的能力，以便更好地服務我們的用戶，同時增加對我們平台的投資，以便更好地利用這些數據來滿足用戶的需求。我們相信，負責任地利用實驗室測試和穿戴式裝置等未來潛在功能的數據，將使我們能夠更好地為治療過程多個階段的用戶提供服務，包括診斷、治療和後續護理，並且對我們的平台進行投資將使我們能夠透過更廣泛的工具（如人工智慧教練、聊天機器人和更動態的客戶支援模型）來提升用戶體驗。

Our belief is that these elements will increase demand for our platform as well as drive stronger retention.

我們相信，這些因素將增加對我們平台的需求並提高保留率。

Lastly, we believe that demand for a consumer-oriented healthcare model transcends borders. Our recent acquisition of ZAVA provides a foundation to build upon and deliver value to millions of potential future customers across the globe. With ZAVA, we have gained the infrastructure to serve consumers across markets such as Germany, France, and Ireland in the second half of the year.

最後，我們相信以消費者為導向的醫療保健模式的需求是超越國界的。我們最近收購了 ZAVA，為全球數百萬潛在未來客戶創造價值奠定了基礎。借助 ZAVA，我們獲得了在下半年為德國、法國和愛爾蘭等市場消費者提供服務的基礎設施。

ZAVA will also play a foundational role in supporting our Canadian expansion efforts in 2026. We believe the combination of ZAVA's platform with our expanding engineering bench sets a foundation that unlocks the potential to expand in Latin American and Asian markets in the coming years as well.

ZAVA 也將在支持我們 2026 年加拿大擴張工作中發揮基礎性作用。我們相信，ZAVA 平台與我們不斷擴大的工程平台的結合將奠定基礎，為未來幾年在拉丁美洲和亞洲市場的擴張潛力奠定基礎。

We expect our capital investment will bias toward unlocking new capabilities to drive subscriber value in the coming years. However, a robust balance sheet and strong free cash flow generation allows us to take advantage of moments when we believe the market value of our stock meaningfully disconnects from its intrinsic value.

我們預計，未來幾年我們的資本投資將偏向於釋放新功能，以推動用戶價值的成長。然而，穩健的資產負債表和強勁的自由現金流使我們能夠利用我們認為股票市場價值與其內在價值嚴重脫節的時刻。

As of the end of the second quarter, $65 million was remaining in our buyback program. With that, I will walk through our outlook for 2025.

截至第二季末，我們的回購計畫還剩餘 6,500 萬美元。我將以此概述我們對 2025 年的展望。

In the third quarter, we expect revenue to be between $570 million to $590 million, representing a year-over-year growth rate of between 42% and 47%. We are anticipating adjusted EBITDA in the range of $60 million to $70 million, reflecting an 11% margin at the midpoint. For the full year, we expect revenue to be between $2.3 billion and $2.4 billion, reflecting a year-over-year increase that ranges from 56% to 63%.

我們預計第三季營收將在 5.7 億美元至 5.9 億美元之間，年增 42% 至 47%。我們預計調整後的 EBITDA 在 6,000 萬美元至 7,000 萬美元之間，中間值為 11%。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%。

We are anticipating adjusted EBITDA in the range of $295 million to $335 million, reflecting a 13% margin at the midpoint.

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%。

Our outlook for the remainder of the year is based on the following assumptions: first, the fulfillment of compounded GLP-1 treatment available through our platform no longer utilizes 503B outsourcing facilities. This will result in a shorter duration shipment cadence for these products and lower revenue recognized per order.

我們對今年剩餘時間的展望基於以下假設：首先，透過我們的平台實現複合 GLP-1 治療不再使用 503B 外包設施。這將導致這些產品的出貨週期縮短，每筆訂單的收入降低。

We expect temporary headwinds from in-quarter revenue recognized from shipments to subscribers who were previously on a shipment cadence of 90 days or more. Given the strength of the oral offering and the demand for management of side effects through compounded GLP-1s, we remain confident in our weight loss of specialties ability to deliver at least $725 million of revenue this year.

我們預計，由於向先前發貨週期為 90 天或更長的用戶發貨，本季度的收入將面臨暫時的阻力。鑑於口服產品的強勁勢頭以及透過複合 GLP-1 管理副作用的需求，我們仍然相信我們的減肥專科產品今年能夠帶來至少 7.25 億美元的收入。

Second, we closed our acquisition of ZAVA in July. Over time, our plan is to integrate our existing UK business with our ZAVA operation. We are still assessing the impact of this but expect the ZAVA acquisition to deliver at least $50 million of net incremental revenue for the remainder of 2025.

其次，我們在 7 月完成了 ZAVA 的收購。隨著時間的推移，我們的計劃是將我們現有的英國業務與我們的 ZAVA 業務整合在一起。我們仍在評估此事的影響，但預計 ZAVA 收購將在 2025 年剩餘時間內帶來至少 5,000 萬美元的淨增量收入。

Third, we expect that we are entering an investment period for at least the next year, particularly in marketing and technology. augmentation of our engineering talent with expertise in AI development and the scaling of global platforms is expected in the coming quarters. Marketing investment will be higher as a result of seasonality in addition to investment to support the scaling of new geographies and offerings such as labs and hormonal support.

第三，我們預計至少在明年我們將進入投資期，特別是在行銷和技術方面。預計在未來幾個季度，我們的工程人才將增強，具備人工智慧開發方面的專業知識，全球平台也將擴展。除了支持新地區和實驗室、荷爾蒙支持等產品擴展的投資外，由於季節性因素，行銷投資也會更高。

We expect that adherence to our capital allocation framework that calls for a payback period of less than a year, will enable us to continue driving 1 to 3 points of marketing leverage per annum.

我們預計，遵守要求少於一年的回收期的資本配置框架將使我們能夠每年繼續推動 1 到 3 個點的行銷槓桿。

Lastly, we expect a continued transition towards personalized offerings to be instrumental in helping us drive long-term revenue retention of 85% or higher. Our expectation is that our on-demand sexual health business will continue to experience declines, but the effect will start to meaningfully dissipate in 2026 as we benefit from stronger retention gains from daily sexual subscribers.

最後，我們預計持續轉型為個人化產品將有助於我們實現 85% 或更高的長期收入保留率。我們預計，我們的按需性健康業務將繼續下滑，但隨著我們受益於每日性健康訂閱用戶更強勁的留存收益，這種影響將在 2026 年開始顯著消散。

We are entering the second half of 2025 with a great deal of momentum. More importantly, we've established a foundation of talent and capabilities that serves as a critical step in our ability to unlock immense value for millions of individuals across the world by democratizing access to precision medicine. We believe we are just scratching the surface of what's possible with a transformative healthcare model and as a result, sees significant opportunity across each of the future growth levers we've laid out.

我們正以強勁的勢頭邁入 2025 年下半年。更重要的是，我們已經建立了人才和能力基礎，這是我們透過民主化精準醫療為全球數百萬個人釋放巨大價值的關鍵一步。我們相信，我們才剛剛觸及變革性醫療保健模式的皮毛，因此，我們看到我們所列出的每個未來成長槓桿都蘊藏著巨大的機會。

As always, I want to thank our subscribers, our partners, and our employees for their continued support in our mission to help the world (inaudible) the power of better health.

像往常一樣，我要感謝我們的訂閱者、合作夥伴和員工，感謝他們持續支持我們的使命，幫助世界（聽不清楚）獲得更健康的力量。

Our success would not be possible without their support. With that, I will turn it back to Bill to kick off Q&A with two questions from our retail community.

如果沒有他們的支持，我們的成功就不可能實現。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 investors who sent in questions over the weekend. There's quite a few on the recently announced acquisition of ZAVA and our growing efforts to expand international, a multipart question from the Hims & Hers community. Why was now the right time to expand internationally and what made ZAVA the right company to acquire?

謝謝，Yemi。並感謝週末提出問題的所有投資者。關於最近宣布收購 ZAVA 以及我們不斷加強的國際擴張力度，有很多問題，這是 Hims & Hers 社區提出的多部分問題。為什麼現在是國際擴張的最佳時機？為什麼 ZAVA 成為值得收購的最佳公司？

There are investors that are questioning the size of the opportunity here, given the presence of government-run healthcare systems and the complexity that comes with operating across multiple countries. How would you respond to those concerns and the potential that this could distract from scaling the US business?

考慮到政府運營的醫療保健系統以及跨多個國家運營的複雜性，一些投資者對這裡的機會規模表示質疑。您如何回應這些擔憂以及這可能會分散美國業務擴張的注意力？

Yes. Thanks, (inaudible). Thanks, (inaudible) for the question. From my perspective, I think it's a really powerful opportunity to take a leadership role in bringing what we believe is the personalized high-touch affordable precision medicine consumer experience globally. And so I think the acquisition of ZAVA was the first step in us taking a leadership position in replicating this model in the key markets.

是的。謝謝，（聽不清楚）。謝謝（聽不清楚）提出的問題。從我的角度來看，我認為這是一個非常強大的機會，可以發揮領導作用，將我們所認為的個人化、高接觸、負擔得起的精準醫療消費者體驗推廣到全球。因此，我認為收購 ZAVA 是我們在關鍵市場複製模式並佔據領導地位的第一步。

No, I think with ZAVA specifically, we felt that the team and their ability to build a platform that has been scalable in unique markets with unique regulatory challenges with a testament to their execution and operational abilities. It's a team that we believe can continue to expand into new markets, helping us to launch in Canada in 2026 as well as in markets like Brazil, where you've got new generics semaglutide going live in the new year.

不，我認為具體到 ZAVA，我們認為團隊及其建構平台的能力可以在具有獨特監管挑戰的獨特市場中擴展，證明了他們的執行和營運能力。我們相信這個團隊可以繼續拓展新市場，幫助我們在 2026 年在加拿大以及巴西等市場推出產品，新的一年將在巴西推出新的仿製藥司美格魯肽。

So their ability to replicate scale and have flexibility with the technology platform with the range of regulatory environments we felt was incredibly powerful. And I think we've had the privilege of seeing dozens of companies that have tried this. And so the pattern recognition of what truly was unique was really there.

因此，我們認為他們複製規模的能力以及在各種監管環境下利用技術平台的靈活性非常強大。我認為我們有幸看到數十家公司進行了這樣的嘗試。因此，對於真正獨特的事物的模式識別確實存在。

Ultimately, we believe the international market is a focused effort, right? It's not at a spray for a model. We don't believe that there are dozens of markets that are required for a substantial revenue footprint. I think long term, we believe there's a multibillion-dollar revenue opportunity in just a handful of key markets. And I think you'll see us in the next one to three years going after those focus markets.

最終，我們相信國際市場是一項集中的努力，對嗎？對模特兒來說這不是什麼好事。我們不認為需要數十個市場才能產生可觀的收入。我認為從長遠來看，我們相信僅在少數關鍵市場就存在數十億美元的收入機會。我認為您將在未來一到三年內看到我們進入這些重點市場。

Thanks, Andrew. We also received a number of questions on the new capabilities and specialties that we'll be bringing to the platform in the coming quarters. This is another multipart question from (inaudible). How does the launch of at-home lab testing improve the business and support the broader mission of Hims & Hers? What impact do you expect to have on the development of new business verticals?

謝謝，安德魯。我們也收到了許多關於我們將在未來幾季為該平台帶來的新功能和新功能的問題。這是另一個來自（聽不清楚）。推出家庭實驗室測試如何改善業務並支援 Hims & Hers 的更廣泛使命？您預計這會對新業務垂直領域的發展產生什麼影響？

And do you expect this will allow you to introduce membership options that are more widely accessible similar to what's been done with Amazon, Netflix, and Costco?

您是否希望這將允許您推出更廣泛使用的會員選項，類似於亞馬遜、Netflix 和 Costco 所做的那樣？

Yeah, thanks (inaudible), thank you for your question. Altruistically, I have a real passion to get people access to this type of information as low cost as possible. I think it's absolutely critical when you think about transitioning the American healthcare system as well as the global health care system from one where patients are coming into the system to treat an issue versus coming to the platform to take advantage of preventable options.

是的，謝謝（聽不清楚），謝謝你的提問。從利他角度來說，我真誠地希望人們能夠以盡可能低的成本獲取此類資訊。我認為，當你考慮轉變美國醫療保健系統以及全球醫療保健系統時，這絕對至關重要，因為患者進入系統是為了治療問題，而不是來到平台利用可預防的選項。

And I think at-home is going to be absolutely foundational across all of our categories going forward as well as opening up membership opportunities like you mentioned. I think the simplification of not only what tests truly matter and when for a patient, but also really what gold standard optimized biomarkers looks like, it's really critical for this offering.

我認為在家工作將成為我們未來所有類別的基礎，同時也能帶來您提到的會員機會。我認為，不僅要簡化對患者真正重要的測試和時間，還要真正簡化黃金標準優化的生物標記是什麼樣子，這對該產品來說至關重要。

We live in a country where the majority of us die from preventable disease. And so there's a massive disconnect in access and education with regard to what these test outcomes should be being the average or being the median in the United States on your lipid profile where the majority of us die from a heart attack is not great.

我們生活在一個大多數人死於可預防疾病的國家。因此，在獲取和教育方面存在著巨大的差距，關於這些測試結果應該是平均值還是美國的血脂譜中位數，而在美國，我們大多數人死於心臟病，這並不是很好。

And so I think there's going to be incredible opportunities to educate patients on what tests are necessary, so it's not massively overwhelming, make those tests incredibly affordable and accessible and nonintimidating and also educate patients based on who they are, their age, their dynamics, what those optimal outcomes and metrics can be.

因此，我認為將會有令人難以置信的機會來教育患者哪些測試是必要的，這樣就不會太讓人不知所措，讓這些測試變得非常實惠、方便和不令人生畏，同時也會根據患者的身份、年齡、動態、最佳結果和指標進行教育。

Now ultimately, I think we can then not only get them that data but help up the next steps. And I think you'll see in these offerings that we drive to market, that the lab testing is just the beginning. It's the beginning of giving them an opportunity to have very seamless abilities to treat and optimize your core risk areas. I think this will be ultimately a foundation in infrastructure, as you can imagine, that then allows for a grind like or Costco like healthcare membership.

現在，最終我認為我們不僅可以為他們提供數據，還可以幫助他們採取下一步行動。我想您會在我們推向市場的這些產品中看到，實驗室測試只是個開始。這是讓他們有機會擁有無縫處理和優化核心風險領域的能力的開始。我認為這最終將成為基礎設施的基礎，正如您所想像的，它隨後將允許像 Costco 這樣的醫療保健會員資格。

That transition patients from coming to us for a single condition all the way to moving them towards ultimately a goal of preventative health. I think you can see this in the steps that we are taking, not only in the testing road map that we've been outlining but also in the recent leadership additions like (inaudible), from Amazon as well as (inaudible) Robinhood, and owning the membership platform we're there.

這使得患者從尋求單一疾病的治療轉變為最終實現預防性保健的目標。我想您可以從我們正在採取的步驟中看到這一點，不僅是在我們一直概述的測試路線圖中，而且在最近的領導層增加中，例如來自亞馬遜的（聽不清楚）以及（聽不清楚）羅賓漢，以及擁有我們的會員平台。

I think we're staffing both the technology, the infrastructure, the raw capabilities in our facilities as well as the team to go after what we think is a broad membership that sets a new standard for what healthcare ultimately should be for everybody globally.

我認為，我們正在配備技術、基礎設施、設施中的原始能力以及團隊，以爭取廣泛的會員，為全球每個人最終應享受的醫療保健樹立新的標準。

Thanks, Andrew, and thanks again to everyone sending questions. With that, I will pass it back to the operator to begin the regular way analyst Q&A.

謝謝，安德魯，再次感謝所有提問的人。說完這些，我將把它交還給操作員，開始常規的分析師問答。

(Operator Instructions) Maria Ripps, Canaccord.

（操作員指示）Maria Ripps，Canaccord。

First, can you maybe help us understand a little bit better sort of some of the core dynamics between your core business and low segment, both in Q2 sort of expectations for Q3? So I know you reiterated your weight loss target for this year. But anything you can add in terms of sort of underlying trends within your personalized GLP-1 offering? Then I have a quick follow-up.

首先，您能否幫助我們更了解核心業務和低端細分市場之間的一些核心動態，以及對第二季和第三季的預期？所以我知道你重申了今年的減重目標。但是，您能補充一些關於您個人化 GLP-1 產品中潛在趨勢的內容嗎？然後我快速跟進。

Yes. Thanks for the question, Maria. Maybe I can start. So I think what we saw quarter over quarter in Q2, there's obviously some pretty material headwinds in the GLP-1 footprint as we off-boarded the folks that are on commercially available dosages across the way loss specialty, we see continued success with our oral offering as well as personalized (inaudible) but when we look at kind of like the core business, I think we've spoken around this a couple of times before.

是的。謝謝你的提問，瑪麗亞。也許我可以開始。因此，我認為，從我們在第二季度環比看到的情況來看，GLP-1 足跡中顯然存在一些相當大的阻力，因為我們不再依賴市售劑量的藥物，而是專注於專業治療，我們看到口服產品和個性化（聽不清）產品繼續取得成功，但當我們看一下核心業務時，我想我們之前已經談過幾次了。

What we're seeing is really there's a drag coming from the sexual health on-demand coupon of the business. And that's really a conscious effort what we've observed over the last couple of quarters is as we've expanded the sexual health daily offering that continues to grow north of 5%.

我們看到的是，按需性健康優惠券確實為該業務帶來了拖累。這確實是一項有意識的努力，我們在過去幾個季度觀察到，我們擴大了每日性健康服務，其成長率持續超過 5%。

We also do see very strong retention across the daily relative to the on-demand business. And so if you pull out the -- on the manufactural business, many of the specialties such as our dermatology business, or weight loss, the sexual daily year all growing north of 55%. We're doing a conscious effort just to make the overall base of our sexual customer a lot healthier.

我們也確實看到，相較於按需業務，日常業務的留存率非常高。因此，如果你拿出製造業務，許多專業領域，例如我們的皮膚病學業務或減肥業務，性日均增長率都在 55% 以上。我們正在自覺努力，讓我們的性客戶群更加健康。

As we start to lap these dynamics in 2026, we would actually expect to benefit both from LAP, but also the stronger retention on the daily health users. And so really, I would say like the area where we're seeing the most softness obviously quarter on quarter has been the GLP-1 side of (inaudible) commercially available designs. But then there's also just the dynamic of the sexual health on-demand business. Outside of that, we're seeing strong growth across many of our other specialties.

當我們在 2026 年開始關注這些動態時，我們實際上期望從 LAP 中受益，同時也能從日常健康使用者更強的保留率中受益。因此，實際上，我想說，我們看到最疲軟的領域顯然是季度環比增長最快的領域，即 GLP-1 方面的（聽不清楚）商用設計。但此外，還有按需性健康業務的動態。除此之外，我們的許多其他專業領域也呈現強勁成長。

Got it. That's very helpful. And then secondly, with the generic GLP-1 that are expected to launch in Canada next year, could you maybe talk about some of the sort of cross-border dynamics that we should keep in mind? Are there any issuance sort of legal nuances that sort of [Cuda] could make importation feasible from a consumer or provider perspective?

知道了。這非常有幫助。其次，仿製 GLP-1 預計將於明年在加拿大上市，您能否談談我們應該牢記的一些跨境動態？從消費者或提供者的角度來看，是否存在任何發行類型的法律細微差別，使得 [Cuda] 能夠實現進口？

Yes, Maria, I can take that question. Generally speaking, our approach with bringing the generic semiglutide market in Canada is going to vary by the book, right? And so there will be, from our perspective, no cross-border dynamics between the Canadian markets in the US. Shipments will be sent to Canadian addresses. They will be through partnerships with large generic manufacturers who are manufacturing and bringing them into the Canadian market.

是的，瑪麗亞，我可以回答這個問題。一般來說，我們將仿製西米魯肽引入加拿大市場的方法會有所不同，對嗎？因此，從我們的角度來看，加拿大市場與美國市場之間不會有跨國動態。貨物將寄送至加拿大地址。他們將與大型仿製藥製造商合作，生產這些藥物並將其帶入加拿大市場。

So there should be no cross-border dynamics that we will be expecting from our standpoint.

因此，從我們的角度來看，我們預期不會出現跨國動態。

Craig Hettenbach, Morgan Stanley.

摩根士丹利的克雷格·赫滕巴赫。

A question on the Hers business, whether it's a rough percentage of revenue or subscribers. Just kind of an update on how that business is performing and some of the key growth drivers seeing on the Hers side?

關於 Hers 業務的一個問題，是收入還是訂閱者的大致百分比。只是想了解一下該業務的運作情況以及 Hers 方面的一些關鍵成長動力？

Yes. Thanks for the question, Craig. We still see the Hers business continuing to grow at a very robust pace. It's primarily benefiting from the dermatology business, both in terms of skin as well as hair. We're also seeing strong demand for the weight loss offering specialty continue as well as our mental health offering.

是的。謝謝你的提問，克雷格。我們仍然看到 Hers 業務繼續以非常強勁的速度成長。該公司主要受益於皮膚病學業務，包括皮膚和頭髮。我們也看到，市場對減重專業服務以及心理健康服務的需求持續強勁。

And then in the latter half of this year, I think we're very excited to bring on hormonal support special for menopause (inaudible) categories as well. And so we do still see several catalysts continuing to drive a strong outlook for the Hers business.

然後在今年下半年，我想我們非常高興能夠推出專門針對更年期（聽不清楚）類別的荷爾蒙支持產品。因此，我們仍然看到一些催化劑繼續推動 Hers 業務的強勁前景。

Got it. And then just a follow-up question, and I appreciate the color on kind of the near-term investment cycle. Specific to AI, can you talk about how you're approaching that, whether it's the returns you expect to get on that or just reasonable timeline of that having an impact on the business as you move forward?

知道了。然後只是一個後續問題，我很欣賞關於近期投資週期的細節。具體到人工智慧，您能否談談您如何處理這個問題，無論是您期望從中獲得的回報，還是它對您未來業務產生影響的合理時間表？

Yes, Craig, thanks for the question on that. We aim to build the AI strategy in such a way where you're making very tangible and tactical improvements very quickly. I think in the age of the AI explosion, we are really benefited by the fact that our platform touches tens of thousands of patients every single day.

是的，克雷格，謝謝你提出這個問題。我們的目標是以這樣一種方式建立人工智慧策略，讓您能夠非常快速地取得非常切實的戰術改進。我認為在人工智慧爆炸式增長的時代，我們的平台每天接觸成千上萬的患者，這確實讓我們受益匪淺。

And that allows for us to build use cases for both providers and patients or pharmacists that we can see nearly immediately driving results. And so I think there's going to be an agent-centric model here that delivers on-demand, 24/7 access and support across the stack, whether it's the provider side, the patient side, the pharmacist side, et cetera.

這使我們能夠為供應商、患者或藥劑師建立用例，並且幾乎可以立即看到其帶來的效果。因此，我認為這裡將會有一個以代理為中心的模型，提供按需、全天候的訪問和支持，無論是提供者、患者方、藥劑師方等等。

But we aim in the next 3 to 6 months to be building out technologies that are immediately improving efficiency, improving engagement, providing support across the stack.

但我們的目標是在未來 3 到 6 個月內開發出能夠立即提高效率、提高參與度、提供全端支援的技術。

Eric Percher, Nephron Research.

Eric Percher，Nephron Research。

Appreciate the incremental disclosure in the Q around the GLP-1 value. And I want to make sure I'm understanding that we see a value of $190 million this quarter, down from $230 million sounds like there's some revenue headwinds. Should we assume that there is a pretty significant continued decline in Q3 and Q4 as we're modeling out the year?

感謝 Q 中有關 GLP-1 值的增量揭露。我想確保我理解，本季的價值為 1.9 億美元，低於 2.3 億美元，這聽起來像是存在一些收入阻力。在對今年進行建模時，我們是否應該假設第三季和第四季將出現相當顯著的持續下滑？

No, I think it's a great question, Eric. We saw the meaningful step down, primarily as a result of offboarding folks that were on commercially available (inaudible) of GLP-1. I think what's remaining for the duration of kind of Q3 and the rest of the year or products that we intend to tap on the platform, whether that's the oral weight loss product or personalized (inaudible). So our expectation is to see renewing continue growth. There are some revenue recognition dynamics that will result in a steeper acceleration in the fourth quarter.

不，我認為這是一個很好的問題，艾瑞克。我們看到了有意義的下降，主要是因為那些從事 GLP-1 商業化（聽不清楚）的人員被解雇了。我認為在第三季和今年剩餘時間內，我們打算在平台上推出哪些產品，無論是口服減肥產品還是個人化（聽不清楚）。因此，我們期望看到新的持續成長。一些收入確認動態將導致第四季度收入確認速度加快。

We're just shipping on in smaller batches, which also carries applications for the revenue recognition. But on a go-forward basis, we see very strong demand for the weight loss specialty holistically and other now are expecting that to continue. .

我們只是以較小的批次發貨，其中也包含用於收入確認的應用程式。但從長遠來看，我們看到整體減肥專業的需求非常強勁，其他人現在預計這種需求將持續下去。。

And we should think of the 725 inclusive of oral, which you've stated is over $100 million. Is that the right way to think about the balance of these components?

我們應該考慮包括您所說的口腔在內的 725 億美元。這是思考這些組件的平衡的正確方法嗎？

Yes, correct. Like the 725 is holistic across all of the weight loss components. So it's the fullest offering.

是的，正確。就像 725 是涵蓋所有減肥成分的整體方案一樣。所以這是最全面的奉獻。

And Eric, that includes liraglutide branded medications oral personalized, et cetera, it's the whole specialty.

艾瑞克，這包括利拉魯肽品牌藥物口服個人化治療等等，這是整個專業領域。

Ryan MacDonald, Needham & Company.

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

Maybe first on the Canadian expansion. Are you intending to expand in Canada under the Hansen Hers brand or the (inaudible) brand given sort of the acquisition there. And as we think about the opportunity with generic semaglutide in Canada, pricing for the branded already is at fairly affordable price to $200 to $400 range, do you expect sort of a similar magnitude of sort of unlocking of that market at the generic price point relative to the difference in pricing in the US we saw from branded versus compounded.

也許是第一次在加拿大擴張。您是否打算在加拿大以 Hansen Hers 品牌或（聽不清楚）品牌進行擴張，因為在那裡進行了收購。當我們考慮在加拿大推出仿製司美格魯肽的機會時，品牌藥物的定價已經處於相當實惠的價格範圍，在 200 至 400 美元之間，您是否預計仿製藥價格點的市場解鎖幅度與美國品牌藥物和復方藥物的定價差異類似？

Yes, Ryan, great question. We will be leveraging a lot of the expertise of the Zava team and technology stack that has already proven to be able to replicate a lot of diversity in models across regulatory environments. But the actual presentation of the offerings in Canada will be the Hims & Hers brands, both brands independently. On the second question. So right now, the average pricing we're seeing in the Canadian market for the branded pharmaceuticals, as you said, range from 200 to 400.

是的，Ryan，這個問題問得好。我們將利用 Zava 團隊的大量專業知識和技術堆疊，這些知識和技術堆疊已被證明能夠在監管環境中複製模型的多樣性。但在加拿大實際展示的產品將是 Hims & Hers 品牌，兩個品牌都是獨立的。關於第二個問題。因此，正如您所說，目前我們在加拿大市場上看到的品牌藥品的平均價格在 200 到 400 之間。

We see it most of the time in the mid-300s to 400 range. given the conversations we've had with the major generic manufacturers, of which there's quite a few who are going through the process with Health Canada to get their generic approved. We expect the consumer price point to be around $75 to $100 so upwards of 1/3 or so of the current branded price. So we do think there's going to be a really structural access unlocks with that type of pricing distinction. And in the Canadian market where roughly two-thirds of the population is stably with weight loss or sort of the obesity, we think that reduction is going to be incredibly material.

我們大多數時候看到的是 300 到 400 之間的範圍。根據我們與主要仿製藥製造商的對話，其中有不少製造商正在與加拿大衛生部進行流程以獲得仿製藥的批准。我們預計消費者價格將在 75 美元至 100 美元左右，即目前品牌價格的 1/3 左右。因此，我們確實認為，這種定價區別將會帶來真正的結構性訪問解鎖。在加拿大市場，大約三分之二的人口體重穩定在下降或處於肥胖狀態，我們認為這種下降將非常顯著。

Maybe a follow-up for Yemi. Your prepared remarks around the outlook for the remainder of the year, -- did you say that average revenue recognized per order will be down in the second half versus first half? And if so, does that imply an acceleration in subscriber growth expectations on a quarter-over-quarter basis?

也許是 Yemi 的後續作品。您對今年剩餘時間的前景的準備發言——您是否說過下半年每筆訂單的平均收入將比上半年下降？如果是這樣，這是否意味著用戶成長預期將逐季加速？

Yes. Thanks for the question, Ryan. I think when we were stating that there to be a change where we recognize or we would have lower revenue recognized per order. That was specifically to the person lunch GLP-1 component just given the regulatory dynamics there of the pivot towards 503A is for that specific specialty, what will happen is you'll have on each order, a lower amount of revenue recognized, but then the order velocity will be more frequent. And so that's why you see an acceleration also happening in Q4 because there's just greater compounding of orders over time as you progress the quarters.

是的。謝謝你的提問，Ryan。我認為，當我們聲明將改變時，我們會確認每筆訂單的收入將會降低。這是專門針對個人午餐 GLP-1 組件的，只是考慮到向 503A 轉變的監管動態是針對該特定專業的，將會發生的情況是，您在每個訂單上確認的收入會較低，但訂單速度會更頻繁。這就是為什麼你會看到第四季也會加速，因為隨著季度的推進，訂單的複合成長率會越來越大。

Okay. So average monthly or average revenue per subscriber is not necessarily going to be down sequentially?

好的。那麼平均每月收入或每位用戶平均收入不一定會持續下降嗎？

Yes. No, not necessarily. So it's specifically to the offering.

是的。不，不一定。所以它是專門針對祭品的。

(inaudible), Jefferies.

（聽不清楚），傑富瑞。

Maybe just a follow-up to some of the discussions. As I think about just the marketing spend that you're planning for the back half of the year. How should we be thinking about patient or client acquisition costs and per person basis per (inaudible) I mean, how are you trying to manage that?

也許只是對一些討論的後續。我考慮的只是您計劃在今年下半年進行的行銷支出。我們應該如何考慮患者或客戶獲取成本以及每人每（聽不清楚）我的意思是，您如何管理這一點？

Yes. Thanks for the question. We do intend to invest in a pretty robust fashion in the second half. That said, I think we still are going to hold to our standard and our capital allocation framework. So we do expect to be able to manage a payback period well below a 1-year period.

是的。謝謝你的提問。我們確實打算在下半年進行相當強勁的投資。話雖如此，我認為我們仍然會堅持我們的標準和資本配置框架。因此，我們確實希望能夠將投資回收期控制在 1 年以下。

That said, I think we are looking to -- as we progress through the year and launch in specialty have the firepower to in those. The environment in Q2 was volatile, as we mentioned in the prepared remarks. And so really giving the teams the ability to learn in the third quarter with a more stable product suite, particularly in weight. It's something that we're excited by. But then kind of what we see happen as we turn the corner around these investment periods, the benefits accrue pretty quickly.

話雖如此，我認為我們正在尋求——隨著我們在這一年中不斷進步並在專業領域推出新產品，我們將擁有足夠的火力。正如我們在準備好的評論中提到的那樣，第二季的環境充滿動盪。因此，這確實讓團隊能夠在第三季度透過更穩定的產品套件進行學習，特別是在重量方面。這是令我們興奮的事。但隨後我們看到，當我們度過這些投資期時，收益就會很快增加。

And so you kind of see that taking place in the second quarter, where we were able to maintain very robust growth while also holding back investment, particularly in the core categories for a period of time. And so if you kind of look at how quickly the margins expanded to you, north of 15%. We expect that to be our deal to be able to do that again in the future as well. But really, in the second half, we're leaving flexibility for marketing of new specialties as well as newer the ability to learn in some markets in specialties? And then also just talent acquisition, as Andrew mentioned, we do you expect to lean into AI and realize returns there very quickly.

因此，您會看到這種情況發生在第二季度，我們能夠保持非常強勁的成長，同時也抑制投資，特別是在核心類別的投資一段時間。如果你看利潤率擴張得有多快，你會發現已經超過 15%了。我們希望我們的交易在未來也能再次實現這一點。但實際上，在下半年，我們為新專業的行銷留下了彈性，以及在某些專業市場中學習的能力？然後還有人才招聘，正如安德魯所提到的，我們是否希望依靠人工智慧並很快實現回報。

That also does come with a cost to talent, and that's reflected in our guidance assumptions for the back half of the year.

這也確實會帶來人才成本，這反映在我們對今年下半年的指導假設上。

Okay. That makes a lot of sense. Maybe just a follow-up on inventory, pretty steep increase quarter-over-quarter. So just curious how we should be thinking about inventory levels going forward. And there are specific drivers pushing that or that drove that increase (inaudible)

好的。這很有道理。也許只是對庫存的後續關注，季度環比增長相當大幅。所以只是好奇我們應該如何考慮未來的庫存水準。有一些特定的驅動因素推動了這一成長（聽不清楚）

Yes. I think just as we historically look to -- I think there's a couple of factors that we historically look to launch new specialties. We want to ensure that there is a durable supply of inventory available. Then as we also just look at the strength of our balance sheet, some of the volatility occurring around the world right now with tariff uncertainty, the ability to leverage the balance sheet and the free cash flow now to take advantage of predictability, but something that the management team opted to want to lean into right now at the moment. It's not to say that we're going to have similar step-ups in inventory each quarter.

是的。我認為，正如我們歷來所期待的那樣——我認為我們歷來會考慮幾個因素來推出新的專業。我們希望確保有充足的庫存供應。然後，我們也要看看我們的資產負債表的實力，目前世界各地發生的一些波動，如關稅不確定性，利用資產負債表和自由現金流的能力，以利用可預測性，但這是管理團隊現在選擇依賴的東西。這並不是說我們每季的庫存都會出現類似的成長。

This is more probably a quarter where it's a little bit of an anomaly just as we look to strengthen our supply chain across several of the specialties given some of the dynamics (inaudible)

這很可能是一個有點異常的季度，因為考慮到一些動態，我們希望加強我們在多個專業的供應鏈（聽不清楚）

George Hill, Deutsche Bank.

德意志銀行的喬治·希爾。

(inaudible) kind of leaned into where I was going with your last answer. But I guess I wanted to talk about the front end of the (inaudible) franchise. And I guess can you guys confirm that you kind of source all your (inaudible) API from a high-quality FDA-inspected CGMP type facilities. And if it's coming from overseas, I was going to ask if you could talk about the tariff risks particularly if it's coming from China. And if any, that's an issue?

（聽不清楚）有點傾向我上次回答你時想表達的意思。但我想談談（聽不清楚）特許經營的前端。我想你們能否確認你們所有的（聽不清楚）API 都來自經過 FDA 檢查的高品質 CGMP 類型設施。如果是來自海外，我想問您是否可以談談關稅風險，特別是如果來自中國。如果有的話，這是一個問題嗎？

And then I had a very quick follow-up, which is what's the right way to think about your 503 capacity given how quickly the business is ramping I don't know if the right way to think about it is in dollars and doses. Would love any commentary on that?

然後我進行了非常快速的跟進，考慮到業務成長的速度，如何正確思考您的 503 容量？我不知道是否應該以美元和劑量來思考這個問題。想聽聽對此的評論嗎？

I think we probably take the first half and you have a second. We have a number of API suppliers across the stack, both domestically and overseas that we leverage to serve all the customers on the platform. I think to your point, the most important question there is all of these are through FDA-registered facilities, GMP they undergo rigorous testing for things like potency, identity, an oral verified third-party testing, which I think gives our team, our safety team and our patients a great deal of confidence.

我認為我們可能會採取前半部分，而你採取後半部分。我們在國內外擁有眾多 API 供應商，我們利用這些供應商為平台上的所有客戶提供服務。我認為，就您的觀點而言，最重要的問題是，所有這些都是透過 FDA 註冊的設施、GMP 進行的，它們經過了效力、身份、口服驗證的第三方測試等方面的嚴格測試，我認為這給了我們的團隊、我們的安全團隊和我們的患者很大的信心。

With respect to your questions around the tariff and capacity like at this moment, we don't see any meaningful pressure coming and embedded in our outlook is that there will not be any able pressure coming from the tariffs capacity, I think we have found in numerous different ways to ensure that we do have the capacity to be able to support the buildup subscriber base, not just for this year but over the coming in. So the CapEx investments and other vehicles that we've laid, give us the confidence that we'll have the ability to fulfill all of our customer needs for years to come.

關於您關於資費和容量的問題，目前，我們沒有看到任何有意義的壓力，並且我們的展望是，資費容量不會帶來任何壓力，我認為我們已經找到許多不同的方法來確保我們有能力支持不斷增長的用戶群，不僅是今年，而且是未來。因此，我們部署的資本支出和其他投資使我們有信心在未來幾年內滿足所有客戶的需求。

Jonna Kim, TD Cowen.

喬娜金（Jonna Kim），TD Cowen。

Last quarter, you mentioned the 2030 target. Just wanted to get a sense of the mix of international and the US business in that long-term target. If you can give us any color about how big the international business could be over time? And then just a follow-up question.

上個季度，您提到了 2030 年的目標。只是想了解這個長期目標中國際業務和美國業務的結合。您能否告訴我們，隨著時間的推移，國際業務的規模會有多大？然後只是一個後續問題。

Any changes in your marketing strategy? Do you plan to still focus more on the weight loss side or the core offering, we'll have to get any color there.

你們的行銷策略有什麼改變嗎？您是否計劃繼續將重點放在減肥方面或核心產品上，我們必須在那裡獲得任何顏色。

So I think that we see several future grip levers to achieve or exceed the 2030 targets. International will definitely be a component, but we also still see an immense amount of opportunity here in the US, whether that's in the form of the new capabilities of specialties, Andrew went through in his prepared remarks there's not necessarily an exact split that we're giving right now, but each of the elements and growth levers that we are currently investing in, we believe our $1 billion-plus opportunities individuals, whether that's new geographies internationally or new combination of the specialties that we're going into or continuing to invest and deepen the breadth of personalization offerings and consumer experience on the platform. All of those are things that we believe have the ability and the potential to have outsized returns. And so that gives us the conviction to be able to release a target that's about 5 years out. With respect to the investment in marketing.

因此我認為，我們看到了未來實現或超越 2030 年目標的幾個抓手。國際肯定是其中的一個組成部分，但我們在美國仍然看到大量的機會，無論是以專科的新功能的形式，安德魯在他的準備好的發言中已經說過，我們現在給出的劃分不一定是精確的，但我們相信，我們目前正在投資的每一個要素和增長槓桿，無論是國際上的新地域，還是我們正在進入的專科的新組合，我們相信所有這些都有能力和潛力帶來超額回報。因此，我們有信心能夠實現五年後的目標。關於行銷方面的投入。

I think we are going to continue to hold a very high bar on the spend and then look for the 1 year payback period or less. That said, I think over the last couple of quarters, we've received several earnings across the investments. And so you will see us do specialty-specific investments, both across the core offerings as well as multi-condition marketing as well. we'll continue to iterate and look to calibrate that spend. But really, I think as we're doing that, we do expect to still hold to the capital allocation per the cost for the year loss.

我認為我們將繼續對支出保持非常高的標準，然後尋求 1 年或更短的回報期。話雖如此，我認為在過去幾個季度中，我們已經透過投資獲得了多項收益。因此，您會看到我們進行針對特定專業的投資，包括核心產品以及多條件行銷。我們將繼續迭代並尋求校準支出。但實際上，我認為，當我們這樣做的時候，我們確實希望仍然堅持按照年度損失成本進行資本配置。

Daniel Grosslight, Citi.

花旗銀行的丹尼爾‧格羅斯萊特（Daniel Grosslight）。

You mentioned launching hormone therapy in the coming months. I was hoping maybe if you could put a bit of a finer point on that. Is that more of launch now? And if you can dig in a bit more on what investments you need to make ahead of the launch and the cadence of that, both from a CapEx and OpEx standpoint. And if you're going to be compounding these offerings in your own pharmacies.

您提到將在未來幾個月內推出荷爾蒙療法。我希望您能對此做出更詳細的說明。現在是不是更像是發射了？如果您能從資本支出和營運支出的角度進一步了解在發布之前需要進行哪些投資以及投資步調。如果您要在自己的藥房中配製這些藥物。

I can take some of that. (inaudible), I can't give you too much on the specific date where the communications team might be a little bit frustrated with me, but would expect it relatively soon the offering, I think you have a really wide range of treatments inclusive of compounded generics. And I think eventually branded and specialty offerings through a network of partners and offerings, which we're really excited by. And this will be delivered predominantly through our facilities long term as well as through partner facilities in the beginning, both across para menopause, menopause and then low testosterone on the med side of the business. And you have a thing on the financial preparation that you want to reference?

我可以接受其中的一些。 （聽不清楚），我無法給你太多關於具體日期的信息，通訊團隊可能會對我有點失望，但預計它會相對較快地提供，我認為你有一個非常廣泛的治療方法，包括複合仿製藥。我認為最終將透過合作夥伴和產品網路提供品牌和特色產品，我們對此感到非常興奮。而這將主要透過我們的長期設施以及初期的合作夥伴設施來實現，涵蓋準更年期、更年期以及醫療業務方面的低睪固酮。您還有什麼關於財務準備的事情想要參考嗎？

Yes. I think a lot of it we have actively done and are continuing to do. And so the embedded in our guidance is all the investment around needing to (inaudible).

是的。我認為我們已經積極地做了很多事情並且還在繼續做。因此，我們的指導方針中包含了所有需要的投資（聽不清楚）。

Okay. Got it. And maybe if I can just tackle the core revenue with my follow-up, the revenue ex GLP-1 was down slightly sequentially. You mentioned derm oral weight loss and daily sexual health is growing 55% plus. I suppose much of of that was offset by the on-demand sexual health rotation.

好的。知道了。也許如果我能透過後續行動解決核心收入問題，那麼不包括 GLP-1 的收入將比去年同期略有下降。您提到皮膚口服減肥和日常性健康成長了 55% 以上。我想，其中很大一部分已經被按需性健康輪調所抵消了。

Is that right? Can you just dig in a little bit more on why we aren't seeing more sequential growth outside of GLP-1s?

是嗎？您能否更深入地解釋為什麼我們沒有看到 GLP-1 以外的更多連續成長？

Yes, this is Per interpretation. I think in the second quarter, also the nuance. It was the first quarter where the apostrophe business was no longer present. But the vast majority of the headwind that we're seeing as a result of the deliberate rotation toward higher quality set consumer I think over time, we expect a few things to happen as you kind of hit 2026. One is you just get the benefit of what we have already observed to be inherently stronger retention about user days.

是的，這是 Per 的解釋。我認為在第二季度也存在細微差別。這是撇號業務不再存在的第一個季度。但我們看到絕大多數的逆風是由於消費者刻意轉向更高品質的產品而產生的，我認為隨著時間的推移，我們預計到 2026 年會發生一些事情。一是，您可以從我們已經觀察到的本質上更強的用戶日保留率中獲益。

The second is the pivot of the business and the subscribers (inaudible) to wind down and we -- and so I think that this is probably a conscious multi-quarter transition. But as we kind of hit the back half of 2026, we would expect it to be accretive and probably the right long-term in the business.

第二個是業務和訂戶（聽不清楚）的支點逐漸減少，我們 - 所以我認為這可能是有意識的多季度過渡。但隨著我們進入 2026 年下半年，我們預計它將會增值，並且可能是業務的長期正確選擇。

David Larsen, BTIG.

BTIG 的 David Larsen。

Can you talk a bit about the 503A revenue growth rate year-over-year. I was assuming last year, a good portion of the GLP-1 revenue was personalized. So just any sense for what like the 503A growth was year-over-year. It seems to me like you're guiding to $100 million of GLP-1 revenue in 3Q and $100 million in which should be a significant decline, maybe I'm being sort of overly conservative with my view there. But just thoughts on the 503A growth going forward would be helpful.

您能否談談 503A 營收年增率？我去年假設，GLP-1 收入的很大一部分是個人化的。因此，對於 503A 的成長情況，我們只能理解為年成長。在我看來，您預計第三季 GLP-1 的營收將達到 1 億美元，而 1 億美元應該是大幅下降，也許我的觀點有點過於保守了。但光是思考一下 503A 未來的成長就會有所幫助。

Yes. So I think the concept of 503A growth versus 503 is not really nuances there as a result of the shortage dynamics that were present last year. the revenue was still out of a 50-vehicle partner. And so I think the way that we more think around it is the weight loss specialty in aggregate and then the various components under a fab. We expect to see continued robust quarter across each of the components of the weight loss specialty, the oral side and the GLP-1 throughout the duration of the year.

是的。因此，我認為 503A 成長與 503 成長的概念並沒有什麼細微差別，這是因為去年有短缺動態。收入仍來自 50 輛汽車的合作夥伴。因此，我認為我們更多地考慮的是整體的減重特性，然後是晶圓廠下的各種組件。我們預計，減重專業、口服和 GLP-1 的各個組成部分在今年內都將繼續保持強勁成長。

Okay. Great. And then, Andrew, I think you were talking about preventive care, things like perhaps counting steps, counting calories, looking at your food intake, your water intake I love the sound of that. It sounds like it's all natural. We've had some growth in some new businesses in that area.

好的。偉大的。然後，安德魯，我想你在談論預防性護理，例如計算步數、計算卡路里、查看你的食物攝取量、你的水攝取量，我喜歡這些。聽起來一切都很自然。我們在該地區的一些新業務取得了一些成長。

Just any more color there would be very helpful.

只要有更多的顏色就會很有幫助。

Yes, absolutely. This is something that I think the platform is really uniquely positioned to biller on. When we think about personalized treatment plans, it's not just about personalized medicine, right, it's personalized content, personalized agents, personalized gamification and technology that they're able to use to stay adherent and to stay motivated. You can imagine, for example, an individual who's getting treated with the personalized medication for weight loss also having access to an on-demand 24/7 nutritionist agent, right, who knows everything about them, who is right there with them, checking on them throughout the day, helping them with recipes, helping proactively count their calories with photos of the foods that they're eating. Same thing on the mental health platform, right?

是的，絕對是。我認為這是該平台在計費方面真正具有獨特優勢的一點。當我們考慮個人化治療計劃時，它不僅涉及個人化醫療，還涉及個人化內容、個人化代理、個人化遊戲化和技術，患者可以使用這些來保持依從性和保持動力。舉個例子，你可以想像一下，一個正在接受個人化減肥藥物治療的人，同時還可以獲得一個全天候的營養師代理，對吧，這個代理了解他們的一切，一直在他們身邊，全天檢查他們的情況，幫助他們制定食譜，通過他們所吃食物的照片主動幫助他們計算卡路里。心理健康平台上也是一樣，對嗎？

Patients that are struggling with sleep, you can imagine an agent that is on demand available with advanced cognitive behavioral therapy training to help that patient improve their insomnia. I think there's a real technology forward transition that the company is making right now, led by (inaudible) and there's a reason we brought him in for this exact reason. So we believe a lot of the future unlocks the stickiness of the platform, the benefits of the platform are going to be in the layering of technology across the stack that then enhances the personalized medication (inaudible).

對於那些睡眠困難的患者，你可以想像一種可以根據需要提供的藥劑，透過先進的認知行為療法訓練來幫助患者改善失眠症狀。我認為公司目前正在進行真正的技術向前轉型，由（聽不清楚）引領，我們正是因為這個原因才聘請他。因此，我們相信，未來許多事情都會解鎖平台的黏性，平台的優勢將體現在技術層面的分層，從而增強個人化醫療（聽不清楚）。

Ladies and gentlemen, we have reached the end of the question-and-answer session. This will conclude today's call. Thank you all for joining. You may now disconnect.

女士們、先生們，問答環節已經結束。今天的電話會議到此結束。感謝大家的加入。您現在可以斷開連線。