Hims & Hers Health Inc (HIMS) 2025 Q3 法說會逐字稿

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

感謝您的耐心等待。我叫艾瑞克，今天我將擔任你們的會議接線生。在此，我謹代表 Hims & Hers 向大家歡迎參加 2025 年第三季財報電話會議。（操作說明）

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

現在我將把電話交給投資者關係主管比爾紐比。請繼續。

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

各位下午好，歡迎參加 Hims & Hers Health 2025 年第三季財報電話會議。

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.

今天股市收盤後，我們發布了本季度的股東信，您可以在我們的網站 investors.hims.com 上找到該信的副本。

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

今天和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 do 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.

在把它交給安德魯之前，我提醒你注意法律安全港和警示性聲明。本簡報中對未來績效的某些陳述和預測構成前瞻性陳述，這些陳述和預測基於我們目前的市場、競爭對手和監管預期等因素，並受到風險和不確定性的影響，這些風險和不確定性可能導致實際結果與預期結果有重大差異。

We take no obligation to update publicly any forward-looking statements after this call, whether as a result of new information, future events, changes in assumptions or otherwise. The risks, uncertainties, and other factors that could cause actual results to differ from our forward-looking statements are described in our earnings release and SEC filings. Please see our recent earnings release and recently filed 10-K and 10-Q reports for a discussion of these risk factors as it 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，無論是由於新資訊、未來事件、假設變更或其他原因。可能導致實際結果與我們的前瞻性聲明之間存在差異的風險、不確定性和其他因素已在我們的盈利報告和提交給美國證券交易委員會的文件中進行了描述。有關與前瞻性陳述相關的這些風險因素的討論，請參閱我們最近發布的收益報告以及最近提交的 10-K 和 10-Q 報告。

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.

在今天的示範中，我們也將介紹一些非GAAP財務指標。請您參閱今天新聞稿和股東信中列出的最直接可比較的 GAAP 財務指標的調整表。

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

您可以在 investors.hims.com 上找到這些資訊以及今天網路直播的連結。電話會議結束後，本次網路直播將在網站存檔 12 個月。接下來，我會把電話交給安德魯。

Thanks, Bill. The third quarter was another strong step forward for Hims & Hers. Our strategy is working. We're expanding reach, deepening engagement and transforming how people experience healthcare. And the most exciting part is that this growing scale is making the entire experience better for our subscribers.

謝謝你，比爾。第三季對Hims & Hers來說又是一次強勁的成長。我們的策略奏效了。我們正在擴大覆蓋範圍，加深互動，並改變人們體驗醫療保健的方式。最令人興奮的是，這種不斷擴大的規模正在使我們的訂閱用戶獲得更好的體驗。

Hims & Hers is one of the few healthcare platforms where each customer engagement improve the overall experience. Scale doesn't just make us bigger, it makes us better. The learnings from each encounter position us to drive better experiences, stronger customer relationships and wider accessibility.

Hims & Hers 是少數的醫療保健平台之一，其每一次客戶互動都能改善整體體驗。規模的擴大不僅讓我們變得更大，也讓我們變得更好。每一次接觸都讓我們學到經驗，以便帶來更好的體驗、更牢固的客戶關係和更廣泛的服務。

Personalized care sits at the center of this evolution. Our growing scale means more people have access to treatment plans that can adapt to their unique needs, biology and goals by incorporating a variety of factors, dosing regimens and multi-condition solutions.

個人化照護是這項變革的核心。我們不斷擴大的規模意味著更多的人可以獲得能夠根據他們獨特的需求、生物學特徵和目標進行調整的治療方案，這些方案融合了各種因素、劑量方案和多重疾病解決方案。

Our consistent focus on democratizing access to these types of experiences continues to deliver meaningful results for our business. At the end of the quarter, subscribers using personalized solutions grew 50% year over year, helping drive nearly 50% in year over year revenue growth. Over the past few years, how we serve our customers has evolved in extraordinary ways.

我們始終致力於讓更多人能夠體驗這類經歷，這持續為我們的業務帶來顯著成效。本季末，使用個人化解決方案的訂閱用戶年增 50%，推動了營收年增近 50%。過去幾年，我們服務客戶的方式發生了翻天覆地的變化。

We started by helping people access simple, effective treatments for a narrow set of conditions. Then we expanded into personalized multi-condition care, giving customers a single place to manage a wide variety of health challenges with solutions tailored to them.

我們最初的目標是幫助人們獲得針對特定病症的簡單有效的治療方法。然後，我們拓展到個人化多疾病照護領域，為客戶提供一個平台來管理各種健康挑戰，並提供量身訂製的解決方案。

Now looking ahead, we plan to go beyond helping people treat their existing conditions and start helping them proactively manage their health before conditions even materialize. As we continue building a platform that unlocks broader access to care that's personal, proactive and connected, we expect that broader collaboration will become key, whether that's through partnerships, investments or joint innovation, we see enormous potential to work alongside others across the healthcare ecosystem to make this future a reality.

展望未來，我們計劃不僅幫助人們治療現有疾病，還要幫助他們在疾病出現之前就積極主動地管理自己的健康。隨著我們不斷建立一個能夠解鎖更廣泛、個人化、主動式和互聯式醫療服務的平台，我們預計更廣泛的合作將成為關鍵，無論是透過夥伴關係、投資還是聯合創新，我們都看到了與整個醫療保健生態系統中的其他人合作的巨大潛力，以使這一未來成為現實。

As we noted in our earnings release, we are in active discussions with Novo Nordisk to make Wegovy injections and once FDA approved, Novo's oral Wegovy available through our platform to continue advancing consumer options. Earlier in the quarter, we announced a partnership with Marius Pharmaceuticals, which will allow our customers to access one of the few FDA-approved oral testosterone treatments in 2026.

正如我們在收益報告中提到的，我們正在與諾和諾德積極討論，以便將 Wegovy 注射劑以及一旦獲得 FDA 批准的諾和諾德口服 Wegovy 通過我們的平台提供，從而繼續為消費者提供更多選擇。本季早些時候，我們宣布與 Marius Pharmaceuticals 建立合作夥伴關係，這將使我們的客戶能夠在 2026 年獲得少數幾種 FDA 批准的口服睪固酮治療藥物之一。

We expect these solutions combined with consistent provider support and the ability to seamlessly track hormone levels via the Hims app can help redefine how millions of men access effective hormonal care.

我們期望這些解決方案，再加上供應商的持續支持，以及透過 Hims 應用程式無縫追蹤荷爾蒙水平的功能，能夠幫助重新定義數百萬男性獲得有效荷爾蒙護理的方式。

And most recently, we made a strategic investment in GRAIL, the company behind what we believe is the most advanced multi-cancer early detection test on the market. We are proud to invest in a company that shares our vision for the future. These relationships underscore the potential of what we've been building.

最近，我們對 GRAIL 公司進行了策略性投資，該公司研發出了我們認為市場上最先進的多癌種早期檢測技術。我們很榮幸能投資一家與我們擁有共同未來願景的公司。這些關係凸顯了我們所建構的一切的潛力。

They reflect our ongoing commitment to making our platform a powerful curator of the best-in-class health and wellness solutions. Over time, we plan to pursue a mix of strategic investments partnerships and collaborations in order to build a single destination where customers can access a range of innovative offerings alongside those personal, convenient care available.

這體現了我們持續致力於將我們的平台打造為一流的健康和保健解決方案的強大聚合平台。隨著時間的推移，我們計劃透過策略性投資、夥伴關係和合作，打造一個一站式平台，讓客戶能夠獲得一系列創新產品和服務，以及便利的個人化照護。

These recent developments are an exciting glimpse into a future where access to proactive preventative care is not a privilege but a standard. I've never been more excited about where this company is heading.

這些最新進展令人興奮地預示著未來，屆時，獲得積極主動的預防性醫療保健不再是一種特權，而是一種標準。我從未像現在這樣對這家公司的未來發展方向感到如此興奮。

When we initially shared our 2030 goals earlier this year of more than $6.5 billion in revenue and $1.3 billion in adjusted EBITDA, it was with this clear vision in mind. Today, we're delivering against that vision in a real way. The opportunity to accelerate our trajectory are materializing quicker than anticipated, and we are leaning in.

今年早些時候，我們首次公佈了 2030 年的目標，即營收超過 65 億美元，調整後 EBITDA 達到 13 億美元，當時我們就是懷著這樣的清晰願景。今天，我們正在以實際行動實現這個願景。加速我們發展進程的機會比預期來得更快，我們正在全力以赴。

Let's start with weight loss, which remains one of the most important global health challenges impacting nearly 1 billion adults around the world. Since launching the specialty nearly two years ago, we've shown that combining reliable access to effective medication with a best-in-class experience has the potential to change lives.

讓我們先從減肥說起，減肥仍然是全球最重要的健康挑戰之一，影響著全世界近 10 億成年人。自從近兩年前推出該專科以來，我們已經證明，將可靠的有效藥物獲取途徑與一流的體驗相結合，有可能改變人們的生活。

We believe that customers are best supported when they have access to data-driven provider recommendations, ongoing clinical guidance and easy-to-use digital tools that track progress. The foundation behind our continued growth will be the ongoing verticalization of our compounded infrastructure. We believe investments in these facilities are establishing a new gold standard for compounding infrastructure broadly, positioning us to accelerate growth while maintaining the high standards of safety, quality and affordability our customers are accustomed to.

我們相信，當客戶能夠獲得數據驅動的供應商建議、持續的臨床指導和易於使用的追蹤進度的數位工具時，就能獲得最好的支援。我們持續成長的基礎將是我們複合型基礎設施的持續垂直化。我們相信，對這些設施的投資正在為廣泛的複合基礎設施樹立新的黃金標準，使我們能夠在保持客戶所習慣的高安全、高品質和可負擔性標準的同時，加速成長。

Importantly, this means all active pharmaceutical ingredients in compounded treatments are sourced from FDA-registered facilities, and in cases such as semaglutide, for which the FDA recently established a green list of GLP-1 API suppliers resourced solely from the suppliers. As our scale has grown, we've also shown a consistent track record of translating that growth into greater efficiency.

重要的是，這意味著複方治療中的所有活性藥物成分均來自 FDA 註冊的機構，並且對於像司美格魯肽這樣的藥物，FDA 最近建立了一個 GLP-1 API 供應商綠色名單，這些供應商的原料完全來自名單上的供應商。隨著規模的成長，我們也一直保持著將成長轉化為更高效率的良好記錄。

This track record and ongoing efforts to verticalize our sterile compounding operations support our ongoing pursuit to make GLP-1 offerings increasingly accessible. Recently, we strategically reduced prices across compounded GLP-1 treatment plans by as much as 20%, extending accessible care to an even broader population. In the quarters ahead, we'll also continue expanding the breadth of options accessible through our platform.

這項過往業績以及我們為實現無菌配製業務垂直化而持續做出的努力，支持著我們不斷追求使 GLP-1 產品越來越容易獲得。最近，我們採取了策略性措施，將複合 GLP-1 治療方案的價格降低了 20%，使更多人能夠獲得可及的治療。在接下來的幾個季度裡，我們也將繼續擴大透過我們的平台可獲得的選項範圍。

Our technology and vertically integrated infrastructure are unlocking new levels of personalization, most recently with the addition of microdosing options for compounded semaglutide treatments. It's allowing us to deliver what we believe is the most high touch patient-centric experience in the market. And as we help more customers find the right treatment and support providers in evolving patient care, we're continuing to strengthen that leadership position.

我們的技術和垂直整合的基礎設施正在解鎖更高水準的個人化，最近新增的複合司美格魯肽治療微劑量選項就是最好的證明。這使我們能夠提供我們認為市場上最貼心、以患者為中心的服務體驗。隨著我們幫助越來越多的客戶在不斷發展的患者護理中找到合適的治療和支持提供者，我們也不斷鞏固我們的領導地位。

Put simply, we're making it easier for more customers to start, stay on and succeed in their own weight loss journey, and we're confident that we'll continue to drive results for a growing set of customers by doing so. We're also extending the benefits of our consumer-centric approach to new specialties.

簡而言之，我們正在幫助更多客戶更容易開始、堅持並成功完成他們的減肥之旅，我們相信，透過這樣做，我們將繼續為越來越多的客戶帶來成果。我們也將以消費者為中心的理念的優勢擴展到新的專業領域。

We believe recent launches supporting low testosterone and menopause unlock significant long-term growth opportunities and increase our ability to deepen relationships with existing subscribers while expanding access to care for millions more. The current state of hormone healthcare in the US reflects the exact challenge Hims & Hers was designed for, conditions that impact millions, available treatment options that can make a real difference and a system that still makes access far too hard.

我們相信，近期推出的針對低睪固酮和更年期的產品將帶來巨大的長期成長機會，並增強我們與現有訂閱用戶深化關係的能力，同時為更多人提供醫療保健服務。美國目前的荷爾蒙醫療保健狀況恰恰反映了 Hims & Hers 的設計初衷所面臨的挑戰：影響數百萬人的疾病、能夠真正帶來改變的治療方案，以及仍然使人們難以獲得治療的系統。

We're changing that. Millions of men experience symptoms of low testosterone but face stigma, confusion or limited access to effective care.

我們正在改變這種情況。數百萬男性出現睪固酮水平低下的症狀，但卻面臨著恥辱、困惑或難以獲得有效治療。

Our recent launch aims to address these issues with access to personalized provider guided treatment plans supported by at-home lab testing. While still early, the responses launch has already indicated an immediate product market fit, and we're actively optimizing both the experience and the operational engine behind this offering to meet the strong demand.

我們最近推出的服務旨在透過提供個人化的醫療服務提供者指導的治療方案，並輔以家庭實驗室檢測，來解決這些問題。雖然目前還處於早期階段，但市場反饋已表明該產品與市場需求高度契合，我們正在積極優化該產品的用戶體驗和營運引擎，以滿足強勁的需求。

Through our parimenopause and menopause offering, we're addressing one of the biggest gaps in women's health, nearly 1.3 million women in the US enter menopause each year, yet only 30% of OB/GYN residency programs offer formal training on how to treat it. Our new Hers offering helps close this gap by providing access to personalized care and support designed specifically for women during this stage of life.

透過我們提供的更年期前期和更年期服務，我們正在解決女性健康領域最大的缺口之一：美國每年有近 130 萬名女性進入更年期，但只有 30% 的婦產科住院醫師培訓計畫提供如何治療更年期的正式培訓。我們新推出的 Hers 服務旨在彌合這一差距，為處於人生這一階段的女性提供專門設計的個人化護理和支持。

We expect this offering to become a meaningful growth driver as the Hers brand reaches more women and scales towards $1 billion in annual revenue in 2026. Together, these launches expand our reach across life stages and conditions. And more importantly, they lay the groundwork for the next era, where Hims & Hers can change the status quo for millions of customers, proactive health and diagnostics.

我們預計，隨著 Hers 品牌觸達更多女性，並在 2026 年實現 10 億美元的年收入，這項服務將成為重要的成長驅動力。這些新品發布將進一步擴大我們服務範圍，涵蓋各個生命階段和各種健康狀況。更重要的是，它們為下一個時代奠定了基礎，在這個時代，Hims & Hers 可以改變數百萬客戶的現狀，實現主動健康和診斷。

We plan to launch comprehensive whole body lab testing before year-end, which will represent a significant step forward in this evolution. By scaling capabilities like blood testing, we're thrilled to help more customers affordably access the insights they need to monitor, maintain and improve their overall health.

我們計劃在年底前推出全面的全身實驗室檢測，這將是這項發展過程中的重要進展。透過擴大血液檢測等能力，我們很高興能夠幫助更多客戶以經濟實惠的方式獲得他們所需的信息，以監測、維護和改善他們的整體健康狀況。

We envision these capabilities empowering consumers to proactively address health concerns such as vitamin deficiencies, unoptimized hormonal levels and genetic risk factors, while also identifying early indicators of more serious conditions like cancer and cardiovascular disease. Historically, people have come to us to manage existing conditions, soon will help them take a more proactive role in managing their health.

我們設想這些功能將使消費者能夠主動解決維生素缺乏、荷爾蒙水平失衡和遺傳風險因素等健康問題，同時也能識別癌症和心血管疾病等更嚴重疾病的早期跡象。從歷史上看，人們來找我們是為了治療現有的疾病，很快我們將幫助他們更積極主動地管理自己的健康。

And in doing so, can potentially impact millions of lives. Our goal is to one day help identify and manage risks associated with heart disease, metabolic disorders, neurodegenerative diseases and cancer, long before symptoms appear. We believe our platform is uniquely positioned to make this possible.

這樣做可能會影響數百萬人的生活。我們的目標是，有朝一日能夠幫助識別和管理與心臟病、代謝紊亂、神經退化性疾病和癌症相關的風險，在症狀出現之前很久就加以預防。我們相信，我們的平台擁有得天獨厚的優勢，能夠實現這一點。

We have the lab-testing capabilities to give customers and providers deeper health insights. We have the provider network and compounding infrastructure in place to help take action against those insights and we have a strengthening data feedback loop that can help measure, adapt and refine care at scale. We believe that combination positions Hims & Hers to do a few others in healthcare can, turn data into tailored action for millions of people.

我們擁有實驗室檢測能力，可以為客戶和醫療服務提供者提供更深入的健康洞察。我們擁有完善的供應商網路和配套基礎設施，可以幫助我們根據這些見解採取行動，並且我們擁有不斷增強的數據回饋循環，可以幫助大規模地衡量、調整和改進護理。我們相信，這種組合使 Hims & Hers 能夠在醫療保健領域做到其他一些事情，將數據轉化為為數百萬人量身定制的行動。

These capabilities alongside our California-based peptide manufacturing facility, which is actively onshoring R&D for core peptide applications form the foundation of the longevity specialty we plan to launch in 2026. We plan to scale the specialty to feature a broad range of therapies in addition to our new testing options.

這些能力，加上我們位於加州的勝肽製造工廠（該工廠正在積極將核心勝肽應用的研發工作遷回國內），構成了我們計劃於 2026 年推出的長壽特產的基礎。我們計劃擴大該專科的規模，除了我們新的檢測方案外，還將提供廣泛的治療方案。

Over time, we expect these will include peptides, coenzymes, GLP and GIP treatments designed to improve performance, recovery in cardiometabolic longevity markers. Each of these initiatives are part of a broader effort to make advanced diagnostics and the care that follows more accessible. Through investments and when appropriate partnerships, we expect this type of care, which has historically been acceptable only to a small affluent subset of the population available to each of our customers.

隨著時間的推移，我們預計這些療法將包括勝肽、輔酶、GLP 和 GIP 療法，旨在改善心血管代謝長壽指標的表現和恢復。這些措施都是為了讓更多人能夠獲得先進的診斷和後續護理服務而做出的更廣泛努力的一部分。透過投資和適當的合作，我們希望能夠為每位客戶提供這種以往只有一小部分富裕人群才能享受到的護理服務。

Finally, our success in the US and UK gives us a real conviction that our model can scale globally. We believe that this team, vision and balance sheet we have in place are uniquely positioned to scale a leading consumer health platform globally. In Europe, our acquisition of ZAVA Global gives us the infrastructure to serve customers across the UK, Germany, France, Ireland, and Spain.

最後，我們在美國和英國的成功讓我們真正相信，我們的模式可以推廣到全球。我們相信，我們現有的團隊、願景和資產負債表，使我們具備了在全球範圍內打造領先的消費者健康平台的獨特優勢。在歐洲，我們收購 ZAVA Global 為我們提供了服務英國、德國、法國、愛爾蘭和西班牙客戶的基礎設施。

We're now reaching a total addressable market of more than 200 million adults across these regions, and the early response continues to validate how naturally our model translates. Next, we're preparing to launch in Canada in the near future, notably expanding our North America presence.

我們現在在這些地區擁有超過 2 億成年人的潛在市場，早期的市場回饋不斷驗證了我們的模式是多麼自然地轉換。接下來，我們正準備在不久的將來進軍加拿大市場，這將顯著擴大我們在北美的業務。

With two-thirds of Canadian adults overweight or living with obesity, we're incredibly excited about this opportunity to make high-touch care more accessible. We are in active discussions with leading generic manufacturers to ensure that once semaglutide becomes available in generic form in 2026, we are ready to deliver access through our platform.

加拿大有三分之二的成年人超重或肥胖，我們非常高興能有這個機會讓更多人獲得高品質的照護服務。我們正在與領先的仿製藥生產商積極討論，以確保一旦索馬魯肽在 2026 年以仿製藥形式上市，我們就能透過我們的平台提供用藥途徑。

Looking ahead, we see international markets as a powerful long-term growth opportunity, representing more than $1 billion in potential annual revenue. We're deploying meaningful capital to bring the Hims & Hers experience to more customers across the UK and broader European markets, where we see a significant opportunity to scale our model and deepen our presence.

展望未來，我們認為國際市場是一個強大的長期成長機會，每年潛在收入超過 10 億美元。我們正在投入大量資金，將 Hims & Hers 的體驗帶給英國及更廣泛的歐洲市場的更多客戶，我們看到了擴大我們模式和深化我們業務的巨大機會。

We believe Hims & Hers will soon become the largest global consumer health platform, unlocking access to direct-to-consumer personalized care for more customers than any company in the world. This approach extends across our entire business. The runway for growth and the opportunities to drive accelerating adoption across a wide range of conditions and health concerns are clear.

我們相信 Hims & Hers 很快就會成為全球最大的消費者健康平台，為比世界上任何其他公司都多的客戶提供直接面向消費者的個人化護理服務。這種方法貫穿我們整個業務。成長空間和推動在各種疾病和健康議題上加速普及的機會顯而易見。

We'll keep investing in what matters most expanding our reach, deepening engagement and broadening our capabilities, allowing customers to manage and improve their health on one single platform. Since founding this company, I've never been more excited than I am right now. The future of healthcare is ours to build and we are building it piece by piece.

我們將繼續投資最重要的事情，擴大我們的覆蓋範圍，加深互動，拓展我們的能力，讓客戶能夠在一個平台上管理和改善他們的健康。自從創立這家公司以來，我從未像現在這樣興奮過。醫療保健的未來由我們來建設，我們正在一步一步地建立它。

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

接下來，我將把發言權交給 Yemi，讓他來談談我們的財務表現和 2025 年的最新展望。

Thanks, Andrew. I'll start by providing an overview of our third quarter financial results before going deeper into our final outlook for 2025. In the third quarter, our commitment to doing more for our customers drove another period of exceptional growth and expansion. By consistently introducing new innovative offerings and broadening the range of specialties we support, we're systematically increasing the number of individuals we are able to reach and help.

謝謝你，安德魯。首先，我將概述我們第三季的財務業績，然後再深入探討我們對 2025 年的最終展望。第三季度，我們致力於為客戶提供更多服務，推動了另一個非凡的成長和擴張時期。透過不斷推出新的創新產品和服務，並擴大我們支持的專業領域範圍，我們正在系統地增加我們能夠接觸和幫助的人數。

This growing breadth of care anchored in a precision medicine-based approach is enabling us to reach customers at multiple points throughout their healthcare journey and evolve with them as their needs change.

這種以精準醫療為基礎、不斷擴大的照護範圍，使我們能夠在客戶的整個醫療保健旅程中的多個階段與他們接觸，並隨著他們需求的變化而發展。

During the third quarter, revenue grew 49% year over year to nearly $600 million, while adjusted EBITDA margins were above 13%. In the third quarter, our subscriber base increased sequentially by more than 30,000, reflecting a year over year growth rate of 20%. We see the formation of a robust foundation of multiyear growth levers across three key areas of our portfolio, offerings under our Hims brand in the US, offerings under our Hers brand in the US and an expanding portfolio of international markets.

第三季度，營收年增 49%，達到近 6 億美元，調整後 EBITDA 利潤率超過 13%。第三季度，我們的用戶數量較上季增加了 3 萬多人，年增 20%。我們看到，我們產品組合的三個關鍵領域正在形成多年成長的強大基礎，包括美國 Hims 品牌的產品、美國 Hers 品牌的產品以及不斷擴大的國際市場產品組合。

Within our Hims brand, we are making a deliberate effort to transition away from generic on-demand sexual health solutions towards more personalized daily treatment offerings that allow providers to address a wider spectrum of needs.

在我們的 Hims 品牌下，我們正在努力從通用的按需性健康解決方案轉向更個人化的日常治療方案，以便讓醫療服務提供者能夠滿足更廣泛的需求。

Excluding the impact of the current sexual health transition, subscribers in the third quarter grew north of 40% year over year. Our expectation is that the effects of this transition will meaningfully dissipate in the second half of next year. We believe that these dynamics in conjunction, with the launch of new offerings such as testosterone, will result in accelerating growth in the second half of 2026 within our Hims portfolio.

不考慮當前性健康轉型的影響，第三季訂閱用戶年增超過 40%。我們預計，這種轉變的影響將在明年下半年顯著消退。我們相信，這些動態因素，再加上睪固酮等新產品的推出，將導致 Hims 產品組合在 2026 年下半年加速成長。

Switching to Hers. We've seen the collective offerings on our Hers brand grow near or above triple digits for the last several years, and are now on pace to deliver revenue of over $1 billion in 2026. We expect the addition of new specialties such as menopause, diagnostics and longevity to continue driving strong growth across the Hers portfolio.

切換到她的。過去幾年，我們看到旗下 Hers 品牌的所有產品組合都實現了接近或超過三位數的成長，目前預計在 2026 年實現超過 10 億美元的收入。我們預計，更年期、診斷和長壽等新領域的加入將繼續推動 Hers 產品組合的強勁成長。

Before going deeper in the investments we are making to drive growth across our strategic areas, I'll provide an overview of profitability dynamics. During the third quarter, adjusted EBIT grew more than 50% year over year to $78 million, offering another strong proof point of our team's ability to execute with discipline and deliver results consistent within our capital allocation framework.

在深入探討我們為推動各策略領域成長而進行的投資之前，我將概述一下獲利動態。第三季度，調整後息稅前利潤年增超過 50%，達到 7,800 萬美元，這再次有力地證明了我們團隊有能力在資本配置框架內，以嚴謹的態度執行並取得一致的成果。

Adjusted EBITDA margins increased relative to the prior year, a significant leverage on our marketing spend, more than offset higher costs, and we continue to benefit from investments that are enabling us to scale new specialties, expand our global footprint and further elevate the talent across the organization. In particular, we're making meaningful investments in talent across our technology organization as we build out the team and infrastructure that will power our next phase of expansion.

經過調整的 EBITDA 利潤率較上年有所提高，這顯著提高了我們的行銷支出，足以抵消更高的成本，而且我們繼續受益於各項投資，這些投資使我們能夠擴大新的專業領域，拓展我們的全球業務，並進一步提升整個組織的人才水平。尤其值得一提的是，我們正在對整個技術部門的人才進行有意義的投資，以建立能夠推動我們下一階段擴張的團隊和基礎設施。

Marketing as a percentage of revenue was 39%, representing more than 6 points of leverage year over year. We continue to see acquisition gains through lower-cost and nonpaid channels, benefits from higher retention as more subscribers benefit from personalized offerings and a more stable backdrop within our weight loss offering. Each of these factors has resulted in leverage from revenue growth outpacing marketing and investment.

行銷費用佔收入的 39%，比前一年增長了 6 個百分點以上。我們持續透過低成本和非付費管道獲得用戶成長，隨著更多訂閱者受益於個人化服務，用戶留存率提高，以及減重產品市場環境更加穩定，我們都能從中受益。這些因素共同導致收入成長超過了行銷和投資的成長速度，從而產生了槓桿效應。

Gross margins declined over 2 points quarter over quarter to 74% as tailwinds from continued growth in non-weight specialties were offset by lower intra-quarter revenue recognized per shipment from certain weight loss offerings due to shorter shipping cadences. G&A costs were also pressured as a result of the ZAVA integration as well as additional expenses related to the hiring of new leadership talent.

由於非減肥產品持續成長帶來的利多被某些減肥產品因出貨週期縮短而導致的季度內每批貨物確認收入下降所抵消，毛利率環比下降超過 2 個百分點至 74%。由於 ZAVA 的整合以及與招募新領導人才相關的額外支出，一般及行政費用也面臨壓力。

G&A as a percentage of revenue increased 2 points year over year. A similar dynamic was seen in operations and support costs. Technology and development costs as a percentage of revenue increased nearly 2 points year over year to 7%, reflecting ongoing investment in engineering and product talent across the organization. We expect to continue investing in this area over the coming quarters as these initiatives enhance the customer experience and drive long-term financial returns.

一般及行政費用佔收入的比例年增2個百分點。營運和支援成本方面也出現了類似的動態。技術和開發成本佔收入的比例年增近 2 個百分點，達到 7%，這反映了公司對工程和產品人才的持續投資。我們預計將在未來幾季繼續加大對該領域的投資，因為這些舉措將提升客戶體驗並帶​​來長期的財務回報。

We believe these investments will pay back over the mid- to long term in the form of reduced costs from greater efficiency, but more importantly, through unlocking new growth factors for the company in the future.

我們相信，這些投資將在中長期內透過提高效率降低成本來獲得回報，但更重要的是，它們將在未來為公司釋放新的成長因素。

Our priority center around long-term free cash flow generation and each of the investments we are making today set the foundation for greater free cash flow generation in the future. In the third quarter, cash flow from operations was $149 million, which translated into free cash flow of $79 million. At quarter end, we had over $1.1 billion of cash, short-term and long-term investments, of which $630 million was held in cash and short-term investments.

我們的首要任務是創造長期自由現金流，我們今天進行的每項投資都為未來創造更大的自由現金流奠定了基礎。第三季度，經營活動產生的現金流為 1.49 億美元，轉化為自由現金流為 7,900 萬美元。截至季末，我們擁有超過 11 億美元的現金、短期和長期投資，其中 6.3 億美元為現金和短期投資。

The strength of our cash flow and balance sheet places us in a unique position to strategically deploy capital to expand both organically as well as the strategic M&A opportunities. We believe this to be a meaningful differentiator and opportunity to cement our leadership position as we do not believe that there is a peer in our space that has the resources and expertise to do the same.

我們強勁的現金流和資產負債表使我們處於獨特的地位，可以策略性地部署資本，以實現有機成長以及策略性併購機會。我們認為這是一個重要的差異化優勢和鞏固我們領導地位的機會，因為我們認為，在我們這個領域，沒有其他競爭對手擁有相同的資源和專業知識。

Similar to prior quarters, we expect to invest across the following areas. First is continued verticalization and expansion of personalized capabilities within our facilities. In the coming quarters, we expect our operational footprint and capabilities to continue to expand. We entered the year with a facility footprint of just under 400,000 square feet and expect to leave the year with a footprint north of $1 million.

與前幾季類似，我們預計將在以下領域進行投資。首先是繼續推進我們工廠內部個人化能力的垂直化和擴展。在接下來的幾個季度裡，我們預計我們的營運規模和能力將繼續擴大。年初時，我們的設施佔地略低於 40 萬平方英尺，預計到年底時，佔地面積將超過 100 萬美元。

This will enable us to unlock additional form factors like gummies across a broader set of specialties, increased capacity for fulfillment and sterile offerings as well as leverage insights from diagnostic capabilities to have an even more comprehensive set of multi-condition offerings.

這將使我們能夠解鎖更多形態的產品，例如軟糖，涵蓋更廣泛的專業領域，提高履行能力和無菌產品供應，並利用診斷能力的洞察力，提供更全面的多病症產品。

While we expect to see retention and acquisition benefits across each of our specialties, this will be a particularly important component with respect to one, broadening the appeal of our sexual health offering, while we transition from on-demand offerings, daily solutions; and two, leveraging verticalization to make higher complexity offerings, inclusive of our weight loss and testosterone solutions, more affordable with minimal long-term margin sacrifices.

雖然我們預計在各個專業領域都能看到客戶留存和獲取方面的優勢，但這對於以下兩方面來說尤其重要：一是擴大我們性健康產品的吸引力，同時從按需服務過渡到日常解決方案；二是利用垂直化，使更複雜的產品（包括我們的減肥和睾酮解決方案）更經濟實惠，同時最大限度地減少長期利潤損失。

Second, we plan to continue expanding the breadth of solutions and enhancing the customer experience across our new specialties. In the third quarter, we were pleased to launch our low-testosterone offering and have already seen strong interest from our current subscriber base. In the fourth quarter, we have launched solutions for perimenopause and menopause support and plan to launch comprehensive lab testing diagnostics, both of which we believe will be meaningful accelerant to the business.

其次，我們計劃持續擴大解決方案的範圍，並在我們新的專業領域提升客戶體驗。第三季度，我們很高興推出了低睪固酮產品，並且已經看到了現有訂閱用戶群的濃厚興趣。第四季度，我們推出了圍絕經期和更年期支援解決方案，並計劃推出綜合實驗室檢測診斷，我們相信這兩項舉措都將對業務發展起到重要的加速作用。

We expect continued investments in our facilities will enable us to broaden solutions within these specialties as well as reduce cost of verticalization.

我們預計，對設施的持續投資將使我們能夠擴大這些專業領域的解決方案，並降低垂直化成本。

Third, we continue to see strategic investments, partnerships and collaborations as powerful tools to extend our impact and advance our mission. Our recent investment in GRAIL exemplifies this approach. Through these initiatives, we see real opportunity to leverage our balance sheet to strengthen relationships across the broader healthcare ecosystem.

第三，我們仍然認為策略投資、夥伴關係和合作是擴大我們的影響力並推動我們使命的有力工具。我們最近對 GRAIL 的投資就是這種理念的體現。透過這些舉措，我們看到了利用自身資產負債表來加強與更廣泛的醫療保健生態系統之間關係的真正機會。

Over time, these efforts can make new and innovative development in healthcare more accessible to a broader portion of the population. Fourth, we expect to make meaningful investments in the capabilities of our technology platform.

隨著時間的推移，這些努力可以使醫療保健領域的新興創新成果惠及更廣泛的人群。第四，我們期望對我們的技術平台的能力進行有意義的投資。

We believe the breadth of data on our platform and its utility value in helping our subscribers optimize their health will meaningfully increase with the launch of deeper diagnostic testing from our offerings. This can come in the form of data-driven treatment recommendations, chatbots to enable faster nonclinical customer solutions or AI-assisted tools such as nutritional coaches.

我們相信，隨著我們推出更深入的診斷測試，我們平台上的數據廣度及其在幫助用戶優化健康方面的實用價值將顯著提高。這可以體現在數據驅動的治療建議、用於提供更快捷的非臨床客戶解決方案的聊天機器人，或是像營養教練這樣的人工智慧輔助工具。

We are already seeing early wins and look forward to bringing deeper updates on this front in the future. Lastly, our mission to help the world feel great for the power of better health does not have borders. Success in the UK was a catalyst in our expansion into Germany, France, Ireland and Spain for ZAVA acquisition, and soon, we will add Canada to that list.

我們已看到一些初步成果，並期待未來能就此方面帶來更深入的進展。最後，我們致力於透過更健康的身體讓世界變得更美好，而我們的使命沒有國界。在英國的成功促使我們向德國、法國、愛爾蘭和西班牙擴張，收購了 ZAVA，不久之後，我們將把加拿大也加入這個名單中。

The strength of our balance sheet and the considerable cash flow profile we built in the US position us to deploy capital into these more nascent markets in a disciplined way. Additionally, we expect to meaningfully scale our operations in the UK with more investment in expanded capabilities and reinforcement of our brand given signals around the significant opportunity that we see.

我們強大的資產負債表和在美國建立的可觀現金流使我們能夠以嚴謹的方式將資本部署到這些新興市場。此外，鑑於我們看到的巨大機遇，我們預計將透過加大對擴大能力和強化品牌的投資，顯著擴大我們在英國的業務規模。

Further refinement of our playbook unlocks our potential to expand in Brazil, Australia and other Latin American and Asian markets in the future. Hims & Hers is undergoing another significant evolution on multiple fronts: technology, new capabilities, new specialties as well as expanding geographical coverage.

進一步完善我們的策略規劃，將釋放我們未來在巴西、澳洲以及其他拉丁美洲和亞洲市場擴張的潛力。Hims & Hers 正在多個方面經歷著另一個重大變革：技術、新功能、新專長以及不斷擴大的地理覆蓋範圍。

One of the most exciting shifts will come from what our upcoming launch of comprehensive whole body diagnostic testing will bring. Currently, consumers come to our platform seeking a solution for a known condition that they want help with. With deeper diagnostics, we believe we'll be able to orient toward a model that allows subscribers to proactively manage their health and pursuit of healthier and longer lives.

最令人興奮的轉變之一將來自我們即將推出的全面全身診斷測試。目前，消費者來到我們的平台是為了尋求針對他們已知病症的解決方案，並希望獲得協助。我們相信，透過更深入的診斷，我們將能夠朝著一種模式發展，使用戶能夠主動管理自己的健康，追求更健康、更長壽的生活。

This will enable us to attract a broader set of consumers as well as deepen engagement with our current subscribers. Over the coming quarters, we expect to elevate investment to unlock capabilities to improve the experience we bring to current and future subscribers. Investment will be focused on accelerating adoption in new specialties, enhancing our technical talent to build a next-generation technology platform and cementing our leadership position by delivering greater value to our subscribers.

這將使我們能夠吸引更廣泛的消費者群體，並加深與現有用戶的互動。在接下來的幾個季度裡，我們預計將加大投資，以釋放更多能力，從而改善我們為現有和未來用戶帶來的體驗。我們將投資重點放在加速新專業領域的應用、提昇技術人才以建立下一代技術平台以及透過為用戶提供更大價值來鞏固我們的領導地位。

Our capital allocation framework will remain in place. And we believe similar to past investment periods, we will realize a meaningful return on these investments in the future.

我們的資本配置架構將保持不變。我們相信，與以往的投資時期類似，未來這些投資也將獲得可觀的報酬。

With that, I'll double click into our outlook for the remainder of the year. In the fourth quarter, we expect revenue to be between $605 million to $625 million, representing a year over year growth rate of between 26% and 30%. We are anticipating adjusted EBITDA in the range of $55 million to $65 million, reflecting a 10% margin at the midpoint.

接下來，我將雙擊進入我們對今年剩餘時間的展望。我們預計第四季營收將在 6.05 億美元至 6.25 億美元之間，年成長率介於 26% 至 30% 之間。我們預計調整後的 EBITDA 將在 5,500 萬美元至 6,500 萬美元之間，中間值為 10%，利潤率為 10%。

For the full year, we expect revenue to be between $2.335 billion and $2.355 billion, reflecting a year over year increase that ranges from 58% to 59%. We are anticipating adjusted EBITDA in the range of $307 million to $317 million, reflecting a 13% margin at the midpoint.

我們預計全年營收將在 23.35 億美元至 23.55 億美元之間，年增 58% 至 59%。我們預計調整後的 EBITDA 將在 3.07 億美元至 3.17 億美元之間，中間值的利潤率為 13%。

Behind our outlook are the following assumptions: First, we expect the migration fulfillment for sterile weight loss products to 503(a) facilities to drive between $20 million to $25 million of headwinds in the fourth quarter from shorter shipment cadences that result in less revenue recognized per shipment. This dynamic will normalize in the second half of 2026 as the cohorts of customers refilling their orders accumulate.

我們的展望基於以下假設：首先，我們預計，由於發貨週期縮短，導致每次發貨確認的收入減少，因此第四季度無菌減肥產品向 503(a) 設施的遷移履行將帶來 2000 萬至 2500 萬美元的不利影響。隨著續訂訂單的客戶群不斷積累，這種動態將在 2026 年下半年趨於正常。

We are making meaningful investments to expand our internal 503(a) sterile fulfillment capacity. Progress on this front gave us conviction to make GLP-1s more accessible through lowering the price points for our three-month, four-month, and six-month offerings in the fourth quarter. This is expected to come with near-term margin headwinds that will normalize in the second half of next year as we continue to progress with the verticalization of our sterile fulfillment capabilities.

我們正在進行有意義的投資，以擴大我們內部的 503(a) 無菌包裝能力。這方面的進展使我們更有信心在第四季度降低三個月、四個月和六個月療程產品的價格，從而使 GLP-1 更容易獲得。預計短期內利潤率將受到不利影響，但隨著我們不斷推動無菌包裝能力的垂直化，這種情況將在明年下半年得到改善。

Second, we continue to expect at least $50 million of incremental revenue from ZAVA in the second half of the year. Since closing the acquisition in July, momentum has been strong, and we're actively deploying resources in our proven consumer-centric playbook to capture the significant market opportunities we see across Europe.

其次，我們仍然預計 ZAVA 在今年下半年將帶來至少 5,000 萬美元的增量收入。自 7 月完成收購以來，發展勢頭強勁，我們正在積極運用我們行之有效的以消費者為中心的策略來部署資源，以抓住我們在歐洲看到的巨大市場機會。

Lastly, we expect a continued moderation in our on-demand sexual health business to persist in the near term. So these headwinds should begin to ease in 2026 as daily sexual health subscribers and multi-condition treatment plans become a larger share of the mix. The ongoing shift for personalized offerings remains a key driver of long-term revenue retention, supporting our target of 85% or higher, positioning the business for more durable recurring growth over time.

最後，我們預期短期內按需性健康業務將持續保持溫和成長的態勢。因此，隨著每日性健康訂閱用戶和多疾病治療計劃在市場中所佔比例越來越大，這些不利因素應該會在 2026 年開始緩解。個人化服務的持續轉變仍然是長期收入留存的關鍵驅動因素，支持我們實現 85% 或更高的目標，使業務能夠隨著時間的推移實現更持久的經常性成長。

As Andrew mentioned, we're excited to be in a position where we can confidently invest in the long-term trajectory of our business. We expect these investments to start in the fourth quarter and continue through 2026 as we scale new categories to a larger presence in new markets, and begin driving greater value to subscribers through innovative partnerships.

正如安德魯所提到的那樣，我們很高興能夠有信心投資於我們業務的長期發展軌跡。我們預計這些投資將從第四季度開始，並持續到 2026 年，屆時我們將擴大新類別在新市場的份額，並透過創新合作開始為訂閱用戶創造更大的價值。

While this may result in a temporary pause in the year over year margin expansion, we believe these investments will meaningfully extend the reach of our platform around the world. With the immense opportunity in front of us, our conviction remains high in our ability to meet or exceed the 2030 targets we established earlier this year, at least $6.5 billion in revenue and $1.3 billion in adjusted EBITDA. Our success would not be possible without the significant efforts of Hims & Hers employees around the world.

雖然這可能會暫時停止同比利潤率的成長，但我們相信這些投資將實際擴大我們平台在全球的影響力。面對擺在我們面前的巨大機遇，我們仍然堅信我們有能力實現或超過今年早些時候制定的 2030 年目標，即至少 65 億美元的收入和 13 億美元的調整後 EBITDA。如果沒有Hims & Hers全球員工的辛勤付出，我們的成功是不可能實現的。

I'd like to thank them, our subscribers and our shareholders for supporting us in our mission to help the world through the power of better health.

我要感謝我們的訂閱用戶和股東們，感謝他們支持我們透過改善健康來幫助世界的使命。

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

接下來，我將把時間交還給比爾，讓他開始問答環節，提出來自我們散戶投資者社群的兩個問題。

Thanks, Yemi, and thank you to all the investors for sending questions over the weekend. We received a number of questions on the upcoming launches of lab testing and our longevity offering.

謝謝Yemi，也謝謝所有投資人在周末期間提出的問題。我們收到了許多關於即將推出的實驗室測試和我們的長壽產品的問題。

This one comes from Nick G. What is the timeline to release a full stack subscription service that includes at-home testing and additional products and services like peptides and a broader longevity offering? What are the biggest hurdles to this type of rollout?

這個問題來自 Nick G.。包含家庭檢測、勝肽產品等其他產品和服務以及更廣泛的延壽方案在內的全端訂閱服務的發佈時間表是什麼？這種推廣方式面臨的最大障礙是什麼？

Yes. Thanks, Nick, for that question. Great question. We are extremely excited about both of those two categories. As we shared in the prepared remarks, we will be launching the whole buy lab testing on the platform of very soon before the year-end.

是的。謝謝尼克的提問。問得好。我們對這兩個類別都感到非常興奮。正如我們在準備好的演講稿中所述，我們將在年底前不久在該平台上推出完整的採購實驗室測試。

I think this is a really exciting one for me personally. I mean this is a set of tests that historically cost me and my family upwards of anywhere from $5,000 to $10,000 for this type of comprehensive testing, and we'll be bringing it to market for an absolute fraction of that cost. So really an incredibly powerful opportunity for true equalization for anybody out there to be able to get a sense of where their body is at, where their family is standing and the people that they love making sure that they're getting ahead of any issues that they're aware of.

我覺得這對我個人來說真的非常令人興奮。我的意思是，過去這類綜合檢測，我和我的家人每次都要花費 5000 到 10000 美元，而我們將以遠低於這個價格的價格將其推向市場。所以，這確實是一個極其強大的機會，讓每個人都能真正平等地了解自己的身體狀況、家人的處境以及自己所愛的人，確保他們能夠提前應對任何已知的問題。

I think this testing lays the foundation for the longevity specialty that we mentioned, which, again, is a really exciting new category. This specialty will be coming to market in 2026, and will include a really wide range of treatments from on-market peptides, coenzymes, GLP, GIP treatments.

我認為這項測試為我們提到的長壽專科領域奠定了基礎，而長壽專科領域又是一個非常令人興奮的新類別。該專業將於 2026 年上市，並將包括從市面上的勝肽、輔酶、GLP、GIP 療法到其他各種療法的廣泛應用。

All of them will be designed and blended with performance recovery, cardiometabolic longevity markers as the core optimization of choice. So this is a category that is again leading the charge on health and wellness. It's something that very few have access to today. And I think the great equalization and bringing this to more people is going to be something that's going to be incredibly powerful. In that category, we're also hopeful that the current administration can help further expand access to more of these peptides.

所有這些方案都將以性能恢復和心血管代謝壽命指標為核心優化目標進行設計和融合。所以，這一類別再次引領了健康和保健的潮流。這是如今極少數人能夠接觸到的東西。我認為，實現真正的平等，讓更多人享有這種權利，將會產生非常強大的影響力。在這一類別中，我們也希望現任政府能夠幫助進一步擴大這些勝肽的取得途徑。

I think there's a growing list of them from BPC 157 and TB 500 and others where research is starting to show real health and longevity benefits. And I think expanded care there is just going to be great for customers. I think the other advantage we have in this category, which is an exciting one as you all remember, we acquired the California-based peptide manufacturing plant.

我認為，從 BPC 157 和 TB 500 等品種開始，越來越多的研究開始表明，這些品種確實對健康和壽命有益。我認為擴大護理服務範圍對顧客來說絕對是件好事。我認為我們在這一領域擁有的另一個優勢，也是大家應該都記得的令人興奮的優勢，是我們收購了位於加州的勝肽製造廠。

And that facility is up running, operating and currently onshoring a lot of R&D that I think is going to be very important for the vast range of options on the peptide side that will be a part of this future category.

該設施已經投入運營，目前正在進行大量的研發工作，我認為這對於未來肽類藥物領域的廣泛選擇至關重要。

Thanks, Andrew. The next question comes from the inhouse community and focuses on some of the trends we're seeing in our longer-tenured businesses. The question is: earlier this year, you indicated the core business was meeting or exceeding expectations. It's now clear that we've started to see some growth acceleration in a few of these places. How confident are you that you'll be able to reaccelerate core growth over the coming quarters?

謝謝你，安德魯。下一個問題來自公司內部，主要關注我們在營運時間較長的業務中看到的一些趨勢。問題是：今年早些時候，您曾表示核心業務達到或超過預期。現在很明顯，我們已經開始看到其中一些地方的成長速度加快。您有多大信心能夠在未來幾季重新加速核心成長？

And what specific levers can you pull? And what's the realistic time line to see in these results?

你可以採取哪些具體措施？那麼，這些結果實際上何時才能顯現？

Yes. Thanks for the question. I think what we see is we see the world rapidly evolving with new specialties and we see the specialties more and more becoming a blend of one another. I think as we look at some of the new capabilities that we'll have later this year, such as diagnostics, I think that's only going to further accelerate.

是的。謝謝你的提問。我認為我們看到的是，世界正在迅速發展，湧現出新的專業領域，而這些專業領域之間的整合也越來越明顯。我認為，當我們展望今年稍後我們將擁有的一些新功能，例如診斷功能時，我認為這種趨勢只會進一步加速。

And so we increasingly see each of the components that we outlined and Andrew laid out and the vision for where the company is going to in the future is really becoming part of the core offering.

因此，我們越來越看到我們概述的、安德魯闡述的每一個組成部分，以及公司未來發展的願景，都真正成為核心產品的一部分。

And so we spoke around this a little bit in the prepared remarks. But we increasingly look at the business across a few strategic areas. The first is Hims US, next is our Hers US business. And finally, we see a great deal of opportunity in the international markets.

所以我們在準備好的發言稿中稍微談到了這一點。但我們越來越多地從幾個策略領域來審視業務。首先是 Hims US，其次是我們的 Hers US 業務。最後，我們看到國際市場蘊藏著巨大的機會。

As we look around just the scale and the footprint of opportunities, which in each of those strategic areas, we see several growth factors that have the ability to not only continue to drive strong growth, but potentially accelerate in the second half. To being new specialties such as testosterone, the Hims brand or menopause and longevity in the Hers brand, as we also start to shift towards being able to proactively help consumers manage their care with lab diagnostics.

當我們環顧四周，看看機會的規模和範圍時，在每個戰略領域，我們都看到了幾個成長因素，這些因素不僅能夠繼續推動強勁成長，而且有可能在下半年加速成長。我們也開始轉向新的專業領域，例如睪固酮（Hims 品牌）或更年期和長壽（Hers 品牌），同時我們也開始積極幫助消費者透過實驗室診斷來管理他們的健康。

I think these trends are only going to accelerate. We spoke about some of the near-term headwinds that we're seeing this year with respect to the shift towards the daily sexual health consumers and away from the on-demand sexual health users as well as some of the dynamics around the shorter weight loss cadences.

我認為這些趨勢只會加速發展。我們討論了今年在性健康消費模式從按需性健康用戶轉變為日常性健康用戶所面臨的一些短期不利因素，以及減肥節奏縮短帶來的一些動態變化。

As we start to turn the corner around those in the second half of the year, we remain very confident that we'll see both the Hims & Hers businesses, not only remain strong growth drivers but also potentially accelerate growth in the future.

隨著我們開始走出下半年的困境，我們仍然非常有信心，Hims 和 Hers 業務不僅將繼續保持強勁的成長動力，未來還有可能加速成長。

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

謝謝Yemi，也再次感謝所有提問的朋友。這樣，我就可以把它交還給操作員，開始常規的分析師問答環節了。

(Operator Instructions) Justin Patterson, KeyBanc Capital Markets.

（操作員說明）賈斯汀·帕特森，KeyBanc Capital Markets。

Great. Andrew, as diagnostic capabilities ramp up, how do you envision the pace in which you provide personalized treatments and expand in the new specialties changes?

偉大的。Andrew，隨著診斷能力的提升，您如何看待提供個人化治療和拓展新專科領域的步伐變化？

And then related to that, how much you adjust your marketing efforts to make more consumers aware of just this expanded offering?

那麼，與此相關的是，您會在多大程度上調整您的行銷策略，以使更多消費者了解這項擴充後的產品和服務？

Yes. Great question, Justin. I think it's going to rapidly accelerate the pace of bringing products to market. When you can understand everything from nutrient deficiencies to pre kind of genetic risk markers your ability to adapt the assortment and SKU and hyper-personalized just accelerates.

是的。問得好，賈斯汀。我認為這將大大加快產品上市的速度。當你能夠了解從營養缺乏到遺傳風險標記等各種因素時，你調整產品種類、SKU 和高度個人化的能力就會大大提升。

And so we shared in the prepared remarks that by year-end will be north of 1 million square feet of infrastructure and have really built what I think is gold standard and true high-quality compounding capabilities.

因此，我們在事先準備好的演講稿中提到，到年底，基礎設施面積將超過 100 萬平方英尺，並且真正建立了我認為是黃金標準和真正高品質的複利能力。

My hope is that the diagnosis to open up a real floodgate of opportunity for hyperpersonalization. On the marketing side, I think it's a really big change, which is a really exciting one. I think historically, the business has been very much direct to marketing focus, given the very stabitized conditions that we offer, right, things like hair loss, sexual health, et cetera.

我希望這次診斷能為高度個人化帶來真正的機會。從行銷的角度來看，我認為這是一個非常大的變化，也令人非常興奮。我認為從歷史上看，鑑於我們提供的服務條件非常穩定，例如脫髮、性健康等等，該業務一直非常注重直接行銷。

When you start getting into diagnostics, when you start digging in the longevity, whole body health, wellness, these are categories that you want to talk about, other categories that you want to share with the people you love, right? The carriers you want to share with your family.

當你開始研究診斷，當你開始深入研究長壽、全身健康、健康養生時，這些都是你想談論的話題，也是你想與你愛的人分享的話題，對嗎？你想和家人一起使用的載體。

There are products within this offering that I personally have been buying for my family for years because I just want my loved ones that have access to them. So I do think there's going to be a really structural change in how you see the Hims & Hers brand show up, the types of messaging that is going to be going out there.

這個產品系列中有些產品是我個人多年來一直為家人購買的，因為我只是想讓我的家人能夠買到它們。所以我認為 Hims & Hers 品牌的呈現方式以及對外傳遞的訊息類型將會發生真正的結構性變化。

I think this ultimately allows for great long-term leverage in the business, which is really exciting, but also just can really transform how people know our business to be, right? Instead of coming just for acute issues, I think there's an opportunity here to build a platform globally where not only tens of millions but hundreds of millions of people can rely on you to help get ahead of help, and help get proactive with health.

我認為這最終能為企業帶來巨大的長期優勢，這真的很令人興奮，而且也能真正改變人們對我們企業的認知，對吧？我認為，與其僅僅關注急性問題，不如抓住這個機會，在全球範圍內建立一個平台，讓數千萬甚至數億人能夠依靠你們來預防疾病，並積極主動地管理健康。

And I think you're really going to see that show up in the transformation of the brand and the types of messaging and the types of places that we're showing up.

我認為你會在品牌轉型、訊息傳遞方式以及我們出現的場所類型中真正看到這一點。

Maria Ripps, Canaccord Genuity.

Maria Ripps，Canaccord Genuity。

I just wanted to ask about sort of your approach to the portfolio of GLP-1 solutions on the platform, especially if the Novo partnership moves forward? And I guess, are there any other GLP-1 solutions that you may add sort of to the specialty?

我只是想問一下，如果與諾和諾德的合作繼續前進，你們對平台上的 GLP-1 解決方案組合有什麼規劃？那麼，您是否還有其他 GLP-1 解決方案可以添加到您的專業領域呢？

And then secondly, can you maybe talk about sort of consumer price sensitivity to compound the GLT-1 at this point? And how do you sort of price reductions impacting demand?

其次，您能否談談消費者對價格的敏感度如何影響 GLT-1 的療效？那麼，降價會對需求產生什麼樣的影響呢？

Yes. Thanks, Maria, great question. I'll talk to the first part, maybe Yemi jump in a second. Generally, I think breadth and assortment and choice for patients is the winning formula. So we're excited to be able to reengage with Novo about what going to be pill that is hopefully to be FDA approved as well as the commercial dosing.

是的。謝謝瑪麗亞，問得好。我先跟第一部分說，也許Yemi會接著說。總的來說，我認為為患者提供廣泛、多樣和選擇是致勝之道。所以我們很高興能夠與諾和諾德公司重新合作，探討即將上市的藥片（希望能夠獲得FDA批准）以及商業劑量。

I say they and others will have more and more innovation coming. There's also obviously advancements in biotech that are in Phase II and Phase III trials that have next-generation GLP-1, GIP dual and triagonist opportunities. So our stance is that breadth and assortment and choice ultimately gives each individual more personalized abilities to just have great outcomes.

我認為他們和其他人將會有越來越多的創新湧現。顯然，生物技術領域也取得了進展，目前正處於 II 期和 III 期試驗階段，為下一代 GLP-1、GIP 雙重和三重激動劑提供了機會。因此，我們的立場是，廣度、多樣性和選擇最終能賦予每個人更多個性化的能力，從而取得優異的成績。

And so you'll see us continue to pursue a wide range of treatments here. I think generally, it's inevitable that partnerships like this where we are the largest consumer distribution platform in healthcare and others are the best in bringing new therapeutic innovations to market, those types of companies should be working together ultimately.

因此，你會看到我們繼續在這裡探索各種各樣的治療方法。我認為，像這樣的合作關係是不可避免的，我們是醫療保健領域最大的消費者分銷平台，而其他公司則是將新的治療創新推向市場的最佳選擇，這類公司最終應該攜手合作。

So I think you're going to see more of that in the ecosystem, but it's definitely something that we have a lot of brain power on and are making sure that as advancements in the next generation comes we have great relationships with the teams and they understand the opportunities that we can have together.

所以我認為你會在生態系統中看到更多這樣的現象，但這絕對是我們投入大量精力研究的領域，我們正在確保隨著下一代技術的進步，我們與各個團隊保持良好的關係，讓他們了解我們共同擁有的機會。

Yes. And then I hit the second part of your question, Maria. I think our weight loss specialty follows a very similar principle that we deployed across our historical specialties. And then around scaling verticalize and then optimizing then passing the value and the savings back to our subscribers. And so we do see across both our weight loss specialty inclusive of the orals as low GLP-1s is the high-touch model that we have with the providers really is resonating with our subscribers.

是的。然後我回答了你問題的第二部分，瑪麗亞。我認為我們的減重專科遵循著與我們以往在其他專科領域所採用的原則非常相似的原則。然後圍繞規模化、垂直化和優化，將價值和節省的成本回饋給我們的訂閱用戶。因此，我們看到，在我們所有的減肥專科領域，包括口服藥物，以及低 GLP-1 藥物，我們與供應商建立的高接觸模式確實引起了我們訂閱者的共鳴。

We see strong retention across the platform. Our view that as we sort of other specialties that we've done with in the past, as we're able to make the price points more accessible to a broader base of users, that will enable us to continue to draw on a broader audience. And so we see some very early promising signs with some of the recent changes that we've made.

我們看到整個平台的用戶留存率都很高。我們認為，隨著我們像過去那樣發展其他專業領域，隨著我們能夠讓價格點更容易被更廣泛的用戶群接受，這將使我們能夠繼續吸引更廣泛的受眾。因此，我們看到，我們最近做出的一些改變已經初見成效，並展現出一些非常有希望的早期跡象。

We're excited to continue to invest to verticalize operations at a high-quality standard to continue to pass those benefits back to our subscribers.

我們很高興能夠繼續投資，以高標準實現營運垂直化，從而繼續將這些優勢回饋給我們的用戶。

Craig Hettenbach, Morgan Stanley.

克雷格‧赫滕巴赫，摩根士丹利。

First question is just on the Hers business and the color of kind of approaching $1 billion in revenue in 2026. Can you just touch on just the cadence of the new menopause products like how much that may move the needle or do you expect kind of the growth to be driven mainly by the existing products going into 2026?

第一個問題是關於 Hers 業務以及在 2026 年接近 10 億美元的收入。您能否談談更年期新產品的上市節奏，例如它們能帶來多大的影響？或者您預計到 2026 年，成長主要將由現有產品推動？

Yes, I can speak a little bit to that, Craig, and Yemi feel free to jump in. I think Hers is a really nice range of growth drivers. We talked about in the last couple of quarters, that growth rate being triple digits or around there. And I think there's a real path over the next few years for it to maintain that type of trajectory. You've got legacy categories legacy that are a few years old on the dermatology side, that are still growing extremely quickly.

是的，克雷格，我可以稍微談談這方面，耶米也歡迎你加入討論。我認為她擁有一系列非常好的成長驅動因素。在過去的幾個季度裡，我們討論過成長率達到三位數左右的情況。我認為在未來幾年內，它很有可能會保持這種發展勢頭。皮膚科領域有一些已有數年歷史的傳統類別，但這些類別仍然成長非常迅速。

You've got obviously the oral waste business, the personalized weight business on the GLP side that is growing very robustly. And then I think these new categories in metal health, permimenopause as well as longevity and diagnostics are going to be very, very important for women and this demographic.

顯然，口腔廢棄物處理業務和符合 GLP 標準的個人化體重管理業務都在強勁成長。我認為，心理健康、更年期前期、長壽和診斷等方面的這些新類別對於女性和這群人來說將非常非常重要。

So it's a business line that I think has four or five different growth engines. It's probably one of the more exciting parts for me of the business just because you're able to see the platform extend to completely new audiences, different ages, different demographics and completely new therapeutic categories, but it's one where there's real diversity coming from the composition of that growth.

所以我認為，這條業務線有四到五個不同的成長引擎。對我來說，這可能是這個行業最令人興奮的部分之一，因為你可以看到平台擴展到全新的受眾群體、不同的年齡層、不同的人口統計特徵和全新的治療類別，而且這種增長的構成也帶來了真正的多樣性。

Yes. I'll just to add a couple of things to that, Craig. I think what we also see as the Hers platform has scaled our ability to invest in the brands distinctly continues to increasingly elevate. So now with the broader set of portfolio that we have across things like mental health, the medicals support, hair, weight soon to be diagnostic. I think similar to what we saw with him that just gives us a broader spectrum with which to speak to our consumer base and capture them early in their journey.

是的。克雷格，我再補充幾點。我認為，我們所看到的 Hers 平台也擴大了我們對品牌的投資能力，而這種能力還在不斷提升。所以現在，我們的產品組合更加廣泛，涵蓋了心理健康、醫療支援、頭髮、體重等領域，不久後還將包括診斷。我認為這和我們從他身上看到的類似，只是讓我們擁有了更廣泛的管道來與我們的消費者群體溝通，並在他們購買產品的早期階段抓住他們。

We also see, as Andrew mentioned, diagnostics as being a key evolution point for the company that will benefit both the Hims business and Hers business. I think that will enable us to proactively help consumers manage their care.

正如 Andrew 所提到的，我們也認為診斷是公司發展的關鍵點，這將使 Hims 業務和 Hers 業務都受益。我認為這將使我們能夠積極主動地幫助消費者管理他們的醫療保健。

And so while we're very excited by that business on a stand-alone basis, its ability to also highlight new specialties that we should be entering or personalize the treatments in a more precise fashion, I think will not only increase retention, but also broaden the subscriber base that we're able to reach not only within the Hers business, but also the HIms business as well.

因此，雖然我們對這項業務本身感到非常興奮，但它還能突出我們應該進入的新專業領域，或者以更精確的方式個性化治療，我認為這不僅會提高客戶留存率，還會擴大我們能夠觸及的訂閱用戶群，不僅在 Hers 業務中，而且在 HIms 業務中也是如此。

Great. And then just as my follow-up, Yemi appreciate the color on the investments you're making in the business. You kind of alluded to a temporary pause in margins. Is it possible margins could contract year over year in 2026 before you see the follow-through? Or do you think despite these investments, should kind of hold ground on margins into next year?

偉大的。然後，作為我的後續補充，Yemi，我很欣賞你對公司投資的眼光。你似乎暗示了頁邊空白處會暫時關閉。在看到後續影響之前，利潤率是否有可能在 2026 年逐年下降？或者您認為儘管進行了這些投資，明年的利潤率應該還是能保持穩定？

Yes. I think it's a bit too early to give specific color around 2026. The teams are actively undergoing the plans. I think we're following a similar investment thesis to what we deployed the past somewhere in 2023, where we lean into investment. Within a couple of quarters, we started to see rapid margin expansion.

是的。我認為現在預測 2026 年左右的具體情況還為時過早。各團隊正積極執行計劃。我認為我們遵循的投資理念與我們過去在 2023 年左右實施的理念類似，即加強投資力度。短短幾個季度內，我們就看到了利潤率的快速成長。

I didn't hear we have a much broader set of levers. And I think what also just gives us the conviction in these investments, they will be accretive. Some of them will be in new capabilities, in new specialties. I think we have a broad set of options to verticalize and optimize the unit economics on some of those new specialties that gives a great deal of confidence. I think we're also investing in things like talent that tend to have a exponential and asymmetric ROI.

我沒聽說我們還有更廣泛的應對措施。我認為，讓我們對這些投資充滿信心的另一個原因是，它們將會帶來收益成長。他們中的一些人將具備新的能力，從事新的專業領域。我認為我們有很多選擇，可以垂直化，並優化一些新專業的單位經濟效益，這給了我們很大的信心。我認為我們也在投資人才等事物，而這些事物往往具有指數級且不對稱的投資報酬率。

As those folks come in and start to really just change the capabilities and the trajectory for what our technology platform can do, we see a significant amount of upside. And so I think we're -- it's a little bit too early to give you specifics around 2026 guidance, but we do see an immense opportunity not just for future growth levers, but for continued free cash flow generation as well as in the midterm expensive margin expansion that we've seen in prior quarters as well.

隨著這些人加入進來，真正開始改變我們技術平台的能力和發展軌跡，我們看到了巨大的上升空間。因此，我認為現在給出 2026 年的具體指引還為時過早，但我們確實看到了巨大的機會，不僅在未來的成長槓桿方面，而且在持續產生自由現金流以及我們在前幾個季度看到的中期高利潤率擴張方面也是如此。

Brian Tanquilut, Jefferies.

Brian Tanquilut，傑富瑞集團。

Congrats on the quarter. Maybe just on the topic of cash flows, I mean, buybacks were kind of strong in the quarter. Just curious how you're thinking about capital deployment towards buybacks versus obviously, you're spending a good amount of capital and CapEx?

恭喜你本季取得佳績。就現金流而言，我的意思是，本季的回購力道相當強勁。我很好奇您是如何考慮將資金用於股票回購的，畢竟您也投入了大量資金和資本支出？

Yes. I think we have the luxury of very strong free operating cash flow as well as a very strong cash, cash position. I think similar to prior quarters, any time we review that there is a meaningful disconnect in the valuation of the company, the market value relative to intrinsic value, we will step in and act. And so I think in the prior quarter, we did see those dynamics take play with some of the volatility that we saw on our stock. So we opted to lean in.

是的。我認為我們擁有非常強勁的自由經營現金流以及非常充裕的現金儲備。我認為與前幾個季度類似，任何時候當我們審查發現公司估值（即市場價值與內在價值）存在重大脫節時，我們都會介入並採取行動。所以我認為在上個季度，我們確實看到了這些因素對我們股票波動性的影響。所以我們選擇積極參與。

That said, I think the first and foremost priority will always be around investing in the appropriate levers to grow the business. That includes, if we talked to on early in the prepared remarks, extending the asset of personalized capabilities that we have to offer our patients, investing in the overall platform as well as in international markets.

也就是說，我認為首要任務始終是投資適當的槓桿來發展業務。如果我們在準備的演講稿中早早談到這一點，那麼其中包括擴展我們為患者提供的個人化能力資產，投資於整體平台以及國際市場。

But I think we just have the luxury of a very strong balance sheet and very strong cash flow. We're able to do all of those things while at the same time, realize disconnects between the intrinsic value and the market value and

但我認為我們擁有非常強勁的資產負債表和非常強勁的現金流，這給我們帶來了很大的優勢。我們能夠在做到所有這些事情的同時，意識到內在價值和市場價值之間的脫節，並且

Got it. And then I guess my follow-up, as I think about -- obviously, in the press release, you talked about the negotiations with Novo. As we think about your decision to bring down price on your GLPs in those conversations. I'm just curious, what are the negotiating points? What are the discussion topics that are kind of holding that agreement back right now?

知道了。然後，我想繼續追問——顯然，在新聞稿中，您談到了與 Novo 的談判。在這些對話中，我們思考著您降低 GLP 價格的決定。我只是好奇，談判的重點是什麼？目前阻礙達成協議的討論議題有哪些？

Or what will it take to get it over the line? And then maybe just thinking about what the pros and cons are for rolling out a Novo product here, both for you and maybe for Novo?

或者說，要怎麼樣才能最終成功？然後或許可以考慮一下，在這裡推出 Novo 產品有哪些利弊，對你和 Novo 都是如此？

Brian, I can probably answer that and for better not give you too much information, but there's probably not much we can share on the specific conversations that have been going with Novo, I think we're excited to be engaging with them. And I think Mike is a great new leader for the organization. Generally, like I said, we believe and have always said breadth of options for patients is best.

Brian，我或許可以回答這個問題，為了避免透露太多信息，我們可能無法分享太多關於與Novo進行的具體對話內容，但我認為我們很高興能與他們合作。我認為麥克是組織裡一位非常優秀的新領導者。總的來說，就像我剛才說的，我們認為，也一直認為，為患者提供廣泛的選擇是最好的。

We're a platform where we hope to give people the absolute right course of treatment, the right course of care and connect them with providers that can help them make those decisions. And so from our perspective, we are constantly engaging with great innovative therapeutics, great innovative diagnostic companies, et cetera, next-gen biotech companies because we just want to make sure that, that Hims & Hers truly does represent the must-have in healthcare over time.

我們是一個平台，希望能夠為人們提供絕對正確的治療方案、正確的護理方案，並將他們與能夠幫助他們做出這些決定的醫療服務提供者聯繫起來。因此，從我們的角度來看，我們不斷與優秀的創新療法、優秀的創新診斷公司等等，以及下一代生物技術公司合作，因為我們只是想確保 Hims & Hers 隨著時間的推移真正成為醫療保健領域的必備品。

And ultimately, our job is to fight on behalf of every people to to hopefully bring that to them at a price that is truly affordable to them in our family.

最終，我們的工作是代表所有人爭取權益，希望能夠以我們家族真正負擔得起的價格，為他們帶來這樣的產品。

Eric Percher, Nephron Research.

Eric Percher，腎單位研究。

I'd like to check in on weight loss growth components versus your initial expectations for the year, ask if you're still on path for $725 million for the year or better and a little bit of context on how the compound versus oral market has developed?

我想了解減肥產品的成長組成與您今年的最初預期相比如何，問問您是否仍有望實現今年 7.25 億美元或更高的收入目標，以及複合型藥物與口服藥物市場的發展情況？

Thanks for the question, Eric. Yes, I think the short answer is we see continued strength across each component of the weight loss specialty. The oral business continues to remain robust and grow healthy rates. A lot of that is driven by the fact that there's broader eligibility requirements for offering as well as there's the ability to reach a broader audience of people that may be apprehensive around injectables. They're also at a price point where users are able to access them at a lower price but still realize over half of the benefits that they're able to see on the injectable side.

謝謝你的提問，艾瑞克。是的，我認為簡而言之，我們看到減肥領域的各個組成部分都持續保持強勁勢頭。口腔業務持續保持強勁勢頭，並以健康的速度成長。這主要是因為提供此類服務的資格要求更加寬泛，而且能夠接觸到更廣泛的人群，這些人可能對注射類藥物感到擔憂。它們的價格也讓使用者能夠以較低的價格獲得它們，但仍然可以獲得注射類產品一半以上的益處。

We also continue to see the GLP-1 offer remains strong as well. And so we are on pace to achieve the $725 million or greater target that we put for earlier this year.

我們也看到 GLP-1 的市場需求依然強勁。因此，我們預計將實現今年稍早設定的 7.25 億美元或更高的目標。

And on the personalized compounded side, you provided us with $20 million to $25 million headwind. Was that I cast that as 4Q? And could you just kind of speak to the cadence as you off-boarded the commercial doses into 2Q to 3Q to 4Q, help us a little bit there.

而在個人化複利方面，你們為我們帶來了 2,000 萬至 2,500 萬美元的不利因素。我當時把它當作第四季來看了嗎？您能否談談您是如何將商業劑量從第二季度過渡到第三季度再過渡到第四季度的節奏，幫我們稍微解釋一下？

Yes. So I think a lot of the drop that you saw earlier this year between the first quarter and the second quarter, that was primarily the result of offboarding the commercially available dosages but subscribers are on. I think as we look to what's going to transpire over the next couple of quarters, what's effectively occurred as we started to ship the GLP-1s in smaller shipments.

是的。所以我認為，今年第一季和第二季之間出現的大幅下降，主要是因為市售劑量減少，但訂閱用戶仍在繼續使用。我認為，展望未來幾季將要發生的事情，實際上已經發生了一些事情，例如我們開始小批量發貨 GLP-1。

The net effect of that is we recognize our revenue on when shipments occur, not necessarily when the consumers place their orders. So we continue to see very strong order velocity, but because we're shipping in smaller cadences, that's effectively what's driving the headwind in the back half of this year that you see that that we expect will materialize in the $20 million to $25 million headwind.

這樣做的最終結果是，我們確認收入的時間是貨物出貨的時間，而不是消費者下單的時間。因此，我們繼續看到非常強勁的訂單成長速度，但由於我們的出貨節奏較慢，這實際上導致了今年下半年的不利局面，我們預計這將造成 2,000 萬至 2,500 萬美元的損失。

Now what happens is as those consumers renew because they're on a smaller or shorter cadence as they renew, they renew more frequently throughout the year. And so what happens is you see a stacking of cohorts that kind of compound each quarter. So our expectation is by the time we get to the back half of next year, this dynamic will normalize.

現在的情況是，由於這些消費者續約的週期較小或較短，因此他們在一年中的續約頻率會更高。因此，你會看到各個群體不斷累積，每季都在不斷壯大。因此，我們預計到明年下半年，這種動態將會恢復正常。

And so it's less around internal dynamics around the business. And it's more around just like the adjustments of the shipping profile is profile that we have for our subscribers.

因此，這與企業內部的動態關係不大。這更像是對我們為訂閱用戶提供的運輸方案的調整。

Ryan MacDonald.

瑞安麥克唐納。

Great. Andrew, I want to start on international dynamics. You've got ZAVA, obviously, under your belt now for about a quarter. I'm just curious, as you've gotten more comfortable and familiar with that business and started to spend more time international markets of how much is the sort of Hims messaging and approach resonating outside of the US market?

偉大的。安德魯，我想先談談國際動態。顯然，你現在已經掌握了 ZAVA 大約三個月了。我只是好奇，隨著你對這個行業越來越熟悉，並且開始花更多時間在國際市場上，Hims 的訊息傳遞和方法在美國市場以外的地區有多大的反響？

And how is that informing sort of this international expansion plan? And as you think about these markets, it sounds like there's some pretty aggressive expansion. I feel like there's some a unique aspect within each country that sort of changes the dynamics of how care is provided, how do you -- and what investments do you need to make to sort of scale your network of clinicians as you continue to broaden your reach and internationally?

這又將如何影響這項國際擴張計畫？當你思考這些市場時，你會覺得它們的擴張勢頭相當強勁。我覺得每個國家都有一些獨特的方面，這些方面會改變醫療服務的提供方式，那麼，隨著您不斷擴大服務範圍並走向國際，您需要如何——以及需要進行哪些投資來擴大您的臨床醫生網絡規模？

Yes. Thanks, Ryan. It's a great question. Yes, I think ZAVA been a wonderful first buy into the international space, an immediately accretive acquisition, just great team, great operational capabilities and incredible learnings. They've already moved through quite a few markets already, which has been really fun to watch.

是的。謝謝你，瑞恩。這是一個很好的問題。是的，我認為 ZAVA 是我們進軍國際市場的第一筆絕佳收購，這是一筆立即帶來收益的收購，團隊非常出色，營運能力強，而且能帶來令人難以置信的經驗。他們已經進軍了不少市場，看著他們一路走來真的很有趣。

I think probably the best takeaway so far is that we think the demand is the same as here in the US, whether it's a national system, insurance-based system, it kind of doesn't matter. I mean I think the global frustration with access to great healthcare is consistent wherever you live. The time it takes to meet with specialists, the quality of the care, the high-touch nature of the care, the personalized aspects of that care, the cost of that care, I mean, it's really, really quite consistent.

我認為目前為止最重要的結論是，我們認為需求與美國這裡的需求相同，無論是國家體系或保險體系，都無關緊要。我的意思是，我認為無論你住在哪裡，人們對獲得優質醫療保健的不滿都是全球普遍存在的。與專家會面所需的時間、護理品質、護理的細緻程度、護理的個人化方面、護理費用，我的意思是，這些方面真的非常一致。

And so we are, I think, given that as well as given, I think, our confidence in what we believe is a really scalable operating model here in the US, like I think we've -- over the last eight years, optimize what we think is the winning formula, the winning experience for customers. I think we are now accelerating our ability to bring that into very key markets.

因此，我認為，鑑於這一點，也鑑於我們對在美國真正可擴展的營運模式的信心，就像我認為在過去的八年裡，我們一直在優化我們認為的製勝之道，為客戶提供的製勝體驗。我認為我們現在正在加快將這項技術引入關鍵市場的能力。

And so as we shared Canada will be going live in the near future. We're already in great conversations with all the major generic manufacturers up there in anticipation of the generic semaglutide, which goes live in 2026.

正如我們之前所說，加拿大將在不久的將來上線。我們已經與所有主要的仿製藥生產商進行了良好的溝通，以迎接將於 2026 年上市的仿製藥索馬魯肽。

We believe the Brazilian market is a really interesting market, where we'll be spending time further deepening investments in the UK likely as well as other smaller markets in Australia and Japan, et cetera. So generally, I think we have a really good graph of the competitive landscape in these markets, the consumer distinctions, the local dynamics to be aware of, the regulatory differences to be aware of.

我們認為巴西市場是一個非常有趣的市場，我們可能會花時間進一步深化在英國的投資，以及在澳洲和日本等其他較小市場的投資。所以總的來說，我認為我們已經很好地繪製出了這些市場的競爭格局、消費者差異、需要注意的當地動態以及需要注意的監管差異的圖表。

And so the experience might be slightly different. And each to your point, there might be nuances in positioning or in marketing or offering. But generally, I think the frustration with care and the demand for a higher-touch consumer-centric care is very much widespread. And I think we have the team and the ambition and maybe the crazy, just a little bit of craziness in us, right, to go and attack this and be the winner quite quickly across all of these major markets.

因此，體驗可能會略有不同。你說的沒錯，定位、行銷或產品/服務方面可能存在一些細微差別。但總的來說，我認為人們對護理的不滿以及對以消費者為中心的高觸感護理的需求非常普遍。我認為我們有團隊、有雄心，或許還有點瘋狂，對吧，去全力以赴，迅速在所有這些主要市場中取得勝利。

I'll put color there. Really appreciate it. Maybe from a follow-up perspective, I wanted to ask on sort of whole body lab testing and how that might be structured or packaged or integrated within some of the other offerings like menopausal health, longevity into next year.

我會在那裡塗上顏色。非常感謝。或許從後續的角度來看，我想問一下關於全身實驗室檢測的問題，以及如何將其建造、包裝或整合到其他一些服務中，例如更年期健康、長壽，並延續到明年。

Unless we're mistaken I think that what we've seen in our experience on sort of the whole body testing market, especially in the cost-efficient manner for the consumer, is it might -- it can tend to be a bit lower margin business from a gross margin perspective. So one, is that what you're seeing?

除非我們弄錯了，我認為根據我們在全身檢測市場的經驗，尤其是在以經濟高效的方式為消費者提供服務方面，從毛利率的角度來看，它可能是一個利潤率較低的行業。所以，第一，你看到的就是這樣嗎？

Or is that a risk from launching a stand-alone whole body lab testing offering? Or if so, how are you going to package it with maybe more longitudinal offerings on the Hims platform to sort of enable that sort of, let's call it, strong LTV to CAC as we think about over the next year or 2?

或者說，這是推出獨立全身實驗室檢測服務所帶來的風險嗎？或者，如果是這樣，您打算如何將其與 Hims 平台上的更多縱向產品相結合，以實現我們未來一兩年內所設想的那種強勁的 LTV 與 CAC 比值？

Yes, a great question, Ryan. I think the -- I think we're really unique company in our ability to bring at-home lab testing or lab testing to the masses because our business is helping people be healthier, right? So we do not, long term, need to make huge margin off of these tests, which is distinctly different from everybody in market, a distinctly different from major lab testing companies, other competitors that have diagnostics.

是的，瑞恩，問得好。我認為——我認為我們是一家非常獨特的公司，我們有能力將家庭實驗室檢測或實驗室檢測帶給大眾，因為我們的業務是幫助人們更健康，對吧？因此，從長遠來看，我們不需要從這些測試中獲得巨額利潤，這與市場上的所有人，與大型實驗室測試公司和其他擁有診斷服務的競爭對手截然不同。

Our business is ultimately helping you feel great, in helping you ahead and helping you refine what that personalized care should be and then acting on it. And so I think, to your point, there will over time, probably be a really nice mix of both stand-alone diagnostic opportunities, which then lead into advanced treatment care as well as bundled services for diagnostics in core treatment pathways, like you've seen with testosterone, I think you'll see that kind of continue to expand.

我們的業務最終目的是幫助您感覺良好，幫助您領先一步，幫助您完善個人化護理方案，然後付諸行動。所以我覺得，正如你所說，隨著時間的推移，可能會出現一種非常好的組合，既包括獨立的診斷機會，然後可以進行更高級的治療護理，也包括核心治療路徑中的診斷打包服務，就像你看到的睾酮一樣，我認為你會看到這種模式繼續擴展。

So I think there'll be a nice diversity there. But ultimately, my ambition as we you have done in the past is to bring these offerings to market, verticalize the infrastructure over time, which we've already started to do with our acquisition and other investments when it comes to lab diagnostics, establish that, systematize that, bringing cost down to incredible levels where you can really and truly undermine most of the peers on price and get customers huge access to this information and then ultimately be the trusted partner that can help them take that information and be incredibly action-oriented and precise with what the next step should be, how the personalized care should follow and handholding through that cadence.

所以我認為那裡會有很好的多樣性。但最終，我的目標是像我們過去一樣，將這些產品推向市場，隨著時間的推移，實現基礎設施的垂直化。我們已經透過收購和其他投資在實驗室診斷領域開始了這項工作，建立並系統化這一體系，將成本降低到令人難以置信的水平，從而在價格上真正擊敗大多數同行，讓客戶能夠廣泛獲取這些信息，最終成為值得信賴的合作夥伴，幫助他們利用這些信息，並非常有行動力地、精準地確定下一步該做什麼，如何進行個性化護理

So I think we're really uniquely positioned to do exactly what you're talking about, but I think there's a true distinction with us given the fact that our core business is to help keep you healthy and keep you on top of these issues. And also, we have the ability to verticalize this infrastructure in a way that can leverage testing at lead-gen into the platform.

所以我認為我們確實擁有獨特的優勢來做你所說的這件事，但我認為我們與眾不同之處在於，我們的核心業務是幫助你保持健康，並讓你掌控這些問題。此外，我們有能力將這種基礎設施垂直化，從而利用潛在客戶開發階段的測試將測試整合到平台中。

Jonna Kim, TD Cowen.

Jonna Kim，TD Cowen。

You've seen nice leverage on the marketing side. Just curious if there has been changes in your marketing strategy or approach? And as you think about the New Year, how are you thinking about the marketing, especially around Super Bowl and just lapping your great success last year?

你在行銷方面已經取得了不錯的成效。想問你們的行銷策略或方法是否有改變？展望新年，您如何看待行銷，特別是超級盃期間的行銷，以及如何延續去年的巨大成功？

Yes. Thanks for the question, Jonna. I think we see a couple of different levers that we're able to deliver very strong marketing leverage, both in the quarter as well across the year. One is like we do see that there is significant leverage coming from the fact that we see more and more acquisition coming from both organic channels as well as via lower-cost channels.

是的。謝謝你的提問，喬娜。我認為我們可以透過幾種不同的手段，在季度內以及全年內，實現非常強大的行銷槓桿作用。一方面，我們看到越來越多的用戶透過自然成長管道以及低成本管道獲得成長，這帶來了巨大的槓桿效應。

I think as we start to push further into the comprehensive whole body testing that we spoke around earlier, that dynamic is likely to continue to get better and better as we kind of optimize and tune that engine.

我認為，隨著我們開始更深入地進行先前討論過的全面全身測試，隨著我們不斷優化和調整這套系統，這種動態可能會越來越好。

We also see from the shift of more and more users opting for personal isolation. The retention is becoming stronger and stronger. And most of the marketing spend that we have is either around educating consumers around the overall brand or acquiring the users. And so as we see retention elevate, we inherently get leverage on that front.

我們也可以看到，越來越多的使用者選擇自我隔離。留存率越來越高。我們的行銷支出大多用於向消費者普及品牌知識或獲取用戶。因此，隨著客戶留存率的提高，我們自然會在這一方面獲得優勢。

No, what we do see is we have a wide array of different growth opportunities in front of us or that will be coming in front of us in the coming quarters.

不，我們看到的是，我們面前有很多不同的成長機會，或者說，在未來幾個季度裡，我們將迎來各種各樣的成長機會。

That is some of the newer specialties that we've launched menopausal support elevating our presence in some of the markets where we've already seen success like the UK as well as some of the markets that we will likely -- that we are going to enter in the near future, such as Canada. And so I think we're not going to be shy around investing. That said, I think we're going to do so in a way that's consistent with our historical capital allocation framework that calls for the payback period of one year, basically positions the ecosystem to benefit from greater, greater economies of scale, so that as we look a couple of quarters down the road from those investments, you start to see some of the levers that we're enjoying right now from some of the investments we've made in the past.

這是我們推出的一些較新的專業產品，例如更年期支援產品，這提升了我們在英國等一些我們已經取得成功的市場以及加拿大等我們可能在不久的將來進入的市場的地位。所以我認為我們在投資方面不會害怕。也就是說，我認為我們將以符合我們歷史資本配置框架的方式進行投資，該框架要求一年內收回成本，基本上使生態系統能夠從更大的規模經濟中受益，這樣，當我們展望這些投資之後的幾個季度時，你就會開始看到我們目前從過去的一些投資中獲得的一些收益。

And so I'd say as we look to 2026, as mentioned, the growth opportunity is probably even larger than what we anticipated before. So we will be an investment that. That said, I think the profile and our confidence in the -- at the 2030 target of the $6.5 billion of revenue and $1.3 billion of EBITDA is only increasing.

因此，展望 2026 年，正如前面所提到的，成長機會可能比我們之前預期的還要大。所以我們將是一項投資。也就是說，我認為公司的發展前景以及我們對實現 2030 年營收 65 億美元和 EBITDA 13 億美元目標的信心只會不斷增強。

Ladies and gentlemen, this concludes today's call. Thank you all for joining, and you may now disconnect.

女士們、先生們，今天的電話會議到此結束。感謝各位的參與，現在可以斷開連結了。