Hims & Hers Health Inc (HIMS) 2025 Q4 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 fourth quarter 2025 earnings call. (Operator Instructions)

您好，感謝您的耐心等待。我叫蒂芬妮，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 年第四季財報電話會議。（操作說明）

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

現在我將把電話交給投資者關係主管比爾紐比。比爾，請繼續。

Good afternoon, everyone, and welcome to the Hims & Hers Health fourth quarter and full year 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. On the call with me today is Andrew Dudum, our Co-Founder and Chief Executive Officer; and Yemi Okupe, our Chief Financial Officer.

各位下午好，歡迎參加 Hims & Hers Health 2025 年第四季及全年財報電話會議。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 上找到副本。今天與我一起參加電話會議的有我們的共同創辦人兼執行長 Andrew Dudum 和財務長 Yemi Okupe。

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

在把它交給安德魯之前，我需要提醒你法律上的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，這些陳述基於（其中包括）我們目前的市場、競爭對手和監管預期，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 statement 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.

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。

Please see our recent earnings release and most recently filed 10-K and 10-Q reports for a discussion of these risk factors as they relate to forward-looking statements. In today's presentation, we also have certain non-GAAP financial measures. We refer you to the reconciliation tables to the most directly comparable GAAP financial measures contained in today's press release and shareholder letter. You can find this information as well as a link to today's webcast at investors.hims.com. After the call, this webcast will be archived on the website for 12 months.

有關這些風險因素與前瞻性陳述的關係，請參閱我們最近的收益報告以及最新提交的 10-K 和 10-Q 報告。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。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。

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

接下來，我會把電話交給安德魯。

Thanks, Bill. Good afternoon, everyone, and thank you for joining us today. I'm excited to tell you about the tremendous progress we're making at Hims & Hers. This starts, as it always has, with our fundamental belief that everyone should have access to the highest quality of care available, customized around each person and their individual needs. Today, only the wealthiest in our society can expect this level of care.

謝謝你，比爾。各位下午好，感謝各位今天參加我們的節目。我很高興地告訴大家，Hims & Hers 取得了巨大的進展。這一切始於我們一貫的信念，即每個人都應該獲得最高品質的醫療保健，並根據每個人的具體情況和需求進行個人化。如今，只有社會上最富有的人才能享受這種程度的醫療服務。

By continuing to put the customer at the center of everything we do, we are changing that. Our teams are pursuing this vision every day across an expanding set of specialties. We have proven that access to care doesn't need to be limited by privilege, prices don't need to be prohibitive, and customers don't need to settle for a one-size-fits-all approach. We believe GLP-1s are a case study in how medicines are coming to market differently. The dynamics we've seen over the last 18 months, including US prices for injectable GLP-1s falling more than 80% reflect a broader disruption happening within the United States.

我們始終將客戶放在一切工作的中心，以改變現狀。我們的團隊每天都在不斷拓展的專業領域中實踐這個願景。我們已經證明，獲得醫療保健的機會不必受特權的限制，價格不必高昂，顧客也不必接受一刀切的方法。我們認為 GLP-1 類藥物是藥物以不同方式上市的典型案例。過去 18 個月我們看到的動態，包括美國注射用 GLP-1 藥物價格下降超過 80%，反映了美國正在發生的更廣泛的變化。

Customers are demanding better access, more direct engagement and prices that align with other regions around the world. That pressure is forcing a long overdue conversation, how do we use today's technological advances to help more people feel great? We see this moment as the early stages of a new model that actually works for everyday people. Netflix and Spotify reshaped how people could access not only a broader range of content, but also the best the industry has to offer.

顧客要求獲得更好的服務、更直接的互動以及與世界其他地區一致的價格。這種壓力迫使人們展開一場早就該進行的對話：我們如何利用當今的科技進步來幫助更多的人感覺良好？我們認為此刻標誌著一種真正適用於普通民眾的新模式的早期階段。Netflix 和 Spotify 改變了人們獲取內容的方式，不僅讓用戶接觸到更廣泛的內容，還能讓他們獲得業界最優質的內容。

Health care must evolve towards that same consumer-oriented distribution model. That evolution will demand creativity and new commercial frameworks for consumer platforms and drug makers work together to help people get healthy. Our platform puts us at the forefront of that change. Before ever scaling our weight loss offering, we built a platform that surpassed $1 billion in revenue and achieved profitability by scaling offerings like sexual health and dermatology, specialties that continue to grow today with strong unit economics that allow us to fund the next opportunities for growth. GLP-1s are an example of one such opportunity and have provided a meaningful acceleration to the business.

醫療保健產業也必須朝著以消費者為導向的分銷模式發展。這項演變將需要創造力和新的商業框架，讓消費者平台和製藥商攜手合作，幫助人們獲得健康。我們的平台使我們站在了變革的最前線。在擴大減肥產品規模之前，我們建立了一個收入超過 10 億美元的平台，並透過擴大性健康和皮膚病學等產品規模來實現了盈利。這些專業領域至今仍在持續成長，擁有強勁的單位經濟效益，使我們能夠為下一個成長機會提供資金。GLP-1 就是此類機會的一個例子，並為業務帶來了顯著的加速發展。

But they are a single treatment within a single specialty on a broader global consumer platform that is growing stronger and more diverse with every investment we make. At the end of 2025, over 2.5 million subscribers on our platform were benefiting from our pursuit of this vision. As we expand new offerings that can serve our customers as they enter different life stages, we are increasing our ability to build and maintain deep, longer-term relationships.

但它們只是全球消費者平台上單一專科領域的一種治療方法，而隨著我們每一項投資，這個平台都在變得越來越強大、越來越多元化。到 2025 年底，我們平台上的 250 多萬訂閱用戶將受益於我們對此願景的追求。隨著我們不斷拓展新的產品和服務，以滿足客戶在不同人生階段的需求，我們也不斷增強建立和維護深厚、長期關係的能力。

With only a small minority of subscribers utilizing a compounded GLP-1 treatment, it is clear to us the impact of what we are building reaches well beyond a single weight-loss treatment. By leveraging the same technological advancements that completely changed how we experienced entertainment, how we travel from place to place and even how we manage our finances, we are making high-touch personalized care accessible to millions of people across more specialties and in more geographic markets.

由於只有少數使用者使用複合 GLP-1 療法，我們清楚地認識到，我們正在建構的療法的影響遠遠超出了單一的減肥療法。透過利用徹底改變我們體驗娛樂方式、出行方式甚至理財方式的相同技術進步，我們正在讓更多專科和更多地理市場的數百萬人都能享受到高度個人化的護理。

No one is better positioned to create a world where more people can access quality care. That is our core belief, and it's one we do not take lightly. We've spent years building operational expertise across each of our offerings, growing customer awareness and leveraging scale to drive broader accessibility to personalize care. As a result, we can now bring new offerings and markets to the platform more quickly and efficiently than ever before, whether you live in a rural Midwestern community in the US, a large city in the UK or somewhere in between.

沒有人比他更有能力創造一個讓更多人獲得優質醫療服務的世界。這是我們的核心信念，我們對此絕不掉以輕心。多年來，我們不斷提升各項服務的營運能力，提高客戶認知度，並利用規模優勢，推動個人化護理服務的更廣泛普及。因此，無論您居住在美國中西部農村社區、英國大城市或介於兩者之間的任何地方，我們現在都可以比以往任何時候都更快、更有效率地將新的產品和服務引入平台。

To give you an idea of how our speed to market has changed, historically, we targeted launching one new specialty every year, and each of these usually require a few years of development before becoming, meaningful contributors. Longer tenured offerings like sexual health and hair loss for both men and women took three and sometimes even four years to eclipse $100 million in annual revenue. Comparing this to how we operate today is truly remarkable.

為了讓您了解我們上市速度的變化，從歷史上看，我們的目標是每年推出新的專業產品，而每種產品通常都需要幾年的開發才能產生有意義的影響。像是性健康和男女脫髮這類持續時間較長的產品，需要三年甚至四年才能達到年收入超過 1 億美元的目標。與我們今天的運作方式相比，這真是令人驚嘆。

As we have shared in the past, our weight loss offering reached $100 million revenue run rate in less than seven months after launch and that excludes any contributions from compounded GLP-1s. Within a span of three months in 2025, we launched our new Labs offering as well as hormone therapies with support for low testosterone, menopause and perimenopause.

正如我們之前分享的那樣，我們的減肥產品在推出後不到七個月就達到了 1 億美元的年化收入，這還不包括複合 GLP-1 的任何貢獻。在 2025 年的三個月內，我們推出了新的實驗室產品以及荷爾蒙療法，為低睪酮、更年期和圍絕經期提供支持。

In just 90 days, we created three distinct new entry points to our platform, each addressing large, underpenetrated markets that have been largely ignored by the traditional health care system. While not every new offering will scale the same pace as weight loss, early customer success and accelerating customer adoption following the placement of our Super Bowl commercial gives us confidence that each of testosterone, menopause and Labs can eclipse $100 million in annual revenue in the near future.

短短 90 天內，我們為我們的平台創建了三個截然不同的新入口，每個入口都針對傳統醫療保健系統在很大程度上忽視的大型、滲透率不足的市場。雖然並非所有新產品都能像減肥產品那樣快速普及，但早期客戶的成功以及在超級盃廣告播出後客戶接受度的加速提升，讓我們有信心，睪固酮、更年期和實驗室檢測產品在不久的將來都能實現超過 1 億美元的年收入。

Even more energizing since launch, we've identified that over 70% of Labs customers may be eligible for treatment plans offered through the platform and more than 95% of individuals utilizing a testosterone support offering experienced an increase in testosterone levels within the first two months of treatment, with an average increase of over 80%. These three new entry points are not simply new offerings. They are a start to far deeper relationships and value for our customers.

自推出以來，我們更加振奮人心，我們發現超過 70% 的實驗室客戶可能有資格獲得透過該平台提供的治療方案，超過 95% 的睪固酮支持產品使用者在治療的前兩個月內睪固酮水平有所提高，平均提高超過 80%。這三個新的切入點不僅僅是新的產品。這只是我們與客戶建立更深層關係和創造價值的開始。

These early signals demonstrate our evolution towards providing access to more proactive and preventative care. Insights we glean through our platform can inform an expanding selection of care pathways and can streamline the process for customers to get support where they need it the most. Today, we are addressing areas like cardiovascular risk, metabolic dysfunction, hormone levels and expect that over time, we'll add areas such as performance, recovery and sleep.

這些早期跡象表明，我們正在朝著提供更積極主動的預防性醫療保健的方向發展。我們透過平台收集到的信息可以為不斷擴展的護理途徑提供信息，並可以簡化客戶在最需要的地方獲得支持的流程。今天，我們關注的是心血管風險、代謝功能障礙、荷爾蒙水平等領域，並希望隨著時間的推移，能夠增加運動表現、恢復和睡眠等領域。

As we accelerate the development of a more comprehensive approach in the US, we're also taking significant steps to extend our reach abroad. We see expansion into new international markets as the next logical step in bringing the trusted Hims & Hers experience to more people and to more places around the world.

在加快推進美國更全面方法的製定的同時，我們也正在採取重要措施擴大我們在海外的影響力。我們認為，拓展到新的國際市場是下一個合乎邏輯的步驟，可以將值得信賴的 Hims & Hers 體驗帶給世界各地更多的人和更多的地方。

Last year, our acquisition of ZAVA's deepened our presence in the UK and enabled our entry into Germany, France, Ireland and Spain. More recently, the acquisition of Livewell extended our presence into Canada, one of the first markets that is expected to have access to generic semaglutide.

去年，我們收購了 ZAVA's，加深了我們在英國的業務，並使我們能夠進入德國、法國、愛爾蘭和西班牙市場。最近，收購 Livewell 將我們的業務拓展到了加拿大，加拿大是預計最早能夠獲得通用索馬魯肽的市場之一。

And just last week, we announced, we signed an agreement to acquire Eucalyptus, a leading global health innovator. Upon closing of the transaction, we will further strengthen our UK and European presence while also bringing the Hims & Hers brands into new markets like Australia and Japan. I have known Tim Doyle, the Co-Founder and CEO of Eucalyptus for years and have enjoyed watching him and his teams build an innovative health care experience that is focused on safe, highly accessible care and puts customers at the center of everything they do. I am confident he is the right leader to make the Hims & Hers experience central to how customers in each of these new markets approach their daily health.

就在上週，我們宣布已簽署協議收購全球領先的健康創新企業 Eucalyptus。交易完成後，我們將進一步加強我們在英國和歐洲的業務，同時將 Hims & Hers 品牌帶入澳洲和日本等新市場。我認識 Eucalyptus 的聯合創始人兼執行長 Tim Doyle 多年，很高興看到他和他的團隊打造了一種創新的醫療保健體驗，專注於安全、高度便捷的醫療服務，並將客戶置於他們一切工作的中心。我相信他是合適的領導者，能夠將 Hims & Hers 的體驗作為這些新市場中顧客日常健康管理的核心要素。

The opportunity is significant. We believe that with the deliberate investment and execution, we will have the teams in place to drive category leadership in each of these markets, positioning our international business to scale to more than $1 billion in annual revenue within the next three years. This growing presence across both specialties and geographies provides important building blocks for the future of healthcare we are driving. There are three key elements to that future, and we are investing across technology and infrastructure to bring them to life. First, innovation in diagnostics and devices will continue to evolve how each person understands their whole picture of health.

這是一個絕佳的機會。我們相信，透過有計劃的投資和執行，我們將組建團隊，在每個市場中引領品類發展，使我們的國際業務在未來三年內實現年收入超過 10 億美元。這種在各個專業領域和地理範圍內不斷增長的影響力，為我們正在推動的未來醫療保健奠定了重要的基礎。未來有三個關鍵要素，我們正在技術和基礎設施方面進行投資，以實現這些要素。首先，診斷和設備的創新將不斷改變每個人對自身整體健康狀況的理解。

With our recent lab launch, we are providing customers with over 130 biomarkers across key areas of long-term health. Results are delivered directly within our app. For AI-supported readouts, highlight metrics that are already optimized and those that need attention, while also educating customers on both lifestyle and clinical interventions. And with the acquisition of YourBio, we plan to make targeted and condition-specific lab testing, more convenient and approachable with technology that can be used in the comfort of your own home. Together, these new services and expanding capabilities will give customers a deeper understanding of their health and help providers make more informed decisions.

隨著我們最近實驗室的成立，我們為客戶提供涵蓋長期健康關鍵領域的 130 多種生物標記。結果將直接在我們的應用程式內顯示。對於人工智慧支援的讀數，突出顯示已經優化的指標和需要關注的指標，同時向客戶普及生活方式和臨床幹預措施。透過收購 YourBio，我們計劃利用可以在您舒適的家中進行的技術，使有針對性和特定病症的實驗室檢測更加便捷易用。這些新服務和不斷擴展的功能將共同幫助客戶更深入地了解自己的健康狀況，並幫助醫療服務提供者做出更明智的決策。

Over time, we expect to build on this with the integration of wearable technology like continuous glucose monitors and daily fitness trackers as well as expanded testing options that bring insights like polygenic risk scores directly to our customers. Second, AI will become a critical layer on top of that data that helps define, refine and implement precision treatments, interventions and lifestyle adjustments.

隨著時間的推移，我們希望透過整合穿戴式科技（如連續血糖監測儀和日常健身追蹤器）以及擴展測試選項，將多基因風險評分等資訊直接帶給我們的客戶，從而在此基礎上發展壯大。其次，人工智慧將成為這些數據之上的關鍵層，有助於定義、改善和實施精準治療、介入和生活方式調整。

Our growing technology and product teams reporting to Mo ElShenawy and Dheerja Kaur are ensuring that as our offerings expand and deeper insights help uncover areas of need, we are building the experience that makes access to proactive care simple and readily available. We envision customers being able to add, adjust or switch treatments within a single intuitive platform as their health evolves. At the same time, static and reactive communication is being replaced with proactive conversational support to guide customers throughout their journey.

我們不斷壯大的技術和產品團隊向 Mo ElShenawy 和 Dheerja Kaur 匯報工作，他們確保隨著我們產品和服務的擴展以及更深入的洞察幫助發現需求領域，我們正在構建一種體驗，使人們能夠輕鬆便捷地獲得主動護理。我們設想，隨著客戶健康狀況的變化，他們能夠在單一直觀的平台上添加、調整或更換治療方案。同時，靜態的、被動的溝通方式正被積極主動的對話式支援所取代，以引導客戶完成整個購買流程。

Early deployments of proactive messaging and weight loss have already driven more than a 50% increase in weight logging frequency, signaling an ability to improve customer commitment and engagement as they progress in their weight loss journey. And behind the scenes, automation is removing cumbersome processes and facilitating administrative interactions, allowing providers to focus on clinical decision-making.

早期主動推播訊息和減肥訊息已經使體重記錄頻率提高了 50% 以上，這表明隨著客戶減肥之旅的進行，我們有能力提高他們的承諾和參與度。在幕後，自動化正在消除繁瑣的流程並簡化行政交互，使醫護人員能夠專注於臨床決策。

The result is faster responses, higher customer satisfaction and a scalable model that can deliver access to high-touch care to millions of people while still prioritizing clinical excellence. And third, deeper data and more proactive care demands more precise personalized treatment plans for each customer. Doing that at scale means investing in an infrastructure that can deliver access to personalized treatments in custom formulas that safely bring together pharmaceuticals and supplements.

其結果是更快的反應速度、更高的客戶滿意度以及可擴展的模式，該模式可以為數百萬人提供優質護理，同時仍優先考慮臨床卓越性。第三，更深入的數據和更積極主動的照護需要為每位客戶制定更精確的個人化治療方案。大規模實施這一目標意味著投資建設基礎設施，以便能夠提供個人化的治療方案，這些方案採用定製配方，安全地將藥品和補充劑結合在一起。

We know treatments should be driven by what's best for the customer, not by what's covered by insurance or what's currently in stock at the pharmacy. We've spent years building the physical infrastructure required to deliver access to truly personalized care at scale. Over the last three years alone, we've invested more than $300 million into our facilities, expanding our footprint to over 1 million square feet across pharmacy operations, lab testing capabilities and R&D supporting innovations like peptide therapies. This foundation allows us to combine quality with broader access and continued innovation so that access to personalized care is delivered consistently across our platform.

我們知道治療方案應該以顧客的最佳利益為出發點，而不是以保險是否涵蓋或藥房目前有哪些庫存為準。我們花費數年時間建構了大規模提供真正個人化醫療服務所需的基礎設施。僅在過去三年裡，我們就投資了超過 3 億美元用於我們的設施，將我們的業務範圍擴大到超過 100 萬平方英尺，涵蓋藥房運營、實驗室測試能力和研發，以支持肽療法等創新。這項基礎使我們能夠將品質與更廣泛的覆蓋範圍和持續創新相結合，從而確保在我們的平台上始終如一地提供個人化護理服務。

The first two pillars deeper data and stronger technology are advancing across the industry. We believe those advancements demand the third pillar, a scalable way to make the final step in healthcare more precise and more personal. We believe our technology and infrastructure investments put us in a leadership position to bring a more individualized experience to tens of millions of customers while maintaining the high standards customers have come to expect around the quality of their care. At Hims & Hers, the team wakes up every day motivated to change an outdated healthcare system that has refused to put the customer first. As we work to fundamentally reinvent these systems, we expect to encounter challenges.

更深層的數據和更強大的技術這兩大支柱正在整個產業中不斷進步。我們認為，這些進步需要第三個支柱，即一種可擴展的方式，使醫療保健的最後一步更加精準、更加個人化。我們相信，我們在技術和基礎設施方面的投資使我們處於領先地位，能夠為數千萬客戶提供更個人化的體驗，同時保持客戶期望的高標準護理品質。在 Hims & Hers，團隊每天醒來都充滿動力，致力於改變一個過時的醫療保健系統，該系統一直拒絕將客戶放在首位。在努力從根本上改造這些系統的過程中，我們預料會遇到挑戰。

It takes time for industries to change, but we are navigating this on behalf of our customers. When it comes to ensuring more people have access to the most innovative and groundbreaking treatments and services available, we will continue to fight, holding true to our mission that we can make more people feel great through the power of better health. Pursuit of this mission takes commitment and resilience. That was true at our founding and it is true today. We will continue to push for better, more accessible care around the world by focusing on a consistent set of priorities, bringing more offerings to our customers with more insights and deeper personalization capabilities and when appropriate, partnering with leaders who also believe in a better healthcare experience.

產業變革需要時間，但我們正在代表客戶應對這項變革。在確保更多人能夠獲得最具創新性和突破性的治療和服務方面，我們將繼續奮鬥，堅持我們的使命，透過更好的健康讓更多人感覺更好。完成這項使命需要決心和毅力。在我們公司創立之初是這樣，現在依然如此。我們將繼續致力於在全球範圍內提供更好、更便捷的醫療服務，重點關註一系列一致的優先事項，為我們的客戶帶來更多產品和服務，提供更深入的洞察和更個性化的功能，並在適當的時候與同樣相信提供更好醫療體驗的領導者合作。

By investing with conviction across these priorities, we believe Hims & Hers will be a leader in the next era of health care, which will continuously evolve to better serve the customer. This conviction underpins our confidence in our ability to push towards our 2030 target of $6.5 billion in revenue and $1.3 billion in adjusted EBITDA. At Hims & Hers, we are honored to lead the shift towards the consumer-centric system. We feel both the privilege and responsibility to change what people expect from their health care. It is why we started on this mission, and it continues to motivate us every day.

我們相信，透過對這些優先事項的堅定投資，Hims & Hers 將成為下一個醫療保健時代的領導者，並不斷發展以更好地服務客戶。這項信念增強了我們對實現 2030 年營收 65 億美元和調整後 EBITDA 13 億美元目標的信心。Hims & Hers 很榮幸能夠引領以消費者為中心的體系的轉變。我們感到既有榮幸也有責任去改變人們對醫療保健的期望。這就是我們開始這項使命的原因，也是它每天激勵我們前進的動力。

Thank you. I'll now pass it to Yemi to walk through the financials.

謝謝。現在我把這個任務交給耶米，讓他來分析財務數據。

Thanks, Andrew. I'll start by providing an overview of our fourth quarter financial performance before diving further into our outlook for 2026. Our progress in 2025 reflects the increasing scale of our customer-first platform as we continue to expand access to high-touch personalized care across more conditions, enabling us to build deeper, more valuable relationships with our subscribers. Subscribers on our platform grew to over 2.5 million in 2025 as we continue to execute on our mission of helping the world feel great through the power of better health. Personalized solutions remain a cornerstone of our ability to attract and retain subscribers.

謝謝你，安德魯。我將先概述我們第四季的財務業績，然後再深入探討我們對 2026 年的展望。我們在 2025 年取得的進展反映了我們以客戶為中心的平台規模的不斷擴大，我們將繼續擴大在更多疾病領域提供高觸感個人化護理的途徑，從而使我們能夠與訂閱用戶建立更深入、更有價值的關係。到 2025 年，我們平台上的訂閱用戶已成長到 250 多萬，我們將繼續履行我們的使命，透過改善健康的力量幫助世界變得更美好。個人化解決方案仍然是我們吸引和留住用戶的關鍵。

Personalized solutions encompass tailored treatments and programs that seek to address key consumer needs and concerns. These needs include tailoring dosing to meet individual patient needs, simplifying treatment regimens by leveraging a single solution to address multiple conditions, improving customer options through alternative form factors and providing data-driven insights and tools to supplement medical treatments. In 2023, we began increasing investment to expand the assortment of personalized treatments and have seen resounding success. Since the end of 2023, we've added almost 1 million net new subscribers to our platform. At the end of 2025, approximately 65% or 1.6 million of our subscribers were utilizing a personalized treatment.

個人化解決方案包括量身定制的治療方案和計劃，旨在解決消費者的關鍵需求和顧慮。這些需求包括：根據患者的個別需求調整劑量；利用單一解決方案解決多種疾病，從而簡化治療方案；透過替代形式改善客戶的選擇；以及提供數據驅動的見解和工具來補充醫療治療。2023年，我們開始加大投資，擴大個人化治療方案的種類，並且取得了巨大的成功。自 2023 年底以來，我們的平台新增淨用戶近 100 萬。到 2025 年底，我們約有 65% 或 160 萬訂閱用戶正在使用個人化治療。

The differentiated solutions that we're able to provide not only aid in drawing new subscribers to our platform but also drive higher retention and customer lifetime value. Incremental insights and data from new offerings like Labs will enable us to better attract potential consumers for treatments across newer specialties such as hormonal support. We believe this will increase subscriber engagement and have already seen early success signals as monthly revenue per average subscriber increased 11% year over year to $83 during the fourth quarter. Continued subscriber growth and deepening engagement are translating into financial success.

我們提供的差異化解決方案不僅有助於吸引新用戶加入我們的平台，還能提高用戶留存率和客戶終身價值。透過實驗室等新產品提供的增量見解和數據，我們將能夠更好地吸引潛在消費者接受荷爾蒙支持等新興專科的治療。我們相信這將提高訂閱用戶的參與度，並且已經看到了早期成功的跡象，第四季度平均每位訂閱用戶的月收入同比增長 11%，達到 83 美元。用戶數量的持續成長和用戶參與度的不斷提高正在轉化為財務上的成功。

Revenue in the fourth quarter was $618 million, representing a year over year growth rate of 28%. For the 2025 fiscal year, revenue was $2.35 billion, representing a year over year growth rate of 59%. Our 2025 results continue to reinforce our conviction that we have a strong multiyear growth runway across 3 key areas of the business: the Hims brand in the US, the Hers brand in the US and an expanding international footprint. Within our Hims brand, we drove year over year revenue growth of over 30% in 2025 despite headwinds resulting from our deliberate efforts to pivot away from generic on-demand sexual solutions.

第四季營收為 6.18 億美元，年增 28%。2025 財年，營收為 23.5 億美元，年增 59%。我們的 2025 年業績繼續鞏固了我們的信念，即我們在業務的 3 個關鍵領域擁有強勁的多年增長前景：美國的 Hims 品牌、美國的 Hers 品牌以及不斷擴大的國際業務。儘管我們刻意轉型，擺脫了通用的按需性解決方案，導致面臨許多不利因素，但我們的 Hims 品牌在 2025 年仍實現了超過 30% 的年收入成長。

Since 2023, we've introduced several combination treatments within our sexual health specialty that address health concerns such as low testosterone, heart health, hair loss and vitamin deficiencies. Nearly 0.5 million subscribers on our platform are benefiting from these daily solutions and the year over year growth of those subscribers consistently exceeded 30% throughout 2025. Over 2026, we expect to continue this transition. Our expectation is that retention benefits from our daily sexual health offerings as well as the evolution of new offerings such as testosterone support will continue fostering a robust growth for the Hims brand. Switching to Hers.

自 2023 年以來，我們在性健康專科領域推出了多種聯合治療方案，以解決睪固酮水平低下、心臟健康、脫髮和維生素缺乏等健康問題。我們平台上近 50 萬訂閱用戶正在受益於這些日常解決方案，而這些訂閱用戶的年增長率在 2025 年全年持續超過 30%。預計到 2026 年，這項轉型將持續進行。我們期望，我們日常提供的性健康服務帶來的客戶留存率提升，以及睾酮支持等新產品的推出，將繼續促進 Hims 品牌的強勁增長。切換到她的。

In 2025, our Hers business continued to display triple-digit revenue growth and accounted for nearly 40% of US revenue. Similar to our Hims business, revenue growth is increasingly driven by deeper engagement across a broader set of women's health needs. Continued expansion in established facilities like weight loss and dermatology is being bolstered by new offerings in menopause support and diagnostics, presenting opportunities to strengthen customer relationships and extend their tenure on the platform. The depth that we are able to provide across a breadth of specialties, making us relying on no one single offering is the power behind our domestic business.

2025年，我們的女性用品業務持續維持三位數的收入成長，占美國收入的近40%。與我們的 Hims 業務類似，營收成長越來越受到更廣泛女性健康需求的深入關注所驅動。減重和皮膚科等成熟機構的持續擴張，得益於更年期支持和診斷等新服務的推出，為加強客戶關係和延長客戶在平台上的停留時間提供了機會。我們能夠在廣泛的專業領域提供深度服務，不依賴單一產品，這是我們國內業務的強大動力。

Strengthened tenured offerings such as men's dermatology, women's dermatology and sexual health allowed us to surpass $1 billion in revenue, reach adjusted EBITDA and net income profitability and generate positive free cash flow. This allowed us to aggressively invest in our weight loss offering and add a meaningful growth vector to our portfolio with access to oral and injectable weight loss treatments.

加強了男性皮膚病學、女性皮膚病學和性健康等傳統業務，使我們的收入超過了 10 億美元，實現了調整後的 EBITDA 和淨利潤盈利，並產生了正的自由現金流。這使我們能夠大力投資減肥產品，並透過提供口服和注射減肥療法，為我們的產品組合增加一個重要的成長點。

Consumers have experienced success with both oral solutions and injectable GLP-1s available through our platform with a typical consumer reporting average weight loss of approximately 22 and 29 pounds in their first year of treatment, respectively. While GLP-1s have accelerated our trajectory, the majority of revenue and cash flow generation across our portfolio is generated from our non-GLP-1 offerings. Higher margins from our more tenured offerings will be instrumental in providing resources necessary for investment to scale the next wave of specialties, inclusive of weight loss, lab testing, low testosterone and menopausal support.

消費者透過我們的平台獲得了口服溶液和注射 GLP-1 藥物，均取得了成功。典型的消費者報告稱，在治療的第一年，平均體重分別減輕了約 22 磅和 29 磅。雖然 GLP-1 產品加速了我們的發展軌跡，但我們產品組合的大部分收入和現金流量都來自非 GLP-1 產品。我們成熟產品帶來的更高利潤將為投資提供必要的資源，以擴大下一波專業領域的規模，包括減肥、實驗室檢測、低睪固酮和更年期支持。

Our consumer-centric approach has resulted in immense success in the US, where revenue grew over 50% year over year to more than $2.2 billion. Our belief is that the value we bring from our approach transcends borders. In 2025, we welcome ZAVA and Livewell to the Hims & Hers family and now we're able to serve consumers in Germany, the UK, Ireland, Spain, France and Canada. International revenue grew almost 400% year over year to $134 million. We expect our international footprint to become a more meaningful portion of our revenue in the future.

我們以消費者為中心的經營方式在美國取得了巨大的成功，營收年增超過 50%，達到 22 億美元以上。我們相信，我們的方法所帶來的價值是超越國界的。2025年，我們歡迎ZAVA和Livewell加入Hims & Hers大家庭，現在我們能夠為德國、英國、愛爾蘭、西班牙、法國和加拿大的消費者提供服務。國際營收年增近 400%，達到 1.34 億美元。我們預計未來國際業務將在公司收入中佔據更重要的份額。

As a reflection of this importance, we will adjust our revenue disaggregation from online and wholesale to US and rest of world revenue going forward. With that, I'll now turn to profitability dynamics before diving deeper into our balance sheet and future plans for investment. Adjusted EBITDA in 2025 increased nearly 80% year over year to $318 million. Adjusted EBITDA margins on a full year basis expanded nearly 2 points relative to 2024 to 14%.

為了反映這一重要性，今後我們將調整收入細分方式，從線上和批發收入細分為美國收入和世界其他地區的收入。接下來，我將轉向獲利能力動態分析，然後再深入探討我們的資產負債表和未來的投資計畫。2025 年調整後 EBITDA 年成長近 80%，達到 3.18 億美元。經調整後的 EBITDA 全年利潤率較 2024 年成長近 2 個百分點，達到 14%。

In the second half of 2025, we meaningfully invested to increase the density of our technology talent, scale new specialties and deepen our policy and safety talent to facilitate the continued expansion of our operational footprint. Adjusted EBITDA was $66 million in the fourth quarter, representing an adjusted EBITDA margin of 11%. Gross margins in the fourth quarter declined approximately 2 points quarter-over-quarter to 72% as tailwinds from continued growth in non-weight specialties were offset by growing revenue contributions from our international markets expenses related to the launch of new specialties and pressure from the shorter shipping cadences in the weight loss that we discussed last quarter.

2025 年下半年，我們進行了實質投資，以提高技術人才密度，擴大新專業規模，並深化政策和安全人才隊伍，以促進我們業務範圍的持續擴大。第四季調整後 EBITDA 為 6,600 萬美元，調整後 EBITDA 利潤率為 11%。第四季毛利率季減約 2 個百分點至 72%，非減重特種產品持續成長帶來的利好被國際市場收入貢獻增加、新特種產品上市相關費用以及上季度討論過的減重產品發貨週期縮短帶來的壓力所抵消。

Prior investments in our brand and product suite continue to be a key driver in our ability to drive marketing leverage. Marketing as a percentage of revenue in the fourth quarter and fiscal year 2025 was 39%, representing a 7 point year over year improvement.

先前對品牌和產品組合的投資仍是我們提升市場影響力的關鍵驅動力。2025 財年第四季行銷費用佔營收的 39%，較上年同期成長 7 個百分點。

We continue to see acquisition gains in lower cost and nonpaid channels, following years of investment in brand campaigns to drive greater top of funnel awareness. Additionally, retention improvements across our subscriber base are compounding as we directly address more customer needs with a growing portfolio of personalized solutions and a customer experience that is driving stronger engagement. G&A cost as a percentage of revenue increased 2 points year over year in the fourth quarter as a result of increased international head count as well as additional expenses related to the hiring of new leadership talent. On a full year basis, G&A cost as a percentage of revenue were essentially flat relative to 2024. A similar dynamic was seen in operations and support costs.

經過多年對品牌推廣活動的投入，以提高漏斗頂端的品牌知名度，我們繼續在低成本和非付費管道中獲得客戶成長。此外，隨著我們透過不斷增長的個人化解決方案組合和提升客戶體驗來直接滿足更多客戶需求，我們的用戶留存率也在不斷提高，從而推動了更強烈的參與度。第四季度，由於國際員工人數增加以及與招募新領導人才相關的額外支出，一般及行政費用佔收入的百分比比去年同期上升了 2 個百分點。從全年來看，一般及行政費用佔收入的百分比與 2024 年相比基本持平。營運和支援成本方面也出現了類似的動態。

Technology and development costs as a percentage of revenue increased to 7% for both the fourth quarter and full year. Investment in engineering and AI talent has resulted in modest deleveraging, but we believe the ROI will be substantial as a result of an ability to move faster and elevate our consumer offering. We have already seen early signals as demonstrated by our ability to bring multiple specialties to market in the second half of 2025 as well as our ability to improve the customer experience and realize operational efficiencies.

第四季和全年技術研發成本佔營收的比例均增至 7%。對工程和人工智慧人才的投資雖然帶來了適度的去槓桿化，但我們相信，由於能夠更快地行動並提升我們的消費者產品，投資回報率將是巨大的。我們已經看到了早期跡象，例如我們有能力在 2025 年下半年將多種專業產品推向市場，以及我們有能力改善客戶體驗並實現營運效率。

Net income for the full year increased notably year over year to $128 million as compared to 2024 net income after adjusting for a tax benefit in the prior year related to the release of a domestic tax valuation allowance. While we expect to maintain annual net income profitability, our priorities continue to center on long-term free cash flow generation.

經調整上一年因釋放國內稅務估值準備金而獲得的稅收優惠後，全年淨收入較上年同期顯著增長至 1.28 億美元，而 2024 年淨收入則為 1.28 億美元。儘管我們預計能夠維持年度淨利潤獲利，但我們的首要任務仍然是創造長期自由現金流。

This enables us to expand our operational capabilities as well as accelerate our strategic road map, including through M&A. In 2025, we generated $300 million in operating cash flow. Strong cash flow generation from our domestic business as well as the strength of our balance sheet allowed us to actively put capital to work across each of our priorities.

這使我們能夠擴大營運能力，並加快策略路線圖的實施，包括透過併購。2025年，我們創造了3億美元的營運現金流。國內業務強勁的現金流以及穩健的資產負債表，使我們能夠積極地將資金投入各項優先事項。

First, we invested over $225 million into our operations through discretionary CapEx to drive both expanded capacity and new capabilities across our domestic facilities, which now total over 1 million square feet. Second, in 2025, we entered into agreements to deploy over $330 million in purchase price consideration towards acquisitions that have allowed us to accelerate expansion into new international markets as well as launch R&D efforts in the peptide space.

首先，我們透過可自由支配的資本支出，向營運部門投資了超過 2.25 億美元，以推動國內設施的產能擴張和新能力提升，目前這些設施的總面積已超過 100 萬平方英尺。其次，在 2025 年，我們達成協議，將超過 3.3 億美元的收購價款用於收購，這使我們能夠加速拓展新的國際市場，並在勝肽領域進行研發工作。

We believe YourBio, which recently closed in 2026 for approximately $150 million, will ultimately allow us to augment our diagnostic specialty in the future with a painless at-home offering. Lastly, we repurchased roughly $90 million worth of common stock in 2025 with $80 million worth of shares repurchased in the fourth quarter at an average price of $39. In the fourth quarter, we completed our $100 million share repurchase program and have $225 million remaining on the $250 million repurchase program that commenced in November of 2025.

我們相信，YourBio（最近於 2026 年以約 1.5 億美元的價格完成交易）最終將使我們能夠在未來透過無痛的居家檢測服務來增強我們的診斷專業能力。最後，我們在 2025 年回購了價值約 9,000 萬美元的普通股，其中 8,000 萬美元的股票在第四季以平均每股 39 美元的價格回購。第四季度，我們完成了 1 億美元的股票回購計劃，而從 2025 年 11 月開始的 2.5 億美元股票回購計劃還剩下 2.25 億美元。

After meaningful investment in 2025, we generated over $57 million in free cash flow and ended the year with $929 million of cash, short-term and long-term investments on our balance sheet. We believe our ability to leverage our financial position and the rigor of our capital allocation framework will position us to rapidly serve a broader set of consumers, placing us on track to become one of the largest consumer-centric health care platforms in the world.

在 2025 年進行了大量投資後，我們產生了超過 5,700 萬美元的自由現金流，並在年底資產負債表上擁有 9.29 億美元的現金、短期和長期投資。我們相信，憑藉我們雄厚的財務實力和嚴格的資本配置框架，我們將能夠迅速服務於更廣泛的消費者群體，使我們走上成為全球最大的以消費者為中心的醫療保健平台之一的道路。

Our capital allocation priorities will focus on deepening our ability to combine data and insights, thoughtfully expanding personalized solutions and elevating digital and physical consumer assets to improve the health care experience for tens of millions of consumers. In 2026, we expect this to materialize across the following areas. First, we will continue investing in the capacity and capabilities of our operational facilities. We expect investment in these facilities to unlock our ability to respond to insights from labs and eventually wearables with a broader set of personalized treatments. Additionally, verticalization reduces our cost to serve, ultimately allowing us to pass value back to consumers and selectively expand margins.

我們的資本配置重點將放在深化我們整合數據和洞察的能力、深思熟慮地擴展個人化解決方案以及提升數位和實體消費者資產，以改善數千萬消費者的醫療保健體驗。我們預計到 2026 年，這種情況將在以下領域得到體現。首先，我們將持續投資提升營運設施的容量和能力。我們期望對這些設施的投資能讓我們有能力根據實驗室和最終穿戴式裝置的檢測結果，提供更廣泛的個人化治療方案。此外，垂直化降低了我們的服務成本，最終使我們能夠將價值回饋給消費者，並選擇性地擴大利潤率。

Second, we will continue to invest in new experiences and physical technologies that will allow us to make treatments more accessible for our subscribers. We believe the integration and scaling of YourBio, which uses a virtually pain-free microneedle blood sampling technology, is a great example of this. Long wait times from overcrowded facilities, fear of pain or an inability to find the time to drive to a facility, all service barriers to prevent many consumers from obtaining deeper insights into their health. We expect that investments in these areas will ultimately allow us to provide users with the ability to perform blood draws from the comfort of their own home and AI technology can help orient providers toward the tests that are most impactful for a subscriber at any point in time. Third, we expect to continue investing in technology.

其次，我們將繼續投資新的體驗和物理技術，以便讓我們的訂閱用戶更容易獲得治療。我們認為 YourBio 的整合和規模化就是一個很好的例子，它採用了一種幾乎無痛的微針採血技術。醫療機構人滿為患導致的長時間等待、對疼痛的恐懼或無法抽出時間開車前往醫療機構，這些都是阻礙許多消費者深入了解自身健康狀況的服務障礙。我們預計，對這些領域的投資最終將使用戶能夠在自己舒適的家中進行抽血，而人工智慧技術可以幫助醫療服務提供者在任何時間點為訂閱用戶提供最有影響力的檢測。第三，我們預計將繼續投資於科技。

We are one of the few platforms that have insights into the patient journey from intent to outcomes and with Labs this differentiated capability further expands. A world-class product experience, high-quality provider network and personalized solutions backed with data are differentiating factors for us. We expect these investments to deepen customer engagement and retention as well as unlock operational efficiency gains over time. Fourth, we expect to continue expanding the network of partners that will further our ability to become a curator of world-class health care services. Over the coming years, our ambition is to partner with other companies that share our vision to unlock more value for our customers.

我們是少數幾個能夠深入了解患者從就醫意圖到最終結果的就醫歷程的平台之一，而實驗室的加入進一步擴展了這種差異化的能力。世界一流的產品體驗、高品質的供應商網路以及以數據為支撐的個人化解決方案是我們脫穎而出的關鍵因素。我們期望這些投資能夠加深客戶參與度和留存率，並隨著時間的推移提高營運效率。第四，我們期望繼續擴大合作夥伴網絡，這將進一步提升我們成為世界一流醫療保健服務策劃者的能力。未來幾年，我們的目標是與其他擁有共同願景的公司合作，為我們的客戶創造更多價值。

International expansion will perhaps be one of our most significant areas of investment in 2026 and the coming years. We recently signed a deal to welcome Eucalyptus to the Hims & Hers family. Upon closing of the transaction, Eucalyptus will complement ZAVA and deepen our presence in the UK as well as unlock a model more closely aligned to our domestic business in Germany, Australia and Japan. Assuming the transaction closes, our expectation is that our collective international business will break even within 12 to 18 months, inclusive of Eucalyptus.

國際擴張或許將成為我們2026年及未來幾年最重要的投資領域之一。我們最近簽署了一項協議，歡迎 Eucalyptus 加入 Hims & Hers 大家庭。交易完成後，Eucalyptus 將與 ZAVA 形成互補，加深我們在英國的業務，並開啟與我們在德國、澳洲和日本的國內業務更加緊密相關的模式。假設交易完成，我們預計將包括桉樹業務在內，我們的國際業務總和將在 12 至 18 個月內實現收支平衡。

Eucalyptus deploys a rigorous capital allocation framework similar to our own. They currently have an annual revenue run rate north of $450 million and strong execution enabled them to drive triple-digit year over year growth in each quarter of 2025, while also maintaining line of sight to profitability. While we do not expect the business to drive meaningful adjusted EBITDA losses, we do not expect to drive meaningful margin expansion for several years in our international business.

尤加利公司採用了與我們類似的嚴格的資本配置架構。他們目前的年收入運行率超過 4.5 億美元，強大的執行力使他們能夠在 2025 年的每個季度實現三位數的同比增長，同時保持盈利能力。雖然我們預計該業務不會導致調整後 EBITDA 出現重大虧損，但我們預計在未來幾年內，我們的國際業務的利潤率不會顯著增長。

Across the majority of international markets, we expect to take a growth-oriented approach and focus on reaching as many consumers as possible before focusing on the margin expansion efforts, even if that means running certain markets at or near breakeven on an adjusted EBITDA margin basis. We saw this approach work in the US and will utilize a similar playbook to progressively expand markets towards margin expansion in the future.

在大多數國際市場，我們預計將採取以成長為導向的方法，在專注於擴大利潤率之前，盡可能多地接觸消費者，即使這意味著在某些市場，調整後的 EBITDA 利潤率將達到或接近盈虧平衡點。我們看到這種方法在美國行之有效，未來將採取類似的策略逐步擴大市場，以實現利潤率的提升。

This is our largest acquisition to date at up to $1.15 billion of total consideration. The upfront payment at close is expected to be approximately $240 million, with the remaining payments for guaranteed consideration and earnouts to be made through 2029. As we have done in the past, we will monitor the landscape of potential opportunities to reinforce our balance sheet to maintain optionality in ways that thoughtfully considered dilution. However, we are prepared to fund the majority of the Eucalyptus transaction, with the strength of our existing balance sheet and cash flow generation from our domestic operations through 2029.

這是我們迄今為止最大的收購，總對價高達 11.5 億美元。預計交易完成時的首付款約為 2.4 億美元，剩餘的保證對價和盈利分成款項將在 2029 年之前支付。就像我們過去所做的那樣，我們將密切關注潛在的機會，以增強我們的資產負債表，從而在經過深思熟慮的稀釋過程中保持選擇。但是，憑藉我們現有的資產負債表實力以及到 2029 年國內業務產生的現金流，我們已準備好為桉樹交易的大部分資金提供支持。

With that, I will provide an additional perspective on our initial outlook for 2026. Note that these numbers do not include the Eucalyptus transaction. In the first quarter, we are anticipating revenue in the range of $600 million to $625 million, representing a year over year increase of 2% to 7%. We expect adjusted EBITDA to be between $35 million to $55 million, representing an adjusted EBITDA margin of 7% at the midpoint of both ranges. For the full year, we are anticipating revenue of between $2.7 billion to $2.9 billion, representing a year over year increase of 15% to 24%.

在此，我將從另一個角度闡述我們對 2026 年的初步展望。請注意，這些數字不包括尤加利交易。我們預計第一季營收將在 6 億美元至 6.25 億美元之間，年增 2% 至 7%。我們預計調整後的 EBITDA 將在 3,500 萬美元至 5,500 萬美元之間，以這兩個範圍的中點計算，調整後的 EBITDA 利潤率為 7%。我們預計全年營收將在 27 億美元至 29 億美元之間，年增 15% 至 24%。

It is our expectation that 2026 adjusted EBITDA will be between $300 million and $375 million. These adjusted EBITDA and revenue ranges imply an adjusted EBITDA margin of 12% at the midpoint of both ranges. Behind our outlook are the following assumptions: first, we expect an approximately $65 million revenue headwind in the first quarter, resulting from the change in shipping cadences in our weight loss business following the shift to 503(a) fulfillment. For context, in the second half of 2025, this revenue headwind was approximately $40 million. We expect this effect to mitigate as cohorts continue to stack throughout the year.

我們預計 2026 年調整後 EBITDA 將在 3 億美元至 3.75 億美元之間。這些調整後的 EBITDA 和收入範圍意味著，在兩個範圍的中點處，調整後的 EBITDA 利潤率為 12%。我們的展望基於以下假設：首先，我們預計第一季營收將減少約 6,500 萬美元，這是由於減重業務轉向 503(a) 履行後出貨節奏發生變化所致。作為參考，2025 年下半年，這項收入逆風約為 4,000 萬美元。我們預計隨著各批學生在一年中不斷累積入學，這種影響將會減輕。

It's important to note these dynamics affect only the timing of revenue recognition and not customer demand or engagement. Demand for weight loss remains strong with subscribers growing more than 70% year over year in the fourth quarter. We expect subscriber growth within our weight loss offering to remain strong throughout 2026. Second, our investment in our 60 second Super Bowl commercial is expected to place additional pressure on EBITDA in the first quarter. This investment played an instrumental part in our ability to educate consumers about our platform as well as evolve the brand towards being known for proactive healthcare solutions.

值得注意的是，這些因素只會影響收入確認的時間，而不會影響客戶需求或參與。減肥需求依然強勁，第四季訂閱用戶年增超過 70%。我們預計到 2026 年，我們減肥產品的訂閱用戶成長將保持強勁勢頭。其次，我們對 60 秒超級盃廣告的投資預計將為第一季的 EBITDA 帶來額外的壓力。這項投資對我們向消費者普及我們的平台知識以及將品牌發展成為以積極主動的醫療保健解決方案而聞名的品牌起到了至關重要的作用。

No change is expected from our framework that calls for a payback period of less than one year on marketing spend. We expect adjusted EBITDA margins and revenue growth to scale from the first quarter. Third, our expectation is for several of the newer offerings such as low testosterone, menopausal support and labs to incrementally scale throughout the year. Newer offerings will play a key role in maintaining solid growth for Hims as well as helping the Hers portfolio continue to scale and reach its first year of $1 billion in revenue. Investment across most offerings will be stage gated and incremental investment released as these new offerings hit unit economic and scale milestones.

我們的框架預計不會有任何改變，該框架要求行銷支出的投資回收期少於一年。我們預計調整後的 EBITDA 利潤率和營收成長將從第一季開始逐步擴大。第三，我們預期一些較新的服務，如低睪固酮、更年期支持和實驗室檢測等，將在年內逐步擴大規模。新產品將在維持 Hims 的穩健成長方面發揮關鍵作用，同時也將幫助 Hers 產品組合繼續擴大規模，並實現其第一年 10 億美元的收入目標。大多數產品的投資將分階段進行，隨著新產品達到單位經濟效益和規模里程碑，將逐步釋放投資。

We believe each of these offerings has the potential to drive meaningful future growth and will play a critical role in our ability to obtain our 2030 aspirations. Fourth, investment in our platform's product experience, technology and AI capabilities are expected to become a larger priority in 2026. We believe we are in a unique position to connect deeper health insights with improved conversational support that is available whenever our customers are in need. Our guidance affords us the flexibility to lean into these opportunities to create a more engaging customer experience from start to finish, driving stronger conversion and retention over time. Finally, international expansion will offer a meaningful driver of incremental growth in 2026.

我們相信，這些產品和服務都有潛力推動未來有意義的成長，並將對我們實現 2030 年目標起到至關重要的作用。第四，預計到 2026 年，對我們平台的產品體驗、技術和人工智慧能力的投資將成為更重要的優先事項。我們相信，我們擁有獨特的優勢，能夠將更深入的健康洞察與更完善的對話支援結合，隨時滿足客戶的需求。我們的指導使我們能夠靈活地抓住這些機會，從頭到尾創造更具吸引力的客戶體驗，從而隨著時間的推移提高轉換率和客戶留存率。最後，國際擴張將在 2026 年成為推動成長的重要動力。

Our initial outlook anticipates at least $200 million in revenue contributions from international markets. This includes any additional contributions from our acquisition of Eucalyptus, which is expected to close in the second half of this year. Assuming the transaction closes as expected, we would expect additional second half revenue contributions of at least $200 million. Our primary objective in international will be oriented towards growth expansion. While we do not expect meaningful adjusted EBITDA losses, we're expecting newer international markets to run near breakeven.

我們初步預測，國際市場至少能帶來 2 億美元的營收貢獻。這包括我們收購 Eucalyptus 所帶來的任何額外收益，預計該收購將於今年下半年完成。假設交易按預期完成，我們預計下半年將額外貢獻至少 2 億美元的收入。我們在國際市場的首要目標是實現成長擴張。雖然我們預計不會出現實質的調整後 EBITDA 虧損，但我們預期新興國際市場的營運將接近損益兩平。

We left 2025 with a great deal of momentum that has allowed us to continue bringing new sources of value to millions of subscribers. Our success in the US places us in a position to thoughtfully expand and rapidly scale across international markets such as the UK, Germany, Canada, Australia, Japan and others. Strong free cash flow and adjusted EBITDA from tenured specialties in our domestic operations will allow us to continue expanding specialties while also concurrently growing our subscriber base across strategic markets. In the near term, we expect many of these international markets to run at breakeven, but in the medium to long term to become meaningful growth in profitability vectors as we optimize and realize economies of scale, similar to what we achieved in the US.

2025 年結束時，我們擁有了強大的發展勢頭，這使我們能夠繼續為數百萬訂閱用戶帶來新的價值來源。我們在美國的成功使我們能夠深思熟慮地拓展業務，並迅速擴大規模，進軍英國、德國、加拿大、澳洲、日本等國際市場。國內業務中成熟專科領域強勁的自由現金流和調整後 EBITDA 將使我們能夠繼續拓展專科領域，同時在戰略市場中擴大我們的用戶群。短期內，我們預計這些國際市場中的許多市場將實現盈虧平衡，但中長期來看，隨著我們優化和實現規模經濟，這些市場將成為獲利成長的重要來源，類似於我們在美國的成就。

Continued growth in the US, combined with the scale of the international opportunity in front of us, reinforce our confidence in our ability to meet or exceed our 2030 ambitions outlined last 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. I'd like to thank them, our subscribers and our shareholders for supporting us in our mission to help the world feel great through the power of better health.

美國市場的持續成長，加上我們面前巨大的國際機遇，增強了我們對實現或超越去年制定的 2030 年目標的信心，即至少實現 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。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變得更美好的使命。

With that, I will now turn the call back over to Bill to kick off Q&A with two questions from our retail community.

接下來，我會把電話交還給比爾，讓他開始問答環節，先回答我們零售業提出的兩個問題。

Thanks, Yemi. And thank you to everyone who's asked questions over the weekend. First, from Jay, who has a question on our growing international footprint. With the acquisition of Eucalyptus accelerating international expansion into Australia, Japan and building a deeper presence in Western Europe, can you share more about the company's long-term vision and key priorities for global growth over the next three to five years? How do you plan to integrate Eucalyptus's operations and brands to drive synergies?

謝謝你，耶米。感謝週末期間所有提問的朋友。首先，Jay 有一個關於我們不斷擴大的國際影響力的問題。收購 Eucalyptus 加速了公司在澳洲、日本的國際擴張，並加深了公司在西歐的影響力。您能否分享一下公司未來三到五年的長期願景和全球成長的關鍵優先事項？您計劃如何整合Eucalyptus的營運和品牌以實現綜效？

Yeah. Thanks, Bill. And thanks, Jay, for the question. I think from the beginning, we've always believed that the vision for consumer-centric health was global. When you think about great health care, it's a thing that we care about most personally, it's a thing that we care about for a family.

是的。謝謝你，比爾。謝謝傑伊的提問。我認為從一開始，我們就一直堅信以消費者為中心的健康願景是全球性的。說到優質的醫療保健，這是我們個人最關心的事情，也是我們對家人最關心的事情。

And yet no matter where you are in the US, the UK, Germany, when you talk to actual people their frustration with the current status quo is consistent. And so we have really huge ambitions globally. At the core of it is to target the 10 key most critical markets and to win them handily over the next 12 to 24 months across acquisitions of ZAVA and Livewell and with the addition of Eucalyptus, I think we have those critical pieces in place. I've known Tim Doyle for going on four to five years, he is the founder and CEO of Eucalyptus and have absolutely loved watching that team execute. They're exceptional leaders with a strong shared commitment to the consumer.

然而，無論你身處美國、英國或德國，當你與當地人交談時，他們對現狀的不滿都是一致的。因此，我們在全球範圍內有著非常遠大的抱負。其核心目標是瞄準 10 個最關鍵的市場，並在未來 12 至 24 個月內透過收購 ZAVA 和 Livewell 以及收購 Eucalyptus 來輕鬆贏得這些市場，我認為我們已經具備了這些關鍵要素。我認識蒂姆·多伊爾已經有四、五年了，他是Eucalyptus的創始人兼首席執行官，我非常喜歡看到他的團隊執行任務。他們是傑出的領導者，對消費者有著強烈的共同承諾。

And so when I look at the combination of the two, I think we have a bold ambition to see the Hims & Hers brand be unified across all of these major markets within the next year or two and a North Star of $1 billion plus in incremental international revenue in the next few years as well.

因此，當我審視這兩者的結合時，我認為我們有一個大膽的目標，那就是在未來一兩年內將 Hims & Hers 品牌統一到所有這些主要市場，並在未來幾年內實現超過 10 億美元的國際增量收入。

Thanks, Andrew. And the next question comes from the Hims & Hers retail community. What impact do you expect from the regulatory and legal scrutiny on growth numbers for the next few years? How will you reduce risk from a potential ban on compounding GLP-1s and what categories are positioned best to pivot the business away from GLP-1s?

謝謝你，安德魯。下一個問題來自 Hims & Hers 零售社群。您預計監管和法律審查將對未來幾年的成長數據產生什麼影響？如何降低可能禁止配製 GLP-1 藥物而帶來的風險？哪些類別最適合將業務重心從 GLP-1 藥物轉移到其他領域？

Yeah, it's a great question. I think that maybe to step back a little bit, when I founded the company nearly 10 years ago, the vision here was not to launch treatments on a website, it was to disrupt how customers have access to great care. And I think that opportunity today is just as strong as it was nearly 10 years ago. When we first launched, for people who have been following us, people used to call us the Viagra company, right? We're an ED-only business.

是的，這是一個很好的問題。我想，或許應該稍微回顧一下，當我大約 10 年前創立這家公司時，我的願景並不是在網站上推出治療方案，而是要顛覆客戶獲得優質照護的方式。我認為如今的機會與近十年前一樣強勁。我們剛成立的時候，一直關注我們的人都叫我們“偉哥公司”，對吧？我們是一家只提供急診服務的企業。

And for years and years, that was the headline. That was the concern dependency on Viagra, that category. And then as we progressed and we launched the Hers business and that was getting started, people started to worry, hey, maybe this is a Hims only business. Maybe Hers doesn't have the ability to replicate itself and scale as well. And now that business is achieving this year, hopefully, $1 billion plus in revenue.

多年來，這一直是新聞頭條。那是人們對威而鋼的依賴所引發的擔憂，屬於這一類藥物。然後，隨著我們不斷發展，推出了 Hers 業務，而這項業務開始起步，人們開始擔心，嘿，也許這只是 Hims 的專屬業務。也許 Hers 不具備自我複製和規模化的能力。希望今年該企業能夠實現超過 10 億美元的營收。

And I think the reality is Hims & Hers has always been and continues to be more than one treatment. When you look into the business today, it's important to remember that the majority of our revenue and profitability is driven by offerings outside of weight loss. And really, the amount of patients that actually are on the compounded GLP-1s is actually quite a small minority of the aggregate subscriber base. And so when referring to -- pivoting the business to manage the dynamics in the ecosystem, I don't really think that's how we feel about things internally.

我認為，事實是 Hims & Hers 一直以來都是，而且將來仍然是一種不只一種治療。如今，在審視這項業務時，必須記住，我們的大部分收入和利潤都來自減肥以外的產品和服務。事實上，真正接受複合 GLP-1 治療的患者人數在整個使用者群體中只佔一小部分。所以，當提到「調整業務以應對生態系統中的動態變化」時，我並不認為我們內部是這樣看待這件事的。

I think we plan to continue to operate like we always have, which is expanding the offering systematically to patients, broadening the assortment on the platform and the care that we can offer them, deepening our relation with them, deepening our understanding of them, expand into new categories like labs and menopause and low-T, work on innovation and R&D for future categories like peptides, which we're working on right now.

我認為我們計劃繼續像以往一樣運營，即係統地擴大對患者的服務範圍，拓寬平台上的產品種類和我們能夠為他們提供的護理，加深與患者的關係，加深對患者的了解，拓展到實驗室、更年期和低睾酮等新類別，致力於肽類等未來類別的創新和研發，我們目前正在進行這方面的研究。

And ultimately, add more value to customers' life in an expanding set of markets. I think between our existing diverse business lines, the pace of the new expanding categories that I touched on in the prerecorded remarks, as well as now this accelerating international business, there's just really never been a point in our company's life where we've had such a durability in growth engines to achieve the much broader vision for the business.

最終目標是在不斷擴大的市場中為客戶的生活增添更多價值。我認為，在我們現有的多元化業務線、我在預錄演講中提到的不斷擴張的新類別以及現在加速發展的國際業務之間，我們公司歷史上從未有過如此持久的成長引擎，能夠實現更廣闊的業務願景。

Thanks, Andrew. And with that, I will pass it back to the operator, and we can begin the regular way analyst Q&A.

謝謝你，安德魯。這樣，我就把任務交還給操作員，我們可以開始常規的分析師問答環節了。

(Operator Instructions)

（操作說明）

Maria Ripps, Canaccord.

Maria Ripps，Canaccord。

First, I just wanted to ask about your US weight loss business, maybe expanding a little bit on the last question, sort of given all this sort of maybe increased scrutiny on compounded GLP-1s. How should investors think about sort of the durability and maybe growth profile of that business kind of over the next few years? And then secondly, maybe more badly, how is your marketing mix sort of evolving as you expand into sort of broader less stigmatized health categories domestically? And are you seeing sort of structural improvement in CAC and lifetime value sort of as your brand matures?

首先，我想問一下您在美國減肥業務的情況，也許可以稍微擴展一下上一個問題，因為目前複合 GLP-1 藥物可能受到了更嚴格的審查。投資人該如何看待該企業未來幾年的永續性和成長前景？其次，或許更糟的是，隨著你們在國內向更廣泛、更少受歧視的健康領域拓展，你們的行銷組合是如何演變的？隨著品牌的成熟，您是否看到客戶獲取成本和客戶終身價值方面出現了某種結構性改善？

Yeah. Great question, Maria. I'll maybe answer the first part and let Yemi handle the second. I think when we look at the weight loss business domestically, there's an increasing range of assortment, which I think is really important. And we follow what is important for the patients.

是的。瑪麗亞，問得好。我或許可以回答第一部分，第二部分就交給 Yemi 來處理吧。我認為，從國內減肥產業來看，產品種類越來越豐富，我認為這非常重要。我們始終以病人利益為先。

When you look at both the next-generation therapies that the major drug companies are bringing to market, when you look at the pipeline of biotech in Phase 2 and Phase 3, we deeply believe that in the next two to three years, there's going to be a dozen or maybe two dozen added treatments that are going to make a big difference in people's lives. And for us as a platform and for our patients, we deeply believe that assortment matters.

當你檢視各大製藥公司正在推向市場的下一代療法，以及處於二期和三期臨床試驗階段的生物技術研發管線時，我們深信，在未來兩到三年內，將會有十幾種甚至二十幾種新的療法問世，這些療法將對人們的生活產生重大影響。對於我們這個平台以及我們的患者而言，我們深信產品種類至關重要。

And so I think we will continue to adjust the model as necessary to ensure that we have the breadth of assortment that patients need and want. As Yemi shared in our remarks before we even had the compounded GLP-1 business line, our weight loss offerings was the fastest category to ever launch, just with our combinations of therapies focused on conditions around metabolic and insulin resistant dynamics. That business scaled to $100 million run rate in just seven months.

因此，我認為我們將繼續根據需要調整模式，以確保我們擁有患者需要和想要的各種產品。正如 Yemi 在我們推出複合 GLP-1 業務線之前在我們的演講中所分享的那樣，我們的減肥產品是迄今為止推出速度最快的類別，這得益於我們針對代謝和胰島素抵抗動態相關疾病的組合療法。該業務僅用了七個月就實現了 1 億美元的年營業額。

And so we believe there's a really durable weight business even if you think -- even kind of in a draconian scenario of compounding GLP-1s not being there. And I think even more so, when you look into the next year or two, there's an expanding assortment of therapies that I think are going to be very important to patients, and we're going to have to keep evolving that offering in category just like we do in other categories to make sure that we've got great treatments that patients are really looking for.

因此，我們相信體重管理產業會非常持久，即使你認為——即使在 GLP-1 複合療法不存在的嚴酷情況下也是如此。而且我認為，展望未來一兩年，將會有更多種類的療法湧現，這些療法對患者來說非常重要。我們將不得不像在其他類別中一樣，不斷改進這一類別的產品，以確保我們擁有患者真正需要的優秀療法。

Then the second part of your question, Maria, just around how we see acquisition trends evolving. And you see some of this in the marketing leverage that we were able to gain that was quite substantial in 2025. Really what we are seeing is that like we are benefiting from the breadth of treatments that we're able to offer on the platform as well as the investments we've made historically around really communicating to consumers the power of the platform. I think with that, we view that, that gives us a competitive edge on the acquisition front. And then we do see, particularly as we enter newer specialties like Labs, will enable us to provide more insights to consumers as well as move towards the world that's more oriented around proactive care.

那麼，瑪麗亞，你的問題的第二部分，就是關於我們如何看待收購趨勢的演變。而這一點也體現在我們在 2025 年所獲得的相當大的市場影響力。實際上，我們看到的是，我們正受益於我們在平台上能夠提供的廣泛治療方案，以及我們過去在向消費者真正傳達平台力量方面所做的投資。我認為，正是這一點，使我們在收購方面具有競爭優勢。然後我們看到，尤其是在我們進入實驗室等新興專業領域之後，這將使我們能夠為消費者提供更多見解，並朝著更以主動護理為導向的世界邁進。

Our view is that carries immense potential to further drive acquisition efficiency. What we observe on the LTV front is that as we are able to help our providers on the platform, pair consumers with personalized treatments that really are unique and meet their needs, that effectively drives stronger retention across the platform, whether that's as we talked about in the prepared remarks, addressing multiple conditions through more simple mechanisms or helping users balance both efficacy with side effects or providing alternative form factors. We see all of those things as well as the ability to leverage more and more insights to help providers pair consumers with those treatments, driving stronger retention, which ultimately drive stronger lifetime value for the consumer.

我們認為這具有進一步提高收購效率的巨大潛力。我們在 LTV 方面觀察到，當我們能夠幫助平台上的供應商將消費者與真正獨特且滿足其需求的個人化治療方案進行匹配時，就能有效地提高整個平台的用戶留存率，無論是像我們在準備好的發言稿中提到的那樣，透過更簡單的機制解決多種疾病，還是幫助用戶平衡療效和副作用，或是提供替代形式。我們看到所有這些，以及利用越來越多的洞察力來幫助醫療服務提供者將消費者與這些治療方案相匹配的能力，從而提高患者留存率，最終為消費者帶來更高的終身價值。

Justin Patterson, KeyBanc Capital Markets.

Justin Patterson，KeyBanc Capital Markets。

Great. I thought I'd talk a little bit more about some of the investments you're making. It sounds like between AI, labs and wearables, you're creating the conditions for a flywheel down the road. So I would love to hear a little bit more about just how deep you're looking to go into the wearables ecosystem? How long we should really think about the investments to support some of these initiatives and how we should think about Labs, the steps to scale up Labs over the next year or so?

偉大的。我想再和你談談你正在進行的一些投資。聽起來，人工智慧、實驗室和穿戴式裝置正在為未來的飛輪效應創造條件。所以我很想更詳細地了解一下，你們打算在穿戴式裝置生態系統中深入發展到什麼程度？我們應該認真考慮多久才能確定支持這些措施的投資，以及我們應該如何看待實驗室，以及在未來一年左右的時間裡如何擴大實驗室的規模？

Yeah. Thanks, Justin. I think those three buckets are a real focus for the business. And I think when you step back there's just never been an easier way to collect more advanced data from patients across these things, whether it's wearable devices, whether it's polygenic risk scores that you can do a swab on the inside of your mouth, whether it's cancer testing or it's full gene sequencing, I mean it's just really incredible. And so as that accelerates and our investments in YourBio accelerate and we're able to get testing at home for cheaper, cheaper, cheaper cost, we'll be verticalizing that infrastructure so that you as a member of Hims & Hers can be getting access to this type of data collection on a really frequent basis.

是的。謝謝你，賈斯汀。我認為這三個面向是公司真正關注的重點。我認為，從長遠來看，現在收集患者更高級數據的方法比以往任何時候都更加容易，無論是穿戴式裝置、口腔拭子檢測的多基因風險評分、癌症檢測或全基因定序，這真的令人難以置信。因此，隨著這一趨勢的加速發展，以及我們對 YourBio 的投資不斷增加，我們將能夠以越來越低的成本在家中進行檢測，我們將實現基礎設施的垂直化，以便 Hims & Hers 的會員能夠非常頻繁地獲得此類數據收集服務。

I think that intelligence layer to then help understand how we get ahead of what you are struggling with or what you may struggle with in the future is going to be an increasingly important part of the business. And so this is where I think the platform really transitions from focusing on a single treatment to proactive preventative care. I actually think that type of care is in and of itself a new category for Hims & Hers. It's almost a longevity category, so to speak. But I think as people start to realize a platform like Hims & Hers gives you access to what the 1% have and let you take the necessary steps to get ahead of it, it's extremely empowering, right?

我認為，這種智慧層能夠幫助我們了解您目前面臨的困難或未來可能遇到的困難，這將在業務中扮演越來越重要的角色。所以我認為，正是在這裡，該平台真正從專注於單一治療轉向了積極主動的預防性護理。我其實認為這種護理方式本身就是 Hims & Hers 的新類別。從某種意義上說，這幾乎可以算是長壽類別。但我認為，當人們開始意識到像 Hims & Hers 這樣的平台可以讓你接觸到 1% 的人所擁有的東西，並讓你採取必要的步驟來超越他們時，這會極大地增強他們的能力，對吧？

And so we are going to go deep in all 3 of those areas. From the device side, either through our own or through partnership, we've obviously already acquired our own blood testing device through our own AI efforts and teams, which we've already started to launch with the Labs efforts. And it's starting to pay off, right? When you look at the prepared remarks, we shared that 70% of people who do a lab test on the Hims & Hers platform identify an area of risk that is treatable on the Hims & Hers platform. right?

因此，我們將深入研究這三個領域。從設備方面來看，無論是透過我們自己的研發還是透過合作，我們顯然已經透過我們自己的人工智慧團隊和努力獲得了我們自己的血液檢測設備，並且我們已經開始透過實驗室的努力推出該設備。現在看來，這開始奏效了，對吧？從我們準備好的發言稿中可以看出，在 Hims & Hers 平台上進行實驗室檢測的人中，有 70% 的人發現了可以在 Hims & Hers 平台上進行治療的風險領域。對嗎？

Most of the time, this is something patients are learning for the first time that they're prediabetic, that they are at risk of cardiovascular disease, et cetera. And so there's a massive flywheel in making the entry point in data collection and learning about your health extremely low and extremely easy to get started and then ultimately build value over the long term with these patients as we expand our care and can have a more comprehensive look at their health.

大多數情況下，患者都是第一次了解到自己患有糖尿病前期，並面臨心血管疾病等的風險。因此，透過降低數據收集和了解自身健康狀況的門檻，使其變得極其容易入門，從而形成巨大的飛輪效應。隨著我們擴大護理範圍，能夠更全面地了解患者的健康狀況，最終可以為這些患者創造長期價值。

Yeah. I think what I'd add to that, Justin, is I think similar to what we've done in the past, like we will be thoughtful and continue to stage gate the investment. I think much of what we're investing in kind of follows the four pillars that we've always spoken around, which is like the brands, investment in technology and data that provide -- reinforces the personalization and unique products we're able to deliver as well as just the strength of our provider network.

是的。賈斯汀，我想補充的是，我認為我們會像過去一樣，謹慎行事，繼續分階段推進投資。我認為我們投資的許多方面都遵循了我們一直以來所強調的四大支柱，例如品牌、技術和數據投資，這些投資能夠增強我們所提供的個人化和獨特產品，以及我們供應商網路的實力。

And so I think that what you see now is a very vast balance sheet as well as a strong free cash flow that's enabling us to make the transition that Andrew mentioned towards a platform that is more oriented around leveraging data to treat consumers proactively. Ultimately, we think that these investments as they start to come together in 2026, even outer years, have the ability to quickly have positive ROI and ultimately pay off for themselves and become self-funding.

因此，我認為您現在看到的是一個非常龐大的資產負債表以及強勁的自由現金流，這使我們能夠實現 Andrew 提到的向一個更加註重利用數據主動服務消費者的平台的轉型。最終，我們認為這些投資從 2026 年開始匯聚，甚至更遠的年份，都有可能迅速獲得正的投資回報率，並最終實現自我融資。

Whether that's in the form of higher lifetime value that we discussed around the last question, or even just with proactive care being able to unlock new insights to consumers to drive better acquisition efficiency through their lower cost channels. Those are all mechanisms that we'll monitor and continue to lean into. But ultimately, we believe, have the ability to effectively make these investments pay for themselves very quickly.

無論是像我們在上一個問題中討論的那樣，提高客戶終身價值，還是透過主動關懷來挖掘消費者的新洞察，從而透過成本更低的管道提高客戶獲取效率。這些都是我們會密切注意並持續重視的機制。但最終，我們相信，我們有能力有效地讓這些投資很快就收回成本。

Craig Hettenbach, Morgan Stanley.

克雷格‧赫滕巴赫，摩根士丹利。

For some of the legacy core offerings, can you just talk about which categories you expect to kind of drive growth in 2026? And then within weight loss, is there a range that you're embedding into guidance for this year?

對於一些傳統的核心產品，您能否談談您預計哪些類別將在 2026 年推動成長？那麼在減重方面，您今年的指導方針中是否包含一個範圍？

Yeah. Thanks for the question, Craig. Maybe I'll start. I think increasingly, just a concept of -- I just want to caution the concept of core versus like noncore is becoming increasingly less and less relevant. I think that's how we're orienting the business is because the lines across specialties are blending more and more is really around the concept of international and domestic.

是的。謝謝你的提問，克雷格。或許我會開始。我認為，核心與非核心的概念──我只是想提醒大家，這個概念變得越來越不相關。我認為我們之所以這樣調整業務方向，是因為各個專業領域的界線越來越模糊，這其實是圍繞著國際和國內的概念。

And then underneath that, what you do see is you have businesses of a varying tenure. We see a lot of potential in both the Hims & Hers specialties for continued growth. I think we were excited to see the Hims brand growth 30% year over year in 2025. And we do believe that we're positioned for continued growth whether that's in the form of newer specialties like testosterone that are rapidly emerging or even as we start to see the benefit from the stronger retention on the daily health offerings in both sexual health and greater assortment in other categories like hair, each of these disciplines have the ability within the Hims specialty to continue to power growth.

然後，在這種表象之下，你會看到一些經營年限各不相同的企業。我們認為男士和女士用品這兩個細分市場都具有很大的成長潛力。我認為我們很高興看到 Hims 品牌在 2025 年實現 30% 的年增長率。我們相信，無論是像睾酮這樣迅速興起的新興專業領域，還是隨著性健康等日常健康產品客戶留存率的提高，以及頭髮等其他類別產品種類的增加，我們都已做好持續增長的準備。 Hims 的每個專業領域都有能力繼續推動成長。

And then flipping to Hers, we're seeing very much the same element. Historically, newer categories that we've launched have taken 12 to 18 months to scale. I think that as we look at around things like labs, menopausal support as well as some of the tenured categories like Hers Care, we continue to see robust growth across many of those, and I think we'll continue to invest in those. But as we make the transition that Andrew mentioned previously in both his prepared remarks and in the question, we're able to proactively serve consumers. I think that's going to be a pretty substantial unlock that will provide the ability to -- for us to continue to see our tenured specialties grow.

然後，我們再看看她的部分，就會發現同樣的東西。從歷史經驗來看，我們推出的新類別通常需要 12 到 18 個月才能達到規模化。我認為，當我們審視實驗室、更年期支持以及一些歷史悠久的類別（例如女性護理）時，我們會發現其中許多領域都持續保持強勁增長，因此我們將繼續投資這些領域。但正如安德魯之前在準備好的演講稿和提問中提到的那樣，隨著我們進行轉型，我們將能夠積極主動地為消費者服務。我認為這將是一個相當大的突破，使我們能夠繼續看到我們歷史悠久的專業領域不斷發展壯大。

Got it. And then just as a follow-up, when I think through the 2030 target and kind of the path to 20% margin, you commented a few times international is kind of breakeven and there's some investments there. So is there anything around kind of the US business or efficiencies that are helping to potentially offset some of the drag on international just from a margin perspective?

知道了。然後，作為後續問題，當我思考 2030 年目標以及實現 20% 利潤率的路徑時，您曾多次提到國際業務基本上達到盈虧平衡，並且有一些投資。那麼，美國業務或效率方面是否有任何因素能夠從利潤率的角度抵消國際業務的一些拖累呢？

Yeah. I don't think that the drag on international is going to necessarily be permanent per se. I think that what we will do, and I think it's almost going to be more on a market-by-market basis, we will look at the opportunity in front of us. I think across most international markets, the orientation will be growth orientation. I don't know that the international universe necessarily will be static for us as well as we continue to utilize our current assets as well as the Eucalyptus team to launch in new markets.

是的。我不認為國際貿易的下滑會是永久性的。我認為我們將採取的措施，而且我認為這幾乎會更多是根據每個市場的具體情況來決定，我們將審視擺在我們面前的機會。我認為在大多數國際市場，發展方向將是成長導向。我不認為國際市場對我們來說會一成不變，因為我們將繼續利用我們現有的資產以及Eucalyptus團隊進入新市場。

Newer markets will tend to probably carry a more challenging margin profile. But then as we look to markets that season over the next two to three years, where there's already a strong presence in, there's the opportunity to start to see some margin expansion as you get two, three years out. And you kind of -- if you look at the history of the US and as we made the transition from a loss-making business on our domestic operations to profitability, the ramp in margin as we were able to realize economies of scale kind of from 2022 to 2023 was fairly rapid. And so I think our expectation is on a market-by-market basis, there'll be a similar concept in the international markets.

新興市場往往面臨更具挑戰性的利潤率狀況。但是，當我們展望未來兩到三年內那些已經佔據強大市場份額的市場時，隨著兩三年時間的推移，利潤率有望開始擴張。如果你回顧美國的歷史，你會發現，當我們從國內業務虧損過渡到獲利時，隨著我們在 2022 年到 2023 年實現規模經濟，利潤率的成長速度相當快。因此，我認為我們預期，在各個市場之間，國際市場也會出現類似的概念。

And then as we look to the domestic operations, we are investing fairly aggressively in a number of newer tenured specialties. As those specialties hit their milestones and stage gates, we'll continue to invest. But what you also do see is on a specialty-by-specialty basis, the spread between the tenured specialties and the newer specialties, the margin profile start to converge. And so I think between that and the domestic operations as well as on a market-by-market basis, international markets kind of in the latter half of this decade, becoming more and more margin accretive. We view that as the path to hit our goal of $6 billion of revenue and $1.3 billion of adjusted EBITDA.

然後，展望國內業務，我們正在對一些新興的成熟專業領域進行相當積極的投資。隨著這些專業領域達到里程碑和階段性目標，我們將繼續投資。但你也會看到，從各個專業的角度來看，資深專業和新興專業之間的差距，利潤率開始趨於一致。因此，我認為，從國內業務以及各個市場來看，在本世紀後半葉，國際市場將變得越來越具有利潤成長潛力。我們認為這是實現營收 60 億美元和調整後 EBITDA 13 億美元目標的途徑。

Eric Percher, Nephron Research.

Eric Percher，腎單位研究。

Andrew, I'd like to ask your perspective on the composition of the international business as we look out a year, both across ZAVA and Eucalyptus in terms of specialties or personalization. And then I know you had this line about becoming a leading provider of branded GLP-1 medications. Is that as simple as what we see running through Juniper today? And how do you think about maintaining relationships with the brand manufacturers?

Andrew，我想請教你對未來一年國際業務構成的看法，包括 ZAVA 和 Eucalyptus 在專業化或個人化方面的情況。我知道你當時說過要成為領先的品牌 GLP-1 藥物供應商。Juniper 目前運行的程式就這麼簡單嗎？您認為應該如何維繫與品牌製造商的關係？

Yeah. That's a great question, Eric. I think the composition overseas will likely mirror eventually as it matures the US, right? I think there's a lot of category expansion overseas. And each of these businesses that we are integrating in have different focuses in different markets for the pilot brand in Australia, very focused on men, the Juniper brand focused on women and weight.

是的。埃里克，你問得好。我認為隨著海外經濟的成熟，其經濟組成最終可能會與美國的情況類似，對嗎？我認為海外市場有很多品類擴張。我們正在整合的這些企業在不同的市場有不同的重點，例如澳洲的試點品牌非常注重男性，而 Juniper 品牌則專注於女性和體重管理。

Ultimately, we think that it will probably converge to have really nice diversity at scale. I think the overseas -- the relationships with our international teams and the brand and pharmaceutical companies is quite strong because there's really consistency. They've got great report. They've been able to be a large consumer distributor to them. I would expect that to maintain and stay consistent. We don't expect to change that model. I think that's the winning model overseas and would expect it to remain so.

最終，我們認為它可能會趨於融合，從而實現規模上非常好的多樣性。我認為海外——我們與國際團隊、品牌和製藥公司的關係非常牢固，因為彼此之間非常一致。他們獲得了很好的評價。他們已經成為他們的大型消費品分銷商。我希望這種情況能夠保持穩定。我們預計不會改變這種模式。我認為這是海外成功的模式，而且我預計它會繼續保持這種優勢。

And just a follow-up. Was the comment on the majority of the business being non weight loss, both for revenue? And was it free cash flow or cash flow?

還有一個後續問題。這篇評論是指該企業的大部分業務並非減肥業務，而是為了增加收入嗎？是自由現金流還是現金流？

Yeah. Yeah. The comment was just around the majority of our revenues are actually coming from outside of the GLP-1 business today. And then you can just translate that from the tenured specialties carrying a more robust margin profile from economies of scale. The adjusted EBITDA -- the margin profile tends to be stronger on mature categories as well.

是的。是的。這篇評論大致上是意思是，我們目前大部分的收入其實都來自 GLP-1 業務之外。然後，你可以把這一點轉化成那些具有規模經濟效益、利潤率更穩健的資深專業領域。調整後的 EBITDA－成熟類別的利潤率往往也較高。

Mark Mahaney, Evercore.

Mark Mahaney，Evercore。

I just want to ask two questions about both the fertility opportunity that you're seeing and then the Labs to date, you've talked about them both in the past. Can you just give us more of an update on the data points that you're seeing and how you think about those opportunities?

我只想問兩個問題，一個是關於您目前看到的生育機會，另一個是關於迄今為止的實驗室檢查結果，您之前都談到過這兩個問題。能否詳細介紹您觀察到的數據點，以及您如何看待這些機會？

Yeah. Thanks, Mark. We've yet to launch anything on the fertility space. We have launched in the last couple of months, the menopause, perimenopause and low-T as well as Labs. Those kind of happen side-by-side.

是的。謝謝你，馬克。我們在生育領域尚未推出任何產品。在過去的幾個月裡，我們推出了更年期、圍絕經期和低睪酮以及實驗室相關產品。這些事情往往同時發生。

So far, I would say just nearly 10 years of testing out go-to-market strategies, I would say we are incredibly encouraged by the early data. I think we believe that each of those three have near-term opportunities to scale to $100 million run rate, just like many of our other winning categories. We also see that the actual engagement with the experience from a consumer standpoint is a very high-value engagement. On hormonal side, men are seeing massive increases in their testosterone levels, feeling better. Retention indications are showing it's in line with some of our best-in-class categories.

到目前為止，經過近 10 年的市場推廣策略測試，我們對早期數據感到非常鼓舞。我認為我們相信，這三個類別都有可能在短期內實現 1 億美元的年收入，就像我們其他許多成功的類別一樣。我們也發現，從消費者的角度來看，實際參與體驗是一種非常有價值的參與。在荷爾蒙方面，男性體內的睪固酮水平大幅上升，感覺也更好了。留存率指標顯示，它與我們一些同類最佳產品相符。

And on the lab side, also, it's just providing people data that, frankly, used to cost somewhere between $5,000 or $10,000. And so it's an immense amount of knowledge. And then from there, 70% of those people are identifying an area of concern and an area of clinical risk that the platform can actually help treat. And so I think both in hormones and labs, we're incredibly encouraged. We've got dedicated efforts on both of those. And I'm fully convinced that there will be big parts of the business going forward and for the coming years.

實驗室方面，它也只是向人們提供數據，坦白說，這些數據以前需要花費 5000 到 10000 美元。所以，這其中蘊含著海量的知識。然後，其中 70% 的人確定了該平台實際上可以幫助治療的關注領域和臨床風險領域。因此，我認為無論是在荷爾蒙方面還是在實驗室方面，我們都受到了極大的鼓舞。我們在這兩方面都投入了專門的精力。我完全相信，未來幾年，這項業務的大部分都將受到影響。

Brian Tanquilut, Jefferies.

Brian Tanquilut，傑富瑞集團。

Maybe just a quick question, Yemi. As I think about the range of guidance on EBITDA, pretty wide range there, where it could be down or up in the year. Just curious what the swing factors are that we should be considering that would drive the variability there?

Yemi，我可能想問你一個問題。我認為 EBITDA 的預期範圍相當寬泛，今年可能會下降也可能上升。我只是好奇，我們應該考慮哪些影響因素來解釋這種波動？

Yeah, I think it's a great question. I think a lot of it is like we've historically done in the past. We stage-gate many of our investments where as they hit scale milestones or as they achieve economic profiles, we tend to lean in a bit more. As you look kind of at the end of 2025, we launched three specialties that we feel have the ability to be fairly transformative to the platform. And so I think what our guide provides is the ability and the flexibility to lean into continuing to scale those specialties if we see them achieve promising signs on the unit economic front.

是的，我覺得這是一個很好的問題。我認為很多做法都和我們過去的做法一樣。我們對許多投資項目都採取階段性措施，當它們達到規模里程碑或實現經濟效益目標時，我們往往會加大投入。展望 2025 年末，我們推出了三個我們認為有可能對平台產生相當大的變革性影響的專業領域。因此，我認為我們的指南提供了能力和靈活性，使我們能夠在看到這些專業領域在單位經濟效益方面取得可喜的成果時，繼續擴大這些專業的規模。

We spoke a little bit around how we're investing in tech and some of the ROI that we expect to see there. Additionally, embedded in our guidance is the flexibility to continue to proceed with many of those investments as they shows sign of success. And then the final area of investment, we spoke around really just in the international business, both in terms of as we do the integration of the assets with some of the companies that we've already closed upon such as Livewell as well as ZAVA but also Eucalyptus potentially coming in the second half, we wanted to leave ourselves a long enough range to invest across all of those areas.

我們簡單聊了聊我們在科技領域的投資狀況，以及我們預期從中獲得的投資報酬率。此外，我們的指導原則中也包含了靈活性，即如果許多投資項目顯示出成功的跡象，我們可以繼續推進這些投資。最後，我們討論了投資的最後一個領域，主要集中在國際業務方面，包括將資產與我們已經完成收購的一些公司（如 Livewell 和 ZAVA）進行整合，以及可能在下半年收購的 Eucalyptus，我們希望給自己留出足夠長的時間，以便在所有這些領域進行投資。

And so if we see meaningful opportunities for growth in technology, meaningful growth opportunities in new specialties or meaningful growth opportunities in our international markets, we definitely want to take the growth orientation to take them because we feel like as we've demonstrated in the past and from past pattern recognition, the ability to expand margins with greater scale is something that our teams are quite good at.

因此，如果我們看到在技術領域、在新興專業領域或在我們的國際市場中出現有意義的成長機會，我們肯定會採取成長導向來抓住這些機會，因為我們覺得，正如我們過去所證明的那樣，從過去的模式識別來看，我們的團隊非常擅長透過更大的規模來擴大利潤率。

Glen Santangelo, Barclays.

Glen Santangelo，巴克萊銀行。

I just want to follow up on the 4Q US revenue number being up 17%. I was kind of curious, if we were to sort of parse out the compounded GLP-1 revenue , the compound GLP-1 is a headwind or a tailwind to that number? And the reason I ask, right, is because Andrew, you're sort of talking about that it's becoming such a small part of the subscriber base, but yet Yemi, you sort of talked about it as a $65 million headwind in 1Q. I'm just trying to reconcile all those data points and how we should think about the contribution at this point, particularly within the fiscal '26 guidance.

我只是想就第四季美國營收成長 17% 這個數字再補充一點。我有點好奇，如果我們把複合 GLP-1 收入單獨分析出來，那麼複合 GLP-1 收入對這個數字來說是利好還是不利因素？我這麼問的原因是，安德魯，你剛才說它（指這項服務）在用戶群中所佔的比例越來越小，但耶米，你卻說它在第一季造成了 6500 萬美元的損失。我只是想把所有這些數據點協調起來，以及我們目前應該如何看待貢獻，尤其是在 2026 財政年度指導方針的框架內。

Yeah, Glen maybe I'll start with that. I think what we -- you do see kind of in the transition from Q4, and then I think you'll really see this in Q1 is just we -- how to shift to where we are recognizing a lower revenue per order, that's not just a shift on new customers. I think it's a shift across the entire business. It's progressively happened over the course of the last, call it, two to three quarters. the ticket size for the GLP-1 business is a bit larger than our core business.

是啊，格倫，或許我可以先從那件事開始。我認為我們——你會在第四季度開始的過渡期看到一些變化，然後我認為你會在第一季真正看到這一點——就是我們如何轉變，以適應每筆訂單收入下降的情況，這不僅僅是新客戶數量的變化。我認為這是整個產業正在發生的轉變。在過去的兩到三個季度裡，這種情況逐漸發生。 GLP-1業務的單筆交易額比我們的核心業務略高一些。

So the revenue impact as well as the EBITDA impact there that we see is fairly meaningful. But I think that said, I think while GLP-1s have been a meaningful growth factor to the platform over the course of the last year. As we kind of indicated in the prepared remarks, the vast majority of the revenue is made from the non-GLP-1 business. As we continue to diversify, we expect that trend to continue. And Andrew, I'm not sure if there's anything you wanted to add more broadly to that?

因此，我們看到的收入影響以及 EBITDA 影響都相當顯著。但我認為，儘管如此，GLP-1 在過去一年中一直是該平台的重要成長因素。正如我們在準備好的演講稿中提到的那樣，絕大部分收入來自非 GLP-1 業務。隨著我們不斷推進多元化發展，我們預計這一趨勢還將持續。安德魯，我不知道你是否還有什麼想補充的？

No, I think that's right. Thanks, Yemi.

不，我覺得是對的。謝謝你，耶米。

Ryan MacDonald, Needham & Company.

Ryan MacDonald，Needham & Company。

Andrew, obviously, a lot of news flow sort of post the pill launch and then sort of pulling the pill from the market. Can you just give us an update in terms of sort of sort of where sort of things stand from a regulatory perspective, if you've had any conversations with FDA or DOJ or sort of what level of concern, I guess, there is around that? And then the second question I have is around clarification on your earlier response. I think it was to the first question. You talked about that, obviously, the pipeline is very strong for at least a dozen or two dozen treatments in the next couple of years here.

安德魯，很明顯，很多新聞都是在藥丸上市後，然後將其從市場上撤下之後出現的。您能否簡要介紹一下監管方面的最新進展，例如您是否與FDA或司法部進行過任何溝通，或者您認為這方面有哪些擔憂？我的第二個問題是關於您之前回覆的澄清。我認為答案是針對第一個問題的。您剛才也提到了這一點，顯然，未來幾年內，至少有十幾個或二十幾個治療方案正在研發中。

As you think about supporting that broadening assortment, do you intend to do so via branded partnerships as those come to market? Or sort of continuing sort of the historical practice within the business of focusing on personalized offerings instead.

在考慮如何支持不斷擴大的產品種類時，您是否打算透過品牌合作的方式來實現這一目標？或者說，延續了企業歷史上專注於個人化服務的做法。

Yeah, Ryan, it's a great question. On the pill side, as well as the others, there's probably not too much we can say. I think we believe that the pill was a continuation of the strategy to broaden greater personalized options for patients on the platform and spend many months working on that. I think we pulled it back to prioritize honestly, just engagement and the relationships with the ecosystem stakeholders. We talked to quite a few of them on launch and understood their dynamics and chose to prioritize them in those conversations and so decided to pull it.

是的，瑞恩，這是一個很好的問題。關於避孕藥以及其他方面，我們可能沒什麼好說的了。我認為我們相信，這種藥丸是擴大平台上患者個人化選擇範圍策略的延續，我們為此投入了數月時間。我認為我們把重點放回正軌，優先考慮坦誠溝通以及與生態系統利害關係人的關係。我們在產品發佈時與他們中的許多人進行了交流，了解了他們的需求，並決定優先考慮他們的需求，因此決定撤回該產品。

Regarding FDA and DOJ, I don't think we can share too much on anything ongoing, but continue to welcome their conversations. And as we've talked about within the FDA in the past, feel very strongly that they play an important role in the safety of consumers and are happy to be working with them to figure out the areas of concern. On the pipeline side, when you look at the weight loss category specific, I think there's an accelerating amount of treatments that are going to be coming to market that are on the branded side of the business. So this is next-gen biotech that are in Phase 2 and Phase 3 as some of the larger players. And so I do think consumer sentiment and consumer demand is going to continuously change.

關於FDA和司法部，我認為我們不能透露太多正在進行的事情，但我們仍然歡迎他們進行對話。正如我們過去在 FDA 內部討論過的那樣，我們強烈認為他們在消費者安全方面發揮著重要作用，我們很樂意與他們合作，找出需要關注的領域。從產品線方面來看，就減肥領域而言，我認為品牌產品將會以越來越快的速度進入市場。所以，這是目前處於第二期和第三期臨床試驗階段的下一代生物技術，一些大型企業也參與其中。所以我認為消費者情緒和消費者需求將會不斷改變。

You see that in the last few years from when these drugs first came to market, with the launch of Zepbound vials, you see traffic dynamics moving pretty materially when you look under the hood. I think that's just going to be the evolution of this category where you're going to have more and more options, they're going to be different price points, they're going to have different side effect profiles. They're going to be known by different providers. And ultimately, I think for us, as we've said, across all of our categories, we've seen breadth really matter. And so I do think we'll continue to evolve our platform, evolve our relationships and our approach to make sure that what we have on the platform is what people want.

你可以看到，自從這些藥物首次上市以來的這幾年裡，隨著 Zepbound 小瓶的推出，當你深入了解其運作機制時，你會發現流量動態發生了相當大的變化。我認為這只是該類別發展的必然趨勢，未來將有越來越多的選擇，價格也會有所不同，副作用也會有所不同。它們將被不同的供應商所熟知。最後，我認為對我們來說，正如我們所說，在我們所有的類別中，廣度都非常重要。因此，我認為我們將繼續改進我們的平台、改進我們的關係和改進我們的方法，以確保我們在平台上提供的內容是人們想要的。

I don't think we are stuck in any single way. I think we have prioritize the consumer up until this point for what we think is best for them and what they are looking for and what they want. And as that changes, we'll continue to change with them.

我不認為我們被困在任何單一的方面。我認為到目前為止，我們一直把消費者放在第一位，優先考慮我們認為對他們最好的東西，以及他們正在尋找什麼、想要什麼。隨著情況的變化，我們也會跟著改變。

That concludes the question-and-answer session. Ladies and gentlemen, this concludes the Hims & Hers fourth quarter 2025 earnings call. Thank you all for joining. You may now disconnect.

問答環節到此結束。女士們、先生們，Hims & Hers 2025 年第四季財報電話會議到此結束。感謝各位的參與。您現在可以斷開連線了。