Hims & Hers Health, Inc. (HIMS) 2026 Q2 法說會逐字稿

Hello, everyone. Thank you for joining us and welcome to the Hims & Hers Health second-quarter 2026 earnings call. (Operator Instructions)

大家好。感謝各位加入我們，歡迎參加 Hims & Hers Health 2026 年第二季財報電話會議。(接線員指示)

I will now hand the conference over to Bill Newby, Director of Investor Relations. Bill, please go ahead.

我現在把會議交給投資人關係總監 Bill Newby。Bill，請開始。

Good afternoon, everyone, and welcome to the Hims & Hers Health second-quarter 2026 earnings call. On the call with me today are Andrew Dudum, our Co-Founder and Chief Executive Officer; Oluyemi Okupe, our Chief Financial Officer; and Mo Elshenawy, our Chief Technology Officer.

各位下午好，歡迎參加 Hims & Hers Health 2026 年第二季財報電話會議。今天與我一同出席的有：共同創辦人兼執行長 Andrew Dudum；財務長 Oluyemi Okupe；以及技術長 Mo Elshenawy。

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

在我把時間交給 Andrew 之前，我需要提醒各位法律上的「安全港」與審慎聲明。本簡報中關於未來結果的某些陳述與預測構成前瞻性聲明，這些聲明係基於（其中包括）我們對目前市場、競爭對手及監管環境的預期，並受可能導致實際結果出現重大差異的風險與不確定性影響。本次電話會議後，我們不承擔公開更新任何前瞻性聲明的義務，無論係因新資訊、未來事件、假設變動或其他原因。

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 most recently filed 10-K and 10-Q reports for a discussion of these risk factors as they relate to forward-looking statements.

可能導致實際結果與前瞻性聲明不同的風險、不確定性及其他因素，已載於我們的財報新聞稿與向 SEC 提交的文件中。請參閱我們近期的財報新聞稿，以及最近提交的 10-K 與 10-Q 報告，以了解與前瞻性聲明相關的風險因素討論。

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

在今天的簡報中，我們也會使用某些非 GAAP 財務衡量指標。我們請各位參考今日新聞稿中所載、與最直接可比的 GAAP 財務衡量指標之調節表。您可在 investors.hims.com 找到這些資訊以及今日網路直播的連結。電話會議結束後，本次網路直播將在網站上存檔 12 個月。

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

接下來，我把電話會議交給 Andrew。

Thanks, Bill. Good afternoon, everyone, and thank you for being here. This quarter, we made significant progress on building a first-of-its-kind health experience that proves it is possible to deliver access to world-class care on a global scale at a reasonable price. As our customer base grows and our influence on the industry deepens, we are showing that a business can both take care of people and be profitable.

謝謝你，Bill。各位下午好，感謝各位蒞臨。本季，我們在打造一個前所未有的健康體驗方面取得重大進展，證明以合理的價格在全球規模提供世界級醫療照護的可近性是可行的。隨著客戶基礎成長、我們對產業的影響力加深，我們正在證明企業既能照顧人，也能獲利。

Before Yemi walks us through financials, I want to highlight three key areas driving our continued growth.

在 Yemi 帶我們檢視財務表現之前，我想先強調三個推動我們持續成長的關鍵領域。

First, our investment in AI and technology is delivering a health experience that we believe no other company can replicate. Our CTO, Mo Elshenawy, is on the call today to walk us through how that is coming to life in both deeper customer relationships and increasing business efficiencies.

第一，我們在 AI 與科技上的投資正在帶來一種我們相信其他公司無法複製的健康體驗。我們的技術長 Mo Elshenawy 今天也在電話會議上，將帶大家了解這些成果如何在更深的客戶關係與更高的營運效率上落地。

Second, our world-class infrastructure means we can not only support customers across a greater spectrum of needs from beginning to end, but also safely enter more complex categories at a faster pace and at a greater scale than others in the industry.

第二，我們世界級的基礎設施意味著，我們不僅能在更廣泛的需求光譜上，從頭到尾支援客戶，也能以比產業其他業者更快的速度、在更大規模下，安全地進入更複雜的類別。

And third, our global reach, when paired with our technology and infrastructure, has created a platform that shows customers and industry leaders alike that access to high-quality care can be personal and widely accessible.

第三，我們的全球觸及能力，結合我們的技術與基礎設施，打造出一個平台，向客戶與產業領導者共同證明：高品質照護的可近性可以是個人化且廣泛可得的。

Hims & Hers is building something entirely new, and it is increasingly difficult to replicate. Nearly 3 million customers believe in a future of health that is proactive, personal, and built for their lives, and we are thrilled to be the partner bringing it to them every day.

Hims & Hers 正在打造一個全新的事物，而且越來越難以被複製。近 300 萬名客戶相信一個主動、個人化、並為其生活而打造的健康未來；我們很高興能每天成為把這個未來帶給他們的夥伴。

Let’s start with our investment in AI. By weaving AI into the entire platform, we’ll deliver a unified AI-native health experience we believe no other peer or LLM can match. Mo, our CTO, will walk us through what that looks like for our customers and the early success we’ve seen. But I want to start with the why. Why we are taking this approach, and why we know it is the path to dramatically improving the care experience for customers everywhere.

讓我們先從對 AI 的投資談起。透過將 AI 編織進整個平台，我們將提供一個統一的、AI 原生的健康體驗，我們相信沒有任何同業或 LLM 能與之匹敵。我們的技術長 Mo 將帶大家了解這對客戶而言會是什麼樣子，以及我們已看到的早期成功。但我想先談談「為什麼」。為什麼我們採取這種方法，以及為什麼我們知道這是大幅改善各地客戶照護體驗的道路。

In the second quarter, we welcomed more than 300,000 subscribers, bringing our global subscriber base to nearly 3 million people. To put that into context, we are now serving a patient population that rivals some of the largest healthcare systems in the United States.

在第二季，我們新增超過 30 萬名訂閱者，使我們的全球訂閱者基礎接近 300 萬人。為了提供一些背景，我們目前服務的病患規模，已可與美國一些最大的醫療體系相匹敵。

And unlike frontier AI companies that many people currently rely on for day-to-day advice, we support customers through their entire health journey, from their very first question to their clinical treatment and continued follow-up care. That end-to-end closed loop relationship, combined with our scale, is incredibly powerful. Customer trust isn’t something you can buy. It has to be earned.

而且不同於許多人目前在日常建議上所依賴的前沿 AI 公司，我們在客戶的整段健康旅程中提供支援，從他們的第一個問題開始，到臨床治療與後續追蹤照護。這種端到端的閉環關係，加上我們的規模，力量非常強大。客戶信任不是花錢就能買到的。它必須被贏得。

For nine years, millions of people have trusted Hims & Hers to help them feel comfortable seeking care for conditions that should be normalized. We have earned that trust by listening to their concerns, for finding solutions to meet them, and delivering outcomes year after year, specialty by specialty. Nine years of data that deepen our evidence base of what works, for whom, and why. That accumulated understanding is what makes our platform different. It’s powered by the millions of customers who have shown us just how impactful great care can be, and that’s why they trust us with what comes next.

九年來，數百萬人信任 Hims & Hers，協助他們更自在地為那些應被正常化的狀況尋求照護。我們透過傾聽他們的擔憂、尋找能滿足需求的解決方案，並在一年又一年、在各個專科領域交付成果，來贏得這份信任。九年的資料，深化了我們對「什麼有效、對誰有效、以及為什麼有效」的證據基礎。這些累積的理解，正是讓我們的平台與眾不同之處。它由數百萬名客戶所驅動，他們讓我們看見優質照護能帶來多大的影響；也因此，他們信任我們去承接下一步。

Other health companies major in the minor. They tack on minor improvements to the existing system while we’re making our platform completely AI native so that our platform can provide an integrated experience that is alive and personal, one where AI coaches and support agents, a care team, a clinician, and a pharmacy are one unified system with a single goal, keeping people well.

其他健康公司往往在小處用力。他們只是在既有系統上加上一些小幅改良；而我們正把平台徹底打造為 AI 原生，使平台能提供一種整合式體驗——有生命力且個人化——在其中，AI 教練與支援專員、照護團隊、臨床醫師與藥局是一個統一系統，只有一個目標：讓人們保持健康。

Our customers don’t just ask us about their health or seek out specific treatments through our platform. They go on a long journey with us, and we believe the intelligence we’re building around that relationship will make Hims & Hers their preferred everyday health partner.

我們的客戶不只是透過平台向我們詢問健康問題或尋求特定治療。他們與我們一起走過一段長旅程，而我們相信，圍繞這段關係所建立的智慧，將使 Hims & Hers 成為他們首選的日常健康夥伴。

I’d now like to turn it over to Mo to speak more on how this is coming to life.

接下來我想把時間交給 Mo，請他更深入說明這些如何落地實現。

Thanks, Andrew. Our AI-centric technical strategy is the difference between adding a feature and re-imagining the entire customer experience. We are making AI load-bearing, not decorative. We are replacing the traditional telehealth model with something entirely new for our industry, A unified care experience where customer’s care team lives in a single platform that already knows them. No portals, no starting over, no explaining yourself to a tool that can only give you one size fits all advice. Just care that is built for you, guided by data, delivered by clinicians, and powered by seamless technology.

謝謝你，Andrew。我們以 AI 為核心的技術策略，差別在於：是加上一個功能，還是重新想像整個客戶體驗。我們讓 AI 成為承重結構，而不是裝飾。我們正以一個對本產業而言全新的模式，取代傳統遠距醫療：一種統一的照護體驗，讓客戶的照護團隊存在於一個已經了解他們的單一平台中。沒有入口網站、無需重新開始、也不必向只能提供一體適用建議的工具反覆解釋自己。只有為你打造的照護：由資料引導、由臨床醫師提供、並由無縫技術驅動。

This is the foundational customer experience, which we plan to roll out across our entire platform over time. It leverages our closed loop data, and it is becoming the basis for personalization across the entire journey. Smarter outreach, earlier risk signals, and tools that help providers tailor treatment to each patient. We are seeing impacts for our customers and our business as a result of this approach, and I would like to walk you through both.

這是基礎性的客戶體驗，我們計畫隨時間推進，逐步在整個平台上推出。它運用我們的閉環資料，並正成為貫穿整段旅程的個人化基礎。更聰明的觸達、更早的風險訊號，以及協助提供者為每位病患量身調整治療的工具。我們已看到這種方法對客戶與業務帶來的影響，接下來我想帶大家逐一說明。

To start, the AI-native experience we just launched for Hers weight loss customers is driving meaningful change for the people who come to us for care. We began a phased rollout in early July, and the results were immediate. Customers began engaging more often. Hers customers using the new care experience are sending 3 times as many messages on the platform, with AI answering 80% of their questions to support their treatment journey. As a result, AI has reduced non-clinical tasks, like order updates and general side effect questions that are handled by our support teams by nearly 50%.

首先，我們剛為 Hers 減重客戶推出的 AI 原生體驗，正為前來尋求照護的人帶來具體且有意義的改變。我們在 7 月初開始分階段推出，成果立竿見影。客戶開始更頻繁地互動。使用新照護體驗的 Hers 客戶在平台上傳送的訊息量是原來的 3 倍，而 AI 會回答其中 80% 的問題，以支援他們的治療旅程。因此，AI 將非臨床工作（例如訂單更新與一般副作用問題，過去由我們的支援團隊處理）減少了近 50%。

We know that a lack of engagement and poor adherence can lead to poor outcomes, which is why we’re thrilled to see customers having more engaged, intentional conversations without overloading our care teams. This also means clinical challenges like dosage adjustments or changes in treatments can be identified and flagged for a provider more quickly, resulting in earlier interventions that help our customers stay on track.

我們知道，互動不足與依從性不佳可能導致不理想的結果，這也是為什麼我們很高興看到客戶在不讓照護團隊超載的情況下，進行更投入、更有目的的對話。這也意味著像是劑量調整或治療變更等臨床挑戰，能更快被辨識並標記給醫療提供者，從而更早介入，幫助客戶維持在正軌上。

In just a few months, the internal updates we’ve rolled out are powerful enough that we have meaningfully reduced how much we rely on agentic AI customer support vendors, and eventually, we expect to roll off them completely. We’ve built a clinically grounded agentic AI customer support experience that we believe serves our customers better. We are excited to bring the experience to more of our customers across the world, and we think we are moving closer to a future where the model we are building becomes the backbone for health platforms beyond Hims and Hers.

短短幾個月內，我們推出的內部更新已強大到足以顯著降低我們對具代理能力（agentic）的 AI 客服供應商的依賴，並且最終我們預期會完全不再使用他們。我們打造了一套以臨床為基礎的具代理能力 AI 客服體驗，我們相信這能更好地服務客戶。我們很期待將這項體驗帶給全球更多客戶，也認為我們正更接近一個未來：我們正在打造的模型將成為 Hims 與 Hers 之外健康平台的骨幹。

We are also continuing to invest in our core technical foundation, rebuilding core components so that updates to our customer flow, product fulfillment, and catalog management are all modular. This will allow us to stand up new categories and markets in a fraction of the time it used to take us at a lower cost to us, which has historically translated into lower prices for our customers.

我們也持續投資於核心技術基礎，重建核心元件，使客戶流程、產品履約與目錄管理的更新都能模組化。這將讓我們能以過去所需時間的一小部分、並以更低成本建立新的品類與市場；而歷史上，這也轉化為客戶更低的價格。

This is just the beginning of how we are weaving AI into every step of the customer journey. And these early signals are why we are accelerating our investment in bringing this experience to life for all of our customers.

這只是我們如何把 AI 編織進客戶旅程每一步的開始。而這些早期訊號正是我們加速投資、讓所有客戶都能使用這項體驗的原因。

In the coming months, we plan to add new AI talent to the team, continue to develop our existing talent, and open an AI R&D lab in Menlo Park, where the team responsible for this innovation can work together in the heart of Silicon Valley. We expect this investment to pay for itself in short order.

在接下來幾個月，我們計畫為團隊增聘新的 AI 人才、持續培養現有人才，並在門洛帕克（Menlo Park）設立 AI 研發實驗室，讓負責這項創新的團隊能在矽谷核心共同工作。我們預期這項投資很快就能回本。

Importantly, we are not doing this to replace providers, but instead to elevate them. We feel strongly about always keeping clinicians in the loop and in charge of clinical decisions. At Hims and Hers, AI takes the routine work off clinicians’ plate so they can spend their time on judgment, complexity, and the person in front of them.

重要的是，我們這麼做不是為了取代醫療提供者，而是為了提升他們的能力。我們堅信必須始終讓臨床人員參與其中，並由他們主導臨床決策。在 Hims 與 Hers，AI 會把例行工作從臨床人員的待辦清單中移除，讓他們能把時間用在判斷、複雜情境，以及眼前的那個人身上。

Our AI is bound by clinical protocols and guidelines developed by our medical experts, not the open internet. And every AI interaction is traceable and auditable by design. We are taking this approach because we know AI models are becoming a commodity, and on their own, they are an incomplete part of a wider health experience.

我們的 AI 受限於由醫療專家制定的臨床流程與指引，而不是開放網際網路。而且每一次 AI 互動在設計上都可追溯、可稽核。我們採取這種做法，是因為我們知道 AI 模型正逐漸商品化，而單靠模型本身，只是更廣泛健康體驗中不完整的一部分。

The only way to confidently build an AI infrastructure that can improve clinical outcomes is by tracking those outcomes. We believe we are the only company operating a closed loop that includes the intake, the treatment, the follow-up, and the outcome at this scale, and the system learns from all of it. We believe this will have a transformative impact on our business as well.

要有把握地建立能改善臨床結果的 AI 基礎設施，唯一的方法就是追蹤這些結果。我們相信，在這樣的規模下，只有我們在運作一個涵蓋初診評估、治療、追蹤與結果的閉環系統，而系統會從所有環節中學習。我們也相信，這將對我們的業務帶來變革性的影響。

As we roll out this new experience to more customers, we expect we will improve the quality and depth of care accessed on the platform, which will in turn keep customers with us longer and bring new customers through the door. We believe this is something only we can do well.

隨著我們把這項新體驗推廣給更多客戶，我們預期能提升平台上可取得照護的品質與深度，進而讓客戶與我們維持更久，並帶來新客戶。我們相信，這是只有我們能做得好的事情。

Our advantage is being an everyday partner to customers rather than just a chatbot that lives on their home screen. We walk alongside our customers throughout their entire journey, helping them find qualified providers and treatments that work. We have built an AI infrastructure that learns not just what works, but what works best for each person. And we have the scale to do it with millions of customers globally, creating an ongoing cycle of improvement. Better care produces better understanding, and better understanding produces better care.

我們的優勢在於成為客戶日常的夥伴，而不只是存在於手機主畫面上的聊天機器人。我們在客戶的整段旅程中與他們並肩同行，協助他們找到合格的醫療提供者與有效的治療方案。我們打造的 AI 基礎設施不僅學習「什麼有效」，也學習「對每個人而言什麼最有效」。而且我們具備全球數百萬客戶的規模來做到這點，形成持續改進的循環。更好的照護帶來更好的理解，而更好的理解又帶來更好的照護。

This is how we are reshaping what the world thinks is possible in health, and we are only at the start. I am excited to come back next quarter with updates on the progress we will continue to make here. Thank you.

這就是我們如何重塑世界對健康領域「可能性」的想像，而我們才剛開始。我很期待在下個季度回來，分享我們在這方面持續取得的進展更新。謝謝。

Thanks, Mo. I’d like to move us to the second area of focus for today, our growing ability to do more for the people who trust us with their health, and why that matters now more than ever.

謝謝你，Mo。我想把我們帶到今天的第二個重點領域：我們日益增強的能力，能為把健康託付給我們的人做得更多，以及為什麼這件事比以往任何時候都更重要。

We can support customers across a wide spectrum of needs from beginning to end because we’ve spent years building an infrastructure no one else has. It’s why we’ve been able to, and will continue to, enter more complex categories with more tailored, accessible solutions. This is how we support the deep customer relationships you’ve heard me talk about so often. Our customers are increasingly trusting us with their care across more than one condition, and each additional need they bring to the platform strengthens their trust and extends our relationship with them.

我們能在需求光譜上從頭到尾支援客戶，是因為我們多年來打造了一套無人能及的基礎設施。這也是為什麼我們得以、並將持續，進入更複雜的品類，提供更量身打造且更易取得的解決方案。這就是我們如何支撐你們常聽我提到的深度客戶關係。我們的客戶正越來越信任我們，讓我們在多種不同狀況上提供照護；而他們每多帶來一項需求到平台上，就會強化他們的信任並延長我們與他們的關係。

We believe we’re in the best position to help millions of people get proactive about more complex health challenges that often go unseen or ignored. Testosterone is a powerful example. Most men experiencing low testosterone don’t know it, and they chalk up symptoms to fatigue or aging. We’ve designed an experience that changes that.

我們相信，我們處於最佳位置，能幫助數百萬人更主動面對更複雜、往往被忽視或被放任不管的健康挑戰。睪固酮就是一個很有力的例子。多數出現低睪固酮的男性並不知道，往往把症狀歸因於疲勞或老化。我們設計了一套能改變這種情況的體驗。

At-home blood collection, longitudinal tracking, and provider-guided treatment that adapts over time, and that experience is resonating. Only three quarters after launch, testosterone is scaling faster than any other specialty outside of weight loss. That gives us real confidence in our ability to expand not only into injectable and oral TRT before the end of this year, but also to extend this model across other specialties.

居家採血、長期追蹤，以及由醫療提供者引導、並能隨時間調整的治療，而這樣的體驗正在引起共鳴。上市僅三個季度後，睪固酮業務的擴張速度已超越除減重之外的任何其他專科。這讓我們對自身擴張能力充滿信心：不僅能在今年底前拓展到注射型與口服 TRT（睪固酮替代療法），也能把這個模式延伸到其他專科領域。

That’s part of why we welcome Dr. Anant Vinjamoori as our new Chief Medical Officer of Hims, joining Dr. Pat’s incredible team of medical leaders who provide our clinical backbone. Dr. Vinjamoori has more than a decade of clinical experience in internal medicine, primary care, and longevity, which will be a critical part of how we build and expand our offerings in categories like hormonal health, longevity medicine, and peptide therapy. His participation at the recent PCAC hearing demonstrated just how valuable and trusted his voice is among industry leaders and regulators, and his expertise will be a fundamental part of how we accelerate into our next chapter.

這也是我們歡迎 Anant Vinjamoori 醫師擔任 Hims 新任首席醫療官（Chief Medical Officer）的原因之一；他將加入 Pat 醫師卓越的醫療領導團隊，為我們提供臨床骨幹。Vinjamoori 醫師在內科、初級照護與長壽醫學方面擁有超過十年的臨床經驗，這將是我們在荷爾蒙健康、長壽醫學與胜肽療法等品類打造並擴展產品與服務的關鍵。他近期在 PCAC 聽證會上的參與，展現了他的聲音在產業領袖與監管機構之間是多麼有價值且受信任；他的專業將成為我們加速邁向下一篇章的基石。

We’ve developed the infrastructure to succeed in higher complexity categories, over 1 million square feet of pharmacy and lab testing facilities, deep expertise in sterile compounding, and a global reach. Our verticalization efforts are focused on delivering a better, higher quality experience at a price no one else can match.

我們已建立能在更高複雜度品類中成功的基礎設施：超過 100 萬平方英尺的藥局與實驗室檢測設施、在無菌調劑方面的深厚專業，以及全球觸及能力。我們的垂直整合努力，聚焦於以無人能比的價格，提供更好、品質更高的體驗。

Which brings me to peptides. Moments like this, where a category is surging in popularity while the market is struggling to find a safe, sustainable way to support it, is where our scale, infrastructure, and ecosystem thrive. We are currently developing a best-in-class peptides experience, including US-manufactured products, clinical-led guidance, and ongoing blood testing.

這就帶到胜肽（peptides）。像這樣的時刻——某個品類人氣快速飆升，而市場卻苦於找不到安全、可持續的支援方式——正是我們的規模、基礎設施與生態系能發揮所長的地方。我們目前正在打造一流的胜肽體驗，包括美國製造的產品、由臨床主導的指引，以及持續性的血液檢測。

While we wait to hear the FDA’s decision on the six peptides recommended at the last month’s PCAC hearing, we’ve started validation and stability testing on APIs for those peptides developed in our Menlo Park facility. This will ensure we can bring them to the market with a safe, verified supply chain if the FDA decides to allow them for compounding. In the meantime, we plan to offer access to already allowed peptides with safe and well-established supply chains before the end of the year. This will include solutions like semaglutide, glutathione, and NAD+.

在我們等待 FDA 對上月 PCAC 聽證會所建議的六種胜肽作出決定之際，我們已在門洛帕克（Menlo Park）設施開始對這些胜肽所用 API（活性藥物成分）進行驗證與穩定性測試。這將確保若 FDA 決定允許其用於配製（compounding），我們能以安全、經驗證的供應鏈將其推向市場。同時，我們計畫在年底前，先提供已獲允許且具安全、成熟供應鏈的胜肽之取得管道。其中將包括如司美格魯肽（semaglutide）、穀胱甘肽（glutathione）與 NAD+ 等解決方案。

Finally, I’d like to discuss our third area of growth, which underpins everything we’ve already discussed today, our global scale. The promise of our platform started with what we could do for our customers in the US, where we have five specialties operating above a $100 million annual run rate. We are now bringing that comprehensive experience to customers across the world.

最後，我想談談我們第三個成長領域——也是支撐我們今天已討論一切的基礎——我們的全球規模。我們平台的承諾始於我們能為美國客戶做到什麼；在美國，我們有五個專科業務的年化營收運行率（annual run rate）均超過 1 億美元。我們現在正把這套全面的經驗帶給全球各地的客戶。

In June, we became the leading global consumer health platform when we closed our acquisition of Eucalyptus. This was the largest acquisition in our company’s history, and we now have three international markets outside of the US also pacing above a $100 million annual run rate. This is the evolution of the company we always knew was possible.

6 月，我們完成對 Eucalyptus 的收購後，成為全球領先的消費者健康平台。這是公司史上最大的一筆收購；目前除美國外，我們也有三個國際市場的年化營收運行率同樣超過 1 億美元。這正是我們一直知道公司能夠達成的進化。

For the first time, a single platform can deliver a truly personal, accessible, and effective weight management experience to customers around the world, whether home is Boston, Bristol, or Byron Bay. We plan to make this true for customers in all of our specialties, and I can’t wait to share more on our global plans with all of you in the coming quarters.

首次有單一平台能為全球客戶提供真正個人化、易取得且有效的體重管理體驗——無論家在波士頓（Boston）、布里斯托（Bristol）或拜倫灣（Byron Bay）。我們計畫讓這件事在我們所有專科領域都成真，也迫不及待在未來幾季與各位分享更多全球計畫。

We have the ability to create sticky relationships with millions of customers worldwide, and we believe that makes us invaluable to our industry partners. We’ve been thrilled with the strength of our relationship with Novo Nordisk. By working with the leading innovators in one of the highest demand categories, we’re expanding our addressable market, and we look forward to finding ways to work with other partners of the same caliber.

我們有能力與全球數百萬客戶建立高度黏著的關係，而我們相信這使我們對產業合作夥伴而言不可或缺。我們對與諾和諾德（Novo Nordisk）關係的強韌程度感到非常振奮。透過與高需求類別中的領先創新者合作，我們正在擴大可服務市場（addressable market），並期待找到與同等水準的其他夥伴合作的方式。

We’re now giving more people access to a world-class weight loss experience than any other digital platform in the world. This isn’t just a sign of our scale. It’s proof that healthcare is finally adopting the consumer-centric model that is already standard in industries like entertainment, travel, and transportation. We are leading a transformation that removes the middle layers and ensures that access goes straight from innovators to consumers.

我們現在讓更多人能取得世界級的減重體驗，規模超過全球任何其他數位平台。這不僅是我們規模的象徵。這也證明醫療保健終於在採用以消費者為中心的模式——這在娛樂、旅遊與運輸等產業早已是標準。我們正引領一場轉型，移除中間層，確保從創新者到消費者的取得途徑更直接。

We believe our growing scale and our increasing investment in our technology and infrastructure makes us structurally more efficient than anyone else in healthcare. We plan to continue to leverage our leadership position to deliver more value to customers at better prices. Put more plainly, we’re playing offense, and we have the balance sheet and cost structure to sustain it in a way others cannot.

我們相信，持續擴大的規模，以及對技術與基礎設施日益增加的投資，使我們在結構上比醫療保健領域的任何其他業者都更有效率。我們計畫持續運用領先地位，以更好的價格為客戶提供更多價值。更直白地說，我們正在主動進攻，而我們的資產負債表與成本結構足以支撐這種策略，這是其他人做不到的。

This is the beginning of what our platform will deliver for both our customers and our industry partners. We believe we are not far from a future where all of us will be able to access preventive screening, the innovative medications we need to feel great, and a care team supporting our progress, all for an affordable monthly price and tailored for the life we are actually living.

這只是我們平台將為客戶與產業合作夥伴帶來價值的開始。我們相信，不久的將來，我們每個人都能以可負擔的月費，取得預防性篩檢、讓我們感覺更好的創新藥物，以及支持我們進展的照護團隊——並且依照我們實際生活方式量身打造。

I’ll end by saying that this quarter has been about a single word, proof. Proof that you can build a world-class health experience at global scale and a reasonable price. Proof that deeper customer relationships and a profitable business aren’t in conflict, they strengthen each other. We are proving that Hims & Hers is the destination for the most comprehensive personal health experience in the industry.

最後我想說，本季可以用一個字來概括：證明。證明你可以以全球規模與合理價格打造世界級的健康體驗。證明更深的客戶關係與獲利的商業模式並不衝突，反而相互強化。我們正在證明，Hims & Hers 是業界最全面個人健康體驗的首選目的地。

Nearly 3 million people rely on us daily, and that’s a responsibility too big to meet with anything less than the best technology, infrastructure, treatments, providers, and platform that we can provide. You’ve heard me say this before, that we’re building the future of health, but that future is closer than it’s ever been, and it’s because of the strides we’re making on behalf of our customers every day.

每天有近 300 萬人依賴我們，而這份責任之重大，唯有以我們所能提供的最佳技術、基礎設施、治療方案、醫療提供者與平台才能承擔。你們以前聽我說過，我們正在打造健康的未來；而那個未來比以往任何時候都更近，因為我們每天都在為客戶取得實質進展。

I’ll now pass it over to Yemi to walk through the financials.

接下來我把時間交給 Yemi，請他帶大家檢視財務表現。

Thanks, Andrew. Today, I’ll walk through progress made in the second quarter across our key growth levers, as well as investments we are making to bring a better health experience to millions of consumers globally and capture the immense opportunity in front of us.

謝謝你，Andrew。今天我將說明第二季在我們關鍵成長槓桿上的進展，以及我們為了向全球數百萬消費者提供更好的健康體驗、並把握眼前龐大機會所進行的投資。

In the second quarter, revenue grew nearly 40% year over year to more than $753 million. Expanded assortment, new geographic markets, and elevated consumer experience allowed us to add 300,000 net new subscribers and end the quarter with nearly 3 million subscribers on our platform. Domestic revenue growth accelerated to 16% year over year in the second quarter, as US operations generated $622 million of revenue.

第二季營收年增近 40%，達到超過 7.53 億美元。產品組合擴充、新的地理市場，以及提升的消費者體驗，使我們新增 30 萬名淨新增訂閱者，並在季末讓平台訂閱者總數接近 300 萬。第二季國內營收年增加速至 16%，美國業務創造 6.22 億美元營收。

The pivot we made in March to expand the assortment of branded weight loss products on our platform was a key driver of the re-accelerating growth in the second quarter as more subscriber additions offset revenue recognition headwinds from the shift to a monthly cadence in branded weight loss offerings. Increasingly, we view specialties with large audiences such as weight loss and sexual health as strategically important beyond just their direct revenue contributions, as they provide advantages such as, first, a meaningful expansion of the cross-sell opportunities across the platform as consumers often seek treatment for conditions beyond weight.

我們在 3 月做出的轉向——擴大平台上的品牌減重產品組合——是第二季成長重新加速的關鍵推動力；更多的訂閱者新增，抵銷了因品牌減重方案改為按月節奏（monthly cadence）而帶來的營收認列逆風。我們愈來愈將減重與性健康等擁有龐大受眾的專科視為具策略重要性，不僅因其直接營收貢獻，亦因其帶來優勢，例如：第一，顯著擴大平台的交叉銷售機會，因為消費者往往會尋求體重以外的其他病症治療。

Cross-sell potential increases further as we extend the reach of lab testing on our platform, which can surface underlying needs for treatment within specialties like low testosterone and cardiovascular health that subscribers may not know they have and would not otherwise act upon. What begins as a weight loss treatment has the potential to become a pathway to providing access to care for a much broader range of subscriber needs.

隨著我們擴大平台上的實驗室檢測覆蓋範圍，交叉銷售潛力將進一步提升；檢測可揭示如低睪固酮與心血管健康等專科中潛在的治療需求，而訂閱者可能並不知道自己有這些需求，否則也不會採取行動。一開始是減重治療，未來有機會成為通往更廣泛訂閱者需求之照護取得途徑。

Second, it allows us to rapidly deepen the structured data set across our platform. The more subscribers we serve, the richer our data set becomes. This allows us to equip providers with tools to better match subscribers with effective treatments, as well as design more customized subscriber tools for follow-up care. Each subscriber makes the platform smarter and better for the next.

第二，它讓我們能快速加深平台上的結構化資料集。我們服務的訂閱者越多，資料集就越豐富。這使我們能為醫療提供者配備工具，更好地將訂閱者與有效治療配對，並設計更客製化的訂閱者工具以支援後續照護。每一位訂閱者都讓平台對下一位使用者變得更聰明、更好。

Finally, our infrastructure is built to continuously capture economies of scale. As our subscriber base grows, we realize efficiencies across our supply chain, including our provider network, pharmacy fulfillment, and follow-up care operations. This reduces our cost to serve, expanding our ability to reach more subscribers at accessible price points.

最後，我們的基礎設施是為了持續擷取規模經濟而打造。隨著訂閱者基礎成長，我們在供應鏈各環節（包括醫療提供者網路、藥局履約配送，以及後續照護營運）都能實現效率提升。這降低了我們的服務成本，擴大了我們以可負擔價格觸及更多訂閱者的能力。

Strengthening our domestic operations has provided us with the conviction to invest internationally and bring our value proposition to millions of consumers overseas. In the second quarter, international revenue increased over 17-fold year over year to $131 million. We welcomed the Eucalyptus team in June, deepening our presence in Europe and extending our reach to Australian and Japanese consumers. Eucalyptus contributed approximately $40 million of revenue in the second quarter, further accelerating our already strong existing international business that grew 13% quarter over quarter organically.

強化國內營運讓我們更有信心進行國際投資，並把我們的價值主張帶給海外數百萬消費者。第二季國際營收年增超過 17 倍，達到 1.31 億美元。我們在 6 月迎來 Eucalyptus 團隊，深化我們在歐洲的布局，並將觸角延伸至澳洲與日本消費者。Eucalyptus 在第二季貢獻約 4,000 萬美元營收，進一步加速我們原本就強勁的既有國際業務；該既有業務在不含併購的有機基礎上，季增 13%。

Our revenue footprint continues to rapidly diversify across specialties and now also across geographies. Hers is on track to deliver north of $1 billion of revenue this year, and new specialties such as low testosterone continue to serve as strong growth drivers for Hims. In fact, in the coming quarters, we expect testosterone will become our sixth US specialty to reach a $100 million annual revenue run rate.

我們的營收版圖持續在各專科之間、也在各地理區域之間快速多元化。Hers 今年有望實現超過 10 億美元的營收；而低睪固酮等新專科也持續成為 Hims 的強勁成長動能。事實上，在接下來幾季，我們預期睪固酮將成為我們在美國第六個達到年化營收運行率 1 億美元的專科。

Our growing international business makes this diversification even more robust. The UK, Australia, and Germany are each already generating more than $100 million in annualized revenue, with Canada also on track to join this group as well as we scale our generic weight loss offering. We believe we have the infrastructure to improve the overall quality and efficiency of our platform as we continue to scale.

我們不斷成長的國際業務使這種多元化更加穩健。英國、澳洲與德國目前各自已帶來超過 1 億美元的年化營收；隨著我們擴大通用型減重產品的供應，加拿大也有望加入這個行列。我們相信，隨著持續擴張，我們具備提升平台整體品質與效率的基礎設施。

Our aim is to continue to drive scale, but do so in a thoughtful way that lays the foundation for robust EBITDA and cash flow generation. Our second-quarter results reflect that discipline. Adjusted EBITDA in the quarter was $60 million, representing an 8% adjusted EBITDA margin. This represented a 1-point improvement quarter over quarter as operating leverage more than offset gross margin headwinds from the ongoing mix shift toward weight loss and accelerating revenue contributions from our international business.

我們的目標是持續推動規模成長，但會以審慎的方式進行，為強勁的 EBITDA 與現金流創造奠定基礎。我們第二季的結果反映了這份紀律。本季調整後 EBITDA 為 6,000 萬美元，調整後 EBITDA 利潤率為 8%。這較上一季提升 1 個百分點，因營運槓桿的改善，足以抵消因產品組合持續轉向減重，以及國際業務營收貢獻加速所帶來的毛利率逆風。

These results exclude approximately $81 million of non-recurring costs incurred during the quarter, consisting of acquisition and transaction costs primarily related to the closing of our Eucalyptus acquisition, restructuring costs following the strategic pivot in our weight loss specialty earlier this year, and legal contingency accruals related to recent litigation with the FTC.

上述結果未包含本季約 8,100 萬美元的一次性成本，主要包括與完成 Eucalyptus 收購相關的收購與交易成本、今年稍早我們在減重專科進行策略轉向後的重組成本，以及與近期 FTC 訴訟相關的法律或有負債提列。

Let me briefly address that last item directly. As disclosed in our filings, following nearly three years of cooperation throughout the FTC’s investigation and several months of good faith settlement negotiations, the FTC filed a complaint on July 29. Ultimately, we were not prepared to accept the terms we do not believe reflect the facts or the law. We are confident in our position and intend to defend it vigorously.

我想就最後一項簡要直接說明。如我們在申報文件中所揭露，在與 FTC 的調查過程中合作近三年、並進行數月的善意和解協商後，FTC 於 7 月 29 日提出訴狀。最終，我們無法接受我們認為不符合事實或法律的條款。我們對自身立場充滿信心，並將積極捍衛。

These one-time costs primarily impacted G&A, operations, and support costs during the quarter. Unless otherwise noted, the remainder of my commentary today reflects our results excluding these costs.

這些一次性成本主要影響本季的 G&A、營運與支援成本。除非另有說明，我今天其餘的評論皆反映排除這些成本後的結果。

Gross margins in the second quarter were 64%, down approximately six points quarter over quarter on an adjusted basis. This compression reflects deliberate strategic action to scale the specialties and markets that we believe will drive the long-term value of our platform. We do not believe anyone else in consumer health has the scale, infrastructure, and balance sheet to invest in this way.

第二季毛利率為 64%，以調整後基礎計算，較上一季下降約 6 個百分點。這種壓縮反映我們為擴大我們認為將驅動平台長期價值的專科與市場，而採取的刻意策略行動。我們不認為在消費者健康領域，還有其他公司具備同等規模、基礎設施與資產負債表，能以這種方式投資。

As branded weight loss products and international revenue become a larger portion of the business, we expect gross margins will remain below the levels we have historically achieved. What matters to us is that the underlying unit economics of the platform remain strong, and that each of these investments expands the base of subscribers we can serve and positions us to unlock efficiencies across our platform over time.

隨著品牌減重產品與國際營收在業務中的占比提高，我們預期毛利率將維持在低於我們過去歷史水準的區間。對我們而言，重要的是平台的基礎單位經濟仍然強勁，且每一項投資都能擴大我們可服務的訂閱者基礎，並使我們得以隨時間推進在整個平台上釋放效率。

In recent quarters, a meaningful portion of our investment has gone into technology and G&A, as we’ve leaned into the engineering and AI organizations and the leadership talent required to deliver a first-of-its-kind health experience to consumers around the world. That investment will continue, but we were encouraged to see modest sequential leverage across both lines this quarter, which we believe offer an early signal that investments here can be meaningfully accretive over time.

近幾季，我們相當一部分的投資投入在科技與 G&A，因為我們加大對工程與 AI 團隊的投入，以及招募能為全球消費者提供前所未有健康體驗所需的領導人才。這些投資將持續，但我們也很高興看到本季在這兩個項目上出現小幅的連續性槓桿改善；我們認為這是早期訊號，顯示這些投資隨時間推進可帶來顯著的增益。

Those investments are also beginning to generate cost savings elsewhere in the business. Operations and support delivered 3 points of sequential leverage in the second quarter. This is a reflection of the improving efficiencies we are driving across our pharmacy operations as we increase throughput and early cost savings from the AI initiatives we have deployed across customer support.

這些投資也開始在業務的其他部分帶來成本節省。第二季營運與支援成本帶來 3 個百分點的連續性槓桿改善。這反映我們在提升藥局營運吞吐量的同時，推動效率改善，以及我們在客戶支援端部署的 AI 計畫所帶來的早期成本節省。

As Mo mentioned, successful pilots have demonstrated that AI has the capacity to drive a 50% reduction in non-clinical tasks handled by our support teams. Early signs in the same pilot are also demonstrating stronger engagement and lower cancellations for the participating subscribers. As these capabilities mature, we expect the overall subscriber experience to improve and our cost to serve to decline.

如 Mo 所提到，成功的試點已證明 AI 有能力將支援團隊處理的非臨床任務減少 50%。同一試點的早期跡象也顯示，參與的訂閱者有更強的互動度與更低的取消率。隨著這些能力成熟，我們預期整體訂閱者體驗將改善，而我們的服務成本將下降。

Finally, we continue to increase efficiency in our marketing spend as we scale. Marketing as a percentage of revenue improved 5 points year over year and 2 points quarter over quarter to 34%. Many of the drivers here remain consistent with past quarters: strengthening retention, improving rates of cross-sell occurring organically across the platform, and years of brand investment helping to lift customer acquisition in lower cost channels.

最後，隨著規模擴大，我們也持續提升行銷支出的效率。行銷費用占營收比重年增改善 5 個百分點、季增改善 2 個百分點至 34%。其中許多驅動因素與過去幾季一致：留存率提升、平台內自然發生的交叉銷售比率改善，以及多年品牌投資有助於在較低成本的通路提升客戶獲取。

With that said, we also see two new dynamics that are presenting additional opportunities. First, our collaborations with pharmaceutical innovators like Novo Nordisk are resulting in real marketing talents. We’ve seen groundbreaking treatments draw enormous consumer attention to categories like weight loss. But when people go looking for a trusted, approachable place to start, they increasingly start with Hims & Hers.

話雖如此，我們也看到兩個新的動態，帶來額外機會。第一，我們與 Novo Nordisk 等藥品創新者的合作，正在帶來實質的行銷順風。我們看到突破性的治療方式，為減重等類別帶來龐大的消費者關注。但當人們尋找一個值得信賴、親切易接近的起點時，他們愈來愈常從 Hims & Hers 開始。

We built a platform that makes health simple, personal, and easy to stay with, and that is allowing us to turn consumer curiosity into new care relationships in an increasingly efficient way. Additionally, our expanded international presence unlocks the potential for larger global brand moments while also driving far greater optionality in where we can deploy capital to drive awareness of our platform.

我們打造了一個讓健康變得簡單、個人化且容易持續使用的平台，使我們能以愈來愈高的效率，將消費者的好奇心轉化為新的照護關係。此外，我們擴大的國際布局不僅釋放更大型的全球品牌時刻的潛力，也大幅提升我們在何處部署資本以提升平台認知度的選擇性。

We believe we are in one of the most exciting stages in our history. It is a stage that demands we lean into investment, act decisively on the right M&A opportunities, and attract the caliber of talent that enables us to capitalize on the significant growth runway in front of us. Periodically, we expect this long-term oriented mindset will impact our GAAP results, and that was the case in the second quarter.

我們相信我們正處於公司歷史上最令人振奮的階段之一。這個階段要求我們加大投資、在合適的併購（M&A）機會上果斷行動，並吸引能讓我們把握眼前龐大成長跑道的人才水準。我們預期，這種以長期為導向的思維會在某些時期影響我們的 GAAP 結果，而第二季正是如此。

GAAP net income was a loss of $86 million, which was impacted by the previously mentioned non-recurring acquisition, restructuring, and legal costs. Over the last 12 months, our platform generated over $260 million of operating cash flow. That’s inclusive of second-quarter results, where operating cash flow momentum took a pause due to the increased working capital demands associated with our rapidly expanding branded weight loss offering.

GAAP 淨利為虧損 8,600 萬美元，受到前述一次性的收購、重組與法律成本影響。過去 12 個月，我們的平台產生超過 2.6 億美元的營運現金流。其中包含第二季的結果；由於我們快速擴張的品牌減重產品帶來更高的營運資金需求，營運現金流動能在第二季暫時放緩。

During the quarter, operating cash flow was negative $36 million, and free cash flow was negative $68 million. Since the end of the first quarter, we successfully completed two actions that we believe will help ensure our balance sheet will not limit our ability to capture the growth opportunities in front of us.

本季營運現金流為負 3,600 萬美元，自由現金流為負 6,800 萬美元。自第一季末以來，我們成功完成兩項行動；我們相信這將有助於確保資產負債表不會限制我們把握眼前的成長機會。

First, we established a $400 million receivables facility, giving us an efficient mechanism to convert the growing base of short-dated receivables generated by our branded weight loss offering into cash with capacity that scales alongside the business.

第一，我們建立了一項 4 億美元的應收帳款融資安排，使我們能以有效率的機制，將品牌減重產品所產生、期限較短且持續成長的應收帳款基礎轉換為現金，且其額度可隨業務規模同步擴張。

Second, we completed a convertible debt offering over $400 million, further reinforcing our balance sheet. Our expectation is to resume free cash flow generation in the second half of the year. After accounting for the approximately $225 million upfront payment made at the closing of Eucalyptus, we ended the quarter with more than $840 million of cash and short-term investments.

第二，我們完成超過 4 億美元的可轉換公司債發行，進一步強化我們的資產負債表。我們預期在今年下半年恢復自由現金流的產生。在計入完成 Eucalyptus 交易時支付的約 2.25 億美元預付款後，我們在季末持有超過 8.4 億美元的現金與短期投資。

We also have $225 million remaining on our share repurchase program, which continues to give us the ability to act when we believe the market value of our stock disconnects from its intrinsic value. Taken together, our balance sheet, our access to efficient sources of liquidity, and the cash generation of our domestic business give us the flexibility to fund an accelerating platform while continuing to invest with conviction.

我們的股票回購計畫尚餘 2.25 億美元額度，這讓我們在認為股價市值與其內在價值出現脫鉤時，仍有能力採取行動。綜合而言，我們的資產負債表、取得高效率流動性來源的能力，以及國內業務的現金創造能力，使我們能在持續堅定投資的同時，具備資金彈性以支持平台加速發展。

Our investments will continue to orient around our core strategic growth levers, which we believe will solidify the path toward our 2030 financial ambitions. Utilizing technology to elevate the quality of care for our users, expanding into new specialties, broadening access to personalized care across specialties, leveraging partnerships to become a best-in-class curator of health services, and expanding internationally.

我們的投資將持續聚焦於核心策略成長槓桿；我們相信這將鞏固通往 2030 年財務目標的路徑。運用科技提升使用者照護品質、拓展至新的專科、擴大跨專科的個人化照護可及性、善用合作夥伴關係成為同級最佳的健康服務策展者，以及拓展國際市場。

I will highlight a few of these where we expect heavier near-term investment.

我將重點說明其中幾項我們預期在短期內會加大投資的領域。

First, we are accelerating an investment in our technology and AI capabilities. AI investments on our platform are driving a meaningfully better consumer experience that is resulting in a reduction in cancellations. Subscribers are able to get faster answers to questions alongside a more consistent and personalized experience.

首先，我們正在加速對我們的技術與 AI 能力的投資。我們平台上的 AI 投資正在帶來顯著更好的消費者體驗，進而降低取消訂閱的情況。訂閱者能更快獲得問題解答，同時享有更一致且更個人化的體驗。

Early signals are already demonstrating AI’s ability to improve the efficiency with which we serve our subscribers. We expect these benefits to compound with time, unlocking a powerful combination of stronger revenue growth and cost savings.

早期訊號已經顯示，AI 能提升我們服務訂閱者的效率。我們預期這些效益將隨時間累積，解鎖更強的營收成長與成本節省的強大組合。

Our expectation is that the AI investments will pay back within 12 to 18 months. More importantly, we believe these capabilities, combined with our scale, provide structural advantages to reinvest in ways that others cannot across key growth areas like weight loss and international markets.

我們預期 AI 投資將在 12 到 18 個月內回收。更重要的是，我們相信這些能力結合我們的規模，將帶來結構性優勢，使我們能以他人無法做到的方式在減重與國際市場等關鍵成長領域再投資。

Starting with weight loss, we will deploy a portion of efficiency improvements from AI into making our platform the most accessible place for consumers to begin their weight loss journey. If success across our AI efforts continues, our expectation is that we will unlock more value for our weight loss subscribers by the end of the year in the form of lower prices and/or additional tools.

以減重為例，我們將把 AI 帶來的部分效率提升投入，讓我們的平台成為消費者開始減重旅程時最容易接觸的地方。若我們在 AI 方面的努力持續成功，我們預期在年底前，將以更低價格和／或更多工具的形式，為減重訂閱者釋放更多價值。

This is a playbook we know well. In our sexual health and hair loss specialties, scale allowed us to steadily lower prices for our customers, which expanded our addressable market, strengthened retention, and ultimately drove stronger LTVs and margin expansion. We see a similar opportunity taking shape in weight loss, where our growing scale, improving operational efficiencies, and AI-supported care model enable us to make treatment more affordable for more people. Delivering more for less is how we extend the advantages of our platform, and we believe few in consumer health are positioned to do the same.

這是一套我們非常熟悉的打法。在性健康與落髮等專科領域，規模讓我們得以穩步為客戶降價，進而擴大可服務市場、強化留存，並最終帶動更高的 LTV 與毛利率擴張。我們在減重領域也看到類似機會正在成形：隨著規模成長、營運效率提升，以及 AI 支援的照護模式，我們能讓更多人以更可負擔的價格接受治療。以更少的成本提供更多價值，是我們延伸平台優勢的方式；我們相信在消費者健康領域，能做到同樣事情的公司屈指可數。

We also expect to redeploy a portion of efficiencies to accelerate growth within our international business. We have the necessary talent to meaningfully evolve the way consumers access their health and wellness needs across Australia, Japan, Canada, Germany, and the UK, and we expect to invest aggressively in these markets as we build category leadership.

我們也預期將把部分效率成果重新配置，用於加速國際業務的成長。我們具備必要的人才，能在澳洲、日本、加拿大、德國與英國等地，實質性地改變消費者取得健康與保健需求的方式；隨著我們建立品類領導地位，我們預期將在這些市場積極投資。

Importantly, adoption of weight loss solutions across many of these markets still lags the US meaningfully, and the same investments that strengthen our leadership position can accelerate growth of the category itself, expanding the market for us and for our industry partners. We expect these markets to emerge as meaningful profit centers as they scale.

重要的是，在上述許多市場中，減重解決方案的採用率仍明顯落後於美國；而那些能強化我們領導地位的同樣投資，也能加速整個品類的成長，為我們以及產業合作夥伴擴大市場。我們預期這些市場在規模擴大後，將成為具意義的獲利中心。

Lastly, we will continue investing in the operational capabilities and clinical oversight required to bring new offerings to the platform responsibly, including higher complexity offerings like injectable testosterone in the near term and peptide therapies if the regulatory landscape allows.

最後，我們將持續投資於營運能力與臨床監督，以負責任的方式將新產品導入平台，包括短期內更高複雜度的產品（如可注射睪固酮），以及在法規環境允許的情況下的胜肽療法。

With that, I will walk through our outlook for the remainder of the year. In the third quarter, we are anticipating revenue in the range of $880 million to $900 million, representing a year-over-year increase of approximately 47% to 50%. We expect adjusted EBITDA to be between $75 million to $95 million, representing an adjusted EBITDA margin of 10% at the midpoint of both ranges.

接下來，我將說明我們對今年剩餘期間的展望。第三季，我們預期營收介於 8.80 億至 9.00 億美元，年增約 47% 至 50%。我們預期調整後 EBITDA 介於 7,500 萬至 9,500 萬美元，在兩個區間的中點計算，調整後 EBITDA 利潤率為 10%。

For the full year, we are raising our 2026 revenue outlook to $3.1 billion to $3.3 billion, representing a year-over-year increase of 32% to 41%. It is our expectation that 2026 adjusted EBITDA will be between $275 million and $325 million. These adjusted EBITDA and revenue ranges imply an adjusted EBITDA margin of 9% at the midpoint of both ranges.

就全年而言，我們將 2026 年營收展望上調至 31 億至 33 億美元，年增 32% 至 41%。我們預期 2026 年調整後 EBITDA 介於 2.75 億至 3.25 億美元。上述調整後 EBITDA 與營收區間在兩者中點所隱含的調整後 EBITDA 利潤率為 9%。

To help contextualize our outlook, I will highlight a few points.

為了協助大家理解我們的展望，我將強調幾點。

First, we expect the gross margin dynamics we saw in the second quarter to persist through the second half as branded weight loss offerings and international revenue continue to grow as a share of our business. As I discussed earlier, this mix shift reflects a deliberate decision to scale the specialties and markets we believe will drive the long-term value of the platform.

第一，我們預期第二季看到的毛利率動態將延續到下半年，因為品牌減重產品與國際營收在我們業務中的占比持續提升。如我先前所述，這種組合轉移反映了我們有意識地擴大我們相信能驅動平台長期價值的專科與市場。

Second, we expect the compounding effect of the weight loss cohorts acquired throughout the first half to drive a meaningful step-up in adjusted EBITDA dollars in the second half, accompanied by continued leverage across our operating expenses as revenue growth in the US re-accelerates. At the same time, our guidance is designed to preserve the flexibility to lean further into the investment priorities outlined today as opportunities materialize.

第二，我們預期上半年取得的減重客群（cohorts）的累積效應，將在下半年帶動調整後 EBITDA 金額出現顯著躍升；同時，隨著美國營收成長重新加速，我們的營運費用也將持續展現槓桿效益。與此同時，我們的指引設計也保留彈性，以便在機會浮現時，能更進一步加碼今天所概述的投資優先事項。

Finally, we expect our international business to generate at least $600 million of revenue in 2026, which will continue to operate at or near breakeven on an adjusted EBITDA basis as we prioritize scale.

最後，我們預期 2026 年國際業務至少可貢獻 6 億美元營收；在我們優先追求規模的同時，其調整後 EBITDA 將持續維持在損益兩平或接近損益兩平。

Our platform is delivering a combination of value to consumers that we believe cannot be found anywhere else in healthcare. We are addressing more health needs for our subscribers through an experience that becomes more personal with every interaction, at prices that become more accessible as we scale. That combination is why more people are choosing our platform than ever before, and why they are staying longer and trusting us with more of their health.

我們的平台正在為消費者提供一種我們相信在醫療保健領域其他地方找不到的價值組合。我們透過一種每次互動都更個人化的體驗，為訂閱者滿足更多健康需求；並且隨著規模擴大，價格也變得更可負擔。正因為這種組合，選擇我們平台的人比以往更多；他們停留更久，也把更多健康需求託付給我們。

What’s most exciting is that now this is a truly global story. The re-acceleration underway in our US business is paired with leadership positions across key international markets, giving us more consumers to serve, more markets to scale, and more ways to compound our advantages than at any point in our history. All of which reinforce our confidence in achieving our 2030 ambitions of at least $6.5 billion in revenue and $1.3 billion in adjusted EBITDA.

最令人振奮的是，這如今是一個真正的全球故事。我們美國業務正在重新加速，同時我們在多個關鍵國際市場也處於領導地位，讓我們能服務更多消費者、擴大更多市場規模，並以比歷史上任何時點更多的方式累積我們的優勢。這一切都強化了我們對達成 2030 年目標的信心：營收至少 65 億美元、調整後 EBITDA 13 億美元。

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.

若沒有全球各地 Hims & Hers 員工的重大努力，我們不可能取得成功。我想感謝他們、我們的訂閱者，以及我們的股東，支持我們透過更健康的力量，幫助全世界感覺更好的使命。

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，我將把電話會議交回給 Bill，由他以兩個來自我們零售社群的問題開始 Q&A。

Thanks, Yemi, and thank you to everyone who sent us questions over the weekend. Our first question comes from the Hims’ hub community, who would like to better understand how we’re approaching the developing opportunity in peptides.

謝謝你，Yemi，也感謝所有在週末寄送問題給我們的各位。我們的第一個問題來自 Hims 的 hub 社群，他們希望更了解我們如何看待胜肽（peptides）這個正在發展的機會。

They ask, following the July PCAC recommendations for the 503A peptide list, can you provide more detail on your go-to-market timeline once final FDA guidance is provided? Are you compliance ready to launch within weeks given your existing California facility, or are there additional build-out steps that push this into 2027? And do you still intend to let others go first, or has the July recommendation changed that calculus?

他們問：在 7 月 PCAC 對 503A 胜肽清單提出建議之後，一旦 FDA 提供最終指引，你們能否更詳細說明上市（go-to-market）時程？考量你們既有的加州設施，你們是否已具備合規準備、可在數週內推出，或仍需要額外建置步驟而使時程推遲到 2027 年？另外，你們是否仍打算讓其他人先行，或 7 月的建議已改變這項盤算？

Yeah. Great question. Thank you for that. As we said in the past, I'm extremely excited about this category, holistically, the peptide and wellness category and was very excited to see six of the seven go through successfully with the PCAC meeting at the FDA a couple of weeks back.

是的。很好的問題。謝謝你提出。如我們過去所說，我對這個品類非常興奮；整體而言，胜肽與健康（wellness）品類都令人振奮，而在幾週前 FDA 的 PCAC 會議上，七項中有六項順利通過，也讓我非常高興。

To your question on timing, we've made incredible progress in the last couple of quarters on the clinical guidelines as well as the supply chain that gives me confidence that if and when the FDA does decide to move these peptides to the Category 1 list, we'll be able to move extremely quickly.

關於你問的時程，我們在過去幾個季度於臨床指引以及供應鏈方面取得了驚人的進展，這讓我有信心：如果、以及當 FDA 決定將這些胜肽移入第 1 類（Category 1）清單時，我們將能非常迅速地行動。

Specifically, we brought on Dr. Anant Vinjamoori as our Chief Medical Officer on the Hims side of the house, who is an expert across hormonal therapy longevity and peptide therapy. He's been building out the clinical protocols, the guardrails, the dosing regimens and the provider training. In addition, in Menlo Park in our API facility, where we have committed to actually manufacture the raw APIs in the US which we think is extremely rare and likely the only company capable of delivering that, we are in the process of actually putting on BPC-157 on the stability and validation testing to be ready shortly and following course with the remainder.

具體而言，我們在 Hims 端聘請了 Anant Vinjamoori 醫師擔任首席醫療長（Chief Medical Officer），他在荷爾蒙療法、長壽（longevity）與胜肽療法方面都是專家。他一直在建立臨床流程、護欄（guardrails）、劑量方案與醫療提供者訓練。此外，在我們位於 Menlo Park 的 API 設施中，我們已承諾在美國製造原料 API；我們認為這非常罕見，且很可能是唯一有能力交付的公司。我們目前正將 BPC-157 進行穩定性與驗證測試，以便在不久後就緒，並依同樣進度推進其餘項目。

So in the meantime, as we await FDA decision-making and rule making, we will be moving forward with the word wellness and peptide category with a broader set of offerings. These include things like sermorelin, glutathione, NAD+ and other wellness therapies and injections, and we expect hopefully that to come out by the end of this year.

因此，在我們等待 FDA 做出決策與制定規則的同時，我們將以「健康（wellness）」與「胜肽（peptide）」類別為核心，推出更廣泛的產品組合並持續推進。這些包括像是 sermorelin、穀胱甘肽、NAD+ 以及其他健康療法與注射項目，我們希望能在今年年底前推出。

Great. Thanks, Andrew. The next question comes from Tom T., who asked about the investments we're making in AI and our longer-term vision for kind of what the Hims & Hers customers experience can look like.

很好。謝謝你，Andrew。下一個問題來自 Tom T.，他詢問我們在 AI 方面的投資，以及我們對 Hims & Hers 客戶體驗長期願景的想像。

Yes, between labs, potential wearable partnerships and the treatment and outcome data you're collecting for millions of customers, is there a plan to bring all of that together so a customer can eventually see something like a real-time health score, where the AI is connecting those data points, flagging things early and recommending next steps before they become actual problems? How far away do you think something like that is? And is that something the team is actively building toward today?

是的，在實驗室、潛在的穿戴式合作夥伴關係，以及你們為數百萬客戶蒐集的治療與結果數據之間，是否有計畫把這些整合起來，讓客戶最終能看到類似即時健康分數的東西，由 AI 連結這些數據點、及早標記問題，並在它們變成真正的問題之前建議下一步？你認為這樣的功能大概還要多久才會實現？而這是否是團隊目前正在積極打造的方向？

Absolutely. The short answer to that question is yes. We are also hiring. So you're able to piece a lot of that together, so please apply.

絕對是。這個問題的簡短答案是：是的。我們也正在招募人才。所以你其實已經能把很多這些拼在一起了，歡迎投遞申請。

But the vision really is to be able to bring together all of the elements with 360 person's health, whether that's variable data, our own devices, external devices, lab testing data, our own labs, external labs, all the way to preventative screening and genetics to be able to have an ecosystem of doctors, specialists, coaches, agents, pharmacists, on call for you, 24/7, actively monitoring how best we can assist you with living healthiest and best life.

但我們的願景，確實是把一個人健康的 360 度所有要素整合起來——不論是各類變動數據、我們自有裝置、外部裝置、檢驗數據、我們自有實驗室、外部實驗室，一直到預防性篩檢與基因檢測——以建立一個由醫師、專科醫師、教練、代理人、藥師所構成的生態系，24/7 隨時待命，主動監測並盡我們所能協助你，以最健康的方式過上最好的生活。

And I think this sets up very well for a natural membership offering for Hims & Hers, so you can imagine coming out in the coming year or two. I think this also sets up a really powerful freemium offering for Hims & Hers, where patients could just have the opportunity to come leverage these tools that Hims & Hers in a free manner to just get benefits of the 360 view of their health, a unified platform with an ecosystem all powered by AI on the bottom layer of actual doctors, actual trained nutritionalists as well as agents and care pilots.

我認為這也非常適合 Hims & Hers 自然延伸出會員制產品，你可以想像在未來一到兩年內推出。我也認為這為 Hims & Hers 建立了一個非常強大的 freemium（免費增值）方案：病患可以有機會以免費方式使用 Hims & Hers 的這些工具，獲得健康 360 度視角的好處——一個統一的平台與生態系，底層由 AI 驅動，同時也有真正的醫師、受過訓練的營養師，以及代理人與照護引導員（care pilots）。

And so when you really step back like what this is that we're building is currently available. This is what most would consider concierge care today. And it costs anywhere from $50,000 to $150,000 annually. I think in the simplest way, my vision is to make that same level of proactive, preventative, always-on care affordable to everybody globally for a price that is universally accessible.

所以當你退一步來看，我們正在打造的東西其實目前就已經存在。這就是多數人今天所認為的禮賓式醫療（concierge care）。而它每年的費用大約在 50,000 到 150,000 美元之間。用最簡單的方式說，我的願景是：讓同等水準的主動、預防、隨時在線的照護，以全球每個人都負擔得起、普遍可及的價格提供給所有人。

(Operator Instructions) Maria Ripps, Canaccord.

（接線員指示）Maria Ripps，Canaccord。

I wanted to ask about the Novo partnership, which clearly has been very successful on the volume side. So now that the branded cohorts, a couple of quarters kind of in a couple of quarters mature, how does the retention and engagement compared to what you saw historically across other products? And then how are you thinking about sort of deepening the Nova relationship from here?

我想詢問與 Novo 的合作夥伴關係，顯然在量的方面非常成功。那麼，當品牌用戶群（cohorts）在接下來幾個季度逐步成熟之後，留存與互動表現相較於你們過去在其他產品上看到的情況如何？另外，你們接下來打算如何深化與 Novo 的關係？

Maybe Yumi can speak a little bit about the relationship generally and opportunities, and then you can dive into the retention and profiles.

也許 Yumi 可以先從整體關係與機會談一談，然後你再深入說明留存與用戶輪廓。

Maria, high level, we're extremely excited by the ongoing relationship with Novo Nordisk. Top down from Mike as CEO, the team has been incredibly collaborative in thinking through ways in which we can broaden access to patients in the US. The Wegovy pill has had a staggering launch. And I think we are the largest or one of the largest players that are helping people access that pill, which has really opened up the floodgates of people who had injection fears, price point fears and [concerns]. And so very strong relationship domestically.

Maria，從高層次來看，我們對與 Novo Nordisk 持續的合作關係感到非常振奮。從 CEO Mike 自上而下，團隊在思考如何擴大美國病患可及性方面一直非常合作。Wegovy 口服藥的上市表現令人震撼。我認為我們是協助人們取得該口服藥的最大、或是最大之一的參與者，這確實打開了閘門，讓那些對注射有恐懼、對價格點有疑慮與[擔憂]的人也能進來。因此在美國本土的合作關係非常強。

We also have extremely strong relationships internationally and are adopting many of those relationships from our acquisition with Eucalyptus. So this is across Germany, across the UK, where we were actually able to help generate tens of thousands of individuals on a wait list for the Wegovy pill within just a couple of days in some of these markets as they were getting ready to prepare the lawn.

我們在國際上也有非常強的合作關係，並且透過收購 Eucalyptus 承接了其中許多關係。這涵蓋德國與英國；在其中一些市場，當他們正準備「prepare the lawn」時，我們實際上在短短幾天內就協助產生了數以萬計、等待 Wegovy 口服藥的候補名單。

I think there's an increasing amount of collaboration around key strategic markets that are valuable to both businesses and thinking about how to collaborate into expanding the market and getting people more access I think there is increasing ability to share data with regard to what's working for patients, adherence benefits, what we're seeing with regard to side effects or how to mitigate that in different dosing regimens.

我認為，圍繞對兩家公司都重要的關鍵策略市場，合作正在增加，並思考如何透過合作擴大市場、讓更多人獲得用藥可及性。

So I do think there's a really powerful flywheel here when you start getting the leading drug manufacturers actually closer to the data on the ground of the consumers in a way that can not only help when it comes to commercializing therapies but also thinking through how we bring new therapies to market. And so I think there's a growing set of opportunities that I think both of the teams are very excited by.

因此我確實認為，當領先的藥品製造商能更貼近消費者端的第一手數據時，這裡會形成非常強大的飛輪效應，不僅能在療法商業化上提供幫助，也能協助思考如何把新療法推向市場。所以我認為，雙方團隊都對一系列日益增加的機會感到非常興奮。

And then the second part of your question, Maria. Really, I think we're seeing retention in with our expectations. Part of the [beat in Q2] or a large part of the beat in Q2 was a result of really the weight category amongst others being much stronger than we thought. As we saw that, that's what gave us conviction to elevate the guidance for the rest of the year.

接著是你問題的第二部分，Maria。整體而言，我認為我們看到的留存符合我們的預期。第二季的[超預期表現]其中一部分、或很大一部分，來自於體重管理類別等業務比我們原先預期強勁得多。當我們看到這一點時，這也讓我們更有信心上調今年剩餘期間的財測指引。

For us -- it's even more exciting for us is that we see the experience continue to get better. And in the prepared remarks, we spoke around how with a more immersive experience through the next evolution of the app and some of the AI tools as well as physical tools like the scale of the consumers are getting that enables more connectivity with their providers. And ultimately, we're already seeing signs of lower cancellation rates for the court of users that are receiving that. And as we look to continue to investment experience, and we see opportunities as we get more efficiencies to make price points more affordable, we see an already smaller retention rate getting stronger and stronger.

對我們來說——更令人興奮的是——我們看到整體體驗持續變得更好。在事先準備的發言中，我們提到，透過下一代 App 的更沉浸式體驗、一些 AI 工具，以及像是提供給消費者的體重計等實體工具，讓他們能與其醫療提供者有更高的連結性。而最終，我們已經看到，收到這些體驗的那一批用戶（cohort）出現較低的取消率跡象。隨著我們持續投資體驗，並在效率提升後有機會讓價格點更可負擔，我們看到原本就較低的流失/留存表現正在變得越來越強。

Ryan MacDonald, Needham.

Ryan MacDonald，Needham。

Congrats on a nice quarter. Andrew, as we think about -- as you're integrating Eucalyptus now and the international acquisitions you've made, can you just talk about what some of the key specialty areas that you're seeing the most success with in those international markets, and where you see the potential low-hanging fruit to expand assortment in some of those markets, particularly for Eucalyptus that are already quite strong within the US market?

恭喜本季表現不錯。Andrew，當我們思考——在你們整合 Eucalyptus 以及你們所做的國際收購之際——你能否談談在那些國際市場中，你們看到最成功的一些關鍵專科領域是哪些？以及你們認為在那些市場（特別是 Eucalyptus）有哪些可以相對容易擴充品項的「低垂果實」，尤其是那些在美國市場已經相當強的品類？

Yeah. Great question, Ryan. Some of the specifically Eucalyptus has done a wonderful job building real dominance in the UK, Australia and Germany and newly in Japan and Canada in the way they lost category. So they are serving that demographic very well, one of the leading, if not the leading providers in those markets and in aggregate, the leading digital health providers in those markets. where we think there's real opportunity is actually bringing some of the core specialties that the Hims & Hers business have gotten very good at here domestically overseas.

是的。好問題，Ryan。具體來說，Eucalyptus 在英國、澳洲、德國，以及近期在日本與加拿大，在他們所聚焦的品類上建立了非常強的主導地位。因此他們把那個族群服務得非常好，在那些市場中是領先、甚至可能是最領先的供應商；整體而言，也是那些市場中領先的數位健康服務提供者。我們認為真正的機會在於，把 Hims & Hers 在美國本土已經非常擅長的一些核心專科帶到海外市場。

And so these include things like testosterone replacement therapy, menopause therapy for women. This is basic assortment in the dermatology categories such as men's and women's hair, men's and women's sexual health and reproductive health as well as categories like peptides in some of these markets where actually there are different regulatory opportunities to expand and allow patients to have some of these more cutting-edge longevity therapies.

因此這些包括像是睪固酮替代療法、女性更年期療法。也包括皮膚科類別中的基本品項組合，例如男性與女性的頭髮（護髮/生髮）、男性與女性的性健康與生殖健康；以及在部分市場中的胜肽等品類——在那些市場其實存在不同的監管機會，可擴大並讓病患取得一些更前沿的長壽（longevity）療法。

And so I would say, at the very high level, there is some very low-hanging fruit in bringing some of the best and highest performing and even some of the fastest growing like testosterone categories that are here domestic into at least five or six markets overseas with the engine and the go-to-market commercial strategy that the Eucalyptus team is already well equipped to deliver on.

因此我會說，從非常高的層面來看，把這裡國內一些最優質、表現最佳，甚至包括一些成長最快的品類（例如睪固酮相關品類）帶到海外至少五到六個市場，是有一些非常容易摘取的成果；而 Eucalyptus 團隊已具備完善的引擎與上市（go-to-market）商業策略能力，可以把這件事落地。

Appreciate that. And then as a follow-up, maybe just a clarifying point within the peptides. I know you talked about -- addressed it a little bit in the question earlier and all the preparations going on there. But in terms of when you could -- or I guess maybe the catalyst you're waiting for, would you be waiting for, would you be waiting for sort of the full formal FDA guidance that's in the register that can take sort of the 6- to 12-month process to start selling those 6 of the 7? Or does it simply sort of the proposed rule-making process kicking off with the commenting period, et cetera, sort of act as more of the signal sort of a nearer-term opportunity for you to start selling those 6 approved peptide?

感謝。接著作為追問，可能是在胜肽（peptides）方面的一個釐清點。我知道你在前面那個問題裡已經稍微談到並回應過，也提到目前正在進行的各項準備。但就你何時能夠——或者說你在等待的催化因素——你是在等候登載於公報（register）中的完整、正式 FDA 指引嗎？那可能需要大約 6 到 12 個月的流程，之後才開始銷售那 7 個中的 6 個？還是說，只要擬議的規則制定程序啟動、進入徵詢意見期等，就足以作為一個訊號，讓你們把它視為較近端的機會，開始銷售那 6 個已核准的胜肽？

Yeah. Thanks, Ryan, for the clarification. Our operating model today is that we are waiting on full and final rule making from the FDA. And so that could come in a lot of different forms and factors that could come on different time lines. But we think it's really important for them to complete that process before we bring this to market.

是的。Ryan，謝謝你釐清。我們目前的營運模式是等待 FDA 完整且最終的規則制定結果。因此它可能以很多不同形式出現，也可能受到不同因素影響、在不同時間軸上落地。但我們認為，在把這項產品推向市場之前，讓他們完成該流程非常重要。

Mark Mahaney, Evercore.

Mark Mahaney，Evercore。

Two questions, please. Just on the Eucalyptus contribution in the back half of the year, first, to the EBITDA kind of shading down or cut in the full-year guidance? I know you mentioned investing in AI and in further international expansion, but as Eucalyptus dilution part of that kind of shade down in the EBITDA growth for the full year?

兩個問題，謝謝。先談 Eucalyptus 在下半年對 EBITDA 的貢獻，以及你們在全年指引中對 EBITDA 的下修或走弱的那種「陰影」：我知道你提到會投資 AI 以及進一步的國際擴張，但 Eucalyptus 的稀釋效應是否也是造成全年 EBITDA 成長走弱的一部分？

And then just on the US acceleration, you saw in Q2 and you talked about -- I think it's implied in your guidance for the back half of the year. And I think that's largely due to the kind of the broadening of the weight loss offerings that you have. Could you -- would you want to help us quantify like how much more acceleration we could expect in the back half of the year?

另外，關於你們在 Q2 看到、也談到的美國業務加速——我想這也隱含在你們對下半年的指引裡。我認為這主要是因為你們的減重產品組合在擴大。你們能否協助我們量化一下：下半年大概還能期待多大幅度的加速？

Yeah. Thanks for the question, Mark. Let me take the second question in that effectively the catalyst behind the first.

好的。謝謝你的問題，Mark。我先回答第二個問題，因為它其實也是第一個問題背後的催化因素。

So we are expecting a great acceleration on both revenue and EBITDA in the US in the back half of the year. Really, one of the driving forces behind that are a few things. The first is, just given the switch, particularly on the branded products to a monthly cadence as you start to see more cohort stock due to greater tenure of the offering on the platform, that inherently results in both more revenue EBITDA. So we would expect those effects to start to compound in both Q3 as well as Q4. You already saw that to some degree with the roughly a 12-point acceleration in the first quarter.

我們預期美國在下半年不論營收或 EBITDA 都會有很好的加速。背後的驅動因素主要有幾點。第一，隨著切換——尤其是品牌產品——改為按月節奏（monthly cadence），當你開始因為該產品在平台上推出時間更長而看到更多的同批次（cohort）存量時，這本質上會帶來更多營收與 EBITDA。因此我們預期這些效應會在 Q3 與 Q4 開始疊加。你們在第一季已經在某種程度上看到這點，大約有 12 個百分點的加速。

I think to compound that as the experience gets better with some of the elements that Andrew mentioned as well as Mo mentioned in the prepared remarks around the AI and some of the tools that subscribers will be equipped with, inevitably, our view is that the ability for retention to get strong role increases, which will drive that acceleration further.

我認為，隨著體驗因 Andrew 提到的一些要素、以及 Mo 在事先準備稿中提到的 AI 與訂閱者將配備的一些工具而變得更好，我們的看法是，留存能力提升的空間會增加，進而進一步推動加速。

But I think what we're seeing is as we see efficiencies across the portfolio, both in the US and particularly some of the early statements that we're receiving from AI, that will be reinvested into really two areas. The first is taking some of the savings and reinvesting it into a more immersive weight experience that passes more value to the consumers. That can be in the form of making the price points more accessible. It can also be in the form of more tools in thinking through how to increase the stickiness on the platform.

但我認為我們看到的是，當我們在整個產品組合中看到效率提升——不論是在美國，尤其是我們從 AI 端收到的一些早期訊號——我們會把這些效益再投資到兩個領域。第一，是把部分節省下來的成本再投入，打造更沉浸式的減重體驗，將更多價值回饋給消費者。這可以是讓定價更可負擔。也可以是提供更多工具，思考如何提升平台黏著度。

The other area where we're prepared to invest. We see an ability to secure leadership across many areas as we look at particularly attractive markets in Western Europe, like the UK, Germany, as well as Canada, having the strength of the US and domestic portfolio to really lean in there something that's reflected in our guidance. So in our guidance which is the flexibility to make price points more accessible here domestically, but also relates to as we see opportunities to invest in ways that adhere to our capital allocation standards of the one year or less breakeven period. We will do those particularly across international markets.

另一個我們準備投資的領域是：當我們觀察西歐一些特別具吸引力的市場（如英國、德國）以及加拿大時，我們看到有機會在多個領域取得領導地位；憑藉美國與國內產品組合的強勢，去加大投入，這也反映在我們的指引中。因此在我們的指引裡，既包含在國內讓價格更可負擔的彈性，也包含當我們看到符合資本配置標準（損益兩平期一年或更短）的投資機會時，我們會特別在國際市場上進行這些投資。

Craig Hettenbach, Morgan Stanley.

Craig Hettenbach，Morgan Stanley。

On the push to drive AI adoption, anything unique on the Hers side in terms of starting there and then the rough timing of when you'd expect to see that on the Hims side as well?

關於推動 AI 採用，在 Hers 端有沒有什麼獨特之處（例如先從那邊開始）？以及你大概預期何時也會在 Hims 端看到同樣的情況？

Yeah. Thanks, Craig, for the question. Yeah, we're incredibly excited by this, as we shared in the prepared remarks. I think seeing on the Hers side, meaningful acceleration in engagement. Patients are interacting and messaging with their care teams 3 times as much with the new care operating plan and operating system that we've rolled out.

是的。謝謝你的問題，Craig。是的，我們對此非常興奮，正如我們在事先準備稿中分享的。我認為在 Hers 端，我們看到互動參與度有顯著加速。在我們推出新的照護營運方案與營運系統後，病患與其照護團隊互動與傳訊的頻率提高到原來的 3 倍。

And at the same time, the actual tasks for humans has dropped 50% when you're talking about non-clinical tasks. And so this really rare combination of extreme engagement that we know has long-term trickle-down benefits when it comes to cancellation reductions and retention as well as very real cost savings that, to Yemi's point, we can immediately redeploy into more aggressive pricing and market capture opportunities in the weight category as well as the international category.

同時，當你談的是非臨床工作時，人力實際需要處理的任務量下降了 50%。因此這是一種非常罕見的組合：一方面是極高的互動參與度——我們知道這在長期會帶來下游效益，包括降低取消率與提升留存；另一方面是非常實質的成本節省。

We started with the women's weight loss business because that is one of the highest engagement parts of the business. It's a category that there are a tremendous amount of questions. There's an incredible complexity with regard to injection fears, dosing regimens, side effect mitigation. It is just -- it is probably the most complex category we operate in today. And so building the operating system and kind of this AI platform that can connect to pharmacists, a doctor, care coaches, agents all together in that environment, we thought was the best place to start.

我們先從女性減重業務開始，因為那是業務中互動參與度最高的部分之一。這個品類有大量問題需要解答。在注射恐懼、劑量方案、副作用緩解等方面也具有極高的複雜度。它——它大概是我們目前營運中最複雜的品類。因此我們認為，先在這個環境中打造營運系統與這個能把藥師、醫師、照護教練、客服代理等串接在一起的 AI 平台，是最佳的起點。

We are quickly rolling this out to other markets. We plan to bring, as we've shared, some of the other therapies and peptides to market that are on -- that are currently already on the Category 1 list as well as expanding the TRT offering with injection, testosterone. as well as oral testosterone. And the plan is to be able to have this new experience powered by AI for some of those new category launches on the Hims side of the business as those come out in the next couple of quarters.

我們正快速把它推廣到其他市場。如同我們分享過的，我們計畫把目前已在第 1 類（Category 1）清單上的其他療法與胜肽推向市場，同時也會擴大 TRT 產品提供，包括注射型睪固酮，以及口服睪固酮。計畫是在接下來幾個季度，隨著 Hims 端的一些新類別陸續推出，讓其中部分新類別上市時就能提供由 AI 驅動的全新體驗。

That's helpful. And then just a quick follow-up, Andrew, as you kind of step on the gas here with new product categories, you've talked about all the technology capabilities in AI as well as kind of the reach and capacity. How are you prioritizing these new categories? Is there anything in terms of like thresholds or things that you look at from a market perspective that kind of greenlight some of these new categories versus others that maybe you might ultimately take more time with the launch?

這很有幫助。再快速追問一下，Andrew，當你們在這裡加速推進新產品類別時，你們談到 AI 的各項技術能力，以及觸及範圍與產能。你們如何為這些新類別排定優先順序？從市場角度來看，你們是否有任何門檻或評估要素，用來「開綠燈」決定某些新類別優先推出，而另一些可能最終會花更多時間再上市？

Yeah, it's a great question, Craig. We're out of scale now with nearly 3 million subs globally where the patients do a fantastic job of telling us where the business needs and the clinical needs exist. And so really core to this strategy was the lab testing infrastructure that we acquired and have rolled out in the last few quarters that will be bundled with a lot of these categories that we were just talking about and essentially free with your care. And what we've seen from that adoption is exactly where we need to be going.

是的，Craig，這是個很好的問題。我們現在已具備規模，全球訂閱用戶接近300萬，患者在告訴我們業務需求與臨床需求存在於何處方面做得非常出色。因此，這項策略的核心其實是我們收購並在過去幾個季度推出的實驗室檢測基礎設施；它將與我們剛才談到的許多類別打包在一起，基本上會隨你的照護免費提供。而我們從採用情況看到的結果，正好指向我們需要前進的方向。

We're going towards metabolic health with broader set assortment on the GLP-1 side. We're going towards hormonal health because we're seeing both on men and women, massive overlap between those patient populations or going towards sleep and recovery and longevity focus because that's what people are telling our providers that they're interested in or struggling with.

我們正朝向代謝健康發展，在GLP-1方面提供更廣泛的產品組合。我們也正朝向荷爾蒙健康發展，因為我們看到無論男性或女性，這些患者族群之間有大量重疊；或是朝向睡眠、恢復與長壽的重點，因為人們正在告訴我們的醫療提供者，他們對這些有興趣或正在為此困擾。

And so we're at this really powerful point in the flywheel where the scale of the business, the high engagements we have with patients on singular categories, really feeds and accelerates our understanding of new categories or our understanding of the cross-sell potential of those categories and ultimately what the overlap will be. And so I think over time, that assortment and that breadth is a massive competitive advantage.

因此，我們正處在這個飛輪非常強勁的節點：業務規模、以及我們在單一類別與患者之間的高互動度，確實會反饋並加速我們對新類別的理解，或對這些類別交叉銷售潛力的理解，最終也能更清楚掌握其重疊程度。所以我認為，隨著時間推移，這樣的品類組合與廣度會形成巨大的競爭優勢。

As we shared in the remarks, with testosterone, we're approaching six categories, growing over $100 million run rate, I think that assortment is going to continue to accelerate the pace at which we can bring new things to market and the pace at which they hit that $100 million run rate threshold, just because they will be more informed by existing patient populations with much more clear targeting and the ability to bridge patients to more comprehensive care.

如同我們在發言中分享的，以睪固酮為例，我們正接近六個類別，年化營收運行率已成長至超過1億美元；我認為這樣的品類組合將持續加快我們把新產品推向市場的速度，以及它們達到1億美元年化運行率門檻的速度，因為它們會更充分地由既有患者族群所提供的資訊所驅動，目標鎖定更清晰，並且能把患者銜接到更全面的照護。

Eric Percher, Nephron Research.

Eric Percher，Nephron Research。

Andrew, I'd like to follow up on that comment about 3 million subs. I'd be interested to hear your perspective on the recent growth, and how much of that may be a bolus that was waiting versus the ability to maintain it.

Andrew，我想追問你剛才提到的300萬訂閱用戶。我想聽聽你對近期成長的看法，其中有多少可能是先前累積等待的需求一次釋放（bolus），以及你們維持這種成長的能力如何。

And then Yemi, I also want to check to see that that growth that we saw quarter over quarter include Eucalyptus subs as well in a meaningful fashion.

另外，Yemi，我也想確認一下，我們看到的這個季對季成長是否也有把Eucalyptus的訂閱用戶以有意義的方式納入其中。

Yeah. Great question, Eric. I'll let Yemi speak to Eucalyptus contribution.

是的。Eric，這是個很好的問題。我先請Yemi談談Eucalyptus的貢獻。

I think a big part of this came from the pivot in the business to expand the offerings on the weight loss side to bring some of the new therapies onto the platform. There's obviously just a tremendous amount of demand for these therapies. And I think building the business model in such a manner that allows us to have very close and mutually beneficial relationships with large drug companies and the large biotech companies. It's going to continue to allow for this type of accelerated growth as new therapies come to market where consumers have excitement, and there's great business potential.

我認為其中很大一部分來自我們在業務上的轉向：擴大減重端的產品供給，把一些新的療法導入平台。這些療法顯然有非常龐大的需求。而我認為，以一種能讓我們與大型藥廠及大型生技公司建立非常緊密且互利關係的方式來打造商業模式，將會在新療法上市、消費者充滿期待且具備良好商業潛力時，持續讓我們得以維持這種加速成長。

At the same time, I think there's been also a re-acceleration across categories, most notably on the men's hormonal side of the business within just a couple of -- within a couple of quarters, has become the fastest growing business outside of weight loss and quickly, we'll be eclipsing that $100 million threshold. And so we're continuing to lean in on that category, expand assortment in that category, bring that overseas.

同時，我認為各品類也出現再加速，最顯著的是男性荷爾蒙業務；在短短幾個——在幾個季度內，它已成為除減重之外成長最快的業務，並且很快就會跨越1億美元門檻。因此，我們會持續加碼這個品類、擴大該品類的組合，並把它推向海外。

But generally, I think it's a nice combination of the business model, expanding great options on the metabolic side of the house as well as the traditional core Hims businesses re-accelerating as we put more focus into some of these new initiatives.

但整體而言，我認為這是多重因素的良好結合：商業模式本身、在代謝健康端擴充優質選項，以及我們傳統核心的Hims業務在我們更聚焦於一些新計畫後也出現再加速。

Your next question --

你的下一個問題--

I'm sorry. Just the second part of your question, Eric. The short answer is, Eucalyptus [involves] revenue is included in the second-quarter results. On the revenue side, it's roughly $4 million coming from Eucalyptus overall and material portion behind the guide is really just the accelerating domestic revenue.

抱歉。回到你問題的第二部分，Eric。簡短回答是：Eucalyptus的收入已納入第二季的業績。在收入端，整體約有400萬美元來自Eucalyptus；而指引背後較具實質影響的部分，主要是國內收入的加速成長。

The assortment in the weight category definitely has been a catalyst towards us being able to accelerate the trajectory on both revenue and subs there, but then also on the hand side, as we see continued success with things like the low testosterone offering and some of our other newer specialties. As this scale, we continue to see the domestic business drive which provides more dry powder in from the international markets.

減重品類的產品組合，確實是推動我們在該領域加速收入與訂閱用戶成長軌跡的催化劑；同時，在另一端，隨著我們在低睪固酮方案以及其他一些較新的專科領域持續取得成功。隨著規模擴大，我們持續看到國內業務成為主要驅動力，這也為國際市場提供更多可投入的資源（dry powder）。

Glen Santangelo, Barclays.

Glen Santangelo，Barclays。

Yeah. Two quick ones for me. Yemi, I just want to follow up on Eucalyptus question. In the past, you told us that Eucalyptus was currently generating about a breakeven margin. Is that still the case? And any help there you can give us?

是的。我這邊兩個簡短問題。Yemi，我想追問一下Eucalyptus的問題。過去你們告訴我們，Eucalyptus目前大約是損益兩平的利潤率。現在仍然是這樣嗎？你能提供一些說明嗎？

And then my follow-up is really around longer-term margins. If you look at your 3Q guide, the implied margins in the fourth quarter, I think you're calling for a 12% EBITDA margins or 12% at the midpoint. Is that math correct? And is it reasonable to use that as sort of a jump-off point when we think about fiscal '27 appreciating that's still a few months away.

接著我的追問是關於較長期的利潤率。如果看你們第三季指引，推算第四季的隱含利潤率，我認為你們在中位數是預期12%的EBITDA利潤率或12%。這樣的計算正確嗎？而在我們思考2027財年時——我理解那還有幾個月——把它當作一個起跳點是否合理？

And I appreciate you don't want to say much about fiscal '27. But I'm just trying to think about the margin trajectory given you're sort of confirming that 20% margin in 2030. Any sort of insights you can give us to how we should think about that would be helpful.

我也理解你們不想對2027財年多談。但我只是想在你們某種程度上確認2030年20%利潤率的前提下，思考利潤率軌跡。任何你們能提供的觀點都會很有幫助。

Yeah. Thanks for the question, Glen. To take the first part of your question for Eucalyptus, I think that roughly they were running at breakeven to moderate losses. I think as we see continued strength in the US, the international markets are something that we're prepared to lead in to you in a thoughtful way.

是的。謝謝你的問題，Glen。先回答你關於Eucalyptus的第一部分，我認為他們大致是在損益兩平到小幅虧損之間。我認為，隨著我們在美國持續展現強勁表現，國際市場是我們已準備好以審慎方式加碼投入的領域。

Collectively, we do expect those to be near or at breakeven. But as opportunities permit. I think that's one of the beautiful things about the domestic and the best domestic federation that we're seeing that provides the opportunity to invest there.

整體而言，我們確實預期那些業務會接近或達到損益兩平。但也會視機會而定。我認為，這也是我們目前看到的國內業務與國內基本面如此出色的一點：它提供了在那裡投資的機會。

On your second question around just the longer-term margin profile, not necessarily prepared to speak to 2027 yet, but really just kind of reorient towards what does our philosophy look like for the next couple of quarters as we continue to lean in and invest. And really, that's towards [if]. first and foremost, strong free cash flow generation as well as strong EBITDA dollar generation on an aggregate basis. And so you see that the stacking of the cohorts, particularly in the weight loss category that we spoke around before as well as some of the benefits coming from the ramp in neuro specialties that Andrew mentioned, those things give us conviction to be able to invest aggressively but still drive the strong cash flow generation in EBITDA dollars.

至於你的第二個問題，也就是較長期的利潤率輪廓，我們目前還不準備談2027年，但更想把焦點重新放在：未來幾個季度，隨著我們持續加碼與投資，我們的理念會是什麼。而核心是——首先也是最重要的——強勁的自由現金流產生能力，以及在整體層面強勁的EBITDA金額產生能力。因此你會看到客群分層的堆疊，特別是我們先前談到的減重品類，以及Andrew提到的神經專科加速爬坡所帶來的一些效益；這些都讓我們有信心能夠積極投資，同時仍能推動強勁的現金流與EBITDA金額。

We have reached the end of the Q&A session. This concludes today's call. Thank you for attending. You may now disconnect.

我們已到達問答環節的結尾。今天的電話會議到此結束。感謝各位與會。您現在可以掛線。