Hims & Hers Health, Inc. (HIMS) 2026 Q3 法說會逐字稿

Hello, everyone. Thank you for joining us, and welcome to the Hims & Hers Health third-quarter 2026 earnings call. After today’s prepared remarks, we will host a question-and-answer session. (Operator Instructions)

大家好。感謝各位加入我們，歡迎參加 Hims & Hers Health 2026 年第三季財報電話會議。在今天的預先準備發言結束後，我們將進行問答環節。(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 third-quarter 2026 earnings call. On the call with me today is Andrew Dudum, our Co-Founder and Chief Executive Officer, Yemi 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 年第三季財報電話會議。今天與我一同出席的有共同創辦人兼執行長 Andrew Dudum、財務長 Yemi 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條款與警示性聲明。本簡報中對未來結果所作的某些陳述與預測構成前瞻性陳述，這些陳述係基於（其中包括）我們目前對市場、競爭對手及監管環境的預期，並受各種風險與不確定性影響，可能導致實際結果出現重大差異。在本次電話會議之後，無論係因新資訊、未來事件、假設變更或其他原因，我們均不承擔公開更新任何前瞻性陳述的義務。

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我們前瞻性陳述不同的風險、不確定性及其他因素，已在我們的財報新聞稿與向 SEC 提交的文件中說明。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，以了解與前瞻性陳述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。請參閱今日新聞稿中所載、與最直接可比之 GAAP 財務衡量指標的調節表。您可在 investors.hims.com 找到上述資訊以及今日網路直播的連結。電話會議結束後，該網路直播將在網站上存檔 12 個月。

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 joining us. This was a quarter of real progress toward building a company that we believe has never existed before, an everyday digital health platform that tens of millions of people rely on, not for a single treatment, but for the whole of how they take care of themselves.

謝謝你，Bill。各位下午好，感謝各位加入我們。本季我們在打造一家我們相信前所未有的公司方面取得了實質進展：一個日常數位健康平台，讓數千萬人所依賴的，不只是單一療程，而是他們照顧自身健康的整體方式。

Before we turn it to the quarter, I want to spend a few minutes on the thesis behind everything we’re building, because it explains both the results you’re seeing today and the decisions we’re making for the years ahead. Our conviction is simple.

在進入本季表現之前，我想先用幾分鐘談談我們所打造一切背後的核心論點，因為它同時解釋了你們今天看到的成果，以及我們為未來數年所做的決策。我們的信念很簡單。

In healthcare, whoever owns the customer relationship wins. That’s easy to say and very hard to do. Most companies in our industry build around a treatment, a condition, or a moment in time. They capture a single transaction, but then lose the thread. Customers want something different. They want a place that knows them, stays with them, and grows with them as their needs change.

在醫療保健領域，誰掌握客戶關係，誰就能勝出。這句話說起來容易，做起來非常困難。我們產業中的多數公司，是圍繞某一種治療、某一種病症，或某一個特定時間點來建立業務。他們完成一次交易，之後就失去連結。客戶想要的是不同的東西。他們想要一個了解他們、陪伴他們，並能隨著需求變化而與他們一同成長的地方。

We are building that place, one platform to bring together the best clinical expertise, diagnostics, prescription medications, daily insights from wearables, supplements, and other tools that support how someone lives every day.

我們正在打造這樣的地方：一個平台，整合最優質的臨床專業、診斷、處方藥物、穿戴式裝置提供的每日洞察、保健補充品，以及其他支持人們日常生活方式的工具。

What makes this possible is a business model we believe is unique in healthcare. We own brands that the customer trusts. We own the platform that connects customers with care.

讓這一切成為可能的，是我們相信在醫療保健領域獨一無二的商業模式。我們擁有客戶信任的品牌。我們擁有將客戶與照護連結起來的平台。

We own more than 1 million square feet of pharmacy, lab, and compounding infrastructure that fulfills that care. We own the AI technology that connects all of it into a single continuous thread. Because our relationship is directly with the customer, every improvement we make in one specialty strengthens all of them.

我們擁有超過 100 萬平方英尺的藥局、實驗室與配製（compounding）基礎設施，用以履行這些照護服務。我們擁有將所有環節串連成單一、連續脈絡的 AI 技術。由於我們與客戶之間是直接關係，我們在某一專科所做的每一項改善，都會強化所有專科。

Every efficiency we unlock in our infrastructure can be returned to the customer as a lower price or more comprehensive care. That is a multiplier model, not a transactional one, and it is the reason we believe the value in this industry will accrue to us and our ecosystem partners over time. The foundation is already substantial.

我們在基礎設施上解鎖的每一項效率，都可以回饋給客戶，表現為更低的價格或更全面的照護。這是一種倍增型模式，而非交易型模式；也正因如此，我們相信這個產業的價值將隨時間推移，逐步累積到我們以及我們的生態系夥伴身上。而這個基礎已相當扎實。

Revenue growth accelerated to nearly 50% this quarter. Nearly 3 million people across four continents rely on us to access care. That trust has made us a valuable partner to global pharmaceutical leaders like Novo and Lilly, and it positions us to keep bringing the most innovative treatments to our customers as they come to market.

本季營收成長加速至接近 50%。橫跨四大洲、近 300 萬人依賴我們取得照護服務。這份信任使我們成為 Novo 與 Lilly 等全球製藥領導者的重要合作夥伴，也讓我們能在創新療法上市時，持續把最具創新的治療帶給客戶。

We have also welcomed Andrew Huberman, the world-renowned neuroscientist and tenured Stanford professor, to our board and as a scientific and brand marketing advisor. Our own pharmacy and lab infrastructure continues to scale, driving efficiency across every specialty. Paired with an AI-native experience that can support customers around the clock, that infrastructure positions us to launch treatments of increasing complexity, including testosterone replacement therapy this quarter and our Peptides+ offering later this month.

我們也歡迎世界知名神經科學家、史丹佛大學終身教授 Andrew Huberman 加入董事會，並擔任科學與品牌行銷顧問。我們自有的藥局與實驗室基礎設施持續擴張，推動各專科的效率提升。結合可 24 小時支援客戶的 AI 原生體驗，這些基礎設施使我們得以推出複雜度更高的治療方案，包括本季的睪固酮替代療法，以及本月稍晚推出的 Peptides+ 產品。

Our long-term strategy flows directly from this thesis, and it rests on three critical commitments. First, win metabolic health in the US and around the world. Second, lead the major markets globally. Third, be at the forefront of category expansion so that the platform is always growing in what it can do for the people who trust it. Each of these reinforces the other, and together, they describe how Hims & Hers becomes the global destination for consumer health.

我們的長期策略直接源自這一核心論點，並建立在三項關鍵承諾之上。第一，在美國及全球贏得代謝健康市場。第二，在全球主要市場取得領先。第三，站在品類擴張的最前沿，讓平台在能為信任我們的人們提供的服務上持續成長。這三者彼此相互強化；合在一起，描繪了 Hims & Hers 如何成為全球消費者健康的首選目的地。

We are investing aggressively against all three, because this opportunity is growing quickly, and we believe it will become more valuable every quarter. Every decision we made this quarter served those commitments, including how and when we put our marketing dollars to work. The weight loss business has undergone structural changes in the last few quarters, and we have intentionally pulled back on marketing spend in order to execute on three things in advance of the new year.

我們正針對這三項承諾積極加大投資，因為這個機會正在快速成長，而我們相信它每一季都會變得更有價值。本季我們所做的每一項決策都服務於這些承諾，包括我們如何以及何時投入行銷預算。減重業務在過去幾季經歷了結構性變化，我們有意縮減行銷支出，以便在新年到來之前先行完成三件事。

The first was to position ourselves to win the metabolic business. That means working with Lilly so we can offer a seamless experience across a full assortment of weight loss medicines.

第一，是讓我們處於能贏得代謝業務的有利位置。這意味著與 Lilly 合作，使我們能在完整的減重藥物組合上提供無縫的體驗。

It means working closely with Novo on expanding assortment and pricing options while preparing for the launch of CagriSema once it becomes available. It means developing innovative multi-month subscriptions that make it easier for customers to get access to medications at more accessible price points.

這也意味著與 Novo 緊密合作，在為 CagriSema 一旦可用後的上市做準備之際，同步擴充產品組合與定價選項。同時也意味著開發創新的多月期訂閱方案，讓客戶更容易以更可負擔的價格取得藥物。

The second was preparing to invest aggressively in our international markets. In key regions like the UK, Germany, and Australia, we are consolidating our brands under Hims & Hers, and we will be redeploying marketing investment alongside pricing actions designed to win share in markets where we believe the revenue potential is substantial.

第二，是為在國際市場積極投資做好準備。在英國、德國與澳洲等關鍵地區，我們正將旗下品牌整合至 Hims & Hers 之下，並將重新部署行銷投資，同時配合旨在提升市占的定價措施；在我們認為營收潛力可觀的市場中，這些措施將有助於我們取得份額。

The third was to create the flexibility to invest behind the new specialties and offerings we are bringing to the platform, both in the capabilities needed to deliver them and building awareness so customers know they are here as we enter 2027. Each of these choices trades near-term subscriber growth for a stronger position in the years that follow. That is a trade we will make every time, and we will put our next wave of marketing investment to work ahead of the new year, when interest in weight loss reaches its annual peak, and when the broader assortment, the more connected care experience, and the greater ability to serve our customers’ full set of needs are in place.

第三，是創造彈性，以便投資於我們正在導入平台的新專科與新產品：包括交付這些服務所需的能力建置，以及提升市場認知，讓客戶在我們邁入 2027 年之際知道這些服務已經到位。上述每一項選擇，都是以短期訂閱戶成長為代價，換取未來數年更強的競爭位置。這樣的取捨我們每次都會做；我們也將在新年前把下一波行銷投資投入運作，因為那時減重需求將達到年度高峰，而更完整的產品組合、更緊密連結的照護體驗，以及更能滿足客戶全方位需求的能力也都將就緒。

Let me take each commitment in turn. Metabolic health comes first for a reason. It is the entry point. It is where people most often first seek help, and when we earn a strong, trusted relationship there, we earn the right to care for them in other areas that matter to them. That is what makes it the foundation of the customer relationship rather than simply our largest category.

讓我逐一說明每一項承諾。代謝健康之所以排在第一位，是有原因的。它是入口。人們最常在這裡首次尋求協助；而當我們在這裡建立起強而有力、值得信賴的關係時，我們也就贏得了在其他對他們同樣重要的領域照護他們的資格。這正是它成為客戶關係基礎的原因，而不僅僅是我們最大的品類。

It is also one of the largest markets in healthcare, and we believe we are still in the earliest days of adoption. It is also a very profitable business over the long term, and we do not have to speculate about that. Our international markets are ahead of the US in the arrival of lower prices and generics, and they show us where this category is going.

它同時也是醫療保健中最大的市場之一，而我們相信目前仍處於採用的最早期階段。從長期來看，這也是一門非常有利可圖的業務，而且我們不需要對此進行推測。我們的國際市場在低價與學名藥的到來方面領先於美國，並向我們展示了這個品類將走向何方。

Our teams abroad have years of experience working with Novo and Lilly, and the pattern is consistent. As prices come down and treatment options expand, more customers come to the platform, they stay longer, and our margins strengthen. Economics often improve as categories mature, and we are building the US business with that in mind. It is the same cycle we have seen in sexual health and hair.

我們的海外團隊與 Novo 和 Lilly 合作已有多年經驗，而這一模式始終一致。隨著價格下降、治療選項擴大，更多客戶來到平台、停留更久，而我們的利潤率也隨之增強。品類成熟時，經濟性往往會改善；我們正以此為前提打造美國業務。這與我們在性健康與頭髮相關品類中看到的循環相同。

Maturation brings more people into care, and the strength of our platform is that customers can access all of it in one place, with a care team that helps them find what is right for them. In the US, our collaboration with Novo reignited growth in our weight loss specialty. We are now deepening that partnership and plan to expand assortment and pricing options to make it easier for customers to start and stick with their treatment.

成熟會讓更多人進入照護體系，而我們平台的優勢在於：客戶可以在同一處取得所有服務，並由照護團隊協助他們找到最適合自己的方案。在美國，我們與 Novo 的合作重新點燃了我們減重專科的成長。我們現在正深化這項合作夥伴關係，並計畫擴充品項與定價選擇，讓客戶更容易開始並持續其治療。

We are also preparing for the launch of CagriSema once available. Through our recently announced agreement, we will expand access to Lilly’s GLP-1 medications, Zepbound and Foundayo, offering customers a seamless experience across the full assortment of their weight loss medicines. We are thrilled to be working with Lilly in this new capacity and look forward to our continued collaboration to benefit patients.

我們也正在為 CagriSema 一旦可用時的上市做準備。透過我們近期宣布的協議，我們將擴大對 Lilly 的 GLP-1 藥物（Zepbound 與 Foundayo）的可及性，為客戶提供涵蓋其全系列減重藥物的無縫體驗。我們很高興能以這種新的合作方式與 Lilly 攜手，並期待持續合作以造福患者。

In addition, ahead of the new year, we are preparing to launch flexible multi-month subscriptions across our assortment, making it easier for customers to commit to a course of treatment and address their health goals at a price that works for them. We will continue to prioritize partnerships across the industry, with the goal that whenever an innovative therapy reaches the market, our customers can access it here. That assortment will sit alongside an AI-native experience that will soon be available to nearly every weight loss customer on our platform.

此外，在新年之前，我們正準備在全品項推出彈性的多月期訂閱方案，讓客戶更容易承諾一段療程，並以符合其預算的價格達成健康目標。我們將持續優先推動全產業的合作夥伴關係，目標是：每當有創新療法上市，我們的客戶都能在這裡取得。這些品項將與一個 AI 原生的體驗並列，而該體驗很快將可供我們平台上幾乎所有減重客戶使用。

As Mo Elshenawy will describe, this experience is driving higher engagement across the specialty, making it easier for customers to adhere to their treatment plan, manage side effects, and reach a provider quickly when something needs to change. That engagement is how the entry point becomes a relationship. The better we know our customers, the more we can do for them.

正如 Mo Elshenawy 將會說明的，這項體驗正在推動該專科更高的互動度，讓客戶更容易遵循其治療計畫、管理副作用，並在需要調整時快速聯繫到醫療提供者。這種互動，正是讓入口轉化為關係的方式。我們越了解客戶，就越能為他們做得更多。

Our success in the US gives us confidence to execute on our second priority, leading internationally, where digital health is still maturing as a trusted option. We intend for Hims & Hers to become synonymous with consumer-centric healthcare, not only in the US, but in every one of the world’s major markets. International revenue is on track to eclipse a $1 billion revenue run rate in 2027, as customers across these markets embrace a comprehensive digital health experience that we believe has never been available to them locally.

我們在美國的成功，讓我們有信心執行第二項優先事項：在國際市場領先——在那裡，數位健康仍在成熟為一個值得信賴的選項。我們希望 Hims & Hers 不僅在美國、也在全球每一個主要市場，都能成為以消費者為中心的醫療保健的代名詞。國際營收有望在 2027 年超越年化 10 億美元的營收運行率（run rate），因為這些市場的客戶正擁抱一種我們相信在當地前所未有的、全面性的數位健康體驗。

That is why we are directing more investment toward the UK, Germany, and Australia. We believe these markets carry substantial revenue potential, and we intend to act with conviction in establishing market leadership while the category is still being defined. We don’t believe anyone operating these markets has our combination of breadth, scale, infrastructure, and expertise.

這就是為什麼我們正把更多投資導向英國、德國與澳洲。我們相信這些市場具有可觀的營收潛力，而我們打算在品類仍在被定義之際，以堅定的決心建立市場領導地位。我們不認為在這些市場營運的任何人，能同時具備我們的廣度、規模、基礎設施與專業能力的組合。

Since closing Eucalyptus in June, we’ve moved quickly. Hers now live in the UK and Australia, serving customers in hair, menopause, and weight loss, and Hims has launched in Germany and Australia. The learnings run in both directions. Our international markets are teaching us what a broad metabolic assortment does for our customers, and we’re applying that in the US.

自 6 月完成 Eucalyptus 交易以來，我們迅速推進。Hers 現已在英國與澳洲上線，為客戶提供頭髮、更年期與減重服務；Hims 也已在德國與澳洲推出。這些學習是雙向流動的。我們的國際市場正在教會我們：更廣泛的代謝品項組合能為客戶帶來什麼，而我們也正把這些經驗應用到美國。

The breadth of specialties that made our US strategy so effective is now flowing out to a global consumer base, putting us in a position to lead in the markets we enter. Our third commitment is to stay at the forefront of category expansion, and this is where our platform investment is already paying off. We believe the platform is what lets us go deeper into complex care and launch fast, and this quarter offered two clear examples.

讓我們美國策略如此有效的專科廣度，如今正擴展到全球消費者基礎，使我們在進入的市場中具備領先的條件。我們的第三項承諾，是持續站在品類擴張的最前沿；而這正是我們對平台投資已開始回收成果的地方。我們相信平台讓我們能更深入複雜照護並快速推出新服務，而本季提供了兩個明確例子。

We expanded our testosterone offering to include both injectable and oral TRT, our first launch of controlled substances. We were ready for that step because of how complete the testosterone experience has become: at-home blood collection, longitudinal tracking, and provider-guided treatment that adapts over time.

我們擴展了睪固酮產品，納入注射型與口服 TRT（睪固酮替代療法），這也是我們首次推出受管制物質。我們之所以已準備好邁出這一步，是因為睪固酮體驗已變得非常完整：居家採血、長期追蹤，以及由醫療提供者指導、可隨時間調整的治療。

Our testosterone customers aren’t simply accessing a broad set of prescriptions. They are doing so with a clinical team supporting them, the insights to make informed decisions, and the ability to ask a question whenever one arises. That same readiness is why we’re confident in launching our Peptides+ offering later this month, which will include clinician-led treatment plans and access to regular blood testing. We plan to follow with TB-500 and BPC-157, manufactured and compounded in the US.

我們的睪固酮客戶並不只是取得一套廣泛的處方。他們是在臨床團隊的支持下、憑藉可做出明智決策的洞察，並且能在任何問題出現時隨時提問的情況下完成這一切。同樣的準備度，也讓我們有信心在本月稍晚推出 Peptides+ 產品，內容將包括由臨床醫師主導的治療計畫，以及定期血液檢測的可及性。我們計畫接續推出 TB-500 與 BPC-157，並在美國製造與調配（compounded）。

Behind every one of these offerings sits more than 1 million square feet of pharmacy and lab facilities, deep expertise in sterile compounding, and clinical leadership shaping the design. This model can be applied to any complex health need that calls for ongoing monitoring and a consistent care team, and the list of categories we can serve this way continues to grow.

支撐上述每一項產品的，是超過 100 萬平方英尺的藥局與實驗室設施、在無菌調配方面的深厚專業，以及負責設計的臨床領導力。這種模式可應用於任何需要持續監測與固定照護團隊的複雜健康需求，而我們能以此方式服務的品類清單仍在持續擴大。

As our pharmacy and technology infrastructure scale, we become more efficient in every specialty we serve, and we intend to keep passing those efficiencies back to customers, whether as lower prices or as more comprehensive care at the same price. Either way, each category we add makes the platform more valuable to the customer and more difficult to compete with. When we started this company, people came to us for convenient access.

隨著我們的藥局與技術基礎設施擴張，我們在所服務的每一個專科都變得更有效率；而我們打算持續把這些效率回饋給客戶——不論是以更低價格，或是在相同價格下提供更全面的照護。無論哪種方式，我們新增的每一個品類都讓平台對客戶更有價值，也更難以被競爭。當我們創立這家公司時，人們是為了便利的取得管道而來到我們這裡。

Today, they expect far more. More choice, better value, and a care team that knows them and stays with them as their lives change. That is raising the bar for everyone in healthcare, and it is exactly what we have been building toward from the beginning. The platform makes all of this possible. Today, our customers have a single care team in a single thread with care coaches, support, clinicians, and pharmacy working as one unified system.

今天，他們期待的遠不止如此。更多選擇、更高性價比，以及一個了解他們、並在其人生變化時持續陪伴的照護團隊。這正在提高整個醫療保健產業的標準，而這也正是我們從一開始就一直在打造的方向。平台讓這一切成為可能。如今，我們的客戶在單一對話串中擁有一個整合的照護團隊，由照護教練、支援人員、臨床醫師與藥局作為一個統一系統協同運作。

It is what allowed us to launch TRT, what has us ready for Peptides+, and what is steadily improving the care experience for every customer. We are beginning to see what the future of care looks like, and no one is closer to it than Mo and his team. I’d like to turn it to Mo, our CTO, to share more on the impact this is having on our customers and our business.

這正是讓我們得以推出 TRT 的原因，也讓我們為 Peptides+ 做好準備，並持續改善每一位客戶的照護體驗。我們開始看見未來照護的樣貌，而沒有人比 Mo 與他的團隊更接近它。我想把時間交給我們的 CTO Mo，請他分享這些進展對客戶與我們業務所帶來的影響。

Thanks, Andrew. It’s great to be back to share a deeper look at what our technology team delivered this quarter. I want to frame our progress in three ways: how far the AI-native experience now reaches, how deeply it works within the care journey, and how quickly the team can build on it. All three rest on the same idea. We’re not building an AI feature and attaching it to a healthcare business.

謝謝你，Andrew。很高興回來，與大家更深入分享我們技術團隊本季交付的成果。我想用三個面向來框定我們的進展：AI 原生體驗現在覆蓋到多廣、它在照護旅程中運作得多深入，以及團隊能以多快的速度在其上持續建構。這三者都建立在同一個理念之上。我們不是在打造一個 AI 功能，然後把它附加到一家醫療保健企業上。

We are building a platform with AI at the foundation, designed to handle clinical complexity. The clearest proof came with our first controlled substance launch. Bringing injectable and oral TRT to the platform meant weaving prescription procedures, compliance checks, and lab integrations directly into the care flow, and it went live on the same foundation that powers every other category. That is what a platform approach means in practice.

我們是在打造一個以 AI 為基礎的平台，專為處理臨床複雜性而設計。最明確的證明來自我們首次受管制物質的上線。將注射與口服 TRT 導入平台，意味著必須把處方流程、合規檢核與檢驗整合直接編織進照護流程中，而且它是在支撐其他所有類別的同一套基礎之上上線。這就是平台方法在實務中的意義。

New specialties can launch faster, even as our customer relationships grow deeper and more complex. On reach, last quarter, only a portion of Hers’ weight loss customer had access to our AI-native experience. As of quarter end, it’s available to the large majority of weight loss customers across both Hims and Hers, and it’s changing how customers engage with their care.

即使我們與客戶的關係愈來愈深、也愈來愈複雜，新專科仍能更快上線。在覆蓋面方面，上季只有部分 Hers 的減重客戶能使用我們的 AI 原生體驗。截至季末，它已提供給 Hims 與 Hers 兩端絕大多數的減重客戶，並正在改變客戶與其照護互動的方式。

Customers with access to the new experience are sending four times as many messages on the platform, helping them stay more connected to their care team and on track with their treatment. Very soon, we expect this experience will be available to all weight loss customers, and we will begin bringing it to customers across our other specialties, including hair, sexual health, and testosterone. On depth, AI now shapes the customer journey at every stage.

能使用新體驗的客戶，在平台上傳送的訊息量是原來的四倍，幫助他們與照護團隊保持更緊密連結，並讓治療進度更能按計畫推進。很快地，我們預期這項體驗將提供給所有減重客戶，並開始推廣到其他專科的客戶，包括頭髮、性健康與睪固酮。在深度方面，AI 現在在每個階段都形塑客戶旅程。

We began by applying AI after a prescription was issued, resolving their routine needs and handing off to a provider or care coach for clinical decisions. We are continuing to see this drive a reduction in non-clinical tasks handled by Hims, even as daily customer touchpoints expand dramatically with higher engagement.

我們一開始是在開立處方之後才應用 AI，處理客戶的例行需求，並在需要臨床判斷時交接給醫療提供者或照護教練。即使在互動參與度提高、每日客戶接觸點大幅擴張的同時，我們仍持續看到這帶來 Hims 所需處理的非臨床工作量下降。

We are starting to introduce those same AI capabilities earlier in the journey, before a prescription is ever written, helping us understand each customer’s needs sooner and more completely. Providers feel the difference as much as customers do. Clinicians remain in charge of every clinical decision, and every AI interaction is monitored and evaluated against clinical standards.

我們正開始把同樣的 AI 能力更早導入旅程中，在任何處方被開立之前，就更早、更完整地理解每位客戶的需求。醫療提供者感受到的差異，與客戶一樣明顯。臨床人員仍掌握每一項臨床決策，而每一次 AI 互動都會被監測並依臨床標準進行評估。

What AI changes is where provider time goes, to judgment rather than paperwork. Our tools now generate first drafts of patient response informed by each patient’s unique chart, and more providers and care coaches are using that draft as the starting point for the thousands of messages they send every day. AI tools help customers complete their medical charts and keep them updated, so providers spend less time gathering information and more time making clinical decisions.

AI 改變的是醫療提供者時間的投入方向：從文書作業轉向臨床判斷。我們的工具現在會依據每位病患獨特的病歷資料，產出病患回覆的初稿；愈來愈多醫療提供者與照護教練，正以該初稿作為每天發送數千則訊息的起點。AI 工具也協助客戶完成並持續更新其病歷資料，使醫療提供者花更少時間蒐集資訊、花更多時間做出臨床決策。

As these tools become more commonplace on our platform, customers see the results directly. The average response time for non-clinical questions within our AI-native experience is now defined in minutes rather than hours, creating a true always-on experience for our customers.

隨著這些工具在我們平台上愈來愈普及，客戶能直接看到成果。在我們的 AI 原生體驗中，非臨床問題的平均回覆時間如今以「分鐘」而非「小時」來衡量，為客戶打造真正隨時在線的體驗。

On velocity, bringing this to life at scale requires world-class talent, and this was the largest hiring quarter in the history of our engineering organization, with strong, efficient teams added both domestically and internationally.

在速度方面，要以規模化方式把這一切落地，需要世界級人才；而本季是我們工程組織史上最大的一季招募，並在國內與海外都增補了強而精實的團隊。

Just as important, our platform approach multiplies the impact of each of those engineers. Teams are shipping platform updates in under a day, and we have more than doubled the number of large-scale project completions quarter over quarter. We are shipping more, and we are getting more efficient. Individually, these are incremental steps.

同樣重要的是，我們的平台方法會放大每一位工程師的影響力。團隊能在不到一天內交付平台更新，我們每季完成的大型專案數量也較前一季增加逾一倍。我們交付得更多，也變得更有效率。單看每一項，這些都是漸進式的步伐。

Together, quarter after quarter, they change what the platform can do for the people who depend on it. As more customers move onto the updated experience and more providers use these tools to bring their clinical judgments to patients faster, we expect the quality and depth of care on the platform to keep rising. We believe that customers who experience that will ultimately stay with us longer, and that more will join us for a truly connected, comprehensive health experience.

但把它們放在一起，季度接著季度，就會改變平台能為依賴它的人們做到什麼。隨著更多客戶轉移到更新後的體驗、更多醫療提供者使用這些工具更快把臨床判斷帶給病患，我們預期平台上的照護品質與深度將持續提升。我們相信，體驗到這些的客戶最終會與我們維持更長久的關係，也會有更多人加入我們，獲得真正連結且全面的健康體驗。

I am grateful to the talented team that makes this possible. The work is complex, and the stakes are high, and that is what makes the impact on millions of people worth it.

我很感謝讓這一切成真的優秀團隊。這項工作很複雜、風險也很高，而正因如此，能對數百萬人的生活產生影響才更值得。

I look forward to sharing more progress next quarter. Back to you, Andrew.

我期待在下個季度分享更多進展。交回給你，Andrew。

Thanks, Mo. That’s how we’re winning the customer relationship, every category, every market, every day. We believe that over time, the value in healthcare will accrue to the platform that puts the customer relationship ahead of everything. We are building that platform. For nearly a decade, we’ve earned the trust of close to 3 million people, more than any other company in digital health, who came to us with health concerns they didn’t feel comfortable taking anywhere else.

謝謝你，Mo。這就是我們如何在每個品類、每個市場、每一天都贏得客戶關係。我們相信，隨著時間推進，醫療保健的價值將會累積到那個把客戶關係置於一切之上的平台。我們正在打造那個平台。近十年來，我們贏得了近 300 萬人的信任，這個數字超過任何其他數位健康公司；他們帶著一些健康疑慮來找我們，而那些疑慮他們不覺得能自在地向其他地方求助。

Today, they can rely on us for something far more complete: accessible diagnostics, an AI-native care experience, industry partnerships that unlock assortment, and a steadily expanding set of specialties. More than 1 million square feet of our own pharmacies, labs, and supply chain make that care faster and more affordable. And with leading AI minds guiding the platform, every customer we serve today makes the experience better for the next one.

如今，他們可以依靠我們獲得更完整的服務：可及的診斷、AI 原生的照護體驗、能解鎖品項組合的產業合作夥伴關係，以及持續擴張的專科版圖。我們自有的藥局、實驗室與供應鏈總面積超過 100 萬平方英尺，使照護更快速且更可負擔。在頂尖 AI 人才的引導下，我們今天服務的每一位客戶，都讓下一位客戶的體驗變得更好。

People come to Hims & Hers for any number of reasons. What they are discovering, because of nine years of investment in these capabilities, is that they can rely on us for their entire journey, whatever treatment turns out to be right for them. That is why we’re confident we can earn the trust of tens of millions of customers over time.

人們來到 Hims & Hers 的原因有很多。而他們正在發現的是，因為我們在這些能力上投入了九年，他們可以在整段旅程中依靠我們——無論最終哪種治療最適合他們。這也是為什麼我們有信心，隨著時間推移，我們能贏得數千萬客戶的信任。

We won’t do it with a single product or a single specialty. We’ll do it by bringing scale to a deeply personal experience, with assortment as the foundation. That is what has always separated the companies that have redefined how people live from those that captured a moment and lost it. We are building a platform that will redefine how people access healthcare, and building it takes aggressive, disciplined investment.

我們不會靠單一產品或單一專科做到這點。我們會以「品項組合」為基礎，把規模帶入一種高度個人化的體驗。這一直是那些重新定義人們生活方式的公司，與那些抓住一時機會卻最終失去它的公司之間的分水嶺。我們正在打造一個將重新定義人們取得醫療保健方式的平台，而打造它需要積極且自律的投資。

The quarter behind us and the quarter ahead matter, of course, but our eyes are on the longer arc of industry transformation. With that, I’ll hand it over to Yemi to walk through the financials in more detail.

剛結束的這一季與接下來的一季當然重要，但我們的目光放在產業轉型更長的弧線上。接下來我把時間交給 Yemi，請他更詳細地說明財務表現。

Thanks, Andrew. In the third quarter, we continued to apply learnings to make a deliberate set of decisions that we are confident will position Hims & Hers for durable multi-year growth. We expect some of these decisions to create near-term volatility, but we believe they will strengthen the subscriber experience across our platform and ultimately drive long-term revenue growth and healthy free cash flow. I’ll cover four areas today.

謝謝你，Andrew。在第三季，我們持續運用所學，做出一系列審慎的決策；我們有信心這些決策將使 Hims & Hers 具備可持續的多年成長定位。我們預期其中一些決策可能在短期內帶來波動，但我們相信它們將強化整個平台的訂閱者體驗，並最終推動長期營收成長與健康的自由現金流。我今天會涵蓋四個面向。

First, our third quarter results, including the subscriber trends we saw in the quarter. Second, the investments we’re making as we head into the new year and why they give us high confidence in the path forward. Third, our outlook for the fourth quarter and full year. And lastly, our framework for continuing to hold our high bar for capital allocation as we head into 2027.

第一，我們第三季的業績表現，包括本季觀察到的訂閱者趨勢。第二，我們在邁入新年度之際所進行的投資，以及為何這些投資讓我們對前進路徑充滿信心。第三，我們對第四季與全年展望。最後，我們在邁向 2027 年之際，持續維持高標準資本配置的框架。

In the third quarter, revenue grew 49% year over year to $890 million, marking our second consecutive quarter of accelerating revenue growth. Revenue for the quarter excluded $18 million from the scaling of membership revenue in our weight loss offering that is deferred and will be recognized in the fourth quarter. This revenue deferral has no impact on free cash flow generation.

第三季營收年增 49% 至 8.90 億美元，為我們連續第二季出現營收成長加速。本季營收未包含減重方案中會員營收規模化所帶來、遞延的 1,800 萬美元，該部分將於第四季認列。此項營收遞延對自由現金流的產生沒有影響。

Subscribers grew 13% year over year to 2.8 million, though declined sequentially by 100,000 net subscribers quarter-over-quarter as a result of measured marketing spend in our domestic weight loss specialty and brand migrations in our international markets. I will address this dynamic as we walk through the performance of the domestic and international areas of the business before moving on to how growth is influencing profitability and cash flow generation.

訂閱用戶年增 13% 至 280 萬人，但因我們在美國本土減重專科採取審慎的行銷支出，以及國際市場的品牌遷移，訂閱用戶數較前一季淨減 10 萬人。在我們進一步說明成長如何影響獲利能力與自由現金流產生之前，我將先帶大家檢視本土與國際業務區塊的表現，並說明上述動態。

Domestic revenue growth accelerated for the second consecutive quarter to 21% year over year, as US operations generated $657 million of revenue, up from 16% growth in the second quarter. This acceleration occurred even as we held back on marketing investment in the third quarter. Over the last six months, we have learned an incredible amount from the weight loss pivot made late in the first quarter.

本土營收成長連續第二季加速，年增 21%；美國營運創造 6.57 億美元營收，高於第二季 16% 的成長。即便我們在第三季收斂行銷投資，仍出現此一加速。過去六個月，我們從第一季末進行的減重轉型中學到了非常多。

From our partnership with Novo, we have learned how to scale a new category consisting predominantly of branded offerings at higher price points than our historical offerings. The introduction of the Wegovy pill from our partnership with Novo has brought an immense amount of interest and consumer acquisition to the platform, which resulted in record-level subscriber additions in the first half of the year.

透過與 Novo 的合作，我們學會如何擴大一個以品牌型產品為主、且定價高於我們過往產品的新類別。我們與 Novo 合作推出的 Wegovy 口服藥，為平台帶來大量關注與用戶獲取，促使上半年訂閱用戶新增數創下歷史新高。

Rapid scaling of our weight loss specialty has reinforced the learnings across our other specialties that durable growth requires a broad assortment of options that appeal to different consumer segments, as well as tools that unlock deep engagement throughout a subscriber’s care journey. Knowing that a broader weight loss assortment and a more connected care experience were coming to the platform in the fourth quarter, we made a deliberate decision to pace our marketing spend in the third quarter. As Andrew noted, the choice trades near-term subscriber growth for what we believe is a stronger long-term position.

減重專科的快速擴張，也強化了我們在其他專科的學習：要達成可持續的成長，需要能吸引不同消費者族群的多元選項組合，以及能在訂閱者照護旅程中解鎖深度參與的工具。由於我們知道第四季平台將推出更完整的減重產品組合與更緊密連結的照護體驗，因此我們在第三季刻意決定放慢行銷支出節奏。如 Andrew 所提，這項選擇是以短期訂閱成長換取我們認為更強的長期競爭位置。

Let me briefly walk through each of these levers and how we see them supporting long-term growth in the weight loss specialty.

我將簡要說明這些槓桿，以及我們如何看待它們支撐減重專科的長期成長。

First, we expect to expand the assortment of offerings available across the platform, giving consumers access to a broader set of treatments. Our agreement with Lilly unlocks an experience that will allow our subscribers to more seamlessly access Mounjaro and Zepbound. We also expect our partnership with Novo to continue to succeed as we continue offering both the Wegovy Pen and Pill today, with plans to add CagriSema once available.

第一，我們預期將擴大平台可提供的產品組合，讓消費者能取得更廣泛的治療選項。我們與 Lilly 的協議將帶來一套體驗，使訂閱者能更無縫地取得 Mounjaro 與 Zepbound。我們也預期與 Novo 的合作將持續成功；目前我們同時提供 Wegovy 注射筆與口服藥，並計畫在 CagriSema 可用後加入該產品。

Second, we expect to continue scaling the capabilities and reach of our proprietary consumer-facing AI platform. This AI-native experience reached 70% of weight loss subscribers as of quarter end, and we anticipate it reaching nearly 100% of weight loss subscribers before the end of the year. We expect continued scaling will help providers match patients with the right treatment plans more efficiently, while also offering an easy way for patients to connect with providers where different treatment plans or dosages may be required. We anticipate continued long-term domestic revenue growth outside of our weight loss specialty.

第二，我們預期將持續擴大自有、面向消費者的 AI 平台之能力與觸及範圍。截至季末，這項 AI 原生體驗已覆蓋 70% 的減重訂閱者；我們預期在年底前可接近覆蓋 100% 的減重訂閱者。我們預期持續擴張將協助醫療提供者更有效率地為患者匹配合適的治療方案，同時也為患者提供一個簡便方式與醫療提供者連結，以因應可能需要不同治療方案或劑量的情況。我們預期在減重專科之外，本土營收仍將維持長期成長。

Hers continues to progress towards achieving $1 billion of revenue this year, as specialties such as dermatology and menopause continue to scale alongside weight loss. Testosterone continues to progress towards achieving a $100 million annualized revenue run rate, and we expect its trajectory to continue to strengthen with the launch of injectable solutions onto the platform last month.

Hers 今年持續朝達成 10 億美元營收目標邁進；皮膚科、更年期等專科與減重業務一同持續擴張。睪固酮業務也持續朝年化營收 1 億美元的規模推進；隨著上月將注射型解決方案上架至平台，我們預期其成長動能將進一步增強。

Switching to international. Our global expansion efforts continue to thrive. Revenue more than 4x year over year to $233 million. This includes an approximately $135 million contribution from Eucalyptus, with the remaining portion of the international portfolio growing nearly 80% year over year. In the third quarter, we began the process of introducing and expanding the Hims & Hers brands around the world, utilizing Eucalyptus’ platform.

接著談國際市場。我們的全球擴張持續蓬勃發展。營收年增逾 4 倍至 2.33 億美元。其中約 1.35 億美元來自 Eucalyptus 的貢獻，其餘國際組合年增近 80%。第三季我們開始利用 Eucalyptus 的平台，在全球推動 Hims & Hers 品牌的導入與擴張。

The Hers brand launched in Australia and Germany, and the breadth of specialties expanded within the UK. The Hims brand also launched in Germany and Australia, further expanding its global presence beyond the UK. The consolidation of our brands is expected to result in some near-term subscriber volatility, but will unlock future opportunities to leverage global branding strategies and assets.

Hers 品牌已在澳洲與德國上線，並在英國擴大專科覆蓋範圍。Hims 品牌也在德國與澳洲上線，進一步將其全球版圖擴展至英國以外。品牌整併預期將在短期內造成部分訂閱用戶波動，但將解鎖未來運用全球品牌策略與資產的機會。

Switching to profitability. GAAP net income in the third quarter was a loss of $33 million. As we’ve previously mentioned, our priority is to scale the platform, but to do so in a way that allows for strong adjusted EBITDA and free cash flow generation.

接著談獲利能力。第三季 GAAP 淨利為虧損 3,300 萬美元。如我們先前所提，我們的優先事項是擴大平台規模，但會以能夠帶來強勁的調整後 EBITDA 與自由現金流產生的方式來擴張。

Adjusted EBITDA grew 37% quarter over quarter to $82 million in the third quarter, representing a 9% adjusted EBITDA margin. Similar to revenue, adjusted EBITDA did not reflect the $18 million of revenue that was deferred at the end of the third quarter.

第三季調整後 EBITDA 較前一季成長 37% 至 8,200 萬美元，調整後 EBITDA 利潤率為 9%。與營收相同，調整後 EBITDA 亦未反映第三季末遞延的 1,800 萬美元營收。

Gross margins were 57% in the third quarter, down approximately seven points on a quarter-over-quarter basis. The scaling of branded weight loss products in our international business, which carry lower gross margins, primarily drove this decline. Our priority remains to continue to reach the broadest set of consumers possible to scale the platform, and we will continue to utilize a few key levers to ensure continued strong cash flow generation as we scale. At the foundation of these levers is investment in our technology talent and platform, which represented 8% of revenue in the third quarter.

第三季毛利率為 57%，較前一季下降約 7 個百分點。此下滑主要由國際業務中品牌減重產品的規模化所致，該類產品毛利率較低。我們的優先事項仍是觸及最廣泛的消費者以擴大平台規模；在擴張過程中，我們將持續運用幾項關鍵槓桿，以確保持續強勁的現金流產生。這些槓桿的基礎是對我們的技術人才與平台的投資；第三季該項投資占營收 8%。

We’ve strategically scaled technology talent, which is well-positioned to help drive leverage across a few key areas. The first being marketing. Providing consumers with a world-class experience from beginning to end drives higher retention. The new Hers 2.0 app launched last quarter, and the scaling of our new AI-native experience are showing an early ability to drive stronger consumer satisfaction, which we believe will result in stronger retention.

我們以策略性方式擴充技術人才，並已具備良好條件在幾個關鍵領域推動營運槓桿。第一個領域是行銷。為消費者提供從頭到尾的世界級體驗，可帶來更高的留存率。新版 Hers 2.0 App 於上季推出，而我們新的 AI 原生體驗持續擴張，已初步展現提升消費者滿意度的能力；我們相信這將帶來更強的留存。

Marketing as a percentage of revenue improved seven points quarter over quarter to 28%, despite revenue growth accelerating quarter over quarter. Second, we see an opportunity for this talent to create new tools and capabilities that can further automate our fulfillment facilities. The progress we’ve made on this front allowed us to improve operations and support costs as a percentage of revenue, one point quarter over quarter to 12%. Lastly, over the long term, the engineering talent that we’ve brought on can establish an architecture that fundamentally transforms the way that we operate as an organization.

行銷費用占營收比重較前一季改善 7 個百分點至 28%，儘管營收成長在季對季基礎上加速。第二，我們看到這些人才有機會打造新的工具與能力，以進一步自動化我們的履約設施。我們在此方面的進展，使營運與支援成本占營收比重較前一季改善 1 個百分點至 12%。最後，長期而言，我們引進的工程人才可建立一套架構，從根本上改變我們作為組織的運作方式。

We expect this will allow us to scale G&A and supporting functions at a slower rate than revenue, providing multi-year leverage opportunities as this gains traction. G&A expenses already improved 5 points on a GAAP basis quarter over quarter in the third quarter to 17%. A keen focus on scale and efficiency resulted in $65 million in cash flow from operations and $26 million in free cash flow in the third quarter.

我們預期這將使我們能以低於營收成長的速度擴張 G&A 與支援職能，隨著成效逐步顯現，提供跨年度的槓桿機會。第三季 G&A 費用在 GAAP 基礎上已較前一季改善 5 個百分點至 17%。對規模化與效率的高度聚焦，使第三季營運活動現金流達 6,500 萬美元，自由現金流達 2,600 萬美元。

As of the end of the third quarter, we had over $710 million of cash and investments. That brings me to the investments we are making as we head into the new year and why they give us confidence in the path forward. As Andrew mentioned, our long-term objective is to be the first and primary contact for consumers for their daily health needs globally. A robust balance sheet and healthy execution will uniquely position us to execute on growth levers necessary to continuing making this objective a reality; leveraging technology to elevate the subscriber experience, new specialty expansion, broadening access to more personalized care, expanding partnerships to become a world-class curator of health services, and extending our global reach.

截至第三季末，我們擁有超過7.10億美元的現金及投資。接下來我想談談我們在邁入新年度之際所進行的投資，以及為何這些投資讓我們對前進的道路充滿信心。如Andrew所提到，我們的長期目標是成為全球消費者在日常健康需求上的第一且主要聯絡窗口。強健的資產負債表與穩健的執行力，將使我們具備獨特優勢，得以推動持續實現此目標所需的成長槓桿；包括運用科技提升訂閱者體驗、拓展新的專科領域、擴大更個人化照護的可近性、擴展合作夥伴關係以成為世界級健康服務策展者，以及延伸我們的全球觸角。

I will highlight three areas where we expect to focus investment in the coming quarters. First, we expect the investment international to be more significant as the Hims & Hers brands come online around the world. We have strong early signals from AI initiatives that meaningful improvements to our US operating cost structure are possible. As these savings occur, we expect them to unlock a greater pool of resources for reinvestment to accelerate expansion of the platform.

我將重點說明未來幾季我們預期聚焦投資的三個領域。第一，隨著Hims & Hers品牌在全球各地上線，我們預期國際市場的投資將更為顯著。我們從AI計畫中已看到強勁的早期訊號，顯示我們在美國的營運成本結構有機會獲得實質改善。隨著這些節省逐步實現，我們預期將釋放更大的資源池，用於再投資以加速平台擴張。

While we learned a great deal around scaling our branded weight loss category in the US, our international teams have multiple years of experience in this area. As a result, we expect to lean aggressively into marketing strategies and strategic pricing initiatives in the UK and Germany within the weight loss specialty, as well as in the expansion of other specialties such as dermatology, sexual health, and low testosterone.

雖然我們在美國擴大自有品牌減重品類規模的過程中學到很多，但我們的國際團隊在此領域已有多年的經驗。因此，我們預期將在英國與德國的減重專科領域，積極採取行銷策略與策略性定價措施，同時也將擴展其他專科，如皮膚科、性健康與低睪固酮。

In the US, we designed ecosystems to benefit from economies of scale and deliver strong cash flow. We believe that experience uniquely positions us to capture scale and set up the next wave of future profit generators, which we expect to include the UK and Germany.

在美國，我們打造了可受益於規模經濟並帶來強勁現金流的生態系。我們相信這段經驗使我們具備獨特優勢，能夠掌握規模並布局下一波未來獲利引擎；我們預期其中將包括英國與德國。

Second, we will continue investing in our technology talent and platform. This was the largest hiring quarter in our engineering organization’s history, and early impact on the platform enhancements is already starting to multiply what each of our engineers can deliver. We believe this will allow us to extend our AI-native experience to more subscribers across the care journey, driving stronger engagement, retention, and helping more subscribers leverage the platform for more comprehensive care. Additionally, this talent is a critical component to transforming our operating cost structure and enabling strong leverage on G&A cost over time.

第二，我們將持續投資於科技人才與平台。這是我們工程組織史上招募規模最大的一季，而其對平台強化的早期影響，已開始放大每位工程師所能交付的成果。我們相信這將使我們能把AI原生體驗延伸至更多訂閱者的照護旅程，帶動更高的互動、留存，並協助更多訂閱者運用平台獲得更全面的照護。此外，這些人才也是我們轉型營運成本結構、並在時間推移下強化一般及行政（G&A）費用槓桿的關鍵組成。

Third, our supply chain is a critical part of our brand, which consumers associate with safety and trust that allows us to efficiently scale new specialties. Later this month, we expect to launch the first phase of our peptide offering that includes sermorelin, glutathione, and NAD+. We plan to add BPC-157 and TB-500 when the regulatory environment permits.

第三，我們的供應鏈是品牌的關鍵一環，消費者將其與安全與信任連結在一起，使我們能有效率地擴大新專科。本月稍晚，我們預期將推出胜肽產品的第一階段，包含sermorelin、glutathione與NAD+。在法規環境允許時，我們計畫加入BPC-157與TB-500。

Our years of investment in our US-based peptide manufacturing facility and our fulfillment facilities unlock the ability for us to manufacture and compound key peptides domestically, which we believe differentiates us from other offerings currently in or likely to come to market. Investment in our supply chain also allows us to broaden the assortment of offerings in the platform, similar to the launch of injectable testosterone last month, as well as realize efficiencies as we verticalize more offerings over time.

我們多年來對美國本土胜肽製造設施與履約中心的投資，使我們得以在國內製造並調配關鍵胜肽；我們相信這使我們有別於目前市場上或未來可能進入市場的其他產品。對供應鏈的投資也讓我們能擴大平台上的產品組合，類似於上月推出的注射型睪固酮；同時，隨著時間推移我們將更多產品垂直整合，也可實現效率提升。

With that context, I will now walk through our outlook for the remainder of the year. In the fourth quarter, we are anticipating revenue in the range of $875 million to $895 million, representing a year-over-year increase of approximately 42% to 45%. We expect adjusted EBITDA to be between $70 million to $90 million, representing an adjusted EBITDA margin of 9% at the midpoint of both ranges.

在上述背景下，我現在將說明我們對今年剩餘期間的展望。第四季，我們預期營收介於8.75億至8.95億美元，年增約42%至45%。我們預期調整後EBITDA介於7,000萬至9,000萬美元，以兩個區間中點計算的調整後EBITDA利潤率為9%。

For the full year, we are tightening our 2026 revenue outlook to $3.13 billion to $3.15 billion, representing a year-over-year increase of 33% to 34%. We are reducing our 2026 adjusted EBITDA guidance range to between $257 million to $277 million. This is a reflection of the more aggressive strategic pricing and marketing actions that we expect to take in the UK and Germany, and the weight loss membership deferral noted above.

就全年而言，我們將2026年營收展望收斂至31.3億至31.5億美元，年增33%至34%。我們將2026年調整後EBITDA指引區間下修至2.57億至2.77億美元。這反映了我們預期在英國與德國將採取更積極的策略性定價與行銷行動，以及前述的減重會員收入遞延。

Adjusted EBITDA and revenue ranges imply an adjusted EBITDA margin of 9% at the midpoint of both ranges. To help contextualize our outlook, I will highlight a few key points. First, we expect the impact of deferred revenue from accelerating membership revenue in our weight loss newer specialties to negatively impact revenue and adjusted EBITDA by at least $20 million for the full year, as certain membership payments received in December will not be recognized as revenue until January.

調整後EBITDA與營收區間意味著，以兩個區間中點計算的調整後EBITDA利潤率為9%。為協助理解我們的展望，我將強調幾個重點。第一，我們預期因加速減重新專科的會員收入而產生的遞延收入影響，將使全年營收與調整後EBITDA至少減少2,000萬美元，因為12月收到的部分會員付款將延至1月才認列為營收。

Second, we expect to invest in bringing additional value through pricing changes in our weight loss specialty and heavy marketing investment to scale the Hims & Hers brands in strategic markets, such as the UK and Germany prior to the period of historically higher acquisition levels in the first quarter. While this will impact near-term revenue, we believe that efficiencies from economies of scale and subscriber gains will make these moves accretive in the midterm. Our expectation is that our international business delivers at least $650 million of revenue in 2026, up from our prior expectation of $600 million.

第二，我們預期將透過減重專科的定價調整帶來更多價值，並在策略性市場（如英國與德國）加大行銷投資以擴大Hims & Hers品牌規模，並在第一季歷史上獲客水準較高的期間之前提前布局。雖然這將影響短期營收，但我們相信規模經濟帶來的效率與訂閱者成長，將使這些舉措在中期具增益效果。我們預期2026年國際業務營收至少達6.50億美元，高於先前預期的6.00億美元。

Third, we expect to continue to moderate domestic marketing investment in the US within our weight loss specialty in the fourth quarter, which may lead to an additional quarter of subscriber count headwinds. Our focus in the fourth quarter will center on broadening our platform’s weight loss assortment, inclusive of Foundayo and Zepbound. As we enter the new year, we are excited to bring an assortment from both Lilly and Novo to our customers and believe it will present real opportunities to strengthen our weight loss business.

第三，我們預期在第四季將持續放緩美國國內在減重專科的行銷投資，這可能導致訂閱者數量再面臨一季的逆風。第四季我們的重點將放在擴充平台的減重產品組合，包含Foundayo與Zepbound。隨著邁入新年度，我們很期待把同時來自Lilly與Novo的產品組合帶給客戶，並相信這將為強化我們的減重業務帶來實質機會。

Fourth, revenue contribution from our peptide offering is not expected to be material in the fourth quarter. We will take a similar approach of gated investments to scale this offering, as well as closely monitor the regulatory landscape to inform the overall breadth of the offering.

第四，第四季來自胜肽產品的營收貢獻預期不會顯著。我們將採取類似的分階段投資方式來擴大此產品，同時密切監控法規環境，以決定整體產品廣度。

Fifth, we expect gross margin declines to start to moderate as the pace of mix shifts towards international and weight loss specialty begins to moderate. Continued gains in our operating cost structure from our technology investments set a foundation for further reinvestment in new specialty and international expansion, as well as future margin expansion. Lastly, our expectation is that we will drive positive free cash flow for the full year of 2026 and be well-positioned to do the same in 2027. The strategic pivot we made in the first quarter has transformed the business and will position us well in the long term.

第五，隨著產品組合轉向國際市場與減重專科的變化速度開始放緩，我們預期毛利率下滑將開始趨緩。我們在科技投資帶來的營運成本結構持續改善，為進一步再投資於新專科與國際擴張，以及未來的利潤率擴張奠定基礎。最後，我們預期2026年全年將實現正向自由現金流，並具備在2027年同樣達成的良好條件。我們在第一季所做的策略轉向已改變了業務樣貌，並將使我們在長期具備良好定位。

As Andrew mentioned, we are in a period where we are investing to achieve our long-term ambition of becoming the primary channel for consumers’ health and wellness needs globally. The investments that we make to fulfill this objective are likely to result in some quarter-to-quarter variability, but position us well over the long term, similar to investments that we’ve made in the past. Learning how to scale our branded weight loss specialty will be instrumental in the long term, as we expect a rapid rate of innovation in this area over the next several years. We believe future generic offerings in this specialty will be additive to the branded offerings, unlocking our ability to reach an even broader population, as well as benefit from strong unit economics from verticalized operations.

如Andrew所提到，我們正處於投資期，以實現成為全球消費者健康與福祉需求主要渠道的長期抱負。為達成此目標所進行的投資，可能會造成季度之間的波動，但將使我們在長期具備良好定位，類似於我們過去所做的投資。學會如何擴大自有品牌減重專科的規模，將在長期扮演關鍵角色，因為我們預期未來幾年此領域將以快速速度創新。我們相信，該專科未來的學名藥產品將與品牌產品相輔相成，使我們能觸及更廣泛的人群，並同時受益於垂直整合營運所帶來的強勁單位經濟效益。

We’ve seen this in the US and other specialties, such as sexual health and hair, both in terms of scale and economics. We’re now seeing early signs of the same dynamic in our weight loss specialty in Canada, where generic options became available earlier this year. Average monthly orders have grown more than 50% following the launch of generics, while margins are also benefiting from a mix shift towards these lower-cost options.

我們已在美國及其他專科（例如性健康與毛髮）看到這種情況，無論在規模或經濟性方面皆然。我們現在也在加拿大的減重專科看到相同動態的早期跡象；今年稍早，學名藥選項已開始供應。在學名藥推出後，平均每月訂單量成長超過 50%，同時毛利也因產品組合轉向這些較低成本選項而受益。

In our longer-term specialties, that same shift expanded our addressable market, strengthened retention, and drove meaningful margin expansion over time. Canada gives us an early view of how we expect weight loss to evolve. Before I hand it over to Bill, I’ll close with our framework that we expect will allow us to continue holding a high bar for capital allocation as we head into 2027.

在我們較長期的專科中，同樣的轉變擴大了我們的可服務市場、強化了留存，並隨時間推進帶來顯著的毛利擴張。加拿大讓我們得以提前一窺我們預期減重業務將如何演進。在我把時間交給 Bill 之前，我將以我們的框架作結；我們預期這將使我們在邁向 2027 年之際，持續以高標準進行資本配置。

As we make long-term investments, we constantly assess them against a comprehensive scorecard. We expect to go deeper into our longer-term success metrics next quarter alongside our 2027 outlook. At a high level, we actively measure investments against their ability to deliver against our long-term corporate objectives, which are to increase subscriber count and drive towards holistic care as measured by the number of subscribers, retention, and subscribers treated with two or more conditions on the platform, drive greater breadth of partnerships with other healthcare players on our platform, reduce our overall operating cost structure, measured in the form of leverage on cost as a percentage of revenue, expand our category leadership in countries that we operate in, as measured by the number of countries where we hold the number one or number two position, efficiently scale new specialties and the breadth of assortment on our platform, and lastly, drive strong free cash flow.

在進行長期投資時，我們會持續以一套全面的評分卡來評估。我們預期在下個季度，將在發布 2027 年展望時，更深入說明我們較長期的成功衡量指標。在高層次上，我們會主動衡量各項投資是否能達成我們的長期公司目標：提升訂閱者數並推動走向整體照護（以訂閱者數、留存率，以及平台上同時治療兩種或以上病症的訂閱者數衡量）；擴大與平台上其他醫療健康參與者的合作廣度；降低整體營運成本結構（以成本占營收比重的槓桿改善衡量）；在我們營運的國家擴大類別領導地位（以我們在多少個國家位居第一或第二衡量）；有效率地擴張新專科與平台上的品項廣度；最後，推動強勁的自由現金流。

We look forward to providing updates on our progress across our investments and developments across each of these areas in the future. Our success would not be possible without the significant efforts of Hims & Hers employees around the world. I would 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. With that, I will now turn the call back over to Bill to kick off Q&A with two questions from our retail community.

我們期待未來就我們在各項投資上的進展，以及上述各領域的發展提供更新。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。我要感謝他們、我們的訂閱者，以及我們的股東，支持我們透過更好的健康力量，幫助全世界感覺更好的使命。接下來，我把電話會議交回給 Bill，由他以來自我們零售社群的兩個問題開始 Q&A。

Thanks, Yemi, and thank you to everyone who sent in questions over the weekend. Our first question is on the evolving wearable space and comes from the Hims House community. Several leading wearable companies now offer in-app blood panels, health record import, and on-demand clinician access.

謝謝你，Yemi，也謝謝所有在週末送來問題的各位。我們的第一個問題關於不斷演進的穿戴式裝置領域，來自 Hims House 社群。目前有數家領先的穿戴式公司在 App 內提供血液檢測面板、健康紀錄匯入，以及隨選臨床人員存取。

At the same time, we have seen industry thought leaders arguing that as health data collection becomes commoditized, the value is going to shift to whoever owns the action layer, meaning the point where an insight turns into a treatment plan or a clinician interaction.

同時，我們也看到產業思想領袖主張，隨著健康資料蒐集逐漸商品化，價值將轉移到「行動層」的擁有者，也就是把洞察轉化為治療計畫或臨床互動的那個環節。

Hims has talked about wearable integration and uploading outside health data. Can you update us on your plans here and whether you will integrate with wearable partners or launch your own devices? And what will customers get from the Hims experience that is different from what they can get inside those other apps?

Hims 曾談到穿戴式整合以及上傳外部健康資料。你能否更新你們在這方面的計畫，以及你們會與穿戴式合作夥伴整合，或推出自有裝置？此外，客戶從 Hims 的體驗中能獲得哪些不同於在其他 App 內所能得到的內容？

Yeah. Thanks, Bill, and thanks, Hims House, for the question. At a high level, I entirely agree that as these devices proliferate, which is a fantastic thing for consumer empowerment and consumer understanding of their health, the value is really going to accrue to the actual clinical layer and then the care management layer.

好的。謝謝你，Bill，也謝謝 Hims House 的提問。從高層次來看，我完全同意：隨著這些裝置普及——這對消費者賦權與理解自身健康而言是非常棒的事——價值將真正累積在實際的臨床層，以及後續的照護管理層。

Because ultimately, I think that device data, coupled with healthcare practitioners making great decisions about your health, is where the value really exists. I think wearable data in general is a key part of looking at a person’s whole health. So, the plan from our perspective is to be universal in allowing integration of all of these wearable devices into the platform so that providers and patients can bring that data into the ecosystem, really no matter the preference, right?

因為歸根結底，我認為裝置資料，加上醫療專業人員對你的健康做出良好決策，才是價值真正所在。我認為一般而言，穿戴式資料是檢視一個人整體健康的重要一環。因此，從我們的角度，計畫是以「通用」方式允許所有這些穿戴式裝置與平台整合，讓醫療提供者與患者能把資料帶入生態系中，基本上不受偏好限制，對吧？

You might have men having a preference towards a certain form factor, women towards another, and I think there are obviously emerging devices, for example, what Google launched recently, that are bringing the price down and making it even more accessible. At a high level, I think in addition to that broad allowance of integration, I also just generally believe that these devices are still too expensive and that ultimately the data should be owned by the patient and shouldn’t be restricted by a subscription.

你可能會看到男性偏好某種外型規格、女性偏好另一種；而且我認為也有一些新興裝置——例如 Google 最近推出的——正在降低價格、讓更多人可負擔。整體而言，除了廣泛允許整合之外，我也普遍認為這些裝置仍然太昂貴；而且最終資料應由患者擁有，不應被訂閱制所限制。

So, as a strategy for us, I also think a part of this eventually is to offer our own devices to patients of Hims & Hers as part of membership dynamics at near cost with really no data subscription lock-ins. And so, the purpose of this really to broaden this type of monitoring to the masses. Ultimately, I believe this type of integration will drive much higher degree of overall engagement, much stronger retention, better clinical outcomes, and ultimately drive value for the platform and for consumers en masse who currently do not have access to these types of devices.

因此，作為我們的策略，我也認為其中一部分最終會是：以接近成本的價格，將我們自有裝置作為會員機制的一部分提供給 Hims & Hers 的患者，並且真正不設任何資料訂閱綁定。這麼做的目的，是要把這類監測擴大到大眾。最終，我相信這種整合將帶來更高程度的整體參與度、更強的留存、更好的臨床結果，並最終為平台以及目前尚無法取得這類裝置的大量消費者創造價值。

Great. Thanks, Andrew. The next question is on the growing opportunity in peptides and comes from Andrew T. Recent hiring suggests that Hims is continuing to build out the capabilities and expertise to bring peptides to the platform. How much of the peptide manufacturing process do you ultimately intend to bring in-house versus working with partners, and what is the expected timeline for commercial production? Have you seen any early demand signals from the waitlist you guys recently launched?

很好。謝謝你，Andrew。下一個問題關於胜肽（peptides）日益成長的機會，來自 Andrew T。近期的人才招募顯示，Hims 正持續建立將胜肽帶到平台所需的能力與專業。在胜肽製造流程中，你們最終打算把多少環節內製、多少與合作夥伴合作？商業化生產的預期時程為何？你們是否從最近推出的候補名單（waitlist）中看到任何早期需求訊號？

On the membership side, do you expect customers to pay an additional fee for peptides, or is there an opportunity to combine them with existing specialties like weight loss or hormone therapies?

在會員方案方面，你們預期客戶會為胜肽支付額外費用嗎？或者是否有機會把它們與既有專科（如減重或荷爾蒙療法）結合？

Yeah. Great question, Andrew. We have had a tremendous amount of excitement on the waitlist that we launched quite recently. As Yemi shared in the prepared remarks, the Peptides+ category is going to be coming to market end of this month, which includes things like glutathione, NAD, sermorelin, B12.

是的。很好的問題，Andrew。我們在近期推出的候補名單上看到非常高的熱度。如同 Yemi 在事先準備的發言中分享的，Peptides+ 類別將在本月底上市，包含像是穀胱甘肽（glutathione）、NAD、sermorelin、B12 等。

Then as additional therapies for the new peptides like BPC-157 and TB-500, as those become allowed from a regulatory standpoint, those will also be brought to the platform. There has been a big investment for us. As most of you know, we acquired and have integrated a peptide manufacturing facility in Menlo Park.

接著，像 BPC-157 與 TB-500 這類新的胜肽療法，當它們在法規層面被允許後，也會導入平台。這對我們而言是一項重大投資。如各位所知，我們已收購並整合了位於 Menlo Park 的一座胜肽製造設施。

For some of the newer peptides where the supply chains of the raw active ingredients, like TB-500 and 157, where those manufacturing supply chains are not really at the quality that we would like to see, we will be manufacturing the raw APIs in our facilities in Menlo Park, which I think actually positions us as really the only company in the US capable of having that degree of quality oversight for these therapies, which I think is incredibly important.

對於某些較新的胜肽，其原料活性成分（例如 TB-500 與 157）的供應鏈，在製造品質上尚未達到我們希望看到的水準；因此我們將在 Menlo Park 的設施中製造原料 API（活性藥物成分）。我認為這實際上讓我們成為美國唯一能對這些療法提供如此程度品質監督的公司，而我認為這點極其重要。

The team has been actively building the guardrails, the clinical standards, the lab testing for this as well, led by Dr. Anant Vinjamoori, our Hims Chief Medical Officer, as well as in partnership and with guidance from Dr. Andrew Huberman, who we announced today has joined the board of directors. I think on the membership side, it was also a great question.

團隊也在積極建立相關的護欄、臨床標準與實驗室檢測，由我們的 Hims 首席醫療官 Anant Vinjamoori 醫師領導；同時也在 Andrew Huberman 醫師的合作與指導下推進——我們今天宣布他已加入董事會。我認為在會員方案方面，這也是個很好的問題。

We’re going to be bringing this offering to market with a membership dynamic that really, over time, incentivizes and allows for more whole life care. That means multiple treatments across multiple therapies and allowing you to attack different aspects of your health with incentivized pricing so that it’s just easier and more affordable, and more flexible for you as an individual. You should expect this membership will allow cross-category expansion in a really seamless way, a more cost-effective manner across categories like hormonal health, peptides, hair, sex, and weight eventually as well.

我們將以一種會員制的動態機制把這項服務推向市場；長期來看，這會激勵並讓更完整的全生命週期照護成為可能。這代表可在多種療法中進行多次治療，讓你能以具激勵性的定價來針對健康的不同面向採取行動，使其對你個人而言更容易、更可負擔，也更具彈性。你可以預期，這項會員制將能以非常無縫、且更具成本效益的方式，實現跨品類擴展，最終涵蓋如荷爾蒙健康、胜肽、頭髮、性健康，以及體重等品類。

Great. With that, I will pass it back to the operator, and we’ll start our regular way of Q&A.

很好。那麼我把時間交還給接線員，我們將以慣常方式開始問答。

(Operator Instructions) Maria Ripps, Canaccord.

(接線員指示) Maria Ripps，Canaccord。

Great. Good afternoon, and thanks for taking my questions. I just wanted to ask about subscriber dynamics here in the near term, despite accelerating revenue growth. How much of the subscriber decline reflects lower acquisition spending versus maybe changes in retention? How should we think about subscriber growth going forward here over the next quarter or two? Then I have a quick follow-up.

很好。下午好，謝謝讓我提問。我想問一下近期的訂閱者動態，儘管營收成長正在加速。訂閱者下滑有多少反映的是拉新投放支出降低，而不是留存可能出現變化？未來一到兩個季度，我們應該如何看待訂閱者成長？然後我還有一個簡短的追問。

Yeah, thanks for the question, Maria. I think with respect to the subscriber trends that we saw in the third quarter, and we alluded to some of what we’re expecting in the fourth quarter, a meaningful portion of that is related to the decision that was deliberate to hold back on investment into the specialty.

好的，謝謝你的問題，Maria。就我們在第三季看到的訂閱者趨勢而言，以及我們也提到第四季的一些預期，其中相當一部分與我們有意識、刻意做出的決策有關：暫緩對該專科領域的投資。

I think our view, as Andrew mentioned in the prepared remarks, is as we really lean into in the fourth quarter, expanding the assortment with the new Lilly partnership to include Foundayo, Zepbound, and then CagriSema once available, that just gives us a broader assortment and an overall holistic experience that we expect to have that by the first quarter, which is historically one of the seasonally most heaviest quarters for acquisition. At that point, we’ll lean back into the marketing engines, and we would expect subscriber growth to recover and start to grow from there.

我認為我們的看法——正如 Andrew 在事先準備的發言中提到的——是：當我們在第四季真正加大力度，透過與 Lilly 的新合作擴充產品組合，納入 Foundayo、Zepbound，以及在可供應後納入 CagriSema，這將為我們帶來更廣的品項與更整體的體驗；我們預期在第一季前完成，而第一季歷來是季節性獲客最旺的季度之一。到那時，我們會重新加大行銷引擎的投入，並預期訂閱者成長將回升並從那裡開始增長。

Got it. That’s very helpful. Then with Lilly joining Novo on the platform, how much of the opportunity is sort of attracting incremental or new members to the platform versus maybe shifting demand between the two? How should we think about sort of you now offering sort of solutions from both Lilly and Novo, and that’s sort of driving stronger customer acquisition and retention?

了解。這非常有幫助。那麼，隨著 Lilly 與 Novo 一起加入平台，這個機會有多少是吸引增量或新會員加入平台，而不是在兩者之間轉移需求？我們應該如何看待你們現在同時提供 Lilly 與 Novo 的解決方案，並因此推動更強的客戶獲取與留存？

Yeah. Thanks, Maria. That’s a great question. What we’ve seen from other categories historically is assortment and breadth ultimately is the real way to unlock a category growth. There are so many different customers coming in through the metabolic health category that have very different goals, very different concerns and sensitivities, very different preferences on form factor and dosing and side effect to weight loss trade-off.

好的。謝謝，Maria。這是個很好的問題。我們從其他品類的歷史經驗看到，品項的豐富度與廣度最終才是解鎖品類成長的關鍵方式。透過代謝健康品類進來的客戶非常多元，他們的目標、顧慮與敏感點各不相同，對劑型與劑量，以及副作用與減重效果之間的取捨偏好也不同。

I think integrating Lilly’s therapies into the category are going to do, I think, wonders for the entire category, and I believe will ultimately lift complete volume in mass across all partners. I think that, to Yemi’s point, was a big driver of this intentional pullback in marketing, which is there are very known aspects of this weight category that we could improve, from driving assortment through this new partnership with Lilly, through real deep collaboration in the last month and the coming months with Novo with regard to different starter packs and pricing offerings that allow patients to have more success with their therapies, preparation for new therapies coming down the line like CagriSema.

我認為把 Lilly 的療法整合進這個品類，將對整個品類帶來很大的助益；我相信最終會在所有合作夥伴之間全面拉升總量。我想，呼應 Yemi 的觀點，這也是我們刻意收縮行銷的一個重要原因：在這個體重管理品類中，有一些非常明確、我們可以改善的面向——例如透過與 Lilly 的新合作來提升品項組合；以及在過去一個月與未來幾個月，與 Novo 進行更深度合作，推出不同的入門套組與定價方案，讓患者在療程上更容易成功；並為即將推出的新療法（如 CagriSema）做好準備。

And then also introducing technical capabilities in this new category with multi-month subscription and flexible plans, which, as you know, have been such a hallmark part of all other categories on the platform, giving patients more flexibility, better pricing lock-in, and ultimately, better commitments. These are very known things that have worked across categories. I think our perspective is in advance of January 1, when we know that this category really explodes with demand, let’s unlock those levers, let’s focus there, let’s not unnecessarily burn that cash, and prepare in order to do this the right way 45 days from now.

此外，也在這個新類別中導入技術能力，例如多月期訂閱與彈性方案——如你所知，這一直是平台其他所有品類的標誌性特色——讓患者擁有更高彈性、更好的價格鎖定，並最終帶來更好的承諾度。這些都是在各品類中已被驗證有效的做法。我們的觀點是：在 1 月 1 日之前——我們知道這個品類的需求會大幅爆發——先把這些槓桿解鎖、先聚焦在這裡，不要不必要地燒錢，並為 45 天後以正確方式推進做好準備。

Ryan MacDonald, Needham.

Ryan MacDonald，Needham。

All right. Thanks for taking my questions. Maybe digging into the decision to pull back on the marketing spend. Were you seeing a lower return on that incremental marketing dollar investment for any reason during this period of time? Or was this potentially a move in advance of the Lilly deal signing to more evenly distribute marketing across multiple partners now? Can you double-click into that?

好的。謝謝讓我提問。我想更深入了解縮減行銷支出的決策。在這段期間，你們是否因任何原因看到每增加一美元行銷投入的回報變低？或者這可能是在簽署 Lilly 合作之前，為了讓行銷在多個合作夥伴之間更平均分配而提前採取的動作？能否再更深入說明一下？

Then as you think about the return on these incremental investments as we look at the additional product expansion, what are you thinking in terms of the timeframe for actually receiving the benefit on that spend once you re-kick up the marketing at the beginning of the year? Thanks.

另外，當你們思考這些增量投資的回報、並展望額外的產品擴張時，一旦你們在年初重新啟動行銷，你們預期要多久才會真正看到這些支出帶來的效益？謝謝。

Yeah, Yemi, maybe I’ll take the first part and you can take the second. We had, as you all saw in the last quarter or two, just massive transformation of the business, moving from the compounding offerings to the partnership with Novo. The Wegovy offerings on that platform, including the Wegovy pill, just had absolutely extraordinary acceleration, and there’s massive customer demand for that therapy. There continues to be massive customer demand. What we’ve seen just in the last few months as we’ve dove into those customers is just very clear opportunities to better set them up for success.

好的，Yemi，也許第一部分我來回答，第二部分你來補充。如各位在過去一兩季看到的，我們的業務發生了巨大的轉型，從複方（compounding）產品轉向與 Novo 的合作。平台上的 Wegovy 產品（包含 Wegovy 口服錠）出現了極其驚人的加速成長，市場對該療法的客戶需求非常強勁。目前仍然有非常強勁的客戶需求。而我們在過去幾個月深入研究這些客戶後，清楚看到有一些機會可以更好地讓他們更容易成功。

Opportunities to allow them to have subscription capabilities that lock in better pricing as they get to titration levels where they’re seeing benefits of weight loss, better early starter offerings to allow them to get the benefits of higher doses at better pricing, and then ultimately, have seen this across the board where a lot of patients are coming in asking explicitly for Lilly products, such as Zepbound vials.

例如，讓他們具備訂閱功能，在劑量滴定到能看到減重效益的階段時，能鎖定更好的價格；提供更好的早期入門方案，讓他們以更好的價格獲得較高劑量帶來的效益；此外，我們也普遍看到，許多患者在進來時會明確詢問 Lilly 的產品，例如 Zepbound 小瓶裝。

I think given all of that, as we reflected on the category, there was a real opportunity to just take a little bit of a beat and set it up for success for January and make sure that that gets done the right way as opposed to trying to put the team towards the necessary challenges when scaling very quickly, putting that same team towards setting up the structural opportunities for customers to be better served, we felt was a much better use of that resource, especially given the dynamics we’ve seen historically in January where that demand is really accelerated into Q1.

綜合以上，我們在回顧這個品類時認為，有一個很好的機會可以稍微放慢一下腳步，為 1 月做好成功的基礎，並確保以正確方式完成；相較於在快速擴張時把團隊投入到必要的挑戰上，我們認為把同一支團隊投入到建立結構性機會、以更好地服務客戶，是更好的資源使用方式，尤其考量到我們歷史上在 1 月看到的動態：需求會在第一季顯著加速。

Yeah, I think what I would just add to that, Ryan, is we’ve seen this playbook historically before, that as you add new capabilities like duration, as well as more breadth and pricing options, as well as assortment, historically across our tenured specialties, a couple of things happen. We traditionally do see higher retention as you’re able to route consumers to various products or duration levels. I think we also historically have seen acquisition pick up as well, whether that’s in the form of lower CACs or consumers coming to the platform organically.

好的，Ryan，我想補充的是，我們過去在歷史上看過這套打法：當你加入新的能力（例如更長的訂閱期間），以及更多的廣度與定價選項、以及更豐富的品項時，在我們較成熟的專科領域通常會發生幾件事。當你能把消費者導流到不同產品或不同期間層級時，我們傳統上確實會看到更高的留存。我想我們也在歷史上看到獲客會回升，無論是以更低的 CAC（獲客成本）呈現，或是消費者以自然流量的方式來到平台。

Again, as Andrew mentioned, I think we are actively leaning into expanding those capabilities in the platform through Q4 to be ready to go when the Jan seasonally high or seasonally peak period starts. We would expect to start to realize some of the benefits in Q1.

再次，如 Andrew 提到的，我認為我們正積極在第四季持續擴充平台上的這些能力，以便在 1 月季節性高峰期開始時就能準備就緒。我們預期在第一季開始實現部分效益。

Then for elements such as retention, those would cascade through the year throughout 2027. But, I mean, this is a playbook that we’ve seen across all of our historical specialties.

接著，像留存率這類要素，會在 2027 年期間逐步在全年發酵。不過，我的意思是，這是一套我們在所有歷史專科領域都見過的操作手冊。

Helpful. And maybe as a follow-up, a question on clarification on the peptide opportunity. You mentioned with TB-500 and BPC-157 that you look to offer those on the platform once it’s allowed from a regulatory perspective. Can you just talk about what may be the additional factors you’re looking for on the regulatory side now that HHS has sort of put the proposal out to talking about enforcement discretion across the six approved peptides from the PCAC or recommended peptides from the PCAC? I guess, what incrementally are you looking for in addition to the enforcement discretion? Thanks.

很有幫助。另外也許追問一下，想釐清關於胜肽機會的問題。你提到 TB-500 和 BPC-157，一旦從監管角度允許，你們就會希望在平台上提供。能否談談在監管面上，你們目前還在尋找哪些額外因素？因為 HHS 已經算是提出提案，談到對 PCAC 核准的六種胜肽（或 PCAC 建議的胜肽）採取執法裁量。我想問的是，除了執法裁量之外，你們還在額外期待哪些條件？謝謝。

Yeah, that’s a great question. I’ll butcher the actual terminology, but essentially right now, we’re in a comment period where the FDA has put out the proposed ruling from HHS, and we expect in the next couple of weeks for those comments to be aggregated and then a perspective from FDA on the explicit rulemaking to take place.

是的，這是個很好的問題。我可能會把實際術語講得不太精準，但基本上目前我們正處於意見徵詢期：FDA 已發布來自 HHS 的擬議規則，我們預期在接下來幾週內會彙整這些意見，然後 FDA 會就明確的規則制定（rulemaking）提出其觀點。

And with that comes all types of decisions with regard to necessity of API testing, the types of tests that they are going to be looking for, the types of standards they’re going to be expecting from different facilities. So I think as those all get finalized in the next few weeks, we’ll have much more clarity about what the final regulatory rulemaking decision actually looks like.

而隨之而來的會是各式各樣的決定，例如是否需要 API（原料藥）檢測、他們將要求哪些類型的檢測、以及他們對不同設施將期待的標準類型。所以我認為，當這些在未來幾週內都定案後，我們就能更清楚最終的監管規則制定決策實際會是什麼樣子。

Justin Patterson, KeyBanc Capital Markets.

Justin Patterson，KeyBanc Capital Markets。

Thanks. Taking my question. This is Jacob on for Justin. As Hims & Hers continues to work towards developing a more AI-native platform, can you highlight the largest opportunities across both improving the consumer experience and driving internal efficiencies? How have these changed since the team began working on building this out? Thanks.

謝謝。謝謝讓我提問。我是代替 Justin 的 Jacob。隨著 Hims & Hers 持續朝向打造更 AI 原生（AI-native）的平台邁進，你能否強調在「提升消費者體驗」與「推動內部效率」兩方面最大的機會在哪裡？自從團隊開始著手建置以來，這些機會有什麼變化？謝謝。

Yeah, that’s a great question. Maybe I’ll talk a little bit about the consumer experience, and Yemi, you can hit on some of the operational side. We are investing in this in an incredibly exciting manner. This quarter was the largest quarter of engineering headcount addition in the company’s life, and a huge portion of this was an investment in our AI team that is showing very real outcomes for patients.

是的，這是個很好的問題。也許我先談談消費者體驗的部分，Yemi 你可以補充一些營運面的內容。我們正以非常令人振奮的方式投入這件事。本季是公司成立以來工程人力增加最多的一季，其中很大一部分是對我們 AI 團隊的投資，而這正為病患帶來非常實際的成果。

The Hers 2.0 app, which has really elevated the AI coach to the top of the conversation, has more than 4x the actual engagement with patients. So just driving much higher touch conversations, elevating side effect concerns earlier, elevating titration questions, dosing adjustments, documentation of outcomes. We’re really excited to see that level of engagement because ultimately, that has downstream impacts for getting patients on the right therapies sooner and ultimately having much better outcomes.

Hers 2.0 app 真的把 AI 教練提升到對話的核心位置，與病患的實際互動度超過 4 倍。也就是推動更高頻的互動對話，更早提出副作用疑慮、更早提出劑量滴定（titration）問題、劑量調整，以及結果的紀錄。我們很高興看到這樣的互動程度，因為最終它會對下游產生影響，讓病患更快用上合適的療法，並最終帶來更好的結果。

I think in addition to this, the ability to help transform the conversation from when, where you are passing a baton between half a dozen different individuals, whether it’s a pharmacist to a nurse, to a care coach, to a doctor, being able to actually start to build out the capabilities of this AI care coach to start allowing each of those individuals in the threaded conversation to have higher leverage on speed and quality, I think is a massive unlock.

此外，我認為還有一點是：能夠協助把對話從「在半打不同的人之間交接接力棒」的模式轉變過來——不論是藥師、護理師、照護教練到醫師——透過逐步建立這個 AI 照護教練的能力，讓串接式對話中的每一位角色都能在速度與品質上有更高的槓桿，我認為這會是非常大的解鎖。

Right now, within our EMR, for example, providers are getting pre-written notes back to patients given all of their sensitivities, all of their charts, all of their existing medications that are allowing the providers to have a much higher quality response to patients. It’s notifying different care coaches of sensitivities.

例如目前在我們的 EMR（電子病歷）中，醫療提供者會收到預先撰寫的回覆筆記，內容會考量病患所有的敏感性、所有病歷圖表、以及既有用藥，讓提供者能對病患做出更高品質的回應。它也會通知不同的照護教練哪些是敏感性事項。

It’s elevating side effect concerns much faster, and then ranking those for the providers so that they can focus their time not on note-taking and documentation and administrative work, which is often so much of their job, to actually delivering high-quality care to the patients in the priority that need it. We think this is going to have massive effects ultimately in engagement, outcomes, retention, as well as quality of experience with the provider and the patient relations.

它能更快把副作用疑慮往上提，並為提供者進行排序，讓他們能把時間從記錄、文件與行政工作（這往往佔了他們工作很大一部分）轉移到真正提供高品質照護，並依照最需要的優先順序照護病患。我們認為這最終會對互動度、治療結果、留存率，以及提供者體驗與醫病關係品質產生巨大影響。

Yeah, then just to add to that, Justin, I think as Andrew mentioned, the focus is really on the quality of experience, which will show up in metrics, such as retention, ease of acquisition. But I think as we also focus on things like helping the providers identify and prioritize how to treat patients and some of the other elements that Andrew mentioned, one of the outcomes from that as well is just overall enhanced efficiency within the platform as well.

是的，再補充一下，Justin，我認為如 Andrew 所提到的，重點確實在於體驗品質，而這會反映在一些指標上，例如留存率、獲客難易度。但我認為，當我們也聚焦在協助提供者辨識並優先排序如何治療病患，以及 Andrew 提到的其他要素時，其中一個結果也會是平台整體效率的提升。

Really, routing the most impactful or complicated cases to the right individuals, then identifying the most efficient ways to solve some of the more simpler elements. I think we’re already starting to see signs of success on that front that we are sure will continue to propagate across the platform.

也就是把最有影響力或最複雜的個案導流給合適的人員，同時找出處理較簡單事項的最高效率方式。我認為我們已經開始看到這方面成功的跡象，而且我們相信這會持續在整個平台擴散。

I think as we kind of mentioned in the prepared remarks as well, the ability to start to leverage some of this technology within our fulfillment centers as well to start to unlock additional efficiency gains there. Really, some of that just comes with the overall scale that we see paired with increasing technology capabilities that we’re confident will enable us to continue to unlock efficiency gains in the near term.

另外如同我們在事先準備的講稿中也提到的，開始在我們的履約中心（fulfillment centers）運用部分這類技術，也能解鎖額外的效率提升。其中有一部分其實來自我們所看到的整體規模效應，再搭配不斷提升的技術能力；我們有信心這能讓我們在短期內持續解鎖效率增益。

Craig Hettenbach, Morgan Stanley.

Craig Hettenbach，Morgan Stanley。

Yeah, thank you. On the international front, the $50 million upside to sales relative to prior guidance, can you just touch on just certain products that are driving that, as well as any context by geography?

是的，謝謝。在國際業務方面，相較於先前指引，銷售額上修 5,000 萬美元的部分，你能否談談是哪些特定產品在推動，以及按地理區域來看有什麼背景脈絡？

Yeah, thanks for the question. Sorry, go ahead, Andrew.

是的，謝謝你的問題。抱歉，你先請，Andrew。

Yeah, I’ll kick off. I think at a high level, what we’re seeing is there’s a lot of cross-market learnings. On the weight loss side here domestically, we’ve been able to take tremendous learnings from our international markets that have probably 18 to 24 months head start in interacting with the branded medications and figuring out the flexibility of how to bring those to market, the right pricing and the right packages, et cetera.

好的，我先開始。我認為從高層次來看，我們看到的是有很多跨市場的學習。以國內的減重業務來說，我們能把國際市場的重大經驗帶回來；那些市場在與品牌藥物互動、並摸索如何以更有彈性的方式把它們推向市場、找到合適定價與合適方案組合等方面，可能領先我們 18 到 24 個月。

Then flip side, the US market success in having really diversified growth engines and different diversity in customer adoption across therapeutic categories is allowing us to bring that same strategy overseas to core markets like UK, Germany, and Australia, where we are either the number one or number two and trying to take massive gains and share.

反過來，美國市場的成功——擁有非常多元的成長引擎，以及在不同治療領域的客戶採用具備多樣性——也讓我們能把同樣的策略帶到海外核心市場，例如英國、德國與澳洲；在這些市場我們不是第一就是第二，並且正試圖大幅提升成長與市占。

What you’re seeing in the next couple of quarters is the consolidation in those key markets of the Hims & Hers brands, but also the bring to market of the existing categories in the US that have driven incredible demand and scale across hair and dermatology and sexual health, hormonal balance, et cetera, into each of those Hims & Hers brands. So, it’s not any one single category or product line, Craig.

你在接下來幾個季度會看到的是：在這些關鍵市場中，Hims & Hers 品牌的整合深化；同時也會把在美國既有、且在生髮、皮膚科、性健康、荷爾蒙平衡等領域帶來驚人需求與規模的品類，導入到各個 Hims & Hers 品牌之下。所以，Craig，並不是由某一個單一品類或產品線所驅動。

I think it’s actually just the expansion of the brands in each of those markets growing from what was historically Juniper’s weight loss-centric brands to diversify it across Hims & Hers and now expand it across three to five different categories.

我認為這其實只是各個市場中品牌版圖的擴張，從過去以 Juniper 的減重導向品牌為主，轉而在 Hims & Hers 上做多元化，並且現在把它擴展到三到五個不同的品類。

Got it. Then just a follow-up question for Yemi on the gross margin front. Understanding this mix across weight loss and international, can you just give any context in terms of what might be the bigger drag near term? Then longer term, are there any things you can do in the model in terms of the drive gross margin performance back up a bit?

了解。那接著我想就毛利率方面對 Yemi 追問一個問題。考量到減重與國際業務的組合，你能否提供一些背景，說明短期內哪一塊可能是較大的拖累？那麼長期來看，在商業模式上是否有什麼可以做的事情，讓毛利率表現回升一些？

Yeah, thanks for the question, Craig. I think for the quarter-on-quarter gains, a large part of it was international. I think Q2 last quarter did not have the full effect of Eucalyptus in the results. In Q3, you now have effectively three months in the quarter. With respect to the impact from international, this would be one of the heavier quarters that we would expect on that front.

好的，謝謝你的問題，Craig。我認為就季對季的提升而言，很大一部分來自國際業務。我認為第二季上一季的結果尚未完全反映 Eucalyptus 的完整影響。到了第三季，你基本上在該季度中納入了完整三個月。就國際業務的影響而言，這會是我們預期在這方面相對較重的一個季度。

I think with respect to the question around gross margin, I think we’ll come back to that in a moment. I think effectively, what the focus is on right now is how do we leverage the platform to drive scale, but also at the same time ensure that we’re driving strong free cash flow, even at dollars adjusted EBITDA positive for that.

至於毛利率的問題，我想我們稍後再回到這點。目前的重點實際上是：我們如何運用平台來推動規模，同時也確保我們能產生強勁的自由現金流，即便是在調整後 EBITDA 以美元計為正的情況下也是如此。

I think while there are gross margin dynamics and some volatility on the GAAP financials that we talked around before, stepping back, this is our second or third highest quarter of adjusted EBITDA dollars that we brought onto the platform. I think that remains the focus. I think we’re confident we have several levers to effectively pull that.

我認為，雖然我們先前談過毛利率的動態以及 GAAP 財務數字上的一些波動，但退一步看，這是我們在平台上實現的調整後 EBITDA（以美元計）第二或第三高的季度。我認為這仍然是重點。我認為我們有信心能有效運用數個槓桿來做到這一點。

That said, I think international, there are opportunities, as Andrew mentioned, as we diversify the platform into scaling of additional categories, such as sexual health, dermatology, low testosterone overseas, and kind of run the US playbook. Similar to kind of what we saw in the US over kind of the mid to long term, you’d expect to start to see gross margin expansion there.

話雖如此，我認為在國際市場仍有機會，正如 Andrew 提到的，隨著我們把平台多元化並擴大到更多品類，例如海外的性健康、皮膚科、低睪固酮等，並且某種程度上複製美國的打法。類似於我們在美國中長期所看到的情況，你會預期那邊也會開始出現毛利率擴張。

That said, I think a lot of the focus though is around the principles of scaling the platform, but doing so in a way that it drives strong economic fiscal adjusted EBITDA dollars.

不過，我認為很多重點仍在於平台擴張的原則，但要以能帶來強勁經濟效益、以美元計的調整後 EBITDA 的方式來擴張。

Eric Percher, Nephron Research.

Eric Percher，Nephron Research。

Thank you. You both commented on some of the learnings you’ve had from the EU, and particularly the comment on improvement in economics over time, which I think we’ve become used to seeing in the US pre-weight loss. Sounds like what you’re seeing in the EU is similar.

謝謝。你們兩位都提到了一些從歐盟市場得到的學習，特別是關於經濟性隨時間改善的評論；我想我們在美國（減重業務出現之前）已經很習慣看到這種情況。聽起來你們在歐盟看到的情況也類似。

I’d ask, what has to be true or what is it about the market that occurs that enables you to expand gross profit? Is the assumption here that you’re seeing significant increases in the number of patients that are adopting, or that gross margin on a per-script basis can also remain steady?

我想問的是，必須具備哪些條件，或是市場發生了什麼，才使你們能擴大毛利？這裡的假設是你們看到採用的病患數量顯著增加，還是每張處方（per-script）的毛利率也能維持穩定？

Yeah. Thanks, Eric, for the question. At a high level, what we’ve seen, and we’ve seen this both internationally and, to your point, domestically with categories like sexual health and the hair category, is that over time, as new offerings come into market, so in Canada, for example, which is 24 to 36 months ahead of the US, with regard to new category entrants, you have the generic therapies now live in Canada.

好的。謝謝你的問題，Eric。從高層次來看，我們看到的情況——無論在國際市場，或如你所說在國內像性健康與生髮這些品類——都是隨著時間推移，當新的產品/服務進入市場時（例如加拿大，相較美國在新類別進入方面領先 24 到 36 個月），你會看到學名藥療法現在已在加拿大上線。

You see pretty meaningful competitive offerings expand. You then see pricing come down through that competition. That pricing, even if somewhat marginal, drives ultimately much broader uptake to consumers, much higher lock-in from a duration standpoint because the ability to pay and willingness to pay is much higher.

你會看到相當有意義的競爭性產品供給擴大。接著你會看到在競爭之下價格下降。即便降價幅度只是邊際性的，最終也會推動更廣泛的消費者採用，並且在使用期間（duration）的角度帶來更高的黏著度，因為支付能力與支付意願都會更高。

That ultimately drives much better customer adoption dynamics, retention profiles. From there, as you verticalize all of these elements, some of which are the generic and some of them which are just competitive offerings driving price down, you see flow through that, meaningfully better margins on a per-script basis.

這最終會帶來更好的客戶採用動能與留存輪廓。從那裡開始，當你把所有這些要素做垂直整合（其中一部分是學名藥，另一部分則是競爭性供給帶動降價），你會看到這些效益傳導下來，也就是每張處方的毛利率顯著改善。

This is essentially the exact same thing that happened in sexual health and the hair category as assortment came to market, as prices came down, as generics were introduced. You were able to both have great range of therapies and verticalized offerings that, in totality, are really healthy categories. We’re investing in the weight loss category domestically with, I think, very clear eyes as to where this gets from a profitability standpoint.

這基本上就是性健康與生髮品類所發生的完全相同的事情：當產品組合進入市場、價格下降、學名藥導入時。你既能擁有很好的療法範圍，也能提供垂直整合的產品/服務；整體而言，這些都是非常健康的品類。我們在國內投資減重品類時，我認為對於其獲利走向是非常清楚且務實的。

I think that’s why in this quarter, there was a willingness to just spend the time to do the things that are known knowns, which are going to unlock much better engagement from patients, much better outcomes, but also our willingness to scale that category in the next few years domestically with an eye towards what is happening as new therapies come to market, which there are nearly a dozen in Phase 2 and Phase 3, also, what happens as that generic comes out, which has a very clear line of sight in both the US and the EU markets.

我認為這也是為什麼在本季度，我們願意花時間去做那些已知且確定的事情（known knowns），這些將能解鎖病患更好的參與度、更好的結果；同時，我們也願意在未來幾年於國內擴大該品類，並關注新療法進入市場時會發生什麼——目前在第二期與第三期臨床的就有將近十種——以及當學名藥推出時會發生什麼；在美國與歐盟市場，這件事的可見度都非常高。

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

問答環節到此結束。今天的電話會議到此結束。感謝各位出席。您現在可以斷線。