Hinge Health Inc (HNGE) 2025 Q2 法說會逐字稿

Ladies and gentlemen, thank you for joining us, and welcome to the Hinge Health second-quarter 2025 earnings call. (Operator Instructions)

女士們、先生們，感謝各位的參與，歡迎參加 Hinge Health 2025 年第二季財報電話會議。（操作說明）

I will now hand the conference over to Bianca Buck, Head of Investor Relations. Bianca, please go ahead.

現在我將把會議交給投資者關係主管比安卡·巴克。比安卡，請繼續。

Good afternoon, everyone, and thank you for joining Hinge Health's second-quarter 2025 earnings conference call and our first as a public company. I'm Bianca Buck, Head of Investor Relations at Hinge Health. Joining me today are Daniel Perez, our Co-Founder and Chief Executive Officer; Jim Pursley, our President; and James Budge, our Chief Financial Officer. Since this is our first earnings call, we felt it important to have Jim join Dan and James to give a refresher on our go-to-market motion.

各位下午好，感謝各位參加 Hinge Health 2025 年第二季財報電話會議，這也是我們作為一家上市公司的首次會議。我是 Bianca Buck，Hinge Health 的投資者關係主管。今天與我一同出席的有：我們的共同創辦人兼執行長丹尼爾‧佩雷斯；我們的總裁吉姆‧珀斯利；以及我們的財務長詹姆斯‧巴奇。由於這是我們第一次財報電話會議，我們覺得有必要讓吉姆和丹、詹姆斯一起回顧我們的市場推廣策略。

Before we begin, I'd like to note that today's call is being recorded, and you can find all relevant materials, including our earnings presentation, on the Investor Relations section of our website.

在開始之前，我想提醒大家，今天的電話會議正在錄音，您可以在我們網站的投資者關係部分找到所有相關資料，包括我們的收益簡報。

Today's discussion will include forward-looking statements. These statements reflect our current views and expectations regarding future events, including expected performance of our business, our future financial results, our business and growth strategies, and future prospects. These statements also include our improved financial outlook for Q3 and full year 2025. All of these forward-looking statements are subject to various risks, uncertainties, and assumptions.

今天的討論將包含前瞻性陳述。這些聲明反映了我們目前對未來事件的看法和預期，包括我們業務的預期表現、未來的財務表現、業務和成長策略以及未來前景。這些聲明還包括我們對2025年第三季和全年財務前景的改善。所有這些前瞻性陳述都受到各種風險、不確定性和假設的影響。

While these statements represent our good faith judgment and beliefs, actual results may differ materially from those projected or implied during the discussion. Note that the forward-looking statements on this call are based on information available to us as of today's date. We undertake no obligation to update any forward-looking statements, except as required by law. For a detailed discussion of the risks and uncertainties that could cause our actual results to differ, please refer to our IPO prospectus filed with the Securities and Exchange Commission as well as the Form 10-Q that will be filed next week.

雖然這些陳述代表了我們的善意判斷和信念，但實際結果可能與討論中預測或暗示的結果有重大差異。請注意，本次電話會議中的前瞻性陳述是基於我們截至今日可獲得的資訊。除法律要求外，我們不承擔更新任何前瞻性聲明的義務。有關可能導致我們實際業績與預期業績存在差異的風險和不確定性的詳細討論，請參閱我們向美國證券交易委員會提交的首次公開募股招股說明書以及將於下週提交的 10-Q 表格。

Additionally, during today's call, we will reference certain non-GAAP financial measures alongside our GAAP results. Revenue will be discussed on a GAAP basis, while all other measures will be measured on a non-GAAP basis. These non-GAAP measures should be considered as supplemental to and not a substitute for our GAAP financial measures. For a reconciliation of certain of our non-GAAP to GAAP measures, please refer to our earnings release.

此外，在今天的電話會議中，我們將結合我們的 GAAP 業績，提及一些非 GAAP 財務指標。收入將按公認會計準則 (GAAP) 進行討論，而所有其他指標將以非公認會計準則 (non-GAAP) 進行衡量。這些非GAAP指標應被視為我們GAAP財務指標的補充，而不是替代。有關我們某些非GAAP指標與GAAP指標的調節情況，請參閱我們的獲利報告。

With that, I'll now turn the call over to Dan for his opening remarks.

接下來，我會把電話交給丹，請他致開幕詞。

Thank you, Bianca. Welcome everyone to our inaugural Hinge Health earnings call. I'm excited to share our second-quarter results and business update. Let me outline what we'll cover in our remarks.

謝謝你，比安卡。歡迎大家參加Hinge Health的首次財報電話會議。我很高興與大家分享我們第二季的業績和業務最新進展。讓我概述一下我們將在演講中涵蓋的內容。

First, I'll provide a high-level financial snapshot of our second-quarter performance and give a quick overview of our business. Second, I'll discuss our product updates, including some core product enhancements, an update on our AI efficiency initiatives and the exciting announcement of HingeSelect, our high-performance network of in-person providers. Third, Jim will provide a commercial update, including our recent sales momentum. Fourth, James will go deeper into our financials and provide our formal guidance. Finally, I'll return to wrap up with our strategic outlook and long-term vision, and then we'll open it up to questions.

首先，我將簡要概述我們第二季的財務業績，並簡要介紹我們的業務。其次，我將討論我們的產品更新，包括一些核心產品改進、我們的人工智慧效率計劃的最新進展，以及令人興奮的 HingeSelect 發布會，HingeSelect 是我們高效能的線下服務提供者網路。第三，Jim 將介紹商業方面的最新情況，包括我們最近的銷售動能。第四，James 將深入了解我們的財務狀況，並提供正式的指導。最後，我將總結我們的策略展望和長期願景，然後我們將開放提問環節。

Let's dive in.

讓我們深入探討一下。

Firstly, I'm pleased to report that Hinge Health delivered an exceptional second quarter, delivering profitable growth and demonstrating strong momentum across all key metrics. Revenue for the second quarter was $139 million, up 55% compared to $90 million in the same quarter last year. Our non-GAAP income from operations was $26 million for a 19% non-GAAP operating margin. Moreover, we generated $33 million of free cash flow for a free cash flow margin of over 23%.

首先，我很高興地報告，Hinge Health 第二季度業績表現出色，實現了盈利增長，並在所有關鍵指標上都展現出強勁的增長勢頭。第二季營收為 1.39 億美元，比去年同期的 9,000 萬美元成長了 55%。我們的非GAAP營業收入為2,600萬美元，非GAAP營業利益率為19%。此外，我們產生了 3,300 萬美元的自由現金流，自由現金流利潤率超過 23%。

Our last 12 months calculated billings reached $568 million, also up 55% year over year, compared to $368 million in the prior-year period. As a reminder, our last 12 months calculated billings is a leading indicator for our revenue. This strong performance was driven by higher eligible lives from both new and legacy clients and better-than-expected enrollment yields, resulting in increased members and billings. James, our CFO, will go into more details about our financials, but we're proud about these results. We believe they underscore the strength and momentum of our business.

我們過去 12 個月的帳單金額達到 5.68 億美元，比去年同期成長 55%，而去年同期為 3.68 億美元。再次提醒，我們過去 12 個月的帳單金額是衡量我們收入的領先指標。這一強勁的業績得益於新舊客戶符合資格的人數增加以及超出預期的註冊率，從而導致會員人數和帳單金額增加。我們的財務長詹姆斯將詳細介紹我們的財務狀況，但我們對這些結果感到自豪。我們認為這凸顯了我們業務的實力和發展動能。

Now, since this is our first earnings call as a public company, I'd like to take a moment to remind those new to our story. What makes Hinge Health special and why we're so excited about the opportunity ahead of us.

由於這是我們作為上市公司的首次財報電話會議，我想藉此機會提醒一下那些剛開始了解我們公司狀況的人。Hinge Health 的獨特之處在於哪裡？為什麼我們對未來的機會如此興奮？

At our core, Hinge Health is automating healthcare delivery itself, starting with musculoskeletal conditions or MSK. We've built a comprehensive platform that combines AI-powered technology, a proprietary wearable device and expert care to deliver personalized evidence-based treatment that can help members decrease their pain and improve quality of life, all while reducing healthcare costs for clients.

Hinge Health 的核心是實現醫療保健服務的自動化，首先從肌肉骨骼疾病（MSK）著手。我們建構了一個綜合平台，結合了人工智慧技術、專有的可穿戴設備和專家護理，提供個人化的實證治療，可以幫助會員減輕疼痛、提高生活質量，同時降低客戶的醫療保健成本。

What sets us apart is our approach to scaling healthcare delivery. We've reduced human care team hours associated with traditional physical therapy by approximately 95% through automation, which allows us to reduce healthcare costs for clients while improving members' health outcomes and satisfaction. Our platform isn't just about digitizing existing processes. We believe we're fundamentally reshaping how care can be delivered more effectively and efficiently.

我們的獨特之處在於我們擴大醫療服務規模的方法。我們透過自動化將傳統物理治療所需的人工護理團隊工時減少了約 95%，這使我們能夠在降低客戶醫療保健成本的同時，改善會員的健康結果和滿意度。我們的平台不僅僅是將現有流程數位化。我們相信，我們正在從根本上重塑醫療服務的提供方式，使其更加有效和有效率。

The market opportunity before us is significant. MSK spend in the US reached $661 billion in 2023, and we believe that over $70 billion of that is spent on physical therapy. Because MSK treatment has historically been procedure-driven, it consistently ranks as one of the top three healthcare spend categories for employers. Our clients partner with us because we deliver on healthcare's triple aim: enhancing the member experience, improving member outcomes, and reducing costs.

我們面前的市場機會非常巨大。2023 年，美國 MSK 支出達到 6,610 億美元，我們認為其中超過 700 億美元用於物理治療。由於 MSK 治療歷來以手術為主，因此它一直位列雇主醫療保健支出前三大類別之一。我們的客戶與我們合作，是因為我們實現了醫療保健的三重目標：提升會員體驗、改善會員療效和降低成本。

To put this in everyday terms, think about someone suffering from chronic back pain. Traditional care often means waiting weeks for an appointment, traveling to multiple providers and following a one-size-fits-all treatment plan. With Hinge Health, that same person can start their personalized care program within minutes, right from home, receive real-time feedback for our AI-powered motion tracking technology, and connect with the care team when needed, all while their employer saves on healthcare costs.

用通俗的話來說，想想那些患有慢性背痛的人。傳統治療往往意味著要等待數週才能預約，需要前往多個醫療機構，並且遵循千篇一律的治療方案。透過 Hinge Health，使用者可以在幾分鐘內從家中開始個人化護理計劃，透過我們的人工智慧驅動的運動追蹤技術獲得即時回饋，並在需要時與護理團隊聯繫，同時他們的雇主還可以節省醫療保健成本。

We've built an efficient go-to-market motion and realized early on the benefits of key partners, health plans, pharmacy benefit managers or PBMs, third-party administrators or TPAs, and others. We now have 50-plus partners, many of whom have selected us as a preferred digital MSK solution, including all 5 of the largest national health plans by self-insured lives and the three largest PBMs by market share. This means the vast majority of our enterprise prospects yet to buy Hinge Health can turn us on without having to go through lengthy contracting or IT security review, which is a big pain point in healthcare. We believe these partnerships differentiate Hinge Health as we seek to be one of the easiest solutions to buy and implement.

我們已經建立了高效的市場推廣機制，很早就意識到關鍵合作夥伴、健康計劃、藥品福利管理機構 (PBM)、第三方管理機構 (TPA) 等帶來的好處。我們現在擁有 50 多個合作夥伴，其中許多合作夥伴選擇我們作為首選的數位 MSK 解決方案，包括自保人數最多的 5 家全國性健康計劃和市場份額最大的 3 家藥品福利管理公司 (PBM)。這意味著我們絕大多數尚未購買 Hinge Health 的企業潛在客戶無需經過冗長的合約簽訂或 IT 安全審查即可與我們建立聯繫，這對於醫療保健行業來說是一個很大的痛點。我們相信，這些合作關係使 Hinge Health 脫穎而出，因為我們力求成為最容易購買和實施的解決方案之一。

This combination of accessibility, effectiveness, and cost efficiency has resonated strongly with both our members and clients, positioning us to capture a significant share of this growing market. And as we look ahead, we see significant potential to expand our impact and continue automating the delivery of care.

這種便利性、有效性和成本效益的結合，引起了我們會員和客戶的強烈共鳴，使我們能夠在這個不斷增長的市場中佔據相當大的份額。展望未來，我們看到了擴大影響力並繼續實現醫療服務自動化的巨大潛力。

Let me now turn to our recent product innovations and enhancements. We're headquartered in San Francisco, so we're very focused on tech-driven innovation. Over the past three years alone, we've launched our Women's Pelvic Health program, fall prevention program, multiple iterations of our Enso pain management device, breakthrough AI-powered motion tracking technology, and our Menopause program, among other products.

現在讓我來談談我們最近的產品創新和改進。我們的總部位於舊金山，因此我們非常注重技術驅動的創新。僅在過去三年裡，我們就推出了女性骨盆底健康計劃、防跌倒計劃、多款 Enso 疼痛管理設備、突破性的 AI 驅動運動追蹤技術以及更年期計劃等產品。

Three key product investment areas in 2025 worth mentioning include: core enhancements, AI efficiencies, and HingeSelect.

2025 年值得一提的三個主要產品投資領域包括：核心增強、人工智慧效率和 HingeSelect。

Starting with our core product enhancements. We made significant improvements to our AI-powered motion tracking technology or TrueMotion. We've introduced more variety to our exercises and enhanced 3D visualizations, including our new smart skeleton feature. This shows members a detailed view of their spine curvature and provides more dynamic movement tracking, making at-home exercise more intuitive and effective. We've also streamlined how new members start with our program, making it easier to begin their care journey. This has led to more people successfully joining our platform and starting their care.

先從我們的核心產品改進入手。我們對人工智慧驅動的運動追蹤技術 TrueMotion 進行了重大改進。我們增加了練習的多樣性，並增強了 3D 視覺化效果，包括我們新的智慧骨骼功能。這可以向會員詳細展示他們的脊柱曲度，並提供更動態的運動跟踪，使居家鍛煉更加直觀有效。我們也簡化了新會員加入我們計劃的流程，使他們更容易開始他們的護理之旅。這使得更多人成功加入我們的平台並開始接受治療。

Additionally, we found new ways to reconnect with members who haven't used our platform in a while. We implemented various strategic campaigns and product measures showing these members our latest features and expanded offerings, which has successfully brought many of these members back to continue their care. Overall, members are more engaged and satisfied with our platform year over year, and we hit our all-time high member NPS in the first half of the year. These enhancements also have the benefit of driving our high client retention and improving member enrollment yields.

此外，我們還找到了與一段時間未使用我們平台的會員重新建立聯繫的新方法。我們實施了各種策略性活動和產品措施，向這些會員展示了我們最新的功能和擴展的服務，成功地讓許多會員回來繼續接受治療。總體而言，會員對我們平台的參與度和滿意度逐年提高，並且我們在今年上半年達到了會員淨推薦值的歷史最高水平。這些改善措施也有助於提高客戶留存率和提升會員註冊率。

Now, beyond our core product investment areas, we've also seen meaningful efficiency gains across the company from our AI initiatives, benefiting both margins and scalability. As just one tangible example, our proprietary generative AI-powered care team assistant, which automates routine tasks like message drafting and reviewing clinical histories, continue to improve this past quarter. We reduced the average time it takes our care team to respond to members by 16% in Q2 compared to Q1 and by 47% compared to a year ago, freeing up time for deeper interactions.

現在，除了我們的核心產品投資領域之外，我們的人工智慧計畫也為公司帶來了顯著的效率提升，從而提高了利潤率和可擴展性。舉一個具體的例子，我們自主研發的、由人工智慧驅動的生成式護理團隊助手，可以自動執行諸如撰寫訊息和審查臨床病史等日常任務，在過去一個季度中持續改進。與第一季相比，我們第二季護理團隊回覆會員的平均時間減少了 16%；與一年前相比，減少了 47%，從而騰出了更多時間進行更深入的互動。

Finally, I'm excited to discuss HingeSelect. Our new high-performance provider network we announced in June that complements our digital MSK solution, delivering a truly unified musculoskeletal care experience.

最後，我很高興能和大家討論 HingeSelect。我們在 6 月宣布推出的全新高性能供應商網絡，與我們的數位化 MSK 解決方案相輔相成，提供真正統一的肌肉骨骼護理體驗。

Think of HingeSelect as a carefully curated marketplace that connects our members with high-quality in-person providers for services like imaging, physical therapy, injections, and more, all at up to 50% below typical insurance rates. We are moving towards a future where healthcare delivery itself will be automated via software and connected hardware, but many aspects of care still require in-person providers. Any care that cannot yet be delivered by our technology will be directed to vetted in-person providers designed to provide consistent, evidence-based support every step of the way and to ensure that care is coordinated, high quality, and cost effective.

您可以將 HingeSelect 視為一個精心策劃的市場，它將我們的會員與高品質的離線服務提供者聯繫起來，提供影像檢查、物理治療、注射等服務，所有服務的價格均比典型的保險費率低 50%。我們正朝著這樣一個未來邁進：醫療保健服務本身將透過軟體和連網硬體自動化，但護理的許多方面仍然需要醫護人員親自到場。任何我們目前無法透過科技提供的護理，都將轉交給經過審查的現場護理人員，旨在提供全程一致的、循證的支持，並確保護理的協調性、高品質和成本效益。

We expect that most members will begin with our flagship digital program. But for those who may benefit from an in-person encounter, they'll be routed using technology to our HingeSelect provider and, in many cases, continue the remainder of their care digitally. This solution is intended to create value for everyone involved: members, employers, providers, and payers. Members can get access to high-quality in-person care at low or no direct cost to them. Employers could benefit from reduced healthcare spending and better outcomes. Healthcare providers can get streamlined workflows, faster payments, and more focused patient referrals. And our health plan partners are particularly excited about the ability to combine their existing networks with HingeSelect to create a better experience for members at a lower cost.

我們預計大多數會員將從我們的旗艦數位課程開始學習。但對於那些可能受益於面對面交流的人來說，我們將使用技術將他們轉介到我們的 HingeSelect 服務提供者，並且在許多情況下，他們將以數位化方式繼續接受剩餘的護理。此解決方案旨在為所有相關方創造價值：會員、雇主、供應商和付款方。會員可以以較低的直接費用或免費獲得高品質的面對面護理服務。雇主可以從降低醫療保健支出和改善治療效果中受益。醫療服務提供者可以獲得更簡化的工作流程、更快的付款速度和更精準的患者轉診。我們的健康計畫合作夥伴尤其令人興奮的是，他們能夠將現有的網路與 HingeSelect 結合，以更低的成本為會員創造更好的體驗。

We are starting with a limited pilot in late 2025, which we expect to be followed by a broader launch in 2026. We've already secured contracts with providers across more than 2,100 locations as of the end of Q2, with many more being signed in Q3 to date. We have several large early client adopters.

我們將於 2025 年底開始進行有限的試點，預計隨後將於 2026 年全面推出。截至第二季末，我們已經與超過 2100 個地點的供應商簽訂了合同，第三季度至今已簽署了更多合約。我們擁有幾家大型早期客戶。

While we don't expect meaningful revenue impact until 2027, HingeSelect represents an important opportunity to improve member outcomes and client ROI while increasing yields and adding a high-margin revenue stream for us, as we'll recognize a percentage of the medical claims as net revenue. We're incredibly excited about this new offering and its potential to allow us to deliver end-to-end care in MSK.

雖然我們預計到 2027 年才會產生實質的收入影響，但 HingeSelect 代表著一個重要的機會，可以改善會員的健康狀況和客戶的投資回報率，同時提高收益，並為我們增加高利潤的收入來源，因為我們將確認一部分醫療索賠為淨收入。我們對這項新服務及其在肌肉骨骼疾病領域提供端到端護理的潛力感到無比興奮。

With that, I'll hand over to Jim Pursley, our President, to discuss our commercial updates.

接下來，我將把發言權交給我們的總裁吉姆·珀斯利，讓他來談談我們的商業最新進展。

Thank you, Dan, and thanks, everyone, for joining. I'm excited to share our commercial progress and market momentum with you all today.

謝謝丹，也謝謝大家的參與。今天我很高興與大家分享我們的商業進展和市場動能。

Our value proposition continues to resonate strongly with clients as evidenced by our consistently high client retention rates. As a reminder, we operate on an enterprise-focused subscription software model, where we only generate revenue when members actively engage with our platform. This alignment of interest has proven particularly compelling for employers seeking to optimize their healthcare spend while enhancing employee benefits. We have developed an efficient go-to-market model by working directly with our partners and clients. Our clients are primarily self-insured employers and include many of the nation's leading enterprises across a broad range of industries and sizes.

我們的價值主張持續受到客戶的強烈認可，我們始終保持著很高的客戶留存率就證明了這一點。再次提醒，我們採用的是以企業為中心的訂閱軟體模式，只有當會員積極使用我們的平台時，我們才能產生收入。這種利益一致性對於希望優化醫療保健支出並提高員工福利的雇主來說尤其具有吸引力。我們透過與合作夥伴和客戶直接合作，開發出高效率的市場推廣模式。我們的客戶主要是自保雇主，其中包括全國各行各業、各種規模的眾多領導企業。

Within this segment, we also serve many public sector self-insured employers such as state, local, and city governments and labor unions. In most instances, we partnered with the clients' health plans, TPAs, PBMs, or other ecosystem partners to reduce the friction of contracting, procurement, security and IT reviews, implementation, and billing. As of the end of Q2, we had over 50 partners, including the five largest national health plans and the top three PBMs.

在這個領域，我們也為許多公部門自保雇主提供服務，例如州、地方和市政府以及工會。在大多數情況下，我們與客戶的健康計劃、第三方管理機構 (TPA)、藥品福利管理機構 (PBM) 或其他生態系統合作夥伴合作，以減少合約簽訂、採購、安全和 IT 審查、實施和計費方面的摩擦。截至第二季末，我們擁有超過 50 個合作夥伴，其中包括五大國家健康計畫和三大藥品福利管理機構 (PBM)。

We're also in the early stages of expanding to serve health plans, fully insured and Medicare advantage populations as well as federal insurance plans. We've seen good traction in these segments over the past couple of years.

我們也正處於拓展業務的早期階段，旨在為健康計劃、全額保險和聯邦醫療保險優勢計劃人群以及聯邦保險計劃提供服務。過去幾年，我們在這些領域都看到了良好的發展動能。

Before diving into our key priorities, I want to remind everyone about our typical sales cycle. The majority of our clients enter contracts with us in the second half of each calendar year, aligning with typical employee benefit enrollment periods. Most of these clients then launched in the first half of the following calendar year. This creates a natural rhythm to our business where the first half focused on launching new clients and building pipeline, while the second half represents our peak sales season.

在深入探討我們的關鍵優先事項之前，我想提醒大家我們典型的銷售週期。我們的大多數客戶都在每個日曆年的下半年與我們簽訂合同，這與典型的員工福利登記期相吻合。這些客戶中的大多數都在隔年上半年推出了產品。這為我們的業務創造了一種自然的節奏，上半年專注於開發新客戶和建立銷售管道，而下半年則是我們的銷售旺季。

Given that, the first half of 2025 has been focused on two key priorities: successfully launching our clients won in 2024 and building a robust pipeline for the second half of the year. I'm pleased to report strong execution on both fronts.

有鑑於此，2025 年上半年我們將重點放在兩個關鍵優先事項：成功推出我們在 2024 年贏得的客戶，並為下半年建立強大的業務管道。我很高興地報告，這兩個方面都取得了良好的執行效果。

Our new client launches have exceeded expectations with eligible lives coming in higher than anticipated, which contributed to our financial outperformance this past quarter. Our sales momentum is equally encouraging. We've signed more lives in the first half of 2025 and in the first half of 2024. We had 2,359 clients contracted as of the end of Q2, up 32% compared to Q2 2024. On the competitive front, we're feeling as confident as ever. Our win rate remains strong and has increased year over year.

我們新客戶的加入超出了預期，符合條件的客戶數量高於預期，這促成了我們上個季度的財務表現優異。我們的銷售動能同樣令人鼓舞。我們在 2025 年上半年和 2024 年上半年都簽下了更多合約。截至第二季末，我們已與 2359 位客戶簽訂了合同，比 2024 年第二季度增長了 32%。在競爭方面，我們一如既往地充滿信心。我們的勝率依然強勁，並且逐年提高。

While early in the sales season, looking at our 2025 wins, we're seeing particularly robust growth in our large employer enterprise and public sector segments. Our fully insured and federal programs are also showing promising momentum.

雖然銷售季才剛開始，但從我們 2025 年的訂單來看，我們在大型雇主企業和公共部門領域的成長尤為強勁。我們的全額保險和聯邦計畫也展現出良好的發展勢頭。

Recently, we validated our value proposition in the fully insured space through a new ROI study. This study analyzed medical claims data from nearly 4,800 health plan members and was validated by Gallagher, a leading global insurance brokerage, risk management, and consulting firm. It showed an average savings of $2,343 per member per year and a 2.4 times return on investment. .

最近，我們透過一項新的投資報酬率研究驗證了我們在全額保險領域的價值主張。這項研究分析了近 4,800 名健康計畫成員的醫療索賠數據，並得到了全球領先的保險經紀、風險管理和諮詢公司 Gallagher 的驗證。數據顯示，每位成員每年平均可節省 2,343 美元，投資報酬率為 2.4 倍。。

The study found meaningful cost savings from reduced utilization across the spectrum of healthcare services, including injections, physical, or occupational therapy, with the majority of claims reduction, 44% coming from avoided surgeries. This becomes our fifth large-scale claims-based study, further reinforcing the significant value our platform delivers.

研究發現，透過減少醫療保健服務（包括注射、物理或職業療法）的使用，可以顯著節省成本，其中大部分索賠減少（44%）來自避免手術。這成為我們的第五項大規模索賠研究，進一步鞏固了我們平台所提供的巨大價值。

This past quarter, we also significantly expanded our programs reach across Europe and launched in five new countries: the United Kingdom, France, the Netherlands, Ireland, and Germany, building upon our existing presence in Canada. In each of these markets, we've met Europe's strict privacy and regulatory requirements, launching as a Class I medical device.

上個季度，我們也大幅擴大了我們在歐洲的專案覆蓋範圍，並在五個新國家推出了專案：英國、法國、荷蘭、愛爾蘭和德國，鞏固了我們在加拿大的現有業務。在這些市場中，我們都滿足了歐洲嚴格的隱私和監管要求，並以 I 類醫療器材的身份推出產品。

As a reminder, we're currently focusing on US-based multinational corporations with employees abroad, rather than building separate sales and care teams in these countries. This approach helps us better serve large corporations with global workforces. In the future, we expect to work with payers directly in those countries.

再次提醒，我們目前專注於總部位於美國的跨國公司，這些公司在海外設有員工，而不是在這些國家建立單獨的銷售和客戶服務團隊。這種方法有助於我們更好地服務擁有全球員工隊伍的大型企業。未來，我們希望直接與這些國家的支付方合作。

As we look ahead to the second half of 2025, we believe we are well positioned to capitalize on our strong sales pipeline and continue our growth trajectory. The combination of our proven ROI, enhanced product offerings, and expanding market reach gives us confidence in our ability to maintain our leadership position in the MSK care space. We're now entering the height of our sales season and the next two quarters will be important in shaping our 2026 performance.

展望 2025 年下半年，我們相信我們已做好充分準備，利用我們強大的銷售管道，繼續保持成長勢頭。我們已證明的投資回報率、增強的產品供應和不斷擴大的市場覆蓋範圍，使我們有信心保持我們在肌肉骨骼護理領域的領先地位。我們現在正進入銷售旺季，接下來的兩個季度對於塑造我們 2026 年的業績至關重要。

While the momentum is encouraging, it's still early, and we remain focused on disciplined execution and converting our pipeline into contracted lives.

雖然目前的勢頭令人鼓舞，但現在還為時過早，我們仍將專注於嚴謹的執行，並將我們的潛在客戶轉化為實際簽約客戶。

Now, I'll turn it over to James, our CFO.

現在，我將把麥克風交給我們的財務長詹姆斯。

Thank you, Jim. Before digging into the numbers, let me start by reminding everyone about our billings model, which is driven by three key components: eligible lives; yield, which is our conversion rate of eligible lives to active members; and average price per member. I'm pleased to report strong performance across all three of these components this quarter, resulting in strong billings.

謝謝你，吉姆。在深入探討具體數字之前，讓我先提醒大家一下我們的計費模式，該模式由三個關鍵組成部分驅動：符合條件的會員人數；收益率，即符合條件的會員人數轉化為活躍會員的轉換率；以及每位會員的平均價格。我很高興地報告，本季度這三個組成部分均表現強勁，從而帶來了強勁的帳單收入。

Our last 12 months calculated billings reached $568 million, representing a 55% year-over-year growth compared to $368 million in the prior year. This outperformance was driven by higher-than-expected eligible lives across our client base and stronger-than-expected member yields. Average prices are coming in about as expected.

我們過去 12 個月的帳單金額達到 5.68 億美元，與前一年的 3.68 億美元相比，年增 55%。這一優異表現得益於我們客戶群中符合資格的人數高於預期，以及會員收益率高於預期。平均價格基本上符合預期。

On the live side, we saw higher-than-expected numbers from both new client launches and organic growth within our existing client base.

在實際業務方面，無論是新客戶的加入或現有客戶群的自然成長，我們都看到了高於預期的數字。

For yield, we saw improvements in both newly launched and legacy clients. Our broad and targeted marketing campaigns performed well, and we're seeing particular strength in our newly diversified channels. As an example, one of several of our product-led growth initiatives doubled conversions year over year in the first half of 2025 for that specific channel.

在收益率方面，我們看到新推出的客戶和老客戶都取得了進步。我們廣泛且有針對性的行銷活動效果良好，尤其是在我們新拓展的多元化管道中，表現特別強勁。例如，我們幾項以產品為主導的成長計畫之一，在 2025 年上半年，該特定通路的轉換率年增了一倍。

Regarding the average price, we are now two quarters into our new utilization-based pricing model and are seeing strong evidence supporting ASP parity with our previous model, and we remain optimistic on the upside potential of this new model. About 40% of our eligible lives opted for the new pricing model by the end of Q2.

關於平均價格，我們新的基於使用量的定價模式已經實施了兩個季度，並且有強有力的證據表明，新模式的平均售價與我們之前的模式持平，我們對這種新模式的上漲潛力仍然保持樂觀。到第二季末，約有 40% 的符合條件的客戶選擇了新的定價模式。

Our billings momentum translated into revenue of $139 million for Q2, representing 55% growth compared to $90 million in the same quarter last year. Our non-GAAP gross margin improved to 83% from 77% last year, driven by operational efficiencies across our care team, hardware, infrastructure costs and the successful mitigation of tariff risks. We saw meaningful leverage across all three operating expense categories as we continue to scale.

第二季度，我們的帳單成長動能轉化為 1.39 億美元的收入，與去年同期的 9,000 萬美元相比成長了 55%。由於護理團隊營運效率的提高、硬體、基礎設施成本的降低以及關稅風險的成功規避，我們的非GAAP毛利率從去年的77%提高到83%。隨著我們規模的不斷擴大，我們在所有三個營運費用類別中都看到了顯著的槓桿效應。

On a non-GAAP basis, sales and marketing expenses as a percentage of revenue decreased to 36% from 48% in the prior-year period. We benefited from strong marketing efficiency driven by favorable channel dynamics, lower-than-expected acquisition costs, and strong conversion rates across our funnel.

以非GAAP準則計算，銷售和行銷費用佔收入的百分比從去年同期的48%下降至36%。我們受惠於良好的通路動態帶來的高效行銷、低於預期的獲客成本以及整個銷售漏斗中強勁的轉換率。

Research and development expenses declined to 16% of revenue from 27% last year, while G&A expenses improved to 12% from 18% in the prior year period despite increased costs to operate as a public company. This translated to our non-GAAP operating margin reaching 19%, a significant improvement from negative 16% in Q2 2024, reflecting continued discipline across all operating units. We've leaned into utilizing various AI tools as an organization, particularly within R&D, which is helping us become more efficient while maintaining headcount.

研發費用佔收入的比例從去年的 27% 下降到 16%，而儘管作為一家上市公司營運成本增加，但一般及行政費用佔收入的比例從上年同期的 18% 改善到 12%。這意味著我們的非GAAP營業利潤率達到19%，較2024年第二季的-16%有了顯著改善，反映出所有營運部門持續的自律。我們公司一直在積極利用各種人工智慧工具，尤其是在研發領域，這有助於我們在保持人員規模不變的情況下提高效率。

Our free cash flow was $33 million, which represents a free cash flow margin of over 23% compared to 16% in Q2 2024. This increase was driven by our strong billings growth, an improvement in our collections operations, and improved operating efficiency.

我們的自由現金流為 3,300 萬美元，自由現金流利潤率超過 23%，而 2024 年第二季為 16%。這一增長得益於我們強勁的帳單成長、收款業務的改善以及營運效率的提高。

We ended the quarter with $415 million in cash and investments, down from $473 million at the end of Q1, primarily due to IPO-related activities, which were partially offset by the $33 million of free cash flow generation. As a reminder, our IPO offering was a mix of secondary shares and primary shares, where we used the primary share proceeds of the IPO to pay withholding taxes on our RSU settlements.

本季末，我們的現金和投資為 4.15 億美元，低於第一季末的 4.73 億美元，主要原因是 IPO 相關活動，但部分被 3,300 萬美元的自由現金流所抵銷。提醒一下，我們的 IPO 發行包括二級市場股票和一級市場股票，我們利用 IPO 的一級市場股票收益來支付 RSU 結算的預扣稅。

We ended Q2 with 95 million fully diluted shares, inclusive of the outstanding preferred stock. The weighted average share count for non-GAAP purposes this quarter is not a meaningful indicator given the timing and impact of our IPO.

第二季末，我們擁有 9,500 萬股完全稀釋後的股份，其中包括已發行的優先股。鑑於我們首次公開募股的時間和影響，本季非GAAP準則下的加權平均股份數量並不有意義。

These Q2 results reflect the fundamental strength of our business model and our ability to drive both growth and operational efficiency. As we look forward, based on our strong first-half performance, I'm pleased to announce our financial expectations for both the third quarter and full year 2025. For Q3 2025, we expect revenue to be between $141 million and $143 million, representing 41% year-over-year growth at the midpoint. For the full year 2025, we expect revenue to be between $548 million and $552 million, also reflecting 41% year-over-year growth at the midpoint. We expect non-GAAP income from operations to be between $17 million and $21 million for Q3 or a 13% operating margin at the midpoint and between $77 million and $83 million for the full year 2025, or a 15% operating margin at the midpoint.

第二季業績反映了我們商業模式的根本優勢以及我們推動成長和提高營運效率的能力。展望未來，基於我們上半年的強勁表現，我很高興地宣布我們對 2025 年第三季和全年的財務預期。我們預計 2025 年第三季的營收將在 1.41 億美元至 1.43 億美元之間，其中數值表示年增 41%。我們預計 2025 年全年營收將在 5.48 億美元至 5.52 億美元之間，其中數值也反映出年增 41%。我們預計第三季非GAAP營業收入將在1,700萬美元至2,100萬美元之間，中位數為13%；2025年全年營業收入將在7,700萬美元至8,300萬美元之間，中位數為15%。

This guidance reflects continued operating efficiencies across the board. That said, we plan to lean into our first-half momentum by reinvesting in HingeSelect and sales and marketing to further drive strong top-line growth, especially with a significant number of lives still left to close. These improved expectations are primarily driven by the strength we saw in the first half, particularly in eligible lives, performance, and yield improvements. While we're seeing strong traction on both metrics, the performance has been driven more by higher-than-expected launched eligible lives, and we're confident in our ability to maintain this momentum.

此指導意見反映了各方面營運效率的持續提升。也就是說，我們計劃利用上半年的良好勢頭，對 HingeSelect 以及銷售和行銷進行再投資，以進一步推動強勁的營收成長，尤其是還有大量交易尚未完成。這些改善的預期主要源自於我們上半年看到的強勁表現，尤其是在符合資格的人群、績效和收益改善方面。雖然我們在兩項指標上都看到了強勁的成長勢頭，但業績的提升更多是由於符合條件的新增用戶數量高於預期，我們有信心保持這一增長勢頭。

As we look to the second half of the year, it's important to remind everyone that we face more challenging year-over-year comparisons due to last year being unusually back-end weighted in terms of billings with its corresponding revenue distribution across the year. The fourth quarter of 2024 was particularly strong due to effective product and marketing initiatives we launched at that time. Q4 traditionally sees lower member conversion rates versus the first three quarters due to the holiday season slowdown, so we typically deploy fewer member touch points during this period.

展望下半年，需要提醒大家的是，由於去年帳單金額異常偏向後端，導致全年收入分佈不均，因此我們面臨更具挑戰性的同比比較。由於我們當時推出了有效的產品和行銷舉措，2024 年第四季業績尤為強勁。由於假期季節的淡季，第四季度的會員轉換率通常低於前三個季度，因此我們通常會在此期間減少與會員的接觸點。

We've aimed to be thoughtful about our guidance, taking into account market conditions, including recent developments and tariffs and the associated market exposure. What's particularly compelling about our business model is its resilience across economic cycles. During challenging economic times, we typically see increased demand as employers look to control costs through our proven ROI model. Conversely, when the economy is strong, our platform may serve as a key tool for employee retention and satisfaction.

我們在製定指導方針時力求深思熟慮，充分考慮了市場狀況，包括近期發展和關稅以及相關的市場風險。我們商業模式最引人注目之處在於它能夠適應各種經濟週期。在經濟情勢嚴峻時期，我們通常會看到需求增加，因為雇主希望透過我們成熟的投資報酬率模型來控製成本。反之，當經濟狀況良好時，我們的平台可以成為提高員工留任率和滿意度的關鍵工具。

In terms of shares outstanding, our diluted weighted average shares should normalize with our fully diluted share count in Q3. We're anticipating a range of 95 million to 96 million shares by the end of Q3, which includes the outstanding preferred shares.

就流通股數量而言，我們的稀釋加權平均股數應在第三季與完全稀釋股數恢復正常水準。我們預計到第三季末，流通股數將達到 9,500 萬股至 9,600 萬股，其中包括已發行的優先股。

Finally, as a reminder, our IPO lockup has a 90-day post-lock-up provision that allows for the release of up to approximately 2 million shares if the price has exceeded 120% of the IPO price for a certain period. Given the current trading dynamics, we are likely to hit this threshold, with the additional 2 million shares becoming free to trade on August 19, 2025. We intend to announce our early lock-up release on a Form 8-K, and these shares are held by our employees and service providers and exclude directors and officers.

最後提醒一下，我們的 IPO 鎖定期包含一項 90 天的鎖定期後條款，如果股價在一定時期內超過 IPO 價格的 120%，則允許釋放最多約 200 萬股股票。鑑於目前的交易動態，我們很可能達到這一門檻，額外的 200 萬股將於 2025 年 8 月 19 日開始自由交易。我們計劃透過 8-K 表格宣布提前解除禁售狀態，這些股份由我們的員工和服務提供者持有，不包括董事和高階主管。

With that, thank you, all, for joining. We remain confident in our business trajectory and look forward to sharing more updates in future quarters.

最後，感謝各位的參與。我們對公司的發展前景依然充滿信心，並期待在未來幾季與大家分享更多最新進展。

I'll now turn it back over to Dan to wrap it up.

現在我把話題交還給丹，讓他來總結一下。

Thank you, James. Before we open the call for questions, I want to emphasize why we're optimistic about Hinge Health's future. Our business fundamentals, reputation with our clients, and member experience have never been stronger, with exceptional progress across the board for the first half of this year. Our product innovation continues to accelerate, including TrueMotion, where we launched a ton of new exercises; our AI-driven efficiencies; and the announcement of our high-performance in-person network, HingeSelect. These advancements, combined with our strong commercial execution and free cash flow gives us confidence to continue playing offense.

謝謝你，詹姆斯。在正式開始提問環節之前，我想先強調我們為什麼對 Hinge Health 的未來充滿信心。今年上半年，我們的業務基本面、客戶聲譽和會員體驗都達到了前所未有的高度，各方面都取得了顯著進步。我們的產品創新持續加速，包括 TrueMotion（我們推出了大量新的鍛鍊項目）、人工智慧驅動的效率提升，以及高效能線下網路 HingeSelect 的發布。這些進步，加上我們強大的商業執行力和自由現金流，使我們有信心繼續採取進攻策略。

What truly excites me is that we are just beginning to scratch the surface of our potential. The MSK market represents our initial focus, but our vision extends far beyond. We're building a new healthcare system that leverages technology to automate care delivery itself, transforming the member experience, improving member outcomes, and reducing costs for clients.

真正讓我興奮的是，我們才剛開始挖掘自身的潛力。MSK市場是我們最初的關注重點，但我們的視野遠不止於此。我們正在建立一個全新的醫療保健系統，利用科技實現醫療服務自動化，從而改變會員體驗，改善會員療效，並降低客戶成本。

The success we've demonstrated in PT itself, a $70 billion market, we believe, provides a lot of runway and a blueprint for potentially automating other areas of healthcare delivery in the future.

我們相信，我們在價值 700 億美元的 PT 市場中取得的成功，為未來其他醫療保健領域的自動化提供了廣闊的空間和藍圖。

As I mentioned in my IPO letter, healthcare remains one of our economies last redoubts of manual labor. We have a century of work ahead of us in applying technology to automate care delivery itself and we're moving with urgency to capture this opportunity. We believe that our double-walled moat combining technology, innovation with preferred access to clients provide us with a strong foundation for sustained long-term growth.

正如我在IPO信中所提到的，醫療保健仍然是我們經濟體中體力勞動最後的堡壘之一。在利用科技實現醫療服務自動化方面，我們還有長達一個世紀的工作要做，我們正在爭分奪秒地抓住這個機會。我們相信，我們結合技術、創新和優先接觸客戶的雙重優勢，為我們持續的長期成長奠定了堅實的基礎。

Now, while we're proud of our quarterly results, we have a lot of work ahead. Healthcare is hard, but we have the team, the technology, and the stamina to realize our vision of automating a delivery of care.

雖然我們對季度業績感到自豪，但我們還有很多工作要做。醫療保健產業很艱難，但我們擁有團隊、技術和毅力來實現我們自動化醫療服務交付的願景。

With that, I'll turn it over to Bianca for Q&A.

接下來，我將把問答環節交給比安卡。

Thank you, Dan. Operator, we're now ready to open the line for questions.

謝謝你，丹。接線員，我們現在可以開始接受提問了。

(Operator Instructions) Saket Kalia, Barclays.

（操作說明）Saket Kalia，巴克萊銀行。

Okay, great. Hey, guys. Can you hear me okay?

好的，太好了。嘿，夥計們。你聽得清楚我說話嗎？

Yeah.

是的。

Awesome. Thanks for taking my questions, and congrats on your first quarter as a public company.

驚人的。感謝您回答我的問題，並祝賀貴公司上市後的第一個季度業績順利完成。

Thank you, Saket.

謝謝你，薩凱特。

Absolutely. Dan, maybe for you, just to start off. I think one of the important channels that you have here is the health plans and PBMs, as you referred to in your prepared remarks. Maybe the question is, what are you hearing from them about sort of casting a wide net to their end customers in MSK?

絕對地。丹，或許對你來說，這只是個開始。我認為你們這裡的重要管道之一是健康計畫和藥品福利管理機構（PBM），正如你們在準備好的演講稿中所提到的。或許問題在於，你從他們那裡聽到了什麼關於在 MSK 領域廣泛接觸終端客戶的消息？

And also, what they're thinking about as they think about other sort of -- other products outside of MSK in physical therapy from Hinge, that is?

還有，當他們考慮Hinge提供的MSK物理治療產品以外的其他產品時，他們在想些什麼呢？

Great question. So look, when a health plan approves one of our products, they go through like an 18- to 24-month evaluation process, and they look at all the other digital MSK solutions out there on the market. And so the fact that 50-plus partners have selected us as their preferred partner, most of them as their preferred partner, shows that we are consistently performing above anybody else within digital MSK because they are so methodical and so thoughtful and so thorough in their evaluation process.

問得好。所以你看，當一家健康保險公司批准我們的一款產品時，他們會經歷一個長達 18 到 24 個月的評估過程，並且他們會考察市場上所有其他的數位肌肉骨骼解決方案。因此，超過 50 家合作夥伴選擇我們作為他們的首選合作夥伴，其中大多數選擇我們作為他們的首選合作夥伴，這表明我們在數位 MSK 領域一直表現得優於其他任何人，因為他們在評估過程中非常有條理、非常周到、非常徹底。

And so when they do select us is frankly because they believe in the outcomes we're driving, the experience, and especially in our ROI. And so when they bring us to their self-insured book, it is because of that belief, and they believe their book of business will benefit from our product.

因此，他們選擇我們，坦白說是因為他們相信我們所取得的成果、我們的體驗，尤其是我們的投資報酬率。因此，當他們把我們介紹給他們的自保業務時，正是出於這種信念，他們相信他們的業務會從我們的產品中受益。

Now, we at Hinge Health, we take that trust very seriously. And as we develop new products, we're able to leverage these relationships that we have, but we still have to demonstrate. We are improving outcomes, the experience, and reducing costs with any single one of these products that we bring to market.

現在，在Hinge Health，我們非常重視這份信任。隨著我們開發新產品，我們可以利用我們已有的這些關係，但我們仍然需要證明這一點。我們推出的每一款產品都在改善產品效果、提升使用者體驗並降低成本。

But the fact is we have a track record of doing just that. And that's earned us a lot of trust with our health partners and a lot of credibility with employer customers when our -- when one of our health plan partners brings us to an employer, they know, oh, actually, I've been speaking to my peer at this other company, they've deployed Hinge, we'd love to bring this on as well, and it makes our health plan partners look good. And again, we had a 98% logo retention in 2024. So we have a track record of building products to truly deliver the triple aim. It's earned us that trust. And because we have an intellectually honest approach to our product development.

但事實上，我們在這方面一直都有良好的記錄。這為我們贏得了醫療夥伴的信任，也為我們贏得了雇主客戶的信任。當我們的醫療計劃合作夥伴向雇主介紹我們時，雇主會說：「哦，實際上，我和另一家公司的同行談過，他們已經部署了 Hinge，我們也想引入它。」這讓我們的醫療計劃合作夥伴看起來很出色。2024 年，我們的標誌保留率再次達到 98%。因此，我們有打造真正實現三重目標的產品的成功經驗。這為我們贏得了這份信任。因為我們秉持著誠實嚴謹的學術態度進行產品開發。

We will only sell products that we believe work and our health plan partners appreciate that. Our employer customers appreciate that. We're going to keep it up. We're very excited to surprise you with some of the new products that we'll be landing in 2026.

我們只會銷售我們認為有效的產品，我們的醫療保險合作夥伴也對此表示讚賞。我們的雇主客戶對此表示讚賞。我們會繼續努力。我們非常興奮地向大家介紹一些將於 2026 年推出的新產品。

That's great to hear and definitely look forward to it. James, maybe for my follow-up for you. Can you just talk a little bit about that new pricing model? Just remind us how different is it compared to sort of our traditional pricing model? And what impact or opportunity does it maybe have as we think about that becoming more prevalent?

聽到這個消息真是太好了，我非常期待。詹姆斯，或許我可以跟進一下。能簡單談談這個新的定價模式嗎？請您提醒我們一下，它與我們傳統的定價模式有何不同？如果這種情況變得越來越普遍，它可能會帶來怎樣的影響或機會？

Yeah. Thanks, Saket. Let me just give you a couple of details and then I think Dan might want to just add in a few bits and pieces here as well. So just as a reminder, we're at about -- by the end of Q2, about 40% of our clients have moved to the new pricing model rather than an upfront fee that gets amortized over time. It's more of a pay-as-you-go with a platform fee upfront. So a lot of our clients have opted to go that direction. I think it will even get a little bit higher than 40% over the coming two to three quarters.

是的。謝謝你，薩凱特。我先簡單介紹一下，然後我覺得丹可能也想在這裡補充一些內容。再次提醒大家，截至第二季末，約有 40% 的客戶已轉向新的定價模式，而不是預付費用隨時間攤銷。它更像是按需付費模式，外加預付平台費。因此，我們的許多客戶都選擇了這條路。我認為在接下來的兩到三個季度裡，這個數字甚至會略高於 40%。

And on the pricing side of the ASP, it's about at parity right now through the first half of the year, and we expect that to continue as we move through the balance of the year.

就平均售價而言，今年上半年基本上保持持平，我們預計這種情況將在今年餘下的時間裡持續下去。

Yeah. And I'd say, Saket, there's really -- historically there's been two sides to our growth coin. It is adding lives that is increasing the amount of people who have access to our product. And the second bit is increasing the enrollment from those lives that have access to the product.

是的。薩克特，我想說，從歷史上看，我們的成長就像一枚硬幣的兩面。正是因為增加了人們的生活，才使得更多的人能夠使用我們的產品。第二點是增加那些能夠接觸到該產品的人的參與度。

To date, ASP has not been a meaningful contributor to our growth as it's been flat. With this new pricing model, it can be. First things first, though, the new pricing model means we're much more accountable for delivering a product that engages our members is delightful and, of course, improves outcomes and reduces cost. This year, we are focused on a flat ASP as we continue to deliver, and last year, we had record engagement in the first half of this year. Again, we had record engagement on a per member basis. It will allow us to earn the right to have a higher ASP, and we like betting on ourselves.

迄今為止，平均售價並未對我們的成長做出實質貢獻，因為它一直保持穩定。採用這種新的定價模式，就可以實現。不過，首先，新的定價模式意味著我們更有責任提供能夠吸引會員、令人愉悅的產品，當然，還要改善結果並降低成本。今年，我們專注於保持平均售價不變，同時繼續提供優質服務。去年上半年，我們的用戶參與度創下歷史新高。同樣，我們的會員人均參與度也創下了新高。這將使我們有資格獲得更高的平均售價，而我們喜歡相信自己。

Very clear. Thanks, guys.

非常清楚。謝謝各位。

Brad Sills, Bank of America.

布拉德·西爾斯，美國銀行。

Hey, guys. Can you hear me okay?

嘿，夥計們。你聽得清楚我說話嗎？

Yes.

是的。

Okay. Wonderful. Thanks, guys, and congratulations on a nice quarter out of the gate here post the IPO. I guess, Daniel, when you kind of step back here and you take a look at what drove the upside in eligible lives, what would you attribute that to?

好的。精彩的。謝謝各位，恭喜你們在IPO後的第一個季度取得了不錯的成績。我想，丹尼爾，當你退後一步，審視一下符合條件的人群數量上升的原因時，你會把這歸因於什麼呢？

And I guess the same question on yield. Just taking a step back, it sounds like new customer signings was good. Expansions were good within the existing customer base. But I guess, what are the underlying drivers here that you would say on the demand side or the product side?

我想，收益率方面也存在著同樣的問題。簡單來說，新客戶簽約情況似乎不錯。在現有客戶群中，業務擴張取得了良好成效。但我想問的是，您認為從需求端或產品端來看，這裡的根本驅動因素是什麼？

Sure, but I'll let Jim take the first part of the question around what's driving our increased lives above expectations, and I'll take the second part around our increased enrollment deals.

當然可以，但關於是什麼因素推動我們的生活超出預期，這個問題的第一部分將由吉姆來回答，而關於招生優惠增加的問題的第二部分將由我來回答。

Yeah. I think first and foremost, the strength of our product, the investments that we've made in product. Again, as you heard Dan mention earlier, a delightful experience that's driving both clinical outcomes and a measurable ROI, I think, is really the backbone of that lives growth. Things like offering choice in the engagement pricing model as well as new product offerings that we've rolled out has also been very attractive and well received by the market. And so I think that really is the underpinning of the new lives growth.

是的。我認為首先也是最重要的是，我們產品的實力，以及我們在產品上所做的投資。正如你之前聽到丹提到的那樣，令人愉悅的體驗能夠推動臨床結果和可衡量的投資回報率，我認為，這才是生命成長的真正支柱。提供靈活的互動定價模式以及我們推出的新產品等措施也極具吸引力，並受到了市場的熱烈歡迎。所以我認為這才是新生命成長的真正基礎。

And by the way, with regards to the new life growth, our win rate remains exceptionally high, and we're in an overwhelming majority of head-to-head deals that we have with others and our health plan partners, TPA, and pharmacy benefit managers still make us the easiest we believe to be the easiest solution to buy for enterprise customers, and that's really been reinforced.

順便說一下，關於新業務成長，我們的成交率仍然非常高，而且在我們與其他公司、健康計劃合作夥伴、第三方管理機構和藥房福利管理機構的絕大多數直接交易中，我們仍然認為我們是企業客戶最容易購買的解決方案，這一點也得到了進一步的證實。

Now, with regard to enrollment yields, our member enrollment age is one of our secret sauces. One of the most important capabilities that digital health company needs to build, and we leverage various amounts of proprietary data we have access to and coupled this with quite a bit of predictive analytics, and just a best-in-class consumer-grade growth techniques, and we're constantly experimenting and refining our targeted enrollment as well as our conversion methods.

至於招生收益，我們的會員註冊年齡是我們成功的秘訣之一。數位醫療公司需要建構的最重要能力之一，就是利用我們能夠獲得的各種專有數據，並結合大量的預測分析和一流的消費級成長技術，我們不斷試驗和改進我們的目標註冊和轉換方法。

And we had a ton of wins this quarter. And so it's not just one initiative, which we like. It's a combination of a bunch of singles and doubles that we're able to land, none of which are -- or many of which are not yet done in their -- or fully optimized.

我們這個季度贏了很多場比賽。所以這不僅僅是一項舉措，我們很樂意看到這一點。這是由許多單打和雙打組合而成的，我們能夠完成這些動作，但其中沒有一個——或者說很多——已經完成——或者完全優化。

And that's how we like to have a portfolio approach of many different ways to build awareness within our member base so that more and more people start enrolling in Hinge and remain engaged with us over a longer period of time.

因此，我們喜歡採用多種不同的方式組合策略，以提高會員群體對我們的認知度，從而讓越來越多的人開始註冊 Hinge，並在更長的時間內與我們保持互動。

Super exciting. Thank you very much. Maybe one more follow-up, if I could, James, for you, please. You alluded to some efficiency gains here on the AI side and the developer with developer productivity. Would love it if you could elaborate a little bit there. Where are you applying AI? And what does that mean for the future cadence of release here as you guys look forward to the road map?

太棒了！非常感謝。詹姆斯，如果可以的話，我或許可以再給你一個後續問題。您提到人工智慧方面和開發人員的生產力方面都取得了一些效率提升。如果你能再詳細解釋一下就太好了。你們在哪些領域應用了人工智慧？那麼，對於你們即將看到的路線圖而言，這對未來的發布節奏意味著什麼？

Yeah. Maybe just to reinforce some of the numbers we shared down to 16% of revenue, which is almost at our target model for where we want our R&D spend to go. And yes, AI has certainly been a big story behind that. As far as some of the initiatives, I'll let Dan kick in on that one.

是的。也許只是為了強調我們分享的一些數據，研發支出佔收入的比例已經降至 16%，幾乎達到了我們希望研發支出達到的目標水準。沒錯，人工智慧無疑是這背後的重要因素。至於一些具體舉措，就讓丹來談談吧。

Yeah. And so we are making an incumbent on every team at Hinge Health to apply AI to improve their efficiency, not just in R&D, but in finance, in our HR team, in our operations team and our customer support across the board, and some teams simply have more mature AI tools with which to avail themselves with.

是的。因此，我們要求 Hinge Health 的每個團隊都必須應用人工智慧來提高效率，不僅在研發領域，而且在財務、人力資源團隊、營運團隊和客戶支援等各個領域也是如此。有些團隊擁有更成熟的人工智慧工具可供使用。

And certainly, R&D team, I mean, it is a new dawn right now when it comes to building product particularly tech-enabled products and things are moving faster than even we anticipated 12, 18 months ago. And so me and my co-founder, Gabe, we are hands on, particularly Gabriel. He has taken the wheel as my co-founder, and he is driving personally from the founder level AI adoption across our R&D organization, and we are measuring how many of our engineers are using AI tools to build their products.

當然，研發團隊，我的意思是，現在正是產品開發，特別是技術賦能型產品開發的新時代，發展速度甚至比我們 12、18 個月前預期的還要快。所以我和我的共同創辦人 Gabe 都親力親為，尤其是 Gabriel。作為我的共同創辦人，他親自掌舵，從創辦人層面推動人工智慧在我們整個研發組織中的應用，我們正在衡量有多少工程師正在使用人工智慧工具來建立他們的產品。

We are having trainings with our PMs and our designers to ensure they are adopting AI products. And it's meant that just across the board in R&D, we are shipping faster at a higher quality and landing on the target more and more frequently. And it's really exciting because when you could ship more, you could take more risks, and you could take more shots on goal, and that should be benefiting the entire funnel, both top of the funnel from enrollment through engagement and reengagement, so we're very excited. But it's not just that, where AI is driving efficiency.

我們正在對產品經理和設計師進行培訓，以確保他們能夠採用人工智慧產品。這意味著在研發的各個方面，我們的產品交付速度更快，品質更高，並且越來越頻繁地達到目標。這真的很令人興奮，因為當你能夠交付更多產品時，你就可以承擔更多風險，可以嘗試更多目標，這應該會使整個銷售漏斗受益，包括漏斗頂部的註冊、參與和再參與，所以我們非常興奮。但人工智慧提升效率的途徑遠不止於此。

The other big area of domain where there's a lot of low-hanging fruit outside of just developer efficiency is in our care team efficiency. And so we are applying a lot of brain cells towards putting our AI tooling in place for our care team because what's exciting about that is that we could make our care team interactions more personalized, quicker, more convenient as well as lowering costs. So to put it in perspective, while we improved our efficiency in several of our care team metrics by about 15% quarter over quarter in terms of their speed or their efficiency and throughput for messaging members and about over 45% year over year, our NPS at an all-time high in the first half of the year.

除了提高開發人員效率之外，另一個有很多容易改進的地方是提高客戶服務團隊的效率。因此，我們正在投入大量腦力，為我們的護理團隊部署人工智慧工具，因為令人興奮的是，我們可以使我們的護理團隊互動更加個人化、快速、方便，同時降低成本。綜上所述，雖然我們在幾個護理團隊指標方面提高了效率，季度環比提高了約 15%，在向成員發送訊息的速度、效率和吞吐量方面提高了約 45%，同比提高了約 45%，但我們的 NPS 在今年上半年達到了歷史最高水平。

So what we're seeing is that not only are we becoming more efficient in how we engage our members, they are loving the product more than ever, and that's really exciting. And their engagement is rather usage of the product was higher this year than it was last year, too. So we're able to balance efficiency while improving the experience for our members, which is the true win-win that we're aiming for.

因此，我們看到的情況是，我們不僅在與會員互動方面變得更加高效，而且他們也比以往任何時候都更喜愛我們的產品，這真的令人興奮。而且，他們今年的產品參與度（或使用率）也比去年更高。因此，我們能夠在提高效率的同時改善會員體驗，這才是我們真正追求的雙贏。

Super exciting, Daniel. Thanks so much.

太棒了，丹尼爾。非常感謝。

Thank you.

謝謝。

Craig Hettenbach, Morgan Stanley.

克雷格‧赫滕巴赫，摩根士丹利。

Yes, thank you. A question on partnerships. Understanding HingeSelect is in kind of pilot stage. Just curious kind of the partnership feedback in terms of what you're bringing to the table for these partners and how excited they are for it.

是的，謝謝。關於合夥關係的問題。目前對HingeSelect的了解還處於試點階段。我很好奇你們的合作回饋，例如你們為這些合作夥伴帶來了什麼，以及他們對此有多興奮。

And then you also had a partnership with Progyny. I know you already have a lot of momentum in women's health, but just kind of what that means to kind of building on that momentum on the women's health side?

然後你也與 Progyny 建立了合作關係。我知道你們在女性健康領域已經取得了很大的進展，但是，如何才能在此基礎上繼續發展壯大呢？

Great question. And so with regards to health plan partners and their perspective in HingeSelect, our high-performance network is designed to be complementary to a member's existing health plan and provider network. Members continue to have full access to the current networking coverage, will also be benefiting from our HingeSelect high-performance network. And this integration makes it easier for our members to access high-value MSK care typically with much lower out-of-pocket costs and minimal barriers to care. And by combining the strength of the member's existing network with the integrated care of HingeSelect high-performance network, we could deliver a lot greater convenience, additional choice, and lower cost.

問得好。因此，就 HingeSelect 的健康計畫合作夥伴及其觀點而言，我們的高效能網路旨在與會員現有的健康計畫和提供者網路形成互補。會員將繼續享有現有的網路覆蓋範圍，並將受益於我們的 HingeSelect 高效能網路。這種整合使我們的會員更容易獲得高價值的肌肉骨骼護理，通常自付費用更低，就醫障礙也更小。透過將會員現有網路的優勢與 HingeSelect 高效能網路的全面護理相結合，我們可以提供更大的便利、更多的選擇和更低的成本。

And so our health plan partners are -- we've had really positive discussions with them about bringing this blended network to their employer customers and even potentially to several are discussing as where they are fully insured lives. And so we're really excited about the momentum we have with our health plan partners.

因此，我們的健康計劃合作夥伴——我們已經與他們就將這種混合網絡引入其雇主客戶進行了非常積極的討論，甚至有可能將其引入到一些正在討論的、為全額投保人提供保障的機構中。因此，我們對與健康計劃合作夥伴的進展感到非常興奮。

And I'll let Jim talk about the partnership with Progyny.

接下來就讓吉姆來談談與Progyny的合作吧。

Yeah. So as we bring new products to market like Women's Pelvic Health, we look for partners that are complementary and accretive to our efforts. We look for market leaders, who again are not just accretive from a product standpoint, but also to our brand. And so Progyny would be a good example of that. And so it's another organization from a lead gen perspective, also as a way to engage our members, maybe as they're coming into their healthcare journey from a different angle through a different door. It gives us one more touch point to reach and engaged members when and where they need us most. And so Progyny would be a great example of that, one of the market leaders in women's health, and has been a great early partner to us since launching that.

是的。因此，當我們推出像女性骨盆底健康這樣的新產品時，我們會尋找能夠與我們的工作互補並促進其發展的合作夥伴。我們尋找市場領導者，他們不僅在產品方面能帶來成長，對我們的品牌也有好處。因此，早熟就是一個很好的例子。因此，從潛在客戶開發的角度來看，這也是另一個組織，也是與我們的會員互動的一種方式，也許他們正以不同的角度，透過不同的途徑進入他們的醫療保健之旅。這為我們提供了一個新的接觸點，讓我們能夠在會員最需要我們的時候和地點與他們建立聯繫並保持互動。Progyny 就是一個很好的例子，它是女性健康領域的市場領導者之一，自我們推出產品以來一直是我們的早期合作夥伴。

Great. Just a follow-up question beyond kind of the core self-insured market. Any anecdotes you can share in terms of inroads you are making in fully insured in the MA markets as well?

偉大的。關於核心自保市場以外的後續問題。您能否分享一些關於您在馬薩諸塞州全險市場取得進展的軼事？

Yeah. We're seeing great progress outside ASO. We're seeing a lot of strength in our government business, our federal employee business. We're seeing strength in our labor markets, as well as fully insured in Medicare Advantage. As we've discussed previously, we think this is a really exciting growth area for us. And while we're in the early innings, we're seeing some really strong signals and some nice ROI being generated in these new markets for us. So stay tuned more to come there, but a really strong start.

是的。我們在應用程式商店優化 (ASO) 之外也看到了巨大的進展。我們看到政府業務，特別是聯邦僱員業務，表現非常強勁。我們看到勞動市場強勁，參加聯邦醫療保險優勢計畫的參保人數也很多。正如我們之前討論過的，我們認為這對我們來說是一個非常令人興奮的成長領域。雖然目前還處於初期階段，但我們已經看到一些非常強勁的訊號，並且在這些新市場中為我們帶來了不錯的投資報酬率。敬請期待更多後續報道，但目前來看，這是一個非常強勁的開端。

Great. Thank you.

偉大的。謝謝。

Jailendra Singh, Truist Securities.

賈倫德拉辛格，Truist Securities。

Congratulations on your first earnings call as a public company and a very strong quarter. So my first question is with respect to the 2026 selling season, some nice momentum there. I was wondering if you could spend some more time there in terms of any trends emerging this year, in terms of what clients are looking for, either in terms of their preference for a bundled offering versus pricing model versus how the benefit is being structured.

恭喜貴公司以上市公司首次召開財報電話會議，且本季業績非常強勁。所以我的第一個問題是關於 2026 年的銷售旺季，目前來看勢頭不錯。我想請您花些時間，談談今年出現的任何趨勢，以及客戶的需求，例如他們更傾向於捆綁式產品還是定價模式，以及他們希望如何建立產品優勢。

And related to that, can you give us a number on how has been your win rate so far this year?

另外，您能否提供您今年的勝率數據？

Yeah. Thank you for the question, Jailendra. So we're just entering the heart of our sales season now. So we have to acknowledge that we're early in the heart of our sales season. But what we're seeing is strong demand, fueled by a couple of things. One, MSK costs still are a top one or two cost driver for the bulk of our clients. So they have to solve the cost issue.

是的。謝謝你的提問，Jailendra。我們現在正進入銷售旺季的高峰期。所以我們必須承認，我們目前還處於銷售旺季的初期階段。但我們看到的是強勁的需求，這主要由以下幾個因素推動。第一，MSK 費用仍然是我們大多數客戶面臨的主要成本因素之一。所以他們必須解決成本問題。

From a bundle perspective, you hear a lot of commentary about that in the market. But in reality, most of our buyers are looking for best-in-class solutions. As you've heard Dan mention before, we have the benefit being both. We have the benefit of both being the strongest product in the market to address MSK outcomes and costs. But we also are the easiest to buy through those relationships with the health plans and the PBMs and the TPAs.

從捆綁銷售的角度來看，市場上有很多關於這方面的評論。但實際上，我們的大多數買家都在尋找一流的解決方案。正如丹之前提到的那樣，我們同時擁有這兩種優勢。我們的優勢在於，我們的產品是市場上最強大的，能夠有效改善肌肉骨骼疾病的治療效果並降低成本。但透過與健康計劃、藥物福利管理機構 (PBM) 和第三方管理機構 (TPA) 的關係，我們也最容易被購買。

So we are able to, if you will, use word bundle, but the reality is most clients are still looking for that best-in-class solution that's really going to solve their problem to the greatest extent possible. And those are some of the kind of macro forces that we're -- some of the tailwinds that we're experiencing right now as we enter the heart of our sales season.

所以，我們可以用詞語組合的方式解決問題，但實際上大多數客戶仍然在尋找能夠最大程度解決他們問題的最佳解決方案。而這些正是我們目前正經歷的一些宏觀因素——一些利多因素，因為我們即將進入銷售旺季的核心階段。

Yeah. And just to add on to that, we do sometimes hear from like surveys and this and that, that employer clients are looking to buy several solutions across disease categories from a single provider, but their -- or single vendor partner, but their actual behavior shows that they still want a best-in-class cardiometabolic solution, still want best-in-class mental health solutions, still want best-in-class MSK solutions particularly for their top cost drivers. And the fact is that musculoskeletal, the TAM is just so large in order to capture it, it does require a lot of focus, and we have remained very focused. And even this -- a relatively small portion of MSK, which is physical therapy, it's still a $70 billion market. And so we are really focused on capturing this what we believe to be a $70 billion market, and we have a $500 million run rate behind this growing really fast, but a lot of runway left.

是的。此外，我們有時會從調查之類的管道中了解到，雇主客戶希望從單一供應商或單一供應商合作夥伴處購買跨多個疾病類別的解決方案，但他們的實際行為表明，他們仍然想要一流的心血管代謝解決方案、一流的心理健康解決方案、一流的肌肉骨骼解決方案，尤其是在成本驅動因素方面。事實上，肌肉骨骼系統（TAM）的範圍非常大，要捕捉到它，確實需要集中精力，而我們一直保持著高度的專注。即使是物理治療——MSK 中相對較小的一部分——也是一個價值 700 億美元的市場。因此，我們真正專注於開拓我們認為價值 700 億美元的市場，目前我們擁有 5 億美元的年增長率，成長非常迅速，但仍有很大的發展空間。

And then my follow-up is on the yield improvement you guys called out in both newly launched and legacy clients. Maybe talk about some of the key drivers there. You kind of touched in pieces, but just give us a little bit more kind of concise there, like why -- what has been driving that? And can you frame the magnitude of difference between the improvement between the two set of clients? And related to that, maybe touch on HingeConnect is having a meaningful impact on yield, or is that still ahead of us?

接下來，我想跟進一下你們提到的新推出的客戶和老客戶在收益提升方面的問題。或許可以談談其中的一些關鍵驅動因素。你剛剛零零散散地提到了一些，但能不能更簡潔一些地解釋一下，比如為什麼——是什麼在推動這件事？您能否描述一下這兩組客戶之間改善程度的差異幅度？與此相關的是，或許可以探討 HingeConnect 是否對收益率產生了實質影響，或者這還有待觀察？

Great. Yeah. So I just want to make sure I catch your component. So with regards to our yield improvements between existing and new customers, we're not breaking that out here, but we've had very consistent yield improvements across the board for both new and existing customers. And we haven't seen a material difference though, by the way. So I'm not sharing that because I don't want to share -- I actually haven't seen, it hasn't really risen to my level of there being much of a difference.

偉大的。是的。所以我只是想確保我能捕獲你的組件。因此，關於現有客戶和新客戶的收益率提升情況，我們這裡就不單獨列出，但我們在新舊客戶的收益率提升方面都取得了非常穩定的成長。順便說一句，我們還沒有看到實質的差異。所以我不打算分享，因為我不想分享——實際上，我還沒看到，它還沒有達到我認為有很大區別的程度。

And with regards to what we're doing to improve yield. So it starts with both an enrollment yield starts with how can we better target members who need our services. Sometimes when people have a musculoskeletal care episode, it could be episode limited. They sprain their ankle. They had a flare up in their back pain after they're horsing around with their kids or they twisted their knee playing basketball. And how can we get better at identifying people when they're early in their care episode, but also building our brand within any given employer base or member base, so that they think about us when they're in pain.

至於我們正在採取哪些措施來提高產量。所以，首先要考慮的是招生率，然後是我們如何更好地鎖定需要我們服務的成員。有時，人們的肌肉骨骼疾病發作可能只是暫時的。他們扭傷了腳踝。他們和孩子玩耍嬉鬧後，或是打籃球扭傷膝蓋後，背痛就會加劇。我們如何才能更好地識別處於治療早期階段的患者，同時在任何特定的雇主群體或會員群體中建立我們的品牌，以便他們在感到痛苦時能夠想到我們？

And that's one of the key reasons why we expanded with our HingeSelect in-person provider network, Jailendra, because with our in-person provider network, we're able to offer in-person physical therapy, we're able to offer joint injections. We're able to offer imaging, we're able to offer doctor visits. And now for a member, no matter what may be ailing them with regard to their back, joint or muscle pain, they could see us as their one-stop shop for their orthopedic care needs. And I don't have to think, well, Hinge does a digital PT, but I can need someone to see me in person or I really think I need an MRI first before I see Hinge Health.

這也是我們透過 HingeSelect 線下服務提供者網路 Jailendra 進行擴展的關鍵原因之一，因為透過我們的線下服務提供者網絡，我們能夠提供線下物理治療和關節注射。我們可以提供影像檢查，也可以安排醫師就診。現在，對於會員來說，無論他們的背部、關節或肌肉疼痛是什麼症狀，他們都可以將我們視為滿足其骨科護理需求的一站式服務中心。我不用再想，Hinge雖然提供線上物理治療，但我可能需要有人親自來看我，或者我真的覺得我需要先做個核磁共振，然後再去看Hinge Health。

Now, they could -- that distance could go away and Hinge is my one-stop shop or anything related to MSK, both in-person and digital care. And we think that's going to really improve our yield, both for digital care. But of course, we're going to capture additional yield for or in person.

現在，距離可以消失了，Hinge 是我一站式解決所有與肌肉骨骼疾病相關的問題的理想選擇，無論是面對面還是線上就醫。我們認為這將真正提高我們的收益，無論是在數位醫療方面還是其他方面。當然，我們也會透過現場或線下方式獲取額外的收益。

Now, with regards to HingeConnect, this allows us to both integrate with EMRs as well as get quite a bit of claims data as well, and that is ramping up. Focusing on the claims data, we're ramping that up quite substantially. And with -- and it really helps when you have so many dozens of health plan partners because that's where you're getting a lot of the data from. And we know when we enroll somebody who's had a prior musculoskeletal claim, our ROI goes up.

現在，關於 HingeConnect，它使我們能夠與 EMR 集成，並獲得大量的理賠數據，而且這項功能正在不斷擴展。我們正在大幅提升對理賠數據的關注。而且，當你有幾十個健康計畫合作夥伴時，這真的很有幫助，因為你可以從中獲得大量數據。我們知道，當我們招收之前有過肌肉骨骼疾病索賠記錄的人時，我們的投資回報率就會提高。

And so we know these are what we call internally ROI rich members, and we want to be able to spike our member base with ROI rich members knowing that that's going to increase our client retention overall and drive up the points that we get with regards to ROI.

因此，我們知道這些就是我們內部所說的高投資回報率會員，我們希望能夠透過高投資回報率會員來壯大我們的會員基礎，因為我們知道這將提高我們整體的客戶留存率，並提高我們在投資回報率方面獲得的分數。

When members sign up, we have north of 90% of them. I think plus or minus, I think it's close to 95% members allow us to then integrate with their EMR, and that means that we can monitor their care over time. And in case they become a higher risk member, say they get referred for an MRI or do a surgery referral, we're able to follow up with them. And that really -- that actually comes post-enrollment, but allows us to capture members who are trending towards a high cost, and these are some of the reasons why we have such a high logo retention.

當會員註冊時，我們的註冊率超過 90%。我認為，大約有 95% 的會員允許我們將其與他們的電子病歷系統集成，這意味著我們可以長期監測他們的護理情況。如果他們成為高風險成員，例如被轉診進行核磁共振檢查或手術，我們能夠對他們進行後續跟進。這實際上是在註冊之後才發生的，但它使我們能夠吸引那些傾向於高成本的會員，這也是我們擁有如此高的客戶留存率的部分原因。

Elizabeth Anderson, Evercore ISI.

Elizabeth Anderson，Evercore ISI。

Hi, guys. Thanks so much for the question, and congrats on your first quarter out. It's great to see this. I had a question. I wanted to just double click a little bit more on HingeSelect. Can you talk a little bit more about the business model? I know you said it wasn't really a big contributor until more like 2027. But how do you sort of think about that from like a business model perspective? A few more details on that would be very helpful. Thank you.

嗨，大家好。非常感謝你的提問，也恭喜你順利完成第一季。看到這個真是太好了。我有個問題。我只想再雙擊一下 HingeSelect。能再詳細談談商業模式嗎？我知道你說過，它要到 2027 年左右才會真正成為主要貢獻者。但從商業模式的角度來看，你會如何看待這個問題呢？如果能提供更多細節就太好了。謝謝。

Great question. So we are very excited about HingeSelect's potential. We are taking a metro approach to the rollout. We'll begin a limited pilot here in late 2025, followed by a broader rollout in 2026. And again, for those tuning in or might not be aware, HingeSelect is our in-person provider network.

問得好。因此，我們對 HingeSelect 的潛力感到非常興奮。我們採取的是都市化推廣方式。我們將於 2025 年底開始進行有限的試點，隨後於 2026 年進行更廣泛的推廣。再次說明一下，對於那些正在觀看節目或可能還不了解的人來說，HingeSelect 是我們的線下服務提供者網路。

For revenue impact, as you mentioned, we had a minimal impact through '26 with more meaningful contribution happening in '27. And we think HingeSelect is a great way for us to improve the member experience and just augment that ROI for our clients.

就收入影響而言，正如您所提到的，我們在 2026 年的影響微乎其微，而 2027 年則產生了更有意義的貢獻。我們認為 HingeSelect 是提升會員體驗並提高客戶投資報酬率的好方法。

For the business, it will help us capture more individuals. As mentioned earlier, it allows us to stretch the brand beyond physical therapy to a member's one-stop shop for any orthopedic care need. And for the in-person network that we're assembling, the business model is we're going to take a certain percentage rate on the claim as an admin fee and then ultimately report that as net revenue. And we'll be better positioned to quantify the financial impact as we gather more data from our pilot program.

對企業而言，這將有助於我們吸引更多客戶。如前所述，這使我們能夠將品牌擴展到物理治療之外，成為會員滿足任何骨科護理需求的一站式服務中心。對於我們正在組建的線下網絡，其商業模式是，我們將從索賠金額中抽取一定比例作為管理費，然後最終將其作為淨收入報告。隨著我們從試點計畫中收集更多數據，我們將能夠更好地量化其財務影響。

But even -- we're launching it to our own employees because we're self-insured. Just from the interest from our own employees to access the network, we're really excited about the member demand for this, as we had hundreds and hundreds of our employees dialing into our own internal webinar, one of the most popular benefits we've ever launched.

但即便如此──我們也是先向自己的員工推出這項服務，因為我們是自保的。僅從我們自己的員工對訪問該網絡的興趣來看，我們就對會員的需求感到非常興奮，因為我們有數百名員工撥入我們自己的內部網絡研討會，這是我們推出的最受歡迎的福利之一。

And I might just -- sorry, I'm just going to add, the market response has been tremendously positive. I think the market understands it. I think it's intuitive to them. I think this idea of unified care, the elegant integration of digital care and in-person care into a cohesive member experience just resonates with the market and the early market reception has been phenomenally strong.

我可能還要補充一點——抱歉，我只想說，市場反應非常正面。我認為市場明白這一點。我認為這對他們來說是直覺上的。我認為這種統一護理的概念，將數位護理和麵對面護理巧妙地融合到一個連貫的會員體驗中，與市場產生了共鳴，並且早期的市場反響非常強烈。

Yeah, that's super great to hear. You also mentioned you have a new ROI study going for your fully insured book of business, which is obviously an exciting part of the longer-term opportunity. Can you talk to us about sort of the duration of that study? And obviously, I think that would likely be helpful in terms of your sale process for that. So just kind of thinking about that time line in a little bit more detail would be helpful. Thank you.

是啊，聽到這個消息真是太好了。您還提到您正在對您的全額保險業務進行一項新的投資回報率研究，這顯然是長期機會中令人興奮的一部分。您能跟我們說說這項研究的持續時間嗎？顯然，我認為這對你的銷售過程可能會有所幫助。所以，如果能更詳細地考慮一下時間線，那就很有幫助了。謝謝。

Sure. We looked at almost 5,000 members over a 24-month period. We had Gallagher do the actuarial analysis and took a hard look at the impact that we were having. And as I think we mentioned earlier, the results were about 2.4 times ROI, and that's in line with kind of what we typically would see.

當然。我們在 24 個月的時間裡調查了近 5000 名會員。我們請 Gallagher 公司進行精算分析，並認真審視了我們所造成的影響。正如我們之前提到的，結果投資回報率約為 2.4 倍，這與我們通常看到的投資回報率基本一致。

But again, the key being in fully insured, which is, again, very heavily supported by actuarial analysis by underwriters. The bar is a little bit higher there. And so to be able to deliver that kind of compelling ROI in that member population was really affirming and exciting for us.

但關鍵在於完全投保，而這一點也得到了承保人精算分析的有力支持。那裡的標準稍微高一些。因此，能夠在該會員群體中實現如此顯著的投資回報率，對我們來說真的是一種肯定和令人興奮的事情。

Great. Thanks so much and good luck.

偉大的。非常感謝，祝你好運。

Ryan Daniels, William Blair.

瑞安·丹尼爾斯，威廉·布萊爾。

Hey, guys. Sorry about that. Can you hear me okay?

嘿，夥計們。抱歉。你聽得清楚我說話嗎？

I can.

我可以。

Perfect. I'll add to the course of congratulations on the strong quarter out of the box. James, maybe one for you just on the Q3 operating margin. I know it's trending down a bit still well above where our model was. I know some of that's the typical sales and marketing spend into the core selling season, but it sounds like you're leaning heavily to in some R&D for product development and maybe further expansion of the HingeSelect network. So can you give us a little more color on what we should anticipate and if there's any difference in the cadence of spending maybe in the back half of the year?

完美的。我還要祝賀你們本季開局表現出色。James，或許你可以看看第三季的營業利益率。我知道它目前略有下降趨勢，但仍然遠高於我們模型預測的水平。我知道其中一部分是典型的銷售和行銷支出，用於核心銷售季節，但聽起來你們似乎非常重視產品研發，或許還想進一步擴大 HingeSelect 網路。那麼，您能否更詳細地說明我們應該預期的情況，以及下半年的支出節奏是否會有任何不同？

Yeah. Thanks for the question, Ryan. You have caught that observation well. We actually think we have a super exciting selling season coming up. We want to lean more into that than what we were previously expecting, which is the fundamental reason why we're seeing that operating expectation in that margin come down a little bit. And what you're noticing probably in the R&D line is that's where a fair amount of our HingeSelect cost will go. We're putting a bit more into that as well as we lean into that in the second half.

是的。謝謝你的提問，瑞恩。你很好地捕捉到了這一點。我們認為即將到來的銷售季將會非常精彩。我們希望比之前預期的更加重視這一點，這也是我們看到該利潤率的營運預期略有下降的根本原因。您可能已經注意到，在研發方面，我們 HingeSelect 的成本相當大一部分都會投入研發。我們也會在這方面投入更多精力，並在下半場更加重視這一點。

So those are the two areas that warrant kind of additional investment, if you will, as we move from the second quarter to the third quarter.

因此，從第二季度過渡到第三季度，這兩個領域值得追加投資。

There's huge amount of TAM left and several recent feedback or thoughts we've had internally is how can we better position us to even capture that and maybe run a little bit faster. And so we're hiring additional sales heads to better capture this opportunity ahead of them.

市場仍有巨大的潛在市場，我們內部最近的一些回饋或想法是，我們如何才能更好地定位自己，從而抓住這個市場，甚至可能跑得更快一些。因此，我們正在招募更多的銷售主管，以便更好地搶佔先機，抓住這一機會。

Great. That's helpful. And then if we think about the new relationship with Cigna, I think you announced that in April. So it was kind of not ready to go at the start of the year, but ahead of the key selling season. Any thoughts on how that's developing? That's obviously a big new channel partner for you. So I'd be curious if you're seeing early momentum there and if that's helping at all with the momentum you're seeing in self-insured employers in the public sector? Thanks.

偉大的。那很有幫助。然後，如果我們考慮與信諾保險的新合作關係，我想你們是在四月宣布的。所以年初的時候它還沒完全準備好，但趕在關鍵銷售旺季之前。對事態發展有什麼看法？這顯然是你們一個重要的新通路夥伴。所以我很想知道您是否看到了這方面的早期發展勢頭，以及這是否對您在公共部門自保雇主方面看到的勢頭有所幫助？謝謝。

Yeah. While we don't break out specific results by partner, I will say the Cigna relationship has officially launched and going out of the ground. We're seeing very strong results from a pipeline development perspective as millions of lives of Cigna's lives have entered into our pipeline. And we're actually starting to see some of that come to the pipeline and come out the other side as clients and preparing to launch those clients here both this year and into 2026. We're really encouraged by the enthusiasm that our partners at Cigna are showing for our solution. And we're excited to have them play a meaningful role in the growth and success here, both in 2025 and beyond.

是的。雖然我們沒有按合作夥伴細分具體結果，但我可以說，與 Cigna 的合作關係已經正式啟動並取得了進展。從人才儲備開發的角度來看，我們看到了非常強勁的成果，因為數百萬信諾保險的客戶已經進入了我們的人才儲備庫。我們實際上已經開始看到其中一些項目進入流程，並最終成為客戶，我們正準備在今年和 2026 年推出這些客戶。我們對合作夥伴 Cigna 對我們的解決方案所表現出的熱情感到非常鼓舞。我們很高興他們能在 2025 年及以後的發展和成功中發揮重要作用。

Great. Thanks for the color. Appreciate it.

偉大的。謝謝你提供的色彩。謝謝。

Richard Close, Canaccord Genuity.

Richard Close，Canaccord Genuity。

Yes. Thanks for the questions. Can you hear me okay?

是的。謝謝大家的提問。你聽得清楚我說話嗎？

I can.

我可以。

Excellent. So I just want to talk a little bit about the win rate. It's good to hear that those have been improving. I'm just curious, your largest competitor seems to be expanding into other areas such as mental health, I think, some AI development initiatives. I'm just curious, any thoughts in terms of -- do you think that improves the opportunity for win rates to go up for you guys going forward during the selling season?

出色的。所以我想簡單談談勝率。很高興聽到這些情況有所改善。我只是好奇，你們最大的競爭對手似乎正在向其他領域擴張，例如心理健康，還有一些人工智慧開發專案。我只是好奇，你們覺得這是否會提高你們在銷售季的勝率？

Yeah. Thank you for the question, Richard. So as you mentioned, our win rate continues to be very strong and increasing year over year. We actually think of our largest competitor as being distracted and not moving forward with the digital musculoskeletal solution, whether it's a new health plan RFP, maybe they're putting their PBM out to RFP. We still see our biggest competition being a no decision or a deal pushing to next year. And so we're always looking for ways, again, to increase value to improve outcomes.

是的。謝謝你的提問，理查德。正如您所提到的，我們的勝率一直非常高，並且逐年提高。我們認為我們最大的競爭對手實際上被其他事情分散了注意力，沒有推進數位化肌肉骨骼解決方案，無論是新的健康計劃招標，還是他們可能正在對其藥品福利管理機構進行招標。我們仍然認為最大的挑戰是沒有做出決定或達成協議推遲到明年。因此，我們一直在尋找各種方法來增加價值，從而改善結果。

We do think that staying focused in MSK is really important. As Dan mentioned earlier, the TAM is enormous, the problems can be complex and our ability to really build something end-to-end comprehend that's delightful whether you're in person or digitally, we think is a really compelling offering, and we're hearing that feedback from the marketplace, both in they're telling us and also how they're behaving by what they're buying today. So we really like our strategy. We love our competitive position, and we see that only growing stronger in the months and years ahead.

我們認為，專注於肌肉骨骼疾病領域非常重要。正如丹之前提到的，TAM（潛在市場）非常龐大，問題可能很複雜，而我們能夠真正構建一個端到端、令人愉悅的產品，無論你是在現實生活中還是在數位世界裡，我們認為這是一個非常有吸引力的產品，我們也從市場中聽到了這種反饋，既包括他們告訴我們的，也包括他們今天的購買行為。所以我們非常滿意我們的策略。我們非常滿意我們目前的競爭地位，我們認為這種優勢在未來的幾個月和幾年裡只會越來越強。

I just underline, Richard, saying, yes, focus matters, like healthcare is hard, capturing orthopedics is hard, and even capturing physical therapy is exceptionally hard. Our vision is to use technology to scale and automate the delivery of care and you're taking unstructured physical tasks and you're using software connected hardware to automate the delivery of that. We've got about 1,500 employees at Hinge Health, laser-focused on that problem, and we've had a lot of momentum behind us able to do that.

理查德，我只是想強調一點，是的，專注很重要，例如醫療保健很難，骨科很難，甚至物理治療也很難。我們的願景是利用科技擴大和自動化醫療服務的提供，而你們正在處理非結構化的體力勞動，你們正在使用軟體連接的硬體來實現這些勞動的自動化。Hinge Health 擁有約 1500 名員工，他們全神貫注於解決這個問題，而我們擁有強大的發展勢頭來實現這一目標。

We'd like to see that in some ways, competitors are starting to look elsewhere to find their growth because of our win rates have been really high within our market, and there's a lot more runway to go within this market. We're going to continue over time to apply our model to other areas of healthcare, but where we can leverage our existing infrastructure that we built, both the existing products that we built as well as our sales team and our client base because we see that as incredible assets.

我們希望看到，在某種程度上，競爭對手開始在其他地方尋找成長點，因為我們在市場上的勝率非常高，而且這個市場還有很大的發展空間。我們將繼續逐步把我們的模式應用到醫療保健的其他領域，但前提是能夠利用我們已建立的基礎設施，包括我們已開發的產品、銷售團隊和客戶群，因為我們認為這些都是寶貴的資產。

Okay. That's helpful. And a quick follow-up on yields, Dan talked about a little bit. several times here on the call. You do, if I remember correctly, you have on the self-insured some yields, high-single digits, maybe low double-digits. I'm just curious, thought process on progressing the yield higher. And then maybe specifically, the MA and fully insured books, those are relatively new. Are you seeing any dynamics that those would be meaningfully different from the self-insured over time?

好的。那很有幫助。關於收益率，丹在電話會議上多次提到過，這裡再快速跟進。如果我沒記錯的話，你們的自保投資確實有一些收益，接近兩位數，可能接近兩位數。我只是好奇，關於如何提高產量，您有什麼想法？具體來說，MA 和全額保險的書籍是相對較新的。您是否觀察到任何動態，使得這些情況隨著時間的推移與自保情況有顯著差異？

Great question. And so starting with like the potential for our yields. 40% of Americans have a musculoskeletal condition in any given year, ranging again from a twisted knee to hip arthritis to sprained ankle to chronic low back pain. So 40% of American adults have a musculoskeletal condition in a given year, 9% of them see a physical therapist. There's a big gap between those who are in pain and those actually getting care for physical therapy. And there's a lot of reasons for that.

問得好。因此，首先要考慮的是我們的潛在收益。每年有40%的美國人患有肌肉骨骼疾病，從扭傷膝蓋到髖關節炎，從扭傷腳踝到慢性下背痛，不一而足。因此，每年有 40% 的美國成年人患有肌肉骨骼疾病，其中 9% 的人會去看物理治療師。疼痛患者和實際接受物理治療的患者之間存在很大差距。這其中有很多原因。

Physical therapy could be inconvenient, could be expensive. You often take time off work, hire a babysitter, and we have developed a product that makes it much more convenient and accessible and lower cost, and we believe to be more effective as well. And I actually think that percentage of people seeking physical therapy or getting physical therapy each year should be closer to 12% to 15%, not 9%.

物理治療可能不太方便，也可能很昂貴。您經常需要請假照顧孩子，或僱用保姆，而我們開發了一款產品，讓這一切變得更加方便、更容易實現，成本也更低，而且我們相信它也更加有效。實際上，我認為每年尋求或接受物理治療的人數比例應該接近 12% 到 15%，而不是 9%。

Last year, in 2024, we had 3.4% of people, who have access to Hinge Health. Adults use Hinge Health. So we're getting 37%, not quite 40% of equivalents to in-person PT, and that's gone up from years ago, it was like 2%. And we want to continue to invest in our yields, such that we could approximate the take rate of in-person PT at 9%. And eventually, we'd like to go beyond that. We don't know how long it's going to take. It's going to take a while, but we like the investments that we're putting in.

去年，也就是 2024 年，我們有 3.4% 的人可以使用 Hinge Health 服務。成年人使用Hinge Health。所以，我們獲得了相當於面對面物理治療效果的 37%，還不到 40%，這比幾年前有所提高，當時只有 2%。我們希望繼續投資我們的收益，以便我們能夠接近 9% 的現場 PT 成交率。最終，我們希望超越這個目標。我們不知道需要多長時間。這需要一段時間，但我們對目前的投資感到滿意。

With regards to our enrollment rates for MA and fully insured, the investments we make across our self-insured book benefit both of those books as well. It's very consistent product. And certainly, there's no difference even in the age range or the profile of the member for fully insured and self-insured. They're at roughly this exact same age, roughly 45, 46 years old. MAs a little older, but we actually see some of our highest engagements on a per member basis from MA as people get more concerned about their mobility, their interest in using Hinge on a per member basis goes up.

就我們的 MA 和全額保險投保率而言，我們在自保業務中的投資也使這兩類業務受益。產品品質非常穩定。當然，全額保險和自保在年齡範圍或成員特徵方面也沒有任何區別。他們的年齡差不多，大約45、46歲。MA 的年齡稍大一些，但實際上，我們發現 MA 的每位會員參與度最高，因為人們越來越關注他們的出行，他們對使用 Hinge 的興趣也隨之增加。

I think we have for one more question.

我想我們還有一個問題。

Brian Peterson, Raymond James.

布萊恩彼得森，雷蒙德詹姆斯。

Thanks for squeezing me in, guys. Congrats on the strong quarter. Maybe for Dan or Jim, just you have these new partnerships and everything on these market expansion. You're growing revenue in the 50s, which is really rarefied air. I'd really just like to understand how does the pipeline growth look relative to the billings or revenue growth? And how should we be thinking about that in terms of greenfield versus competitive displacement? Thanks, guys.

謝謝你們擠出時間幫我。恭喜你們本季業績出色。或許對丹或吉姆來說，就是有了這些新的合作關係以及所有這些市場擴張方面的事情。你們的營收成長到了 50% 以上，這真是難得一見。我只是想了解一下，相對於帳單或收入成長，銷售管道的成長情況如何？那麼，我們該如何從新建案與競爭性替代的角度來思考這個問題呢？謝謝各位。

Yeah. So pipeline growth continues to be incredibly strong. We're very pleased. And again, like you said, is a good leading indicator of what ultimately bookings and revenue will look like in outer years. As you think about the split between competitive displacements and greenfield, while we're seeing quite a few competitive placements, which is really encouraging, the reality is the TAM is so big that the bulk of the growth is going to come from greenfield opportunities, just given the size of the TAM and the unmet need. So we're absolutely focused on delivering the best experience that attracts folks from other competitors to the Hinge Solution. But I think from a mix perspective, you're still going to see the bulk of the growth coming from greenfield just given how much unmet opportunity that is out there.

是的。因此，管道建設成長勢頭依然非常強勁。我們非常滿意。正如你所說，這可以很好地預測未來幾年的預訂量和收入狀況。當你思考競爭性替代和新建項目之間的區別時，雖然我們看到了相當多的競爭性安置，這確實令人鼓舞，但現實情況是，TAM（總市場規模）如此之大，鑑於 TAM 的規模和未被滿足的需求，大部分增長將來自新建項目機會。因此，我們全力以赴地提供最佳體驗，吸引其他競爭對手的用戶轉而使用 Hinge Solution。但我認為從整體來看，鑑於目前還有大量尚未滿足的機會，大部分成長仍然會來自新建案。

Thank you.

謝謝。

Yeah. And part of the revenue growth, again, will over time come for lives, but also through our increased enrollment yields as well. So they are both two sides of our growth coin. And as we continue to improve the product, we'll earn the right to increase their ASP as well, which will give another growth lever beyond just lives. And of course, new products that we're launching.

是的。隨著時間的推移，部分收入成長將來自生命保障，同時也來自我們不斷提高的入學率。所以它們都是我們成長過程中不可分割的兩面。隨著我們不斷改進產品，我們將有權提高其平均售價，這將為我們提供除生命之外的另一個成長槓桿。當然，還有我們即將推出的新產品。

So I think with that, we're a minute over. I'd love to keep going. And so I just want to appreciate -- I appreciate everybody's time. Sorry, we couldn't get to all the questions. Bianca and James will be following up with each of you, excited about the future, and giving more updates. I'm also happy to join a few of these calls if any of you have specific questions for myself as well and really excited about the future head of using technology to automate the delivery of care. We're in the early innings. So stay tuned.

所以我覺得，我們已經超時一分鐘了。我非常想繼續下去。所以我想表達我的感激之情——我感謝大家抽出時間。抱歉，我們無法回答所有問題。Bianca 和 James 將與大家逐一聯繫，對未來充滿期待，並帶​​來更多最新消息。如果你們有任何具體問題想問我，我也很樂意參加一些電話會議。我對未來利用科技實現醫療服務自動化感到非常興奮。我們現在還處於比賽初期。敬請期待。

This concludes today's call. Thank you for attending. You may now disconnect.

今天的電話會議到此結束。謝謝各位的出席。您現在可以斷開連線了。