LifeMD Inc (LFMD) 2024 Q3 法說會逐字稿

Good afternoon. Thank you for joining us today to discuss LifeMD's result for the third-quarter ended September 30, 2024. Joining the call today are Justin Schreiber, Chairman and executive Chief Executive Officer and Marc Benathen, Chief Financial Officer.

午安.感謝您今天加入我們討論 LifeMD 截至 2024 年 9 月 30 日的第三季業績。今天參加電話會議的有董事長兼執行執行長賈斯汀‧施賴伯 (Justin Schreiber) 和財務長馬克‧貝納森 (Marc Benathen)。

Following management's prepared remarks. We will open the call for a question and answer session before we begin, I would like to remind everyone that during this call, the company will make forward-looking statements which are subject to numerous risks and uncertainties that may cause actual results to differ materially from those projected.

以下是管理階層準備好的發言。在開始之前，我們將開啟電話會議進行問答環節，我想提醒大家，在本次電話會議中，公司將做出前瞻性陳述，這些陳述受眾多風險和不確定因素的影響，可能導致實際結果與預測結果存在重大差異。

These risks and uncertainties are described in the company's 10-K and 10-Q filings within the other filings that LifeMD may make with the SEC from time to time forward-looking statements made during this call are based on current information available to the company as of today, November 7, 2024.

這些風險和不確定性在公司的 10-K 和 10-Q 文件中進行了描述，LifeMD 可能不時向美國證券交易委員會提交的其他文件中也進行了描述，本次電話會議期間做出的前瞻性陳述基於截至今天（2024 年 11 月 7 日）公司掌握的最新信息。

The company assumes no obligation to update or revise any forward-looking statements after today's call except as required by law. Also, please note that the management will be discussing certain non-Gaap financial measures that the company believes are important in evaluating LifeMD's performance details on the relationship between this GAAP and non-GAAP measures to the most comparable GAAP measures and the conciliations thereof can be found in the press release issued earlier today.

除法律要求外，該公司不承擔今天電話會議後更新或修改任何前瞻性陳述的義務。此外，請注意，管理層將討論公司認為對於評估 LifeMD 的業績非常重要的某些非 GAAP 財務指標。

Finally, I would like to remind everyone that today's call is being recorded and will be available for replay in the investor relations section of the company's website.

最後，我想提醒大家，今天的電話會議正在錄音，可以在公司網站的投資人關係部分重播。

Now, I'd like to turn the call over to LifeMD CEO, Justin Schreiber. Please go ahead.

現在，我想將電話轉給 LifeMD 執行長 Justin Schreiber。請繼續。

Thank you. And good afternoon, everyone after the market closed, we issued a news release announcing our third quarter financial results and posted an updated corporate presentation on our website at ir.lifemd.com.

謝謝。大家下午好，市場收盤後，我們發布了一份新聞稿，宣布了我們的第三季財務業績，並在我們的網站 ir.lifemd.com 上發布了更新的公司介紹。

I am very pleased to report that LifeMD's core telehealth business continues to have tremendous momentum, delivering strong top and bottom line results across all of our key telehealth offerings for the quarter telehealth revenue grew by 65% versus the prior quarter. And our telehealth standalone profitability continued to make significant gains with adjusted EBITDA increasing by 200% sequentially to $2.5 million. This result was well ahead of our guidance for telehealth adjusted even a $500,000 to $1.5 million.

我很高興地報告，LifeMD 的核心遠距醫療業務持續保持強勁發展勢頭，本季我們所有關鍵的遠距醫療產品都實現了強勁的營收和利潤，遠距醫療收入較上一季成長了 65%。我們的遠距醫療獨立獲利能力持續大幅成長，調整後的 EBITDA 較上季成長 200%，達到 250 萬美元。這一結果遠遠超出了我們對遠距醫療的指導，甚至調整了 50 萬至 150 萬美元。

Importantly, while our weight management program remains a key piece of our business LifeMD's Holistic virtual care platform performs strongly with growth in all of our key treatment areas, including weight management and men's health as well as smaller categories such as insomnia, as I stated before, LifeMD is not a category specific business, but rather it's a comprehensive virtual care platform trusted by nearly 270,000 patient subscribers nationwide across a range of clinical areas.

重要的是，雖然我們的體重管理計劃仍然是我們業務的關鍵部分，但 LifeMD 的整體虛擬護理平台在我們所有關鍵治療領域都表現強勁，包括體重管理和男性健康以及失眠等較小的類別，正如我之前所說，LifeMD 不是一個特定類別的業務，而是一個全面的虛擬護理平台，受到全國範圍內近 270,000 名患者訂閱者的信賴，涉及一系列臨床領域。

As we continue to evolve our differentiated virtual care platform and offerings, we remain very focused on three key areas. One, expanding our clinical offerings and pharmacy capabilities.

隨著我們不斷改進差異化的虛擬護理平台和產品，我們仍然高度關註三個關鍵領域。一是擴大我們的臨床服務和藥局能力。

Two, further differentiating our weight management offering to manage the rapidly changing dynamics of the market and three, accelerating growth of our R&D men's health business through complementary new offerings.

二是進一步差異化我們的體重管理產品，以因應快速變化的市場動態；三是透過互補的新產品加速我們研發男性健康業務的成長。

Regarding the first area, I am very pleased to report that we officially opened LifeMD's affiliated National Pharmacy, which we announced yesterday, this 22,500 square foot facility in Pennsylvania, which includes our OTC fulfillment center is led by a tremendous team of pharmacy and logistics professionals and features state of the art automation technology capable of servicing our rapidly increasing prescription volumes.

關於第一個領域，我很高興地報告，我們正式開設了 LifeMD 的附屬國家藥房，我們昨天宣布了這一消息，這個位於賓夕法尼亞州的 22,500 平方英尺的設施，包括我們的 OTC 配送中心，由一支龐大的藥房和物流專業團隊領導，並採用最先進的自動化技術，能夠滿足我們快速增長的處方量。

We expect the pharmacy to be creative in 2025 and improve our patient experience and product delivery times, owning and operating a 50 state mail order pharmacy also enables us to efficiently introduce and scale new offerings that can be personalized to the needs of individual patients.

我們預計藥房將在 2025 年更具創新性，改善患者體驗並縮短產品交付時間，擁有和運營一家覆蓋 50 個州的郵購藥房還使我們能夠高效地推出和擴展可根據個別患者需求個性化定制的新產品。

As of today, our pharmacy is licensed in 33 states and we expect to expand our licensure to all 50 states in the coming months. Another important enabler of our growth in 2025 and beyond is contracting with private and government payer programs which improves the affordability of our virtual care and pharmacy services for patients.

截至今天，我們的藥房已在 33 個州獲得許可，我們預計在未來幾個月內將許可擴展到所有 50 個州。我們在 2025 年及以後實現增長的另一個重要推動因素是與私人和政府付款人計劃簽訂合同，這將提高患者對我們的虛擬護理和藥房服務的可負擔性。

We're pleased with the progress we've made in this area over the past quarter, especially with the compliance and revenue cycle management infrastructure, we continue to build and optimize to support these programs at scale.

我們對過去一個季度在此領域取得的進展感到滿意，特別是在合規和收入週期管理基礎設施方面，我們將繼續建立和優化以大規模支援這些計劃。

Our affiliated medical group is currently enrolled to service patients across multiple commercial payers in seven states. While we have been rolling out this program methodically, we are beginning to see encouraging acquisition costs for patients choosing to use private health insurance and strong reimbursement rates from payers. By the end of 2025, our goal is to be contracted with one or several dominant private payers across at least 25 states. More importantly, we remain on track to launch Medicare in the first-half of 2025. We do not currently treat Medicare eligible patients within our primary care and weight management offerings and we think this opportunity is an enormous and underappreciated one for LifeMD in the years to come.

我們附屬的醫療集團目前已註冊為七個州的多個商業付款人的患者提供服務。在我們有序推行該計劃的同時，我們開始看到，對於選擇使用私人醫療保險的病人來說，獲取成本令人鼓舞，而且付款人的報銷率也很高。到 2025 年底，我們的目標是與至少 25 個州的一家或幾家主要私人付款人簽訂合約。更重要的是，我們仍有望在 2025 年上半年推出醫療保險。我們目前還沒有在初級保健和體重管理服務中為符合醫療保險條件的患者提供治療，我們認為，對於 LifeMD 來說，這個機會在未來幾年是巨大的，但被低估了。

Turning to the second key area as we discussed last quarter. One of our top priorities is enhancing the quality and depth of our rapidly growing weight management offering LifeMD has been leading weight management program that provides patients access to branded and compounded GLP-1 therapies and alternative non-GLP-1 options for those who may not be able to afford or tolerate GLP-1 treatments.

談到我們上個季度討論的第二個關鍵領域。我們的首要任務之一是提高我們快速成長的體重管理產品的品質和深度。

Our commitment has always been to put patients first. If a patient's insurance denies coverage for branded GLP-1 therapies, we provide options by working with trusted third party compounding pharmacies.

我們的承諾始終是把病人放在第一位。如果患者的保險拒絕承保品牌 GLP-1 療法，我們將透過與值得信賴的第三方配藥藥局合作來提供選擇。

While we're disappointed with the current lack of coverage from payers and employers for branded GLP-1 therapies, we remain optimistic that in 2025 GLP-1 manufacturers will reach agreements with private and government payers including Medicare that will improve the accessibility of branded GLP-1 medications and reduce the need for patients to use compounded GLP-1 medications.

雖然我們對目前品牌 GLP-1 療法缺乏來自付款人和雇主的覆蓋感到失望，但我們仍然樂觀地認為，2025 年 GLP-1 製造商將與包括醫療保險在內的私人和政府付款人達成協議，這將提高品牌 GLP-1 藥物的可及性並減少患者使用複方 GLP-1 藥物的需求。

In addition to being patient first, the LifeMD platform is branded therapy first. If patients have private insurance coverage and come to LifeMD seeking care related to weight management, we make every effort to help patients use their insurance coverage to access a branded GLP-1 therapy.

LifeMD平台除了以病人為中心之外，也以品牌治療為中心。如果患者有私人保險，並來到 LifeMD 尋求與體重管理相關的護理，我們會盡一切努力幫助患者利用他們的保險獲得品牌 GLP-1 療法。

We will begin to do the same thing in 2025. If Medicare coverage expands as we anticipate that it will for these medications, we understand there is some recent uncertainty for investors around the future of compounding GLP-1 medications.

我們將從 2025 年開始做同樣的事情。如果醫療保險覆蓋範圍如我們預期的那樣擴大到這些藥物，我們了解到投資者最近對複合 GLP-1 藥物的未來存在一些不確定性。

While we do not anticipate any immediate changes, we continue to believe that LifeMD is uniquely positioned as a leading 50 state provider of virtual metabolic care that is focused first and foremost on raising the bar for virtual care and doing what it takes to help patients access health changing medications.

雖然我們預計不會有任何立即的變化，但我們仍然相信 LifeMD 作為領先的 50 個州虛擬代謝護理提供商，具有獨特的優勢，其首先專注於提高虛擬護理的標準，並盡一切努力幫助患者獲得改變健康的藥物。

We will continue to follow the lead of the US food and drug administration and look forward to collaborating with all patients partners and payers to do what it takes to drive affordable access to medications and care across our platform, that said the vast majority of life and indeed revenue and profits are derived from our comprehensive virtual care services that go beyond prescribing appropriate medications.

我們將繼續遵循美國食品藥物管理局的做法，並期待與所有患者合作夥伴和付款人合作，盡一切努力推動透過我們的平台以可承受的價格獲得藥品和護理，也就是說，絕大多數生命以及收入和利潤都來自於我們全面的虛擬護理服務，而這些服務不僅僅是開出適當的藥物。

We are deeply committed to supporting patients through every step of their health journey offering not just access to essential medications but also personalized guidance to make sustainable long term diet and lifestyle changes.

我們堅定地致力於在患者健康旅程的每一步提供支持，不僅提供基本藥物，還提供個人化指導，以實現可持續的長期飲食和生活方式改變。

Our offerings are designed to ensure that patients receive safe, effective care tailored to their unique needs both during and after their treatment by providing continuous support and expert resources. We empower patients to make meaningful and sustainable long term improvements to their health.

我們的服務旨在透過提供持續的支援和專家資源，確保患者在治療期間和治療後都能得到根據其獨特需求量身定制的安全有效的護理。我們幫助患者對他們的健康狀況做出有意義且可持續的長期改善。

During the third quarter, LifeMD made several key enhancements to our weight management model including the roll out of in home lab capabilities, the launch of a non-GLP-1 treatment option, combining metformin, bupropion and topiramate, which we estimate could expand our addressable market by 15% and the implementation of additional AI driven technology and optimized workflows to improve electronic benefits and prior authorization infrastructure.

在第三季度，LifeMD 對我們的體重管理模式進行了幾項關鍵改進，包括推出家庭實驗室功能、推出非 GLP-1 治療方案、結合二甲雙胍、安非他酮和托吡酯，我們估計這可以將我們的潛在市場擴大 15%，並實施額外的人工智能驅動技術和優化的工作流程，以改善電子福利和事先授權基礎設施事先。

While we are still in the early stages of these enhancements, they are essential to our long term success and resilience in a market that we believe will dominate us health care spending throughout the next decade.

雖然我們仍處於這些改進的早期階段，但它們對於我們在下一個十年將主導我們醫療保健支出的市場中的長期成功和韌性至關重要。

Lastly and regarding the third key area I mentioned earlier, we continue to make progress in accelerating the growth of our R&D men's telehealth business, which remains one of the largest and most respected men's Tell health brands in the US.

最後，關於我之前提到的第三個關鍵領域，我們在加速研發男性遠距醫療業務成長方面繼續取得進展，該業務仍然是美國最大和最受尊敬的男性遠距醫療品牌之一。

Up until recently, Rex has scaled to over $70 million in annual revenue primarily through generic ED and other sexual health offerings. Without the benefit of complementary therapies that would dramatically expand its addressable market.

直到最近，Rex 的年收入已超過 7,000 萬美元，主要透過提供通用的 ED 和其他性健康產品來實現。如果沒有補充療法的幫助，其潛在市場將大幅擴大。

We've begun to capitalize on these opportunities with the launch of a weight management offering under Rex MD, we added almost 2000 net new patients through this approach during the third quarter. With day one return on ad spend exceeding 1X, following extensive compliance protocol development. We also recently launched a hormone replacement therapy offering which is our first comprehensive Men's Hormonal offering though it's too early for us to begin discussing performance data, we are very optimistic about this complementary offering and believe long term retention will be very strong for both patients on prescription testosterone as well as those who do not qualify and may receive other appropriate therapies.

我們已經開始利用這些機會，在 Rex MD 旗下推出體重管理服務，第三季我們透過這種方式增加了近 2000 名淨新患者。經過廣泛的合規協議開發，第一天的廣告支出回報率超過了 1 倍。我們最近也推出了一種荷爾蒙替代療法，這是我們的第一個全面的男性荷爾蒙產品，雖然現在開始討論表現數據還為時過早，但我們對這種互補產品非常樂觀，並相信長期保留率將非常高，無論是對於使用處方睾酮的患者還是那些不符合條件並可能接受其他適當療法的患者。

In addition, we expect to offer personalized compounded ed therapies in the first quarter of next year. We believe this offering alone has the potential to drive incremental double digit growth for Rex MDs core sexual health business.

此外，我們預計將在明年第一季提供個人化的複合勃起功能障礙治療。我們相信，僅憑此項服務就有可能推動 Rex MDs 核心性健康業務實現兩位數的成長。

We also are working hard on building and launching a robust concierge men's health program which will be marketed under the Rex MD brand but will leverage the LifeMD technology and care platform given the difficulty that exist across the country to access high quality health care. We think that there will be strong demand for this offering from existing and new patients that no one trust the Rex MD brand.

我們也正在努力建立和推出強大的禮賓男性健康計劃，該計劃將以 Rex MD 品牌進行行銷，但考慮到全國各地獲取高品質醫療服務的困難，該計劃將利用 LifeMD 技術和護理平台。我們認為現有和新患者對該產品的需求將非常強烈，因為沒有人信任 Rex MD 品牌。

As for work, simply its performance levelled out in the third quarter on a run rate basis and now has returned to growth. It remains on track to achieve the previously guided peak even run rate in the range of $1 million to $1.3 million per month by the end of 2024.

至於工作，其業績在第三季以運行率計算趨於平穩，目前已恢復成長。到 2024 年底，該公司仍有望實現先前預期的每月 100 萬至 130 萬美元的峰值運行率。

Importantly, with the execution of our strategic initiatives, a rapidly growing portion of our consolidated revenue and profitability is coming from our core telehealth business which represented more than 75% of Q3 total revenue as compared with just 63% a year ago. In summary life, and these core telehealth business continues to fire on all cylinders and is poised to continue delivering robust performance and growth.

重要的是，隨著我們策略性舉措的實施，我們綜合收入和盈利能力中快速增長的一部分來自我們的核心遠距醫療業務，該業務佔第三季度總收入的 75% 以上，而一年前僅為 63%。總而言之，這些核心遠距醫療業務持續全速發展，並有望繼續提供強勁的業績和成長。

And with that, I'll turn the call over to Marc Benathen to provide a summary of our financial results.

接下來，我將把電話轉給馬克·貝納森 (Marc Benathen)，讓他提供我們的財務表現摘要。

Thank you, Justin, and good afternoon everyone. LifeMD achieved a very strong third quarter performance with total revenues growing 38% versus the year ago period to $53.4 million.

謝謝你，賈斯汀，大家下午好。LifeMD 第三季業績表現非常強勁，總營收較去年同期成長 38%，達到 5,340 萬美元。

For telehealth revenue grew by 65% versus the prior year with standalone adjusted even their profitability at $2.5 million, which was up 200% sequentially versus the second quarter, telehealth's subscriber growth remains strong with the number of active subscribers increasing 30% year over year to approximately 269,000 at quarter end, the number of work simply active subscribers contracted 6% to 161,000 but return to sequential growth of reflecting what we believe is a sustained turning point and work simply as performance, consolidated gross margin for the third quarter was a record 90.6% up 300 basis points versus the prior year gross profit was $48.4 million. An increase of 43% from the year ago period, on a standalone basis, gross margin for our telehealth business increased by 770 basis points year over year to a record 89.3%.

遠距醫療收入較上年增長 65%，獨立調整後利潤為 250 萬美元，較第二季度環比增長 200%，遠距醫療的用戶增長依然強勁，活躍用戶數量同比增長 30%，截至本季度末約為 269,000 人，普通活躍用戶數量收縮 6% 至 161,000 季度的 90.6%，較上年同期成長 300 個基點，毛利為 4,840 萬美元。與去年同期相比，我們的遠距醫療業務的毛利率單獨成長了 43%，年增 770 個基點，達到創紀錄的 89.3%。

Our GAAP net loss attributable to common stockholders for the third quarter was $5.9 million or a loss of $0.14 per share. This compares with the GAAP net loss attributable to common stockholders for the third quarter of 2023 of $6.9 million or $0.20 per share, adjusted EBITDA is a non-GAAP measure we define as income or loss attributable to common shareholders before various items as outlined in today's earnings news release published prior to this call.

我們第三季歸屬於普通股股東的 GAAP 淨虧損為 590 萬美元，即每股虧損 0.14 美元。相較之下，2023 年第三季歸屬於普通股股東的 GAAP 淨虧損為 690 萬美元或每股 0.20 美元，調整後的 EBITDA 是一種非 GAAP 指標，我們將其定義為在本次電話會議之前發布的今日收益新聞稿中概述的扣除各種項目前的歸屬於普通股股東的收益或損失。

Adjusted EBITDA totaled $3.7 million for the third quarter as compared with $2.8 million in the year ago period, telehealth only adjust but there is a non-GAAP measure defined as adjust but for only our telehealth business excluding work simply, this measure was $2.5 million for Q3 as compared to negative $2.3 million in the year ago period. And as mentioned before was up 200% sequentially versus the second quarter.

第三季調整後 EBITDA 總計 370 萬美元，而去年同期為 280 萬美元，遠距醫療僅進行調整，但有一個非 GAAP 指標定義為調整，但僅針對我們的遠距醫療業務（不包括工作），該指標第三季為 250 萬美元，而去年同期為負 230 萬美元。正如之前提到的，與第二季度相比，該數字環比增長了 200%。

LifeMD generated over $6.2 million of cash flow from operations during the third quarter of 2024 and generate a positive net cash flow after CapEx debt service and preferred stock dividends for the fourth consecutive quarter, we exited the third quarter with $37.6 million in cash.

LifeMD 在 2024 年第三季產生了超過 620 萬美元的營運現金流，並連續四個季度在資本支出債務償還和優先股股息後產生了正的淨現金流，我們在第三季結束時擁有 3,760 萬美元的現金。

Turning to financial guidance today, we are reiterating our guidance for 2024 total revenues of at least $205 million while raising telehealth revenue guidance to between $151 million and $152 million up from $150 million previously.

談到今天的財務指導，我們重申對 2024 年總收入至少​​ 2.05 億美元的指導，同時將遠距醫療收入指導從先前的 1.5 億美元提高到 1.51 億至 1.52 億美元之間。

Also we are raising standalone telehealth adjusted but the guidance for 2024 to be in the range of $6 million to $7 million up from $3 million to $4 million previously, we expect total adjust but however, including the impact of work simply consolidation to be in the narrow range of $13 million to $14 million from the previous range of $13 million to $15 million.

此外，我們正在提高獨立遠距醫療的調整範圍，但 2024 年的指導範圍將從先前的 300 萬至 400 萬美元增加到 600 萬至 700 萬美元，我們預計總調整範圍將介於 1,300 萬至 1,400 萬美元之間，而先前的調整範圍為 1,300 萬美元至 1,500 萬美元。

This wraps up our financial results. I'd now like to turn the call back over to Justin.

這就是我們的財務結果。現在我想把電話轉回給賈斯汀。

Thanks, Marc. As we conclude our prepared remarks. I want to reflect on the incredible progress LifeMD has made. This year 2024 has been a year of truly transformational progress. A year in which our vision for a best in class, fully integrated telehealth platform has become a reality.

謝謝，馬克。我們即將結束準備好的演講。我想回顧一下 LifeMD 所取得的令人難以置信的進步。2024 年是真正變革進步的一年。在這一年中，我們打造一流、完全整合的遠距醫療平台的願景已經成為現實。

The third quarter performance of our core telehealth business exceeded expectations across the board, especially in profitability, which I think shows that our model is not only scalable but also resilient and positioned for success in the evolving health care landscape.

我們核心遠距醫療業務第三季的業績全面超出預期，尤其是在獲利能力方面，我認為這表明我們的模式不僅具有可擴展性，而且具有彈性，並且在不斷發展的醫療保健領域取得成功。

Our achievements this year mark a major milestone for LifeMD, the recent launch of our pharmacy further enhances our comprehensive health care ecosystem.

我們今年的成就標誌著 LifeMD 的一個重要里程碑，我們最近推出的藥局進一步增強了我們的綜合醫療保健生態系統。

We have taken full control over the quality timing and personalization of patients, health care journeys. From prescription services to OTC products to compounded therapy by us and others. And more, we can now bundle and tailor treatment to create a deeply curated and seamless patient experience.

我們完全控制了患者的醫療保健旅程的品質時間和個人化。從處方服務到非處方產品，再到我們和其他公司提供的複合療法。此外，我們現在可以捆綁和定制治療，以創造深度策劃和無縫的患者體驗。

Our platform now includes a vertically integrated virtual care system, a 50 state medical group, an in house pharmacy and a dedicated US based patient care center.

我們的平台現在包括一個垂直整合的虛擬護理系統、一個 50 個州的醫療集團、一個內部藥房和一個專門的美國患者護理中心。

The completion of our ecosystem demonstrates our commitment to accessible high quality and affordable health care for every American enabling us to deliver patient care with a level of coordination, control and compassion. That was simply not possible.

我們生態系統的完善表明了我們致力於讓每個美國人都能享受高品質、負擔得起的醫療保健的承諾，使我們能夠以一定的協調、控制和同情心為患者提供護理。這根本就是不可能的。

Before looking ahead, the LifeMD platform is primed to redefine what virtual care can achieve as we continue to expand with our new AI driven tools, expanded insurance capabilities and thoughtful offerings. We are well positioned to accelerate our growth and drive significant value for patients and shareholders. We look forward to sharing our continued progress in 2025 and beyond.

展望未來，LifeMD 平台已準備好重新定義虛擬護理可以實現的目標，因為我們將繼續利用新的 AI 驅動工具、擴展的保險能力和周到的產品進行擴展。我們已做好準備，可以加速我們的成長，並為患者和股東創造巨大的價值。我們期待在 2025 年及以後分享我們的持續進步。

And with that, I'll open the call to Q&A. Operator.

現在，我將開始問答環節。操作員。

(Operator Instructions)

（操作員指令）

David Larsen, BTIG.

大衛·拉森（David Larsen），BTIG。

Hi. Congratulations on all the progress especially the EBITDA and the health care division. It's fantastic. Can you talk a little bit about the FDA's comments on you know, semaglutide and also tirzepatide, whether or not they're going to be on the shortage list and for how long and, and how long you think this process will take to basically come to resolution and just sort of any thoughts that would be very helpful. Thank you.

你好。恭喜所有進展，特別是 EBITDA 和醫療保健部門的進展。太棒了。您能否談談 FDA 對索馬魯肽和替澤帕肽的評論，它們是否會被列入短缺名單，以及會持續多長時間，您認為這個過程需要多長時間才能基本上解決問題，以及任何非常有幫助的想法。謝謝。

Sure. Thanks, David. This is Justin. As we talk about the call life and B is a platform for comprehensive virtual care and we're agnostic to the treatment modality we provide to our patients, be it branded or compounded. And always try to put patients on branded therapy where possible, you know, the current challenge is that, you know, the mostly bottom, the mostly bottom 50% to 60% of America doesn't have affordable coverage for GLP-1 medications.

當然。謝謝，大衛。這是賈斯汀。當我們談論呼叫生活時，B 是一個全面虛擬護理的平台，我們對為患者提供的治療方式不持保留態度，無論是品牌治療還是複合治療。並且總是盡可能地讓患者接受品牌治療，你知道，目前的挑戰是，你知道，美國最底層的 50% 到 60% 的人無法負擔 GLP-1 藥物的費用。

And importantly, like this is the population where the greatest need exists for GLP-1 medications. Well, while currently, you know, currently, like, you know, we don't, there are currently no changes to the compounding market. It kind of remains to be seen how things play out. In our opinion, it's highly unlikely that compounded GLP-1 medications will be prohibited by FDA, even in the absence of a shortage, you know, we think the compounding will, will always have some role in the GLP-1 weight management space, particularly in the limited instances where variances in a compound formulation of the drug produce a significant benefit for the specific patient.

重要的是，這類人最需要 GLP-1 藥物。嗯，雖然目前，你知道，目前，就像，你知道，我們沒有，複合市場目前沒有改變。事情將如何發展還有待觀察。我們認為，即使在沒有短缺的情況下，複方 GLP-1 藥物也極不可能被 FDA 禁止，我們認為複方藥物在 GLP-1 體重管理領域始終會發揮一定作用，特別是在有限的情況下，藥物複方配方的差異會為特定患者帶來顯著益處。

You know, I think it's important to note that we believe that compounded versions of GLP-1 medications will naturally be replaced by branded therapies as soon as payers and employers and drug manufacturers agree on an acceptable cost structure, you know, that enables broad access to their therapies. And we always like to point out like more access to branded therapies or any therapies in this space. However, that happens is a big win for LifeMD. And we think this is inevitable, which is why we're so excited about the long term potential of this business.

你知道，我認為值得注意的是，我們相信，只要付款人、雇主和藥品製造商就可接受的成本結構達成一致，使人們能夠廣泛獲得他們的治療，那麼 GLP-1 藥物的複合版本自然會被品牌療法所取代。我們總是喜歡指出人們可以獲得更多品牌療法或該領域的任何療法。然而，這對 LifeMD 來說是一個巨大的勝利。我們認為這是不可避免的，這就是我們對這項業務的長期潛力如此興奮的原因。

Okay. So I think what I just heard you say was that if more branded GLP-1 products launch or if generic versions of GLP-1's launch due to perhaps, you know, increase sort of you know, possible coverage areas of GLP-1, for example, fatty liver disease or Alzheimer's as these lower cost brands or generic versions launch. That's a good thing for you is what I just heard you say is that right?

好的。所以我認為我剛剛聽到您說的是，如果推出更多品牌 GLP-1 產品或推出 GLP-1 的仿製藥，也許可以增加 GLP-1 的可能覆蓋範圍，例如脂肪肝疾病或阿茲海默症，因為這些低成本品牌或仿製藥的推出。我剛剛聽到你說這對你來說是件好事，對嗎？

Yeah, that's absolutely correct. David more, more coverage, whether it be from government payers, private payers, self-insured employers, more coverage which every single person on this call knows is inevitable, simply a matter of when. And you know, I think most people would agree. It's not years down the road. I think it's likely something that over the next 6, 12 months, you know, we're going to really start to figure out any of that is, is a great thing for life.

是的，完全正確。大衛，更多的保障，無論是來自政府付款人、私人付款人還是自我保險的雇主，電話中的每個人都知道更多的保障是不可避免的，只是時間問題。你知道，我想大多數人都會同意。這還不算幾年後的事。我認為，在接下來的 6 到 12 個月裡，我們將真正開始弄清楚這一切對生活來說是否是一件偉大的事情。

And indeed we work with, you know, every pharmacy benefit manager we work with, you know, we're going to be launching nationwide Medicare coverage. We're evaluating opportunities in the Medicaid market right now as well. Wherever the coverage is LifeMD will be there with an incredible platform that offers, you know, comprehensive care in the space.

事實上，我們與每家藥房福利管理者都進行了合作，我們將在全國推出醫療保險。我們現在也正在評估醫療補助市場的機會。無論覆蓋範圍有多廣，LifeMD 都會透過其出色的平台提供全面的醫療護理。

Okay. And just one more quick follow up for me. Can you talk a little bit about sort of the precautions or safety measures that you've put in place with your own pharmacy? What could that overall do to your overall cost of goods? And there's some fear, I think amongst some investors around, you know, whether or not compound therapies are safe.

好的。我只需再快速跟進一下。您能否談談您在自己的藥局採取的預防措施或安全措施？這會對您的整體商品成本產生什麼影響？我認為一些投資者對複合療法是否安全感到擔憂。

Can you just talk about your partners, the QA processes that they go through, the regulatory requirements that they all have to sort of meet just any color. There would be very helpful and then I'll hop back in the queue. Thank you.

您能否談談您的合作夥伴、他們經歷的品質保證流程以及他們必須滿足的任何顏色的監管要求。這將會非常有幫助，然後我會重新回到隊列中。謝謝。

Sure, David, this is Justin again. So importantly, our LifeMD pharmacy doesn't make compound the GLP-1 therapies. We don't, distribute LifeMD therapies. That's all, you know, all that we do for patients. You know, we connect our patients to trusted third party pharmacies, you know, that we have diligence that we believe are, you know, that we feel very good about, you know, that are producing, you know, high quality, the highest quality versions of these compounded medications. I think that as far as the quality processes go with these pharmacies, I can't go into them in depth, but everything that you can imagine in a heavily regulated pharmacy or drug manufacturing operation, the pharmacies, we work with are typically doing that and then more, you know, we, they connect, they have labs inside of their pharmacies.

當然，大衛，我又是賈斯汀。因此，重要的是，我們的 LifeMD 藥局不生產複方 GLP-1 療法。我們不分發 LifeMD 療法。您知道，這就是我們為患者所做的一切。您知道，我們將我們的患者與值得信賴的第三方藥局聯繫起來，您知道，我們會盡職盡責，我們相信，您知道，我們對此感到非常滿意，您知道，他們生產出高品質、最高品質的複方藥物。我認為就這些藥房的品質流程而言，我無法深入探討，但您可以想像到在受到嚴格監管的藥房或藥品製造業務中，我們合作的藥房通常都會這樣做，然後更多，您知道，我們與他們聯繫，他們在藥房內設有實驗室。

They're testing every single batch of medication they're sending regularly, you know, samples out to third party labs. LifeMD conducts its own third party testing on, you know, randomly, you know, on these medications as well, you know, just to make sure just to, again, provide a third check, you know, on the quality and, and to make sure that these drugs are exactly what our affiliated providers are prescribing.

他們會定期對每一批藥物進行檢測，並將樣本送到第三方實驗室。LifeMD 也會對這些藥物進行隨機的第三方檢測，只是為了再次對品質進行第三次檢查，確保這些藥物正是我們附屬供應商所開立的藥物。

So, yeah, and, and it's important to point out like some, some of the pharmacies that we actually refer patients to that are manufacturing, these drugs are, you know, our license, they're outsourcing facilities, they're licensed drug manufacturers that are manufacturing a range of other drugs, you know, that are FDA approved. So they're not just pharmacies that have popped up that are manufacturing GLP-1 medication. So, I mean, we feel very, very good.

所以，是的，而且，需要指出的是，一些我們實際上將患者轉介到的藥房正在生產這些藥物，你知道，它們是我們的許可證藥房，它們是外包設施，它們是獲得許可的藥品製造商，正在生產一系列其他藥物，你知道，這些藥物都是經過 FDA 批准的。因此，它們並不是突然出現的生產 GLP-1 藥物的藥局。所以，我的意思是，我們感覺非常非常好。

The other thing I would, I'll mention Dave is, we -- you know, we do a lot of background on any of these pharmacies prior to sending prescriptions, you know, to them. And, you know, the, the compounding pharmacy space is, is heavily regulated by FDA. And it's all, all of the kind of inspections are out there in the public domain. And so it's, it's very easy to go see, you know, kind of the background and any regulatory issues that these compounding pharmacies have had in the past, you know, and to, to due diligence on who's a good actor and who's a bad actor.

我要提到的另一件事是，戴夫，我們——你知道，在向這些藥房發送處方之前，我們會對他們進行大量的背景調查。而且您知道，配藥藥房領域受到 FDA 的嚴格監管。所有類型的檢查都是公開的。所以，很容易就能了解這些配藥藥局的背景和過去的監管問題，也能盡職調查誰是好人，誰是壞人。

Great. Thanks very much. I'll hop back in the queue.

偉大的。非常感謝。我將重新回到隊列中。

Sarah James, Cantor.

莎拉詹姆斯（Sarah James），領唱者。

Thank you. And congrats on a phenomenal quarter, telehealth margins were really strong in Q3. Can you help us understand what were the moving pieces there and how that's going to trend going forward as you think about payer and product mix changes as well as your strategy on growth?

謝謝。恭喜您度過了一個非凡的季度，遠距醫療的利潤率在第三季度非常強勁。您能否幫助我們理解其中的變動因素以及未來的趨勢，以及您考慮付款人和產品組合的變化以及成長策略時如何？

Yeah. Sarah, this is Marc. So in Q3, the big drivers were a couple fold. One, retention has continued to be strong and has actually gotten slightly better. Two, we've had more success in some of our product businesses continuing to up sell people to longer subscription length, the product revenue being recognized when the product ships. So that carries with it our gross margins and then three continuing to have a bigger percentage of our revenue and this is the biggest component of it. And this is really what drives a lot of the gross margin, a bigger percentage of the company's business in a meaningful way, particularly if it's growth and weight management coming from the service care based model.

是的。莎拉，這是馬克。因此在第三季度，主要驅動因素有幾倍。一是留任率持續保持強勁，實際上仍略有改善。二，我們在某些​​產品業務中取得了更大的成功，繼續向人們推銷更長的訂閱期限，產品收入在產品發貨時確認。因此，這與我們的毛利率有關，而這三個部分繼續佔據我們收入的更大比例，而這是其中最大的組成部分。這實際上是推動毛利率上升的因素，在很大程度上提高了公司業務的比重，尤其是如果公司業務的成長和體重管理是基於服務關懷模式的。

As you know, most of our weight management revenue is not driven by the product, almost all of it, the vast majority of 85%, 90% is driven by service revenue, which does have a greater gross margin as we don't have the underlying product costs associated with that bottle. All of those have added up to stronger gross margins which in turn have flowed through in the bottom line and retention.

如您所知，我們的大部分體重管理收入不是由產品驅動的，幾乎所有收入（絕大多數為 85% 到 90%）都是由服務收入驅動的，由於我們沒有與該瓶子相關的基礎產品成本，因此服務收入確實具有更大的毛利率。所有這些都增加了更高的毛利率，進而轉化為利潤和留存率。

Obviously, as you build more of a stable base in some of these newer business lines like weight management with more rebuildings, as we've always said, more of it flows to the bottom line because you don't have the advertising costs associated with rebuildings as far as going forward.

顯然，正如我們一直所說，隨著你在一些較新的業務線（如體重管理）中建立起更穩定的基礎並進行更多重建，更多的收益將流向利潤，因為就未來而言，你不需要承擔與重建相關的廣告成本。

Look, I mean, I assume our gross margins are going to be fairly stable and we'll probably have some improvements. We are expecting some improvements in 2025 and beyond with the pharmacy coming on the line. Although that's going to take some time to make its way through the P&L as we roll out, we do expect peak annualized savings of about $5 million a year, which will obviously, that's at today's volumes. So that'll grow over time as volumes get bigger. And then obviously, our telehealth adjusted EBITDA margins, you know, we would expect next year to continue to see expansion from the factors that I mentioned before.

看，我的意思是，我認為我們的毛利率將相當穩定，而且我們可能會有一些改善。隨著藥局的投入使用，我們期待 2025 年及以後會有一些改進。儘管這筆錢在我們推出時需要一些時間才能計入損益表，但我們確實預計每年的峰值年化節餘約為 500 萬美元，這顯然是按照今天的數量計算的。因此，隨著數量的增加，這個數字還會不斷增加。然後顯然，我們的遠距醫療調整後的 EBITDA 利潤率，我們預計明年將繼續從我之前提到的因素中看到擴張。

Great. Thank you. And one more, could you update us on your clinical staff recruitment strategy with you guys moving into the payer realm and launching new products. You know, how do you think about the need to front end load your recruiting and to what level?

偉大的。謝謝。另外，您能否向我們介紹一下您們的臨床工作人員招募策略，您們正進入付款人​​領域並推出新產品。您知道嗎，您如何看待前端加載招聘的必要性以及加載到什麼程度？

Yeah, that's a good question, Sarah, this is Justin, we feel really good about, you know, our current staffing level. I think that, you know, we're always looking to, we're always looking to hire the right 30 to 50 state licensed providers, you know, finding great providers that have, that are licensed across the country is, is not easy.

是的，這是個好問題，莎拉，我是賈斯汀，我們對目前的人員配備水準感到非常滿意。我認為，你知道，我們一直在尋找，我們一直在尋找聘請合適的 30 到 50 個州許可的供應商，你知道，找到在全國範圍內獲得許可的優秀供應商並不容易。

So we're, I would say we're strategically, you know, adding FTEs to our affiliated medical group, but we feel really, really good about, you know, where we're at right now. The, the culture in our medical group is amazing. It's still like, you know when we compare kind of what we know about other large virtual care provider groups. I mean, I've yet to find one that I think has a culture that's remotely similar to LifeMD, right in a, in a positive way.

因此，我想說，我們從策略上來說，正在為我們的附屬醫療集團增加全職員工，但我們對目前的狀況感到非常非常滿意。我們醫療集團的文化非常棒。您知道，當我們將其與我們對其他大型虛擬護理提供者團體的了解進行比較時，情況仍然如此。我的意思是，我還沒有找到一個我認為具有與 LifeMD 稍微相似的文化的公司，無論是在積極的方面。

So we feel good about it. You know, we also, we also are, we also are chatting with you know, one or two other potential partners that, you know, have large provider groups as well that could potentially, you know, augment what we have. If we, you know, if we saw, you know, a lot of growth that we weren't expecting.

因此我們對此感覺很好。你知道，我們也在與一兩個其他潛在合作夥伴交談，他們也有大型供應商群體，可能會增強我們的現有資源。如果我們看到很多我們意想不到的成長。

Very helpful. Thank you.

非常有幫助。謝謝。

Alex Furman, Craig-Hallum Capital Group.

克雷格-哈勒姆資本集團 (Craig-Hallum Capital Group) 的亞歷克斯·弗曼 (Alex

He must have wanted to share some of his music with us. Let's go to the next person. Maybe I'll come back to him.

他肯定想與我們分享他的一些音樂。我們去找下一個人吧。也許我會回到他身邊。

Kyle Bauser, B. Riley Securities.

凱爾·鮑瑟 (Kyle Bauser)，B. Riley Securities。

Hi, thank you. And great progress particularly with turning the corner of profitability in the telehealth business. Maybe, I missed this, but how many Weight Management subscribers were added in the quarter? Kind of, what's the new level of active subscribers in this bucket?

你好，謝謝。並取得了巨大進步，特別是在遠距醫療業務的盈利能力方面取得了突破。也許，我錯過了這個，但本季增加了多少體重管理訂閱者？那麼，這個桶子中的新活躍訂閱者等級是多少？

Yeah. You actually didn't miss it. You know, we've been pretty cognizant now that we want to disclose the total number now that we're more of a mature, level in weight management. 15,000 on a net basis were added during the quarter. We went essentially from 60,000 to about 75,000 Weight Management subscribers.

是的。事實上，你並沒有錯過。你知道，我們現在已經非常清楚，既然我們在體重管理方面已經更加成熟，那麼我們就想公開總數。本季淨新增 15,000 個。我們的體重管理訂閱用戶數量從 60,000 人增加到了 75,000 人左右。

Got you, so still very healthy, maybe a slight tick down from the 20,000 last quarter. Any color here as to what you're seeing? I mean, obviously there's some quite a bit of noise out there regarding, you know, compounded versions, GLP-1 that presumably, that's impacted slightly but just kind of curious if you have any more color around that.

明白了，所以仍然非常健康，可能比上一季的 20,000 略有下降。您看到的是什麼顏色？我的意思是，顯然關於複合版本 GLP-1 存在很多噪音，據推測，這受到了輕微的影響，但我只是好奇您是否對此有更多的了解。

Yeah. I mean, it's also becoming, you know, the business has a ton of growth going forward. You know, naturally the net growth quarter to quarter can sometimes very little. There wasn't a lot of variation. We haven't seen much change in the business. I mean, tax have gone up a little bit but we've continued to be able to see some increases in the way that they -- as more people have elected for longer term subscriptions.

是的。我的意思是，你知道，這項業務未來也將有大量的成長。你知道，季度間的淨成長有時自然會非常少。變化並不多。我們並沒有看到業務發生太大的變化。我的意思是，稅收雖然有所上漲，但我們仍然能夠看到稅收上漲——因為越來越多的人選擇長期訂閱。

You know, we've done some stuff, you know, as of November, that's out there publicly, we revised our pricing a little bit because we're actually, we're a little bit too low in the market. So we should see some benefits from that, going forward also. And that's just on the care side. As we get bigger, we've also seen, you know, some, more efficiency in our COGS as well in the business, which obviously we're starting to see flow through to the bottom line.

你知道，我們已經做了一些事情，你知道，截至 11 月，這些事情已經公開，我們稍微修改了我們的定價，因為實際上，我們在市場上的價格有點太低了。因此，我們也應該從中看到一些好處。這只是護理方面。隨著我們規模的擴大，我們也看到，我們的銷貨成本以及業務效率都有所提高，顯然我們開始看到這流入到利潤線。

But outside of that really, there's, you know, a lot of what's been going on in the market has been noise. There really hasn't been major changes in the dynamics of the market or the last couple of months versus what existed, you know, four or five months ago.

但除此之外，你知道，市場上發生的很多事情都是噪音。與四、五個月前相比，過去幾個月的市場動態確實沒有重大變化。

Sure, I got it. Thank you. And then maybe on the work simply business nice that it kind of returned to growth and your forecasting kind of hit peak later this year, which is great. I guess what are your thoughts around divesting this business. Has there been interest? Is there a benefit in waiting? Do you think the valuation seems like it, presumably that was divested in and you're now a pure play telehealth company that's just turned the corner with profitability. There could be upside that would more than outweigh, you know, any sort of different evaluation. So just kind of curious what your thoughts are on that.

當然，我明白了。謝謝。然後也許從工作上來說，簡單的業務很好，它恢復了成長，並且您的預測將在今年晚些時候達到頂峰，這很好。我猜您對剝離這項業務有什麼想法。有興趣嗎？等待還有好處嗎？您是否認為估值看起來像是，大概是被剝離了資產，現在您是一家純粹的遠距醫療公司，剛剛實現盈利。您知道，其好處可能遠遠超過任何不同的評價。所以只是有點好奇你對此的看法。

Yeah, This is Marc. Yeah, look, the plan is still to divest the business as, you know, the business had a, you know, soft year. And yes, it has turned the corner at the 2000 subscribers and Q4 has been off to a strong start. Thus far, frankly, some of that softness delayed, you know, a potential transaction, there's still a lot of interest for multiple parties in the business.

是的，這是馬克。是的，計劃仍然是剝離該業務，因為你知道，今年該業務表現不佳。是的，它的訂閱用戶數已突破 2,000 名，並且在第四季度取得了良好的開端。坦白說，到目前為止，一些疲軟因素推遲了一項潛在的交易，但多方對該業務仍然有很大的興趣。

I think that business will need to demonstrate at least several months or a few months of sustained trajectory forward to get back to that peak monthly EBITDA which they've committed to and frankly are well on their way to given the results over the last 60 days or so.

我認為，企業需要展示至少幾個月或幾個月的持續發展軌跡才能回到他們承諾的月度 EBITDA 峰值，而且坦白說，根據過去 60 天左右的結果，他們正在順利實現這一目標。

So again, the plan is still divest the business, there's still a lot of interest in the business. It's a matter of the business continuing to execute what we've put out there and frankly, what they're on track for to get to by the end of the year, which is that peaky, but then continuing to grow from there.

所以，再說一次，計劃仍然是剝離該業務，人們對該業務仍然有很大的興趣。這是關於業務繼續執行我們已經制定的目標的問題，坦白說，他們有望在年底前實現目標，雖然達到頂峰，但隨後會繼續增長。

Okay. Well, thank you. Lots of great updates here and I'll jump back in queue.

好的。好吧，謝謝你。這裡有很多精彩的更新，我會重新加入隊列。

Steve Dechert, KeyBanc.

KeyBanc 的 Steve Dechert。

Hey guys, thanks for the question. With there being a number of competing weight management solutions out there that offer GLP-1 medications, what do you see as the key differentiators for LifeMD's offering thing?

嘿夥計們，謝謝你的提問。目前市面上有許多提供 GLP-1 藥物的體重管理解決方案，您認為 LifeMD 提供的產品的主要差異是什麼？

Yeah, this is Justin. I think there are two big things that are key differentiators. The biggest is the quality of care we're providing and the fact that we're actually, you know, giving patients a real like sync consult with the provider. That's just find another direct to consumer, direct to patient telehealth platform that's doing that at the scale that we are.

是的，這是賈斯汀。我認為有兩件大事是關鍵的區別因素。最重要的是我們提供的護理質量，以及我們實際上為患者提供與醫療服務提供者真正的同步諮詢。這只是找到另一個直接面向消費者、直接面向患者的遠距醫療平台，以我們的規模實現這一目標。

I haven't found one yet. You know, I think there are some other companies that are great companies that are doing this in an sync manner. But I, I really think that's a big differentiator. I think following up on that, you know, remember LifeMD is a platform for providing virtual primary care and not just weight management, not just treatment for hormone therapy or whatever, whatever else it is.

我還沒找到。你知道，我認為還有一些其他公司，也是同步做這件事的優秀公司。但我確實認為這是一個很大的區別。我認為，接下來，請記住，LifeMD 是一個提供虛擬初級保健的平台，而不僅僅是體重管理，不僅僅是荷爾蒙治療或其他什麼。

So when these patients sign up for even the, the like the weight management offering and our providers are able to help them with more than weight management, which, you know, I think is really unique. I think the last thing I would say is, you know, the comprehensiveness of our platform, you know, it is different than most other providers out there. A good example for that. I don't think we spoke about it in the call actually, but, you know, we're now offering nutrition consults to all of our weight management patients. They can, it's free of charge, it's part of the program. It's led by, you know, several of our NPs that are, you know, full time providers that are certified in nutrition and just really knowledgeable in the space.

因此，當這些患者註冊體重管理服務時，我們的服務提供者能夠為他們提供的幫助不僅僅是體重管理，我認為這真的很獨特。我想我最後要說的是，我們平台的全面性與大多數其他提供者不同。就是一個很好的例子。我認為我們實際上並沒有在通話中談論這個問題，但是，你知道，我們現在為所有體重管理患者提供營養諮詢。可以，這是免費的，這是計劃的一部分。它由我們的幾位 NP 領導，他們是經過營養認證的全職提供者，並且對該領域非常了解。

And we've built an entire program around this, we're building programs around sleep and, you know, other, you know, key components of wellness that can help people lose weight and live a healthier life. And I think this is like this is very, very unique. You know, most other platforms out there again are using third party medical groups, they are providing a sync consoles, you know, they may say that these things are comprehensive, but typically they are not, you know, LifeMD really has a unique, a unique platform in that way.

我們圍繞這一點制定了整個計劃，我們圍繞著睡眠和其他健康關鍵要素制定計劃，這些計劃可以幫助人們減肥並過上更健康的生活。我認為這是非常非常獨特的。您知道，大多數其他平台都在使用第三方醫療團體，他們提供同步控制台，您知道，他們可能會說這些東西是全面的，但通常並非如此，您知道，LifeMD 確實有一個獨一無二的平台。

Do you hear your next question?

你聽到你的下一個問題了嗎？

Yi Chen, H.C. Wainwright.

陳懿，H.C.溫賴特。

This is Eduardo on for Yi. congrats on the great quarter. I had a few questions. I'm just kind of curious if you could add a little more color on. If you still think the GLP-1 therapies are going to be the main driver for growth and if not kind of what other kind of products or offerings you guys are excited about moving forward in 2025.

愛德華多 (Eduardo) 替補易建聯上場。恭喜本季取得如此出色的成績。我有幾個問題。我只是有點好奇你是否可以添加更多顏色。如果你仍然認為 GLP-1 療法將成為成長的主要動力，那麼如果不是，那麼你們對 2025 年還有哪些其他類型的產品或產品感到興奮。

That's great. Yeah, I think, I mean, we certainly, we certainly think that GLP-1 therapies will be a very big growth driver next year. We also expect our men's tell health business R&D to be a big driver of growth. We're very optimistic about the hormone therapy program that we launched under the Rex MD brand. We're also working on similar hormone and wellness programs for women, which are, will be built on the LifeMD platform.

那太棒了。是的，我認為，我的意思是，我們當然認為 GLP-1 療法將成為明年的一個非常大的成長動力。我們也希望我們的男性健康業務研發能成為成長的一大動力。我們對 Rex MD 品牌下推出的荷爾蒙治療計畫非常樂觀。我們也正在開發類似的針對女性的荷爾蒙和健康計劃，這些計劃將建立在 LifeMD 平台上。

And so that's something that we're excited about next year. You know, our insomnia business is, you know, is growing, is seeing very strong growth. We're excited about making that an even more robust offering. And then look, we're very excited over the next year or two about other, you know, other clinical areas, you know, one of them is behavioral health. You know, we're thinking about the right strategy and behavioral health. But that's something that I think investors can look forward to. You know, we're also looking at type two diabetes and vascular health.

所以這是我們對明年感到興奮的事情。你知道，我們的失眠業務正在成長，並且呈現非常強勁的成長動能。我們很高興能夠提供更強大的產品。然後你看，我們對未來一兩年內其他臨床領域感到非常興奮，其中之一就是行為健康。你知道，我們正在考慮正確的策略和行為健康。但我認為這是投資者可以期待的事情。你知道，我們也在研究二型糖尿病和血管健康。

There are a lot of different, I think prevention oriented programs that we think are really appropriate for the license the platform, both for new patients, you know, and like super, you know, appropriate for the hundreds of thousands of patients that we already have on our platform, many of which have one or you know, many of which have two or more chronic conditions.

我認為有很多不同的預防導向計劃非常適合該許可平台，既適用於新患者，也適用於我們平台上已有的數十萬患者，其中許多人患有一種或兩種或兩種以上的慢性病。

So, you know, very excited, I mean, we're very optimistic about next year. I think the, you know, the Weight Management program driven by accessing GLP patients, patients having an interest in accessing GLP-1 medications will be a big growth driver. But importantly, like the underlying business is going to see great growth even without the GLP-1 business.

所以，你知道，非常興奮，我的意思是，我們對明年非常樂觀。我認為，透過接觸 GLP 患者、對接觸 GLP-1 藥物感興趣的患者來推動的體重管理計劃將成為一個巨大的成長動力。但重要的是，即使沒有 GLP-1 業務，基礎業務也將大幅成長。

I think that's a really important point for investors.

我認為這對投資者來說是一個非常重要的點。

Got it. That's really helpful. And, and when you position these new offerings, do you envision them being add-on to existing subscription programs? Will you offer kind of just or will they be like individual product line? I'm kind of curious how you envision growth and--

知道了。這真的很有幫助。而且，當您定位這些新產品時，您是否設想將它們作為現有訂閱計劃的附加組件？您會提供類似的產品，或者它們會像單獨的產品線一樣？我有點好奇你如何看待成長——

Almost all of them. Yeah, sure. I mean, look, that's a great question, but almost all of them, even the more complex like chronic issue management programs and wellness programs we're launching under LifeMD, they'll all be driven by the life. Indeed, technology and care and care platform. I mean we've invested and continue to invest so much, so much time and capital, you know, in, into building that technology platform. I mean, it's incredible.

幾乎全部都是。是的，當然。我的意思是，看，這是一個很好的問題，但幾乎所有這些計劃，即使是更複雜的計劃，例如我們在 LifeMD 下推出的慢性病管理計劃和健康計劃，它們都將由生活驅動。確實，科技與關懷以及關懷平台。我的意思是，我們已經投入了並將繼續投入大量的時間和資金來建立這個技術平台。我的意思是，這太不可思議了。

Most investors don't understand how incredible, you know, the technology that we have that we've built actually is and that is going to be the driver of all of these future offerings. It will be under the LifeMD and the brand, you know, we've put a lot of money over the years, of course, into, you know, into building Rex MD and creating like, you know, almost really turning LifeMD into a household name. And so we're not going to stop marketing through LifeMD and there are going to be certain, you, they're going to be certain like lifestyle async offerings that are always going to be appropriate for, you know, the just for the life for the LifeMD platform.

大多數投資者不明白我們所擁有的技術有多麼不可思議，而這將成為所有未來產品的驅動力。它將歸於 LifeMD 品牌，您知道，多年來我們當然投入了大量資金來打造 Rex MD 並幾乎真正將 LifeMD 變成家喻戶曉的品牌。因此，我們不會停止透過 LifeMD 進行行銷，而且我們將會提供某些特定的生活方式非同步產品，這些產品始終適合 LifeMD 平台的生活。

However, everything that, you know, everything even through, like through LifeMD, that is more complex in nature, you know, we'll be moving, moving those patients over to LifeMD will be a co-branded Rex and LifeMD experience. And so that, that's kind of the long term plan.

然而，您知道，甚至透過 LifeMD 等本質上更為複雜的方式，我們將把這些患者轉移到 LifeMD，這將是 Rex 和 LifeMD 聯合品牌的體驗。這就是一種長期計劃。

Got it. That's really helpful. Thanks.

知道了。這真的很有幫助。謝謝。

There are no further questions at this time. I will now turn the call back to Justin Schreiber for closing remarks. Please continue.

目前沒有其他問題。現在我將把電話轉回給賈斯汀‧施雷伯 (Justin Schreiber)，請他作結語。請繼續。

Thanks everybody. Appreciate your time and for participating in the call and look forward to, you know, updating you next year on ;our yearly performance at LifeMD. Have a great evening.

謝謝大家。感謝您抽空參加電話會議，我們期待明年向您報告我們在 LifeMD 的年度表現。祝您有個愉快的夜晚。

Ladies and gentlemen, this concludes today's conference call. Thank you for your participation. You may now disconnect.

女士們、先生們，今天的電話會議到此結束。感謝您的參與。您現在可以斷開連線。