LifeMD Inc (LFMD) 2025 Q1 法說會逐字稿

Good afternoon. Thank you for joining us today to discuss LifeMD's results for the first quarter ended March 31, 2025. Joining the call today are Justin Schreiber, Chairman and Chief Executive Officer; and Marc Benathen, Chief Financial Officer. Following management's prepared remarks, we will open the call for a question-and-answer session.

午安.感謝您今天加入我們討論 LifeMD 截至 2025 年 3 月 31 日的第一季業績。今天參加電話會議的有董事長兼執行長賈斯汀‧施賴伯 (Justin Schreiber)；以及財務長馬克‧貝納森 (Marc Benathen)。在管理階層準備好發言之後，我們將開始問答環節。

Before we begin, I would like to remind everyone that during this call, the company will make a number of forward-looking statements, which are subject to numerous risks and uncertainties that may cause actual results to differ materially from those projected.

在我們開始之前，我想提醒大家，在本次電話會議中，公司將做出一些前瞻性陳述，這些陳述受諸多風險和不確定性的影響，可能導致實際結果與預測結果有重大差異。

These risks and uncertainties are described in the company's 10-K and 10-Q filings and within 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, May 6, 2025.

這些風險和不確定性在該公司的 10-K 和 10-Q 文件以及 LifeMD 可能不時向美國證券交易委員會提交的其他文件中有所描述。本次電話會議中所做的前瞻性陳述是基於截至 2025 年 5 月 6 日公司所掌握的最新資訊。

'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 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 these non-GAAP measures to the most comparable GAAP measures and reconciliations thereof can be found in the press release issued earlier today.

「除非法律要求，否則公司不承擔在今天的電話會議後更新或修改任何前瞻性聲明的義務。另外，請注意，管理階層將討論公司認為對評估 LifeMD 績效很重要的某些非 GAAP 財務指標。有關這些非公認會計準則指標與最具可比性的公認會計準則指標之間的關係及其對帳的詳細信息，請參閱今天早些時候發布的新聞稿。

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

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。現在我想把電話轉給 LifeMD 的執行長賈斯汀·施雷伯 (Justin Schreiber)。請繼續。

Thank you, and good afternoon, everyone. After the market closed, we issued a press release announcing our first quarter financial results and posted an updated corporate presentation on our website at ir.lifemd.com. I'm excited to share the significant progress LifeMD has made in the first quarter of 2025.

謝謝大家，下午好。市場收盤後，我們發布了一份新聞稿，宣布了第一季的財務業績，並在我們的網站 ir.lifemd.com 上發布了更新的公司介紹。我很高興與大家分享 LifeMD 在 2025 年第一季取得的重大進展。

On our last earnings call, we outlined key strategic priorities designed to accelerate our position as a leader in virtual primary care. I'm pleased to report that we're executing well across the board, building on last year's momentum and delivering strong performance throughout our platform.

在上次財報電話會議上，我們概述了旨在加速我們在虛擬初級保健領域的領先地位的關鍵策略重點。我很高興地報告，我們在各方面表現良好，延續了去年的勢頭，並在整個平台上實現了強勁的表現。

Our core telehealth business had an exceptional quarter with revenue growing 70% year-over-year, driven largely by continued strength in our weight management program. We also saw promising early contributions from our fee-for-service Medicare initiative and the recent launch of our men's hormone therapy offering.

我們的核心遠距醫療業務本季表現出色，營收年增 70%，這主要得益於我們體重管理計畫的持續強勁成長。我們也看到了按服務收費的醫療保險計劃和最近推出的男性荷爾蒙治療服務帶來的有希望的早期貢獻。

Notably, telehealth adjusted EBITDA reached $5.3 million, a dramatic improvement from a loss of $1.3 million in the same period last year. These results are a powerful validation of the brand, technology and operational excellence we've built into our virtual care model. Our RexMD brand continues to perform exceptionally well with consistent growth in both revenue and active patient count, further reinforcing its position as a category leader in men's health.

值得注意的是，遠距醫療調整後的 EBITDA 達到 530 萬美元，較去年同期 130 萬美元的虧損有了顯著改善。這些結果有力地驗證了我們在虛擬護理模式中打造的品牌、技術和卓越營運。我們的 RexMD 品牌持續表現出色，收入和活躍患者數量持續成長，進一步鞏固了其在男性健康領域的領先地位。

As we previously guided, we continue to expand Rex beyond its original focus on sexual health into larger high-demand verticals, including weight management, behavioral health, insomnia and hormone replacement therapy. Our newly launched HRT program is off to a strong start with early adoption exceeding expectations and offering valuable insights into this fast-growing category.

正如我們之前所指導的那樣，我們將繼續擴展 Rex 的關注範圍，使其從最初的性健康領域擴展到更大的高需求垂直領域，包括體重管理、行為健康、失眠和荷爾蒙替代療法。我們新推出的 HRT 計劃開局良好，早期採用情況超出預期，並為這一快速增長的類別提供了寶貴的見解。

Notably, more than 40% of new HRT patients are existing RexMD patients already engaged in another care subscription. Later this year, we plan to introduce LifeMD+ and other synchronous care offerings for RexMD's 180,000 active patients, unlocking a significant cross-care opportunity across our ecosystem.

值得注意的是，超過 40% 的新 HRT 患者是已經參與其他護理訂閱的現有 RexMD 患者。今年晚些時候，我們計劃為 RexMD 的 180,000 名活躍患者推出 LifeMD+ 和其他同步護理服務，為我們的整個生態系統帶來重要的交叉護理機會。

As a reminder, LifeMD+ is our affordable monthly membership that includes 24/7 access to synchronous care, convenient prescription and refill services and access to our curated marketplace of prescription medications, over-the-counter products and lab services.

提醒一下，LifeMD+ 是我們價格實惠的月度會員資格，包括全天候同步護理、便捷的處方和續藥服務以及訪問我們精選的處方藥、非處方產品和實驗室服務市場。

Now I'll turn to our virtual primary care platform. As recently announced, we've established strategic collaborations with LillyDirect and NovoCare to improve access to GLP-1 medications for weight management patients without insurance coverage. These partnerships reflect the growing recognition of our patient-first model and underscore our ability to streamline access to transformative therapies.

現在我將談談我們的虛擬初級保健平台。正如最近宣布的那樣，我們已與 LillyDirect 和 NovoCare 建立戰略合作關係，以改善沒有保險覆蓋的體重管理患者獲得 GLP-1 藥物的機會。這些合作關係反映了我們以患者為先的模式日益受到認可，並強調了我們簡化轉化療法獲取途徑的能力。

LifeMD is now the only virtual care provider offering synchronous consults integrated with both NovoCare and LillyDirect, enabling seamless access to Wegovy and Zepbound. Combined with our direct-to-patient pharmacy, specialized nationwide provider network and pharmacy benefits infrastructure, we believe we've created a category-defining competitive moat in virtual obesity care.

LifeMD 目前是唯一一家提供與 NovoCare 和 LillyDirect 整合的同步諮詢的虛擬護理供應商，可無縫存取 Wegovy 和 Zepbound。結合我們的直接面向患者的藥房、專業的全國供應商網路和藥房福利基礎設施，我們相信我們已經在虛擬肥胖護理領域創造了一個類別定義的競爭護城河。

It's worth noting that we expect to do exactly the same thing in many other verticals in the years to come. Another major milestone is our acceptance of fee-for-service Medicare, opening a significant and largely untapped market. We've already expanded coverage to over 21 million Medicare Part B beneficiaries across 26 states, and we're on track to reach 49 states and over 60 million beneficiaries by the end of Q2.

值得注意的是，我們預計未來幾年將在許多其他垂直領域做同樣的事情。另一個重要的里程碑是我們接受了按服務收費的醫療保險，從而開闢了一個巨大且尚未開發的市場。我們已經將覆蓋範圍擴大到 26 個州的 2,100 多萬 Medicare B 部分受益人，並且預計在第二季末涵蓋 49 個州和 6,000 多萬受益人。

Approximately 75% of the Medicare population suffers from obesity or chronic cardiometabolic conditions such as diabetes, hypertension or high cholesterol, all areas where LifeMD delivers or intends to deliver high-quality and effective care. Given the lack of convenient, timely access to primary care for many Medicare beneficiaries, we believe our virtual care model is uniquely positioned to serve this population while diversifying revenue and improving outcomes.

大約 75% 的醫療保險人口患有肥胖症或慢性心臟代謝疾病，如糖尿病、高血壓或高膽固醇，而 LifeMD 在這些領域提供或打算提供高品質和有效的護理。鑑於許多醫療保險受益人無法方便、及時地獲得初級保健服務，我們相信我們的虛擬護理模式具有獨特的優勢，可以為這一群體提供服務，同時實現收入多元化並改善治療效果。

We're also excited to be entering two high-growth verticals, women's health and behavioral health. Through our recent acquisition of Optimal Human Health MD, we've built a foundation for a differentiated women's health offering focused on areas long overlooked by traditional health care.

我們也很高興能夠進入兩個高成長垂直領域，即女性健康和行為健康。透過我們最近收購 Optimal Human Health MD，我們為差異化的女性健康服務奠定了基礎，重點是傳統醫療保健長期忽視的領域。

Within the next 90 days, we will launch a cash pay subscription-based women's health program that includes comprehensive lab testing, synchronous virtual visits with specialized providers and advanced nutrition counseling and coaching. A subsidized version supported by commercial and government payers will follow, broadening access to this innovative care model. We will also offer onetime consults available via self-pay or covered insurance plans.

在接下來的 90 天內，我們將推出一項基於現金支付訂閱的女性健康計劃，其中包括全面的實驗室測試、與專業提供者的同步虛擬訪問以及先進的營養諮詢和指導。隨後將推出由商業和政府付款人支持的補貼版本，以擴大這種創新護理模式的覆蓋範圍。我們還將透過自付或保險計劃提供一次性諮詢。

Meanwhile, our imminent entry into behavioral health, led by industry veteran, Julian Cohen, will round out our care platform with a full suite of telepsychiatry services. This offering will eventually include both insurance covered and cash pay models designed to meet the growing need for accessible high-quality mental health care. With behavioral health integrated into our existing chronic primary and specialty care capabilities, LifeMD is well positioned to deliver a more holistic and impactful patient experience.

同時，我們即將進軍行為健康領域，由業界資深人士朱利安·科恩 (Julian Cohen) 領導，將透過全套遠距精神病學服務來完善我們的護理平台。此項服務最終將包括保險覆蓋和現金支付模式，旨在滿足日益增長的對可獲得的高品質心理健康護理的需求。透過將行為健康融入我們現有的慢性初級和專科護理能力，LifeMD 能夠提供更全面、更有影響力的患者體驗。

By leveraging our fully integrated platform, including a national provider network, advanced diagnostics through partnerships with Quest and Labcorp and our newly launched National Pharmacy, we're delivering a level of continuity in care that sets LifeMD apart. These strategic expansions are fueling meaningful revenue diversification, improved patient retention and long-term profitability.

透過利用我們完全整合的平台，包括全國供應商網路、透過與 Quest 和 Labcorp 合作實現的先進診斷以及我們新推出的國家藥房，我們提供了使 LifeMD 與眾不同的連續性護理。這些策略擴張正在推動有意義的收入多樣化、提高患者保留率和長期獲利能力。

Our mission remains unchanged to deliver the most comprehensive, convenient and outcomes-driven care experience in health care today. With that, I'll turn the call over to our CFO, Marc Benathen, to walk through our first quarter financial results. Marc?

我們的使命始終不變，那就是提供當今醫療保健領域最全面、最便捷、最以結果為導向的護理體驗。接下來，我將把電話轉給我們的財務長馬克‧貝納森 (Marc Benathen)，來介紹我們第一季的財務表現。馬克？

Thank you, Justin, and good afternoon, everyone. LifeMD achieved very strong first quarter financial results with total revenues increasing 49% versus the year-ago period to $65.7 million. Core telehealth revenue grew by 70% versus the prior year with stand-alone adjusted EBITDA of $5.3 million.

謝謝你，賈斯汀，大家下午好。LifeMD 第一季的財務表現非常強勁，總營收較去年同期成長 49%，達到 6,570 萬美元。核心遠距醫療收入較前一年成長 70%，獨立調整後 EBITDA 為 530 萬美元。

This compares with a stand-alone telehealth adjusted EBITDA loss of $1.3 million in the first quarter of 2024, representing a $6.6 million increase year-over-year. Telehealth subscriber growth remained strong with the number of active subscribers increasing 22% year-over-year to over 290,000 at quarter end.

相較之下，2024 年第一季獨立遠距醫療調整後 EBITDA 虧損為 130 萬美元，年增 660 萬美元。遠距醫療用戶成長依然強勁，季度末活躍用戶數量年增 22%，達到 29 萬多人。

The number of WorkSimpli active subscribers declined by 5% to 158,000. WorkSimpli continued to perform well financially with quarterly adjusted EBITDA again exceeding $3 million. Gross margin for the first quarter was 86.8%. This is a decline of 270 basis points versus the prior year due to changes in revenue mix and temporary changes in pharmacy mix, yet on a sequential basis, gross margin increased by 150 basis points versus Q4 of 2024. Gross profit was $57.1 million, an increase of 44% from the year-ago period.

WorkSimpli 活躍用戶數下降了 5%，至 158,000 人。WorkSimpli 的財務表現持續良好，季度調整後的 EBITDA 再次超過 300 萬美元。第一季毛利率為86.8%。由於收入結構變化和藥房結構的暫時變化，與前一年相比下降了 270 個基點，但與 2024 年第四季相比，毛利率環比增加了 150 個基點。毛利為5,710萬美元，較去年同期成長44%。

GAAP net income attributable to common stockholders for the first quarter was $608,000 or $0.01 per diluted share. This compares with a GAAP net loss attributable to common stockholders for the first quarter of 2024 of $7.5 million or a loss of $0.19 per share.

第一季歸屬於普通股股東的 GAAP 淨利為 608,000 美元，即每股攤薄收益 0.01 美元。相較之下，2024 年第一季歸屬於普通股股東的 GAAP 淨虧損為 750 萬美元，即每股虧損 0.19 美元。

As Justin mentioned, Q1 was our first quarter with positive GAAP net income. Adjusted EBITDA is a non-GAAP measure we define as income or loss attributable to common stockholders before various items as outlined in today's earnings news release. Adjusted EBITDA totaled $8.7 million for the first quarter as compared with $0.1 million in the year-ago period.

正如賈斯汀所提到的，第一季是我們第一個實現 GAAP 淨收入為正的季度。調整後 EBITDA 是非 GAAP 指標，我們將其定義為今天的收益新聞稿中概述的扣除各種項目之前的普通股股東收益或損失。第一季調整後的 EBITDA 總計 870 萬美元，而去年同期為 10 萬美元。

Telehealth adjusted EBITDA is a non-GAAP measure defined as adjusted EBITDA for only our telehealth business, excluding WorkSimpli. This measure was $5.3 million for the first quarter of 2025 as compared to a loss of $1.3 million in the year-ago period. We exited the first quarter with $34.4 million in cash. Turning to guidance. Today, we are raising our financial guidance for 2025 due to the outperformance of our telehealth business to date.

遠距醫療調整後 EBITDA 是一種非 GAAP 指標，定義為僅針對我們的遠距醫療業務（不包括 WorkSimpli）的調整後 EBITDA。2025 年第一季的虧損為 530 萬美元，而去年同期的虧損為 130 萬美元。第一季結束時，我們的現金為 3,440 萬美元。轉向指導。今天，由於我們的遠距醫療業務迄今為止的出色表現，我們提高了 2025 年的財務指導。

Our revised guidance for total revenues is in the range of $268 million to $275 million, with telehealth revenue in the range of $208 million to $213 million. Our revised guidance for consolidated adjusted EBITDA is in the range of $31 million to $33 million, with telehealth adjusted EBITDA to be at least $21 million. This wraps up our financial results. I'd now like to turn the call back over to Justin.

我們修訂後的總收入預期在 2.68 億美元至 2.75 億美元之間，其中遠距醫療收入在 2.08 億美元至 2.13 億美元之間。我們對合併調整後 EBITDA 的修訂指引在 3,100 萬美元至 3,300 萬美元之間，其中遠距醫療調整後 EBITDA 至少為 2,100 萬美元。這就是我們的財務表現。現在我想把電話轉回給賈斯汀。

Thanks, Marc. As we conclude our prepared remarks, I want to underscore how energized we are by LifeMD's strong start to 2025. Our first quarter performance reflects disciplined execution against our strategic priorities and the early traction we're seeing across key initiatives gives us strong confidence in our trajectory for the remainder of the year.

謝謝，馬克。在我們結束準備好的演講時，我想強調 LifeMD 在 2025 年的強勁開局給我們帶來了多大的鼓舞。我們第一季的業績反映了我們嚴格按照策略重點執行，而我們在關鍵舉措中看到的早期牽引力讓我們對今年剩餘時間的發展軌跡充滿信心。

The programs we've launched, including the expansion of our benefits infrastructure, strategic collaborations with GLP-1 manufacturers, new RexMD offerings and our entry into the women's and behavioral health space are all aligned with our near-term vision to build a trusted vertically integrated marketplace for health care services, prescription medications and over-the-counter health care products.

我們推出的計劃包括擴大福利基礎設施、與 GLP-1 製造商的策略合作、新的 RexMD 產品以及進入女性和行為健康領域，這些都符合我們的近期願景，即為醫療保健服務、處方藥和非處方醫療保健產品建立一個值得信賴的垂直整合市場。

We're continuing to scale what has made LifeMD successful, real providers delivering synchronous, high-quality virtual care, a compelling value proposition across services and products and a consistently exceptional patient experience enabled by world-class technology and a passionate, mission-driven team.

我們將繼續擴大 LifeMD 成功的因素，真正的提供者提供同步、高品質的虛擬護理、跨服務和產品的引人注目的價值主張，以及由世界一流的技術和充滿激情、以使命為導向的團隊提供的始終如一的卓越患者體驗。

Looking ahead, we have several high-impact initiatives on the horizon, including the upcoming launch of LifeMD+, continued investment in our platform and expansion into new high-value clinical categories. These efforts are designed to support our fast-growing direct-to-patient business while also meeting the growing demand from employers seeking to enhance their benefit offerings with solutions that drive stronger engagement and healthier employee populations.

展望未來，我們有幾項具有重大影響的舉措即將推出，包括即將推出的 LifeMD+、對我們平台的持續投資以及向新的高價值臨床類別的擴展。這些努力旨在支持我們快速成長的直接面向患者的業務，同時滿足雇主日益增長的需求，他們希望透過能夠提高員工參與度和促進員工群體健康的解決方案來增強福利待遇。

With the infrastructure, team and momentum now in place, LifeMD is uniquely positioned to lead the next chapter of virtual care innovation, delivering lasting value to both patients and shareholders. We're proud of what we've accomplished and even more excited about what's ahead. With that, I'll now turn the call over to the operator for Q&A.

憑藉現有的基礎設施、團隊和發展勢頭，LifeMD 擁有獨特的優勢，可以引領虛擬護理創新的下一篇章，為患者和股東帶來持久的價值。我們為已經取得的成就感到自豪，並對未來充滿期待。說完這些，我現在將電話轉給接線生進行問答。

(Operator Instructions) David Larsen, BTIG.

（操作員指示）David Larsen，BTIG。

Congratulations on another very good quarter. Can you talk a little bit about your relationships with Lilly and Novo? Specifically, can you talk about like the pricing for each of those products? Is it like a revenue share on a per month basis? And then maybe just if you can talk a bit about the conversion from commercial compounded scripts to personalized as we progress through May and the rest of the year?

恭喜您又一個季度取得優異成績。您能談談您與禮來公司和諾和諾德公司的關係嗎？具體來說，您能談談每種產品的定價嗎？這是否類似於按月進行的收入分成？那麼，您是否可以談談 5 月以及今年剩餘時間內從商業複合處方到個人化處方的轉變？

Dave, thanks for your question. This is Justin Schreiber. Our relationship with both Lilly and Novo and really, it's with their partner pharmacies, really enables us to like integrate our care offerings and streamline access to those medications for patients, the price that patients pay, even if it's facilitated by LifeMD is the same price that they would pay elsewhere.

戴夫，謝謝你的提問。這是賈斯汀·施雷伯。我們與禮來公司和諾和諾德公司以及他們的合作藥局的關係，確實使我們能夠整合我們的護理服務，並簡化患者獲得這些藥物的途徑，患者支付的價格，即使由 LifeMD 提供，也與他們在其他地方支付的價格相同。

There's no discount for patients coming from LifeMD and LifeMD doesn't receive any compensation or rebate or coupon program from the drug manufacturers. As far as what we'll probably launch -- we'll have different pricing options for patients for the care they receive alongside of those therapies.

LifeMD 的患者沒有享受任何折扣，而且 LifeMD 也沒有從藥品製造商獲得任何補償、回扣或優惠券計劃。就我們可能推出的產品而言——我們將為患者提供不同的定價選擇，以適應他們在接受這些治療的同時所接受的護理。

And some of that pricing will be determined based on the length of their care membership and other factors. We'll likely -- just like we do with our other weight loss programs, we'll likely run kind of discounts and promotions, things like that. On the personalized compounding question, I think we'll be in a position to talk more about this in future quarters.

部分定價將根據護理會員的期限和其他因素來決定。我們可能會—就像我們的其他減肥計劃一樣，我們可能會推出折扣和促銷等活動。關於個人化複利問題，我認為我們將在未來幾季對此進行更多討論。

But we're -- what I will say is we're -- I think we're doing a terrific job at helping patients that were on a compounded therapy access branded therapies, access other non-GLP-1 therapies, which are genericized medications. And some patients that have the appropriate kind of clinical presentation are offered personalized compounded therapies, and we'll share more of those numbers in the quarters to come.

但是，我想說的是，我們在幫助接受複合療法的患者獲得品牌療法、獲得其他非 GLP-1 療法（即仿製藥）方面做得非常出色。一些具有適當臨床表現的患者可以接受個人化複合療法，我們將在未來幾季分享更多此類數據。

But we're expecting the integrations with both LillyDirect and NovoCare to go live next week, and we're really excited about that. We think it will be a big growth driver for the weight management business and just is a great thing for patients as well that want to access these branded therapies.

但我們預計與 LillyDirect 和 NovoCare 的整合將在下週上線，我們對此感到非常興奮。我們認為這將成為體重管理業務的一大成長動力，對於想要獲得這些品牌療法的患者來說也是一件好事。

Great. And then just one more quick follow-up. Can you talk about the role of insurance in your view? One of your peers or competitors seems to have a philosophy against taking insurance and it's entirely cash pay. In my mind, it's like if the member has insurance, why not use it, especially if the insurance dollars can go to help cover like the branded therapies that Lilly and Novo and other manufacturers might present through your platform.

偉大的。然後再快速跟進。您能談談您認為保險的作用嗎？您的一位同事或競爭對手似乎反對購買保險，並且完全採用現金支付。在我看來，如果會員有保險，為什麼不使用它呢，特別是如果保險金可以用來支付禮來、諾和諾德以及其他製造商可能透過您的平台提供的品牌療法。

So just any color around growth in the insurance side of things.

因此，任何顏色都與保險方面的成長有關。

Thanks, David. That's a great question. At LifeMD, we feel the insurance component of these offerings is very important. And as you know, we've invested an enormous amount of time and resources into building a platform for accepting commercial and government insurance programs and for making sure that we're doing that compliantly and training our providers and doing everything else that's required to scale that side of the business. I think it's pretty simple, right?

謝謝，大衛。這是一個很好的問題。在 LifeMD，我們認為這些產品中的保險部分非常重要。如您所知，我們投入了大量的時間和資源來建立一個接受商業和政府保險計劃的平台，並確保我們合規地進行這些工作，培訓我們的提供者，並做擴大業務規模所需的一切其他工作。我認為這很簡單，對吧？

I mean, we think that by subsidizing the cost of the care that we provide and of course, medications that patients access through our platform as well, we simply make them more accessible. We think it's a driver of retention. And overall, we think it's a really, really important part of the business' long-term success. That being said, we'll still have a lot of cash pay offerings. And it does like -- it does really increase the complexity of our programs.

我的意思是，我們認為，透過補貼我們提供的照護費用，當然還有患者透過我們的平台獲得的藥物，我們只是讓這些服務更容易獲得。我們認為這是留住人才的驅動力。總的來說，我們認為這是企業長期成功的一個非常重要的部分。話雖如此，我們仍然會提供大量現金支付服務。它確實——它確實增加了我們程序的複雜性。

If you think about it, when we build stuff, there's a product and technology component to thinking through how cash pay offerings and insurance-sponsored offerings kind of live in the same ecosystem. And I'm not going to say that it's not always easy to do, but we think it's a really, really important part.

如果你仔細想想，當我們製造產品時，會有一個產品和技術組件來思考現金支付產品和保險贊助產品如何在同一個生態系統中共存。我不是說這並不總是那麼容易做到，但我們認為這是非常非常重要的一部分。

We know from our market research and from some of the programs we've already started to scale that when you give patients the ability to use their insurance, you're going to lower CAC, hopefully drive retention. We haven't proven that out yet. But it just -- I think it also just dramatically expands the total addressable market, right?

我們從市場調查和一些已開始擴展的項目中了解到，當你讓患者能夠使用他們的保險時，你將會降低 CAC，並有望提高保留率。我們尚未證明這一點。但它只是——我認為它也極大地擴大了總目標市場，對嗎？

If you think about people that are willing to pay cash for stuff that kind of falls within the traditional health care world versus most Americans have an insurance card in their wallet, and that's how they think they're supposed to pay. So we're going to continue to double down this area. The Medicare business, as we mentioned on the call, we've seen really strong initial traction. We've gotten some of our first reimbursements for Medicare, and we're really excited about the growth of that side of the business.

如果您想想那些願意為傳統醫療保健領域的東西支付現金的人，而大多數美國人的錢包裡都有保險卡，他們認為他們應該這樣支付。因此我們將繼續加倍努力。正如我們在電話中提到的那樣，醫療保險業務已經看到了非常強勁的初始發展勢頭。我們已經獲得了首批醫療保險報銷款項，我們對這方面的業務成長感到非常興奮。

Okay. Congrats on a good quarter. I'll hop back in the queue.

好的。恭喜本季取得良好業績。我會重新回到隊列中。

Sarah James, Cantor Fitzgerald.

莎拉詹姆斯，費茲傑拉領唱者。

I was hoping you could walk us through a little bit what the main drivers of earnings upside was compared to your expectations and help us understand which ones of those might be 1Q specific or things that would continue on for the rest of the year?

我希望您能向我們稍微介紹一下與您的預期相比，獲利上漲的主要驅動因素是什麼，並幫助我們了解其中哪些可能是第一季特有的，或者哪些會在今年剩餘時間內持續下去？

Yes. This is Marc. Look, the main driver is similar to what we've had in the past has been retention revenue, so the rebilling of existing patients has been stronger than what we had planned. We have a small amount, I'd say, in the form of $200,000 to $300,000 associated with upside relative to higher acquisitions in the weight management space. I would say, obviously, that was more Q1 specific, although acquisitions are still very strong even as we transitioned.

是的。這是馬克。看起來，主要的驅動力與我們過去的情況類似，都是保留收入，因此現有患者的重新收費比我們計劃的要強勁。我想說，我們有少量資金，以 20 萬到 30 萬美元的形式存在，相對於體重管理領域的更高收購而言，具有上漲空間。我想說，顯然，這更具體於第一季度，儘管在我們轉型期間收購仍然非常強勁。

There was just a little bit of pent-up demand. Remember, a lot of that gets deferred as far as how we recognize the revenue. But the majority of the rest of it was higher-than-expected retention revenue, which would be the rebuild of existing patients. And most of that will continue. Obviously, we've -- typically, Q1 also will have a higher rate of new acquisitions in several of our business lines.

只是有一點點被壓抑的需求。請記住，就我們如何確認收入而言，很多事情都被推遲了。但其餘大部分收入是高於預期的保留收入，即現有患者的重建。且大部分情況仍將持續。顯然，通常情況下，第一季我們的幾條業務線的新收購率也會更高。

It's just historically, that's been the case versus Q2. April will tend to be a little bit lower than historically what Q1 has been. But all in all, I mean, the only anomaly was a small one, which was some pent-up demand in the weight management space.

從歷史上看，與第二季度相比，情況確實如此。從歷史上看，四月份的銷售額將比第一季略低。但總而言之，唯一的異常是一個小現象，即體重管理領域的一些被壓抑的需求。

Great. And then could you give us an update on your launch of your compounding pharmacy? How are things trending versus your expectations on a time line basis?

偉大的。那麼，您能否向我們介紹一下您推出複方藥局的最新情況？從時間軸來看，事情的發展趨勢與您的預期相比如何？

Sara, this is Justin Schreiber. Our compounding pharmacy is on track. We expect to have it licensed sometime this summer and licensed in most states across the country by the end of the year. And as far as our mail-order pharmacy, we continue to scale that. And I think now we're averaging close to 1,000 prescriptions a day from that pharmacy ballpark.

薩拉，這是賈斯汀·施雷伯。我們的配藥藥房一切正常。我們預計它將在今年夏天的某個時候獲得許可，並在今年年底前在全國大多數州獲得許可。就我們的郵購藥局而言，我們將繼續擴大其規模。我認為現在我們平均每天從該藥房開出的處方接近 1,000 張。

And we expect to continue to scale that as well over the next year or two. It's been obviously very positive already for not only reducing lead times to medication for patients, but also has had a positive impact on our bottom line.

我們預計未來一兩年內將繼續擴大這一規模。顯然，這不僅縮短了患者用藥的時間，而且對我們的獲利也產生了正面的影響。

Steve Dechert, KeyBanc.

KeyBanc 的 Steve Dechert。

Does your 2025 guidance include contributions from mental health and women's health? And then as a follow-up, can you talk about which RexMD offerings are mainly driving the success in that segment? It sounds like it's a hormone replacement therapy, but I just want to make sure that we have that right.

您的 2025 年指導方針是否包括心理健康和婦女健康的貢獻？然後作為後續問題，您能否談談哪些 RexMD 產品主要推動了該領域的成功？這聽起來像是一種荷爾蒙替代療法，但我只是想確保我們做對了。

Yes. So the female health and mental health, yes, it does. Nothing that large though it's pretty de minimis. Combined, that's sub $5 million in the guidance across those. Female Health, we're already actively selling and realizing revenue from day one, albeit on a smaller scale as we fully integrate those assets onto our platform, which is a 60- to 90-day endeavor.

是的。所以女性健康和心理健康確實如此。雖然沒有什麼太大的事情，但它是相當微小的。綜合起來，這些指導金額低於 500 萬美元。對於女性健康產品，我們從第一天起就積極銷售並實現收入，儘管規模較小，因為我們將這些資產完全整合到我們的平台上，這是 60 到 90 天的工作。

The rate of growth there will obviously go up quite a bit. Right now, it's more of a VIP concierge-based offering that's about $10,000 a year, but it is driving some decent initial revenue. On the mental health side, yes, that's really a back half of the year thing where we'll see revenue contributions or small amounts baked into the guidance. As far as like the cross-sell or Rex, HRT is separate from female health. So obviously, there's a hormonal component to the female health, which is menopause and other hormonal treatments.

那裡的成長率顯然會上升相當多。目前，它更像是一種 VIP 禮賓服務，每年的費用約為 10,000 美元，但它正在帶來一些不錯的初始收入。在心理健康方面，是的，這確實是下半年的事情，我們將看到收入貢獻或小額收入被納入指導中。就交叉銷售或 Rex 而言，HRT 與女性健康是無關的。顯然，女性健康與荷爾蒙有關，即更年期和其他荷爾蒙治療。

But on the male side, HRT is testosterone and non-testosterone treatments. That's what sits under Rex. That's what we launched really in Q4 of last year, and that's what's beginning to pick up traction.

但從男性角度來說，HRT 是睪固酮和非睪固酮治療。這就是雷克斯所坐的位置。這就是我們在去年第四季推出的產品，並且它開始獲得關注。

Steven Valiquette, Mizuho Securities.

瑞穗證券的 Steven Valiquette。

Congrats on the results. I guess I understand you don't want to get into too much specific numbers yet on the Wegovy and NovoCare pharmacy announcement from last week. But I guess I'm curious how much of the positive guidance revision today for 2025 is related to that announcement from last week. I'm just trying to get a sense for how much of a game-changer that really is for the company. Just any additional color would help.

恭喜取得成果。我想我明白您還不想談論上週 Wegovy 和 NovoCare 藥房公告中的太多具體數字。但我很好奇今天對 2025 年的積極指導修訂有多少與上週的公告有關。我只是想了解這對公司來說究竟有多大的改變。任何額外的顏色都會有幫助。

None of it's related to that. It's all related to our performance in Q1, which obviously predated those partnerships. Look, there could be some upside in relation to that. It basically provides patients another avenue for treatment. And quite frankly, it says that we're obviously aligned with the companies that we're collaborating with.

這一切都與此無關。這一切都與我們第一季的表現有關，這顯然早於這些合作關係。看起來，這可能有一些好處。它實際上為患者提供了另一種治療途徑。坦白說，這表明我們與合作的公司顯然是一致的。

So no changes to the guidance, but all around, it's obviously a positive for patients and the company.

因此指導方針沒有變化，但總的來說，這對患者和公司來說顯然是有利的。

Steve, I'll just add to that. This is Justin Schreiber. I mean, I think we definitely think it likely will be a long-term game-changer for our weight loss offering. I mean, I think one important point is that we view these as long-term collaborations with both of these companies. And we think that we know that both of these companies are going to be launching new drugs.

史蒂夫，我只想補充一點。這是賈斯汀·施雷伯。我的意思是，我認為我們肯定認為它可能會長期改變我們的減肥產品。我的意思是，我認為重要的一點是，我們將其視為與這兩家公司的長期合作。我們認為我們知道這兩家公司都將推出新藥。

Some of these companies may launch drugs specifically for these type of self-pay programs. We think -- I think the best way to summarize it is that we think that there are a lot of ways that this collaboration can flourish with both of these companies over the long term. But it wouldn't -- it's just too early for us to incorporate that into our guidance or raise guidance because of that belief.

其中一些公司可能會推出專門針對此類自付計劃的藥物。我們認為——我認為最好的總結方式是，我們認為有很多方法可以使這兩家公司的合作長期蓬勃發展。但事實並非如此——現在將其納入我們的指導或因為這種信念而提高指導還為時過早。

Yi Chen, H.C. Wainwright.

陳毅, H.C.溫賴特。

My first question is, now that you have both Wegovy and Zepbound on your platform, can you tell us about a patient seeking weight management? How is he going to choose one of the two? And whether the patient's choice affect potential benefits to your company going forward?

我的第一個問題是，既然你們的平台上有 Wegovy 和 Zepbound，你們能給我們講講尋求體重管理的病人的情況嗎？他該如何在兩者之間做出選擇？患者的選擇是否會影響貴公司未來的潛在利益？

Sure. This is Justin Schreiber. Thanks for your question. I mean the patient's choice of either medication would not affect LifeMD or our platform or revenue in any way. I think as far as which therapy they end up on, a lot of patients come in requesting a particular therapy.

當然。這是賈斯汀·施雷伯。謝謝你的提問。我的意思是，患者選擇的任何一種藥物都不會以任何方式影響 LifeMD 或我們的平台或收入。我認為就他們最終選擇哪種療法而言，許多患者來這裡是為了要求特定的療法。

Some patients may choose a branded therapy based on price. There are some price differences between the two therapies. There are different delivery mechanisms for the therapies. For instance, Lilly's cash pay products are a vial with a syringe and NovoCare's products have an auto-injector. And then, look, the most important component is going to be that a patient's visit with one of our providers and the provider is going to make a recommendation based on their clinical presentation.

有些患者可能會根據價格選擇品牌療法。兩種療法之間存在一些價格差異。不同的治療方法有不同的實施機制。例如，禮來的現金支付產品是帶有註射器的小瓶，而 NovoCare 的產品則配有自動注射器。然後，你看，最重要的部分是病人與我們的一位醫療服務提供者的會面，醫療服務提供者將根據病人的臨床表現提出建議。

Yes. And I would note that we've always offered patients both either the semaglutide products or tirzepatide products, obviously, or the branded therapies of those. That's not a new thing. It's just the cash pay discounted collaborations. Obviously, the NovoCare one was signed subsequent to the Lilly one.

是的。我想指出的是，我們一直為患者提供 semaglutide 產品或 tirzepatide 產品，或這些產品的品牌療法。這並不是什麼新鮮事。這只是現金支付折扣合作。顯然，NovoCare 協議是在 Lilly 協議之後簽署的。

Got it. I think one of your competitors who also got Wegovy from Novo announced a pricing point moderately higher than your pricing point. I mean what is the difference there? Do they offer any additional services that you do not offer?

知道了。我認為您的一位競爭對手也從 Novo 獲得了 Wegovy，並且宣布的定價比您的定價略高。我的意思是那裡有什麼區別？他們是否提供您不提供的任何附加服務？

I don't really want to get into how our competitors have chosen to price these products. LifeMD hasn't finalized the pricing structure for the care that we'll provide alongside these products, but we have said that it will be very similar to what we're currently charging for our weight management program.

我其實不想談論我們的競爭對手如何為這些產品定價。LifeMD 尚未最終確定我們將與這些產品一起提供的護理的定價結構，但我們表示，它將與我們目前對體重管理計劃收取的費用非常相似。

Okay. Last question. Does LifeMD plan to continue to offer compounded GLP-1 in the coming years?

好的。最後一個問題。LifeMD 是否計劃在未來幾年繼續提供複合 GLP-1？

Sure. This is Justin. I'll answer that. So to be clear, LifeMD doesn't compound any GLP-1 medications. LifeMD is a virtual care provider.

當然。這是賈斯汀。我會回答這個問題。因此需要明確的是，LifeMD 不配製任何 GLP-1 藥物。LifeMD 是一家虛擬護理提供者。

In the event that patients don't have insurance coverage for branded therapy and can't afford one of the self-pay programs from one of our -- one of the collaborations that we have in place don't -- aren't appropriate, clinically speaking, for a non-GLP-1 therapy. LifeMD is willing, again, assuming the patient has the appropriate clinical presentation to send a prescription to a compounded pharmacy or compounding pharmacy. However, our focus is helping patients access branded therapies in every possible way.

如果患者沒有品牌療法的保險，也負擔不起我們其中一項合作的自付費用計劃——從臨床角度來說，非 GLP-1 療法是不合適的。再次，LifeMD 願意假設患者俱有適當的臨床表現，將處方送到複方藥房或複方藥房。然而，我們的重點是透過一切可能的方式幫助患者獲得品牌療法。

Anderson Schock, B. Riley Securities.

安德森·肖克 (Anderson Schock)、B. Riley 證券。

Congrats on a great quarter. So first, just looking at your guidance for telehealth, like raising the lower end for revenues following a strong quarter. It looks like you're expecting telehealth to be roughly flat sequentially. Is this just being conservative? Are there some headwinds that you're anticipating that will limit your ability to grow sequentially?

恭喜本季取得優異成績。因此，首先，只需查看您對遠距醫療的指導，例如在強勁的季度後提高收入的下限。看起來您預計遠距醫療將大致保持穩定。這僅僅是保守嗎？您是否預計會有一些不利因素限制您持續成長的能力？

Yes. No, it's not that there is headwinds. I mean there's some timing in the revenues that we have. I mean we tend to take a relatively conservative view to revenue. We do normally expect and see that aspects of the Rex business in sexual health tend to be a little bit softer seasonally in Q2 than they are in Q1, which is what historically we've seen, particularly from new acquisition standpoint.

是的。不，並不是存在逆風。我的意思是我們的收入有一定的時機。我的意思是我們傾向於對收入採取相對保守的看法。我們通常預期並看到，Rex 性健康業務在第二季的季節性表現往往比第一季略弱，這是我們歷史上看到的情況，尤其是從新收購的角度來看。

So we baked that into our model also. But all of that's pretty consistent with what we've seen in the past. Obviously, there's tremendous growth year-on-year, and that's essentially how we're managing the business versus just managing for sequential growth every single quarter.

因此我們也將其融入我們的模型中。但所有這些都與我們過去所見的情況非常一致。顯然，我們的業務年成長非常快，這基本上就是我們管理業務的方式，而不是僅僅追求每季的連續成長。

Okay. Got it. And then on WorkSimpli, you had a 5% decline in subscribers this quarter following your return to growth in the fourth quarter. Could you just talk about the challenges this business faced this quarter and how we should think about that business for the rest of the year?

好的。知道了。然後，對於 WorkSimpli，在第四季度恢復成長之後，本季訂閱用戶數量下降了 5%。您能否談談本季該業務面臨的挑戰以及我們應該如何看待今年剩餘時間該業務的發展？

No challenges. I mean, look, it's a noncore asset at some point, the hope is to divest it in the interim is to harvest the cash flow. That business could grow a lot faster than it is, but albeit it will be a little more -- a little less profitable because we would be throwing incremental marketing dollars at that. We've sort of pegged them to a level where they can modestly grow their EBITDA quarter-on-quarter, and they'll see a bigger amount of growth in the back half of the year as they've started to build up subscribers, but really for maximizing cash flow versus maximizing the top line. So what they've done is they've continued to shift to higher-value customers that have longer LTVs, which is why even though the subscribers are down 5% year-on-year, the revenue is well up.

沒有挑戰。我的意思是，你看，它在某種程度上是一種非核心資產，希望在此期間剝離它以獲取現金流。該業務的成長速度可能會比現在快得多，但利潤可能會稍微少一些，因為我們會在該業務上投入增量行銷資金。我們已將它們控制在一個水平上，即它們的 EBITDA 可以逐季適度增長，並且隨著它們開始增加用戶，它們將在下半年看到更大的增長，但實際上是為了最大化現金流，而不是最大化營業額。因此，他們所做的就是繼續轉向擁有更長生命週期價值 (LTV) 的高價值客戶，這就是為什麼儘管用戶數量同比下降 5%，但收入卻大幅增長的原因。

We're starting to see improvements in the profitability even more so is up dramatically where they're just seeing better caps and better return on investment.

我們開始看到獲利能力的提高，甚至大幅提高，他們看到了更好的上限和更好的投資回報。

Congrats again on a great quarter.

再次恭喜您本季取得如此出色的成績。

It appears we have no further questions at this time. I will now turn the program back over to Justin Schreiber for any additional or closing remarks.

目前看來我們沒有其他問題。現在我將節目交還給賈斯汀·施賴伯 (Justin Schreiber)，請他發表補充演講或結束語。

Thank you for your questions and for your interest in LifeMD. We look forward to speaking with you once again when we report our second quarter results in August. Have a great evening.

感謝您的提問以及對 LifeMD 的關注。我們期待在八月報告第二季度業績時再次與您交談。祝您有個愉快的夜晚。

This does conclude today's program. Thank you for your participation. You may disconnect at any time.

今天的節目到此結束。感謝您的參與。您可以隨時斷開連線。