LifeMD Inc (LFMD) 2025 Q2 法說會逐字稿

Good afternoon. Thank you for joining us today to discuss LifeMD's results for the second quarter ended June 30, 2025. Joining the call today are Justin Schreiber, Chairman and 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 2025 年 6 月 30 日的第二季業績。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) 和財務長馬克‧貝納森 (Marc Benathen)。

Following management's prepared remarks, we will open the call for question-and-answer session. 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.

在管理階層準備好發言之後，我們將開始問答環節。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, August 5, 2025. The company assumes no obligation to update or revise any forward-looking statements after today's call, except as required by law.

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 8 月 5 日公司所掌握的最新資訊。除法律要求外，本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。

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

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.

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's CEO, Justin Schreiber. Please go ahead.

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 news release announcing our second quarter financial results and posted an updated corporate presentation on our website at ir.lifemd.com. LifeMD made tremendous progress executing on our strategic plan in the second quarter. Our core telehealth business continued to deliver a strong performance, demonstrated by a 30% year-over-year increase in telehealth revenue and adjusted EBITDA growth of 560%. Our weight management program continued its momentum despite a large transition to branded GLP-1 medications.

謝謝大家，下午好。股市收盤後，我們發布了一份新聞稿，宣布了第二季度的財務業績，並在公司網站ir.lifemd.com上發布了最新的公司介紹。 LifeMD在第二季的策略計畫執行中取得了巨大進展。我們的核心遠距醫療業務持續表現強勁，遠距醫療收入年增 30%，調整後 EBITDA 成長 560%。儘管大規模轉向品牌 GLP-1 藥物，我們的體重管理計劃仍保持良好的發展勢頭。

And our WorkSimpli business also continued to perform strongly, generating nearly $3.7 million in adjusted EBITDA on a stand-alone basis. As we look to the second half of the year, we remain focused on several key strategic priorities: one, continuing to grow our leading care-based weight management program, emphasizing patient experience and helping our patients access both branded and genericized GLP-1 therapies as well as oral non-GLP-1 prescription weight loss therapies.

我們的 WorkSimpli 業務也持續表現強勁，獨立產生的調整後 EBITDA 接近 370 萬美元。展望下半年，我們仍將重點關注幾個關鍵的戰略重點：第一，繼續發展我們領先的基於護理的體重管理計劃，強調患者體驗，幫助我們的患者獲得品牌和仿製 GLP-1 療法以及口服非 GLP-1 處方減肥療法。

Two, returning our RexMD brand to double-digit growth by scaling our HRT peptide, prescription weight management and personalized ED and hair loss treatment programs. Three, scaling our recently launched behavioral health offering and upcoming women's health program, both of which we see as opportunities that address large underserved markets. Four, further expanding and investing in our LifeMD+ membership service and marketplace to drive deeper patient engagement, enhanced retention and improved health outcomes. And five, executing on additional enterprise partnerships and collaborations designed to introduce significant new patient volume into our LifeMD+ and specialty care programs. Our weight management business remains robust, consistently attracting over 400 new patient sign-ups per day.

二、透過擴大我們的 HRT 勝肽、處方體重管理和個人化 ED 和脫髮治療計劃，使我們的 RexMD 品牌恢復兩位數成長。第三，擴大我們最近推出的行為健康服務和即將推出的女性健康計劃，我們將這兩項計劃視為解決龐大服務不足市場的機會。第四，進一步擴大和投資我們的 LifeMD+ 會員服務和市場，以推動更深入的患者參與、提高保留率和改善健康結果。第五，執行額外的企業合作夥伴關係和協作，旨在為我們的 LifeMD+ 和專科護理計劃引入大量新患者。我們的體重管理業務依然強勁，每天持續吸引超過 400 名新患者註冊。

Notably, we've seen a significant increase in patients accessing branded therapy options through our platform. Given current trends and the improvements we expect to see in pricing and insurance coverage, we expect that by year-end, the vast majority of new patients will be on an insurance covered GLP-1 therapy, an affordable cash-based therapy or one of our oral prescription therapies for weight loss. We continue to invest in improving the care platform that supports our weight management program.

值得注意的是，我們發現透過我們的平台獲取品牌治療方案的患者數量顯著增加。鑑於目前的趨勢以及我們預計在定價和保險覆蓋方面將出現的改善，我們預計到年底，絕大多數新患者將接受保險覆蓋的 GLP-1 療法、可負擔的現金療法或我們的一種減肥口服處方療法。我們將繼續投資改進支持我們體重管理計劃的護理平台。

This decision is validated by the fact that we are seeing a growing number of weight management patients using our platform to access non-weight-related health care services and products. While our weight management segment did outperform our second quarter guidance plan for this segment, weight management has been impacted by a higher-than-anticipated refund rate driven by patients either lacking insurance coverage for their medications or being unable to afford the out-of-pocket cost of branded therapies.

我們看到越來越多的體重管理患者使用我們的平台來獲取與體重無關的醫療保健服務和產品，這一事實證實了這個決定。雖然我們的體重管理部門的表現確實超出了我們第二季度的指導計劃，但體重管理受到了高於預期的退款率的影響，這是因為患者要么缺乏藥物保險，要么無力承擔品牌療法的自付費用。

Although this is a near-term headwind, we are actively enhancing our new patient intake process to include real-time benefit verification and other key improvements. These updates are designed to significantly improve the patient experience and drive higher conversion rates on to therapy. As part of these efforts, we are expanding access to a broader range of oral generic weight loss medications and adding liraglutide as a covered option. We remain highly confident in the long-term opportunity within prescription weight management. This is a large and underserved market, and we believe the steps we're taking will further strengthen our leadership position despite the temporary challenges.

雖然這是短期內的不利因素，但我們正在積極加強新患者接收流程，包括即時福利驗證和其他關鍵改進。這些更新旨在顯著改善患者體驗並提高治療的轉換率。作為這些努力的一部分，我們正在擴大更廣泛的口服通用減肥藥的取得途徑，並將利拉魯肽作為承保選項。我們對處方體重管理的長期機會仍然充滿信心。這是一個龐大且服務不足的市場，儘管面臨暫時的挑戰，但我們相信，我們正在採取的措施將進一步鞏固我們的領導地位。

Turning to Rex. We experienced a challenging second quarter, primarily due to temporarily elevated customer acquisition costs in the highly competitive ED market. However, we have since adjusted our marketing and product strategies and early third quarter data suggests a return to healthier customer acquisition levels. We remain confident in RexMD's long-term growth trajectory, especially as we continue to broaden our offerings into hormone replacement therapy, personalized compounded treatments for ED and hair loss as well as additional men's health categories. While these offerings are still small relative to the size of the overall brand, early learnings from these new areas have been encouraging, and we believe that they have the potential to contribute meaningful growth in future quarters.

轉向雷克斯。我們經歷了充滿挑戰的第二季度，主要是由於競爭激烈的 ED 市場中客戶獲取成本暫時上升。然而，我們後來調整了行銷和產品策略，第三季初的數據顯示客戶獲取水準已恢復到更健康的水平。我們仍然對 RexMD 的長期成長軌跡充滿信心，特別是當我們繼續將產品範圍擴大到荷爾蒙替代療法、針對 ED 和脫髮的個人化複合療法以及其他男性健康類別時。雖然這些產品相對於整個品牌的規模仍然很小，但從這些新領域獲得的早期經驗令人鼓舞，我們相信它們有可能在未來幾季帶來有意義的成長。

In the same vein, we're especially excited about LifeMD's ongoing platform diversification into high-value clinical areas. Our recent launch of a nationwide behavioral health offering focused on adult anxiety and depression directly addresses significant unmet patient needs and is highly complementary to our existing offerings, including our recently launched LifeMD+ primary care membership. The mental health market is a large opportunity as about 23% of US adults have a diagnosable mental health condition each year and only half of these people receive professional treatment.

同樣，我們對 LifeMD 平台持續向高價值臨床領域多樣化發展感到特別興奮。我們最近推出了一項全國性的行為健康服務，重點關注成人焦慮和憂鬱症，直接解決了患者尚未滿足的重大需求，並且與我們現有的服務（包括我們最近推出的 LifeMD+ 初級保健會員資格）高度互補。心理健康市場是一個巨大的機會，因為每年約有 23% 的美國成年人患有可診斷的心理健康疾病，而其中只有一半的人接受專業治療。

That leaves an estimated 28 million to 30 million adults with unmet behavioral health needs every single year. LifeMD's platform and affiliate provider group is well positioned to help address this enormous unmet clinical need. We expect this business line to begin scaling in Q4 and become accretive to 2026 results. Similarly, the upcoming launch of our holistic women's health program will address critical care gaps related to menopause, hormone therapy and bone health, areas historically underserved in traditional health care. Currently, we operate a profitable concierge women's health service through Optimal Human Health, which we acquired in the second quarter.

這意味著每年約有 2,800 萬至 3,000 萬成年人的行為健康需求未被滿足。LifeMD 的平台和附屬提供者集團完全有能力幫助解決這一巨大的未滿足的臨床需求。我們預計該業務線將在第四季開始擴大規模，並對 2026 年的業績產生增值作用。同樣，我們即將推出的整體女性健康計劃將解決與更年期、荷爾蒙療法和骨骼健康相關的關鍵護理差距，這些領域在傳統醫療保健中歷來服務不足。目前，我們透過第二季收購的Optimal Human Health經營一項獲利豐厚的禮賓女性健康服務。

We look forward to tapping into the significant market opportunity with a more affordable and scalable program on the LifeMD platform that is expected to be launched at the end of Q3. We believe the market fundamentals here are compelling as over 50 million women in the US are aged 45 or older, with more than 30 million in perimenopausal or postmenopausal stages. Approximately 2 million US women reach menopause annually.

我們期待利用 LifeMD 平台上更經濟實惠、更具可擴展性的計劃來抓住巨大的市場機遇，該計劃預計將於第三季末推出。我們認為這裡的市場基本面是引人注目的，因為美國有超過 5,000 萬名女性年齡在 45 歲或以上，其中超過 3,000 萬人處於圍絕經期或更年期後階段。每年約有 200 萬美國女性進入更年期。

And by 2030, over 60 million women in the US will be postmenopausal. The care gaps are substantial. Approximately 60% to 80% of perimenopausal and menopausal women fail to receive adequate care for their symptoms. Additionally, up to 70% of women at high risk for osteoporosis remain untreated, representing a significant gap in screening and intervention.

到 2030 年，美國將有超過 6,000 萬名女性進入更年期。護理缺口巨大。大約 60% 至 80% 的圍絕經期和更年期婦女未能得到足夠的症狀護理。此外，高達 70% 的骨質疏鬆症高風險女性仍未接受治療，這意味著篩檢和介入方面存在巨大差距。

LifeMD's clinical capabilities following the Optimal Human Health acquisition, along with our fully integrated telehealth platform uniquely position us to capture a meaningful share in this large, growing and historically underserved care market. This program will begin scaling in the fourth quarter, and we expect it to be accretive to 2026 results. Before I hand it over to Marc, I want to briefly highlight our clear vision for long-term margin expansion, which is fundamental to LifeMD's continued growth. Conventional health care still struggles with persistent issues like repetitive paperwork, fragmented records and inefficient processes, challenges that frustrate both patients and providers. At LifeMD, we're directly addressing these pain points by thoughtfully integrating AI into every aspect of our operations.

LifeMD 在收購 Optimal Human Health 之後累積的臨床能力以及我們完全整合的遠距醫療平台使我們能夠在這個龐大、不斷增長且歷史上服務不足的醫療市場中佔據重要的份額。該計劃將於第四季度開始擴大規模，我們預計它將對 2026 年的業績產生增值作用。在交給馬克之前，我想簡要地強調我們對長期利潤擴張的明確願景，這對 LifeMD 的持續成長至關重要。傳統醫療保健仍然存在一些長期存在的問題，例如重複的文書工作、零散的記錄和低效的流程，這些挑戰讓患者和提供者都感到沮喪。在 LifeMD，我們透過將 AI 精心融入我們營運的各個方面來直接解決這些痛點。

Our goal is simple. Free up our providers from administrative tasks so they can focus on patient care and create a smoother, more efficient patient experience. By streamlining routine tasks, intelligently routing patient requests and surfacing essential information exactly when it's needed, we're improving patient outcomes, provider productivity and ultimately driving our overall business performance. We're equally excited about our recently launched LifeMD+ membership program, a premium offering designed to provide personalized patient care through around-the-clock access to licensed practitioners, same-day prescription renewals, comprehensive lab testing and numerous additional benefits. Although LifeMD+ is still in its early stages, we've already seen promising traction with nearly 50 new patient sign-ups per day.

我們的目標很簡單。讓我們的服務提供者從行政任務中解放出來，以便他們可以專注於患者護理並創造更順暢、更有效率的患者體驗。透過簡化日常任務、智慧地路由患者請求並在需要時準確顯示重要訊息，我們正在改善患者的治療效果、提高提供者的工作效率，並最終推動我們的整體業務績效。我們同樣對最近推出的 LifeMD+ 會員計劃感到興奮，這是一項優質服務，旨在透過全天候聯繫執業醫師、當天處方續簽、全面的實驗室測試和眾多額外福利為患者提供個人化護理。儘管 LifeMD+ 仍處於早期階段，但我們已經看到了良好的發展勢頭，每天有近 50 名新患者註冊。

We believe this program will be central to deepening long-term patient relationships, boosting retention and making preventative care, including annual wellness visits, lab tests and medication adherence as simple, convenient and affordable as possible. Together, the strategic integration of AI and continued investment in LifeMD+ position us strongly for sustainable profitability and long-term growth. With that, I'll now turn the call over to our CFO, Marc Benathen, to provide more detail on our second quarter financial results and outlook. Marc?

我們相信，該計劃對於深化長期患者關係、提高保留率以及使預防性護理（包括年度健康訪問、實驗室測試和藥物依從性）盡可能簡單、方便和經濟實惠至關重要。總之，人工智慧的策略整合和對 LifeMD+ 的持續投資使我們在可持續獲利和長期成長方面佔據有利地位。現在，我將把電話轉給我們的財務長馬克·貝納森 (Marc Benathen)，以提供有關我們第二季財務業績和展望的更多詳細資訊。馬克？

Thank you, Justin, and good afternoon, everyone. As Justin noted, our long-term financial outlook remains strong. Weight management, though experiencing some impact from higher refund rates from patients without coverage or for whom discounted cash pay pricing is still inaccessible, performed ahead of guidance plan in the second quarter. New subscribers for weight management continued at strong levels and regularly exceeded 400 new patient sign-ups per day. WorkSimpli maintained its strong bottom line performance with quarterly adjusted EBITDA of nearly $3.7 million on a stand-alone basis.

謝謝你，賈斯汀，大家下午好。正如賈斯汀所說，我們的長期財務前景依然強勁。儘管體重管理受到沒有保險或無法享受折扣現金支付價格的患者的較高退款率的影響，但其在第二季度的表現仍超出了指導計劃。體重管理的新用戶數量持續保持強勁，每天的新註冊患者數量經常超過 400 人。WorkSimpli 維持了強勁的獲利表現，季度調整後的 EBITDA 單獨計算接近 370 萬美元。

Our quarterly results were mostly impacted by temporary performance challenges impacting our RexMD business, which are largely behind us. Looking at the numbers, consolidated revenue grew 23% versus the year ago period to $62.2 million. Telehealth revenue increased 30% to $48.6 million, with stand-alone adjusted EBITDA growing 560% to $3.4 million. WorkSimpli adjusted EBITDA grew 119% to $3.7 million. Telehealth subscriber growth remained strong with the number of active subscribers increasing 16% year over year to over 297,000 at quarter end.

我們的季度業績主要受到影響我們 RexMD 業務的暫時性業績挑戰的影響，這些挑戰基本上已經過去了。從數字來看，綜合收入較去年同期成長 23%，達到 6,220 萬美元。遠距醫療收入成長 30% 至 4,860 萬美元，獨立調整後 EBITDA 成長 560% 至 340 萬美元。WorkSimpli 調整後的 EBITDA 成長 119%，達到 370 萬美元。遠距醫療用戶成長依然強勁，活躍用戶數量年增 16%，季末達到 297,000 多人。

The number of WorkSimpli active subscribers contracted by 6% to 149,000, primarily due to their continued focus on acquiring higher LTV customers to maximize profitability. Gross margin for the second quarter was 88%, a decline of 210 basis points versus the prior year due to a higher allocation rate of physician costs to COGS driven by higher utilization. Gross profit was $54.5 million, an increase of 19% from the year ago period. Our GAAP net loss attributable to common stockholders for the second quarter of 2025 was $2.9 million or a loss of $0.06 per share. This compares with a GAAP net loss attributable to common stockholders for the second quarter of 2024 of $7.7 million or a loss of $0.19 per share.

WorkSimpli 活躍用戶數量下降了 6%，至 149,000 人，這主要是因為他們繼續專注於獲取更高 LTV 的客戶以實現盈利能力最大化。第二季的毛利率為 88%，較前一年下降 210 個基點，因為利用率提高導致醫生成本分配給 COGS 的比例提高。毛利為5,450萬美元，較去年同期成長19%。2025 年第二季度，我們歸屬於普通股股東的 GAAP 淨虧損為 290 萬美元，即每股虧損 0.06 美元。相較之下，2024 年第二季歸屬於普通股股東的 GAAP 淨虧損為 770 萬美元，即每股虧損 0.19 美元。

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 news release. Adjusted EBITDA totaled $7.1 million for the second quarter of 2025 as compared with $2.2 million in the year ago period. Telehealth adjusted EBITDA is a non-GAAP measure defined as adjusted EBITDA for only our telehealth business, excluding WorkSimpli. This measure was $3.4 million for the second quarter of 2025 as compared to $0.5 million in the year ago period. We exited the quarter with $36.2 million in cash and strengthened our balance sheet by fully repaying our senior venture debt subsequent to quarter end.

調整後 EBITDA 是非 GAAP 指標，我們將其定義為在今天的新聞稿中概述的各項項目之前歸屬於普通股股東的收益或損失。2025 年第二季調整後 EBITDA 總計 710 萬美元，而去年同期為 220 萬美元。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 年第二季的這項指標為 340 萬美元，而去年同期為 50 萬美元。本季結束時，我們擁有 3,620 萬美元的現金，並透過在季度末之後全額償還優先風險債務來增強我們的資產負債表。

This early retirement of our debt will save LifeMD approximately $1.1 million of cumulative future interest payments, makes our business debt-free and reflects the ongoing confidence we have in our long-term outlook. Turning to financial guidance. We are revising our consolidated 2025 revenue guidance to be in the range of $250 million to $255 million from $268 million to $275 million previously. Telehealth stand-alone revenue guidance is now $195 million to $200 million compared with $208 million to $213 million. We're also revising our consolidated adjusted EBITDA guidance to be in the range of $27 million to $29 million from $31 million to $33 million previously.

提前償還債務將為 LifeMD 節省約 110 萬美元的未來累積利息支出，使我們的業務擺脫債務，並反映出我們對長期前景的持續信心。轉向財務指導。我們正在將 2025 年綜合收入預期從先前的 2.68 億美元至 2.75 億美元修訂為 2.5 億美元至 2.55 億美元。遠距醫療獨立收入預期目前為 1.95 億美元至 2 億美元，而先前為 2.08 億美元至 2.13 億美元。我們也將合併調整後 EBITDA 指引從先前的 3,100 萬美元至 3,300 萬美元修訂為 2,700 萬美元至 2,900 萬美元之間。

We now expect 2025 telehealth stand-alone adjusted EBITDA guidance to be between $14 million and $16 million compared with $21 million previously. Updated adjusted EBITDA guidance still reflects a year-over-year increase of 89% to 116% versus prior year. This wraps up our financial results. I'd now like to turn the call back over to Justin.

我們現在預計 2025 年遠距醫療獨立調整後 EBITDA 指引將在 1,400 萬美元至 1,600 萬美元之間，而之前為 2,100 萬美元。更新後的調整後 EBITDA 指引仍反映出與前一年相比年增 89% 至 116%。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. Before we open up for Q&A, I'd like to quickly revisit the second quarter. While we weren't satisfied with our overall performance, we believe these short-term issues are largely behind us and remain extremely confident in RexMD's long-term growth potential and a strategic role within LifeMD's broader platform. The strategic initiatives we laid out at the start of 2025 continue to deliver meaningful results across all areas of our business. We've made tremendous strides in expanding and enhancing our comprehensive telehealth offerings, reinforcing our platform's capabilities and elevating patient experience at every step.

謝謝，馬克。在我們開始問答之前，我想快速回顧一下第二季。雖然我們對整體表現並不滿意，但我們相信這些短期問題基本上已經過去，並且對 RexMD 的長期成長潛力以及在 LifeMD 更廣泛平台中的策略作用仍然非常有信心。我們在 2025 年初制定的策略性舉措將繼續在我們業務的所有領域帶來有意義的成果。我們在擴展和增強綜合遠距醫療服務、增強平台功能和提升患者體驗方面取得了巨大進步。

Our patient satisfaction scores remain outstanding, averaging 4.91 out of 5, validating the quality and effectiveness of our care model. We continue to expand and diversify our weight management offering and our recent strategic expansions into women's health and behavioral health represent significant steps forward, addressing large historically underserved patient populations with high-quality virtual care.

我們的患者滿意度評分仍然非常出色，平均為 4.91（滿分 5 分），證明了我們的護理模式的品質和有效性。我們繼續擴大和多樣化我們的體重管理服務，我們最近在女性健康和行為健康領域的策略擴張代表著向前邁出的重要一步，透過高品質的虛擬護理解決大量歷史上服務不足的患者群體。

These offerings, combined with our increasingly robust LifeMD+ membership program set the stage for meaningful patient retention, higher engagement and lasting relationships that will drive margin expansion and overall business performance. Looking ahead, our priorities remain clear. We will continue investing in and scaling high-value clinical areas like behavioral and women's health further optimize and expand our LifeMD+ program and leverage our fully integrated pharmacy and insurance capabilities.

這些產品與我們日益強大的 LifeMD+ 會員計劃相結合，為有意義的患者保留、更高的參與度和持久的關係奠定了基礎，從而推動利潤率的擴大和整體業務績效。展望未來，我們的優先事項依然明確。我們將繼續投資和擴大行為和婦女健康等高價值臨床領域，進一步優化和擴展我們的 LifeMD+ 計劃，並利用我們完全整合的藥房和保險能力。

All of these efforts align with our overarching commitment to deliver the most patient-centric comprehensive and seamless health care experiences available anywhere. LifeMD is uniquely positioned to shape the future of health care, and I'm excited about the path ahead as we continue to deliver outstanding care, strong growth and long-term value for both our patients and shareholders.

所有這些努力都符合我們的整體承諾，即提供最以患者為中心的全面、無縫的醫療保健體驗。LifeMD 在塑造醫療保健的未來方面具有獨特的優勢，我對未來的道路感到興奮，因為我們將繼續為患者和股東提供卓越的護理、強勁的成長和長期價值。

With that, let's now open the call to your questions. Operator?

現在，我們開始回答你們的問題。操作員？

(Operator Instructions)

（操作員指示）

David Larsen, BTIG.

BTIG 的 David Larsen。

This is Jenny Shen on for Dave. Just on the insurance business, can you speak more about the insurance opportunity where you are right now? For example, how many states you're in? What portions of members are you taking insurance for? And what does the margin profile look like for those members compared to cash pay?

我是 Jenny Shen，為 Dave 播報。就保險業務而言，您能否詳細談談您目前所處的保險機會？例如，您所在的州有多少？您為哪些部分會員購買保險？與現金支付相比，這些會員的利潤狀況如何？

Jenny, this is Justin. So as of today, we are contracted with over 100 insurance plans across 40 states. We have just under 80 million lives under coverage. And importantly, like I expect, as we've previously guided, that to double between now and the end of the year. It's still a very small percentage of the business.

珍妮，這是賈斯汀。截至今天，我們已經與 40 個州的 100 多家保險公司簽訂了合約。我們的保險涵蓋了近 8000 萬人。重要的是，正如我預期的那樣，正如我們之前所指導的那樣，從現在到年底，這一數字將翻倍。這仍然只佔業務的一小部分。

It's really important, I think, that we reach kind of -- that we have extremely broad coverage before like we can really run direct-to-patient kind of advertising for these offerings. So I really think you're going to start to see the insurance business scale considerably in '26. One thing that's worth pointing out, though, is we have seen -- we have obviously submitted claims across both commercial to commercial payers and the government payers, Medicare. And the unit economics here are strong, and we're actually like really, really encouraged about launching programs, especially in areas like women's health, also in the weight management vertical once we see broader coverage for GLP-1 medications, the unit economics work. And it can be -- we can see better LTVs with insurance-sponsored patients than we do with cash pay patients.

我認為，在我們真正針對患者推出此類產品廣告之前，我們必須達到極其廣泛的覆蓋範圍，這一點非常重要。所以我真的認為你將會在 26 年開始看到保險業務規模大幅擴張。不過，值得指出的一點是，我們已經看到——我們顯然已經向商業付款人和政府付款人、醫療保險提交了索賠。這裡的單位經濟效益很強，我們實際上真的非常鼓勵啟動項目，特別是在女性健康等領域，此外，一旦我們看到 GLP-1 藥物的更廣泛覆蓋範圍，在體重管理垂直領域，單位經濟效益就會發揮作用。確實如此——我們發現，保險資助患者的 LTV 比現金支付患者的 LTV 更好。

So to be clear, like we're not -- we haven't scaled it today. And so although we've seen that with a very small population. But the data that we've seen, both from claims we've submitted and from kind of third parties and peers that we've looked at, like the unit economics can be very, very strong.

所以要明確的是，我們今天還沒有擴大規模。儘管我們看到的人口數量非常少。但是，我們看到的數據，無論是從我們提交的索賠還是從我們研究過的第三方和同行那裡得到的，例如單位經濟效益都非常非常強勁。

Sounds great. And then just a quick follow-up. Any comments on your relationships with Novo and Lilly? We're assuming that those relationships are still strong.

聽起來很棒。然後只是快速的跟進。您對於自己與 Novo 和 Lilly 的關係有何評價？我們假設這些關係仍然很強。

Yes. No comment. I mean those -- again, the integrations with Lilly Direct and NovoCare are in place, and we're continuing to see a greater number of patients access the self-pay branded therapies that are through those pharmacies that are available through the integrations that LifeMD has.

是的。沒有意見。我的意思是，與 Lilly Direct 和 NovoCare 的整合已經到位，我們繼續看到越來越多的患者透過 LifeMD 的整合，透過藥局獲得自付品牌療法。

Sarah James, Cantor Fitzgerald.

莎拉詹姆斯，費茲傑拉領唱者。

I was hoping you could give a little bit more color on what was going on with the rep customer acquisition costs. So looking at the guide change compared to what revenue had been running at, we're getting it was about 5% of revenue.

我希望您能更詳細地說明一下代表客戶獲取成本的情況。因此，透過與實際收入進行比較，我們發現指導變化約為收入的 5%。

Is that in the ballpark of what the step-up in customer acquisition cost was for that segment? And can you explain a little bit more about how that happened? Was that pricing? Or was it just the sales that converted from the leads changing?

這是否與該細分市場的客戶獲取成本的成長幅度大致相同？您能否進一步解釋一下事情是怎麼發生的？這就是定價嗎？或者只是銷售線索的變化導致了銷售額的轉換？

Yes. So this is Marc. No. I mean, in general, we had -- it bounced around a bit throughout the quarter. We had some periods where CACs were up 15% to 25% sequentially over the prior quarter.

是的。這就是馬克。不。我的意思是，總的來說，整個季度我們的表現都有所波動。在某些時期，CAC 比上一季環比成長了 15% 至 25%。

Obviously, we had some other periods during the quarter where it was 5% up. Obviously, when CACs go up by that amount, we're going to pull back on the amount of volume that we drive through that business. And one of the initiatives that we're really working on and we're going to make -- we started to make a lot of headway on, and we're going to make a lot more headway by the end of the year is continuing to diversify the business, which obviously gives us a lot more places to repurpose that capital should you see temporary disruptions in certain markets like what occurred in the Rex market, particularly within ED.

顯然，本季的其他一些時期也出現了 5% 的成長。顯然，當 CAC 上升到這個數字時，我們就會減少透過該業務推動的交易量。我們正在努力並即將採取的舉措之一是——我們已經取得了很大進展，到今年年底我們將取得更多進展，那就是繼續實現業務多元化，這顯然為我們提供了更多的地方來重新利用這些資本，以防您看到某些市場出現暫時中斷，例如 Rex 市場，特別是在 ED 市場中發生的中斷。

But a lot of it was higher CACs, competitive spending that in turn drove down our volumes, which in turn obviously had because the unit economics would erode at some of those CACs. And in turn, that would have an impact on both acquisition revenue and related subscription revenue from those subscribers.

但其中很大一部分原因是更高的 CAC 和競爭性支出，這反過來又降低了我們的銷量，而這顯然是因為單位經濟效益會隨著某些 CAC 的降低而下降。反過來，這將對來自這些訂閱者的收購收入和相關訂閱收入產生影響。

Got it. And when you think about results going forward, do you mean that you're having tighter control on your acquisition spend? Or is it more that you think that the sales that are generated from that are going to go back to historical levels?

知道了。當您考慮未來的結果時，您是否意味著您會對收購支出進行更嚴格的控制？或者您認為由此產生的銷售額將回到歷史水平？

Yes. I mean, look, we've under -- I don't want to get into the exact sort of competitive specifics, but we've essentially seen through some actions that we took improvements in the acquisitions per day that are not quite at the Q4, Q1 levels, but they're very much approaching there, and they're significantly closer.

是的。我的意思是，你看，我們已經——我不想談論具體的競爭細節，但我們基本上已經通過一些行動看到，我們在每日收購方面取得了進步，雖然還沒有達到第四季度、第一季度的水平，但已經非常接近了，而且非常接近了。

And the CACs have returned to the historical levels also, again, through some proactive actions that we took. There were changes in the market, and we just had to readjust what we were doing. Could we have been a bit faster doing that? Yes. But we did adjust, and I think we're in a good place now.

而且，透過我們採取的一些主動行動，CAC 也已經恢復到歷史水準。市場發生了變化，我們必須重新調整我們的行動。我們能不能做得快一點？是的。但我們確實進行了調整，我認為我們現在處於一個很好的位置。

Sarah, this is Justin. I'll just add, like remember, we had a -- we had an enormous transition, right, this past quarter with the weight management business, which just really required a lot of energy from almost everybody in the organization. And some of the -- we did see -- we obviously saw these changes. In the competitive environment, but some of it was just think we took our eye off the ball for a little bit, and it's -- we should have gotten this thing back online a little quicker, and we didn't. But again, as we try to -- as we communicated in the -- on the call earlier, like we feel really good about where the business is.

莎拉，這是賈斯汀。我只想補充一點，請記住，上個季度我們的體重管理業務經歷了巨大的轉變，這確實需要組織中幾乎每個人都付出大量精力。我們確實看到了一些變化。在競爭環境中，但有些只是認為我們暫時分心了，我們應該更快地讓這件事恢復正常，但我們沒有。但是，正如我們之前在電話會議上所溝通的那樣，我們對業務現狀感到非常滿意。

There's a lot of exciting kind of new product opportunities for RexMD and we really want to communicate that this isn't something that we're going to -- we think we -- people should be concerned about going forward.

RexMD 有很多令人興奮的新產品機會，我們真的想傳達的是，這不是我們將要做的事情——我們認為我們——人們不應該擔心未來的事情。

Ryan Meyers, Lake Street Capital Markets.

萊恩·邁耶斯 (Ryan Meyers)，Lake Street Capital Markets。

Just kind of as a follow-up to the last question. I just want to make sure I fully understand it. So the full year guide down, that's totally related to the dynamics faced with the RexMD business despite the fact that you guys now have that resolved. Just want to get an understanding of any impact that we would see from that in Q3 and then more recently in Q4.

這只是上一個問題的後續答案。我只是想確保我完全理解它。因此，全年指南的下降與 RexMD 業務面臨的動態完全相關，儘管你們現在已經解決了這個問題。只是想了解這將在第三季以及最近的第四季產生什麼影響。

Yes. So the majority of it is related to that. There's a small proportion, as you mentioned, in the short term, there's some higher refund rates on the weight management patients. We're talking a few percentage points higher. That was a small proportion of the changes, which we've built into the Q2 and Q3 -- sorry, the Q3 guide.

是的。所以大部分都與此有關。正如您所說，有一小部分人在短期內會獲得較高的體重管理退款率。我們討論的是高出幾個百分點。這只是一小部分變化，我們已將其納入 Q2 和 Q3（抱歉，是 Q3 指南）中。

But the vast majority of it was the impact from performance in Rex in Q2 and then the downstream impact associated with less new subscribers that came in the door in Q2, retaining those people throughout the year and slightly softer sales performance than we had historically seen. Obviously, we're building back.

但其中絕大部分是第二季 Rex 業績的影響，以及第二季新增用戶減少帶來的下游影響，導致全年留存這些用戶，而且銷售業績比我們歷史上看到的略低。顯然，我們正在重建。

But I'd say right now in terms of sales per day, we're at about 85% to 90% of where we've been historically, which is a big improvement over where we had been in the middle of Q2. But all of that is baked into the guidance. Now we've not assumed any potential complete rebound in Rex within that guidance. So we think we've taken a prudent point of view on that.

但我想說，就目前的每日銷售額而言，我們的銷售額大約達到了歷史水平的 85% 到 90%，這比第二季中期的水平有了很大的改善。但所有這些都已納入指導之中。現在我們還沒有假設 Rex 在該指導範圍內會出現任何潛在的完全反彈。因此我們認為我們對此採取了謹慎的觀點。

Okay. Got it. And then just on the topic of the LifeMD+ offering, any way we should be thinking about sort of marketing and any sort of spend that's associated with that as that continues to become larger and you guys put more kind of emphasis on that business?

好的。知道了。然後就 LifeMD+ 產品這個主題來說，隨著該產品規模不斷擴大，我們是否應該考慮行銷以及與之相關的任何支出，並且你們會更加重視這項業務？

Yes. This is Marc. Look, we have all of that baked into our plan. I mean, historically, as we've said, our marketing spend does tend to go up quarter-on-quarter. That was baked into the back half of the year.

是的。這是馬克。瞧，我們已經將所有這些都納入了我們的計劃。我的意思是，從歷史上看，正如我們所說，我們的行銷支出確實趨於逐季度上升。那是在今年下半年發生的事。

I mean, do any of these businesses require a very significant investment? No, but you do have to make the initial investment. And look, today, we're bringing on about 50 new sign-ups there. Obviously, we'd like to scale that significantly higher, but we're going to end up doing it in a measured fashion as we do with a lot of our new launches to balance profitability with the growth of the company.

我的意思是，這些業務中是否有任何一項需要大量投資？不，但你必須進行初始投資。你看，今天，我們在那裡吸引了大約 50 名新註冊用戶。顯然，我們希望大幅擴大規模，但最終我們會採取一種有節制的方式，就像我們推出許多新產品一樣，以平衡獲利能力和公司的成長。

Anderson Schock, B. Riley Securities.

安德森·肖克 (Anderson Schock)、B. Riley 證券。

Could you provide any color on what percentage of patients with insurance coming in for GLP-1s are being approved for coverage?

您能否提供一些信息，說明購買 GLP-1 藥物的有保險患者中有多少比例獲得承保？

We don't have an actual percentage, Anderson. But I mean, again, like I can emphasize that we're seeing really, really great uptake and especially like a lot of the cash pay programs of Zepbound -- I'm sorry, Wegovy -- I'm sorry, Zepbound being the kind of number one performer and then Wegovy also performing really well.

我們沒有實際的百分比，安德森。但我的意思是，我可以再次強調，我們看到了非常非常好的成長，尤其是像 Zepbound 的許多現金支付計劃——對不起，是 Wegovy——對不起，Zepbound 是表現最好的，然後 Wegovy 的表現也非常好。

And one of the things that we mentioned in the script is I'm actually super confident that by the end of the year, I think we'll probably see -- I think it's safe to say that we'll see 75% of new patients either on an insurance covered GLP-1 medication like Wegovy or Zepbound or paying for one of the kind of self-pay products there. So it's been like performing really, really well. We're also launching more of the kind of oral -- generic oral therapy options.

我們在腳本中提到的一件事是，我實際上非常有信心，到今年年底，我想我們可能會看到——我認為可以肯定地說，我們會看到 75% 的新患者要么使用保險覆蓋的 GLP-1 藥物，如 Wegovy 或 Zepbound，要么購買其中一種自付費用產品。所以這感覺就像是表演得非常非常好。我們也將推出更多種類的口服藥物—通用口服治療方案。

So we think that, that probably can be somewhere between at least 10% and 20% of the business based on what we've seen with peers of ours in the virtual care world.

因此，根據我們在虛擬護理領域同行的觀察，我們認為這可能至少佔業務的 10% 到 20% 之間。

Okay. Got it. That's helpful. And then could you provide an update on the recent launch in behavioral health? I guess, how many initial subscribers have you seen? And how should we think about revenue contribution from this launch in the back half of the year?

好的。知道了。這很有幫助。那麼，您能否提供一下行為健康領域最新進展的最新消息？我猜，您看到過多少初始訂閱者？我們該如何看待此次發表會對於下半年的營收貢獻？

Yes. I mean this is Justin again. So look, we've put a lot of work into getting this live. It's currently live across all 50 states. I don't have -- we're not ready to release like an exact patient number, but we are onboarding patients onto the program every day.

是的。我的意思是這又是賈斯汀。所以你看，我們為實現這一目標付出了很多努力。目前該服務已覆蓋全美 50 個州。我沒有——我們還沒有準備好公佈確切的患者人數，但我們每天都會在專案中招募患者。

The way these things typically work is over the first couple of months when we launch one, it's all about testing and kind of working out not kinks at all in the care, but more kinks in like the intake process and just making sure everything is working smoothly, making adjustments and then it comes down to scale. So we're really -- right now, it's definitely not -- it's not scaling per se, but we're really, really bullish on this, and it's something that we're extremely confident is going to start to scale over the next 30, 60 days.

這些事情通常的工作方式是，在我們啟動的頭幾個月裡，一切都是為了測試和解決，而不是護理中的問題，而是諸如攝入過程中的更多問題，並確保一切順利進行，進行調整，然後才進行規模化。所以我們真的 — — 現在，它絕對不是 — — 它本身並沒有擴大規模，但我們對此非常非常看好，而且我們非常有信心它將在未來 30 到 60 天內開始擴大規模。

Okay. Got it. And then how is the initial launch of your Medicare fee-for-service initiative progressed since April? Have you been able to expand as expected, reaching 49 states and 60 million beneficiaries at the end of the second quarter?

好的。知道了。那麼，自四月以來，你們首次推出的醫療保險按服務收費計劃進度如何？你們是否能夠如預期擴大規模，在第二季末涵蓋 49 個州，受益人數達到 6,000 萬？

So we're still on track to expand this to 49 states by the end of the year. We had to rework some structural things with the medical group over the course of the last like 90 days. So we haven't started to scale the Medicare program yet, but it's something that we expect will scale in the back half of this year.

因此，我們仍有望在今年年底前將此計劃擴展到 49 個州。在過去的 90 天裡，我們不得不與醫療團隊一起重新制定一些結構性事宜。因此，我們尚未開始擴大醫療保險計劃，但我們預計該計劃將在今年下半年擴大。

Steven Dechert, KeyBanc.

史蒂文·德切特（Steven Dechert），KeyBanc。

I guess just curious on what the refund rate policy is with your customers? And then just anything that drove that to be higher in the quarter? Did anything have to do with de Novo or Lilly partnerships?

我只是好奇你們對客戶的退費率政策是怎麼樣的？那麼，是什麼因素推動了本季該數字的成長呢？這和 de Novo 或 Lilly 的合作關係有關係嗎？

Sorry, you were kind of breaking up a little bit there, Steven. Can you just repeat the -- I heard the first part of your question on refund rate and refund policy. But what was the second one?

抱歉，史蒂文，你剛才有點崩潰了。您能否重複一遍——我聽到了您關於退款率和退款政策的問題的第一部分。但第二個是什麼？

Just is any of that tied to the Novo or Lilly partnerships with those going into effect this past quarter?

這些是否與上個季度生效的 Novo 或 Lilly 合作關係有關？

Yes, sure. So I mean, our refund policy is extremely liberal. I mean if a patient comes in and doesn't get treatment or doesn't have insurance coverage, doesn't want to pay for a cash pay therapy, they basically get a refund, right? Some patients will pay. I mean, technically, according to the policy, like if they have a consult, they would pay -- they would need to pay for the consult.

是的，當然。所以我的意思是，我們的退款政策非常寬鬆。我的意思是，如果病人來就診但沒有得到治療或沒有保險，不想支付現金治療費用，他們基本上會得到退款，對嗎？有些病人願意付費。我的意思是，從技術上講，根據政策，如果他們進行諮詢，他們就會付費——他們需要支付諮詢費用。

But in reality, if somebody wants a refund, they get a refund, and they get a full refund. So that's the policy. Look, I don't think that -- certainly, like the collaborations with Lilly and Novo have not -- I mean, the collaborations with those pharmacies have not had a direct -- have not had a direct effect on the refund rate. But I mean, what does have an effect on the refund rate is just the fact that for a lot of patients, right, the self-pay drugs are branded drugs are much more expensive, right? So patients are faced with oftentimes getting a $500 a month branded therapy through LifeMD or they can go -- there's another 100 providers out there that are still offering a $100 to $150 per month compounded semaglutide or tirzepatide product.

但實際上，如果有人想要退款，就會得到退款，而且會得到全額退款。這就是政策。聽著，我不認為——當然，就像與禮來和諾和諾德的合作一樣——我的意思是，與這些藥局的合作並沒有對退款率產生直接影響。但我的意思是，對退款率有影響的只是這樣一個事實：對於許多患者來說，自費藥品和品牌藥品要貴得多，對吧？因此，患者通常需要透過 LifeMD 接受每月 500 美元的品牌治療，或者他們可以選擇其他 100 家供應商，他們仍然提供每月 100 至 150 美元的複合 semaglutide 或 tirzepatide 產品。

And we look, we appreciate that -- look, the bottom line is like there still is not a reduction in the number of competitors out there selling exact replicas of tirzepatide and semaglutide. So that, as you can imagine, like we have a lot of patients that come in and if they don't have insurance coverage and we can't submit a prior auth and get them covered for a medication. Many of them do request to refund and go elsewhere and find a cheaper alternative of the medication.

我們看到，我們很欣賞這一點——看，底線是，銷售 tirzepatide 和 semaglutide 精確複製品的競爭對手數量仍然沒有減少。因此，正如您所想像的，我們有很多病人來就診，如果他們沒有保險，我們就無法提交事先授權並為他們提供藥物保險。他們中的許多人確實要求退款並去其他地方尋找更便宜的藥物替代品。

Okay. And then just wondering on personalized GLP-1s. Is that still something you guys are offering? And if so, kind of what roughly percentage of your weight management subscriber base is on those?

好的。然後只是對個人化的 GLP-1 感到好奇。你們還提供這個嗎？如果是的話，您的體重管理訂閱者群中大約有多少比例是使用這些服務的？

Yes. I don't have an exact percentage to share with you, but certain patients that qualify for a personalized GLP-1, again, like our providers are willing to send prescriptions to third-party pharmacies for personalized GLP-1 medications if the clinical presentation of the patient is appropriate, right? So I think we're very -- our providers are very conservative with this. But in certain situations, yes, our providers will send personalized prescriptions to third-party pharmacies.

是的。我沒有確切的百分比可以與您分享，但某些符合個人化 GLP-1 條件的患者，如果患者的臨床表現合適，就像我們的提供者一樣，願意將個人化 GLP-1 藥物的處方發送給第三方藥房，對嗎？所以我認為我們非常——我們的供應商對此非常保守。但在某些情況下，我們的供應商會將個人化處方發送給第三方藥局。

Yi Chen, H.C. Wainwright.

陳毅，H.C.溫賴特。

This is on for Yi. I was hoping to get a little bit more color on the -- to get a feel for the number of subscribers that are currently using the weight management versus the telehealth active subscriber count and see what fraction of users using each of those business segments?

這是易建聯的表現。我希望能獲得更詳細的資訊——了解目前使用體重管理的用戶數量與遠距醫療活躍用戶數量，並了解使用每個業務部門的用戶比例？

Yes. Yes. I mean, look, we haven't historically broken it out. But in general, the weight management subscriber count as a percentage of the active is roughly kind of in that range of 30% to 35% of the total. And then obviously, the largest proportion is within Rex.

是的。是的。我的意思是，你看，我們歷史上還沒有突破過這一點。但總體來說，體重管理訂閱者佔活躍用戶的比例大約在 30% 到 35% 之間。顯然，最大的比例是在 Rex 內部。

Obviously, the average weight management customer is worth more on a 1-year basis than the average Rex customer. And then you have other indications a rounded out sleep, hair loss and things like that.

顯然，以一年計算，體重管理的平均客戶價值比 Rex 的平均客戶更高。然後你還會出現其他跡象，如睡眠不足、掉髮等。

Got it. That's really helpful. And do you -- are you guys open to providing any numbers on the attrition rates in each of those kind of to understand what retention looks like in each of those business segments?

知道了。這真的很有幫助。你們是否願意提供每種業務部門的流失率數據，以了解每個業務部門的保留？

Yes. I mean, look, what we've disclosed publicly is typically, we retain about one-third of cohorts after 12 months. I mean, look, we have one, three, six months. In some cases, we've had 12-month subscriptions. So we try to normalize it at the one-year mark.

是的。我的意思是，你看，我們公開披露的情況是，我們通常會在 12 個月後保留大約三分之一的客戶群。我的意思是，你看，我們有一、三、六個月的時間。在某些情況下，我們有 12 個月的訂閱。因此，我們嘗試在一年後使其正常化。

But historically, we will retain about one-third of the initial cohort at the end of 12 months. Obviously, in the weight management business, a big chunk of that falloff occurs in the first 30 days with refunds for people that don't actually get on therapy. If you go by the folks that are on therapy, the retention rate is obviously much higher.

但從歷史上看，我們將在 12 個月後保留大約三分之一的初始隊列。顯然，在體重管理行業中，很大一部分的下降發生在前 30 天，對於實際上沒有接受治療的人，他們會獲得退款。如果你有在關注那些正在接受治療的人，你會發現保留率顯然要高得多。

Got it. Got it. And in general, you've mentioned a few times about your focus and prioritization of getting good insurance coverage for your patients and connecting that into your system. Do you think that's your most meaningful differentiating feature for -- against other telehealth competitors?

知道了。知道了。總的來說，您曾多次提到您的重點和優先事項是為您的患者提供良好的保險保障並將其納入您的系統。您認為這是您與其他遠距醫療競爭對手相比最有意義的差異化特徵嗎？

Sure. This is Justin. I think that -- look, I think that's certainly one of our -- one of the big differentiators with LifeMD is the infrastructure for medical and pharmacy benefits that we're building. I think it's also our ability to operate a high-quality synchronous care platform across all 50 states at the scale that we do. If you look across a lot of the larger peers of ours, many of them are completely async programs, and that's kind of a very different offering.

當然。這是賈斯汀。我認為——你看，我認為這當然是我們的——LifeMD 的一大區別在於我們正在建立的醫療和藥房福利基礎設施。我認為這也是我們有能力在全美 50 個州以我們的規模運作高品質同步護理平台的原因。如果你看看我們的許多較大的同行，你會發現其中許多都是完全異步的程序，這是一種非常不同的產品。

So I think that we think that our model of offering medical and pharmacy benefits, offering a marketplace that -- where patients can use their insurance if they want to or their Medicare and subsidize the cost of their care and access like either, again, asynchronous care if it's more convenient for them or synchronous care if they really want to speak to a doctor, which -- and have a face-to-face visit, which a lot of people do. We think that's super unique. And in fact, we know that's super unique.

因此，我認為，我們提供醫療和藥房福利的模式是提供一個市場，在這個市場上，患者可以根據需要使用保險或醫療保險，並補貼他們的護理費用和就醫費用，如果對他們來說更方便，可以選擇異步護理，如果他們真的想和醫生交談，可以選擇同步護理，並進行面對面的問診，很多人都這樣做。我們認為這非常獨特。事實上，我們知道這是非常獨特的。

And that concludes our Q&A portion of the call. I will now turn the call back over to Justin Schreiber.

我們的電話問答部分到此結束。現在我將把電話轉回給賈斯汀·施雷伯。

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

感謝您的提問以及對 LifeMD 的關注。我們期待在 11 月報告第三季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。