LifeMD Inc (LFMD) 2025 Q3 法說會逐字稿

Good afternoon. Thank you for joining us today to discuss LifeMD's results for the third quarter ended September 30, 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.感謝您今天與我們一起討論 LifeMD 截至 2025 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長賈斯汀·施賴伯和財務長馬克·貝納森。在管理階層發表準備好的演講後，我們將開放問答環節。

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. 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.

在開始之前，我想提醒大家，在本次電話會議中，公司將做出一些前瞻性聲明，這些聲明受到許多風險和不確定性的影響，可能導致實際結果與預期結果有重大差異。這些風險和不確定性在公司的 10-K 和 10-Q 文件中有所描述，LifeMD 也可能不時向美國證券交易委員會提交其他文件。

Forward-looking statements made during this call are based on current information available to the company as of today, November 1, 2025. 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. 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.

本次電話會議中所做的前瞻性陳述是基於本公司截至 2025 年 11 月 1 日可取得的最新資訊。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。另外，請注意，管理層將討論公司認為對評估 LifeMD 的績效至關重要的某些非 GAAP 財務指標。有關這些非GAAP指標與最可比較GAAP指標之間的關係及其調節的詳細信息，請參閱今天早些時候發布的新聞稿。最後，我想提醒大家，今天的電話會議正在錄音，錄音將在公司網站的投資者關係部分提供回放。

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

現在我想把電話交給 LifeMD 的執行長賈斯汀·施賴伯。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，大家下午好。市場收盤後，我們發布新聞稿，公佈了第三季度財務業績，並在我們的網站 ir.lifemd.com 上發布了更新的公司介紹。

LifeMD made considerable progress executing on our strategic plan in the third quarter. Our RexMD business returned to growth, adding approximately 10,000 net new subscribers, and our weight management offering has stabilized and is now well positioned for significant growth in 2026. We also continued to deliver strong year-over-year performance with Telehealth revenue up 18% and adjusted EBITDA increasing 30% compared to the prior year period. That said, the most exciting thing about LifeMD today is not our past performance or even the results this quarter, but the important foundational steps we have taken to set the company up for an exceptional 2026.

LifeMD在第三季執行策略計畫方面取得了顯著進展。我們的 RexMD 業務恢復成長，新增淨用戶約 10,000 人，我們的體重管理產品已趨於穩定，並已做好充分準備，將在 2026 年實現顯著增長。與去年同期相比，我們的業績持續保持強勁成長，遠距醫療收入成長 18%，調整後 EBITDA 成長 30%。也就是說，LifeMD 今天最令人興奮的事情不是我們過去的業績，甚至不是本季的業績，而是我們為公司在 2026 年取得卓越成就而採取的重要基礎性步驟。

During and following the third quarter, we made substantial progress on our women's health and behavioral health offerings; two verticals that we believe have the potential to each become nine-figure businesses over the next three years. We also advanced the development of our LifeMD+ membership and in-app health marketplace, which we expect will meaningfully enhance patient experience, deepen engagement and strengthen long-term retention.

在第三季度及之後，我們在女性健康和行為健康領域取得了實質進展；我們相信，這兩個垂直領域在未來三年內都有可能發展成為年收入達九位數的業務。我們也推進了 LifeMD+ 會員服務和應用內健康市場的開發，我們預計這將顯著提升患者體驗，加深參與度，並加強長期留存。

In addition, we secured regulatory approval for our nonsterile 503-A compounding pharmacy, a major milestone that will dramatically expand our ability to produce personalized medications at scale and a significantly improved economics compared to relying on third-party pharmacy partners. We were also pleased to successfully divest our majority interest in work simply. This transaction strengthened our balance sheet and allows us to operate as a pure-play virtual care and pharmacy company. While it was a difficult decision, the opportunity in front of our core business is so substantial that we felt it was essential to dedicate 100% of our focus and resources to our core health care platform.

此外，我們獲得了非無菌 503-A 配藥藥房的監管批准，這是一個重要的里程碑，它將極大地擴展我們大規模生產個人化藥物的能力，並且與依賴第三方藥房合作夥伴相比，經濟效益將顯著提高。我們也很高興成功地剝離了我們在 Work Simply 中的多數股權。這項交易增強了我們的資產負債表，使我們能夠作為一家純粹的虛擬醫療和藥房公司運作。雖然這是一個艱難的決定，但我們核心業務面臨的機會如此巨大，以至於我們認為必須將 100% 的精力和資源投入到我們的核心醫療保健平台。

As we look ahead to 2026, our strategic priorities are clear. One, accelerating high-quality growth in our weight management offering by leveraging our collaborations with Novo Nordisk, Eli Lilly and others; two, scaling our virtual women's and behavioral health businesses built around synchronous care delivered by highly trained providers and personalized therapies; three, expanding and diversifying RexMD particularly through personalized compounded medications and hormone therapies and; four, launching a more robust unified LifeMD platform and marketplace designed to increase patient engagement improved cross care participation and deliver a significantly enhanced experience across both mobile and desktop applications.

展望2026年，我們的策略重點很明確。第一，透過與諾和諾德、禮來等公司的合作，加速我們體重管理產品的高品質成長；第二，擴大我們以訓練有素的醫護人員提供的同步護理和個人化療法為核心的虛擬女性和行為健康業務；第三，擴展和多元化 RexMD，特別是透過個人化複方藥物和荷爾蒙療法；

LifeMD has made a deliberate decision to play the long game in the GLP-1 space. We are one of the few virtual care providers fully integrated with both Novo Nordisk and Eli Lilly. And we believe these collaborations represent a significant and durable competitive advantage, especially as prices come down on branded therapies and oral therapies come to market. The last two quarters have been challenging in the wave management category due to intense competition from low cost and, in many cases, low-quality compounded GLP-1 marketers, offering prices we cannot and will not match. While many of these compounded products are less effective,, and in some cases, unsafe, aggressive marketing and artificially low entry price points have drawn in a portion of consumers and created near-term pressure.

LifeMD 已做出深思熟慮的決定，要在 GLP-1 領域採取長遠佈局。我們是少數幾家與諾和諾德和禮來公司完全整合的虛擬醫療服務提供者之一。我們相信，隨著品牌療法的價格下降和口服療法上市，這些合作代表著重大且持久的競爭優勢。過去兩個季度，由於低成本（在許多情況下品質也較低）的複合 GLP-1 行銷商的激烈競爭，波浪管理類別面臨嚴峻的挑戰，他們提供的價格我們無法也不會與之匹敵。雖然這些複合產品中的許多效果較差，在某些情況下甚至不安全，但激進的行銷和人為壓低的入門價格吸引了一部分消費者，並造成了短期壓力。

Despite this environment, we have maintained our market share, remain disciplined and continue investing in the high-quality, clinically sound weight management model that we believe will create long-term shareholder value. We have consistently believed that branded GLP-1 manufacturers would ultimately reduce pricing to broaden patient access. And that moment is now clearly underway.

儘管面臨這樣的環境，我們仍然保持了市場份額，保持了自律，並繼續投資於高品質、臨床上合理的體重管理模式，我們相信這將為股東創造長期價值。我們一直認為，品牌 GLP-1 生產商最終會降低價格，以擴大患者的用藥範圍。而這一刻現在顯然已經開始了。

Just this morning, we announced that through our collaboration with Novo Nordisk, LifeMD will begin offering Wegovy and Ozempic to self-pay patients for $199 for the first two doses a 60% reduction from current prices. Higher doses will be available to self-pay patients for $349 per month, representing a 30% reduction. Eli Lilly also recently announced that self-pay patients will be able to access the Zepbound multidose pen if FDA approved at $299 for the lowest dose and up to $449 for the highest dose.

就在今天早上，我們宣布，透過與諾和諾德的合作，LifeMD 將開始以 199 美元的價格向自費患者提供 Wegovy 和 Ozempic，前兩劑的價格為 199 美元，比目前的價格降低了 60%。自費患者每月可支付 349 美元以獲得更高劑量，相當於降低了 30%。禮來公司最近也宣布，如果 Zepbound 多劑量注射筆獲得 FDA 批准，自費患者將能夠以最低劑量 299 美元到最高劑量 449 美元的價格購買到該產品。

Even more exciting is the expected approval of Wegovy pill with a PDUFA date in late December. Analysts widely anticipate FDA approval and commercial availability in early January. LifeMD will be among the first virtual care providers to offer oral Wegovy through our collaboration with Novo Nordisk. While formal pricing has not been publicly released, we expect lower dose levels to be approximately $149 per month based on recent public remarks from President Trump.

更令人興奮的是，Wegovy 藥片預計在 12 月底獲得 PDUFA 批准。分析師普遍預計，FDA 將於 1 月初批准該產品並實現商業化。LifeMD 將成為首批透過與諾和諾德的合作提供口服 Wegovy 的虛擬醫療服務提供者之一。雖然正式定價尚未公開，但根據川普總統最近的公開講話，我們預計低劑量水平的價格約為每月 149 美元。

The Wegovy pill is expected to be the most effective oral medication for weight loss ever approved by the FDA. In clinical trials, patients achieved on average 15% weight loss over 68 weeks with sites profiles comparable to the injectable formulation. In addition, Eli Lilly plans to launch its oral GLP-1, orforglipron, later in 2026, which we also anticipate offering through our platform at accessible pricing.

Wegovy減肥藥有望成為美國食品藥物管理局（FDA）批准的最有效的口服減肥藥。在臨床試驗中，患者在 68 週內平均減重 15%，其部位特徵與注射劑型相當。此外，禮來公司計劃於 2026 年稍後推出其口服 GLP-1 藥物 orforglipron，我們也預計將透過我們的平台以可負擔的價格提供該藥物。

The bottom line is clear. oral therapies combined with substantial price reductions will fundamentally broaden access, accelerate demand, and reshape the GLP-1 landscape. With more than 130 million Americans eligible for treatment, LifeMD is uniquely positioned to be a leading virtual destination for high-quality longitudinal care. Care is essential for patients to achieve the long-term outcomes these medications can deliver.

結論很明確：口服療法加上大幅降價將從根本上擴大藥物可及性，加速需求成長，並重塑 GLP-1 受體激動劑的市場格局。由於有超過 1.3 億美國人符合治療條件，LifeMD 擁有獨特的優勢，可以成為高品質長期照護的領先虛擬平台。對患者而言，悉心照顧至關重要，才能達到這些藥物所能帶來的長期療效。

Our men's health platform, RexMD, also had a strong quarter overall. Demand for our personalized ED medications, which combines sildenafil and tadalafil has been exceptional. And these formulations now represent 25% of all new ED prescriptions on the platform. These medications are currently fulfilled through a third-party pharmacy partner, so we plan to bring the majority of this fulfillment into LifeMD's in-house pharmacy in early 2026.

我們的男性健康平台 RexMD 本季整體表現也很強勁。我們提供的含有西地那非和他達拉非的個人化ED藥物的需求量非常大。目前，這些配方佔該平台上所有新ED處方的25%。這些藥物目前由第三方藥房合作夥伴提供，因此我們計劃在 2026 年初將大部分此類藥物的供應轉移到 LifeMD 的內部藥房。

This transition will meaningfully reduce COGS improve gross margins and give us full control of the end-to-end patient experience. Our hormone replacement therapy offering is also demonstrating strong momentum and clear signs of future scalability. Early patient retention has been strong. New patient acquisition continues to grow. Demand is robust across age groups, and we have expanded into men's HRT coverage to 35 states.

此次轉型將顯著降低銷售成本，提高毛利率，並使我們能夠完全掌控端到端的患者體驗。我們的荷爾蒙替代療法產品也展現出強勁的發展勢頭和未來可擴展性的明顯跡象。早期患者留存率很高。新患者數量持續增加。各個年齡層的需求都很強勁，我們已將男性荷爾蒙替代療法的覆蓋範圍擴大到 35 個州。

In addition, RexMD continues to broaden its portfolio with new men's-focused pharmacy products across behavioral health, weight loss, dermatology, and more. We believe that our recently licensed 503-A compounding pharmacy will be a major enabler of RexMD's growth, allowing us to offer personalized therapies, lower-cost compounded options, and superior margins across multiple men's health categories in 2026 and beyond.

此外，RexMD 也持續拓展其產品組合，推出針對男性的新型藥局產品，涵蓋行為健康、減重、皮膚科等領域。我們相信，我們最近獲得許可的 503-A 配藥藥房將成為 RexMD 成長的主要推動力，使我們能夠在 2026 年及以後在多個男性健康類別中提供個人化療法、更低成本的配藥選擇和更高的利潤率。

In addition to our weight management and men's health businesses, we are very optimistic about the 2026 opportunity in both women's health and behavioral. Demand in both categories is very strong. And while these businesses are not yet contributing meaningfully to revenue, the initial engagement metrics interest levels, click-through rates and acquisition costs are on par with categories like ED and weight loss that scaled rapidly within their first year.

除了體重管理和男性健康業務外，我們對 2026 年女性健康和行為健康領域的機會也非常樂觀。這兩個類別的需求都非常強勁。雖然這些企業尚未對收入做出實質貢獻，但其初步參與度指標（興趣程度、點擊率和獲客成本）與 ED 和減肥等在第一年就迅速擴張的類別相當。

In both verticals, our focus is on building high-quality, high-retention revenue streams. In my view, industry-leading retention is driven by three things: an exceptional product, great patient care and customer service, and transparent pricing and strong value proposition. We also believe that enabling patients to use their commercial or government insurance is a critical part of the equation. While insurance enablement has been slower to deploy in our platform than planned, it remains a top strategic priority and will be an important component of our 2026 story. Our Women's Health business is highly differentiated.

在這兩個垂直領域，我們的重點都是建構高品質、高留存率的收入來源。在我看來，業界領先的客戶留存率是由三件事驅動的：卓越的產品、優質的病患照護和客戶服務，以及透明的價格和強大的價值主張。我們也認為，讓患者能夠使用他們的商業保險或政府保險是解決問題的關鍵。雖然保險功能在我們平台上的部署速度比計劃的要慢，但它仍然是我們的首要戰略重點，並將是我們 2026 年發展戰略的重要組成部分。我們的女性健康業務具有高度差異化優勢。

We have built and continue to expand an exceptional advisory Board of national leaders in women's hormonal health, menopause, bone health and longevity. We've also assembled a dedicated, highly trained clinical team to deliver this care, and we are confident in our ability to scale as demand accelerates. Patients can choose between bundled care and prescription cash pay programs, or flexible models where they pay a la carte or use insurance to cover visits, lab words, and commercially available medications. In addition, our in-house compounding pharmacy will enable affordable access to compounded therapies for hormone optimization, sexual health, dermatology, and more. We believe this will be the highest quality, most comprehensive, and most accessible virtual women's health offering in the country and we expect demand to be extremely strong.

我們已經建立並不斷擴大一個由女性荷爾蒙健康、更年期、骨骼健康和長壽領域的全國領導者組成的傑出顧問委員會。我們還組建了一支敬業、訓練有素的臨床團隊來提供這種護理，並且我們有信心隨著需求的加速成長而擴大規模。患者可以選擇打包護理和處方現金支付計劃，或者靈活的模式，即他們可以根據需要單獨付費，或者使用保險來支付就診、化驗和市售藥物的費用。此外，我們內部的配藥藥房將使人們能夠以實惠的價格獲得用於荷爾蒙優化、性健康、皮膚病等方面的配製療法。我們相信這將是全國品質最高、最全面、最便利的虛擬女性健康服務，我們預計需求將會非常強勁。

Our psychiatry offering follows a similar structure, combining a la carte consults with bundled care plus medication programs that deliver discounted access and long-term, high-quality tier. Most patients begin with a synchronous consultation with a state license provider before transitioning into asynchronous message-based ongoing care. While the current patient count is small relative to our overall business, we saw meaningful quarter-over-quarter traction and expect psychiatry to become a sizable business in 2026.

我們的精神病學服務遵循類似的結構，將單次諮詢與打包護理和藥物治療方案相結合，提供折扣優惠和長期、高品質的服務。大多數患者首先會與持有州執照的醫療服務提供者進行同步諮詢，然後再過渡到基於非同步訊息的持續照護。雖然目前患者數量相對於我們的整體業務而言還很小，但我們看到了季度環比的顯著增長，並預計精神病學將在 2026 年成為一個相當大的業務。

We believe this category will be another powerful durable growth engine for LifeMD. Given the strength of our balance sheet and the promise of these new offerings, we intend to invest in growth in these verticals early on in 2026 to rapidly build the patient base in these two verticals and in our offering to drive superior long-term retention.

我們相信，這一品類將成為LifeMD另一個強勁且持久的成長引擎。鑑於我們強勁的資產負債表和這些新產品的前景，我們計劃在 2026 年初投資於這些垂直領域的成長，以迅速擴大這兩個垂直領域的患者群體，並完善我們的產品，從而實現卓越的長期留存率。

Lastly, we are investing significant energy and resources into launching the core functionality and features that will enable LifeMD to execute on its long-term vision, building the leading integrated marketplace for virtual care, pharmacy, laboratory services and wellness. Much of this functionality including a comprehensive relaunch of the LifeMD website and mobile app, we'll be rolling out between now and early Q1 2026. These upgrades will allow patients to effortlessly participate across multiple care programs, access a broad suite of pharmacy offerings and order convenient in-home lab testing through a partnership we expect to formally announce early next year.

最後，我們正在投入大量精力和資源來推出核心功能和特性，這將使 LifeMD 能夠實現其長期願景，打造領先的虛擬醫療、藥房、實驗室服務和健康綜合市場。包括對 LifeMD 網站和行動應用程式進行全面重新發佈在內的許多功能，我們將從現在到 2026 年第一季初陸續推出。這些升級將使患者能夠輕鬆參與多個護理計劃，獲得廣泛的藥房服務，並透過我們預計明年初正式宣布的合作關係訂購便捷的家庭實驗室檢測。

Enabling seamless navigation across cash pay and insurance supported workflows is not easy, but it is essential to our long-term strategy. When completed, these enhancements will, not only broaden the depth and breadth of services we provide, they will also deliver a significantly improved patient experience with clear pricing, more flexibility and expanded a la carte options. Our objective is for patients to view LifeMD as a true virtual care destination, a place where they can access synchronous or asynchronous visits with trusted clinicians obtain generic, branded or compounded medications at transparent prices and conveniently order the labs that support their health goals and inform long-term care plans across both primary and specialty programs. We believe the integration of these capabilities will meaningfully differentiate LifeMD, deepen patient relationships, and serve as a key driver of sustainable growth as we move into 2026 and beyond.

實現現金支付和保險支援的工作流程之間的無縫銜接並不容易，但這對我們的長期策略至關重要。這些改進措施完成後，不僅將拓寬我們服務的深度和廣度，還將透過清晰的定價、更大的靈活性和更豐富的單項選擇，顯著改善患者體驗。我們的目標是讓患者將 LifeMD 視為真正的虛擬醫療目的地，在這裡，他們可以與值得信賴的臨床醫生進行同步或異步就診，以透明的價格獲得通用名藥物、品牌藥物或複方藥物，並方便地訂購實驗室檢查，以支持他們的健康目標，並為初級和專科項目的長期護理計劃提供信息。我們相信，這些能力的整合將使 LifeMD 具有顯著的差異化優勢，加深與患者的關係，並成為我們邁向 2026 年及以後實現永續成長的關鍵驅動力。

With that, I'll now turn the call over to our CFO, Marc Benathen, to provide more detail on our third quarter financial results and outlook. Marc?

接下來，我將把電話交給我們的財務長馬克·貝納森，讓他詳細介紹我們第三季的財務表現和展望。馬克？

Thank you, Justin. Good afternoon, everyone, and thank you for your flexibility as we reschedule this call from November 6 to today. Our third quarter Telehealth business results were solid with year-over-year growth of 18% in revenue and 30% in adjusted EBITDA.

謝謝你，賈斯汀。各位下午好，感謝大家的配合，我們將原定於11月6日的電話會議改期至今天。我們第三季遠距醫療業務表現穩健，營收年增 18%，調整後 EBITDA 較去年同期成長 30%。

Our REX business rebounded from its late second-quarter lows with a net gain of 10,000 new members in the third quarter. We've also executed initiatives to significantly strengthen our balance sheet, including the divestiture of our majority ownership position and work simply and the payoff of all of our debt. Following these transactions, LifeMD has the strongest balance sheet and liquidity position in the company's history. This will enable us to operate from a position of strength in 2026, as we continue to invest in scaling our core offerings, plus further diversifying our platform through growth and recently-launched offerings.

我們的 REX 業務從第二季末的低谷中反彈，第三季淨增 10,000 名會員。我們也實施了多項措施來大幅加強我們的資產負債表，包括出售我們的多數股權和業務，以及償還所有債務。完成這些交易後，LifeMD 擁有公司歷史上最強勁的資產負債表和流動性狀況。這將使我們能夠在 2026 年佔據優勢地位，因為我們將繼續投資擴大我們的核心產品規模，並透過成長和最近推出的產品進一步使我們的平台多元化。

Now turning to third quarter numbers. Consolidated revenue grew 13% versus the year ago period to $60.2 million. Telehealth revenue increased 18% to $47.3 million, with Telehealth adjusted EBITDA growing 30% to $2.9 million. Telehealth subscriber growth remained strong with the number of active subscribers increasing 14% year over year to over 310,000 at quarter end.

現在來看第三季的數據。合併收入較上年同期成長 13%，達到 6,020 萬美元。遠距醫療收入成長 18% 至 4,730 萬美元，遠距醫療調整後 EBITDA 成長 30% 至 290 萬美元。遠距醫療用戶成長依然強勁，截至季末，活躍用戶數量年增 14%，超過 31 萬。

Gross margin for the third quarter was 88%, a decline of 290 basis points versus the prior year due to revenue mix.

第三季毛利率為 88%，較上年同期下降 290 個基點，原因是收入結構的變化。

Gross profit was $52.8 million, an increase of 9% from the year ago period. Telehealth gross margin was 86% as compared to 89% in the year ago period, driven by the revenue mix.

毛利為 5,280 萬美元，比上年同期成長 9%。受收入結構的影響，遠距醫療的毛利率為 86%，而去年同期為 89%。

Our GAAP net loss attributable to common stockholders for the third quarter of 2025 was $4.6 million or a loss of $0.10 per share. This compares with a GAAP net loss attributable to common stockholders for the third quarter of 2024 of $5.4 million or a loss of $0.13 per share.

2025 年第三季歸屬於普通股股東的 GAAP 淨虧損為 460 萬美元，即每股虧損 0.10 美元。相較之下，2024 年第三季歸屬於普通股股東的 GAAP 淨虧損為 540 萬美元，即每股虧損 0.13 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 $5.1 million for the third quarter of 2025, as compared with $4.3 million in the year ago period. Telehealth adjusted EBITDA is a non-GAAP measure defined, as adjusted EBITDA for only the ongoing telehealth business, excluding work simply. This measure was $2.9 million for the third quarter of 2025, as compared to $2.2 million in the year ago period.

調整後 EBITDA 是一項非 GAAP 指標，我們將其定義為歸屬於普通股股東的收入或虧損，不包括今天新聞稿中概述的各種項目。2025 年第三季調整後 EBITDA 總計 510 萬美元，去年同期為 430 萬美元。遠距醫療調整後 EBITDA 是非 GAAP 指標，其定義為僅針對持續遠距醫療業務的調整後 EBITDA，不包括簡單的工作。2025 年第三季該指標為 290 萬美元，去年同期為 220 萬美元。

We exited the third quarter with $23.8 million in cash and no debt. As previously disclosed on November 5, we identified adjustments following system migrations related to the recognition of revenue with offsetting related balance sheet accounts for 2022, 2023, 2024, and six months ended June 30, 2025. This resulted in an approximate $4.6 million impact in over recognition of revenue attributable for the total period. This adjustment had no impact on the company's cash flow or cash position.

第三季末，我們擁有2,380萬美元現金，且無任何債務。正如先前在 11 月 5 日所揭露的那樣，我們發現，由於系統遷移，2022 年、2023 年、2024 年以及截至 2025 年 6 月 30 日的六個月期間的收入確認存在與抵銷相關資產負債表帳戶相關的調整。這導致該期間應計收入超額確認約 460 萬美元。此調整對公司的現金流量或現金狀況沒有影響。

Turning to financial guidance. Following the divestiture of our majority ownership and WorkSimpli resulting in a pure play stand-alone Telehealth business, we expect fourth quarter revenue in the range of $45 million to $46 million, with adjusted EBITDA in the range of $3 million to $4 million.

轉向財務指導。在剝離我們多數股權和 WorkSimpli 之後，我們成為純粹的獨立遠距醫療企業，預計第四季度收入將在 4,500 萬美元至 4,600 萬美元之間，調整後 EBITDA 將在 300 萬美元至 400 萬美元之間。

For the full year 2025, we expect revenue in the range of $192 million to $193 million and adjusted EBITDA in the range of $13.5 million to $14.5 million. Full year guidance represents growth of 24% for revenue and 254% for adjusted EBITDA versus 2024.

我們預計 2025 年全年營收將在 1.92 億美元至 1.93 億美元之間，調整後 EBITDA 將在 1,350 萬美元至 1,450 萬美元之間。全年業績預期為：營收成長 24%，調整後 EBITDA 成長 254%（與 2024 年相比）。

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

接下來，我們進入問答環節。操作員？

(Operator Instructions) David Larsen, BTIG.

（操作說明）David Larsen，BTIG。

Hi. Congratulations on a good quarter. Can you talk a little bit about the mix of Telehealth product revenue especially in like weight loss, like how much is coming from branded scripts? How much is coming from compounded scripts. There was obviously a sequential decline.

你好。恭喜你本季業績出色。您能否談談遠距醫療產品的收入組成，特別是像減肥這樣的產品，例如，品牌處方藥的收入佔比是多少？複合腳本貢獻了多少？顯然存在著一個循序漸進的下降趨勢。

Just any color of why that happened? Just any thoughts around 2026 in the obesity health product line?

任何顏色的解釋都可以嗎？關於2026年肥胖症健康產品線的發展趨勢，大家有什麼想法嗎？

Yeah. David, this is Marc. I'll let Justin take the second part of the question on go-forward product strategy. As far as the revenue mix, so weight management still is more than 50% of the companies. Total revenue mix. Yeah, there was a slight sequential decline that we had quarter on quarter. The subscriber base was roughly flat. It was down about quarter on quarter, although that has stabilized and looks to be stable through the balance of Q4 and then with some of the product innovation in 2026 should return back to growth levels.

是的。大衛，這位是馬克。關於未來產品策略的第二部分問題，我將由賈斯汀來回答。就收入組成而言，體重管理仍占公司收入的 50% 以上。整體收入構成。是的，我們出現了季度環比略微下降的情況。使用者基數基本上保持穩定。雖然環比下降了約一個季度，但這種情況已經穩定下來，並且看起來在第四季度剩餘時間內將保持穩定，然後隨著 2026 年一些產品創新的推出，應該會恢復到增長水平。

The biggest, I'd say, mix-wise, as far as new patient sign-ups, we're seeing more than half of them coming in through branded therapy. It's less than half of the total revenue because that -- the new patient base obviously needs time to build up relative to the existing base on the patients that are coming through branded therapy of which obviously, there's a substantial portion at this point.

就新患者註冊而言，我認為最大的變化是，超過一半的患者是透過品牌療法加入的。這還不到總收入的一半，因為——新患者群體顯然需要時間來發展壯大，才能與目前接受品牌療法的患者群體（顯然，目前這部分患者群體佔了相當大的比例）形成對比。

As we mentioned, the only real difference in the economics is the fulfillment fee that was on the personalized compound. So obviously, we do lose that. That was roughly -- for the majority of the time period, was roughly about $50 in orders. So we have had some impact from that. That we expect to have some additional impact in Q4, which is reflected in the guidance that we put out today.

正如我們所提到的，經濟上唯一的真正區別在於個人化化合物的履行費用。所以很顯然，我們會失去這一點。那段時間的大部分時間裡，訂單金額大約在 50 美元左右。所以這確實對我們產生了一些影響。我們預計第四季度將產生一些額外的影響，這已反映在我們今天發布的業績指引中。

And then we expect ourselves, particularly with a lot of the product innovation going on in the market and where we're positioned with our collaboration partners to be able to capitalize upon pretty solid growth heading into next year.

然後，我們期望自己，特別是鑑於市場上正在進行的許多產品創新，以及我們與合作夥伴所處的地位，能夠利用明年相當穩健的成長。

This is Justin. I'll just add quickly on 2026. I mean there are two big things that we expect to drive the weight management business. The first, as we emphasized in the call, is better pricing for branded therapies, which, as you know, we've made a kind of big investment in and so I think you're already seeing the writing on the wall there. I also think that as pricing for the cash pay programs comes down, I think you'll see more and more payers covering these medications.

這是賈斯汀。我簡單補充一下2026年的情況。我的意思是，我們預計有兩大因素將推動體重管理產業的發展。正如我們在電話會議中所強調的那樣，第一點是品牌療法的定價要更合理，正如您所知，我們在這方面投入了大量資金，所以我認為您已經看到了其中的趨勢。我也認為，隨著自費項目的價格下降，你會看到越來越多的付款者開始承保這些藥物。

We've also obviously, seeing the outline of a program for Medicare to cover these drugs, which is also something that LifeMD is set up for. So I mean we're generally like really, really positive on 2026. The other -- like the other big thing that would help us would be the Trump administration doing something and I think this is likely, not just possible, but likely that as these -- as the branded therapies that are FDA approved, become more affordable to patients. I think it is highly likely that you see FDA crack down on compounding, which would be an amazing thing for our business if FDA were to slow that down.

顯然，我們也看到了聯邦醫療保險計劃涵蓋這些藥物的概要，而 LifeMD 也正是為了這個目的而設立的。所以我的意思是，我們對 2026 年總體上非常非常樂觀。另一件對我們有幫助的大事是川普政府採取行動，我認為這不僅是可能的，而且很有可能，因為隨著這些——獲得 FDA 批准的品牌療法變得更加經濟實惠，患者就能負擔得起。我認為FDA很可能會嚴格打擊藥品配製，如果FDA能放慢這種做法，對我們的業務來說將是一件好事。

Right now, we're getting beat up every single day by just a lot of these very low-priced semaglutide and tirzepatide offers out there that are all compounded, and it's very difficult for us to compete in that kind of a marketplace.

目前，市面上有許多價格非常低廉的索馬魯肽和替拉帕肽複方製劑，我們每天都在遭受它們的衝擊，在這種市場環境下，我們很難與之競爭。

So Justin, I think you had been talking at one point about the percentage of new obesity health members coming on the platform in December of '25, expected to be around either 50% or 75%. Does that -- is that still true, like the majority of new patients are on branded products?

賈斯汀，我想你之前曾談過，2025 年 12 月加入該平台的肥胖健康新會員比例預計在 50% 到 75% 之間。情況是否仍然如此，即大多數新患者都在使用品牌產品？

Yeah. I mean that's what Marc just said. I don't have the precise number as of the last 30 days, David. But I mean, I still think that that range is certainly extremely likely. I think we're at the lower end of that range now. But I think as these prices come down and especially when the initial doses come down into the $200 to $300 range per month, it makes it very competitive with a lot of the other compounded offers that are out there. So I mean, I think you easily could see that number going to 75% or even higher in the very near future.

是的。我的意思是，馬克剛才就是這麼說的。大衛，我沒有過去30天的確切數字。但我的意思是，我仍然認為這個範圍極有可能存在。我認為我們現在處於這個範圍的下限。但我認為，隨著這些價格的下降，特別是當初始劑量降至每月 200 至 300 美元時，它將與市面上許多其他複合產品相比極具競爭力。所以我的意思是，我認為在不久的將來，這個數字很容易達到 75% 甚至更高。

Okay. That's very helpful. And then in terms of your coverage, your insurance coverage like Medicare, Medicaid, commercial, just I mean, it seems to me like now that Medicare and Medicaid apparently will cover these branded products in 2026. I'm not sure when that's going to start in '26. But assuming that it does happen, I mean, it seems like that could be a significant revenue stream for you.

好的。那很有幫助。至於您的保險範圍，例如醫療保險、醫療補助、商業保險等，我的意思是，在我看來，醫療保險和醫療補助似乎將在 2026 年涵蓋這些品牌產品。我不確定那件事會在 2026 年何時開始。但假設這種情況真的發生，我的意思是，這似乎可以成為你一筆可觀的收入來源。

What portion of your revenue now is, I guess, Medicare or Medicaid or insurance covered versus cash pay and by the end of '26, what percentage of your revenue do you think will be insurance related?

我猜想，您目前的收入中，有多少比例來自醫療保險、醫療補助或保險，又有多少比例來自現金支付？到 2026 年底，您認為您的收入中將有多少比例與保險相關？

I'm not really prepared to -- Marc or I are prepared today to give you an exact number for -- on a percentage by the end of '26. What I can say is that we are 100% ready to go with Medicare once these drugs are covered. So I think that's going to be a very significant thing for our business. And we have actually been seeing -- I don't think traction is the right word, but like we did turn on -- we have right now, it's somewhere between 100, I think it's somewhere between 100 million and 150 million lives under coverage right now. And we actually turned this on for the first time broadly last week.

我和馬克今天都還沒準備好給出一個確切的數字——到 2026 年底的百分比。我可以肯定地說，一旦這些藥物納入健保範圍，我們就百分之百準備好加入聯邦醫療保險計劃。所以我認為這對我們的業務來說將是一件非常重要的事情。實際上我們已經看到——我覺得用「進展」這個詞不太合適，但就像我們啟動了一樣——現在，我認為在1億到1.5億人之間，都有人享有醫療保險。而我們實際上是在上週首次全面啟用這項功能。

And we saw over a a-third reduction in our CPA. So it actually is a very, very positive thing for acquisition costs. So I think that -- I don't want to say anything, but the team at LifeMD is really energized around this. It's one of our differentiators. It's been frustrating how long it's taken for us to get these programs live.

我們的每次轉換成本降低了超過三分之一。所以，這其實對收購成本來說是一件非常非常正面的事情。所以我覺得──我不想多說什麼，但LifeMD團隊對這件事真的充滿熱情。這是我們的優勢之一。這些節目上線花了這麼長時間，真是令人沮喪。

But I think that also speaks to like the difficulty for others that try to launch a 50-state payer network, right? So I think it's going to be a very positive thing for the business. And I'm really hopeful that we'll start to see that in the coming quarters and be able to talk in more detail about that becoming a greater share of our patients.

但我認為這也說明了其他試圖建立覆蓋 50 個州的支付網路的人所面臨的困難，對吧？所以我認為這對公司來說將是一件非常積極的事情。我真心希望在接下來的幾個季度裡，我們能看到這種情況，並能夠更詳細地討論這部分患者在我們患者中所佔的比例會越來越大。

Any sense for what percentage of the members that are on your platform now actually have insurance? Or what percentage that would -- that perhaps don't join the platform, don't because they wanted insurance, but now that you take it, they can join in '26, just any -- can you put some numbers or anything around the potential lift in revenue we might see with insurance coverage?

您能否估算一下，目前您平台上的會員中，實際擁有保險的會員比例是多少？或者說，有多少人可能因為想要保險而沒有加入平台，但現在你們提供了保險，他們可以在 2026 年加入，任何時間都可以——你能給出一些數字或任何關於保險覆蓋範圍可能帶來的收入增長的數據嗎？

Well, I can tell you, Dave, a decent percentage, I mean almost at least 25% of patients that sign up for our program end up not continuing with the program because they don't have insurance coverage for the medication. So that's a big thing. And as coverage increases these medications, it's going to be a massive thing for our business. So on the care side, I think it's significant. I mean I think that -- look, I mean, the stat I just gave you, we saw a 33% ballpark reduction in customer acquisition costs when we turned on the ability to use your health insurance for like, I don't know, one-third of the population, probably even less.

戴夫，我可以告訴你，相當一部分人，我的意思是至少有 25% 的人報名參加我們的項目，最終卻因為沒有藥物保險而放棄繼續參加該項目。所以這可是件大事。隨著這些藥物的醫保覆蓋範圍擴大，這對我們的業務來說將是一件大事。所以從護理方面來說，我認為這意義重大。我的意思是，我認為——你看，我的意思是，我剛才給你的數據，當我們為大約三分之一的人口（可能更少）啟用使用健康保險的功能時，客戶獲取成本大約降低了 33%。

So I mean that's a great sign. Like there's massive demand out there. And once we get these programs live and functioning the way we needed a function of scale, like it actually will have a really positive repercussion on the overall business.

所以我的意思是，這絕對是個好兆頭。感覺市場需求大。一旦這些項目上線並按照我們所需的規模運行，它實際上會對整個業務產生非常積極的影響。

And then just one more before I hop back in the queue. Can you talk about your clinical services and your retention levels amongst members? So let's say these GLP-1s go solid oral in early '26. Like the value that LifeMD brings to members that, say, for example, an Amazon would not -- or a typical like Costco maybe would not, can you maybe just talk about the value you bring and the retention levels or the weight loss that your members typically see that they may not see otherwise at a different platform?

然後就再來一個，之後我就要重新排隊了。能談談貴公司的臨床服務以及會員留存率嗎？假設這些 GLP-1 類藥物在 2026 年初開始口服。就像 LifeMD 為會員帶來的價值是亞馬遜或 Costco 等典型零售商無法提供的一樣，您能否談談你們帶來的價值、會員留存率或會員通常看到的減肥效果，而這些效果他們在其他平台上可能無法獲得？

Sure. So I mean, some of the other partners are like the Costcos of the world are going to have these drugs inventory just like I think it's pretty likely at some point that LifeMD will be able to direct ship these medications as well from our pharmacy directly to patients. So not a big differentiator there. Where I think there is a really big differentiator is in the portfolio of services and products that LifeMD offers. So the way I envision it, David, is like people may come to LifeMD and they make as an alternative to Costco or their family Doctor's office.

當然。所以我的意思是，像 Costco 這樣的其他合作夥伴將會擁有這些藥品庫存，就像我認為 LifeMD 在某個時候也很有可能能夠從我們的藥房直接向患者運送這些藥物一樣。所以這方面並沒有太大的差別。我認為真正的一大區別在於 LifeMD 提供的服務和產品組合。大衛，我的設想是，人們可能會來 LifeMD，把它當作 Costco 或家庭醫生診所的替代方案。

They start with they typically start with an amazing visit with a state license provider, and they're going to use that to access -- initially, the goal might be to access the GLP-1 medication and use their insurance for the pharmacy coverage maybe even use their insurance to cover the cost of the visit. But no one has one need. And most people that are using a GLP-1 have many other health needs, whether it's preventative care, whether it's lab work for -- it could be something that most of these people have never had a provider speaking to them about their hormone health, LifeMD is also launching a cardiovascular offering in late this quarter, early January, which is going to be an incredible program.

他們通常會先與州執照提供者進行一次非常棒的會面，然後利用這次會面來獲取——最初，他們的目標可能是獲得 GLP-1 藥物，並使用他們的保險來支付藥房費用，甚至可能使用他們的保險來支付就診費用。但沒有人只需要一個需求。使用 GLP-1 的大多數人還有許多其他健康需求，無論是預防保健還是實驗室檢查——這可能是大多數人從未有過的，醫生從未與他們談論過他們的荷爾蒙健康問題。 LifeMD 也將在本季末或 1 月初推出心血管服務，這將是一個非常棒的計畫。

There's an incredible shortage right now cardiologists throughout the country. So we're very excited about that. The ability to get a different medication. So we obviously don't compound GLP-1 medications, but we have a full-blown compounding pharmacy here that if somebody needs a hormone or a dermatology product where we can compound that at a fair price, ship it directly to them. So like this is the type of thing that I think the many of these other retailers that you mentioned, I don't want to name names, but I think they would all love to have this type of marketplace and even the brand associated with that marketplace.

目前全國各地都極度缺乏心臟科專家。我們對此感到非常興奮。能夠獲得不同的藥物。所以，我們顯然不配製 GLP-1 藥物，但我們這裡有一家設備齊全的配藥藥房，如果有人需要激素或皮膚科產品，我們可以以合理的價格配製，並直接運送給他們。所以我覺得你提到的其他很多零售商，我不想點名，但我覺得他們都會很樂意擁有這種類型的市場，甚至會很樂意擁有與該市場相關的品牌。

that's going to be the big difference between LifeMD and these other places. Also mentioned also, it's worth pointing out that Costco doesn't have a doctor or a nurse practitioner if they don't have the provider, they can write the script. So you can go pick up your drug at Costco or some other or CVS, right? But like you still need a provider.

這將是LifeMD與其他機構最大的差異。另外值得一提的是，Costco 沒有醫生或執業護士，如果沒有合適的醫療服務提供者，他們可以開處方。所以你可以去 Costco 或其他藥局，像是 CVS，拿藥，對吧？但你仍然需要服務提供者。

And that's where life comes into play. I think with Amazon, you obviously get the provider. But look, there's a big difference in the LifeMD brand and Amazon's brand. And there's certainly people that are going to be very loyal to Amazon. And but it's a big space, right?

這就是生活發揮作用的地方。我認為，選擇亞馬遜，你顯然就能獲得服務提供者。但是，LifeMD品牌和亞馬遜品牌之間存在著很大的差異。當然，也會有人對亞馬遜非常忠誠。但是，這裡空間很大，對吧？

I mean there's going to be room for a number of high-quality players in this market.

我的意思是，這個市場會容納很多高品質的玩家。

Great. And last one, Marc, was there any revenue impact from that, I guess, restatement, we'll call it? Was there a -- would revenue have been $4 million higher? Or was it -- there was no impact?

偉大的。最後一個問題，馬克，那次，我猜，我們姑且稱之為「重述」吧，對收入有影響嗎？如果……的話，收入會不會高出400萬美元？或者說——根本沒有造成影響？

It was not a restatement, it was a revision. The revision had a $1.1 million impact on this year. However, the revisions were made in the quarters that they applied to. So there was no impact to this quarterly results from it.

這不是重述，而是修訂。此次修訂對今年的影響為 110 萬美元。然而，這些修訂僅在它們所適用的季度內進行。因此，此事並未對本季業績造成影響。

We'll now move on to Steven Valiquette with Mizuho.

接下來我們將介紹瑞穗銀行的 Steven Valiquette。

So I think you kind of touched on this a little bit, but I guess I was kind of curious just also on kind of like the brand uptake, how that's going to track relative to your expectations? You gave some comments on less than half is still on brand, but I guess what kind of jumps out to me is just the fact that since you guys announced your brand drug partnership deals with Novo back in April and May, we've seen Novo Nordisk sign partnership deals for low-cost branded drive with a whole bunch of other companies in the virtual care space and pharmaceutical supply channel. So I'm wondering if some of those deals have diluted your expected uptake in any way. You have some of those other deals actually helped you in some ways again. Just trying to get a better sense of your ability to capture your fair share of customers seeking the lower-cost brand drugs in the weight management category and diabetes, too?

所以我覺得你剛才已經稍微提到了這一點，但我還是有點好奇，品牌接受度方面，會如何發展才能符合你的預期？您提到不到一半的產品仍然符合品牌標準，但我認為最讓我關注的是，自從你們在四五月份宣布與諾和諾德達成品牌藥合作協議以來，我們看到諾和諾德已經與虛擬醫療領域和藥品供應渠道的許多其他公司簽署了低成本品牌藥的合作協議。所以我想知道，這些交易是否在某種程度上稀釋了你們的預期銷售。實際上，你之前的一些交易在某些方面又幫到了你。我只是想更了解一下，貴公司在體重管理和糖尿病領域，是否有能力吸引那些尋求價格較低的品牌藥物的客戶？

Sure. This is Justin. I'll answer that. So I think we knew that Novo and Lilly would do multiple deals. I think -- look, I don't think that them collaborating with other retailers and pharmacies and telehealth companies has an impact on the demand or the take rate on -- or the conversion rate on our platform.

當然。這是賈斯汀。我會回答這個問題。所以我覺得我們早就預料到諾和諾德和禮來會達成多筆交易。我認為——你看，我不認為他們與其他零售商、藥局和遠距醫療公司合作會對我們平台的需求、成交率或轉換率產生影響。

I think it's all about -- I think -- and I can tell you that I'm pretty sure they agree with me. Look, I think it comes down to price. And in a world where FDA ignores what's happening in the compounding world, and you can go out there and get a compounded therapy for, I don't know, even half the price or more a lot of times of what where the branded therapies are priced. It just makes it really difficult. And the competitiveness of even the compounding world, something that we didn't expect as -- since these drugs have come off of -- since these drugs have come off the shortage list, the number of players out there, the number of direct marketing firms that are competing in the compounded GLP-1 world has skyrocketed.

我認為這一切都與——我認為——有關，而且我可以告訴你，我很確定他們同意我的看法。我覺得歸根究底還是價格問題。在FDA對複方製劑領域發生的事情視而不見的世界裡，你可以去那裡買到複方製劑，價格往往只有品牌製劑的一半甚至更低。這只會讓事情變得非常困難。即使是複方製劑領域的競爭也異常激烈，這是我們始料未及的——自從這些藥物從短缺清單中移除以來，參與複方 GLP-1 製劑領域競爭的直接營銷公司數量激增。

I don't have an exact number, but it's just gotten -- we expected it to get better, and it actually just got a lot worse and a lot more competitive. So when people are seeing a branded therapy that's priced at $349 to $499 they're seeing -- while they're purchasing and immediately after they purchase while they're waiting for a visit, right, we're seeing 10, 20 other ads, right, for these drugs sometimes as low as $99 for the first month. And usually, the prices are quickly escalate a lot of times in ways that aren't clearly disclosed to the consumer. But that's the current landscape. So we're really optimistic about -- we're really optimistic about branded therapy continuing to -- these branded therapies continuing to like perform on our platform.

我沒有確切的數字，但情況變得更糟了——我們原本以為情況會好轉，但實際上情況變得更糟了，競爭也更加激烈了。所以，當人們看到一種品牌療法的價格在 349 美元到 499 美元之間時，他們在購買時以及購買後立即在等待就診期間，會看到 10 到 20 個其他廣告，這些藥物有時第一個月的價格低至 99 美元。而且通常情況下，價格會迅速上漲，很多時候並沒有向消費者明確揭露這些上漲方式。但這就是目前的現狀。因此，我們對品牌療法在我們平台上繼續保持良好的表現感到非常樂觀。

I think there's a big demand. We think the price point, they need to be in the $200, $300 range to be competitive with a lot of these offers, we need to see better coverage.

我認為市場需求很大。我們認為，為了與許多同類產品競爭，價格應該在 200 到 300 美元之間，我們需要看到更好的覆蓋範圍。

We think oral therapies, and I mean, most importantly, we think that the Wegovy pill that's likely to be launched in January is going to be -- could be a massive catalyst for the business. And so that's kind of where we're at today.

我們認為口服療法，尤其是即將於 1 月推出的 Wegovy 藥丸，將成為推動業務發展的巨大催化劑。這就是我們目前所處的現狀。

Anderson Schock, B. Riley Securities.

安德森·肖克，B.萊利證券。

So first, on the return to RXMD growth, how much of this volume has been driven by the men's HRT offering versus the ED business returning to historical levels? And how does ED patient acquisition outlook compared to historic levels? I know you previously mentioned it was back to around 80% to 90% of historic levels as of the call in August.

首先，關於處方藥市場成長的恢復，這其中有多少是由男性荷爾蒙替代療法產品推動的，又有多少是由ED業務恢復到歷史水準所推動的？與歷史水準相比，急診病患獲取前景如何？我知道您之前提到過，截至 8 月的電話會議，該指標已恢復到歷史水平的 80% 到 90% 左右。

Yes. So this is Marc. Most of the growth, so the 10,000, about 8,000 came from the sexual health business, which is mostly D. The balance of it came from a mix of the HRT business, hair loss and insomnia. As far as the acquisition volume, I mean, the acquisition volume is very close to where it was at historical levels.

是的。這位是馬克。大部分成長（即 10,000 人中的約 8,000 人）來自性健康業務，其中大部分是 D 類藥物。其餘部分則來自荷爾蒙替代療法、脫髮和失眠等業務的組合。至於收購量，我的意思是，收購量已經非常接近歷史水準了。

I'd say the caps are about $5 to $10 higher than what they had been, but still healthy unit economics comparable to where they have been, and the levels are very close to where they have been historically.

我認為價格上限比以前高了大約 5 到 10 美元，但單位經濟效益仍然健康，與之前的水平相當，而且價格水平與歷史水平非常接近。

Got it. And then Telehealth's gross margin declined around 350 basis points. Could you provide some more color on what drove this? And how should we think about that Telehealth?

知道了。然後，遠距醫療的毛利率下降了約 350 個基點。您能否詳細說明一下促成此事的原因？我們該如何看待遠距醫療？

Yes. So this is Marc. Nothing in the business drove it like-for-like Product lines or service lines, the margins are the same, but it was really -- it was a couple of fold. One, as we mentioned, we're shifting more to branded product and the way management business, that branded product, obviously, doesn't carry with it some of the medication processing or medication processing fulfillment. Fees that we had on the personalized compounds.

是的。這位是馬克。業務中沒有任何因素能與之匹敵。無論是同類產品線還是同類服務線，利潤率都相同，但實際上——卻相差好幾倍。第一，正如我們所提到的，我們正在更多地轉向品牌產品，而品牌產品的管理方式顯然並不涉及一些藥物加工或藥物加工履行。我們在個人化化合物方面收取的費用。

That contributed probably about 150 basis points of that change. And we had always mentioned that before when we had spoken about the change from compounding to branded. The balance of the rest of it is mix in business. So today, wave management is over 50% of the company's total revenue. If you were to flip back a year ago, Rex was the biggest part of our revenue rec, particularly Rex sexual health will have the highest gross margins that will sit in the upper 80s.

這大概導致了約 150 個基點的變化。我們之前在談到從複利制轉向品牌制時，就一直提到這一點。其餘部分則混合經營。因此，如今波浪管理業務占公司總收入的 50% 以上。如果回顧一年前，Rex 是我們收入的最大來源，特別是 Rex 性健康產品將擁有最高的毛利率，達到 80% 以上。

So the mix in that business and the shift there contributed to the rest.

因此，該行業的多元化和轉變對其他方面都產生了影響。

Got it. And how should we think about the telehealth margins going forward with the new offerings in women's and behavioral health and also as you scale the 503 pharmacy

知道了。那麼，隨著女性健康和行為健康領域新服務的推出，以及503藥局規模的擴大，我們該如何看待遠距醫療未來的利潤率？

Yes. So in general, we would expect gross margins on a rate basis to probably be slightly below where they are today. And the reason for that is a fewfold. One, Mental health is a big area of opportunity for us, which will be very accretive to the company's top line and bottom line. But with that being said, gross margins in that business are not going to be $85 million to 87% or so.

是的。因此，總體而言，我們預計以費率計算的毛利率可能會略低於目前的水平。原因有以下幾點。第一，心理健康是我們的一大機會領域，這將大大促進公司的收入和利潤成長。但即便如此，該產業的毛利率也不可能達到 8,500 萬美元到 87% 左右。

They are going to be lower. They'll typically have a seven in front of them from a gross margin standpoint, which is if you operate very well, which we do operate our business very well. Secondly, some of the compounded offerings, the gross margins will be slightly lower even after we transition, although after we transition fully to our pharmacy, they'll probably get back to where the generic is are very close there. But in the interim, there will be -- the gross margins will be slightly lower and we expect that ratio shifting to branded therapy and weight to continue to go up and up to gross margins under current arrangements today where the product is a complete pass-through to the end customer, that would also have a mild impact on gross margins.

它們會更低。從毛利率的角度來看，他們的毛利率通常是 7，前提是運作得非常好，而我們的業務運作得非常好。其次，一些複合產品的毛利率即使在我們過渡之後也會略低一些，儘管在我們完全過渡到我們自己的藥房之後，它們的毛利率可能會回到仿製藥的水平，兩者非常接近。但在此期間，毛利率會略有下降，我們預計，隨著品牌療法的普及和價格的上漲，毛利率將繼續上升。在目前的安排下，產品完全轉嫁給最終客戶，這將對毛利率產生輕微的影響。

All of these businesses, we do expect to be accretive to the bottom line and they all have massive ability to scale and growth opportunities. Some of them have lower advertising costs than some other businesses that we've been in. So there are puts and takes there. But from a pure GM rate standpoint, we would expect a mild erosion in the rates just due to mix of business.

我們預計所有這些業務都將增加利潤，而且它們都具有巨大的規模化能力和成長機會。有些公司的廣告成本比我們接觸過的其他一些公司要低。所以這裡面既有付出也有收穫。但從純粹的通用汽車利率角度來看，我們預計由於業務組合的變化，利率會略有下降。

Sarah James, Cantor.

莎拉詹姆斯，領唱。

Earlier, you mentioned turning on insurance broadly last week and you talked about an observation of customer acquisition costs being down 33%. I'm wondering if you have any other observations from turning it on broadly? And then just if you could clarify the 33%, was that the lower cost of customers with insurance coming on? Or was it that the cost for customer acquisition costs for those with insurance would be even lower and you just had a big mix shift to those with insurance.

此前，您提到上週全面啟動了保險業務，並談到客戶獲取成本下降了 33%。我想知道您在全面啟用該功能後是否還有其他觀察結果？還有，您能否解釋一下這 33% 是什麼意思？是指保險生效後客戶的成本降低嗎？或者說，對於有保險的客戶來說，獲客成本會更低，所以客戶組成發生了很大的變化，大部分客戶都轉向了有保險的客戶。

Sarah, it's Justin. I'll take that one. Look, I think what it demonstrates -- I think what it demonstrates is that a lot of patients that are coming through the medical intake process that click on LifeMD ad or business because it's something they sell on TV. I think it just demonstrates that a lot of these -- a lot of people like want to use their insurance for health care. And one of the unique things about the platform that we have that is still mostly synchronous is that we can participate in the benefits world.

莎拉，我是賈斯汀。我選那個。我認為這表明——我認為這表明，許多正在接受醫療評估的患者會點擊 LifeMD 的廣告或商家訊息，因為他們在電視上推銷這些產品。我認為這正好說明很多人——很多人都想用他們的保險來獲得醫療保健。我們擁有的這個平台的獨特之處在於，它仍然基本上保持同步，我們可以參與福利領域。

So it's just a function of more people getting through the flow, being able to check the insurance route versus the self-pay route, obviously, they're seeing a lower price point as well if they choose the insurance route. So there's also like a kind of exercise that we need to go through to kind of rework the financial model and see how that all plays out. But it was super encouraging and I think there's a lot more optimization that we could do as well.

所以這只是因為有更多的人參與進來，能夠比較保險途徑和自費途徑，顯然，如果他們選擇保險途徑，價格也會更低。所以，我們還需要進行一些調整，重新建立財務模型，看看最終效果如何。但這非常令人鼓舞，而且我認為我們還有很多優化空間。

And so where I get really excited about this, especially is things like Medicare where if you have broad coverage for these drugs, and we know we're going to get paid for a consult, and it's really just about the patient going through the initial benefits verification process. And then you have the visit and the medication that are covered and then we can ship the medication directly from our pharmacy to the patient. I think that's super exciting. And I think it just -- I think we've always known that this would have a big impact. We were just pleasantly surprised to see that it was that big of an impact without optimizing it more.

因此，我對此感到非常興奮，尤其是像醫療保險這樣的事情，如果你對這些藥物有廣泛的覆蓋範圍，而且我們知道我們會獲得諮詢費，那麼實際上只是患者需要完成初步的福利核實流程。然後，就診和藥物費用都包含在內，我們可以直接從我們的藥房將藥物發送給患者。我覺得這太令人興奮了。我覺得——我覺得我們一直都知道這會產生很大的影響。我們驚訝地發現，在沒有進一步優化的情況下，它就能產生如此大的影響。

Great. And the new consumer-facing app and website that you're launching, do have any thoughts on how that could impact cross-selling ability?

偉大的。你們即將推出的面向消費者的全新應用程式和網站，您認為這會對交叉銷售能力產生什麼影響？

Yes. I mean it's massive. I mean, the number of kind of cross care sign-ups per day. I mean I think it could easily be 50 or 100 consults per day off the bat and various care programs without us doing any work except for just the technology functioning. So I'm really excited about it.

是的。我的意思是，它規模非常龐大。我的意思是，每天各類交叉護理註冊的數量。我的意思是，我認為它很容易就能做到每天 50 到 100 次諮詢，以及各種護理計劃，而我們除了技術運作之外什麼都不做。所以我對此感到非常興奮。

I mean, I think -- I know that it has the -- I know that it's the potential to like totally change the profile of the business. And also just totally LTV and retention rates across the business. So it's been a big effort and the new app is going to be beautiful. It's going to look -- I mean, I think our current app looks good. But what we're launching is just leagues ahead of where we are today.

我的意思是，我認為——我知道它有——我知道它有潛力徹底改變企業的格局。此外，也要全面評估整個業務的客戶終身價值和客戶留存率。所以這凝聚了我們大量的心血，新的應用程式將會非常漂亮。它看起來會——我的意思是，我覺得我們目前的應用程式看起來不錯。但我們即將推出的產品比我們目前的水平領先好幾個檔次。

And I think it's going to have a big impact on the brand and also on the cross care rate and ultimately the LTV for the business.

我認為這將對品牌、交叉護理率以及最終對企業的終身價值產生重大影響。

Yi Chen, HCW.

陳毅，居家護理工作者。

This is Eduardo on for Yi. I had a question regarding the 503-A pharmacy. You mentioned that you're licensed in 14 states now. I'm just curious if you have an anticipated time line to reach the 50-state coverage and how much margin impact do you think that will have once you're fully scaled?

這裡是愛德華多為易報道。我有一個關於 503-A 藥局的問題。您提到您現在已獲得14個州的執業資格。我只是好奇你們預計何時能實現覆蓋全美 50 個州的目標，以及一旦完全實現規模化，你們認為這將對利潤率產生多大的影響？

Yes. I think -- this is Justin again. The licensing process is pretty quick for a pharmacy that's already licensed up across the country like we are. So I would expect to be -- I would expect to be 35 state licensed in the next 60 to 90 days at the latest, it could be even sooner. And then the next kind of 15 states will trickle in, I think, let's just say another 30, 60, 90 days from there with one or two like California being difficult.

是的。我想——這又是賈斯汀。對於像我們這樣已經在全國範圍內獲得許可的藥房來說，許可流程相當快。因此，我預計最遲在未來 60 到 90 天內獲得 35 個州的執照，甚至可能更快。然後，接下來的 15 個州會陸續加入進來，我想，大概再過 30、60、90 天吧，其中可能像加州這樣的一兩個州會比較困難。

So it's not a long-term thing, let's just say, I think we can be 50-state licensed for compounding, maybe with the exception of one or two difficult states in the next couple of months.

所以這不是一件長期的事情，這麼說吧，我認為我們可以在未來幾個月內獲得美國 50 個州的複方製劑許可，可能除了少數幾個比較困難的州之外。

Got it -- and then regarding the --

明白了——然後是關於…--

And your question on the margin, I mean, the reality is it does have -- I mean owning and operating a 503-A compounding pharmacy is a big, big competitive advantage for us. It's extremely difficult to get the COGS to where you need them to be for our type of business. working with a third-party pharmacy. We do have some great third-party company pharmacy partners, and they're not going anywhere. But again, being able to bring these things in-house, control the patient experience really leverage kind of our supply chain capabilities as well, which are really good, especially in pharmacy to drive down COGS.

至於你提出的邊際問題，我的意思是，現實情況是——我的意思是，擁有和經營 503-A 配藥局對我們來說是一個非常大的競爭優勢。對於我們這種類型的企業來說，與第三方藥局合作，要將銷售成本控制在所需水準是非常困難的。我們確實有一些非常優秀的第三方藥局合作夥伴，他們不會離開。但話說回來，能夠將這些事情納入公司內部，控制病患體驗，也能真正利用我們的供應鏈能力，這真的很好，尤其是在藥房，可以降低銷售成本。

I mean it just makes these things so much more accessible for patients.

我的意思是，這讓患者更容易獲得這些治療。

Got it. And regarding the oral obesity products that we anticipate coming on to market soon. Do you have any visibility? Is there any market research to indicate what kind of bump like what fraction of patients are really holding back because they don't like the needle, right? I'm just to get a feel for your impression of how much these oral bioavailable obesity products are going to have on uptake of these therapies.

知道了。至於我們預計很快就會上市的口服減肥產品。你能看到什麼嗎？是否有任何市場調查表明，有多少患者因為害怕針頭而猶豫不決，導致治療效果出現這樣的增長？我只是想了解一下您對這些口服生物利用度高的肥胖症產品會對這些療法的接受度產生多大影響的看法。

I think it's big, but I think your guess is as good as mine and probably as good as the drug manufacturers, right? I don't think there's never been an oral medication for weight loss with the type of efficacy profile that we got will have that's been approved by FDA. So it's really difficult. I think it's enormous. I mean in my social circles, especially people that are a little bit older, I think it could expand the market by 25% to 50%.

我認為這很重要，但我認為你的猜測和我的一樣好，可能和製藥公司的猜測一樣好，對吧？我認為，目前還沒有一種口服減肥藥能像我們即將獲得的這種療效一樣好，並且已經獲得 FDA 批准。所以真的很難。我覺得它非常巨大。我的意思是，在我的社交圈裡，尤其是一些年紀稍長的人群中，我認為它可以將市場擴大 25% 到 50%。

I personally know a number of people that I would never think would avoid a very small needle like this or injectable, but that are just waiting for the oral product to come to market. So I think it's going to be very big. I mean to put a number on it, it's very difficult, but there is going to be massive demand is what I think.

我認識一些人，我以前從未想過他們會迴避這種非常細小的針頭或註射劑，但他們現在只是在等待口服產品上市。所以我認為它將會非常盛行。我的意思是，要給出一個確切的數字非常困難，但我認為需求將會非常巨大。

Thank you. At this time, we've reached our allotted time for questions. I'll now turn the call back over to Justin Schreiber.

謝謝。至此，我們的提問時間已到。現在我將把電話轉回給賈斯汀·施賴伯。

Thank you for your questions and for your interest in LifeMD. And we look forward to speaking with you once again. We reported our third quarter results -- or sorry, when we report our fourth quarter results in March of next year. Have a great evening.

感謝您提出問題，也感謝您對LifeMD的關注。我們期待再次與您交流。我們已經公佈了第三季業績——或者更準確地說，是明年三月公佈第四季業績的時候。祝你有個美好的夜晚。

Thank you. This brings us to the end of today's meeting. We appreciate your time and participation. You may now disconnect.

謝謝。今天的會議到此結束。感謝您抽空參與。您現在可以斷開連線了。