LifeMD Inc (LFMD) 2025 Q4 法說會逐字稿

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

午安.感謝您今天與我們一起討論 LifeMD 截至 2025 年 12 月 31 日的第四季度和全年業績。今天參加電話會議的有董事長兼執行長賈斯汀·施賴伯，以及財務長馬克·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 take 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均有描述。

Forward-looking statements made during this call are based on current information available to the company as of today, March 9, 2026. The company assumes no obligation to update or revise any forward-looking statements after today's call, except as required by law.

本次電話會議中所做的前瞻性陳述是基於本公司截至 2026 年 3 月 9 日可獲得的最新資訊。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。

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 and 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指標與最可比較的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。

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，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's 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 fourth-quarter and full-year 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，公佈了第四季度和全年財務業績，並在我們的網站 ir.lifemd.com 上發布了更新的公司介紹。

LifeMD delivered a very strong fourth quarter and full year with solid performance across all of our business lines. We entered 2026 with over 322,000 active subscribers, nearly $37 million in cash and no debt, giving us the strongest balance sheet and liquidity position in the company's history. Across our platform, we now onboard approximately 1,200 new patients per day, and we received more than 120,000 unique daily visitors to our website, a clear reflection of the strength of our brands and the growing demand for our services.

LifeMD第四季和全年業績表現強勁，所有業務線均穩健成長。進入 2026 年，我們擁有超過 322,000 名活躍用戶，近 3700 萬美元現金，且無債務，這使我們擁有了公司歷史上最強勁的資產負債表和流動性狀況。目前，我們的平台每天新增約 1200 名患者，網站每日獨立訪客超過 12 萬，這清楚地反映了我們品牌的實力以及對我們服務日益增長的需求。

Our weight management business alone is seeing record patient acquisition volumes in the first quarter with new sign-ups approaching $700 per day, while customer acquisition costs have declined sequentially, a combination we are very excited about.

光是我們的體重管理業務在第一季就創下了患者獲取量的新紀錄，新註冊患者每天的收入接近 700 美元，而客戶獲取成本卻環比下降，我們對此感到非常興奮。

Weight management remains a significant long-term growth opportunity for us. More than 100 million Americans are clinically eligible for GLP-1 therapy, yet only a fraction have been prescribed treatment. Subsequent to year-end, we successfully launched oral Wegovy through our collaboration with Novo Nordisk, significantly expanding access for patients who prefer an oral option.

體重管理仍然是我們重要的長期成長機會。超過 1 億美國人符合 GLP-1 療法的臨床條件，但只有一小部分人接受了治療。年底之後，我們透過與諾和諾德的合作，成功推出了口服 Wegovy，大大擴大了偏好口服藥物的患者的用藥選擇範圍。

We are one of the few virtual care providers fully integrated with both Novo Nordisk and Eli Lilly's affiliated pharmacies. And we are optimistic these collaborations will continue to evolve and deepen.

我們是少數幾家與諾和諾德和禮來旗下藥局完全整合的虛擬醫療服務提供者之一。我們樂觀地認為，這些合作將會繼續發展和深化。

Beyond our current partnerships, we see significant pipeline opportunities with other large pharmaceutical companies and strategic partners. And we believe LifeMD's infrastructure and patient base make us a highly attractive partner in this space.

除了我們目前的合作夥伴關係之外，我們還看到了與其他大型製藥公司和策略合作夥伴的重要合作機會。我們相信，LifeMD 的基礎設施和患者群體使我們成為該領域極具吸引力的合作夥伴。

Our second biggest area of focus after weight management is women's health. We have invested more resources into the launch of this offering than anything we've launched in the history of our company.

除了體重管理之外，我們關注的第二大領域是女性健康。為了推出這款產品，我們投入的資源比公司歷史上推出的任何產品都要多。

We started by acquiring Optimal Human Health, a virtual concierge women's health company founded by Dr. Doug Lucas. Dr. Lucas is a former orthopedic surgeon and bone health specialists who has built a significant social media presence with over 160,000 followers and more than 10 million views across platforms, establishing himself as a recognized authority in women's hormonal and bone health.

我們首先收購了 Optimal Human Health，這是一家由 Doug Lucas 博士創立的虛擬私人女性健康公司。盧卡斯博士是一位前骨科醫生和骨骼健康專家，他在社交媒體上擁有超過 16 萬粉絲和超過 1000 萬次瀏覽量，建立了強大的影響力，成為女性荷爾蒙和骨骼健康領域的權威專家。

We also partnered with Dr. Tara Scott, known as the hormone guru. Dr. Scott is an internationally recognized physician who is Board-certified in OB/GYN, functional medicine, and integrated medicine with 26 years of private practice experience and two decades of work in the menopause space.

我們也與被稱為荷爾蒙專家的塔拉·斯科特博士建立了合作關係。斯科特博士是一位國際知名的醫生，擁有婦產科、功能醫學和綜合醫學的認證，26 年私人執業經驗，以及 20 年更年期領域的工作經驗。

We have more advisers of this caliber joining our Women's Health Advisory Board in the weeks and months to come. As we've shared on prior calls, we are committed to building the highest quality virtual women's health care offering in the country focused on menopause, perimenopause, hormonal health, and bone health.

在接下來的幾週和幾個月裡，我們將有更多像這樣高素質的顧問加入我們的女性健康顧問委員會。正如我們在先前的電話會議中分享的那樣，我們致力於打造全國最高品質的虛擬女性健康護理服務，重點關注更年期、圍絕經期、荷爾蒙健康和骨骼健康。

The market need is clear. Nearly 50% of US counties lacked an OB/GYN and 1.3 million women enter menopause each year, creating massive unmet demand for expert hormonal health care. While still early, we are seeing unit economics move in the right direction and expect women's health to be a meaningful contributor to growth in 2026 and a major driver in the long term. Upcoming catalysts include the launch of insurance and Medicare support for our women's health offerings, pharmacy bundles that combine GLP-1, hormone and other therapies, and strategic media and influencer programs in the pipeline for later this year.

市場需求很明確。美國近 50% 的縣沒有婦產科醫生，每年有 130 萬名婦女進入更年期，導致對專業的荷爾蒙保健服務有巨大的未滿足需求。雖然現在還處於早期階段，但我們看到單位經濟效益正朝著正確的方向發展，預計女性健康將在 2026 年成為成長的重要貢獻者，並在長期內成為主要驅動力。即將到來的催化劑包括：推出針對女性健康產品的保險和醫療保險支援、結合 GLP-1、荷爾蒙和其他療法的藥房套餐，以及計劃於今年稍後推出的策略媒體和影響者計劃。

Turning to Men's Health. Our Rex MD brand now is approximately 215,000 active patients returned to growth in the second half of 2025 and continues to perform strongly on a profitable basis. We are focused on expanding Rex MD's clinical offering beyond its core sexual health programs into other personalized generic and compounded medication categories.

轉向男性健康。我們的 Rex MD 品牌目前擁有約 215,000 名活躍患者，在 2025 年下半年恢復了成長，並繼續保持強勁的盈利能力。我們致力於將 Rex MD 的臨床服務範圍從其核心的性健康項目擴展到其他個人化的仿製藥和複合藥物類別。

In the last week, we launched the Rex MD integration with NovoCare and now offer injectable and oral Wegovy directly to Rex MD patients. We are launching five new men's health care offerings and treatments from our pharmacy in the first half of 2026 in areas including insomnia, erectile dysfunction, dermatology and topical pain relief. Further, we are closely following FDA guidance on peptide therapies and are prepared to launch those that are permitted to be compounded and are supported by strong clinical data.

上週，我們啟動了 Rex MD 與 NovoCare 的整合，現在直接向 Rex MD 患者提供注射和口服 Wegovy。我們將於 2026 年上半年在藥局推出五種新的男性健康護理產品和服務，涵蓋失眠、勃起功能障礙、皮膚病和局部止痛等領域。此外，我們正在密切關注 FDA 關於勝肽療法的指導意見，並準備推出那些獲準配製且有強有力的臨床數據支持的勝肽療法。

A key enabler across all these verticals is our affiliated pharmacy which is now licensed in all 50 states and processing approximately 20,000 prescriptions per month. With our recently licensed 503A compounding operation, we have the ability to produce personalized compounded medications at scale, supporting our efforts across men's health, women's health and other specialty verticals. We view our pharmacy infrastructure as another growth driver for the company with the potential to meaningfully extend margins and deepen patient engagement across the platform.

所有這些垂直領域的關鍵推動因素是我們的附屬藥房，目前已獲得美國所有 50 個州的許可，每月處理約 20,000 張處方。憑藉我們最近獲得的 503A 配藥許可，我們有能力大規模生產個人化配製藥物，從而支持我們在男性健康、女性健康和其他專業領域的努力。我們認為我們的藥房基礎設施是公司的另一個成長動力，有潛力顯著提高利潤率並加深患者在整個平台上的參與度。

In March, we beta-launched a 30-state virtual cardiology offering. This program allows new and existing LifeMD patients to book a cash pay or insurance-covered visit with Board-certified cardiologists from the comfort of their home. Our affiliated cardiologists can treat a range of conditions in a virtual environment, prescribe and manage medications and provide diet and lifestyle care plans.

今年三月，我們推出了涵蓋 30 個州的虛擬心臟病學服務測試版。該計劃允許 LifeMD 的新舊患者在家中舒適地預約由認證心臟科醫生提供的現金支付或保險支付的就診服務。我們的合作心臟病專家可以在虛擬環境中治療各種疾病，開立和管理藥物，並提供飲食和生活方式護理計劃。

Importantly, the diagnostics and care delivery program are driven by an AI-supported intake process that pulls in the patient's medical history from a health information exchange and synchronizes it with biomarker data from labs and information provided during patient intake. The result is a significantly more efficient experience for the cardiologist and enhanced experience for the patient and most importantly, improved clinical outcomes. I am excited to see this program scale, and I believe it will serve as a blueprint for how we triage, diagnose and treat patients across our entire platform in the years to come.

重要的是，診斷和護理服務計劃由人工智慧支援的入院流程驅動，該流程從健康資訊交換中提取患者的病史，並將其與實驗室的生物標記數據和患者入院期間提供的資訊同步。結果是，心臟科醫師的工作效率顯著提高，病患的就醫體驗得到改善，最重要的是，臨床結果得到改善。我很高興看到這個計畫不斷發展壯大，我相信它將成為我們未來幾年在整個平台上對患者進行分診、診斷和治療的藍圖。

Let me now review our infrastructure priorities for 2026. We are focused on three areas that we believe will meaningfully accelerate growth and operating leverage across the business.

現在讓我回顧一下我們2026年的基礎設施優先事項。我們專注於三個領域，並相信這三個領域將顯著加速整個業務的成長和營運槓桿作用。

First and most importantly is artificial intelligence. We have built a dedicated, world-class AI and engineering team inside LifeMD that is focused exclusively on deploying advanced agentic AI capabilities across care delivery, diagnostics and patient operations, supported by strong governance controls. This is not something that we are outsourcing or experimenting with on the side. It's central to our strategy and is embedded throughout our platform today.

首先也是最重要的是人工智慧。我們在 LifeMD 內部組建了一支專業的、世界一流的人工智慧和工程團隊，專注於在醫療服務、診斷和患者營運中部署先進的智慧體人工智慧功能，並輔以強大的治理控制。這不是我們外包或私下試驗的項目。它對我們的策略至關重要，並且已經融入我們現有的平台中。

In the first half of this year, we plan to launch our AI clinical decision support tool. As I mentioned with our cardiology offering, this tool connects directly to a patient's medical record, pulls in data from health information exchanges and integrates biomarker data from labs to support diagnosis and personalized treatment recommendations of our affiliate providers. We expect our AI clinical decision support tool to drive new patient acquisitions, improve the efficiency of message-based and synchronous consults and enable even more patients to access the industry-leading care provided by our affiliated clinicians.

今年上半年，我們計劃推出人工智慧臨床決策支援工具。正如我之前提到的，在我們的心臟病學服務中，該工具直接連接到患者的醫療記錄，從健康資訊交換平台提取數據，並整合來自實驗室的生物標記數據，以支持我們附屬醫療機構的診斷和個人化治療建議。我們期望我們的人工智慧臨床決策支援工具能夠促進新患者的獲取，提高基於訊息和同步諮詢的效率，並使更多患者能夠獲得我們附屬臨床醫生提供的行業領先的護理。

One area where we see particularly high demand is personalized prescribing especially with compounded medications. Our AI tools will be able to analyze the patient's clinical profile, lab results and treatment history to help providers design highly individualized compound formulations tailored to each patient's specific needs. When you combine that capability with our 503A compounding pharmacy, you get something that is very difficult to replicate, AI-driven personalized medicine, manufactured and fulfilled in-house at scale.

我們發現，個人化處方，特別是複方藥物的個人化處方，需求尤其旺盛。我們的人工智慧工具能夠分析患者的臨床資料、實驗室結果和治療史，幫助醫療服務提供者設計高度個人化的複方製劑，以滿足每位患者的特定需求。將這種能力與我們的 503A 配藥藥局結合，就能得到一種很難複製的東西：人工智慧驅動的個人化藥物，在公司內部大規模生產和交付。

We believe this intersection of AI and pharmacy is a major differentiator and will drive both better patient outcomes and improved unit economics across the platform. We believe LifeMD will be a leader, if not the leader, in delivering urgent and specialty health care using AI. The combination of our proprietary technology, our 50-state affiliated medical group, our pharmacy infrastructure and the structured clinical data we have accumulated from over 1.3 million patient consults, gives us what we believe is one of the most compelling AI-enabled care platforms in virtual health.

我們相信人工智慧與藥學的結合將帶來顯著的差異化優勢，並推動整個平台在改善患者治療效果和提高單位經濟效益方面取得更大進展。我們相信，LifeMD 將成為利用人工智慧提供緊急和專科醫療保健領域的領導者，甚至可能是領導者。我們擁有自主研發的技術、遍布 50 個州的附屬醫療集團、完善的藥房基礎設施，以及從超過 130 萬次患者諮詢中積累的結構化臨床數據，這些因素的結合，使我們擁有了我們認為最具吸引力的人工智慧賦能的虛擬醫療平台之一。

Beyond the clinical side, we are embedding AI and automation deeper into our operational workflows, enabling us to handle significantly more volume without proportional increases in overhead. We see a clear path to substantially improving our G&A efficiencies throughout 2026, and we expect these investments to be a meaningful contributor to margin expansion as the year progresses.

除了臨床方面，我們還將人工智慧和自動化更深入地融入我們的營運工作流程中，使我們能夠在不成比例增加管理費用的情況下處理更多的工作量。我們看到了在 2026 年大幅提高一般及行政費用效率的明確途徑，並且我們預計這些投資將在這一年中隨著時間的推移對利潤率的擴張做出有意義的貢獻。

Our second infrastructure priority is benefits. Today, our platform covers over 110 million lives through commercial and government payer contracts. By the end of the second quarter, we expect that number to grow to over 220 million lives through an expanded partnership with a leading third-party benefits partner.

我們的第二個基礎設施優先事項是福利。如今，我們的平台透過商業和政府支付方合同，覆蓋了超過 1.1 億人的生活。到第二季末，我們預計透過與領先的第三方福利合作夥伴擴大合作，這一數字將成長到超過 2.2 億人。

This is a critical competitive advantage. When patients are able to use their insurance on our platform, we've seen customer acquisition costs decline by as much as 30%, plus we expect meaningful improvements in retention in this population. As we layer insurance enablement across weight management, women's health and primary care, we believe this infrastructure will be a significant long-term differentiator for LifeMD.

這是一項至關重要的競爭優勢。當患者能夠在我們的平台上使用他們的保險時，我們發現客戶獲取成本下降了高達 30%，我們預計該族群的留存率也會顯著提高。隨著我們在體重管理、女性健康和初級保健領域逐步引入保險功能，我們相信這項基礎設施將成為 LifeMD 的一項重要的長期差異化優勢。

The third infrastructure priority is our technology platform. We are investing in building a true platform experience for our patients, one that is architected to incorporate emerging AI capabilities and insurance benefits infrastructure in a way that feels invisible to the patient. This means rethinking how our platform is built at a foundational level, modernizing our underlying systems, creating flexible integration layers and designing patient-facing workflows that can seamlessly absorb these technologies without adding complexity.

第三項基礎設施優先事項是我們的技術平台。我們正在投資為患者打造真正的平台體驗，該平台旨在整合新興的人工智慧功能和保險福利基礎設施，讓患者感覺不到任何影響。這意味著要從根本上重新思考我們平台的建構方式，使我們的底層系統現代化，創建靈活的整合層，並設計能夠無縫吸收這些技術而不增加複雜性的面向患者的工作流程。

Today, AI tools and benefit verification exists largely as point solutions that sit outside of the core patient journey. Our goal is to enhance the platform so these capabilities are native to the experience, woven into how patients access care, communicate with their providers and manage their treatment.

目前，人工智慧工具和效益驗證主要作為獨立於核心患者診療流程之外的點解決方案存在。我們的目標是增強平台功能，使這些功能成為使用者體驗的原生組成部分，融入患者獲取醫療服務、與醫護人員溝通以及管理治療的方式。

Getting the architecture right is what makes a seamless patient experience possible at scale, and it is what will allow us to move quickly as both AI and the insurance landscape continue to evolve. We made meaningful progress on this in 2025, and it remains a top priority in 2026.

正確的架構能夠大規模地實現無縫的患者體驗，也能夠讓我們在人工智慧和保險業不斷發展變化的過程中快速前進。我們在 2025 年取得了實質進展，並且這仍然是 2026 年的首要任務。

In summary, LifeMD entered 2026 from a position of strength with record demand in weight management, a diversifying specialty care platform, a scalable pharmacy operation, deepening pharmaceutical collaborations and the financial flexibility to invest aggressively in growth. We are confident in our growth trajectory and excited about the road ahead.

總而言之，LifeMD 在進入 2026 年時處於強勢地位，擁有創紀錄的體重管理需求、多元化的專科護理平台、可擴展的藥房運營、不斷深化的製藥合作以及在增長方面積極投資的財務靈活性。我們對自己的發展軌跡充滿信心，並對未來的道路感到興奮。

With that, I'll now turn the call over to our CFO, Marc Benathen, to provide more detail on our fourth-quarter and full-year 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四季和全年的財務表現和展望。馬克？

Thank you, Justin, and good afternoon, everyone. Our fourth-quarter results were very strong and ahead of our previous guidance, driven by outperformance in all areas of the company.

謝謝你，賈斯汀，大家下午好。我們第四季的業績非常強勁，超越了先前的預期，這得益於公司各個領域的出色表現。

During the quarter, we added over 13,000 net new subscribers to our patient subscriber count. This was the largest net gain of any quarter in 2025 and is reflective of the strong business momentum as a result of LifeMD making significant inroads with the penetration of branded therapy within our weight management subscriber base, any consistent multi-quarter return to sequential growth in our Men's Health business.

本季度，我們的患者訂閱用戶淨增加超過 13,000 人。這是 2025 年任何季度中最大的淨收益，反映了 LifeMD 業務強勁的發展勢頭，這得益於品牌療法在我們體重管理用戶群中的滲透率顯著提高，以及我們男性健康業務連續多個季度恢復增長。

To date, in the first quarter, we have seen this momentum continue and even accelerate in the first quarter of 20 with GLP-1 patient new sign-ups at record levels and over 80% of new patient sign-ups going on branded therapy. We are leveraging our pristine balance sheet to invest in accelerating the acquisition and onboarding of patients to best position us for long-term growth and significant momentum in the back half of 2026.

到目前為止，在第一季度，我們看到這種勢頭得以延續，甚至在 2020 年第一季度加速增長，GLP-1 患者新註冊人數達到創紀錄水平，超過 80% 的新註冊患者接受品牌療法。我們正在利用我們良好的資產負債表，投資加速獲取和接納患者，以便更好地為長期增長和 2026 年下半年的顯著發展勢頭做好準備。

Now turning to the fourth-quarter numbers. Revenue grew 4% versus the year ago period to $46.9 million. Telehealth subscriber growth remained strong, with the number of active subscribers increasing 16% year over year to nearly 323,000 at quarter end. Gross margin for the fourth quarter was 87.1%, an expansion of 570 basis points versus the prior year due to revenue mix and increasing operational efficiency as we scale. Gross profit was $40.8 million, an increase of 11% from the year-ago period.

現在來看第四季的數據。營收較上年同期成長 4%，達到 4,690 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 16%，達到近 323,000 人。第四季毛利率為 87.1%，較上年同期成長 570 個基點，這得益於收入結構的變化以及隨著規模擴大營運效率的提高。毛利為 4,080 萬美元，比上年同期成長 11%。

Our GAAP net income attributable to common stockholders for the fourth quarter of 2025 was $19 million or $0.41 per share. This figure includes the onetime benefit from the sale of WorkSimpli last November. Excluding this onetime gain, our GAAP net loss from continuing operations was $1.9 million or $0.04 per share. This compares with a GAAP net loss from continuing operations for the fourth quarter of 2024 of $6.8 million or a loss of $0.16 per share.

2025 年第四季歸屬於普通股股東的 GAAP 淨利為 1,900 萬美元，即每股 0.41 美元。該數字包含去年 11 月出售 WorkSimpli 帶來的一次性收益。剔除這筆一次性收益後，我們持續經營業務的 GAAP 淨虧損為 190 萬美元，即每股虧損 0.04 美元。相比之下，2024 年第四季持續經營業務的 GAAP 淨虧損為 680 萬美元，即每股虧損 0.16 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 $4.8 million for the fourth quarter of 2025, up from $1.1 million in the year ago period.

調整後 EBITDA 是一項非 GAAP 指標，我們將其定義為扣除今天新聞稿中概述的各種項目之前歸屬於普通股股東的收入或虧損。2025 年第四季調整後 EBITDA 總計 480 萬美元，高於去年同期的 110 萬美元。

Now turning to the full-year numbers. Revenue grew 25% versus the year-ago period to $194.1 million. Gross margin for 2025 was 85.7%, a slight decrease of 50 basis points versus the prior year due to mix. Gross profit was $166.3 million, an increase of 25% versus 2024.

現在來看全年數據。營收較上年同期成長 25%，達到 1.941 億美元。2025 年毛利率為 85.7%，由於產品組合變化，比前一年略微下降 50 個基點。毛利為 1.663 億美元，比 2024 年成長 25%。

Our GAAP net income attributable to common stockholders for 2025 was $11.2 million or $0.25 per share. This figure includes the onetime benefit from the sale of WorkSimpli. Excluding this onetime gain, our GAAP net loss from continuing operations was $13.3 million or $0.30 per share. This compares with a GAAP net loss from continuing operations for the full-year 2024 of $26.3 million or a loss of $0.64 per share. Adjusted EBITDA totaled $15.3 million for the full-year 2025 as compared with $3.7 million in the year-ago period. We exited the fourth-quarter and full-year 2025 with $36.8 million in cash and no debt.

2025 年歸屬於普通股股東的 GAAP 淨利為 1,120 萬美元，即每股 0.25 美元。該數字包含出售 WorkSimpli 帶來的一次性收益。剔除這筆一次性收益後，我們持續經營業務的 GAAP 淨虧損為 1,330 萬美元，即每股虧損 0.30 美元。相比之下，2024 年全年持續經營業務的 GAAP 淨虧損為 2,630 萬美元，即每股虧損 0.64 美元。2025 年全年調整後 EBITDA 總額為 1,530 萬美元，而去年同期為 370 萬美元。截至 2025 年第四季末和全年末，我們擁有 3,680 萬美元現金，且無任何債務。

Turning to financial guidance. We expect first-quarter 2026 revenue in the range of $48 million to $49 million with adjusted EBITDA loss in the range of $4 million to $5 million. This expected loss is purely being driven by record volumes of approximately 700 new patient sign-ups a day in our GLP-1 weight loss business, amidst significant demand for our branded and oral therapy business.

轉向財務指導。我們預計 2026 年第一季營收在 4,800 萬美元至 4,900 萬美元之間，調整後 EBITDA 虧損在 400 萬美元至 500 萬美元之間。預計的虧損完全是由於我們的 GLP-1 減肥業務每天新增約 700 名患者，創歷史新高，同時我們的品牌口服療法業務也需求旺盛。

We see this discretionary investment as a major driver for potential growth in the coming quarters. At the same time, we have achieved this record demand with a 4% sequential decline in CACs within this business line. Our very strong balance sheet allows us to easily finance this investment. LifeMD plans to return to adjusted EBITDA profitability in the second quarter following this investment.

我們認為，這項可自由支配的投資將是未來幾季潛在成長的主要驅動力。同時，我們實現了這項創紀錄的需求，而該業務線的客戶獲取成本卻較上季下降了 4%。我們非常穩健的資產負債表使我們能夠輕鬆地為這項投資提供資金。LifeMD計劃在獲得這筆投資後，於第二季恢復調整後EBITDA獲利。

For the full-year 2026, we expect revenue of between $220 million and $230 million, and adjusted EBITDA between $12 million and $17 million. By the fourth quarter of 2026, we expect our annualized run rate for revenue to exceed $250 million and for adjusted EBITDA, our annualized run rate to exceed $25 million.

我們預計 2026 年全年營收將在 2.2 億美元至 2.3 億美元之間，調整後 EBITDA 將在 1,200 萬美元至 1,700 萬美元之間。到 2026 年第四季度，我們預計年化收入運行率將超過 2.5 億美元，調整後 EBITDA 年化運行率將超過 2,500 萬美元。

With that, let's now -- Justin?

那麼，現在──賈斯汀？

Thanks, everybody. I think now we'll open up to questions.

謝謝大家。我想現在我們可以開始回答問題了。

(Operator Instructions) David Larsen, BTIG.

（操作說明）David Larsen，BTIG。

Congratulations on the good quarter and the good year. Can you talk a little bit about the demand you're seeing for, I guess, the Wegovy pill and the brand products? How does that compare to, like, say, 3Q and 4Q of '25 heading into 1Q of '26?

恭喜你們本季和全年業績都取得佳績。您能否談談您觀察到的，關於 Wegovy 藥丸和該品牌產品的需求？與 2025 年第三季和第四季以及 2026 年第一季相比，情況如何？

Dave, this is Justin Schreiber. I'll take that one. I mean the demand, as we mentioned on the call, has been very strong since this product launched in early January. If you were to compare it -- I mean, as you can -- as we said, we nearly doubled the -- nearly doubled new patient acquisition in the weight loss business and a lot of that was driven by Wegovy pill. So I think that's the best way to illustrate that. And we also saw really encouraging unit economics, which is why we decided to kind of spend more money than we otherwise might have on new patient acquisition in this area.

戴夫，我是賈斯汀‧施賴伯。我選那個。我的意思是，正如我們在電話會議中提到的，自該產品於 1 月初上市以來，市場需求一直非常強勁。如果進行比較——我的意思是，正如你所看到的——正如我們所說，我們在減肥業務中新患者的獲取量幾乎翻了一番，而這很大程度上要歸功於 Wegovy 減肥藥。所以我認為這是說明這一點的最佳方式。我們也看到了非常令人鼓舞的單位經濟效益，因此我們決定在這個領域投入比平常更多的資金來獲取新病患。

Okay. And then when you say patient or unit economics. Can you maybe expand a little bit on that, like what is the revenue model for the Wegovy pill? Is it being priced at like [$150] a month, which I think is the cash pay price the Novo charges? Just any additional color there like gross margins on that product would be very helpful.

好的。然後，當你提到病人或​​單位經濟學時。您能否再詳細解釋一下，例如 Wegovy 藥丸的獲利模式是什麼？它的定價是每月約 150 美元嗎？我記得 Novo 的現金支付價格好像就是這個價。如果能添加一些其他顏色訊息，例如該產品的毛利率，那就非常有幫助了。

Yeah. So David, this is Marc. So it will depend upon dosage. But yes, typically, it's a [$249] a month priced all in as a bundle and can move up from there. The gross margins are healthy. I mean we're in approximately $100 in order or so in margin, which is pretty healthy. We treat it from an accounting and financial statement standpoint, similar to how we've treated other bundled relationships and that we recognize the net amount into the P&L, which is purely driven by the margin since essentially the product today, there may be other opportunities in the future.

是的。大衛，這位是馬克。所以這取決於劑量。是的，通常情況下，套餐價格為每月 249 美元，價格會根據套餐內容而有所不同。毛利率狀況良好。我的意思是，我們的訂單利潤大約在 100 美元左右，這相當不錯。我們從會計和財務報表的角度來處理它，就像我們處理其他捆綁關係一樣，我們將淨額計入損益表，這完全是由利潤率驅動的，因為本質上是今天的產品，未來可能會有其他機會。

But today, the product is essentially a pass-through and the margin that we make is on the additional services that we provide to our patients. So it's very similar economics to what we've seen on branded injectables, which are strong economics that have multifold returns on a three-year basis.

但如今，該產品本質上只是一種轉嫁利潤的方式，我們所賺取的利潤來自我們為患者提供的額外服務。因此，它的經濟效益與我們看到的品牌注射非常相似，這些注射劑具有強勁的經濟效益，三年內可獲得數倍回報。

Okay. That's great. And then just any more color on the investments you're going to be making in 1Q of '261 that's going to create that sort of EBITDA margin phenomenon?

好的。那太棒了。那麼，能否再詳細介紹一下您在 2026 年第一季將要進行的投資，這些投資將會帶來那種 EBITDA 利潤率現象？

Yeah, this is Marc. Yeah, I would expect -- I mean, look, the big increase is going to be in the sales and marketing line. If you look in '25, we're typically around that $20 million to $22 million mark in the sales and marketing line within the Telehealth business. Obviously, the first few quarters, we also have WorkSimpli in there. But pure Telehealth, around that $20 million to $22 million.

是的，這是馬克。是的，我預期——我的意思是，你看，大幅成長的將是銷售和行銷部門。如果以 2025 年的數據來看，我們在遠距醫療業務的銷售和行銷方面通常能達到 2,000 萬美元到 2,200 萬美元左右。顯然，在前幾個季度，我們也會使用 WorkSimpli。但純粹的遠距醫療，大約需要 2,000 萬到 2,200 萬美元。

We're going to be $30 million to low $30 million in the first quarter, but that's also with CAC reducing sequentially about 4% to 5% in volumes doubling, which is pretty impressive that we're able to drive that much more volume with the reduced CAC. Obviously, because of the volume, it's going to drive incremental dollars.

第一季我們的營收將達到 3,000 萬美元到 3,000 萬美元出頭，但與此同時，客戶獲取成本 (CAC) 環比下降了約 4% 到 5%，銷量翻了一番，我們能夠在客戶獲取成本降低的情況下實現如此大的銷量增長，這非常令人印象深刻。顯然，由於交易量大，這將帶來額外的收入。

Those dollars will pay back to us in the coming quarters, particularly in the back half of '26. And given the demand out there and where LifeMD is positioned in the market, our insurance capabilities, we collectively believe that makes a lot of sense for us to go and capitalize upon that.

這些資金將在未來幾個季度，特別是 2026 年下半年，為我們帶來回報。鑑於市場需求以及 LifeMD 在市場上的定位和我們的保險能力，我們一致認為，利用這種需求對我們來說非常有意義。

Okay. And just one last quick one before I hop back in the queue. The ramp in revenue, I think you're sort of talking about maybe $63 million in revenue in the fourth quarter. It's a pretty good ramp from 1Q. Just what will be the drivers of that increase as we progress through the year, please?

好的。在我重新排隊之前，最後再快速問一個問題。我認為，營收成長方面，你指的是第四季營收可能達到 6,300 萬美元左右。從第一季到現在，這是一個相當不錯的上升勢頭。隨著時間的推移，究竟是什麼因素會推動這種成長呢？

Predominantly subscriber count growth. It's mostly going to take place in the GLP-1 weight business, the growth in the women's health business, which is obviously at its infancy.

主要是用戶數量成長。這主要將發生在 GLP-1 減肥業務和女性健康業務的成長中，而女性健康業務顯然還處於起步階段。

And then look, the Rex business is back to sequential growth. It's going to continue to be a consistent grower as we move through each of the quarters. But those would be the three areas, and you're going to see it in subscriber count growth as we move throughout the year.

然後你看，Rex 的業務又恢復了連續成長。隨著每個季度的推進，它將繼續保持穩定的成長勢頭。但以上就是三個方面，隨著時間的推移，您將會在訂閱用戶數量的成長中看到這一點。

Congrats on a good quarter.

恭喜你本季業績出色。

Sarah James, Cantor Fitzgerald.

莎拉詹姆斯，坎托費茲傑拉。

Congrats on a great quarter and exciting outlook. There's a lot of growth levers here to unpack. So I want to stick on the topic of the run rate revenue and earnings.

恭喜你們本季業績出色，前景令人振奮。這裡有許多成長槓桿值得我們去深入探討。所以我想繼續討論一下運行率收入和獲利這個話題。

Is there any way that you can help us frame up when you're getting to that $25 million annualized EBITDA by exiting '26? How much of that growth is coming from women's health versus weight management versus cross care pharmacy? What are the main drivers there in '26?

您能否幫助我們確定一下，當您在 2026 年結束時實現 2500 萬美元的年化 EBITDA 目標時，具體時間安排是什麼？這些成長中有多少來自女性健康，有多少來自體重管理，又有多少來自交叉照護藥局？2026年的主要驅動因素是什麼？

Yeah. Sarah, this is Marc. So first, I think it's important to understand, when we launch a new offering like women's health, while we do break even, obviously, on the unit economics typically in around six to seven month marks sometimes a little sooner, sometimes a month or two later. As you scale into that business, it's not going to be EBITDA positive on a consolidated basis in the first year.

是的。莎拉，這位是馬克。首先，我認為重要的是要明白，當我們推出像女性健康這樣的新產品時，雖然我們確實會在單位經濟效益上實現收支平衡，但通常在六到七個月左右，有時會更快一些，有時會晚一兩個月。隨著業務規模的擴大，第一年合併後的 EBITDA 不會為正。

It obviously will add a good amount to revenue likely along the ranges of around $10 million on a full-year basis and with run rate being higher by the fourth quarter, but you're not going to be EBITDA positive in that first year. So where the EBITDA accretion comes this year -- and by the way, it will be very accretive next year in our financial plan in 2027 as we scale. And it will be -- we would expect it on a run rate basis to be EBITDA positive slightly by the fourth quarter.

顯然，這將為公司帶來可觀的收入，全年可能達到 1000 萬美元左右，而且到第四季度，收入增長率還會更高，但第一年你不可能實現 EBITDA 為正。所以，今年的 EBITDA 成長來自哪裡呢？順便說一句，隨著我們規模的擴大，明年到 2027 年，它將在我們的財務計劃中帶來非常大的成長。而且，我們預計，以運行率計算，到第四季度，其 EBITDA 將略微轉正。

But where a lot of it comes from, we have obviously more mature men's health and weight management businesses continuing to scale subscriber count in those businesses across highly leverageable fixed costs, albeit we are making a discretionary marketing investment now, particularly in the weight management business and to a lesser degree in scaling some complementary offerings and existing offerings in men's health. That's where a lot of the accretion will happen this year.

但許多收入顯然來自更成熟的男性健康和體重管理業務，這些業務在可槓桿化的固定成本下不斷擴大訂閱用戶數量，儘管我們現在正在進行可自由支配的營銷投資，尤其是在體重管理業務方面，以及在較小程度上擴大一些互補產品和現有男性健康產品的規模方面。今年大部分的土地增產都將發生在那裡。

Women's health will be in a great position at the end of the year, probably slightly accretive on a run rate basis and then significantly accretive in 2027.

到今年年底，女性健康狀況將處於良好狀態，按運行率計算可能會略有增長，然後在 2027 年顯著增長。

Great. That's helpful. And just so we can get a better basis of understanding on the women's health, when you think about the early performance of your entrance into weight management or Rex, how is women's health comparing on things like CAC conversion to care plans, early retention? What does the ramp there look like versus other markets you've entered?

偉大的。那很有幫助。為了更好地了解女性健康，當您考慮早期進入體重管理或 Rex 時，女性健康在 CAC 轉化為護理計劃、早期留存率等方面的表現如何？與其他你已進入的市場相比，那裡的發展前景如何？

Sarah, it's Justin. I'll take that one. So we've seen -- I think from a CPC basis, I mean, we've seen higher intent for these offerings than anything we've ever launched, which has been really, really encouraging on the marketing side. We've struggled a little bit on the kind of just the conversion rate side of the business and where we've been putting an enormous amount of energy into figuring that out. That was one of the comments I made on the call is that we've invested in just in our brand, in our assets and in incredible advisers and just we've really kind of invested more than we've ever invested in the launch in the company's history in the women's health program.

莎拉，我是賈斯汀。我選那個。所以我們看到——我認為從每次點擊成本 (CPC) 的角度來看，我的意思是，我們看到這些產品的購買意願比我們以往推出的任何產品都要高，這在行銷方面真的非常令人鼓舞。我們在業務轉換率方面遇到了一些困難，為此我們投入了大量精力來解決這個問題。我在電話會議上提到的一點是，我們已經在品牌、資產和優秀的顧問方面進行了投資，而且我們在女性健康計畫的啟動方面投入的資金比公司歷史上任何時候都多。

And we're starting to see like the benefits of that. I mean we've cut the CPA at least in half over the last 30 days or approximately in half, I would say. And there's still a lot of room for improvement. So we can tell there's an enormous amount of demand there. We know that we have an incredible service offering, the pharmacy products that we're offering.

我們開始看到這樣做的好處了。我的意思是，在過去的 30 天裡，我們已經將 CPA 至少降低了一半，或者說大約降低了一半。還有很大的進步空間。由此可見，那裡的需求量非常大。我們知道我們提供的服務和藥品都非常棒。

We also have a very big kind of portfolio of pharmacy offerings -- pharmacy products that we're offering, including compounded hormone therapies, which are priced better than almost everybody else out there, I mean, especially considering how high quality our offering is.

我們還擁有非常豐富的藥房產品組合——我們提供的藥房產品，包括複方激素療法，其價格比市面上幾乎所有其他產品都更優惠，我的意思是，尤其考慮到我們產品的質量非常高。

And the other thing that we're exciting to see and we're already seeing the early signs of this is just like really, really good on-therapy and retention rates. And so some of these like the initial on-therapy and retention rates are north of 80%, which is really strong. And so like our whole kind of -- our plan from when we started designing this program was build something with an incredible value proposition. We know there's kind of a massive need there in the market, price it properly, and we're going to have amazing retention.

還有一點讓我們感到興奮，而且我們已經看到了早期跡象，那就是治療效果和治療保留率都非常非常好。因此，其中一些指標，例如初始治療率和維持率，都超過了 80%，這非常出色。所以，我們整個計劃——從我們開始設計這個項目的時候起，就是要打造一個具有巨大價值的產品。我們知道市場上對這類產品有很大的需求，只要定價合理，就能獲得極高的顧客留存率。

And -- yeah, look, it's a little bit early to make too big of a statement here, but the initial numbers are really good, and everybody internally is super excited about it.

是的，現在下結論還為時過早，但初步數據確實非常好，公司內部每個人都對此感到非常興奮。

Steve Dechert, KeyBanc.

Steve Dechert，KeyBanc。

Congrats on a solid quarter. Just wondering the level of stickiness you're seeing with people on the Wegovy pill versus the injectable? And then if that is a higher stickiness level, given it is early, only a couple of months here, but how much is that factored into your '26 guidance?

恭喜你們本季業績出色。想了解服用 Wegovy 藥丸和注射劑的人的黏性程度有何不同？如果市場黏性程度較高，考慮到現在還早，只有幾個月的時間，那麼這會在多大程度上影響到你們的 2026 年業績預期呢？

Yeah. I mean, Steve, we don't -- so it's a little bit too early, as you said, to understand too much on the retention side of things. It's not something that's like, I think, a big contributor to the run rate we said we'd reach in Q4 of this year. We've been -- we've taken kind of a very conservative stance on it.

是的。我的意思是，史蒂夫，我們還沒有——所以正如你所說，現在要了解太多關於客戶留存方面的事情還為時過早。我認為，這不會對我們今年第四季預期達到的運行率產生重大影響。我們一直——我們對此採取了非常保守的立場。

We've seen really strong on-therapy rates, which is probably just driven by the fact that people that are coming to LifeMD and they know they want the Wegovy pill and they're getting on therapy and they qualify for therapy.

我們看到治療率非常高，這可能只是因為來到 LifeMD 的人知道自己想要 Wegovy 藥丸，並且正在接受治療，而且他們符合治療條件。

And they're also okay with paying cash. The intro price for that drug is $149. So it's a very attractive price point. So the on-therapy rates and the initial retention rates are certainly better than the injectable, but like long-term kind of retention is still TBD.

他們也接受現金支付。該藥的上市價格為 149 美元。所以這個價格非常有吸引力。因此，治療期間的療效和初始保留率肯定比注射療法要好，但長期保留率仍有待觀察。

Okay. And then just on your weight management platform compared to competitors. I mean we've had -- Lilly announced a weight management offering, I think that was last week. And then Amazon coming out with kind of a direct-to-consumer offering as well, I think that was this morning. Just how does your platform compare to some of these competitors out of the market?

好的。然後，僅就你的體重管理平台而言，就與競爭對手相比而言。我的意思是，禮來公司上周宣布了一項體重管理產品。然後亞馬遜也推出了直接面向消費者的服務，我想應該是今天早上。您的平台與市場上的一些競爭對手相比如何？

I mean, look, I think there are a couple of big things, and we put out a new -- we released a new investor presentation in the last hour, that's up on our website, the details -- some of these differentiators as well that I would encourage everybody to take a look at.

我的意思是，你看，我認為有幾件大事，我們發布了一份新的——我們上個小時發布了一份新的投資者演示文稿，詳情已發佈在我們的網站上——其中一些差異化因素，我鼓勵大家去看一下。

But like, look, you compare LifeMD to Amazon. One, we operate our own 50-state provider group that's staffed mostly with full-time providers, which are just really highly trained in the areas that they practice. They specialize in women's health. They specialize in weight management. I mean that's a very big differentiator from the Amazons of the world.

但是，你看，你把 LifeMD 和亞馬遜比較。第一，我們經營自己的覆蓋全美 50 個州的醫療服務提供者團隊，團隊成員大多是全職醫生，他們在各自的執業領域都接受過非常專業的培訓。他們專攻女性健康。他們專長於體重管理。我的意思是，這與亞馬遜女戰士們有著很大的不同。

We also -- we're a platform for care, right? So we offer different types of specialty care. We offer women's health. We offer weight management. We offer hormone therapy. Patients can access behavior health and psychiatry. So I think having those like having those kind of -- having that like portfolio of specialty care available is something that's also very unique when you compare what LifeMD is doing versus Amazon and really versus like most others.

我們也是一個關懷平台，對吧？因此，我們提供不同類型的專科護理。我們提供女性健康服務。我們提供體重管理服務。我們提供荷爾蒙治療。患者可以獲得心理健康和精神病學服務。所以我覺得，擁有這些，例如擁有這種專科護理組合，當你把 LifeMD 與亞馬遜以及大多數其他公司進行比較時，你會發現這一點非常獨特。

We also offer -- the synchronous care that we offer, that's something that Amazon does offer through third-party providers in some verticals, like you can book a synchronous care or a video visit with a provider in urgent care. I don't know how their weight management business is structured though, and compared to most people out there, that is a very unique thing about LifeMD is you can do a message-based consult, but if you want to have a real visit with a provider via video or audio, you can do that and you're going to get a visit with, again, a highly trained provider in weight management that works for LifeMD's affiliated medical group and not a 1099 provider out there that's part of a massive third-party staffing business.

我們也提供同步護理服務，亞馬遜透過第三方供應商在某些垂直領域提供這項服務，例如您可以預約與緊急護理供應商進行同步護理或視訊問診。我不知道他們的體重管理業務是如何運作的，但與大多數機構相比，LifeMD 的一個非常獨特的地方在於，你可以進行基於信息的諮詢，但如果你想通過視頻或音頻與醫生進行真正的會面，你也可以這樣做，而且你將與 LifeMD 附屬醫療集團中訓練有素的體重管理專家會面，而不是與大型第三方人力資源公司中的獨立執業醫生會面。

So those are a couple of the things. I mean, it's a big market, right? And some people are going to use Amazon, some people have loyalty to other brands, but we're seeing incredible demand for LifeMD's services and our pharmacy products. And we've had this conversation before around Amazon launching, for instance, an erectile dysfunction product, and it doesn't materially, especially in markets as big. And as you know, the GLP-1 market is even bigger than the ED market, it doesn't have a material impact on our business.

以上就是其中幾件事。我的意思是，這是一個很大的市場，對吧？有些人會選擇亞馬遜，有些人則忠於其他品牌，但我們看到市場對 LifeMD 的服務和藥房產品有著巨大的需求。我們之前也討論過亞馬遜推出治療勃起功能障礙的產品，但實際上，尤其是在像亞馬遜這樣規模龐大的市場中，這樣做並不會帶來實質的影響。如您所知，GLP-1 市場甚至比 ED 市場還要大，它對我們的業務沒有實質影響。

Ryan Meyers, Lake Street Capital Markets.

Ryan Meyers，Lake Street Capital Markets。

First one for me, just thinking about the patient acquisition channels that you guys are investing in Q1, are you going after any different marketing channels or the marketing strategy, any different here? Or is it similar to what you guys have done in the past?

首先，我想問的是，你們在第一季投資的患者獲取管道方面，是否會採用不同的行銷管道或行銷策略？有什麼不同之處嗎？還是這和你們過去做過的事情類似？

It's mostly -- Ryan, this is Justin Schreiber. It's most -- it's very similar to what we've done in the past. We do have some new partnerships on the media side that have been spectacular, performance-wise. They've delivered thousands and thousands of new patients. I don't have an exact number to share with you. We also had some -- we had several smaller employers that we've onboarded in the last 30 days, which is a program that we're piloting and the reviews there and the feedback there from employers using our platform has been incredible.

基本上是——瑞恩，這位是賈斯汀·施賴伯。它和我們過去所做的非常相似。我們在媒體方面確實有一些新的合作關係，從效果來看，這些合作關係非常出色。他們已經接診了成千上萬的新患者。我沒有確切的數字可以告訴你。在過去 30 天裡，我們也接納了一些規模較小的雇主，這是一個我們正在試行的項目，使用我們平台的雇主的評價和回饋都非常令人難以置信。

We're working on some other significant partnerships as well with some very large companies that could be transformational for LifeMD if we get them across the finish line. And those are things that -- those are things that we could see in the next 60 to 90 days. So we've got a very active pipeline right now of opportunities that would drive patient acquisition.

我們也正在與一些大型公司洽談其他一些重要的合作關係，如果能夠最終達成合作，這些合作可能會對 LifeMD 產生變革性的影響。而這些事情——這些事情我們可能會在未來 60 到 90 天內看到。因此，我們目前有很多活躍的專案機會可以推動患者獲取。

Okay. Got it. That's helpful. And then thinking about the benefits infrastructure being on track to cover the over 220 million Americans by the end of Q2. When you think about the potential lifetime value of a covered patient versus a cash patient, is there a big difference there?

好的。知道了。那很有幫助。然後想想福利基礎設施預計在第二季末覆蓋超過 2.2 億美國人。當你考慮到健保覆蓋的患者與自費患者的潛在終身價值時，兩者之間是否存在很大的差異？

It's a great question, Ryan. And I don't know the answer to that. I mean I don't have a precise answer for that because the insurance business for us is so new. I believe that retention is going to be stronger for a patient that uses their insurance or their commercial insurance or their Medicare on the LifeMD platform and pays their co-pay and has a lower membership fee right, than a patient that comes in and pays cash and is not using their insurance.

瑞恩，你問得好。我不知道答案。我的意思是，我沒有確切的答案，因為保險業務對我們來說還很新。我認為，對於在 LifeMD 平台上使用保險、商業保險或 Medicare 並支付自付額且會員費較低的患者來說，其留存率會比那些來診所用現金支付且不使用保險的患者更高。

And so I think you're going to see -- you're going to see better LTVs and you're going to see better retention. But we need -- we still need to prove that out. I mean that's -- look, we're excited about the opportunity for the opportunity around insurance on the platform. We did -- we were surprised internally at the demand for insurance when we turned it on in the last couple of months.

所以我認為你會看到——你會看到更高的客戶終身價值（LTV）和更高的客戶留存率。但我們需要——我們仍然需要證明這一點。我的意思是——你看，我們對平台上的保險業務機會感到非常興奮。確實如此——在過去幾個月推出保險服務後，我們內部對保險需求之高感到驚訝。

We talked a little bit about this on the last call. And I think we had turned it on with a week or two ahead of the call and saw a couple of days of really good demand. We turned it back when we opened up even more states and contracts. And we were impressed with the impact that it had on CPA. Now it was a lower-priced offering and we needed to work out some kinks in our billing processes.

我們在上次通話中稍微談到了這個問題。我認為我們在電話會議前一兩週就啟動了這項服務，並且看到了幾天非常好的需求。當我們開放更多州和簽訂更多合約時，我們就扭轉了局面。我們對它對註冊會計師業的影響印象深刻。現在產品價格降低了，我們需要解決計費流程中的一些問題。

So we don't have the clear -- we don't have the -- I mean we don't have as clear a picture as we would like on what the long-term value looks like on these patients. But we have enough data at this point, I think, to know that there is like a great and viable long-term business model here. We just need to kind of continue to figure it out.

所以，我們還沒有清晰的——我的意思是，我們還沒有像我們希望的那樣清楚地了解這些患者的長期價值。但我認為，目前我們掌握的數據足以表明，這裡存在著一個非常棒且可行的長期商業模式。我們還需要繼續摸索下去。

So I'm excited about it. I think that -- I think you're going to see the business move more and more towards commercial and government insurance patients over the coming quarters. And I expect this to be a number that we actually kind of report on in much more detail to investors in the quarters to come.

所以我對此感到很興奮。我認為——我認為在接下來的幾個季度裡，你會看到業務越來越傾向於商業保險和政府保險患者。我預計在接下來的幾個季度裡，我們會向投資者更詳細地報告這個數字。

Yi Chen, H.C. Wainwright.

易晨，H.C. Wainwright。

This is Eduardo on for Yi. I guess I had a question. Could you just reiterate the total number of subscribers and detail again the number of them that came out specifically for the pill and -- for the Wegovy pill?

這裡是愛德華多為易報道。我想問個問題。您能否再次重申訂閱者總數，並詳細說明其中有多少人是專門為了避孕藥而訂閱的，又有多少人是專門為了 Wegovy 避孕藥而訂閱的？

I'm curious if you're seeing any migration from previously patients who were on the injectables that are going to the pill? Or is it primarily new customers who are signing up subscribers for the orally available drug?

我很好奇，您是否觀察到先前使用注射劑的患者轉而服用避孕藥的情況？還是主要是新客戶在註冊訂購這種口服藥物？

Yeah, it's Marc. So we have 322,000 overall subscribers. As we indicated in our presentation, there was -- an updated presentation was published to the Investor Relations website today, approximately 80,000-plus are weight way management subscribers. We haven't released like the exact count that our oral Wegovy pill, but we're seeing very strong demand for that product.

對，是馬克。所以我們總共有 322,000 名訂閱用戶。正如我們在簡報中指出的那樣，今天在投資者關係網站上發布了更新的演示文稿，體重管理訂閱用戶大約有 80,000 多人。我們尚未公佈口服 Wegovy 藥片的具體銷量，但我們看到市場對該產品的需求非常強勁。

This year, obviously, it only started selling in January, we haven't reported our subscriber account in Q1. So we're not at liberty to release that at this time, but obviously, it will be included in future updates. You're seeing some folks coming on to it, but it's honestly driving a lot of new patient demand for us.

顯然，今年它才從一月開始銷售，我們還沒有公佈第一季的訂閱用戶帳戶。所以目前我們還不能發布，但顯然，它會包含在未來的更新中。有些人開始接受這種治療，但說實話，它確實為我們帶來了大量的新患者需求。

Got it. That's really helpful. And then going to the pharmacy, I'm curious which -- now that you're 50-state license, what percentage of Rex MD and ShapiroMD fulfillment is currently handled in-house and what's the incremental margin lift with the in-house fulfillment?

知道了。這真的很有幫助。然後，關於藥房，我很好奇——既然你們現在擁有 50 個州的執照，Rex MD 和 ShapiroMD 目前有多少百分比的藥品配送是在內部完成的？內部配送能帶來多少利潤提升？

Yeah. We are approaching the 70% mark with in-house fulfillment. The margin lift, we've been seeing -- and we haven't fully completed this exercise, but we're probably seeing along the range of 150 to 200 basis points margin improvement from internal. It also gives us, obviously, a lot more flexibility. And that's the real long-term benefit the flexibility that we have with personalized and 503A compounded products, which we can now do out of the pharmacy in those lifestyle conditions.

是的。我們內部交付率已接近 70%。我們已經看到利潤率有所提升——雖然我們還沒有完全完成這項工作，但我們可能會看到內部利潤率提高了 150 到 200 個基點。顯然，這也給了我們更大的彈性。而這才是真正的長期好處，即我們能夠靈活地提供個人化和 503A 複方產品，從而在滿足這些生活方式需求的情況下，在藥房外也能提供這些產品。

Got it. And in -- I don't know if you'd be willing to detail any additional drugs you guys are considering compounding and bringing into your offering that you think would be key growth drivers for the pharmacy [compound]?

知道了。另外——我不知道您是否願意詳細說明一下，貴公司正在考慮配製哪些其他藥物，並將它們納入產品線，您認為這些藥物將成為藥房增長的關鍵驅動力。[化合物]？

Yeah. We're not at liberty to -- we have a strong internal road map. We're just not at liberty to detail that at this moment.

是的。我們沒有自由——我們有明確的內部路線圖。目前我們不方便透露詳情。

Thanks for taking the questions and congrats on the quarter.

感謝您回答問題，並祝賀您本季取得佳績。

Thank you. At this time, there are no further questions in queue. I will now turn the meeting back to Justin Schreiber for closing remarks.

謝謝。目前隊列中沒有其他問題了。現在我將會議交還給賈斯汀·施賴伯，請他作總結發言。

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

感謝大家的提問以及對LifeMD的關注。我們期待在公佈第一季業績時再次與您交流。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。