LifeMD Inc (LFMD) 2026 Q1 法說會逐字稿

Good afternoon. Thank you for joining us today to discuss LifeMD's results for the first quarter ended March 31, 2026.

各位下午好。感謝各位今天加入我們，一同討論 LifeMD 截至 2026 年 3 月 31 日止第一季的業績。

Joining the call today are Justin Schreiber, Chairman and Chief Executive Officer; and Atul Kavthekar, Chief Financial Officer. Following the management's prepared remarks, we will open the call for a question-and-answer session.

今天與會的有董事長兼執行長 Justin Schreiber，以及財務長 Atul Kavthekar。在管理層預先準備的發言之後，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，我想提醒各位，本次電話會議中公司將發表若干前瞻性陳述；這些陳述受多項風險與不確定性影響，可能導致實際結果與預期有重大差異。這些風險與不確定性已在公司提交的 10-K 與 10-Q 文件，以及 LifeMD 不時向美國證券交易委員會（SEC）提交的其他文件中說明。

Forward-looking statements made during this call are based on certain information available to companies as of today, May 6, 2026. The company assumes no obligation to update or revise any forward-looking statements after today's call, except as required by law.

本次電話會議中所作的前瞻性陳述，係基於截至今日（2026 年 5 月 6 日）公司可取得的特定資訊。除法律另有規定外，公司不承擔在今日電話會議後更新或修訂任何前瞻性陳述的義務。

Also, please note that the management will be discussing certain non-GAAP financial measures that the company believes are important in evaluating LifeMD's performance. Details on the relationship between these non-GAAP measures and the most comparable GAAP measures and reconciliation thereof can be found in the press release issued earlier today.

另外請注意，管理層將討論若干非 GAAP 財務衡量指標，公司認為這些指標對評估 LifeMD 的經營表現相當重要。關於這些非 GAAP 指標與最可比 GAAP 指標之間的關係及其調節表，請參閱公司今日稍早發布的新聞稿。

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.

最後提醒各位，今天的電話會議將被錄音，並會在公司網站投資人關係（Investor Relations）專區提供重播。

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

現在我想把電話會議交給 LifeMD 的執行長 Justin Schreiber。請開始。

Thank you, and good afternoon, everyone. After the market closed today, we issued a press release announcing our first quarter financial results. We've also posted an updated corporate presentation, our Form 10-Q, and our shareholder letter on our Investor Relations website at ir.lifemd.com. I encourage everyone to review those materials.

謝謝，各位下午好。今天收盤後，我們發布新聞稿，公布第一季財務結果。我們也已在投資人關係網站 ir.lifemd.com 上傳更新後的公司簡報、10-Q 表格以及致股東信。我鼓勵各位查閱這些資料。

Q1 was a strong start to 2026. We delivered revenue of $50.2 million, ahead of guidance, and added more than 42,000 net telehealth subscribers, the largest quarterly net addition in our history. We ended the quarter with over 365,000 subscribers.

第一季為 2026 年帶來強勁開局。我們實現營收 5,020 萬美元，優於指引，並新增超過 42,000 名遠距醫療（telehealth）淨訂閱用戶，創下公司史上單季最大淨新增。季度末我們的訂閱用戶超過 365,000 名。

In weight management, sign-ups increased approximately 120% sequentially from Q4, and we exited the quarter with strong momentum across all of our key growth areas. We're seeing clear early validation of the strategy we laid out on our last call. But what matters most is not just the quarter, it's what this quarter says about the platform we're building.

在體重管理方面，註冊人數較第四季環比增加約 120%，我們在季度末於所有關鍵成長領域都展現強勁動能。我們看到上次電話會議所提出策略的明確早期驗證。但最重要的不只是這一季，而是這一季反映出我們正在打造的平台具備什麼樣的意義。

As I outlined in our shareholder letter, I think about LifeMD in very simple terms: quality care, quality products, quality revenue. When we deliver high-quality care, patients trust us. When we offer products and services that genuinely improve their lives, they come back. And when patients engage across more of the platform and stay with us longer, the revenue becomes more durable, higher quality, and ultimately, more profitable.

如我在致股東信中所述，我用非常簡單的方式看待 LifeMD：優質照護、優質產品、優質營收。當我們提供高品質照護，病患就會信任我們。當我們提供真正改善他們生活的產品與服務，他們就會回來。而當病患在平台上參與更多服務並與我們維持更長時間，營收就會更具持續性、品質更高，並最終帶來更高的獲利能力。

Today, we have a 50-state affiliated medical group, a fully integrated pharmacy, in-home and national lab capabilities, expanding insurance coverage, deep pharmaceutical collaborations, and a growing set of specialty care programs. Increasingly, we're layering AI across that infrastructure to make care faster, more efficient, and more personalized.

目前，我們擁有涵蓋全美 50 州的合作醫療團體、完全整合的藥局、到府與全國性檢驗能力、持續擴大的保險涵蓋、深度的製藥合作，以及日益成長的專科照護方案組合。我們也愈來愈多地在這套基礎設施上疊加 AI，使照護更快速、更有效率且更個人化。

LifeMD is no longer just a telehealth company focused on a handful of conditions. We are building what we believe can become one of the most important virtual health care platforms in the country, a trusted destination where patients can access care, medications, labs, insurance-supported services, and ongoing clinical support through one connected experience.

LifeMD 不再只是專注於少數病症的遠距醫療公司。我們正在打造我們相信可成為全國最重要的虛擬醫療照護平台之一：一個值得信賴的目的地，讓病患透過單一、互聯的體驗取得醫療照護、藥品、檢驗、保險支持的服務，以及持續的臨床支持。

Let me walk you through where we're seeing the most progress. First, weight management. This remains the largest opportunity in our business. More than 100 million Americans are clinically eligible for GLP-1 therapy, and it is estimated that fewer than 15% have tried one. These medications represent one of the most significant breakthroughs in consumer health care in decades.

接下來我將說明我們看到進展最明顯的領域。第一，體重管理。這仍是我們業務中最大的機會。超過 1 億名美國人在臨床上符合 GLP-1 治療資格，估計嘗試過的人不到 15%。這些藥物代表近幾十年消費者醫療保健領域最重大的突破之一。

And importantly, the market is becoming more dynamic, not less. We are entering the next phase of GLP-1 adoption. The first phase was access to injectables. The second phase is broader access, including oral therapies, lower-cost self-pay options, insurance coverage, and a deep pipeline of next-generation drugs.

而且重要的是，市場正變得更具動態，而不是更趨平淡。我們正進入 GLP-1 採用的下一階段。第一階段是取得注射劑的可近性。第二階段是更廣泛的可近性，包括口服療法、更低成本的自費選項、保險給付，以及下一代藥物的深厚研發管線。

We are built for this phase. We've already benefited from the introduction of oral GLP-1s. Customer acquisition costs improved 4% to 5% sequentially in Q1 even as volumes effectively doubled from roughly 300 to 400 new patients per day to 600 to 1,000 patients per day.

我們正是為這個階段而打造。我們已經受惠於口服 GLP-1 的推出。在第一季，即使量能幾乎翻倍、每日新病患由約 300 至 400 人提升至 600 至 1,000 人，客戶取得成本仍較前一季環比改善 4% 至 5%。

We ended the quarter with just under 100,000 weight management patients. And this opportunity is only getting bigger. There are roughly 40 GLP-1 therapies currently in development, including oral formulations, longer-acting injectables, and multi-pathway treatments. As these therapies come to market, we believe platforms like LifeMD that combine affordable access, insurance integration, and real clinical care will be the long-term winners.

我們在季度末的體重管理病患接近 100,000 人。而這個機會只會愈來愈大。目前約有 40 種 GLP-1 療法正在開發中，包括口服劑型、長效注射劑，以及多途徑（multi-pathway）治療。隨著這些療法上市，我們相信像 LifeMD 這樣結合可負擔的可近性、保險整合與真正臨床照護的平台，將成為長期贏家。

Second, women's health. This continues to be one of the programs I'm most excited about. The need is enormous. Tens of millions of women are entering or living through menopause and access to thoughtful, evidence-based, coordinated care remains limited.

第二，女性健康。這仍是我最感到振奮的方案之一。需求非常龐大。數以千萬計的女性正進入或正經歷更年期，但能取得周全、以實證為基礎且協調一致的照護仍然有限。

We built this program differently around longitudinal care, not just prescriptions. That includes comprehensive intake, appropriate lab work, structured clinical protocols, and ongoing management by providers trained specifically in women's health.

我們以不同方式打造此方案，核心是縱向（長期）照護，而不只是開立處方。這包括完整的初診評估、適當的檢驗、結構化的臨床流程，以及由專門受訓於女性健康的醫療提供者進行的持續管理。

The early results have exceeded our expectations. Subscriber count grew more than 7x from the Q4 base. Customer acquisition costs remain attractive. On-therapy retention is tracking north of 80%. We believe that performance is a direct reflection of the quality of the program.

早期成果超出我們的預期。訂閱用戶數較第四季基期成長超過 7 倍。客戶取得成本仍具吸引力。治療中的留存率維持在 80% 以上。我們相信，這樣的表現直接反映了方案的品質。

Over the coming months, we plan to introduce seven new compounded pharmacy products focused on hormone and bone health, highly complementary to patient needs, and well aligned with our in-house pharmacy capabilities. Women's health has the potential to become one of the largest and most important programs in our company, not just a growth driver, but a category where we can build deep, trusted patient relationships.

在接下來幾個月，我們計畫推出 7 款新的複方藥局產品，聚焦於荷爾蒙與骨骼健康，與病患需求高度互補，並且與我們自有藥局能力高度契合。女性健康有潛力成為公司最大且最重要的方案之一，不僅是成長動能，更是一個我們能建立深度、值得信賴的病患關係的類別。

Third, Rex MD and men's health. Rex MD remains one of the most recognized men's health brands in the country and a critical part of our platform. We now have approximately 215,000 active patients with growth across ED, sleep, and hair loss, with sleep currently the fastest-growing category. ED remains the core and our personalized ED medications, combining sildenafil and tadalafil grew more than 40% versus Q4. As more fulfillment shifts in-house, we expect continued margin expansion.

第三，Rex MD 與男性健康。Rex MD 仍是全美最具辨識度的男性健康品牌之一，也是我們平台的關鍵組成。目前我們約有 215,000 名活躍病患，並在勃起功能障礙（ED）、睡眠與掉髮等領域持續成長，其中睡眠目前是成長最快的類別。ED 仍是核心，而我們結合西地那非（sildenafil）與他達拉非（tadalafil）的個人化 ED 藥物，較第四季成長超過 40%。隨著更多履約（fulfillment）轉為內部處理，我們預期毛利率將持續擴張。

But Rex MD is evolving beyond ED. We are expanding into personalized pharmacy products across sexual health, dermatology, pain management, and longevity. Just as importantly, Rex provides a large, engaged patient base that can expand into the broader LifeMD ecosystem over time, strengthening retention and lifetime value.

但 Rex MD 正在超越 ED 持續演進。我們正擴展至涵蓋性健康、皮膚科、疼痛管理與長壽（longevity）等領域的個人化藥局產品。同樣重要的是，Rex 擁有龐大且高度參與的病患基礎，隨時間可擴展至更廣泛的 LifeMD 生態系，強化留存與終身價值。

Fourth, operating leverage in AI. This is one of the most important components of the LifeMD story for 2026. We are deploying AI aggressively but thoughtfully with quality as the non-negotiable. AI is not just a cost initiative. It is becoming foundational to how we build software, how providers deliver care and how we operate the business.

第四，AI 的營運槓桿。這是 LifeMD 2026 年故事中最重要的組成部分之一。我們正積極但審慎地部署 AI，並將品質視為不可妥協的前提。AI 不僅僅是一項成本倡議。它正逐步成為我們打造軟體、醫療提供者提供照護，以及我們營運業務方式的基礎。

Our clinical decision support tools will integrate health records, lab data, biomarker insights, and patient intake information to enable more personalized and efficient care. Over time, we expect AI to increase provider capacity without adding head count, which is a key lever for scaling efficiently. We are also embedding AI across intake, documentation, patient support, revenue cycle, compliance, and back-office workflows.

我們的臨床決策支援工具將整合健康紀錄、實驗室數據、生物標記洞察，以及病患入組資訊，以實現更個人化且更高效率的照護。隨著時間推進，我們預期 AI 能在不增加人力編制的情況下提升醫療提供者的產能，這是高效率擴張的關鍵槓桿。我們也正將 AI 嵌入到入組、文件紀錄、病患支援、收入循環、合規，以及後勤辦公流程之中。

This is not about replacing providers. It's about enabling them to spend more time practicing medicine and less time on administrative work. We expect the margin impact to become more visible in the second half of 2026.

這不是要取代醫療提供者。而是要讓他們能把更多時間用在行醫上，減少花在行政工作上的時間。我們預期利潤率的影響將在 2026 年下半年變得更為明顯。

And when AI is combined with our 503-A compounding pharmacy, it unlocks something powerful, personalized prescribing at scale, enabled by data, clinical infrastructure, pharmacy capabilities, and national reach. Very few platforms have that combination and LifeMD is one of them.

而當 AI 與我們的 503-A 配製藥房結合時，將解鎖一項強大的能力：在規模化的前提下進行個人化處方，並由數據、臨床基礎設施、藥房能力與全國覆蓋所驅動。具備這種組合的平台非常少，而 LifeMD 是其中之一。

Fifth, pharmacy, insurance, and partnerships. Our affiliated pharmacy continues to scale. We now operate a 22,500 square foot facility licensed in all 50 states with both commercial and 503-A compounding capabilities.

第五，藥房、保險與合作夥伴關係。我們的關聯藥房持續擴張規模。我們目前營運一座 22,500 平方英尺的設施，已在全美 50 州取得執照，並同時具備商業與 503-A 配製能力。

The pharmacy is currently processing approximately 20,000 prescriptions per month with significant capacity to expand throughout this year as our pharmacy offerings expand. We view pharmacy as one of our most important, long-term margin expansion levers, improving economics, patient experience, and speed to market.

該藥房目前每月處理約 20,000 張處方，且隨著我們藥房產品的擴展，今年內仍有顯著的擴充產能空間。我們將藥房視為最重要的長期利潤率擴張槓桿之一，可改善經濟效益、病患體驗與上市速度。

On the payer side, our insurance and Medicare infrastructure continues to expand. We ended the quarter with approximately 112 million covered lives and expect to reach approximately 230 million by the end of this month. The Medicare GLP-1 Bridge launching July 1 is particularly important as it expands access to GLP-1 therapies for Medicare patients at an affordable monthly cost.

在支付方方面，我們的保險與 Medicare 基礎設施持續擴張。本季末我們覆蓋約 1.12 億名受保人，並預期在本月底前達到約 2.30 億名。7 月 1 日推出的 Medicare GLP-1 Bridge 尤其重要，因為它以可負擔的每月成本，擴大 Medicare 病患取得 GLP-1 療法的可近性。

We also continue to see strong momentum with pharmaceutical partners as the industry increasingly shifts toward direct-to-patient models. Our GLP-1 collaborations are a strong proof point of that trend.

隨著產業日益轉向直接面向病患（direct-to-patient）的模式，我們也持續看到與製藥合作夥伴之間的強勁動能。我們的 GLP-1 合作是該趨勢的有力佐證。

On the employer side, we are making progress with enterprise relationships and direct GLP-1 coverage for self-insured groups, a meaningful upside opportunity not yet fully reflected in our outlook.

在雇主端，我們在企業合作關係以及為自保型團體提供直接 GLP-1 給付方面取得進展；這是一項具意義的上行機會，但尚未在我們的展望中完全反映。

Stepping back, we feel very good about where we are. We are serving more patients, expanding into larger and more durable categories, strengthening the platform, and building a business we believe can compound over the long term.

回過頭來看，我們對目前的狀況感到非常滿意。我們正在服務更多病患、擴展至更大且更具持久性的類別、強化平台，並打造一個我們相信能長期複利成長的業務。

We are reaffirming our full year guidance of $220 million to $230 million in revenue and $12 million to $17 million in adjusted EBITDA. We continue to expect annualized run rate revenue above $250 million and adjusted EBITDA above $25 million by the fourth quarter.

我們重申全年指引：營收 2.20 億至 2.30 億美元，調整後 EBITDA 為 1,200 萬至 1,700 萬美元。我們仍預期到第四季，年化運行率營收將高於 2.50 億美元，且調整後 EBITDA 高於 2,500 萬美元。

With that, I'll turn the call over to our new CFO, Atul Kavthekar, to walk through the quarter in more detail. Atul?

接下來，我將把電話會議交給我們的新任 CFO Atul Kavthekar，請他更詳細地說明本季表現。Atul？

Thank you, Justin, and good afternoon, everyone. I'm delighted to be joining my first quarterly call as CFO of LifeMD and pleased to be leading its financial operations. It's been a positive first few weeks, and I've been impressed by the team and their commitment to continuous improvement, their entrepreneurial mindset, and their general curiosity. I'll be doing everything I can to continue that culture.

謝謝你，Justin，各位下午好。我很高興以 LifeMD CFO 的身分參加我的第一次季度電話會議，也很高興能領導公司的財務營運。過去幾週的開始非常正面，我對團隊及其對持續改善的承諾、創業家精神，以及整體的好奇心印象深刻。我會盡我所能延續這樣的文化。

As for results, the first quarter played out largely as we expected, strong subscriber momentum following a planned step-up in patient acquisition spend and the early benefits of platform efficiency beginning to show in our gross margin. As a reminder, all year-over-year comparisons are on a continuing operations basis, excluding WorkSimpli, which was divested on November 4, 2025.

就業績而言，第一季的表現大致符合我們的預期：在按計畫提高病患獲取支出後，訂閱者動能強勁，而平台效率的早期效益也開始在毛利率上顯現。提醒一下，所有年對年比較皆以持續營運為基礎，不包含 WorkSimpli；該業務已於 2025 年 11 月 4 日出售。

Revenue for the first quarter was $50.2 million, exceeding our guidance range of $48 million to $49 million and essentially flat versus the prior year period of $50.9 million, and with nearly all revenue derived from recurring subscriptions. Active subscribers grew approximately 26% year over year to over 365,000 at quarter end, with over 42,000 net adds in Q1, the largest quarterly net addition in our history.

第一季營收為 5,020 萬美元，高於我們 4,800 萬至 4,900 萬美元的指引區間，且與去年同期 5,090 萬美元相比基本持平；幾乎所有營收皆來自經常性訂閱。活躍訂閱者年增約 26%，季末超過 365,000 人；第一季淨新增超過 42,000 人，為公司史上最大的單季淨新增。

Gross margin for the quarter expanded approximately 420 basis points to 88%, primarily reflecting improvements in lower shipping and fulfillment costs, including the continued scaling of our in-house pharmacy fulfillment that Justin described previously. Gross profit was $44.2 million, up 3% for the year ago period despite the flat year-over-year revenue growth.

本季毛利率擴張約 420 個基點至 88%，主要反映運輸與履約成本下降所帶來的改善，其中包括 Justin 先前提到的自營藥房履約持續擴張。毛利為 4,420 萬美元，儘管營收年對年持平，仍較去年同期成長 3%。

Selling and marketing expenses were $29.8 million (sic - see press release, "$29.9 million"), an increase of 34% year over year, reflecting the strategic front-loaded patient acquisition investment, which is designed to drive subscriber growth in subsequent quarters. Q1 was the peak of our marketing investment for the year.

銷售與行銷費用為 2,980 萬美元（原文如此——見新聞稿為「2,990 萬美元」），年增 34%，反映策略性前置的病患獲取投資，旨在推動後續季度的訂閱者成長。第一季是我們今年行銷投資的高峰。

Marketing spend has begun normalizing, and we expect sales and marketing to step down in Q2 and remain at more typical levels throughout the back half. GAAP net loss from continuing operations attributable to common stockholders was $9.6 million, or $0.20 per diluted share compared to a net loss from continuing operations attributable to common stockholders of $2.4 million, or $0.06 per diluted share in the prior year period.

行銷支出已開始回歸常態，我們預期第二季銷售與行銷費用將下降，並在下半年維持在較典型的水準。歸屬於普通股股東的持續營運 GAAP 淨損為 960 萬美元，或每股稀釋虧損 0.20 美元；相比之下，去年同期歸屬於普通股股東的持續營運淨損為 240 萬美元，或每股稀釋虧損 0.06 美元。

Stock-based compensation was $1.4 million, down from $2.5 million in the prior year period, reflecting our continued focus on aligning our management with long-term goals. Adjusted EBITDA, a non-GAAP measure we define as income or loss attributable to common stockholders before various items as outlined in today's news release, was a loss of approximately $4.5 million for the first quarter, in line with our previously issued first quarter guidance range of a loss of $4 million to $5 million. This compares with an adjusted EBITDA of approximately $3.7 million in the prior year period.

以股票為基礎的薪酬為 140 萬美元，低於去年同期的 250 萬美元，反映我們持續聚焦於使管理層與長期目標一致。調整後 EBITDA（非 GAAP 指標；我們將其定義為歸屬於普通股股東的收益或損失，在扣除今日新聞稿所列各項目之前）第一季約虧損 450 萬美元，符合我們先前發布的第一季指引區間：虧損 400 萬至 500 萬美元。相較之下，去年同期調整後 EBITDA 約為 370 萬美元。

Turning to the balance sheet. We exited the quarter with $34.5 million in cash, no debt, and a $30 million undrawn revolving credit facility that we put into place at the start of the year. Our balance sheet remains a strategic asset, providing ample flexibility to fund our expanding growth initiatives.

接著看資產負債表。本季末我們持有 3,450 萬美元現金、無負債，並有一筆 3,000 萬美元尚未動用的循環信用額度，該額度於年初設立。我們的資產負債表仍是策略性資產，提供充足的彈性以資助我們擴張中的成長計畫。

Looking forward, we are reaffirming our 2026 full year guidance. Revenue of $220 million to $230 million, representing 13% to 19% year-over-year growth and adjusted EBITDA of $12 million to $17 million. We expect to return to adjusted EBITDA profitability in the second half of the year as customer acquisition costs declined sequentially and the patient volumes added in Q1 become accretive.

展望未來，我們重申 2026 年全年指引。營收 2.20 億至 2.30 億美元，代表年對年成長 13% 至 19%；調整後 EBITDA 為 1,200 萬至 1,700 萬美元。隨著客戶獲取成本逐季下降，且第一季新增的病患量開始帶來增益，我們預期在下半年恢復調整後 EBITDA 獲利。

This is in addition to multiple initiatives around our business that we expect to impact the second half. These include the expansion of our pharmacy offerings, which will allow us to capture revenue and margin we do not currently benefit from. As was established during our 2025 Q4 call, we continue to expect annualized run rate revenue exceeding $250 million and annualized run rate adjusted EBITDA exceeding $25 million by the fourth quarter of 2026.

此外，我們業務上還有多項計畫，預期將在下半年產生影響。其中包括擴展我們的藥房產品，這將使我們能夠掌握目前尚未受益的營收與利潤率。如同在 2025 年第四季電話會議中所確立的，我們仍預期到 2026 年第四季，年化運行率營收將超過 2.50 億美元，且年化運行率調整後 EBITDA 將超過 2,500 萬美元。

For Q2, we are expecting the business to continue its transition to branded GLP-1s, and as such, we expect to see our Q2 revenue between $47 million to $50 million and adjusted EBITDA of between negative $2 million to positive $1 million as we continue to realize efficiencies and cost savings in our business.

針對第二季，我們預期業務將持續轉型至品牌GLP-1，因此我們預期第二季營收將介於4,700萬至5,000萬美元之間，調整後EBITDA將介於負200萬美元至正100萬美元之間，因為我們持續在業務中實現效率提升與成本節省。

With that, I'll turn it back to Justin.

接下來我把時間交還給Justin。

Thanks, Atul. As we close our prepared remarks, I want to come back to the larger point. Q1 was always going to be an investment quarter. We leaned into the launch of oral GLP-1s, accelerated patient acquisition, made big progress in women's health, expanded our pharmacy and insurance infrastructure, and advanced the AI tools that we believe will make this platform more scalable over time.

謝謝你，Atul。在結束我們事先準備的發言時，我想回到更大的重點。第一季一直都會是一個投資季度。我們全力推動口服GLP-1的上市，加速病患獲取，在女性健康方面取得重大進展，擴充我們的藥局與保險基礎設施，並推進我們相信能讓此平台隨時間更具可擴展性的AI工具。

What gives me confidence is that the early signals are showing up exactly where we would want to see them, record subscriber additions, strong demand in weight management, rapid early growth in women's health, improving pharmacy economics and a clear path to operating leverage as the year progresses.

讓我有信心的是，早期訊號正如我們希望看到的那樣出現：訂閱者新增創新高、體重管理需求強勁、女性健康在早期快速成長、藥局經濟性改善，且隨著年度推進，營運槓桿的路徑清晰可見。

As I laid out in our shareholder letter, the model is simple: quality care, quality products, quality revenue. If we deliver high-quality care and build products patients value, they stay longer, use more of the platform, and create more durable revenue. That is the foundation of LifeMD's strategy.

正如我在致股東信中所闡述的，這個模式很簡單：優質照護、優質產品、優質營收。如果我們提供高品質照護並打造病患重視的產品，他們會停留更久、使用更多平台服務，並創造更持久的營收。這就是LifeMD策略的基礎。

The opportunity ahead is tremendous. GLP-1 therapy is entering a new phase with oral medications, broader access, and a deep pipeline of next-generation therapies. Women's health is scaling from a small base into what we believe can become one of the most important programs we have ever built.

前方的機會非常龐大。隨著口服藥物、更廣泛的可及性，以及下一代療法的深厚研發管線，GLP-1治療正進入新階段。女性健康正從小規模基礎擴張，我們相信它有潛力成為我們迄今打造過最重要的計畫之一。

Rex MD continues to give us a large, engaged patient base and a trusted men's health brand. And across the company, AI, pharmacy, and insurance are becoming real levers for better care, stronger retention, and margin expansion.

Rex MD持續為我們帶來龐大且高度投入的病患基礎，以及值得信賴的男性健康品牌。而在全公司層面，AI、藥局與保險正成為提升照護品質、強化留存、以及擴大利潤率的真正槓桿。

We are not building a point solution. We are building a platform patients can come back to for more of their health care needs over time. That is what makes this business more durable, and that is what makes me so excited about the rest of 2026. I want to thank the LifeMD team for their continued execution and our shareholders for their support.

我們不是在打造單點解決方案。我們正在打造一個平台，讓病患能隨時間回到這裡，滿足更多醫療照護需求。這正是讓這門生意更具韌性的原因，也是讓我對2026年剩餘時間感到如此興奮的原因。我要感謝LifeMD團隊持續的執行力，也感謝股東們的支持。

With that, we'll open the call for questions. Operator?

接下來，我們開放提問。接線員？

(Operator Instructions) David Larsen, BTIG.

(接線員指示) David Larsen，BTIG。

Hi. Congratulations on the good start to the year. Can you talk a little bit about your relationship with Novo and also Lilly? Obviously, you guys were leaders in the industry with regards to partnering with the brand manufacturers as opposed to like continuing with a aggressive compound or GLP-1 effort. How are you making money with Novo and Lilly? How is the solid oral pill launch progressing? Just any more color there would be helpful. Thank you.

嗨。恭喜今年有個好的開局。你能談談你們與Novo以及Lilly的合作關係嗎？顯然，相較於持續採取更積極的複方或GLP-1策略，你們在與品牌製造商合作方面是業界領先者。你們如何透過Novo與Lilly賺錢？口服藥丸的上市進展如何？任何更多的補充說明都會很有幫助。謝謝。

Hi, Dave. Thanks for the question. This is Justin speaking. Yeah. Look, we -- I think we've commented extensively both in press releases and on calls like this about how important both of these relationships are to LifeMD. And look, I'd emphasize, as we've talked about a lot that they're -- we view them as very long-term collaborations.

嗨，Dave。謝謝你的問題。我是Justin。是的。你看，我想我們在新聞稿以及像這樣的電話會議中，都已經相當詳細地談過這兩段關係對LifeMD有多重要。而且我想強調，正如我們多次提到的，我們把它們視為非常長期的合作。

So relatively speaking, both of these things are pretty new, and we've been working through just a lot of the different strategies that we think are going to drive long-term patient growth and really help patients access these therapies.

相對而言，這兩項合作都還算新，我們一直在推進許多不同策略，我們認為這些策略將推動長期的病患成長，並真正幫助病患取得這些療法。

I can't really go into a lot more detail on either of the relationships, except what I will say is that -- I think that -- what I will say is that we've had really, really productive conversations with both of those companies about compliant ways that we can help more patients access these therapies.

我無法就任何一段合作關係透露更多細節；但我能說的是——我想我能說的是，我們與這兩家公司就合規的方式進行了非常、非常有成效的討論，以協助更多病患取得這些療法。

And those discussions are ongoing, and we're extremely optimistic that in the near term, being the next quarter or two, that at least one, if not both of those relationships will continue to evolve in a way that does help our overall unit economics for this business and helps us to enable more people to access these therapies.

而這些討論仍在進行中。我們非常樂觀地認為，在近期，也就是接下來一到兩個季度內，至少其中一段、甚至兩段合作關係都將以某種方式持續演進，進而改善我們這項業務的整體單位經濟效益，並幫助我們讓更多人能取得這些療法。

I also think it's worth pointing out that, again, both of these companies have next-generation therapies that are in the pipeline. And we're going to be a platform for products from those two companies, and we've already spoken to a number of other large pharma companies that have next-generation GLP-1 therapies. And we expect those therapies to be available in the LifeMD platform.

我也認為值得指出的是，同樣地，這兩家公司都有下一代療法在研發管線中。我們將成為這兩家公司產品的平台；而且我們也已與多家擁有下一代GLP-1療法的大型製藥公司進行交流。我們預期這些療法將可在LifeMD平台上提供。

So this is a long-term trend. I'll also emphasize that we spend a lot of time looking at the unit economics for the branded therapy business. We have some areas where unit economics are softer than we like, and we have some areas where unit economics are incredible.

因此，這是一個長期趨勢。我也要強調，我們投入大量時間檢視品牌療法業務的單位經濟效益。有些領域的單位經濟效益比我們希望的更疲弱，也有些領域的單位經濟效益非常出色。

One of the areas where unit economics are really strong is on the insurance side of the business when people are using their health insurance to subsidize the care component and even still paying cash for these medications.

其中一個單位經濟效益非常強的領域，是業務中的保險端：當人們使用其健康保險來補貼照護服務的部分，甚至仍以現金支付這些藥物時。

These unit economics look really, really outstanding, and there's a lot of demand. So I hope that, that answers your question. We are obviously under NDA with both of these companies. So we're limited with what we can say on an earnings call.

這些單位經濟效益看起來非常、非常亮眼，而且需求很大。所以我希望這回答了你的問題。我們顯然與這兩家公司都簽有NDA（保密協議）。因此在財報電話會議上，我們能說的內容有限。

Okay. Great. It sounds like your relationship with both Novo and Lilly are evolving, and you'll reach some an understanding that benefits both them and you and obviously, most importantly, the patients and the members that are benefiting from the medications.

好的。很好。聽起來你們與Novo和Lilly的合作關係都在演進，你們會達成一個對他們與你們都有利的共識，而當然最重要的是，對使用這些藥物而受益的病患與會員也有利。

Okay. And then can you maybe talk a little bit about the incremental marketing spend in 1Q? Obviously, that put a little bit of pressure on the EBITDA in the quarter. What is the nature of that incremental spend? Is it like just like Google Ads and online ads or something more than that?

好的。那你能否談談第一季增加的行銷支出？顯然這讓本季EBITDA承受了一些壓力。這些新增支出的性質是什麼？是像Google Ads和線上廣告之類，還是更多其他項目？

Yeah, Dave, this is Atul speaking. So look, we had, I think, the elevated marketing spend in the first quarter was actually very productive. And the various channels and the media buys were many of the same that we have used, and certainly, that includes Google Ads and some of the other more typical types of social media places where people are interested in starting to do research.

是的，Dave，我是Atul。你看，我認為第一季較高的行銷支出其實非常有成效。各種渠道與媒體採買多數都是我們過去使用過的，當然也包括Google Ads，以及其他一些較典型的社群媒體平台，因為人們會在那裡開始做研究。

The upshot, I would think, of the elevated spend is really just it was a tremendous opportunity to acquire customers at CPAs that were what I would call historically, well, at least for the last several quarters, it's really attractive CPAs. So we were able to add to the active base by almost 13% in the quarter.

我認為提高支出的主要成果在於：這是一個以我所稱的歷史水準——至少就過去幾個季度而言——非常具吸引力的CPA（每次獲客成本）來獲取客戶的絕佳機會。因此我們在本季將活躍用戶基礎增加了將近13%。

But also -- and almost equally important, we really added to our database, our pool of potential targets that we have the ability to market to going forward. So I think -- so in many respects, it was a broad-based general campaign or set of campaigns that I think really will be able to help the company going forward in year in the quarter and the next quarter and then beyond through the rest of the year.

但同時——而且幾乎同等重要的是——我們也大幅擴充了資料庫，也就是我們未來可持續行銷的潛在目標池。所以我認為——在許多方面，這是一個廣泛的整體行銷活動或一系列活動，我認為它確實能在今年接下來的季度、下一季度，乃至全年其餘時間持續幫助公司。

Okay. Congrats on a good quarter.

好的。恭喜有個不錯的季度。

Ryan Meyers, Lake Street Capital.

Ryan Meyers，Lake Street Capital。

So thinking about the 230 million or so lives you expect to have covered this month, what are you seeing so far in terms of conversion rates, retention, customer acquisition synergies that you're seeing from these insurance-supported programs so far?

那麼，談到你們預期本月將覆蓋約2.3億人，就目前為止，從這些保險支持的方案中，你們在轉換率、留存率、以及客戶獲取協同效應方面看到了什麼？

Yeah. This is Justin. I'll take a stab at that and then Atul can weigh in. The high level, we're seeing a considerable improvement in retention rates for insurance patients, which is one of the reasons that we're super optimistic. We're seeing a significant reduction in customer acquisition costs by as much as 50%.

是的。我是Justin。我先嘗試回答一下，然後Atul可以補充。從高層次來看，我們看到保險患者的留存率有顯著改善，這也是我們非常樂觀的原因之一。我們也看到客戶獲取成本顯著下降，降幅最高可達50%。

And we do expect that to go up a little bit as we scale these offerings. But in short, we're seeing a significant reduction in CAC and these patients are paying a much lower platform or membership fee to LifeMD than patients that are not using their insurance. And what we're seeing is at least a 10 point improvement in retention. Obviously, some of these cohorts are newer, but over the first 3 to 6 months, it's pretty meaningful. So we're getting less money.

而且隨著我們擴大這些產品/服務的規模，我們確實預期這個數字會略有回升。但簡而言之，我們看到CAC大幅下降，而且這些患者支付給LifeMD的平台費或會員費，遠低於未使用保險的患者。我們看到留存率至少提升了10個百分點。當然，其中一些隊列較新，但在最初3到6個月內，這個改善相當有意義。所以我們拿到的錢更少。

We're paying less for -- we're getting fewer dollars. We're spending less to acquire them. But overall, like we think that the unit economics profile of this patient is optimal to a self-pay patient.

我們支付得更少——我們收到的美元更少。我們獲取他們的成本也更低。但整體而言，我們認為這類患者的單位經濟性（unit economics）輪廓，相較於自費患者更為理想。

This is Atul. Let me just add one thing. I think one of the additional things that I was maybe a little bit surprised is for the patients that are coming through the flow, our order flow on the site, they have an opportunity to indicate if they're interested in insurance or not. And I anticipated there'd be a lot of interest in it. I didn't expect it would be in the 75% to 80% range.

我是Atul。我再補充一點。我覺得另外一件可能讓我有點意外的是，對於透過流程進來的患者，也就是我們網站上的下單流程，他們有機會勾選是否對保險有興趣。我原本預期會有很多人感興趣。但我沒想到會落在75%到80%的區間。

which just is a further indication that there's a lot of demand. And I think it points to where the business and the makeup of the patient population is going to go over the next quarters and the next few years. So we're really excited about this business.

這進一步顯示需求非常強勁。我認為這也指出了未來幾個季度以及未來幾年，業務走向與患者族群結構將如何演變。所以我們對這項業務非常興奮。

Okay. Got it. And then as we think about the year-over-year revenue, while you did come in ahead of expectations, it was a year-over-year decline. Can you just remind us if there's any dynamics in the first quarter of last year? And then how we should think about that and the potential impact during the second quarter of this year and how that relates to the guidance?

好的。了解。接著談到年對年營收，雖然你們的表現優於預期，但仍是年對年下滑。你們能否提醒我們，去年第一季是否有任何特殊動態？以及我們應該如何看待這點、今年第二季可能的影響，以及它與財測之間的關聯？

Yeah. And I'm glad you asked the question. So yes, absolutely. The first quarter of '25 had a heavy use of a compounded GLP-1. We have continued to migrate this business where we think the future is, is really around branded drugs.

是的。我很高興你問到這個問題。所以是的，完全沒錯。2025年第一季大量使用了複方（compounded）的GLP-1。我們持續把這塊業務遷移到我們認為的未來方向，也就是以品牌藥為主。

And that's really the delta that you're seeing. And so today, we have a different set of unit economics around there. We don't make as much. I think we've been pretty upfront about that. But we also do think that those are really exceptional patients, and they are just -- they simply have a meaningfully better retention.

而你看到的差異（delta）就是來自這裡。因此今天我們在那部分有一套不同的單位經濟性。我們賺得沒那麼多。我想我們一直都很坦白地說明這點。但我們也確實認為那些是非常優質的患者，而且他們——他們的留存率確實明顯更好。

So we think that that's the right direction for the business. But that's really what's causing it. It's really simply the change in the product mix.

所以我們認為這是業務正確的方向。但造成這個現象的原因就是如此。本質上就是產品組合的變化。

Sarah James, Cantor Fitzgerald.

Sarah James，Cantor Fitzgerald。

This is Gabie on for Sarah. Could you help us get a little bit more comfortable with the second quarter to third quarter EBITDA ramp and maybe expand on what initiatives are kicking in? Maybe the second quarter EBITDA was just slightly softer than we had modeled. So just any additional color there would be great.

我是代替Sarah出席的Gabie。你們能否幫助我們更有把握地理解第二季到第三季EBITDA的爬坡（ramp），並且多談一些有哪些措施開始發揮作用？也許第二季EBITDA比我們模型預估的稍微弱一些。所以如果能提供任何額外說明就太好了。

Yeah. So this is Atul speaking. Nice to meet you, Gabie. Let me try to paint a picture for the -- maybe for the full year in the third quarter for sure, second to third quarter for sure. But going forward, we are really embarking.

好的。我是Atul。很高興認識你，Gabie。我試著描繪一下——也許是全年、當然也包括第三季，以及第二季到第三季的情況。但往前看，我們確實正在大力推進。

I think we are getting a lot of momentum behind the insurance business. This is a part of our business that I think is going to be really big, as I was just mentioning, the CPAs, as Justin said, were really attractive. We see that being a more and more important part of the revenue growth story, and we see that as an opportunity to strategically capture some of the better quality patients.

我認為我們在保險業務上正累積很強的動能。這是我們業務中我認為會變得非常龐大的一部分；正如我剛才提到的，CPA（每次獲客成本/每次獲取成本），如Justin所說，非常有吸引力。我們看到它將成為營收成長故事中越來越重要的一環，也把它視為一個策略性機會，用來捕捉一些品質更好的患者。

We see that really ramping up in the second half. We've made a lot of technical improvements in the platform, and I can talk more about that later, if you'd like. But we've made a lot of improvements. We are significantly expanding. In fact, I think next week, we're planning to expand to, I think it's 147 additional plants.

我們預期這在下半年會明顯加速。我們在平台上做了許多技術改進，如果你願意，我稍後也可以多談。但我們確實做了很多改善。我們正在大幅擴張。事實上，我想下週我們計畫擴展到——我記得是新增147家合作藥局（plants）。

That is going to be a big part of the story in the second half of the year. Other parts of it is really around enhanced economics. I think Justin alluded to that a little bit.

這將是今年下半年故事中的重要部分。其他部分則主要圍繞在經濟性提升。我想Justin剛才也稍微提到了一點。

I think those are things that we are also expecting. Those are things that affect -- directly affect and impact and improve the revenue as well as the EBITDA. The way our accounting works is that's essentially incremental revenue, so it hits both revenue and EBITDA. It's a very big opportunity for us. And there's more to come on that, not necessarily for today.

我認為這些也是我們所預期的。這些事情會——直接影響、推動並改善營收以及EBITDA。依照我們的會計處理方式，這基本上屬於增量營收，因此會同時反映在營收與EBITDA上。這對我們而言是非常大的機會。而關於這點後續還會有更多內容，但不一定是今天要談的。

There's other areas that are not really -- haven't really been a big focus, and there's a couple of reasons for it, mostly technical in nature, but what we call cross-care. So think of a lot of our patients that may be on GLP-1 drugs today that may have the right circumstances or might be interested in other products that we sell, whether it be ED medications, sleep medications, so on and so forth.

還有一些領域其實——過去並不是重點，原因有幾個，多半是技術層面的；我們稱之為cross-care（交叉照護）。也就是說，想像一下我們許多目前可能在使用GLP-1藥物的患者，在合適的情況下，可能也會對我們銷售的其他產品有興趣，例如ED用藥、睡眠用藥等等。

That's a big opportunity that, again, for technical reasons that have recently been solved or are about to get solved, really opens up a new opportunity for us to generate revenue that hasn't been there in the past. And so those are really important revenue drivers.

這是一個很大的機會；同樣地，因為一些技術原因，這些問題最近已被解決或即將解決，這就為我們打開了一個新的機會，去創造過去不存在的營收。因此這些都是非常重要的營收驅動因素。

On the cost side of the equation, and you'll start to see this in the second quarter, third quarter, fourth quarter as well, but it's certainly going to be a front-loaded first half of marketing spend. So as you can see the numbers. In the second quarter, we're expecting somewhere in the vicinity, don't hold us strictly to this, but in the $26 million to $27 million of marketing spend.

在成本面，你們會在第二季、第三季、第四季開始看到這點，但行銷支出在上半年會明顯前置（front-loaded）。所以如你們從數字所見。在第二季，我們預期行銷支出大約在2,600萬到2,700萬美元附近——但請不要把這個數字視為我們的嚴格承諾。

So I think that the marketing dollars are definitely going to come down. And in the back half of the year between the two quarters, and we will make determinations as to how and when to spend that. But we're -- we're penciling in in the $42 million to $44 million range of marketing spend in the back half. So from first half to second half, that does come down quite a bit.

所以我認為行銷費用肯定會下降。而在下半年兩個季度之間，我們會決定如何以及何時投入這些費用。但我們目前估算下半年行銷支出約在4,200萬到4,400萬美元的區間。因此從上半年到下半年，確實會下降不少。

And then -- and I know we've talked about it, but some of the cost efficiencies that we've been working on, and you've seen some of that. If you look at the SG&A we just reported in Q1 and you compare that to Q4, I mean, as a percentage of revenue, that's come down quite some bit over 200 basis points.

然後——我知道我們之前談過——我們一直在推動的一些成本效率，你們也已經看到其中一部分。如果你看我們剛在第一季（Q1）公布的 SG&A，並把它和第四季（Q4）相比，作為營收的百分比來看，已經下降了不少，超過 200 個基點。

Going forward, we will see more of those types of things. And it's not just simply going to be SG&A. It's going to be on the -- affecting the gross margin, things like shipping costs, all those provider efficiencies, fulfillment costs, all of those things that hit across the P&L. We'll see more of that in the second half of the year. And that's what gives us a lot of comfort.

展望未來，我們會看到更多這類事情。而且不會只是 SG&A。它也會反映在——影響毛利率的項目上，例如運輸成本、各種供應商效率、履約成本，以及所有這些在損益表（P&L）各處產生影響的項目。我們會在今年下半年看到更多。這也是讓我們非常安心的原因。

As you can imagine, I probably spent a lot of time on that over the last couple of weeks. And so that's been an area that I think I'm feeling pretty good about. And I think you'll see that unroll, and we'll talk more about that in the coming quarters.

如你所想像的，過去幾週我大概花了很多時間在這上面。所以這一直是我覺得相當有把握的一個領域。我想你們會看到它逐步展開，我們也會在接下來幾個季度談更多。

Okay. Great. That was all super helpful. And then if I could just squeeze in one more. The CMS Bridge program was extended through 2027.

好的。太好了。這些都非常有幫助。然後如果我可以再塞一個問題。CMS Bridge 計畫已延長至 2027 年。

How does that impact you guys? Does that give you a more positive outlook on your contribution to that program? Or what's the right read-through?

這對你們有什麼影響？這是否讓你們對於在該計畫中的貢獻有更正面的展望？或者正確的解讀是什麼？

Yeah. This is Justin. We're very excited about Medicare beneficiaries having access to GLP-1 medications. As most people listening to this call know, we've put an enormous amount of energy into building a 50-state Medicare program. It's working.

是的。我是 Justin。我們對於 Medicare 受益人能夠取得 GLP-1 藥物感到非常振奮。如同多數收聽這通電話的人所知，我們投入了大量心力來建立一個涵蓋 50 州的 Medicare 計畫。而且它正在運作。

We're turning it on for -- we've already -- it already is on in some states for weight management. We're turning it on for women's health in the next couple of weeks. And we are thinking through the right strategy for patients, Medicare beneficiaries using Bridge. So I'm excited about it. There's still some details to work out, but we haven't built this into our model.

我們正在啟用——我們已經——在某些州，針對體重管理其實已經啟用了。我們會在接下來幾週為女性健康啟用。同時我們也在思考，對於使用 Bridge 的病患、Medicare 受益人，應採取什麼樣的正確策略。所以我很興奮。仍有一些細節需要釐清，但我們尚未把這納入我們的模型。

But I'm really excited about it. We're working with outside counsel right now on a lot of the particulars. And if it works the way I think the way -- if it all works the way I think it's going to work, I think it's going to be a really, really big opportunity for us in the back half of the year and more importantly, help a lot of Medicare beneficiaries access these medications affordably.

但我真的很興奮。我們目前正與外部法律顧問合作，處理許多具體細節。如果它的運作方式如我所想——如果一切都能如我預期地運作——我認為這在今年下半年對我們會是一個非常、非常大的機會；更重要的是，能幫助許多 Medicare 受益人以可負擔的方式取得這些藥物。

Steven Valiquette, Mizuho Securities.

Steven Valiquette，瑞穗證券（Mizuho Securities）。

I guess one or two. First, it's obviously pretty early days on Foundayo, but curious just to get your thoughts on the uptake so far. Maybe just to set the stage on that, at a national level, investors are trying to compare the week-by-week launch of Foundayo with the comparable week post the launch of oral Wegovy earlier this year.

我想問一兩個問題。首先，Foundayo 顯然還在非常早期的階段，但想聽聽你對目前採用情況的看法。也許先鋪陳一下，在全國層面，投資人正試著把 Foundayo 的逐週上市表現，與今年稍早口服 Wegovy 上市後相同週數的表現做比較。

And so far, the uptake of Foundayo, at least nationally is trailing the initial oral Wegovy uptake. So I'm wondering, are you seeing that same trend within your own platform, if you are close to the numbers and tracking it that way? And if so, just curious to what you think is driving that. So I'll start with that question.

到目前為止，至少在全國層面，Foundayo 的採用速度落後於口服 Wegovy 初期的採用速度。所以我想問的是，在你們自家平台內部，如果你們有密切看數據並以這種方式追蹤，你們是否也看到同樣的趨勢？如果是的話，也想了解你認為背後的驅動因素是什麼。我先從這個問題開始。

Sure. This is Justin. I know this isn't the answer you're looking for, but I want to be a good collaborator to both of these companies. And I don't think it's appropriate for us to comment on traction, specific traction of one therapy versus another on our platform. Like what I'll say is that we have Foundayo -- we do have Foundayo live, and we have a lot of patients choosing both Foundayo and Wegovy pill.

當然。我是 Justin。我知道這不是你想要的答案，但我希望能成為這兩家公司良好的合作夥伴。我認為我們不適合評論在我們平台上某一種療法相對於另一種療法的具體動能、具體牽引力。我能說的是，我們確實已經上線 Foundayo，而且有很多病患同時選擇 Foundayo 與 Wegovy 口服錠。

And so look, it does seem like Wegovy pill has more awareness out there in the space. And maybe that's partly why it is still slightly more popular than Foundayo on our platform. But we don't want to get too much into specifics.

所以你看，Wegovy 口服錠在市場上的知名度似乎更高。也許部分原因是這樣，所以在我們平台上它目前仍比 Foundayo 稍微更受歡迎。但我們不想深入到太多細節。

Okay. That's fair. I appreciate that. So second question then, I'll try to ask it maybe a little more high level then is that one of those two manufacturers did make a comment on one of their most recent earnings calls that roughly 55% of their new patient starts are cash pay customers, which I thought would have been pretty positive for you.

好的。這很合理。我理解，也謝謝你。那第二個問題，我試著用更高層次的方式問：其中一家製造商在最近一次財報電話會議上提到，他們約 55% 的新病患起始用藥是自費（cash pay）客戶，我原本覺得這對你們應該是相當正面的。

So I guess my -- the question I'll ask in relation to that is, yes, I would have thought maybe your 2Q revenue guidance would be just a little bit stronger sequentially versus 1Q just because of that backdrop. So -- and I know in your comments, you talked about 2Q that the evolution of the shift of patients off the compounded drugs and more to brands is still taking shape in 2Q. But I'm just trying to unpack that a little bit more.

所以我想——我在這裡要問的問題是：在那樣的背景下，我原本以為你們第二季（2Q）的營收指引，較第一季（1Q）在季比上應該會再強一點。所以——我也知道你們在評論中提到，第二季病患從複方藥（compounded drugs）轉移到品牌藥的演變仍在成形中。但我想更進一步拆解一下。

Is there something about the falloff on the compounded patients will be a little more rapid in 2Q versus 1Q for whatever reason? Or is there still something that's holding back the brand uptake versus maybe what some of us thought it might be on your platform in 2Q, especially with one of these orals just launching very recently. Hopefully, that question makes sense.

是否因為某些原因，第二季複方病患的流失會比第一季更快？或者是否仍有某些因素在抑制品牌藥的採用，導致它在你們平台上第二季的表現不如我們部分人原先預期，尤其是其中一款口服藥才剛在近期上市。希望這個問題表達得清楚。

Yeah. Thanks, Steve. There's a lot in there. So let me try to remember. I mean, so first of all, the demand for oral therapies is still very, very strong, right? It's actually surprised me at how strong the demand is for oral therapies. So I also think that the success of these self-pay programs has surprised everybody.

是的。謝謝你，Steve。裡面有很多內容。我試著回想一下。首先，口服療法的需求仍然非常、非常強，對吧？坦白說，口服療法的需求之強讓我感到意外。我也認為，這些自費計畫的成功程度讓所有人都很驚訝。

And I obviously can't and won't speak for Lilly or Novo, but I think that everybody is pretty surprised at how successful these programs are. I think payers are probably surprised as well. And so I think that -- look, I mean, when we built LifeMD, the initial vision that Stefan and I had for this platform was to build something to help patients access branded medications. It was to do the types of collaborations that we've done with Lilly and Novo.

我當然不能、也不會替 Lilly 或 Novo 發言，但我想大家都對這些計畫的成功感到相當意外。我認為付款方（payers）可能也很驚訝。所以我認為——你看，當我們打造 LifeMD 時，Stefan 和我對這個平台最初的願景，就是建立一個能幫助病患取得品牌藥的東西。也就是去做我們與 Lilly 和 Novo 所做的這類合作。

And I think the fact that they broke the ice in a sense for the rest of the industry and LifeMD has had the privilege of collaborating with both of these companies is an incredible thing. As I think I've emphasized publicly on many different occasions. We've got a number of other really respectable large pharma companies that have come to us and are interested in collaborations some of which are -- could be very transformational for our business.

而且我認為，他們在某種意義上為整個產業「破冰」，而 LifeMD 有幸能與這兩家公司合作，這是一件非常了不起的事。正如我在許多不同場合公開強調過的。我們也有一些其他非常值得尊敬的大型製藥公司主動找上我們，對合作有興趣，其中有些合作——可能會對我們的業務帶來非常具轉型性的影響。

And look, the fact that payers -- by the way, the fact that -- I mean, one of the things that I found most interesting over the last couple of months is that coverage actually appears to be slightly declining for some of these GLP-1 medications because of the success of the self-pay programs, which, by the way, that's certainly a tailwind for a platform like LifeMD that has -- that essentially facilitates these direct-to-patient programs.

另外，付款方——順帶一提，過去幾個月我覺得最有意思的一件事是：由於自費計畫的成功，某些 GLP-1 藥物的保險給付覆蓋率看起來反而略有下降；而且順帶一提，這對像 LifeMD 這樣的平台——本質上促成這些直接面向病患（direct-to-patient）計畫的平台——無疑是一股順風。

And so -- and remember, like LifeMD can support self-pay and insurance both on the pharmacy and the care side. So I think we're in a great spot. And it's genuine what I said on the call, that because of all of these tailwinds that we're seeing right now, I'm really excited about the trajectory of the business.

因此——而且請記得，LifeMD 在藥局端與醫療照護端都能同時支援自費與保險。所以我認為我們處於非常有利的位置。而且我在電話會議上所說的確實是真心的：由於我們目前看到的所有這些順風因素，我對業務的發展軌跡感到非常興奮。

On the softness like in Q2 revenue, just to reiterate what Atul said, I mean, our revenue just has -- it's changed a little bit, right? It's part of like the transformation that the company is going through. It's part of our focus on quality revenue.

關於第二季營收的些許疲軟，重申 Atul 所說的，我們的營收確實——有一點變化，對吧？這是公司正在進行的轉型的一部分。這也是我們聚焦於高品質營收的一部分。

And we're charging less for some of these -- some of the services that we're offering like weight management -- I'm sorry, like women's health. It's more of an à la carte model. Same with weight management. If you look at the insurance population, they're paying less. We're building their insurance.

而且我們對於部分——我們提供的一些服務收費更低，例如體重管理——抱歉，是像女性健康。這更像是單點選購（à la carte）的模式。體重管理也是一樣。如果你看保險人群，他們支付得更少。我們在向他們的保險進行請款。

We're still working out some of the kinks with our RCM processes as well. But like we're patient, like we're not trying to build something here and get as much revenue as we can upfront. Like we want to build -- we want to offer services and products that have strong retention, have a strong value proposition associated with them and are awesome for patients. And so that's the reason why there's a little bit of softness there. But we're super confident in the back half of the year.

我們也仍在解決我們 RCM（收入循環管理）流程中的一些問題。但我們很有耐心，我們不是想在這裡建一個東西，然後盡可能在一開始就把營收做大。我們想打造——我們想提供具備高留存、具備強價值主張、且對病患非常棒的服務與產品。所以這就是為什麼會有一點疲軟。但我們對今年下半年非常有信心。

Steve Dechert, KeyBanc.

Steve Dechert，KeyBanc。

I was hoping you could give some outlook on the cadence of weight management subscribers through the rest of the year. And then could you talk more about the opportunity with self-insured employers and what you think the upside could be there?

我希望你們能就今年剩餘時間體重管理訂閱者的增長節奏提供一些展望。另外，你們能否多談談自保型雇主（self-insured employers）的機會，以及你們認為那裡的上行空間可能有多大？

Yeah. So this is Atul speaking. So I think the cadence going forward is -- in the first quarter was very strong. We will probably see a similar growth pattern going forward through the year. I think there may be ebbs and flows in quarter-to-quarter.

好的。我是 Atul。我認為接下來的節奏是——第一季非常強勁。我們可能會在今年接下來的時間看到類似的成長模式。我認為各季度之間可能會有起伏。

But over the course of the year, we still see fundamentally, these are very strong tailwinds. We have a very large group and -- of patients that we can market to that we have touched. They've reached out to us before. We have an opportunity to convert them again. And so we feel pretty good about maintaining a pretty consistent level.

但從全年來看，我們仍然從根本上認為這些順風因素非常強。我們有一個非常龐大的病患群——我們可以對其進行行銷，而且我們之前已經接觸過他們。他們以前曾聯繫過我們。我們有機會再次把他們轉化回來。因此我們對維持相當一致的水準感覺很好。

And look, we're going to do everything we can to, in fact, accelerate it, particularly with the insurance offering and opening ourselves up to those patients, notwithstanding some of the challenges that some of the managed care programs and plans have had around covering this, there still are a lot that will.

而且你看，我們會盡一切努力去加速，特別是透過保險方案，向那些病患開放；儘管某些管理式醫療（managed care）計畫與保險方案在承保這類療法上遇到一些挑戰，但仍然有很多會承保。

And as someone was asking earlier about the Bridge program, those are big opportunities for us to grow and maybe even accelerate penetration and patient counts in the GLP-1. But maybe I'll turn it over to Justin for the other question.

另外，先前有人問到 Bridge 計畫，這些對我們而言都是很大的機會，能夠成長，甚至可能加速在 GLP-1 上的滲透率與病患數。不過另一個問題我可能交給 Justin 來回答。

Steve, I'll just add, I dedicated a lot of time in the shareholder letter to talking about the revenue streams that are essentially going to be a part of LifeMD's future that we're growing into over the course of the next year. And I mean, we talked about one of the areas that we focused on is obviously revenue streams from pharmaceutical collaborations.

Steve，我補充一下，我在致股東信中花了很多篇幅談到，未來一年內我們將逐步培育、並將成為 LifeMD 未來一部分的各項營收來源。我們提到其中一個重點領域，顯然就是來自製藥合作的營收來源。

We think that's going to be meaningful. We think that we have a deep pipeline right now of pretty big partnerships, so which is very similar to enterprise revenue, right? It's essentially a large partnership -- large partners of ours that are effectively offering our services to their customer base or to their membership. We're really excited about those.

我們認為那會很有意義。我們認為目前有一個很深的合作管線，包含一些相當大型的合作夥伴關係，這其實非常類似企業端營收（enterprise revenue），對吧？本質上就是大型合作——我們的大型合作夥伴，實際上把我們的服務提供給他們的客戶群或會員。我們對此非常興奮。

And we have some of those in place now, but there are some other very significant ones in the pipeline and we expect to continue to develop that pipeline. We also -- we do have -- we do think the employer opportunity is pretty big, and we're working on some programs right now for employers. There's a lot of interest there.

我們現在已經有一些這類合作在進行，但管線中還有其他非常重要的合作，我們也預期會持續拓展這條管線。另外——我們確實——我們也認為雇主端的機會相當大，我們目前正在為雇主開發一些方案。那裡有很多興趣。

Quite frankly, there's a tremendous amount of interest from the pharma channel and from the strategic partner channel. And because of that interest, we've been deprioritizing the programs for employers. But it's certainly in the plans, and we understand the -- we understand like the attractiveness of that revenue, obviously.

坦白說，來自製藥通路以及策略合作夥伴通路的興趣非常高。也因為這樣的興趣，我們一直在降低雇主方案的優先順序。但這當然仍在規劃之中，而且我們也理解——我們也理解那類營收的吸引力，顯然。

Great. Thanks, guys.

很好。謝謝，各位。

Yi Chen, H.C. Wainwright.

Yi Chen，H.C. Wainwright。

Hey. This is Katie on for Yi. Looking at the FDA's proposal to exclude semaglutide and that drug from the bulk list. Your shift to branded drugs puts you ahead of that a little bit. How should we think about where you guys stand and how this could play out, whether it goes either way?

嗨。我是 Katie，代 Yi 發問。關於 FDA 提議將司美格魯肽（semaglutide）及該藥物排除在散裝清單（bulk list）之外。你們轉向品牌藥，讓你們在這方面稍微領先一步。我們應該如何看待你們目前所處的位置，以及這件事可能如何發展——不論最後結果是哪一種？

And then as a follow-up, what is your prescriber documentation framework for that individualized medical necessity standard? And have you guys talked to the FDA about that at all?

接著追問，你們針對「個別化醫療必要性」標準的開立者（prescriber）文件框架是什麼？你們有就此與 FDA 溝通過嗎？

Hi. This is Justin. Thanks for the question. The changes to the bulk drug list have zero impact on the business, completely irrelevant to us. We don't compound these medications. We have some patients that are still on a personalized compound for third-party pharmacies.

嗨。我是 Justin。謝謝你的問題。散裝藥品清單的變更對我們的業務沒有任何影響，與我們完全無關。我們不做這些藥物的配製（compounding）。我們有一些病患仍在使用由第三方藥局提供的個人化配製處方。

As far as -- look, again, this is not something that we really spend much time on because of the overwhelming focus of helping patients access branded therapies. But I'm sure that all of our provider documentation is best-in-class.

至於——你看，再次強調，因為我們的重點絕大部分都放在協助病患取得品牌療法，所以這不是我們真正花很多時間在關注的事情。但我可以確定，我們所有的醫療提供者文件都是業界最佳水準。

Does that answer your question?

這樣有回答到你的問題嗎？

Okay. Maybe we lost Katie. Operator, maybe we can go to --

好的。也許我們跟 Katie 斷線了。接線員，也許我們可以轉到--

Thank you.

謝謝。

Okay. Thank you. This concludes our question-and-answer session. I would like to turn the conference back over to Justin for any closing remarks.

好的。謝謝。我們的問答環節到此結束。我想把電話會議交回給 Justin，請他做任何結語。

I just want to say thank you, everybody, for your time and for tuning in for our earnings call. We look forward to talking to you next quarter, and I hope everybody has a good evening. Thanks.

我只想說，謝謝各位撥冗，以及收聽我們的財報電話會議。我們期待在下個季度再與各位交流，也希望大家今晚愉快。謝謝。

Thank you. The conference has now concluded. Thank you for attending today's presentation. You may now disconnect.

謝謝。本次電話會議已結束。感謝各位參加今天的簡報。您現在可以掛線。