LifeMD Inc (LFMD) 2026 Q2 法說會逐字稿

Good afternoon, and thank you for joining us today to discuss LifeMD results for the second quarter ending June 30, 2026. Joining the call today are Justin Schreiber, Chairman and Chief Executive Officer and Atul Kavthekar, Chief Financial Officer. Following management's prepared remarks, we will open the call for a question-and-answer session.

下午好，感謝各位今天加入我們，一同討論 LifeMD 截至 2026 年 6 月 30 日止第二季的業績結果。今天參與電話會議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結束後，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 in other filings Life NV 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；此類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或推估結果出現重大差異。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 Life NV 不時向美國證券交易委員會（SEC）提交的其他文件中加以說明。

Forward-looking statements made during this call are based on information available to the company as of today, August 5, 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公司截至今日（2026 年 8 月 5 日）可得之資訊。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之義務。法律另有規定者除外。

Management will also discuss certain non-GAAP financial measures that the company believes are useful in evaluating its performance. Reconciliation to the most comparable GAAP measures can be found in the press release issued earlier today.

管理層亦將討論若干非 GAAP 財務衡量指標，公司認為這些指標有助於評估其營運表現。與最可比 GAAP 指標之調節表可見於公司今日稍早發布的新聞稿。

(Operator Instructions)

（接線員指示）

Now I would like to turn the call. Over to LifeMD Chairman and Chief Executive Officer, Justin Schreiber. Justin.

現在我想把電話會議交給。LifeMD 董事長兼執行長 Justin Schreiber。Justin。

Thank you, operator, and good afternoon, everyone.

謝謝接線員，大家下午好。

After the market closed today, we issued our second quarter earnings release and filed our Form 10-Q. We have also posted an updated investor presentation on our Investor Relations website. I encourage everyone to review those materials.

今天收盤後，我們發布了第二季財報新聞稿並提交了 10-Q 表格。我們也在投資人關係網站上更新並發布了最新的投資人簡報。我鼓勵各位查閱這些資料。

I want to begin by addressing the quarter directly. Revenue was $47.3 million within the guidance range we provided. Adjusted EBITDA was a loss of approximately $3.5 million, reflecting elevated customer acquisition costs earlier in the quarter and a new $39 introductory offer. While elevated media costs were transient and adjusted EBITDA improved throughout the quarter, we missed our own target, and I want to be direct about why.

我想先直接談談本季表現。營收為 4,730 萬美元，落在我們提供的財測區間內。調整後 EBITDA 約虧損 350 萬美元，反映本季前段客戶取得成本偏高，以及新推出的 39 美元入門優惠方案。雖然偏高的媒體成本屬短暫現象，且調整後 EBITDA 在本季期間持續改善，但我們未達成自身目標，我想坦率說明原因。

This quarter, we restructured our customer acquisition model. We transformed our leadership team. We advanced our transition toward branded GLP-1 therapies and longer duration members. We launched an important pharmaceutical collaboration with Halazyme. We continue to scale our pharmacy, women's health, insurance, Medicare, enterprise and technology capabilities and we took tangible steps to reduce our reliance on paid media as the principal engine of growth.

本季我們重整了客戶取得模式。我們改造了領導團隊。我們推進向品牌化 GLP-1 療法與更長療程會員的轉型。我們與 Halazyme 啟動了一項重要的製藥合作。我們持續擴大藥局、女性健康、保險、Medicare、企業與科技能力，並採取具體措施降低對付費媒體作為主要成長引擎的依賴。

We knew these changes would carry near-term cost. What we underestimated was the near-term pressure of those changes on profitability and that is a myth we own. I have said before that our model is simple, quality care, quality products and quality revenue. Our objective is not merely to grow, it is to build a healthcare and pharmacy business that generates increasing profits from a base of long-term patient relationships, one that benefits both our patients and our shareholders.

我們知道這些變革在短期內會帶來成本。我們低估的是，這些變革在短期內對獲利能力造成的壓力，而這是我們必須承擔的失誤。我之前說過，我們的模式很簡單：優質照護、優質產品與優質營收。我們的目標不僅是成長，而是打造一個以長期病患關係為基礎、能夠產生持續增加利潤的醫療與藥局事業，讓病患與股東都能受益。

That standard drove our decisions in the second quarter and it is the lens through which I will discuss this today. Before I do that, I want to explain the strategic choice underneath these numbers because it accounts for both the near-term pressure and how we expect the business to evolve and grow from here.

這項標準驅動了我們在第二季的決策，也是我今天討論的視角。在進一步說明之前，我想解釋這些數字背後的策略選擇，因為它同時說明了短期壓力，以及我們預期公司未來將如何演進與成長。

There is a well-worn playbook for growing a direct-to-consumer healthcare company quickly. Chase the lowest price medication, maximize promotional volume, concentrate spend on a single advertising channel and optimize for immediate cash collection.

市場上有一套被反覆使用、用以快速擴張直面消費者（DTC）醫療保健公司的「標準劇本」。追逐最低價藥品、最大化促銷量、將支出集中在單一廣告渠道，並以立即收現為最佳化目標。

That approach can produce attractive results for a period of time, but it also produces shallow patient relationships, volatile acquisition economics, regulatory exposure, and revenue that must constantly be replaced. We are deliberately not running that playbook. We are building for the patients who use LifeMD for more of their healthcare over time, not as a website they visit for a single prescription.

這種做法在一段時間內可能產生亮眼成果，但也會造成病患關係薄弱、獲客經濟性波動、法規風險暴露，以及必須不斷補充替換的營收。我們刻意不採用那套劇本。我們要打造的是：讓病患隨時間在 LifeMD 使用更多醫療服務，而不是只為了一張處方而造訪一次的網站。

In practice, This means employing and trading high-quality affiliated providers, supporting patients between visits, integrating labs and pharmacy, expanding insurance access, and building programs that address multiple related conditions across a patient's life. When we do that well, it shows up in the numbers. Patients stay longer, engage with more of the platform, and refer friends and family.

在實務上，這代表聘用並與高品質的合作醫療提供者合作、在就診之間持續支持病患、整合檢驗與藥局、擴大保險可及性，並建立能在病患一生中涵蓋多項相關病症的方案。當我們把這些事情做得好，就會反映在數字上。病患留存更久、使用平台的服務更多，並轉介親友。

Pharmacy attachment increases and retention improves. This generates revenue that recurs instead of needing to be reacquired. That is what we mean by quality revenue. This quarter gives specific evidence that the model is working as designed.

藥局綁定率提升，留存率也改善。這會帶來可重複發生的營收，而不是必須重新獲取的營收。這就是我們所說的優質營收。本季提供了具體證據，證明該模式正如設計般運作。

Recurring rebuild revenue represented approximately 84% of total revenue. That installed base is increasingly the economic engine of LifeMD. It generates high contribution margin revenue, funds continued patient acquisition and product investment and gives us a foundation on which to build new care and pharmacy offerings. Our gross margin also expanded to approximately 89% and gross profit was essentially flat despite lower year-over-year revenue. This is important because it demonstrates that the composition and economics for the business are improving beneath the headline numbers. We also followed through on the expense actions discussed last quarter. Advertising and marketing declined by approximately $1.8 million sequentially and G&A declined by approximately $1.5 million. Those reductions began to show up progressively during the quarter and we expect the benefits to become more visible in the second-half.

經常性重建營收約占總營收的 84%。這個既有客群基礎正日益成為 LifeMD 的經濟引擎。它帶來高貢獻毛利的營收，支撐持續的病患獲取與產品投資，並為我們推出新的照護與藥局服務提供基礎。我們的毛利率亦擴大至約 89%，儘管年對年營收下降，毛利基本持平。這點很重要，因為它顯示在表面數字之下，公司的業務組合與經濟性正在改善。我們也落實了上季所討論的費用措施。廣告與行銷費用較前一季約減少 180 萬美元，管理費用（G&A）較前一季約減少 150 萬美元。這些削減在本季期間逐步顯現，我們預期其效益在下半年會更為明顯。

So the way to read the quarter is this. The bottom line missed of the drivers have determined future profitability, recurring revenue mix, gross margin and operating costs, each moved in the right direction. With that context, I want to walk through the most important decisions we made this quarter and what they mean for the business from here. First, the most important strategic transition we made this quarter is how we acquire and retain patients. Paid search and digital media built this company and they will remain valuable channels. We have deep expertise in performance marketing and we continue to see attractive returns when we deploy capital selectively. But auction pricing in those channels is outside our control. We saw this early in the quarter and no durable healthcare platform should have to purchase substantially all of its growth at whatever price the media market sets. So we are shifting the mix.

因此，解讀本季的方式如下。雖然最終損益未達預期，但決定未來獲利能力的驅動因素——經常性營收占比、毛利率與營運成本——都朝正確方向發展。在此背景下，我想帶各位回顧我們本季做出的最重要決策，以及它們對未來業務的意義。首先，本季我們最重要的策略轉型，是我們如何獲取並留住病患。付費搜尋與數位媒體打造了這家公司，未來仍將是有價值的渠道。我們在成效型行銷方面具備深厚專業，當我們選擇性投入資本時，仍持續看到具吸引力的回報。但這些渠道的競價定價不在我們控制之內。我們在本季初就看到了這點，而任何具持久性的醫療平台都不應被迫以媒體市場所設定的任何價格，去購買幾乎全部的成長。因此，我們正在調整渠道組合。

Over time, we expect a larger share of demand to come from channels we do not want to bid for, including pharmaceutical manufacturers, employers, insurers, Medicare, national strategic partners, patient referrals, and cross-care offerings to our existing population. This shift is already underway.

隨著時間推移，我們預期需求中更大比例將來自我們不希望競價投放的渠道，包括製藥廠商、雇主、保險公司、Medicare、全國性策略合作夥伴、病患轉介，以及對我們既有族群的跨照護服務。這項轉變已經在進行中。

The Zyisted collaboration reflects how pharmaceutical manufacturers are beginning to use LifeMD as infrastructure. We combine national patient acquisition, affiliated clinical care, benefits navigation, pharmacy fulfillment, and ongoing patient support in a single platform. Employers are looking to us to provide high-quality specialty care with transparent economics. Insurance allows patients to use benefits they already value, and each additional service we make available to an existing patient gives us an opportunity to grow without paying to reacquire that relationship from scratch. I want to be realistic about pace. Paid media will remain our largest acquisition channel in the near term, and these alternative channels build gradually.

Zyisted 的合作反映出製藥廠商正開始將 LifeMD 作為基礎設施來使用。我們在單一平台中整合全國性病患獲取、合作臨床照護、福利導引、藥局履約，以及持續的病患支持。雇主正尋求我們提供高品質的專科照護，並具備透明的經濟效益。保險讓病患能使用他們已重視的福利，而我們為既有病患新增的每一項服務，都讓我們有機會在不必從零開始付費重新獲取該關係的情況下成長。我希望對推進速度保持務實。在短期內，付費媒體仍將是我們最大的獲客渠道，而這些替代渠道會逐步建立。

But the acquisition pressure we experienced early in the quarter reinforced the importance of moving faster in this direction. Early results support that decision. Since mid-June, acquisition costs have moderated across the business, and the unit economics in RexMD are among the strongest we have seen in a long time. In our weight management business, recent customer acquisition costs are approximately 50% lower than their peak in June of this year. We will continue to use paid media, but selectively and only where the returns justify it. Our goal is not to eliminate performance marketing, it is to surround it with multiple additional demand channels so that growth becomes more diversified, less volatile and more valuable.

但我們在本季初期所經歷的獲客壓力，強化了我們必須更快朝這個方向前進的重要性。初步結果支持這項決策。自 6 月中旬以來，全公司範圍的獲客成本已趨於緩和，而 RexMD 的單位經濟效益是我們長期以來所見最強勁之一。在體重管理業務方面，近期客戶獲取成本約較今年 6 月的高峰低 50%。我們將持續使用付費媒體，但會更有選擇性，且僅在回報足以支撐時才投入。我們的目標不是消除績效行銷，而是以多個額外的需求渠道包圍它，使成長更為多元、波動更小且更具價值。

Now I will turn to our weight management business. Weight management remains one of the largest opportunities in healthcare and one of the most important businesses inside LifeMD. The second quarter was highly competitive, particularly in the market for branded GLP-1 care. Early in the quarter, acquisition costs were elevated. We also saw major competitors reduce introductory pricing, which affected conversion and made our offering less competitive at the top of the funnel.

接下來我將談我們的體重管理業務。體重管理仍是醫療保健領域最大的機會之一，也是 LifeMD 內部最重要的業務之一。第二季競爭非常激烈，尤其是在品牌 GLP-1 照護市場。在本季初期，獲客成本偏高。我們也看到主要競爭對手下調入門定價，影響了轉換率，並使我們在漏斗頂端的產品吸引力相對下降。

We responded by lowering the introductory price of our branded GLP-1 program to $39. That decision reduced upfront cash collection and contributed to the EBITDA shortfall in the quarter. But it also materially improved the attraction of the program and changed the composition of the patients entering the program. Before the pricing change, approximately 25% of new weight management patients year-to-date were selecting multi-month packages. Following the change, approximately 85% selected multi-month packages.

我們的應對是將品牌 GLP-1 計畫的入門價格下調至 39 美元。這項決策降低了前期現金收取，並導致本季 EBITDA 未達預期。但它也顯著提升了該計畫的吸引力，並改變了進入計畫的病患組成。在調價前，今年迄今約 25% 的新體重管理病患選擇多月期方案。調價後，約 85% 選擇多月期方案。

That matters because longer duration patients generally provide more time to deliver meaningful clinical outcomes, demonstrate stronger retention, and create higher lifetime value. Our internal models currently indicate that the return on advertising investment from these cohorts can exceed that of the prior higher upfront price offering despite the lower 1st month cash collection. We are also deliberately building around branded FDA-approved therapies and the clinical care surrounding them.

這很重要，因為療程時間較長的病患通常能提供更多時間以達成具意義的臨床結果、展現更強的留存，並創造更高的終身價值。我們目前的內部模型顯示，儘管首月現金收取較低，這些族群的廣告投資報酬率仍可能高於先前前期價格較高的方案。我們也正有意識地圍繞品牌、FDA 核准的療法，以及其周邊的臨床照護來建構。

I have been candid that the regulatory environment for compounded GLP-1 medications evolved differently than I initially expected, but I remain completely convinced that building around branded medicines, serious longitudinal care, insurance access, and manufacturer relationships is the right long-term strategy. The branded market is difficult today because patients can still find lower-priced, mass-compounded alternatives from hundreds of direct marketing companies.

我坦率地說，複方 GLP-1 藥物的監管環境演變與我最初預期不同，但我仍完全相信，圍繞品牌藥物、嚴謹的長期縱向照護、保險可近性，以及與製造商的關係來建構，才是正確的長期策略。品牌市場目前之所以艱難，是因為病患仍可從數百家直效行銷公司找到價格更低的大量複方替代品。

But we believe that market structure will continue to evolve and that the platforms that endure will be those that offer trusted, FDA-approved medications, appropriate clinical oversight, affordable access, benefit support, and ongoing cardiometabolic care, not simply the lowest promotional price. That is the future LIFEMD is built for. We ended the quarter with approximately 108,000 weight management patients.

但我們相信市場結構將持續演變，而能夠長久存續的平台，將是那些提供值得信賴的 FDA 核准藥物、適當的臨床監督、可負擔的可近性、福利支持，以及持續的心代謝照護的平台，而不僅僅是最低的促銷價格。這就是 LIFEMD 所打造的未來。我們在季末約有 108,000 名體重管理病患。

We have deep integrations with LillyDirect and Novocare, a growing insurance and Medicare footprint, a national affiliated medical group, pharmacy capabilities, and the infrastructure to support patients as the therapeutic market expands into oral formulations and next-generation medicines such as Cagresema and Retrutide. We believe the GLP-1 category remains in its early stages.

我們與 LillyDirect 與 Novocare 進行深度整合，保險與 Medicare 覆蓋版圖持續擴大，擁有全國性的合作醫療團體、藥局能力，以及在治療市場擴展至口服劑型與下一代藥物（如 Cagresema 與 Retrutide）時支援病患所需的基礎設施。我們相信 GLP-1 類別仍處於早期階段。

The opportunity is large and it will continue to evolve and we are building LifeMD to participate across that broader market rather than around any single product. The philosophy behind our weight management business, longitudinal care, rather than a single transaction, applies across our platform. Nowhere is that more evident than in women's health, which remains one of the programs I am most proud of and most excited about. The program encountered some pressure during the quarter, but the most recent operating trends have improved meaningfully.

這個機會很大，且將持續演進；我們打造 LifeMD，是為了參與更廣泛的市場，而不是圍繞任何單一產品。我們體重管理業務背後的理念——長期縱向照護，而非單次交易——也適用於我們整個平台。在女性健康領域，這一點最為明顯；這仍是我最引以為傲、也最感到興奮的計畫之一。該計畫在本季面臨一些壓力，但最近的營運趨勢已顯著改善。

Over the last 30 days, new patient acquisitions have increased substantially while customer acquisition costs have declined. Our overall Women's Health patient base grew 134% quarter-over-quarter and is expected to grow by another 300% to 400% by the end of the year. More important than the volume is the quality of the care and the patient relationships we are building. We designed a program around longitudinal, evidence-based care rather than a one-time prescription.

在過去 30 天，新病患獲取量大幅增加，同時客戶獲取成本下降。我們整體女性健康病患基礎較上一季成長 134%，並預期在年底前再成長 300% 至 400%。比起量，更重要的是我們正在建立的照護品質與病患關係。我們設計此計畫是以長期、循證照護為核心，而非一次性的處方。

Patients receive a comprehensive intake, appropriate laboratory testing, thoughtful diagnosis, structured clinical protocols, and ongoing management from providers trained specifically for this population. That model is producing strong engagement and retention.

病患會接受完整的初診評估、適當的實驗室檢測、審慎的診斷、結構化的臨床流程，以及由專為此族群受訓的醫療提供者進行的持續管理。此模式正帶來強勁的參與度與留存。

Last quarter, we reported that subscriber count had grown more than sevenfold from the fourth quarter base and that on-therapy retention was above 80%. Recent trends continue to reinforce our belief that this can become one of the largest and highest quality businesses within LifeMD.

上季我們報告，訂閱者數量較第四季基期成長超過七倍，且治療中的留存率高於 80%。近期趨勢持續強化我們的信念：這有機會成為 LifeMD 內部規模最大且品質最高的業務之一。

Women's Health is highly complementary to weight management and to the broader cardiometabolic needs of our patient population. We believe it has the potential to become as meaningful as weight management and to prove one of our core beliefs, quality care is the growth strategy.

女性健康與體重管理，以及我們病患族群更廣泛的心代謝需求高度互補。我們相信它有潛力變得與體重管理同樣重要，並驗證我們的一項核心信念：高品質照護就是成長策略。

Now turning to Men's Health, which is also entering an important new phase. Rex and D remains a large, recognized and profitable brand with an engaged patient population. We continue to expand beyond sexual health into sleep, dermatology, weight management, hormone health and personalized pharmacy products. The recent improvement in RexMD unit economics is encouraging and the brand remains an important entry point into the broader LifeMD platform. In June, we announced an exclusive telehealth co-marketing collaboration with Halazyme's wholly owned subsidiary Anteras Pharma for Zyosted, the only FDA-approved, once-weekly subcutaneous testosterone auto-injector.

接著談男性健康，這也正進入一個重要的新階段。Rex and D 仍是一個規模大、知名且獲利的品牌，擁有高度投入的病患族群。我們持續從性健康擴展至睡眠、皮膚科、體重管理、荷爾蒙健康，以及個人化藥局產品。RexMD 單位經濟效益近期的改善令人鼓舞，而該品牌仍是進入更廣泛 LifeMD 平台的重要入口。6 月，我們宣布與 Halazyme 全資子公司 Anteras Pharma 就 Zyosted 展開獨家遠距醫療聯合行銷合作；Zyosted 是唯一獲 FDA 核准、每週一次皮下注射的睪固酮自動注射器。

This collaboration is significant. It gives LIFEMD the opportunity to build a national, high-quality men's hormone health program around a differentiated FDA-approved therapy. Supported by our affiliated medical group, pharmacy, patient support, and benefits capabilities. The initial self-pay program launched in July across 37 states at an all-in price of $249 per month, with our affiliated pharmacy serving as the primary dispensing pharmacy.

這項合作意義重大。它讓 LIFEMD 有機會圍繞一項具差異化、已獲 FDA 核准的療法，打造全國性、高品質的男性荷爾蒙健康計畫。並由我們的關係企業醫療集團、藥局、病患支援與福利能力提供支持。初期自費方案已於 7 月在 37 個州推出，每月全包價格為 249 美元，並由我們的關係企業藥局擔任主要配藥藥局。

We also expect insurance access to become an important part of the opportunity over time. The collaboration requires start-up investment during 2026 and early 2027 before the initial cohorts mature, and that investment is already contemplated in our outlook. While the precise pace of the ramp will depend on market response and the rollout of our joint commercial efforts, we believe Zyasted can become a meaningful contributor to both our top and bottom line in 2027. Just as important, the collaboration is a blueprint. We are in discussions with other pharmaceutical manufacturers that need the same combination of care delivery, pharmacy, fulfillment, benefit support and national reach. Each successful partnership strengthens the platform and makes the next one easier to win.

我們也預期，隨著時間推進，保險給付可近性將成為此機會的重要組成部分。在初期批次成熟之前，該合作在 2026 年及 2027 年初需要啟動投資，而這項投資已納入我們的展望之中。雖然具體的爬坡速度將取決於市場反應以及我們聯合商業推進的展開情況，但我們相信 Zyasted 可在 2027 年對我們的營收與獲利（上、下線）做出具意義的貢獻。同樣重要的是，這項合作是一個藍圖。我們正與其他需要同樣結合照護交付、藥局、履約、福利支援與全國覆蓋能力的製藥商進行討論。每一項成功的合作夥伴關係都會強化平台，並讓下一項合作更容易拿下。

Before I turn to pharmacy, I want to spend a moment on the affiliated Medical Group because it is one of the most important and least understood parts of what we have built. Our affiliate providers continue to deliver what we believe is the best clinical care in the industry and the group gets stronger every quarter.

在我轉到藥局業務之前，我想花一點時間談談關係企業醫療集團，因為它是我們所打造內容中最重要、也最不被理解的部分之一。我們的關係企業醫療提供者持續提供我們認為是業界最佳的臨床照護，而該集團每一季都在變得更強。

It is one of our clearest differentiators. Our providers are licensed across the country, which allows us to deliver care at a national scale and they are increasingly cross-trained across our entire portfolio of men's and women's health offerings. That means a single high-quality provider relationship can support a patient across weight management, hormone health, sexual health, and more rather than confining that patient to a single condition.

這是我們最明確的差異化優勢之一。我們的醫療提供者在全國各地皆具執照，使我們能以全國規模提供照護；同時，他們也愈來愈多地在我們完整的男性與女性健康產品組合中接受交叉訓練。這意味著，一段單一且高品質的醫療提供者關係，能在體重管理、荷爾蒙健康、性健康等多個面向支持同一位病患，而不是將病患侷限於單一病症。

We are also investing ahead of the growth we expect. We have hired 47 new providers to support the demand we anticipate across our programs in the second-half of this year. A deep, multi-licensed, cross-trained medical group is not something that can be assembled quickly.

我們也在預期的成長之前提前投資。我們已聘用 47 位新醫療提供者，以支援我們預期今年下半年各項計畫的需求。一個深厚、具多州執照且完成交叉訓練的醫療集團，並不是能快速組建起來的。

It is a durable, competitive advantage and it is the foundation on which our pharmacy and every one of our clinical programs is built. Our 50-state pharmacy is becoming one of the most strategically important assets in the company. It gives us greater control over the patient experience, faster product development, improved medication continuity. And the ability to capture economics that would otherwise leave the platform.

這是一項持久的競爭優勢，也是我們藥局以及每一項臨床計畫所建立的基礎。我們的 50 州藥局正成為公司最具策略重要性的資產之一。它讓我們能更好地掌控病患體驗、更快的產品開發、提升用藥連續性。並具備攫取原本會流出平台的經濟利益的能力。

Pharmacy operations carry gross margins of approximately 90%, and continued in-house fulfillment was an important contributor to the gross margin expansion we delivered this quarter. We are scaling the pharmacy across three complementary areas: branded direct-to-patient fulfillment, generic medications and personalized compound therapies where clinically appropriate.

藥局營運的毛利率約為 90%，而持續的內部履約是我們本季毛利率擴張的重要貢獻因素。我們正從三個互補領域擴大藥局規模：品牌藥直達病患的履約、學名藥，以及在臨床適當時的個人化複方療法。

We are now fulfilling Zyosted self-paid prescriptions and anticipate other imminent branded pharmacy fulfillment relationships, which provide proven infrastructure and credibility. At the same time, we are expanding our personalized compounding capabilities. We are planning to launch more than 30 compounded products between now and year-end across hormone health, sleep, dermatology, sexual health, longevity and other categories.

我們目前已在履約 Zyosted 的自費處方，並預期近期還會有其他即將到來的品牌藥局履約合作關係，這些合作可提供經驗證的基礎設施與公信力。同時，我們也在擴大個人化複方調劑能力。我們計畫在現在到年底之間推出超過 30 項複方產品，涵蓋荷爾蒙健康、睡眠、皮膚科、性健康、長壽與其他類別。

Our objective is not to build a commodity mail order pharmacy, it is to build an integrated pharmacy surrounded by a national affiliated medical group that can deliver clinically appropriate, highly personalized treatment at scale. What today is an early stage operation, filling a handful of product lines, we expect to become by year-end. A full-scale pharmacy fulfilling branded, generic and dozens of compounded therapies nationwide.

我們的目標不是打造一間商品化的郵購藥局，而是打造一個整合式藥局，並由全國性的關係企業醫療集團環繞支撐，以在規模化下提供臨床適當且高度個人化的治療。目前仍屬早期階段的營運、僅填補少數產品線，我們預期到年底將成為。一個全規模藥局，在全國範圍內履約品牌藥、學名藥以及數十種複方療法。

We believe the pharmacy can ultimately become one of the largest growth and margin expansion engines in LifeMD. Insurance and Medicare are also becoming increasingly important to the quality of our revenue and to our long-term vision for LifeMD. Patients want to use their benefits. When they can, care becomes more affordable, customer acquisition costs can decline and retention can improve because the relationship is less dependent on out-of-pocket costs.

我們相信，藥局最終可成為 LifeMD 最大的成長與毛利率擴張引擎之一。保險與 Medicare 也正變得愈來愈重要，關乎我們營收品質以及 LifeMD 的長期願景。病患希望使用其福利。當他們能使用時，照護會更可負擔、獲客成本可下降，且留存可改善，因為關係較不依賴自付費用。

As we previously guided, our benefits infrastructure now reaches approximately $175 million covered lives. Insurance penetration. Is now approximately 10% of new patients on our primary care platform, and we are still in the early stages of bringing the full range of LifeMD specialty programs onto that infrastructure. Our Medicare initiative is also in its first stages, including the new Medicare Bridge program that helps Medicare beneficiaries access branded GLP-1 medications.

如我們先前所指引，我們的福利基礎設施目前已覆蓋約 1.75 億名受保人（covered lives）。保險滲透率。目前在我們基層醫療平台的新病患中約為 10%，而我們仍處於將 LifeMD 全系列專科計畫導入該基礎設施的早期階段。我們的 Medicare 計畫也處於第一階段，其中包括新的 Medicare Bridge 計畫，協助 Medicare 受益人取得品牌 GLP-1 藥物。

We are encouraged by the early demand, but it is too soon to draw broad conclusions. The strategic significance is clear. Medicare gives us access to a large population with substantial unmet need across weight management, cardiovascular health, hormonal health, and chronic disease. We are also advancing national strategic and employer partnerships. These relationships can increase brand awareness and patient volume at attractive economics with far less dependence on media-based acquisition.

我們對早期需求感到鼓舞，但現在下結論仍為時過早。其策略重要性十分明確。Medicare 讓我們能接觸到一個龐大族群，且在體重管理、心血管健康、荷爾蒙健康與慢性疾病方面存在大量未被滿足的需求。我們也在推進全國性策略合作與雇主合作夥伴關係。這些關係可在具吸引力的經濟效益下提升品牌知名度與病患量，且對媒體投放型獲客的依賴大幅降低。

They are not yet major contributors to reported results, but we believe they can become an important part of our growth mix over the coming years. Technology is the connective tissue across all of these initiatives. We are continuing to invest in the people, integrations and infrastructure required to deliver longitudinal care across medical services, pharmacy, labs, benefits and patient support. AI is increasingly embedded throughout that platform. We are using AI to improve intake, documentation, clinical decision support, scheduling, revenue cycle management, patient messaging, compliance and back office workflows.

它們目前尚未對已揭露的業績結果做出重大貢獻，但我們相信在未來幾年可成為我們成長組合中的重要一環。科技是串聯所有這些計畫的結締組織。我們持續投資於人員、整合與基礎設施，以提供跨醫療服務、藥局、檢驗、福利與病患支援的縱向（longitudinal）照護。AI 正日益深度嵌入整個平台。我們運用 AI 來改善初診資料收集、文件紀錄、臨床決策支援、排程、營收循環管理、病患訊息、合規與後台工作流程。

The objective is not to replace clinicians, it is to give them better information, reduce administrative burden, improve protocol consistency and increase the number of patients they can serve without compromising quality. We are also using AI to increase engineering velocity and automate operating processes across the company.

目標不是取代臨床人員，而是為他們提供更好的資訊、降低行政負擔、提升流程一致性，並在不犧牲品質的前提下增加他們可服務的病患數。我們也運用 AI 來提升工程開發速度，並自動化公司各項營運流程。

These efforts are beginning to produce measurable improvements in cost per patient and cost per consult. Over time, the combination of our structured patient data, clinical infrastructure, medical group, pharmacy and regulatory footprint should allow us to personalize care at a level that is very difficult for a point solution competitor to replicate. We continue to expect the financial benefits of these investments to become more visible as the business scales.

這些努力正開始在每位病患成本與每次看診成本上帶來可衡量的改善。隨著時間推進，我們結構化的病患資料、臨床基礎設施、醫療集團、藥局與法規足跡的組合，應能讓我們在個人化照護上達到一個點狀解決方案競爭者極難複製的水準。我們仍預期，隨著業務規模擴大，這些投資的財務效益將更為明顯。

Ultimately, none of this happens without the right people. One of the accomplishments I am most proud of this quarter is the continued strengthening of our leadership team. Atul Kavthekar, our CFO, has brought greater financial rigor, forecasting discipline and focus to capital allocation. Umesh Tripad, our new Chief Technology Officer, is strengthening our technology organization and optimizing the architecture required for our next phase of growth. Chris Pisano, our Chief Marketing Officer and Tim Ragland, our GM and SVP of Growth, are sharpening our marketing efforts, evolving the commercial model and improving execution across our business. Collectively, they are raising the standard for talent and performance at every level of the organization.

歸根結底，沒有合適的人才，這一切都無法實現。本季我最引以為傲的成就之一，是我們領導團隊持續強化。我們的財務長 Atul Kavthekar 帶來更高的財務嚴謹度、預測紀律，以及對資本配置的聚焦。我們的新任技術長 Umesh Tripad 正強化我們的技術組織，並優化支撐下一階段成長所需的架構。我們的行銷長 Chris Pisano，以及我們的總經理兼成長資深副總裁 Tim Ragland，正精進我們的行銷工作、演進商業模式，並提升全公司執行力。整體而言，他們正在提升組織各層級的人才與績效標準。

Let me now connect our strategic progress to the financial framework. We are revising our full year 2026 outlook to revenue of $205.5 million to $212.5 million and adjusted EBITDA of negative $6 million to breakeven. Atul will discuss the assumptions and quarterly cadence in more detail. The revised full-year outlook reflects the first half EBITDA shortfall, the lower upfront revenue associated with our pricing and mix decisions and the investments required to launch new strategic partnerships, including XYOSTED.

現在讓我把我們的策略進展與財務框架連結起來。我們正在修訂 2026 全年展望，將營收調整為 2.055 億美元至 2.125 億美元，調整後 EBITDA 為負 600 萬美元至損益兩平。Atul 將更詳細說明相關假設與各季節奏。修訂後的全年展望反映了上半年 EBITDA 的缺口、與我們定價與組合決策相關的較低前期營收，以及為啟動新的策略合作夥伴關係（包括 XYOSTED）所需的投資。

Revising guidance is not an outcome we accept lightly and we recognize the credibility is earned through execution. However, the full-year revision should not obscure an important point. Based on the current trajectory of the core business, we believe we remain largely on track to exit the fourth quarter with strong run rate revenue and profitability.

修訂指引並非我們輕率接受的結果，我們也明白可信度必須透過執行來贏得。然而，全年修訂不應掩蓋一個重要重點。基於核心業務目前的走勢，我們相信我們大致仍在軌道上，可在第四季末以強勁的營收與獲利能力的運行率（run rate）收官。

Our fourth quarter guidance of $60 million to $64 million of revenue and $3 million to $6 million of adjusted EBITDA and excluding the Q4 launch costs related to the XYOSTEDlaunch. Implies an annualized revenue run rate of approximately $250 million and annualized adjusted EBITDA of approximately $22 million at the midpoint framework. That is modestly below the $25 million annualized adjusted EBITDA objective we discussed previously, but it still represents a business exiting the year. At roughly a high single-digit to approximately 10% adjusted EBITDA margin while continuing to invest in several major growth programs.

我們第四季指引為營收 6,000 萬美元至 6,400 萬美元、調整後 EBITDA 為 300 萬美元至 600 萬美元，且不包含與 XYOSTEDlaunch 相關的第四季上市成本。這意味著以中點框架計算，年化營收運行率約為 2.5 億美元，年化調整後 EBITDA 約為 2,200 萬美元。這略低於我們先前討論的 2,500 萬美元年化調整後 EBITDA 目標，但仍代表公司在年末退出時的狀態。在調整後 EBITDA 利潤率約為高個位數至約 10% 的同時，仍持續投資於數個主要成長計畫。

We therefore view ourselves as mostly on track toward the operating model we set out to build, a strengthening core business with a high margin recurring revenue base, multiple new growth channels that are not yet fully reflected in the current results, declining marketing spend, tightly managed operating expenses. And the growing mix of pharmacy, insurance, strategic partnerships and longer-duration memberships that should further improve the earnings power of the business over time. The path will not be perfectly linear.

因此，我們認為自己大致仍朝著我們所要建立的營運模式前進：核心業務持續強化，擁有高毛利的經常性收入基礎；多個新的成長通路尚未在目前結果中完全反映；行銷支出下降；營運費用嚴格控管。以及藥局、保險、策略合作夥伴關係與較長期間會員方案的占比提升，應可隨時間進一步改善公司的獲利能力。這條路徑不會完全線性。

The XYOSTED collaboration, pharmacy expansion, enterprise initiatives and new care programs require investment before they generate mature contribution margins. The work we have done to build a more durable LIFEMD. Now needs to show up in the financial results. With that, I will turn the call over to Atul to review the quarter and our outlook in greater detail. Atul.

XYOSTED 合作、藥局擴張、企業端計畫與新的照護方案，在產生成熟的貢獻毛利率之前都需要先行投資。我們為打造更具韌性的 LIFEMD 所做的工作，現在需要在財務結果中體現出來。接下來我把電話會議交給 Atul，請他更詳細回顧本季表現與我們的展望。Atul。

Thank you, Justin, and good afternoon, everyone. As a reminder, all year-over-year comparisons are on a continuing operations basis, excluding WorkSimply, which was divested on November 4, 2025.

謝謝你，Justin，各位下午好。提醒一下，所有年對年比較均以持續營運為基礎，不包含 WorkSimply；該業務已於 2025 年 11 月 4 日完成剝離。

Revenue for the second quarter was $47.3 million, within our guidance range of $47 million to $50 million and down approximately 6% sequentially, reflecting the planned step-down in marketing investments that we described in our last call, combined with increased CPA levels through much of the quarter and the impact of our weight management price change implemented in June. Lowering the initial month care pricing from $79 to $39 to stay in line with competitors.

第二季營收為 4,730 萬美元，落在我們 4,700 萬至 5,000 萬美元的指引區間內，且較前一季約下降 6%；這反映了我們在上次電話會議中所描述、計畫性降低行銷投資的步調，加上本季大部分時間 CPA 水準上升，以及我們於 6 月實施的體重管理價格調整所帶來的影響。我們將首月照護定價由 79 美元下調至 39 美元，以與競爭對手保持一致。

Versus the prior year quarter, revenue declined approximately 4% from telehealth revenue of $49 million, reflecting the. Continued and deliberate mix shift from compounded to branded GLP-1 therapies. Active subscribers were 356,000 at quarter end. While this number is nominally lower than the prior quarter, it reflects a deliberate shift in our weight management customer base away from the primarily month-to-month subscriber base to a higher retention and higher LTV multi-month subscriber base.

相較去年同期，營收較遠距醫療營收 4,900 萬美元約下降 4%，反映了。我們持續且有意識地將組合從複方（compounded）轉向品牌 GLP-1 療法。截至季末，活躍訂閱用戶為 356,000。雖然該數字名義上低於前一季，但反映了我們有意將體重管理客群從以月繳為主的訂閱基礎，轉向留存率更高、LTV 更高的多月期訂閱基礎。

Similarly, for our Rex business, our new growth patients are being acquired at much improved unit economics. Gross margin expanded to 89%, an improvement of approximately 60 basis points sequentially, driven by lower shipping and fulfillment costs, improved provider efficiency, and the continued scaling of our in-house pharmacy. Advertising and marketing expense of $28 million, while slightly above the range indicated on our prior call, declined $1.8 million from the first quarter and other general and administrative expenses declined approximately $1.5 million, led by lower employee expenses and other professional services expenses.

同樣地，在我們的 Rex 業務方面，我們的新成長患者正以顯著改善的單位經濟效益被獲取。毛利率擴大至 89%，較前一季改善約 60 個基點，主要由較低的運輸與履約成本、供應商效率提升，以及我們自有藥局持續擴張所帶動。廣告與行銷費用為 2,800 萬美元，雖略高於我們在上次電話會議所指示的區間，但較第一季下降 180 萬美元；其他一般與行政費用約下降 150 萬美元，主要由員工費用與其他專業服務費用降低所帶動。

All other operating expenses declined approximately $700,000 sequentially. GAAP net loss from continuing operations attributable to common stockholders was $7.9 million or $0.16 per share.

其他所有營運費用較前一季約下降 70 萬美元。歸屬於普通股股東之持續營運 GAAP 淨損為 790 萬美元，或每股 0.16 美元。

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 $3.5 million. Two factors drove this, elevated customer acquisition costs on comparable spend levels. And the conscious pricing decision, our $39 in trajectory offer that we made to improve our price competitiveness.

調整後 EBITDA（非 GAAP 指標；我們定義為歸屬於普通股股東之收益或損失，在扣除今日新聞稿所列各項目之前）為虧損約 350 萬美元。主要由兩項因素所致：在相近的支出水準下，客戶取得成本偏高。以及我們有意識的定價決策——我們推出 39 美元的 trajectory 方案，以提升價格競爭力。

Importantly, the monthly trajectory improved consistently through the quarter, giving us further confidence in the second-half inflection. Turning to the balance sheet, we exited the quarter with $25.1 million in cash. Second quarter cash flow was pressured by ongoing marketing investment and the timing effects of the transition to the $39 introductory offer. As more patients choose longer duration subscription plans, we expect stronger upfront cash collections from the rebill and combined with lower marketing spend in the second-half, we expect cash to improve through year-end. This will be partially offset by the working capital required to support increased production within our pharmacy.

重要的是，trajectory 的月度表現於本季持續改善，讓我們對下半年出現拐點更具信心。談到資產負債表，我們在季末持有現金 2,510 萬美元。第二季現金流受到持續的行銷投資，以及轉換至 39 美元入門方案所帶來的時點效應影響。隨著更多患者選擇較長期間的訂閱方案，我們預期來自續扣（rebill）的前期現金收款將更強勁；再加上下半年行銷支出降低，我們預期現金狀況將在年底前改善。但這將部分被為支持藥局內部產量提升所需的營運資金所抵銷。

At quarter end, we also amended our credit agreement on favorable terms, further strengthening our financial flexibility. Turning to guidance, for context, our prior guidance was set with an expectation that new patient acquisition costs would be more predictable and that a number of partnership agreements and other developments would launch earlier than what will likely be the case.

季末，我們也以有利條件修訂了信貸協議，進一步強化我們的財務彈性。接著談指引：作為背景，我們先前的指引是基於新患者取得成本將更可預測，且多項合作協議與其他進展將比實際可能更早推出的預期所制定。

And while our expectations remain that all of these developments and possibly more will come to bear, we recognize the timing is not in our sole control. As such, we are presenting our H-2 guidance based on more concrete current trends and on arrangements with high visibility.

雖然我們仍預期所有這些進展（甚至可能更多）都將逐步落地，但我們也認知其時點並非完全由我們掌控。因此，我們基於更具體的當前趨勢，以及能見度高的安排，提出我們的下半年（H-2）指引。

Furthermore, we are providing our H-2 guidance after adjusting for LifeMD's portion of the likely launch costs associated with the XYOSTED launch. With that, we are expecting Q3 revenues to be in the range of $48 million to $51 million and EBITDA in a range of negative $1 million to positive $2 million.

此外，我們在提供下半年（H-2）指引時，已就與 XYOSTED 上市相關、可能發生的上市成本中屬於 LifeMD 的部分進行調整。基於此，我們預期第三季營收介於 4,800 萬至 5,100 萬美元，EBITDA 介於負 100 萬至正 200 萬美元。

For Q4, reflecting our expected growth, the release of numerous improvements in our technology and supply chain infrastructure and aggressive cost management, we are expecting revenues in the range of $60 million to $64 million and EBITDA of between $3 million and $6 million. Assuming the midpoint of this Q4 range and after excluding the launch impact from XYOSTED, we are expecting a revenue run rate in Q4 of $250 million and EBITDA run rate of $22 million.

第四季方面，反映我們預期的成長、我們在技術與供應鏈基礎設施上的多項改進釋出，以及積極的成本管理，我們預期營收介於 6,000 萬至 6,400 萬美元，EBITDA 介於 300 萬至 600 萬美元。假設採用第四季區間中點，並排除 XYOSTED 的上市影響，我們預期第四季營收運行率為 2.5 億美元，EBITDA 運行率為 2,200 萬美元。

Although the XYOSTED launch has been its early days, we are optimistic that it will grow to become a significant part of LifeMD's overall Men's Health offering. We are now testing our XYOSTED go-to-market plan, which will require an initial investment we anticipate in the $2 million to $3 million range in 2026. This is a true partnership with direct cost split between the two companies throughout the life of the program, while the ramp-up dynamics will become clearer in the coming weeks and months.

儘管 XYOSTED 的上市仍處於早期階段，我們仍樂觀認為它將成長為 LifeMD 整體男性健康產品組合中的重要一環。我們目前正在測試 XYOSTED 的上市推廣（go-to-market）計畫，預計在 2026 年需要約 200 萬至 300 萬美元的初期投資。這是一項真正的合作夥伴關係，在整個計畫期間兩家公司將分攤直接成本，而爬坡（ramp-up）的動態將在未來數週與數月內變得更為明朗。

We anticipate that once the patient acquisition playbook comes together, those initial patient cohorts will become accretive to LifeMD's EBITDA in mid-2027. In closing, we remain very positive in our outlook for the business with our team solidifying, the enterprise sales pipeline growing, unit economics improving, our new product offerings continue to build. And continuous improvements being made to our infrastructure and overall efficiency. As we continue to get clarity on our pipeline, we will factor that into our overall outlook on subsequent calls.

我們預期，一旦病患獲取（patient acquisition）的作戰手冊成形，這些初期病患群將於 2027 年年中開始對 LifeMD 的 EBITDA 產生增益（accretive）。最後，我們對業務前景仍然非常正面：團隊逐步到位、企業銷售管線持續成長、單位經濟效益改善、新產品供給也持續累積。同時，我們也在持續改善基礎設施與整體效率。隨著我們對管線的能見度提高，我們會在後續電話會議中將其納入整體展望。

Thanks, and with that, I will turn the call back to Justin.

謝謝，接下來我把電話交回給 Justin。

Let me close by coming back to the central point. Quarterly performance matters. The second quarter adjusted EBITDA result was below our expectations.

讓我以回到核心重點作結。季度表現很重要。第二季調整後 EBITDA 的結果低於我們的預期。

We understand what drove it, we have made changes and we expect better performance in the second-half. The quarter also made clear that the work required to build a more durable LifeMD was greater than we initially anticipated. We are broadening the acquisition model beyond paid media. We are building longer patient relationships. We are investing in branded therapies, pharmacy, insurance, pharmaceutical partnerships and deeper clinical programs. And we are putting in place the team and operating structure required to support those capabilities at scale. We believe that work was necessary. It gives LifeMD more ways to acquire patients, more ways to serve them and more ways to grow without depending on a single product, advertising channel or regulatory outcome.

我們了解是什麼因素造成這個結果，我們已做出調整，並預期下半年表現會更好。本季也清楚顯示，打造更具韌性的 LifeMD 所需的工作量，比我們最初預期更大。我們正將獲客模式擴展到付費媒體之外。我們正在建立更長期的病患關係。我們正在投資品牌療法、藥局、保險、製藥合作夥伴關係，以及更深入的臨床計畫。同時，我們也在建立支援這些能力規模化所需的團隊與營運架構。我們相信這些工作是必要的。這讓 LifeMD 有更多方式獲取病患、更多方式服務病患，也有更多方式成長，而不必依賴單一產品、廣告渠道或監管結果。

But the value of those investments will be determined by the results they produce. We expect to return to adjusted EBITDA profitability in the third quarter and deliver substantial sequential improvement in the fourth quarter. Our focus is on executing against that outlook while continuing to improve the quality and durability of the business.

但這些投資的價值，將由其帶來的成果來決定。我們預期第三季將回到調整後 EBITDA 獲利，並在第四季實現顯著的連續改善。我們的重點是在執行上述展望的同時，持續提升業務的品質與韌性。

Life in MD today has a stronger recurring revenue base, higher gross margins, broader clinical capabilities, a growing pharmacy operation and more diversified sources of demand than it did entering the year. Those are the building blocks of a much better company. We now need to prove that through consistent execution and financial performance.

如今的 LifeMD，相較於年初，已擁有更強的經常性收入基礎、更高的毛利率、更廣的臨床能力、持續成長的藥局營運，以及更多元的需求來源。這些都是打造一家更優質公司的基石。我們現在需要透過一致的執行與財務表現來證明這一點。

I want to thank our affiliated providers and employees for their continued hard work, our patients for trusting us with their care, and our shareholders for their continued support.

我要感謝我們的合作醫療提供者與員工持續的辛勤付出，感謝病患信任我們的照護，也感謝股東持續的支持。

Operator, we are ready for questions.

主持人，我們準備好回答問題了。

(Operator Instructions) David Larsen, BTIG.

（主持人指示）David Larsen，BTIG。

Hi, can you please talk a bit about peptides and the discussions that are going on in Washington, assuming a bunch of these moves to Category 1. What kind of appetite do you think your current membership base would have for these peptides? Would you be able to sort of deliver on that demand? Just any thoughts around the potential, I guess, revenue opportunity would be very helpful.

嗨，能否請你談談胜肽（peptides）以及華盛頓正在進行的討論，假設其中有一批會被移到第 1 類（Category 1）。你認為你們目前的會員基礎對這些胜肽會有多大的需求？你們是否有能力在某種程度上滿足這些需求？另外，關於潛在的（我想是）營收機會，有任何想法都會很有幫助。

Hi, Dave. This is Justin. I will comment on that.

嗨，Dave。我是 Justin。我來回應這個問題。

Look, I do not think we have a revenue number. We do not have a revenue number that we can share with you, but, If you think about our current patient population from weight loss to hormones to sexual health, like it is, yeah, we think there would be a considerable amount of demand from current patients for some of these peptides if FDA follows through as they are expected to and permits some of them to be made in compounding pharmacies.

坦白說，我不認為我們有一個營收數字。我們沒有可以與你分享的營收數字；但如果你看看我們目前的病患族群，從減重到荷爾蒙到性健康，我們確實認為，若 FDA 如預期般推進並允許其中一些胜肽在配製藥局（compounding pharmacies）製作，現有病患對其中一些胜肽會有相當可觀的需求。

We also think there is obviously a lot of demand outside of our platform as well. So there is no doubt that. If some of these are essentially permitted to be compounded by FDA, that it would be a pretty significant market opportunity for LifeMD. We do feel really good about having, Sterile compounding capabilities, we are working on a solution to essentially either acquire or convert our non-sterile pharmacy into a sterile pharmacy, so there is a number of things there that we are working on and we have some vendors as well that are going to be manufacturing these products once.

我們也認為，在我們平台之外顯然也有很大的需求。所以毫無疑問。如果 FDA 實質上允許其中一些進行配製（compounded），這將會是 LifeMD 相當重大的市場機會。我們對於具備無菌配製（sterile compounding）能力感到非常有信心；我們正在研擬一個方案，基本上是要收購或將我們的非無菌藥局轉換為無菌藥局，因此有多項工作正在進行中；同時我們也有一些供應商，一旦開始，就會製造這些產品。

Once FDA gets the green light to do so in other 503 pharmacies that we could fulfill through our 503a. I think it is important, like we plan to take a conservative approach to the whole peptide space and make sure that, obviously, first and foremost, whatever we launch is safe and is prescribed properly and the clinical data around this product or around these products or lack thereof is really well described for patients.

一旦 FDA 在其他 503 藥局獲得綠燈允許這麼做，我們就可以透過我們的 503a 來履約（fulfill）。我認為很重要的一點是：我們計畫對整個胜肽領域採取保守作法，並確保我們推出的任何產品，首先最重要的是安全、處方開立得當；而且關於這項產品或這些產品的臨床數據（或缺乏臨床數據）也要對病患有非常清楚的說明。

that is very helpful. And then can you maybe talk a little bit more about the number of weight management subscribers? I think you had 108,000. Any color around like what portion are on a compounded GLP-1 versus a branded GLP-1? And then one of your competitors said that the economics around the branded GLP-1s is similar to the compounded GLP-1 economics from their perspective.

這非常有幫助。另外，你能否再多談一點體重管理訂閱者的人數？我想你們是 108,000。能否補充一下，例如其中有多少比例使用配製的 GLP-1，多少比例使用品牌 GLP-1？另外，你們的一位競爭對手表示，從他們的角度看，品牌 GLP-1 的經濟性與配製 GLP-1 的經濟性相近。

Any thoughts around that? And then just like to the extent you're able to comment like Lilly and Novo, are you receiving any sort of like a fulfillment fee every time you send a patient their way, just the economics around the branded.

你對此有什麼看法？另外，在你方便評論的範圍內，像 Lilly 和 Novo，你們每次把病患轉介給他們時，是否會收到某種履約費（fulfillment fee）？也就是品牌藥在經濟性方面的情況。

Products will be helpful.

關於品牌產品的資訊會很有幫助。

Sure, Dave.

當然可以，Dave。

This is Justin again. I will answer a few of those questions and Atul can jump in if he wants to add anything.

我還是 Justin。我會回答其中幾個問題，Atul 若想補充也可以加入。

So as it relates to Lilly and Novo, as of today, we have very positive relationships with both of those companies. Today, our relationships are just our integrations as we have described in the past.

就 Lilly 和 Novo 而言，截至今天，我們與這兩家公司都維持非常正面的關係。目前，我們的關係僅限於我們先前所描述的系統整合（integrations）。

So we do not receive any economics period from either of those companies.

因此，我們不會從這兩家公司獲得任何經濟利益（economics）。

We have said in the past that we expect those relationships to evolve and we still feel that way. We mentioned on the call that. One of the big changes that we have seen in the business, not really a change, but we have seen a lot of our patients that were previously on a personalized compound switchover.

我們過去曾表示，我們預期這些關係會演進，而我們現在仍然這麼認為。我們在電話會議中提到。我們在業務上看到的一個重大變化——嚴格說不是變化——是我們看到許多先前使用個人化配製（personalized compound）的病患開始轉換（switchover）。

To branded therapies, that business is, it is just much smaller, as we said on the call. For new patients, almost 95% of new patients are going on a branded therapy. Very few patients are getting a prescription for a personalized compound. A lot of that other 5% is probably patients getting other medications. So the compounding business for LIFEMD has just become very small and even patients that were previously on a personalized compound that we thought would stay on a personalized compound for longer that hadn't switched over to a branded therapy, that business just really shrunk a lot faster than we thought it would throughout the year. So we kind of look at the whole compounding thing as being pretty insignificant to earnings moving forward and it is something that we feel like we can really guide kind of very easily moving forward.

至於品牌療法，那塊業務如同我們在電話會議中所說，規模確實小得多。對於新患者而言，幾乎 95% 的新患者都在使用品牌療法。只有極少數患者會拿到個人化調配藥的處方。其餘那 5% 的很大一部分，可能是患者在使用其他藥物。因此，LifeMD 的調配藥業務已經變得非常小；甚至是那些先前使用個人化調配藥、我們原本以為會更長時間持續使用、且尚未轉換到品牌療法的患者，這塊業務在全年縮水的速度也遠比我們預期更快。所以我們基本上把整個調配藥視為對未來獲利相當不重要的一部分，而且我們覺得未來在指引上也能相對容易地進行說明。

On the economics, like look, one of the things I would love to emphasize just as it relates to your question on economics for Branotherapies. We have spent an enormous amount of time looking at kind of unit economics around the branded GLP-1 business. And I think one thing that we do really want to emphasize is that there is a good to great unit economics model there that where we see kind of returns on even our direct-to-consumer investment in this space, we see like very attractive returns.

就經濟性而言，像是——我想強調一點，這與你關於 Branotherapies 經濟性的問題相關。我們花了大量時間研究品牌 GLP-1 業務的單位經濟模型。我認為我們確實想強調的一點是：那裡存在一個從良好到非常好的單位經濟模型；即使就我們在這個領域的直面消費者（DTC）投資而言，我們也看到非常具吸引力的回報。

Over two or three years. We think there is still a lot of work that we can do on cross-care offerings, acquisition costs. We think there are significant partnerships out there. Many of them, we are having active dialogue right now with several very large potential partners that we think could also drive a lot of new patients to LifeMD without us paying for them in the manner that we do on platforms like Google and Meta.

在兩到三年的時間尺度上。我們認為在跨照護（cross-care）產品組合、獲客成本方面，仍有很多工作可以做。我們認為市場上存在重要的合作夥伴關係機會。其中許多我們目前正積極對話；我們正在與幾家非常大型的潛在合作夥伴進行溝通，我們認為這也能在不以 Google、Meta 等平台那種方式付費的情況下，為 LifeMD 帶來大量新患者。

So we are really very optimistic about the branded business and we are also optimistic about some of our other big categories like Women's Health. I mean, we think that the company is going to continue to diversify over the next couple of years and our pharmacy and the expanding portfolio of products in our pharmacy plays a big role in that.

因此，我們對品牌業務非常樂觀；同時也對其他一些大型品類（例如女性健康）感到樂觀。我的意思是，我們認為公司在未來幾年將持續多元化，而我們的藥局以及藥局中不斷擴充的產品組合在其中扮演重要角色。

Hey, Dave, I will add one point to that and Justin made a comment to this in his prepared remarks is this. Pretty dramatic shift from month-to-month subscribers in our weight management business into multi-month subscribers. And that is actually a very profound change in the unit. there is a profound difference in the unit economics between those two types of models, not just in the accretion, dilution from an EBITDA standpoint, but also from a cash standpoint. So these multi-month. Subscribers wind up paying back in terms of cash in a very short period of time, depending on the subscription. So that is actually a really positive development from this pricing change. it is the rationalization of the different tenure of offerings has actually been really helpful. I think that is something that just I want to make sure that investors are aware of.

嗨，Dave，我補充一點；Justin 在他事先準備的發言中也提到這點。我們的體重管理業務中，月訂閱用戶正出現相當顯著的轉變，轉向多月訂閱用戶。而這其實是單位經濟上的一個非常深刻的變化。這兩種模式在單位經濟上有很大的差異，不僅體現在 EBITDA 角度的增厚或稀釋，也體現在現金角度。所以這些多月訂閱的用戶，會在很短的時間內以現金回收成本，取決於訂閱方案。因此，這次定價變更帶來的其實是一個非常正面的發展；對不同期限產品的合理化，確實非常有幫助。我想我只是想確保投資人了解這一點。

Sarah James, Cantor Fitzgerald.

Sarah James，Cantor Fitzgerald。

Thank you. So you framed up 2026 as a year when, as I said, Medicare, employer partnerships, pharmacy scaling are all being built but not really reflected in the results.

謝謝。所以你把 2026 年定位為——如我所說——醫療保險（Medicare）、雇主合作夥伴關係、藥局擴張都在建置中，但尚未真正反映在結果上的一年。

And the operating model itself is intact even with the guidance cut. So if each of those channels reaches the scale that you're underwriting internally, what does the potential for '27 EBITDA margin growth look like versus the roughly 10% you're exiting at in '26? And which one of those four is likely to show up first as a visible impact rather than a qualitative tailwind?

而即使下修指引，營運模型本身仍然完整。所以如果這些通路各自達到你們內部承作（underwriting）的規模，與你們在 2026 年結束時約 10% 的水準相比，2027 年 EBITDA 利潤率成長的潛力會是什麼樣子？另外，這四項之中，哪一項最可能最先以「可見的影響」呈現，而不只是定性的順風？

Yeah, thanks for the question, sir. I think that there is going to be a real there is going to be a real visible showing from the core business that we are in. One of the things that is not even factored into our guidance in the year is the introduction of a number of new products that are in the pipeline. I think you're going to see those really shape our '27 guidance.

好的，謝謝你的問題。我認為我們所處的核心業務，將會有非常、非常明顯的展現。有一件事甚至還沒有被納入我們今年的指引：也就是多項正在研發管線中的新產品的推出。我認為你會看到這些產品確實會形塑我們 2027 年的指引。

The XYOSTED, we are very optimistic of it, but it is just getting started. We are just in the early stages of testing. We think that that is a potential to be a really big part of the business as we mentioned earlier, but the reality is we are going to be building the base of those customers that are going to be ultimately rebuilding. So it is going to take a little while before that portfolio winds up actually contributing to EBITDA. We are going to be in mostly in growth and. In that business probably for at least for a few quarters. So without giving too much away in terms of '27, we are pretty optimistic about the forward-looking parts of the base business and also very optimistic about the growth potential, certainly from a top-line perspective on some of these new initiatives around, for example, XYOSTED, and there may be more that are working that are in the works on that as well.

至於 XYOSTED，我們非常樂觀，但它才剛起步。我們目前仍在測試的早期階段。我們認為它有潛力成為業務中非常重要的一部分，如同我們先前提到的；但現實是，我們將在建立這些客戶基礎上投入時間，而這些客戶最終會帶來再成長。因此，在那個產品組合真正開始對 EBITDA 做出貢獻之前，還需要一段時間。我們大多會處於成長階段，而且那塊業務可能至少會持續幾個季度。所以在不對 2027 年透露太多的前提下，我們對核心業務基礎的前瞻性部分相當樂觀；同時也對一些新計畫的成長潛力非常樂觀，尤其是從營收（top-line）的角度來看，例如圍繞 XYOSTED 的一些計畫；而且在那方面也可能還有更多正在推進中的事項。

Great.

很好。

And then one more. Justin, you said you really see it in the numbers when you have a more deep relationship with the patients across multiple health areas and possibly pharmacy. Can you talk to us a little bit about where you stand with that today versus where it could be in a couple of years? Deep customer relationships with your current book as a percentage of the total versus where it could go and give us an idea.

然後再一個問題。Justin，你說當你們在多個健康領域、甚至可能包含藥局，與患者建立更深的關係時，你真的能在數字上看得出來。你能否談談你們目前在這方面的進展，與兩年後可能達到的狀態相比如何？以你們現有客群中「深度客戶關係」占總體的比例來看，目前是多少、未來可能到哪裡，請給我們一些概念。

Sure. I mean, hi, Sarah, this is Justin. I mean, when we say deeper relationships, right, we just mean patients being able to use our platform for many different aspects of their healthcare. And I think one of the areas where we are already seeing this is in our women's health business, and we are going to start to see it, I think, in the next 30, 60, 90 days, a lot more in our weight management business as well. But look, I think it is ,if you look at our women's health business today, you have a lot of women that are coming in.

當然。我是 Justin，嗨 Sarah。我們所說的更深關係，指的是患者能夠在其醫療照護的多個面向使用我們的平台。我認為我們已經在女性健康業務中看到這點；而在體重管理業務方面，我想在接下來 30、60、90 天內也會看到更多。不過你看，如果你看我們目前的女性健康業務，會有很多女性進來。

They are starting with a hormone therapy offering. Many of them, now that we launched testosterone, are talking to a provider about sexual wellness, and some of them, if it is appropriate, are getting a testosterone prescription. One of the other benefits of our women's health program is we offer weight loss and GLP-1 support as well, so many of these women are using that. We have really convenient in-home labs. Obviously, if you're on a testosterone product, labs are required. Sometimes those labs are going to Quest and LabCorp. We have a cardiology offering, which is still in its very early stages, but obviously that is very relevant for women's health.

她們一開始會從荷爾蒙療法方案開始。其中許多人在我們推出睪固酮之後，會與醫療提供者討論性健康（sexual wellness）；而其中一些人在適當的情況下，會取得睪固酮處方。我們女性健康方案的另一個好處是，我們也提供減重與 GLP-1 支援，因此許多女性也在使用這些服務。我們提供非常便利的到府檢驗（in-home labs）。顯然，如果你在使用睪固酮產品，是需要做檢驗的。有時這些檢驗會在 Quest 和 LabCorp 進行。我們也有心臟科服務，雖然仍處於非常早期階段，但顯然這與女性健康高度相關。

So we have a psychiatry offering that is also kind of another cross-care program that is, again, mainly used by patients that are on another offering of LIFEMD. So I think that is a great example, right? we are also, I mean, one of the areas I forgot, I mean, we are also working on standing up probably later this year, a bone health program that incorporates a lot of diet and lifestyle support, connecting all of that data that you're collecting across all of those various programs with.

所以我們有一個精神醫學的服務，某種程度上也算是另一個跨照護（cross-care）方案；同樣地，它主要是由已在使用 LIFEMD 其他服務的病患所使用。所以我覺得這是一個很好的例子，對吧？另外，我是說，我忘了提到的一個領域是：我們也正在著手建立一個骨骼健康計畫，可能會在今年稍晚推出，該計畫會納入大量的飲食與生活型態支持，並把你在各個不同計畫中所蒐集的所有資料串接起來。

A patient's health, basically a patient's medical data through an HIE, like health information exchange connection, also bringing in all of the lab data, blood data from their lab work. I mean, when you think about what you can do with that, just not only through providing async and synchronous care through our platform, but also using AI to then provide longitudinal care to that patient, providing medication management.

把這些資料與病患的健康狀況，基本上也就是病患的醫療資料，透過 HIE（例如健康資訊交換）的連線整合起來，同時也把所有檢驗資料、血液數據（來自他們的檢驗）納入。我的意思是，當你想到你能用這些做什麼時，不僅是透過我們的平台提供非同步與同步照護，還能運用 AI 進一步為病患提供縱向（longitudinal）的持續照護，並提供用藥管理。

it is pretty powerful. And I think that is -- I mean, I hope that answers your question, but that is what I think about when I think over the next couple of years, like how we can like really deepen the relationship with our patients.

這是相當有力的。我想這就是——我是說，我希望這回答了你的問題——但當我想到未來幾年我們要如何真正加深與病患之間的關係時，我想到的就是這些。

Steve Dechert, Keybanc Capital Markets.

Steve Dechert，Keybanc Capital Markets。

Hey, guys. Thanks for the question. I guess just wanted to ask around insurance. I think last quarter you guys talked about the demand you were seeing from patients that wanted to use insurance. Just if you could talk about what the usage looks like among your patient base currently versus maybe where it was three, six months ago and then what you expect that to get to over the next six months, a year, two years?

嗨，各位。謝謝讓我提問。我想問一下保險相關的情況。我記得上季你們談到，看到有病患希望使用保險的需求。想請你們談談目前在你們病患族群中，使用保險的比例大概是什麼樣子，相較於三個月、六個月前的變化，以及你們預期未來六個月、一年、兩年會到什麼程度？

Hi, this is Justin Schreiber.

嗨，我是 Justin Schreiber。

I think currently, we see around, somewhere around, I think, 10% of new patients are coming in through one of our insurance flows. That number, I do not have an exact number to share with you from, a quarter or two ago, but it was much smaller than that.

我想目前我們看到大約——大概有 10% 的新病患是透過我們其中一個保險流程進來的。至於一季或兩季前的確切數字，我手上沒有可以分享的精確數據，但當時的比例比現在小很多。

Look, we are still doing a lot of testing here and, I think that we continue to see a lot more demand from patients to use their insurance to cover their medications than we do from patients to cover the cost of their consult. And a lot of times with, what we see with the pharmacy offerings at License D, like, the actual asynchronous care or even synchronous care, it is not prohibitively expensive.

你看，我們這邊仍在做很多測試；而且我認為，我們持續看到病患希望用保險來支付藥品費用的需求，遠高於希望用保險來支付問診費用的需求。而且很多時候，就我們在 License D 的藥局（pharmacy）服務所看到的情況而言，實際的非同步照護甚至同步照護，其費用並不會高到令人卻步。

And so I guess that is kind of a long-winded way of saying we have seen a lot of growth in the insurance business, we are seeing still more growth on the cash based side of our business and we do think that long-term insurance is going to continue to grow. I do not have an exact number for what we think that is going to become, but we really think this is an important differentiator and something that we plan to continue to invest in and we think it will continue to grow with the business.

所以我想，這算是一個比較繞的說法：我們確實看到保險業務有很大的成長；同時，我們也仍然看到以現金支付為主的業務端成長更快；而且我們確實認為，長期來看保險會持續成長。至於我們認為最終會到什麼數字，我沒有一個精確的預估；但我們真的認為這是一個重要的差異化因素，也是我們計畫持續投入的方向，我們也相信它會隨著業務一起持續成長。

Yi Chen, HC Wainwright.

Yi Chen，HC Wainwright。

Hey, this is Katie on for Yi. Kind of building off your earlier comments, you've described the Women's Health segment as growing. Are you able to give us any more color on that?

嗨，我是代 Yi 提問的 Katie。延續你先前的評論，你提到女性健康（Women's Health）部門正在成長。你能否再提供一些更具體的說明？

Like can you give us any ending subscribers for the quarter, quarterly revenue, just clarify how much of Women's Health contributes to the current quarter and what you're kind of expecting in that ramp towards the end of the year?

例如你能提供本季期末訂閱用戶數、季度營收，或釐清女性健康在本季的貢獻占比，以及你們對於今年底前加速成長（ramp）的預期？

Hi, this is Justin. We are not in a position where to put out to share our actual patient numbers for that business, but I would just go back to our prior guidance where we said that this business.

嗨，我是 Justin。我們目前還不方便對外分享該業務的實際病患人數，但我會回到我們先前的指引，我們曾說過這項業務……

Be approaching a $5 million quarterly revenue run rate by Q4. That might be a little bit aggressive, but I think that business should be somewhere between $3 million and $5 million quarterly revenue run rate by Q4 of this year. We have seen the business grow a lot quarter-to-quarter.

到第四季時，季度營收年化運行率（quarterly revenue run rate）將接近 500 萬美元。這可能稍微偏積極，但我認為到今年第四季，該業務的季度營收運行率應該會落在 300 萬到 500 萬美元之間。我們看到這項業務在每一季之間都有很大的成長。

New patient acquisitions over the last week or two. We have had several days where they have been in the 50 to 100 new patients per day range, which is a great number. I think we feel really good about growing this business with strong unit economics to a several hundred new patient per day growth rate, which is a great business.

在過去一兩週的新病患獲取方面，我們有好幾天都落在每天 50 到 100 位新病患的區間，這是很不錯的數字。我想我們對於以良好的單位經濟（unit economics）來擴張這項業務、把新病患成長率提升到每天數百人的規模感到非常有信心，這會是一門很好的生意。

And look, everything looks really great, The pharmacy products are continuing to scale for this business, providers are doing an exceptional job, quality of care is incredible, and we are really excited about the growth of this business.

而且你看，一切看起來都非常好；藥局產品（pharmacy products）在這項業務上持續擴張，醫療提供者（providers）表現非常出色，照護品質非常卓越，我們也對這項業務的成長感到非常興奮。

Perfect.

很好。

Thank you so much.

非常感謝。

And that does conclude our question-and-answer session. I would now like to turn it back over to the team for closing comments.

以上即為我們的問答環節。接下來我想把時間交還給團隊做結語。

Thanks everybody for joining our conference call today. We look forward to talking to you all another quarter from now. Thanks very much.

感謝各位今天參加我們的電話會議。我們期待在下一個季度再與各位交流。非常感謝。

The conference call is now ended.

本次電話會議到此結束。

Thank you for attending today's presentation and you may now disconnect.

感謝您參加今天的簡報，您現在可以中斷連線。