23andMe Holding Co. (ME) 2022 Q4 法說會逐字稿

Good morning, and welcome to the 23andMe's Fiscal Year 2022 Fourth Quarter and Year-End Financial Results Conference Call.

早上好，歡迎來到 23andMe 的 2022 財年第四季度和年終財務業績電話會議。

As a reminder, this call is being recorded.

提醒一下，此通話正在錄音中。

(Operator Instructions)

（操作員說明）

I would now like to turn the call over to Wade Walke, Vice President of Investor Relations, to lead off the call. Thank you. Please go ahead.

我現在想把電話轉給投資者關係副總裁 Wade Walke 來主持電話會議。謝謝。請繼續。

Thank you. Before we begin, I encourage everyone to go to investors.23andme.com to find the press release we issued earlier today reporting our financial results for the quarter and fiscal year. A replay of today's webcast will also be available on our website for a limited time within 24 hours after the event.

謝謝。在我們開始之前，我鼓勵大家去 investors.23andme.com 找到我們今天早些時候發布的新聞稿，報告我們本季度和本財年的財務業績。今天的網絡廣播重播也將在活動結束後 24 小時內在我們的網站上限時提供。

Please note that certain statements made during this call regarding matters that are not historical facts, including, but not limited to, management's outlook or predictions for future periods are forward-looking statements. These statements are based solely on information that is now available to us. We encourage you to review the section entitled forward-looking statements in our press release, which applies to this call. Also, please refer to our SEC filings, which can be found on our website and the SEC's website for discussion of numerous factors that may impact our future performance. We also discussed certain non-GAAP measures, important information on our use of these measures and reconciliation to U.S. GAAP may be found in our earnings release. Joining us on today's call are Anne Wojcicki, our Chief Executive Officer and Co-Founder; Kenneth Hillan, our Chief Therapeutics Officer; and Steven Schoch, our Chief Financial Officer. And now I'd like to turn the call over to Anne.

請注意，在本次電話會議期間就非歷史事實的事項所做的某些陳述，包括但不限於管理層的展望或對未來時期的預測，屬於前瞻性陳述。這些陳述僅基於我們現在可獲得的信息。我們鼓勵您查看我們新聞稿中標題為前瞻性陳述的部分，該部分適用於此次電話會議。此外，請參閱我們的 SEC 文件，這些文件可以在我們的網站和 SEC 的網站上找到，以討論可能影響我們未來業績的眾多因素。我們還討論了某些非 GAAP 措施，有關我們使用這些措施的重要信息以及與美國 GAAP 的對賬可以在我們的收益發布中找到。與我們一起參加今天電話會議的還有我們的首席執行官兼聯合創始人 Anne Wojcicki；我們的首席治療官 Kenneth Hillan；和我們的首席財務官 Steven Schoch。現在我想把電話轉給安妮。

Thank you, Wade. We are excited about the steps we have taken over the last year and specifically over the last several months to begin to integrate genetics into everyday care with the ultimate goal of making personalized healthcare a reality. One of the unique aspects of our approach is that we will be able to offer people the ability to access and learn about their DNA and then take proactive preventative steps to manage their health and well-being through guidance from our genetically trained Lemonaid clinicians.

謝謝你，韋德。我們對去年特別是過去幾個月採取的步驟感到興奮，開始將遺傳學整合到日常護理中，最終目標是實現個性化醫療保健。我們方法的獨特之處之一是，我們將能夠讓人們能夠訪問和了解他們的 DNA，然後通過我們受過基因培訓的 Lemonaid 臨床醫生的指導，採取積極的預防措施來管理他們的健康和福祉。

Nearly 20 years ago, as the human genome project was being completed, leaders at the time predicted that genetics would have the potential to transform how we diagnose, treat and prevent all human disease. That vision still exists today but for a number of reasons, such as lack of reimbursement, education and training, genetics is not widely adopted into care.

將近 20 年前，隨著人類基因組計劃的完成，當時的領導人預測遺傳學有可能改變我們診斷、治療和預防所有人類疾病的方式。這一願景今天仍然存在，但由於多種原因，例如缺乏報銷、教育和培訓，遺傳學並未被廣泛用於護理。

We have the opportunity to partner with customers in the traditional healthcare world to use genetic data to truly personalize care. We are taking this next step because it is the logical progression of our vision to help people access, understand and benefit from human genome. We have delivered on the first 2 aspects of our vision, accessibility and understanding by now offering over 60 health reports in our personal genome service. We've also grown our customer base to 12.8 million genotyped customers. Our new focus strives to deliver on the third aspect of our vision to help people benefit from the human genome. We know there is a huge unmet need for preventative healthcare. It has been reported that 40% of death from the 5 leading causes in the U.S. are preventable, yet accessibility to preventative care remains a problem for most people.

我們有機會與傳統醫療保健領域的客戶合作，使用基因數據實現真正的個性化護理。我們正在採取下一步行動，因為這是我們幫助人們獲取、理解人類基因組並從中受益的願景的合理進展。通過現在在我們的個人基因組服務中提供超過 60 份健康報告，我們已經實現了我們願景、可訪問性和理解的前兩個方面。我們還將客戶群擴大到 1280 萬基因分型客戶。我們的新重點致力於實現我們願景的第三個方面，即幫助人們從人類基因組中受益。我們知道，預防性保健存在巨大的未滿足需求。據報導，美國 5 大死因中 40% 的死亡是可以預防的，但對大多數人來說，能否獲得預防保健仍然是一個問題。

We believe that with our first-of-its-kind genomic health service, focused on genetics and personalized health data, we have an opportunity to fill this unmet need improve people's lives. I think everyone knows that healthcare is not personalized today. In most cases, it's a one-size-fits-all approach. For example, we see guidelines for cancer screening that are primarily based on age, but rarely based on an individual's genetic risk. Because genetic testing is very rarely used outside of prenatal in cancer care, most people don't know their genetic risk factors, much less what to do with that information. In addition, more often than not, insurance presents a barrier to accessing genetic testing. We also know that our customers have had problems translating information about their genetic health risk to tangible health benefits and outcomes.

我們相信，憑藉我們首創的專注於遺傳學和個性化健康數據的基因組健康服務，我們有機會滿足這一未滿足的需求，從而改善人們的生活。我想每個人都知道今天的醫療保健不是個性化的。在大多數情況下，這是一種放之四海而皆準的方法。例如，我們看到癌症篩查指南主要基於年齡，但很少基於個人的遺傳風險。因為基因檢測很少用於產前以外的癌症治療，所以大多數人不知道他們的遺傳風險因素，更不用說如何處理這些信息了。此外，保險通常會成為進行基因檢測的障礙。我們還知道，我們的客戶在將有關其遺傳健康風險的信息轉化為有形的健康益處和結果時遇到了問題。

Often, they take our genetic health reports to their primary care physicians who largely don't know how to interpret or act on the information. Our efforts on the consumer side will now be focused on building a bridge between health risk awareness and health risk and disease management with our new genomic health services. Our plan is to support patients from the first touch point through a continuum of care being the trusted guide.

通常，他們會將我們的基因健康報告交給他們的初級保健醫生，而這些醫生基本上不知道如何解釋這些信息或根據這些信息採取行動。我們在消費者方面的努力現在將集中在通過我們新的基因組健康服務在健康風險意識與健康風險和疾病管理之間架起一座橋樑。我們的計劃是通過作為值得信賴的指導的連續護理，從第一個接觸點開始為患者提供支持。

Over the next few years, we plan to concentrate on the direct-to-consumer self-pay market. Once we establish ourselves in the DTC market, then we can look into growing into other channels. This effort started with our acquisition and integration of Lemonaid Health and their telehealth and digital pharmacy services. Our next steps are to roll out our new genomic health services. Just this month, we started beta testing, a genetic report consultation service with clinicians who are trained in genetic health concepts.

在接下來的幾年裡，我們計劃專注於直接面向消費者的自付市場。一旦我們在 DTC 市場站穩腳跟，我們就可以考慮進軍其他渠道。這項工作始於我們對 Lemonaid Health 及其遠程醫療和數字藥房服務的收購和整合。我們的下一步是推出我們新的基因組健康服務。就在這個月，我們開始了 Beta 測試，這是一項遺傳報告諮詢服務，由接受過遺傳健康概念培訓的臨床醫生提供。

This service provides customers with the opportunity to have genetic report consultations on 3 of our genetic health risk reports. These consultations can help customers better understand the potential impact of their genetic risk profile and discuss the next steps. This is just the start of our efforts this area, and I'm excited about the broader suite of services we plan to introduce later this year.

該服務為客戶提供了就我們的 3 份基因健康風險報告進行基因報告諮詢的機會。這些諮詢可以幫助客戶更好地了解他們的遺傳風險概況的潛在影響，並討論接下來的步驟。這只是我們在這一領域努力的開始，我對我們計劃在今年晚些時候推出的更廣泛的服務套件感到興奮。

A few notable milestones on the consumer side includes the recent expansion of our 23andMe plus membership service to customers in the U.K. and Canada. This service offers insights and features to give members even more actionable information to live healthier lives. We also launched 3 new reports for customers subscribe to 23andMe plus, bringing the total reports available to over 60. The new reports released with last quarter included skin cancer, diverticulitis report, irritable bowel syndrome report.

消費者方面的幾個值得注意的里程碑包括最近向英國和加拿大的客戶擴展我們的 23andMe plus 會員服務。該服務提供的見解和功能可為會員提供更多可操作的信息，以過上更健康的生活。我們還為訂閱 23andMe plus 的客戶推出了 3 份新報告，使可用報告總數超過 60 份。與上一季度一起發布的新報告包括皮膚癌、憩室炎報告、腸易激綜合症報告。

On the therapeutic side of our business, we believe we have an advantage in drug target validation and drug development because we have the world's largest crowd-sourced platform for genetic research. Drug development is fraught with failure. About 90% of drugs in development fail to become commercial medicines. However, studies have shown that drugs developed on genetically validated targets are twice as likely to succeed, and all of our targets are validated using unique -- our unique genetic database containing tens of thousands of genetic associations with disease phenotypes.

在我們業務的治療方面，我們相信我們在藥物靶點驗證和藥物開發方面具有優勢，因為我們擁有世界上最大的基因研究眾包平台。藥物開發充滿了失敗。大約 90% 的在研藥物未能成為商業藥物。然而，研究表明，在經過基因驗證的目標上開發的藥物成功的可能性是其兩倍，而且我們所有的目標都使用獨特的驗證——我們獨特的遺傳數據庫包含數万種與疾病表型的遺傳關聯。

Our research platform has generated more than 200 publications on the genetic underpinnings of a wide range of diseases, conditions and traits and we've used this research platform to create a pipeline of more than 50 programs with 2 now in Phase I clinical trials.

我們的研究平台已經發表了 200 多篇關於各種疾病、病症和性狀的遺傳基礎的出版物，我們已經使用這個研究平台創建了一個包含 50 多個項目的管道，其中 2 個現在處於 I 期臨床試驗階段。

We believe that the therapeutics, which come out of our discovery engine will eventually play a significant role in helping people benefit from the human genome.

我們相信，來自我們發現引擎的療法最終將在幫助人們從人類基因組中獲益方面發揮重要作用。

With the combination of our personal genome service, our new genomic health services and our efforts to develop new therapeutics based on genetically validated targets, we believe we are poised to accomplish the full measure of our mission.

通過結合我們的個人基因組服務、我們新的基因組健康服務以及我們基於基因驗證目標開發新療法的努力，我們相信我們已準備好完成我們的使命。

I now turn the call over to Kenneth to discuss our therapeutics program.

我現在將電話轉給肯尼斯來討論我們的治療計劃。

Thanks, Anne. Here at 23andMe, we are passionate about our customer-driven research platform and its potential to yield insights that could transform therapeutic target discovery, drug development and ultimately benefit patients. Our database is the world's largest crowd-source platform for health-related genetic research and has the potential to offer unique insights about diseases and how they can be treated. With this resource, we have the opportunity to understand how changes in a gene affect our risk of disease. This is a very powerful way to identify drug targets, and it has been shown that targets backed by human genetic evidence have a significantly higher chance of becoming medicines than those that do not.

謝謝，安妮。在 23andMe，我們熱衷於我們以客戶為導向的研究平台及其產生洞察力的潛力，這些洞察力可以改變治療靶點發現、藥物開發並最終使患者受益。我們的數據庫是世界上最大的健康相關基因研究眾包平台，有可能提供有關疾病及其治療方法的獨特見解。有了這個資源，我們就有機會了解基因的變化如何影響我們患病的風險。這是識別藥物靶標的一種非常有效的方法，並且已經表明，有人類遺傳證據支持的靶標比那些沒有的靶標有更高的機會成為藥物。

Our investments this last year in therapeutics has enabled us to achieve several key milestones in our therapeutics business. These include advancing 23ME’610, our first wholly owned program into the clinic. 610 is an antibody that targets the CD200R1 protein which is an important regulator of both T cell and myeloid cell function. CD200R1 was identified as a promising immuno-oncology target from our proprietary genetic immuno-oncology signature that we developed using our large database of genetically linked phenotypes. We presented data on this program at this year's AACR conference in March. GSK is continuing to advance GSK'608 in the clinic with plans to test this antibody targeting CD96 in combination with multiple other immuno-oncology drugs.

我們去年在治療學方面的投資使我們能夠在我們的治療學業務中實現幾個關鍵的里程碑。其中包括推進 23ME'610，這是我們進入診所的第一個全資項目。 610 是一種靶向 CD200R1 蛋白的抗體，CD200R1 蛋白是 T 細胞和骨髓細胞功能的重要調節因子。 CD200R1 被確定為一個有前途的免疫腫瘤學靶點，來自我們使用我們的大型遺傳相關表型數據庫開發的專有遺傳免疫腫瘤學特徵。我們在今年 3 月份的 AACR 會議上介紹了該計劃的數據。 GSK 正在繼續在臨床上推進 GSK'608，併計劃測試這種靶向 CD96 的抗體與多種其他免疫腫瘤藥物的結合。

We elected our option earlier this year to transition to a royalty stake in view of continuing to share costs and profits. And finally, GSK also exercised their option to extend our discovery collaboration for a further year for an additional $50 million. This decision demonstrates GSK's enthusiasm for our collaboration and the value of our database provides for identifying and advancing new medicines based on human genetics.

鑑於繼續分擔成本和利潤，我們在今年早些時候選擇了過渡到特許權使用費股權的選擇權。最後，葛蘭素史克還行使了他們的選擇權，以額外的 5000 萬美元將我們的發現合作再延長一年。這一決定表明了葛蘭素史克對我們合作的熱情，以及我們數據庫的價值為識別和推進基於人類遺傳學的新藥提供了價值。

Our collaboration with GSK has been very productive. And in less than 4 years, the collaboration has identified over 50 therapeutic targets and jointly advanced one program into clinical development. As we move into this next fiscal year, we plan to continue to advance 23ME’610 in clinical development, to progress new candidates in research and preclinical development, and to identify new drug targets from our database as the number of genotype customers and associated phenotypic data continues to grow. We believe our growing understanding of human genetics and biology can result in significant value for patients.

我們與葛蘭素史克的合作非常富有成效。在不到 4 年的時間裡，合作確定了 50 多個治療靶點，並共同將一個項目推進了臨床開發。隨著我們進入下一個財政年度，我們計劃繼續推進 23ME'610 的臨床開發，在研究和臨床前開發中推進新的候選人，並從我們的數據庫中確定新的藥物目標作為基因型客戶的數量和相關的表型數據繼續增長。我們相信，我們對人類遺傳學和生物學的深入了解可以為患者帶來巨大的價值。

Now I'll turn it over to Steve to review our financial results.

現在我將把它交給史蒂夫來審查我們的財務結果。

Thanks, Kenneth. Fiscal year 2022 was a transitional year for 23andMe. It was highlighted by our public listing in June 2021, followed in November by the strategically important acquisition of Lemonaid Health which now underpins our planned introduction of a genomic health service, as Anne discussed earlier. While those were milestone accomplishments for the company, our existing day-to-day operations also made great progress.

謝謝，肯尼斯。 2022 財年是 23andMe 的過渡年。我們在 2021 年 6 月的公開上市凸顯了這一點，隨後在 11 月收購了具有重要戰略意義的 Lemonaid Health，正如 Anne 之前討論的那樣，這現在支持我們計劃推出的基因組健康服務。雖然這些是公司的里程碑式成就，但我們現有的日常運營也取得了長足進步。

During fiscal 2022, our personal genomics service or PGS business increased our customer count by 1.5 million genotype customers or 13% to 12.8 million, significantly extending our competitive data advantage. In addition, our active subscriber base in 23andMe-Plus grew from 125,000 to 425,000, contributing meaningfully to revenue and gross margin while also improving on our average customer economics.

在 2022 財年，我們的個人基因組學服務或 PGS 業務使我們的客戶數量增加了 150 萬基因型客戶或 13% 至 1280 萬，顯著擴大了我們的競爭數據優勢。此外，我們在 23andMe-Plus 的活躍用戶群從 125,000 增加到 425,000，對收入和毛利率做出了有意義的貢獻，同時也提高了我們的平均客戶經濟效益。

Our investments in our therapeutics portfolio have increased our pipeline to more than 50 programs, as Kenneth has told you, and we moved the second 23andMe validated program into the clinic. Our Research Services business will be sustained by GSK's election in January to remain our exclusive data partner for a fifth contract year, which starts in July of 2022 and comes with a $50 million payment, which is double the previous annual payment.

正如 Kenneth 告訴您的那樣，我們對治療組合的投資已將我們的管道增加到 50 多個項目，並且我們將第二個 23andMe 驗證項目轉移到診所。我們的研究服務業務將在 GSK 在 1 月份的選舉中得以維持，在第五個合同年度繼續擔任我們的獨家數據合作夥伴，該合同年度從 2022 年 7 月開始，並支付 5000 萬美元，是之前年度付款的兩倍。

This extension is a clear signal of the increased value in our data platform and the insights it can produce. All in all, this was a very productive year strategically and operationally, and we continue to build real value.

此擴展清楚地表明了我們數據平台的價值增加及其可以產生的見解。總而言之，今年在戰略和運營上是非常富有成效的一年，我們將繼續創造真正的價值。

Now let's turn to financial performance. We'll start off by noting that our 12-month results for the year ended March 31, 2022, were within our previously issued financial guidance ranges. Our revenue for the 3 and 12 months ended March 31, 2022, was $101 million and $272 million, respectively, representing increases of 14% and 11%, respectively, over the same periods in the prior year.

現在讓我們談談財務業績。我們首先要指出，我們截至 2022 年 3 月 31 日止年度的 12 個月業績在我們之前發布的財務指導範圍內。截至 2022 年 3 月 31 日止的第 3 個月和第 12 個月的收入分別為 1.01 億美元和 2.72 億美元，分別比去年同期增長 14% 和 11%。

Fourth quarter revenue growth was primarily due to the inclusion of 3 months of telehealth revenue and higher research services revenue versus the prior year period. These increases were partially offset by lower PGS revenue. 12 month revenue growth was primarily driven by the inclusion of 5 months of telehealth revenue and by increased subscription and research services revenue.

第四季度收入增長主要是由於納入了 3 個月的遠程醫療收入和高於去年同期的研究服務收入。這些增長被較低的 PGS 收入部分抵消。 12 個月的收入增長主要是由於包含了 5 個月的遠程醫療收入以及訂閱和研究服務收入的增加。

Looking at the composition of our revenue, consumer services revenue, which includes both our PGS and our telehealth services represented approximately 83% of total revenue for the 3 months and 82% of total revenue for the 12 months ended March 31, 2022, and research services revenue, which was substantially all from the GSK collaboration accounted for approximately 17% of total revenue for the 3 months and 18% of total revenue for the 12 months ended March 31, 2022.

從我們的收入構成來看，包括我們的 PGS 和遠程醫療服務在內的消費者服務收入約佔截至 2022 年 3 月 31 日的 3 個月總收入的 83%，佔截至 2022 年 3 月 31 日的 12 個月總收入的 82%，以及研究服務收入基本上全部來自葛蘭素史克的合作，約佔截至 2022 年 3 月 31 日止 3 個月總收入的 17% 和 12 個月總收入的 18%。

Our gross profit for the 3 and 12 months ended March 31, 2022, was $47 million and $133 million, respectively, representing a 6% and 14% increase over the same periods in the prior year. The improvement in fourth quarter gross profit was driven by the increased revenues previously mentioned, while the 12-month period additionally benefited from cost efficiencies within PGS cost of sales.

截至 2022 年 3 月 31 日止的第 3 個月和第 12 個月的毛利潤分別為 4700 萬美元和 1.33 億美元，比去年同期增長 6% 和 14%。第四季度毛利潤的改善是由前面提到的收入增加推動的，而 12 個月期間還得益於 PGS 銷售成本的成本效率。

Operating expenses for the 3 and 12 months ended March 31, 2022, were $117 million and $387 million, respectively, compared to $112 million and $302 million for the same periods in the prior year. The increase in operating expenses for both periods was attributable to several factors, including increased sales and marketing expenses consistent with the promotional activities of the PGS business, the addition of telehealth operational expenses, increased therapeutics related research and development expenses, a onetime net litigation settlement payment and in the case of the 12-month period, onetime transaction costs associated with the acquisition of Lemonaid Health.

截至 2022 年 3 月 31 日止的第 3 個月和第 12 個月的運營費用分別為 1.17 億美元和 3.87 億美元，上年同期分別為 1.12 億美元和 3.02 億美元。兩個時期的運營費用增加歸因於幾個因素，包括與 PGS 業務的促銷活動一致的銷售和營銷費用增加、遠程醫療運營費用增加、治療相關研發費用增加、一次性淨訴訟和解付款，如果是 12 個月的期限，則為與收購 Lemonaid Health 相關的一次性交易費用。

Looking at the bottom line. Net loss for the 3- and 12-month periods ended March 31, 2022 was $70 million and $217 million, respectively, compared to net losses for the same period in the prior year of $67 million and $184 million, respectively. The increase in net loss for the 3- and 12-month periods were primarily driven by higher operating expenses, as noted earlier. And in the case of the 12-month period by a favorable change in fair value of warrant liabilities of $33 million.

看底線。截至 2022 年 3 月 31 日止的 3 個月和 12 個月期間的淨虧損分別為 7000 萬美元和 2.17 億美元，而去年同期的淨虧損分別為 6700 萬美元和 1.84 億美元。如前所述，3 個月和 12 個月期間淨虧損的增加主要是由於運營費用增加所致。並且在 12 個月的情況下，認股權證負債的公允價值發生了 3300 萬美元的有利變化。

Next, let us look at our adjusted EBITDA. The details about how we define adjusted EBITDA and related reconciliations, please see our earnings press release. Total adjusted EBITDA for the 3 and 12 months ended March 31, 2022, with a deficit of $30 million and $151 million, respectively compared to deficits for the same period in the prior year of $11 million and $77 million, respectively.

接下來，讓我們看看調整後的 EBITDA。有關我們如何定義調整後 EBITDA 和相關調節的詳細信息，請參閱我們的收益新聞稿。截至 2022 年 3 月 31 日止的三個月和十二個月的調整後 EBITDA 總額分別為 3000 萬美元和 1.51 億美元，而去年同期分別為 1100 萬美元和 7700 萬美元。

The increase in total adjusted EBITDA deficit was driven primarily by the increase in operating expenses mentioned previously. Looking specifically at the adjusted EBITDA for the 3 and 12 months ended March 31, 2022, for the Consumer and Research Services segment, we saw a surplus of $3 million for the fourth quarter and a deficit of $30 million for the full year compared to surpluses in the same period in the prior year of $18 million and $13 million respectively.

調整後的 EBITDA 赤字總額的增加主要是由於前面提到的運營費用的增加。具體來看消費者和研究服務部門截至 2022 年 3 月 31 日的 3 個月和 12 個月的調整後 EBITDA，與盈餘相比，第四季度盈餘 300 萬美元，全年虧損 3000 萬美元上年同期分別為 1800 萬美元和 1300 萬美元。

We note that quarterly adjusted EBITDA for the Consumer and Research Services segment has exhibited seasonal variation just as the segment's top line does and is impacted by factors including PGS revenue recognition timing and the pattern of our media spending, which has varied over time. For this reason, we focus managerially on our full year adjusted EBITDA performance. Full year adjusted 2022 EBITDA deficit in this Consumer and Research Services segment versus prior year surplus was driven primarily by the previously mentioned increase in sales and marketing expenses as well as the impact from inclusion of 5 months of telehealth results.

我們注意到，消費者和研究服務部門季度調整後的 EBITDA 表現出季節性變化，就像該部門的收入一樣，並受到包括 PGS 收入確認時間和我們的媒體支出模式在內的因素的影響，這些因素隨著時間的推移而變化。因此，我們將管理重點放在全年調整後的 EBITDA 業績上。這一消費者和研究服務部門的 2022 年全年調整後 EBITDA 赤字與上年盈餘相比，主要是由於前面提到的銷售和營銷費用的增加以及納入 5 個月的遠程醫療結果的影響。

We will continue to work towards returning the Consumer and Research Services segment to cash flow breakeven and above over time as we expand our consumer office offerings with our new genomic health services. We ended the quarter with a solid balance sheet, including $553 million in cash which provides us with sufficient capital to continue to advance both segments.

隨著我們通過新的基因組健康服務擴展我們的消費者辦公室產品，我們將繼續努力使消費者和研究服務部門恢復現金流盈虧平衡甚至更高。我們在本季度結束時擁有穩健的資產負債表，其中包括 5.53 億美元的現金，這為我們提供了足夠的資金來繼續推進這兩個部門。

Now let's turn to our updated guidance. Our full year fiscal 2023 guidance is based on a conservative approach to planning, recognizing the current uncertainties in the general economy and in financial markets. Within the existing consumer businesses of PGS and telehealth, we are prioritizing the minimization of adjusted EBITDA deficit rather than maximizing top line growth. For those business segments expected to drive future growth, which include the company's new genomic health services and our therapeutics business, we plan to focus on the most strategically and financially valuable options and invest appropriately in each.

現在讓我們轉向更新後的指南。我們的 2023 財年全年指引基於保守的規劃方法，認識到當前總體經濟和金融市場的不確定性。在 PGS 和遠程醫療的現有消費者業務中，我們優先考慮調整後 EBITDA 赤字的最小化，而不是最大化收入增長。對於那些有望推動未來增長的業務部門，包括公司新的基因組健康服務和我們的治療業務，我們計劃專注於最具戰略和財務價值的選擇，並在每個方面進行適當投資。

Because the new genomic health service is not anticipated to fully launch until later in the fiscal year, we do not foresee meaningful revenue contribution from these new consumer products and services within fiscal year 2023.

由於新的基因組健康服務預計要到本財年晚些時候才能全面推出，我們預計這些新的消費產品和服務不會在 2023 財年內帶來有意義的收入貢獻。

As a reminder, our fiscal year 2023 guidance carries the full year impact of the consolidation of the telehealth business into the company's overall consumer segment versus only 5 months in fiscal year 2022 as well as including the current and anticipated effects of general inflation on certain of our costs.

提醒一下，我們的 2023 財年指導包含遠程醫療業務整合到公司整體消費者領域的全年影響，而 2022 財年只有 5 個月，並且包括一般通貨膨脹對某些方面的當前和預期影響我們的成本。

With that as background, we are projecting full year revenue for fiscal year 2023, which will end on March 31, 2023 to be in the range of $260 million to $280 million. We are projecting full year GAAP net loss to be in the range of $350 million to $370 million. And finally, we are projecting our consolidated full year adjusted EBITDA deficit to be in the range of $195 million to $215 million.

以此為背景，我們預計到 2023 年 3 月 31 日結束的 2023 財年全年收入將在 2.6 億美元至 2.8 億美元之間。我們預計全年 GAAP 淨虧損將在 3.5 億美元至 3.7 億美元之間。最後，我們預計全年調整後的綜合 EBITDA 赤字將在 1.95 億美元至 2.15 億美元之間。

With that, I will now turn the call back over to Anne.

有了這個，我現在將把電話轉回給安妮。

Thank you, Steve. As you can see, we have a big agenda for the coming year. We are excited for the challenge and for the opportunity. Our success in this endeavor is a win for millions of people. Now let's open it up for questions.

謝謝你，史蒂夫。如您所見，我們為來年制定了一項重要議程。我們對挑戰和機遇感到興奮。我們在這一努力中的成功是數百萬人的勝利。現在讓我們打開它來提問。

(Operator Instructions)

（操作員說明）

Our first question will come from the line of Tiago Fauth from Crédit Suisse.

我們的第一個問題將來自 Crédit Suisse 的 Tiago Fauth。

So just 2 quick ones for me. So the first one is just on cash burn expectations for '23 or perhaps your current cash position? And how much runway does that buy you given the current operational plan. And I have a couple of questions on the therapeutic side. Just any thoughts on any read-through from recent TIGIT readouts across the space to the CD96 asset and any expectations of additional programs perhaps entering clinic now that you have 50 active programs. I know it's hard to have visibility, but what could be a reasonable base going forward?

所以對我來說只有 2 個快速的。所以第一個只是關於 23 年的現金消耗預期或者您當前的現金狀況？考慮到當前的運營計劃，這會給你帶來多少跑道。我有幾個關於治療方面的問題。關於從最近跨空間的 TIGIT 讀數到 CD96 資產的任何通讀的任何想法，以及對可能進入臨床的額外項目的任何期望，因為你有 50 個活動項目。我知道很難有知名度，但什麼是未來的合理基礎？

Thanks, Tiago. Let me hand that to Steve to answer the first part, and obviously, Kenneth for the second.

謝謝，蒂亞戈。讓我把它交給史蒂夫來回答第一部分，顯然，肯尼斯負責第二部分。

Yes, sure. So with -- starting with the $553 million balance that we talked about, you can kind of put that side by side with the adjusted EBITDA, the operating cash flow guidance of $195 million to $215 million, and it gives you a sense of kind of what that runway is in terms of if that were the sustained kind of burn rate for the next couple of years. And so you can kind of look at that. We only give guidance for this 1 year on that front.

是的，當然。因此，從我們談到的 5.53 億美元餘額開始，您可以將其與調整後的 EBITDA、1.95 億美元至 2.15 億美元的運營現金流指導並排放在一起，它讓您感覺如果那是未來幾年持續的燃燒率，那麼這條跑道是什麼。所以你可以看一下。我們只在這方面為這一年提供指導。

But more generally, I would say, this configuration gives us a certain amount of time flexibility as we think about funding the company in the future. And I think -- even though we do have some benefit of time, as appropriate, we'll look at every option that makes sense for us to think about a next funding for this company, and I think we'll be opportunistic over time because we do have the benefit of time and that's kind of the way we're looking at it right now.

但更一般地說，我想說的是，在我們考慮未來為公司提供資金時，這種配置為我們提供了一定的時間靈活性。而且我認為 - 即使我們確實有一些時間優勢，在適當的時候，我們會考慮每一個對我們來說有意義的選擇來考慮為這家公司提供下一筆資金，而且我認為隨著時間的推移我們會投機取巧因為我們確實有時間的好處，這就是我們現在看待它的方式。

Yes, sure. Thanks, Anne. Yes, Tiago, maybe I can just talk, first of all, just I think you asked about kind of recent data. One of the pieces of data was Roche report showing data for their anti-TIGIT antibody, both in a trial in small cell lung cancer, then a second trial in non-small cell lung cancer. In the small cell lung cancer trial, that was a negative study. In the non-small cell lung cancer, the study, as you know, didn't meet its co-primary endpoint of progression-free survival. So it's clearly, I think, a bit of a disappointment there that Roche did see -- it's obviously hard to interpret, but he did see that this first analysis, the OS data was immature. The study is continuing and they also noted there was a numerical improvement in both of the co-primary endpoints.

是的，當然。謝謝，安妮。是的，蒂亞戈，也許我可以談談，首先，我想你問的是最近的數據。其中一項數據是羅氏報告，顯示了他們的抗 TIGIT 抗體的數據，既在小細胞肺癌試驗中進行，又在非小細胞肺癌中進行第二次試驗。在小細胞肺癌試驗中，這是一項陰性研究。如您所知，在非小細胞肺癌中，這項研究沒有達到無進展生存期的共同主要終點。所以很明顯，我認為，羅氏確實看到了一點失望——這顯然很難解釋，但他確實看到了第一次分析，操作系統數據不成熟。該研究仍在繼續，他們還注意到兩個共同主要終點的數值都有所改善。

So I think we'll just have to wait and see how that data continues to emerge. In terms of what that means for the CD96 program, as you know from our immuno-oncology signature, the genetics in that path, we are around CD226 and so one of the things that GSK had invested in not just the collaboration program we had with them on CD96, but also in anti-TIGIT antibodies with iTeos and then also an anti-PVRIG antibody with Surface Oncology. And I think one of the potentially interesting things is the ability to really drug multiple parts of that pathway. The CD96 antibody, as you know, continues in Phase I. GSK is now leading that and they will really be responsible for communication plans moving forward. But hopefully, at least that summary is helpful.

所以我認為我們只需要等待，看看這些數據將如何繼續出現。就這對 CD96 項目意味著什麼而言，正如你從我們的免疫腫瘤學特徵、這條道路上的遺傳學中了解到的那樣，我們圍繞 CD226 進行投資，因此葛蘭素史克投資的項目之一不僅僅是我們與它們在 CD96 上，還有 iTeos 的抗 TIGIT 抗體，然後還有 Surface Oncology 的抗 PVRIG 抗體。而且我認為其中一個潛在有趣的事情是能夠真正對該途徑的多個部分進行藥物治療。如您所知，CD96 抗體仍在第一階段繼續進行。葛蘭素史克現在正在領導這項工作，他們將真正負責推進溝通計劃。但希望至少該摘要會有所幫助。

No, no, that makes sense. I appreciate that.

不，不，這是有道理的。我很感激。

And then you asked about kind of where things were in the pipeline, again, in part because of the GSK collaboration, there's not a great deal that we can say about programs, but obviously, we do have -- so we've identified 50 targets from the database. So we have many programs in our portfolio. And so I think I remain optimistic about continuing to advance those but we haven't provided any further guidance on when we would expect next IND or next Phase I program. We're really working very hard and very excited about the CD200R1 program, which, as you know, started Phase I studies in January of this year.

然後你又問了一些東西在管道中，部分是因為 GSK 的合作，關於項目我們不能說太多，但顯然，我們確實有 - 所以我們已經確定了 50數據庫中的目標。所以我們的產品組合中有很多程序。因此，我認為我對繼續推進這些仍然持樂觀態度，但我們還沒有就我們何時期待下一個 IND 或下一階段 I 計劃提供任何進一步的指導。我們真的非常努力地工作，對 CD200R1 計劃感到非常興奮，正如你所知，該計劃於今年 1 月開始了 I 期研究。

Our next question will come from the line of Daniel Grosslight from Citi.

我們的下一個問題將來自花旗銀行的 Daniel Grosslight。

Maybe if we can go back to guidance for '23 and help kind of bridge some of these numbers for me. So it seems like you're titrating growth down as you focus more on profitability, which makes a lot of sense. So revenue at the midpoint is effectively flat, but it does also include a full year of Lemonaid revenue. So kind of that core organic revenue is going to be down for the year. And then adjusted EBITDA loss is also increasing by around $50 million for the midpoint. So it doesn't seem like you're getting the immediate impact of titrating some of the consumer growth down. So I assume that the increase in the loss is due to increased therapeutics in this new genomic health service investment. But maybe if you could put a finer point on that and help bridge between the slowdown in revenue growth organically and the expansion of the loss in '23?

也許如果我們可以回到 23 年的指導並幫助我彌補其中的一些數字。因此，當您更加關注盈利能力時，您似乎正在逐步降低增長，這很有意義。因此，中點的收入實際上是持平的，但它確實也包括 Lemonaid 全年的收入。因此，今年的核心有機收入將會下降。然後調整後的 EBITDA 虧損也增加了約 5000 萬美元的中點。因此，您似乎並沒有得到滴定一些消費者增長的直接影響。所以我假設損失的增加是由於這種新的基因組健康服務投資中治療方法的增加。但是，也許您可以對此提出一個更好的觀點，並幫助彌合有機收入增長放緩與 23 年虧損擴大之間的橋樑？

Absolutely. Let me hand it to you, Steve, first.

絕對地。讓我先交給你，史蒂夫。

Yes, for sure. Yes. So as you noted, the top line comes with a full 12 months versus just 5 months of this year of the top line of telehealth, it also comes with a full year of the bottom line of telehealth. So that's part of what gives rise to that difference. And that's -- that will hit the Consumer Research and Services segment component of EBITDA. And as you noted, we have a continually growing investment on the therapeutic side that's giving rise to a part of that. The other thing that's going on here is that we have just the inflationary costs on our labor base, which is running at a higher rate in terms of merit and promo and all of those things across the entirety of the company during this inflationary time.

是肯定的。是的。因此，正如您所指出的，頂線帶來了整整 12 個月，而今年遠程醫療頂線只有 5 個月，它還帶來了全年的遠程醫療底線。所以這就是造成這種差異的部分原因。那就是——這將影響 EBITDA 的消費者研究和服務部門的組成部分。正如您所指出的，我們在治療方面的投資不斷增加，這導致了其中的一部分。這裡發生的另一件事是，我們的勞動力基礎上只有通貨膨脹成本，在這個通貨膨脹時期，就績效和促銷以及整個公司的所有這些事情而言，它的運行速度更高。

And so that's going to run really throughout the business. And so -- and then in terms of like specifically how the work that we'll do to launch the new products, while there will be some modest incremental hiring, I think the effects of actually getting that launch and getting that out there won't be as big an impact, for instance, as just taking on the full 12 months of the telehealth business, operating expenses and that sort of thing. So just to put those in relativity.

因此，這將真正貫穿整個業務。所以——然後就具體而言，我們將如何開展新產品的發布工作，雖然會有一些適度的增量招聘，但我認為實際發布和發布的效果不會”例如，它不會像承擔完整 12 個月的遠程醫療業務、運營費用和諸如此類的事情那樣產生重大影響。所以只是把它們放在相對論中。

Yes. That's helpful. Okay. And I just want to understand that this new genomic health service a little bit better. Is this the service that connects the 23andMe report readouts with a Lemonaid provider? Or is this something in addition to a Lemonaid provider that you're going to be investing in?

是的。這很有幫助。好的。我只是想了解這種新的基因組健康服務會更好一些。這是將 23andMe 報告讀數與 Lemonaid 提供商連接起來的服務嗎？或者這是您要投資的 Lemonaid 供應商之外的東西？

It is really about connecting the first step, I would say, is really about connecting our customers as well as future customers with a care provider if they want to be able to best interpret to best help with the information. And I think part of that also gets people on to a plan for how do you actually implement this information into your life. So we look at -- we said this is also as part of our stack process, like the beginnings with the subscription product and how do we actually really enhance that more and more with part of the Lemonade acquisition with access to the healthcare providers as well as the pharmacy component and being able to really do pharmacogenetics.

這實際上是關於連接第一步，我想說，如果他們希望能夠最好地解釋以最好地幫助信息，那麼實際上是將我們的客戶以及未來的客戶與護理提供者聯繫起來。而且我認為其中一部分也會讓人們制定一個計劃，了解如何將這些信息實際應用到你的生活中。所以我們看看——我們說這也是我們堆棧過程的一部分，比如訂閱產品的開始，以及我們如何通過 Lemonade 收購的一部分以及與醫療保健提供商的接觸來真正地越來越多地增強它作為藥學成分並能夠真正進行藥物遺傳學研究。

So we recently launched a very beta product with a couple of reports giving access to care. And I think you can imagine that we will have a more comprehensive offering later in the year, early next year with respect to how do we really help our customers and future customers get access to a care provider to follow the whole kind of plan.

因此，我們最近推出了一款非常測試版的產品，其中包含幾份報告，可以提供護理服務。我想你可以想像，我們將在今年晚些時候、明年初提供更全面的服務，內容涉及我們如何真正幫助我們的客戶和未來的客戶獲得護理提供者的幫助，以遵循整個計劃。

That makes sense. And so what would the economic model there be? Would I have like a button on my 23andMe app that says connect to a care provider and then you charge me $50 or something for that? Or is it a subscription? How are you thinking about monetizing that?

這就說得通了。那麼那裡的經濟模式是什麼？我想要我的 23andMe 應用程序上的一個按鈕，上面寫著連接到護理提供者，然後你向我收取 50 美元或其他費用嗎？還是訂閱？您如何考慮將其貨幣化？

Yes. I mean I think that you're tapping -- I think that is what is happening today. So I don't know it's not rolled out to 100% of our customers, but there's beta testing right now with some of our customers saying what type -- what are the types of services you want to get? Like I said, I think that you can expect us to be doing and investing a lot more work into our subscription programs. So I think that's where -- fundamentally, when I think back on the last 16 years with the company and our engagement rates, we have incredibly high engagement, people come back over and over again. And so there's clearly a demand where people want more.

是的。我的意思是我認為你在竊聽——我認為這就是今天正在發生的事情。所以我不知道它沒有向我們 100% 的客戶推出，但現在有 Beta 測試，我們的一些客戶說什麼類型——您想獲得什麼類型的服務？就像我說的，我認為你可以期待我們在我們的訂閱計劃上做更多的工作並投入更多的精力。所以我認為這就是 - 從根本上說，當我回顧過去 16 年與公司和我們的參與率時，我們的參與度非常高，人們一遍又一遍地回來。因此，顯然存在人們想要更多的需求。

And so when I think about ability for us to provide care services, it's not always having to talk to a coach, but it could be various online services that are directed by a medical professional that help you really take advantage of the information. And again, the focus for us really has been on sort of that unmet need of prevention. And if you look at a lot of our reports, they really help people open up the door to saying, you don't yet have a condition, but you have the opportunity to potentially prevent. So how can we now help you implement that into your life.

因此，當我考慮我們提供護理服務的能力時，並不總是需要與教練交談，而是由醫療專業人員指導的各種在線服務可以幫助您真正利用這些信息。再一次，我們的重點實際上一直放在未滿足的預防需求上。如果你看一下我們的很多報告，它們確實幫助人們敞開心扉說，你還沒有條件，但你有機會潛在地預防。那麼我們現在如何幫助您將其實施到您的生活中。

Yes. Okay. And then on the Lemonaid piece of the business outside of this new service that you're building out, but kind of the core Lemonaid or I would say, legacy Lemonaid, there's obviously been a lot of -- and Steve, you mentioned this too, inflation in tax and it's especially when you're talking about marketing direct-to-consumer and some of the social and search channels that has weighed on all of the kind of DTC-oriented company results, how are you thinking about spend in some of the legacy Lemonaid channels to acquire customers, particularly mental health and some of these other very competitive spaces, which have really deteriorated unit economics in this space.

是的。好的。然後在您正在構建的這項新服務之外的 Lemonaid 業務部分，但有點像 Lemonaid 的核心，或者我想說，遺留 Lemonaid，顯然有很多 - 史蒂夫，你也提到了這一點，稅收通貨膨脹，尤其是當你談論直接面向消費者的營銷以及一些社交和搜索渠道時，這些渠道已經對所有以 DTC 為導向的公司結果產生了影響，你如何考慮在某些方面的支出傳統的 Lemonaid 渠道獲取客戶，特別是心理健康和其他一些競爭非常激烈的領域，這些領域確實惡化了該領域的單位經濟效益。

Yes. Let me answer that to begin with and then hand it over to Steve. I would say the reason again for us buying Lemonaid was we need to get that infrastructure and all those pieces in place so that we could execute on genomic medicine. And I absolutely -- like I hear you in terms of CAT going up and it's more competitive. The differentiator that 23andMe has is the connection to your genome and the 13 million customers we have that are quite engaged. So when I think about the opportunity for us, it's really about delivering personalized care, personalized recommendations that integrate genetic information. And there's no one else really in a position to do that. Steve, do you want to jump in if there's anything else specific in terms of numbers?

是的。讓我先回答這個問題，然後交給史蒂夫。我要再次說明我們購買 Lemonaid 的原因是我們需要建立基礎設施和所有這些部件，以便我們可以執行基因組醫學。而且我絕對 - 就像我聽到你說的 CAT 上升一樣，它更具競爭力。 23andMe 的與眾不同之處在於與您的基因組的連接以及我們擁有的 1300 萬非常活躍的客戶。因此，當我想到我們的機會時，它實際上是關於提供個性化護理、整合遺傳信息的個性化建議。沒有其他人真正能夠做到這一點。史蒂夫，如果有任何其他具體數字方面的內容，你想插話嗎？

It's the number one category that we focused on at the increment in setting up the plan for this year. And as I mentioned in the guidance, I mean, we're not planning on anything material coming from the new businesses this year as Anne and team get those built and tested and rolled out. And so we're -- the legacy businesses, as they're currently configured, are the drivers of the top line and the way that we're resourcing them, and there is inflation in media spend, and we've taken that into account and looking at the efficacy of our media spend, and I think we'll be dialing that back a little bit. As you noted, we -- and as we've talked about, we're emphasizing cash efficiency in this business over just secure top line growth this year.

這是我們在製定今年的計劃時重點關注的第一類。正如我在指南中提到的，我的意思是，隨著 Anne 和團隊構建、測試和推出這些新業務，我們今年沒有計劃從新業務中獲得任何材料。所以我們 - 傳統業務，按照他們目前的配置，是收入的驅動力和我們為他們提供資源的方式，並且媒體支出存在通貨膨脹，我們已經將其納入帳戶並查看我們媒體支出的效果，我認為我們會稍微回撥一下。正如您所指出的，我們 - 正如我們所談到的那樣，我們正在強調該業務的現金效率，而不是今年確保收入增長。

Last one for me, and I'll hop back in the queue here. Just on the CD96 asset, are you still expecting a readout this year on CD96, I think GSK filed or noted on latest call that it's now kind of pushed out a little bit, but that might be a different combo trial. So I'm just curious if that CD96 readout is still for expected this year.

最後一個對我來說，我會跳回到這裡的隊列中。就 CD96 資產而言，您是否仍期待今年 CD96 的讀數，我認為葛蘭素史克在最近一次電話會議上提交或指出，它現在有點被推出了，但這可能是一個不同的組合試驗。所以我很好奇今年 CD96 讀數是否仍然符合預期。

Kenneth, you want to...

肯尼斯，你想...

Yes. So sure, we're happy to do that. Thanks. So I think as you know, GSK is now solely responsible for the continued development of GSK'608 against CD96 and so they are going to be responsible for communicating their plans. What I think we can say is that the studies continue to enroll. And so I really don't have further details than that.

是的。當然，我們很樂意這樣做。謝謝。所以我認為，正如你所知，GSK 現在全權負責針對 CD96 的 GSK'608 的持續開發，因此他們將負責傳達他們的計劃。我認為我們可以說的是，這些研究繼續招收。所以我真的沒有比這更詳細的信息了。

I'm not showing any further question in the queue at this moment. I'd like to turn the call over to Wade for any additional comments.

我現在不會在隊列中顯示任何進一步的問題。我想將電話轉給 Wade 以徵求任何其他意見。

Thank you, Victor. We have a few questions from investors through our online platform that I'm going to take some of the top questions here, and we'll answer these. The first question is, what are the future plans for 23andMe? Do you have ideas for creating future products? And do you have any plans to modify your current products?

謝謝你，維克多。投資者通過我們的在線平台提出了一些問題，我將在這裡回答一些最重要的問題，我們將回答這些問題。第一個問題，23andMe未來的規劃是什麼？您有創造未來產品的想法嗎？您是否有任何修改現有產品的計劃？

Yes, I can take that. And I think if I catch the gist of program. I mean, we definitely feel like there's an amazing opportunity to evolve the product. And I would say the rise of telemedicine, the rise of even online pharmacy has really opened up the door where people are comfortable and used to this kind of interaction with healthcare providers. So we have always been the vision of how can we best serve our customers by giving them genetic information and the next -- and helping them have the next steps they can take.

是的，我可以接受。我想如果我抓住了程序的要點。我的意思是，我們絕對覺得有一個很好的機會來改進產品。我想說的是，遠程醫療的興起，甚至是在線藥店的興起，都真正打開了一扇大門，讓人們感到舒適並習慣於與醫療保健提供者進行這種互動。因此，我們一直致力於通過向客戶提供遺傳信息和下一步——並幫助他們採取下一步行動來最好地為客戶服務。

And it's been a challenge with physicians having a lack of reimbursement on consults around genetics and lack of training. So we have this opportunity now, I think, to really create a full stack product where people can get access to the information, they can learn about it, they get ongoing information. They -- we will help them integrate it and as well as they will have directions from health care providers. So I think there's a real opportunity to have a full stack really integrated experience, and that's what we are focused really on building out for the next year.

對於缺乏遺傳學諮詢報銷和缺乏培訓的醫生來說，這一直是一個挑戰。所以我認為，我們現在有機會真正創建一個完整的堆棧產品，人們可以在其中訪問信息，了解信息，獲取持續的信息。他們 - 我們將幫助他們整合它，並且他們將獲得醫療保健提供者的指示。所以我認為這是一個真正的機會來擁有一個完整的堆棧真正集成的體驗，這就是我們明年真正關注的重點。

Thanks. Our next question is, how are we planning to compete with Ancestry and their subscription revenue, our customers seem to be one and done without much incentive for additional spending? How are we addressing this?

謝謝。我們的下一個問題是，我們計劃如何與 Ancestry 及其訂閱收入競爭，我們的客戶似乎是一個並且沒有太多的額外支出動機？我們如何解決這個問題？

I would say we're quite different from Ancestry. I mean Ancestry really is solving a specific need, which is about getting a record. And while 23andMe has a significant Ancestry component about finding your relatives, I would say that what we're very much focused on is the larger market, which is the health market. So how is it that people can continue to learn about themselves, learn about important health information that which is discovered and as it comes out, and then really integrate that in our life.

我會說我們與 Ancestry 完全不同。我的意思是 Ancestry 確實在解決特定需求，即獲取記錄。雖然 23andMe 在尋找親人方面有重要的 Ancestry 組成部分，但我想說我們非常關注的是更大的市場，即健康市場。那麼，人們如何才能繼續了解自己，了解發現和出現的重要健康信息，然後真正將其融入我們的生活。

And so when we see the customer engagement levels that we have, people come back, obviously, for new relatives, but they really come back as well for the new health report. So more and more, we emphasize in that way. And I think that there's -- but while Ancestry and 23andMe, both leverage genetic information, we leverage it for various different purposes. And I would say the health market from all the analysis we've done appears to be a larger market.

因此，當我們看到我們擁有的客戶參與度時，人們顯然會回來找新親戚，但他們真的也會回來看新的健康報告。所以越來越多，我們以這種方式強調。我認為有——但雖然 Ancestry 和 23andMe 都利用遺傳信息，但我們將其用於各種不同的目的。我想說，從我們所做的所有分析來看，健康市場似乎是一個更大的市場。

Thank you. The next question is, as 23andMe has already experienced in the field of genotyping DNA, are you at all interested in investing in the gene editing field or partnering with the company involved in the space?

謝謝。下一個問題是，由於 23andMe 在 DNA 基因分型領域已有經驗，您是否有興趣投資基因編輯領域或與該領域的公司合作？

Well, I would actually look to Kenneth, gene editing is a phenomenal tool that I could see one day definitely having applicability with our therapeutics team. So I don't know if there's anything else you want to add to that, Kenneth. But -- it's a great tool that we could potentially leverage one day for our own kinds of research.

好吧，我實際上會看看 Kenneth，基因編輯是一種非凡的工具，我有一天會看到它肯定適用於我們的治療團隊。 Kenneth，我不知道你是否還有什麼要補充的。但是——這是一個很好的工具，有一天我們可以利用它來進行我們自己的研究。

Yes. So happy to respond. Yes. I mean it's a very exciting space. I think people know in the CRISPR/Cas9 or -- there are multiple different types of gene editing tools. Obviously, we get genetic information from our database and where we thought there was something that could have the potential to have an impact from patients' lives and it would involve something like gene editing. I think in that case, we might look for opportunities to partner with other companies. Today, we have the GSK collaboration, which is exclusive with GSK. So -- and then, as you know, they're not a gene editing company. So I think it would be more of a long-term thing for 23andMe rather than something near term, but absolutely something that we continue to monitor and observe and we look for those kinds of opportunities.

是的。很高興回應。是的。我的意思是這是一個非常令人興奮的空間。我認為人們知道 CRISPR/Cas9 或 - 有多種不同類型的基因編輯工具。顯然，我們從我們的數據庫中獲取遺傳信息，我們認為其中有可能對患者的生活產生影響的東西，它會涉及基因編輯之類的東西。我認為在那種情況下，我們可能會尋找機會與其他公司合作。今天，我們有 GSK 的合作，這是 GSK 獨家的。所以——然後，正如你所知，他們不是一家基因編輯公司。所以我認為這對 23andMe 來說更像是一個長期的事情，而不是短期的事情，但絕對是我們繼續監測和觀察的事情，我們正在尋找這樣的機會。

Thank you. The next question is, "where do you see the company in 5 years?"

謝謝。下一個問題是，“你認為 5 年後的公司在哪裡？”

What a great question. I love for -- I love that kind of vision because that is absolutely what we are building for. How do you -- over the long term, how are we actually really making a significant impact in our customers' lives as well as the healthcare system in general. I believe strongly that the expertise that 23andMe is bringing here is how to interact direct to consumer -- directly with our customers, how to engage them and genomic medicine expertise.

多麼好的問題。我喜歡——我喜歡那種願景，因為這絕對是我們正在建設的目標。你如何 - 從長遠來看，我們實際上如何真正對客戶的生活以及整個醫療保健系統產生重大影響。我堅信，23andMe 帶來的專業知識是如何直接與消費者互動——直接與我們的客戶互動，如何吸引他們以及基因組醫學專業知識。

So when I think about the opportunity over the next 5 years, it's really about how does 23andMe bring genomic medicine to everybody. And some of it is going to be direct-to-consumer but some might be through additional channels. But everyone -- when I talk to healthcare providers, everyone can agree that one day the human genome is going to be part of care. It is already an incredibly meaningful tool that could be applied throughout all aspects of care. So how are we going to get from the moment today where very few people are actually getting genetics integrated in their care to a world where it is universal and everyone has the opportunity for truly personalized care.

因此，當我考慮未來 5 年的機遇時，真正關心的是 23andMe 如何將基因組醫學帶給每個人。其中一些將直接面向消費者，但另一些可能通過其他渠道進行。但是每個人——當我與醫療保健提供者交談時，每個人都同意有一天人類基因組將成為醫療保健的一部分。它已經是一個非常有意義的工具，可以應用於護理的各個方面。那麼，我們將如何從今天很少有人真正將遺傳學整合到他們的護理中的那一刻轉變為一個普遍存在的世界，每個人都有機會獲得真正的個性化護理。

Thank you. It's very exciting. The next question is about -- asking about when we'll know more about the current testing of clinical drugs. I think they're referring to the drugs in clinical testing right now. And Kenneth, I know you already answered that question about GSK'608. So maybe you could just speak for a second about our wholly owned program, 23ME’610.

謝謝。這是非常令人興奮。下一個問題是——詢問我們何時才能更多地了解當前的臨床藥物測試。我認為他們現在指的是臨床試驗中的藥物。肯尼斯，我知道你已經回答了關於 GSK'608 的問題。所以也許你可以談談我們的全資項目 23ME'610。

Sure. Happy to, Wade. So yes, so 23ME’610, it's an antibody that targets the CD200R1 program, which we think is important based on our immuno-oncology signature and our biology data in immuno-oncology. That program entered the clinic earlier this year. We announced in January 2022 that we had initiated clinical trials. We continue to enroll patients, and the trial continues to make the progress as expected. So we're excited, obviously, to continue to advance that program forward.

當然。很高興，韋德。所以是的，所以 23ME'610，它是一種針對 CD200R1 程序的抗體，根據我們的免疫腫瘤學特徵和我們在免疫腫瘤學中的生物學數據，我們認為這很重要。該項目於今年早些時候進入臨床。我們在 2022 年 1 月宣布已啟動臨床試驗。我們繼續招募患者，試驗繼續按預期取得進展。因此，很明顯，我們很高興繼續推進該計劃。

And then as I referred to earlier, we have -- one of the things that's really unique about 23andMe is that we have a portfolio of programs. Some of those or most of them are in collaboration with GSK, but also some that are wholly owned assets for 23andMe. And so just looking forward to continuing to move those -- advance those that are the most compelling with the highest probability of success towards the clinic and then ultimately into clinical development.

然後正如我之前提到的那樣，我們擁有 - 23andMe 的真正獨特之處之一是我們擁有一系列項目。其中一些或大部分與 GSK 合作，但也有一些是 23andMe 的全資資產。因此，只是期待繼續推動那些——將那些最引人注目、成功可能性最高的那些推向臨床，然後最終進入臨床開發。

Thanks, Kenneth. The next question is, what are your plans to make the company more profitable for stockholders.

謝謝，肯尼斯。下一個問題是，您計劃如何使公司為股東帶來更多利潤。

A couple of things, and I think that I can also hand over to Steve. I think one, 23andMe been really focused on making sure that we are efficient with how we're using all of our resources and making sure that we are really maximizing a lot of the value we have, especially out of everything that we have recently acquired with Lemonade.

有幾件事，我想我也可以交給史蒂夫。我認為 23andMe 一直專注於確保我們高效地使用我們所有的資源，並確保我們真正最大化我們擁有的很多價值，尤其是我們最近獲得的一切與檸檬水。

Second, it's absolutely clear to me that there is an opportunity to develop additional products that really serve a need in the healthcare world in the consumer world that are founded in genetics. And I see the beginnings of our subscription products and the opportunities for us to really enhance that and add a lot more that serves a real need for our customers as well as the healthcare system in general.

其次，我非常清楚，有機會開發更多的產品，這些產品真正滿足消費者世界中醫療保健領域的需求，這些產品建立在遺傳學的基礎上。我看到了我們訂閱產品的開始，以及我們真正增強它並增加更多服務於我們的客戶以及整個醫療保健系統的真正需求的機會。

Obviously, on therapeutics, that is a longer road, but there is a very clear and well-defined path and when you do have successful compounds. So we are investing, and we believe a strong conviction around the pipeline we have, especially having a -- coming from a human genetic target. So when I look at that -- such as 3 prongs here, one is really being very efficient with how we are using our resources; two, really creating products that are going to solve an incredible opportunity and a need for our customers as well as the healthcare world; and three, really continuing on our path for developing therapeutics that we believe will have a higher likelihood of success because of the genetic foundation. Anything to add there, Steve?

顯然，在治療學上，這是一條更長的路，但是有一條非常清晰和明確定義的路徑，並且當您確實擁有成功的化合物時。所以我們正在投資，我們相信我們對我們擁有的管道有強烈的信念，尤其是來自人類基因目標的管道。因此，當我看到這一點時——比如這裡的 3 個分支，一個在我們如何使用我們的資源方面確實非常有效；第二，真正創造出能夠為我們的客戶和醫療界解決難以置信的機會和需求的產品；第三，真正繼續我們開發療法的道路，我們相信由於遺傳基礎，這種療法成功的可能性更高。有什麼要補充的嗎，史蒂夫？

Just a couple of things to put a finer point on it. I think when we look at -- I mean, we got this business to -- we got the consumer business in fiscal '21 to above breakeven on an operating cash flow basis. And one of the ways that happened is that we were much more efficient in the marketing spend category in terms of the relationship between marketing spend and how much revenue we were driving. And I think -- so I think one of the keys lies in there, and I think the driver of that will be that, that segment becomes more driven.

只是一些事情可以把它放在一個更好的點上。我認為，當我們審視——我的意思是，我們讓這項業務實現了——我們讓 21 財年的消費者業務在運營現金流的基礎上實現了盈虧平衡。發生的一種方式是，就營銷支出與我們帶來的收入之間的關係而言，我們在營銷支出類別中的效率要高得多。而且我認為 - 所以我認為關鍵之一就在那裡，我認為驅動因素將是那個部分變得更有動力。

The consumer part of that segment becomes more driven by product than it does by marketing. So super important concept there. And then I think scale to the top line, returning back to a good growth profile as the new products roll out late in the year, also super important because we have some fixed costs in G&A and some of the technical functions in the consumer segment that are -- there's a minimum size to them to run the infrastructure. So those are both super important to get that, and that's our first order of business to get that segment back to contributing cash to the company.

該細分市場的消費者部分越來越受產品驅動，而不是受營銷驅動。那裡非常重要的概念。然後我認為規模擴大到頂線，隨著新產品在年底推出而恢復良好的增長狀況，這也非常重要，因為我們在 G&A 方面有一些固定成本，在消費者領域有一些技術功能是 - 他們運行基礎設施的最小規模。因此，這些都是非常重要的，這是我們讓該部門重新為公司貢獻現金的首要任務。

Thank you. I think we'll take one more question here and then wrap it up. The last question is, are you entering any new partnerships?

謝謝。我想我們在這裡再提出一個問題，然後將其總結。最後一個問題是，您是否正在建立任何新的合作夥伴關係？

I don't believe there's anything else that we can announce right now, but we are always looking at ways that we will be able to enhance our customer offering. And I would say after in the post-GSK world, we will definitely think about ways that we can continue to enhance our research-related partnerships. So partnerships is always top of our mind. We're always evaluating opportunities, but nothing today for us to announce.

我不認為我們現在可以宣布任何其他內容，但我們一直在尋找能夠增強客戶服務的方法。我想說的是，在後 GSK 世界之後，我們一定會考慮如何繼續加強我們與研究相關的合作夥伴關係。因此，合作夥伴關係始終是我們的首要考慮。我們一直在評估機會，但今天沒有什麼可以宣布的。

All right. Thanks. I think with that, we'll wrap up the Q&A, and I'll turn it over to Anne to wrap up the call.

好的。謝謝。我想這樣一來，我們就可以結束問答環節了，我會把它交給 Anne 來結束電話會議。

Just want to say thank you to everyone for joining, and we look forward to talking to you next quarter.

只想對大家的加入表示感謝，我們期待下個季度與您交談。

This concludes today's conference call. Thank you for participating. You may now disconnect. Everyone, have a great day.

今天的電話會議到此結束。感謝您的參與。您現在可以斷開連接。大家，祝你有美好的一天。