23andMe Holding Co. (ME) 2022 Q3 法說會逐字稿

Good morning and welcome to 23andMe's fiscal year 2022 third-quarter financial results conference call. As a reminder, this call is being recorded. (Operator Instructions) I would now like to turn the call over to Wade Walke, Vice President of Investor Relations, to lead the call off. Thank you. Please go ahead.

早上好，歡迎來到 23andMe 的 2022 財年第三季度財務業績電話會議。提醒一下，此通話正在錄音中。 （操作員說明）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. 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 查找我們今天早些時候發布的報告本季度財務業績的新聞稿。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.

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適用於此次電話會議的前瞻性陳述部分。

Also, please refer to our SEC filings which can be found on our website and the SEC's website for a discussion of numerous factors that may impact our future performance. We also discuss certain non-GAAP measures, important information on our use of these measures and reconciliation to US GAAP may be found in our earnings release.

此外，請參閱我們網站和美國證券交易委員會網站上的美國證券交易委員會文件，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 US GAAP 的對賬可以在我們的收益發布中找到。

Joining us on our call today are Anne Wojcicki, our Chief Executive Officer and Co-Founder; Steve Schoch, our Chief Financial Officer; and Kenneth Hillan, our Head of Therapeutics. And now, I'd like to turn the call over to Anne.

我們的首席執行官兼聯合創始人 Anne Wojcicki 今天加入我們的電話會議；我們的首席財務官 Steve Schoch；和我們的治療學負責人 Kenneth Hillan。現在，我想把電話轉給安妮。

Thank you, Wade. We've made significant progress on both our consumer business and therapeutics efforts these last few months. The mission of 23andMe is to help people access, understand, and benefit from the human genome.

謝謝你，韋德。過去幾個月，我們在消費者業務和治療方面取得了重大進展。 23andMe 的使命是幫助人們獲取、理解人類基因組並從中受益。

We pioneered a path for people to get direct access to their genetic information and learn important information about their ancestry and health. With over 12 million customers who have signed up to join the 23andMe community, there is an incredible opportunity to introduce a new type of primary care that is based on one's genetic risks.

我們開闢了一條途徑，讓人們可以直接訪問他們的遺傳信息並了解有關他們的祖先和健康的重要信息。有超過 1200 萬客戶註冊加入 23andMe 社區，這是一個難得的機會，可以引入一種基於個人遺傳風險的新型初級保健。

We have heard from our customers that they often take their genetic information to their physicians, but they don't know how to integrate this information into their care. We have the opportunity to further help our customers benefit from the knowledge about their genome by providing a genetics-based primary care service for our customers.

我們從客戶那裡聽說，他們經常將自己的遺傳信息帶給醫生，但他們不知道如何將這些信息整合到他們的護理中。通過為我們的客戶提供基於遺傳學的初級保健服務，我們有機會進一步幫助我們的客戶從有關其基因組的知識中獲益。

I am thrilled that we got the opportunity to acquire Lemonaid Health this quarter as it opens up the door for us to enable our customers to get genetics-based primary care from healthcare providers who are trained on our report. I look forward to talking with you more about this service as we prepare to roll it out.

我很高興我們有機會在本季度收購 Lemonaid Health，因為它為我們打開了大門，使我們的客戶能夠從接受過我們報告培訓的醫療保健提供者那裡獲得基於遺傳學的初級保健。在我們準備推出這項服務時，我期待著與您更多地討論這項服務。

As part of our mission to help customers benefit from the human genome, we continue to pioneer new health and ancestry reports. Recently, we received FDA clearance for a direct-to-consumer genetic test on a hereditary prostate cancer marker, further expanding our ability to provide individuals with direct access to impactful health information that can help them make important life decisions.

作為我們幫助客戶從人類基因組中獲益的使命的一部分，我們繼續開創新的健康和血統報告。最近，我們獲得了 FDA 的批准，可以對遺傳性前列腺癌標記物進行直接面向消費者的基因檢測，進一步擴大了我們為個人提供直接訪問有影響力的健康信息的能力，這些信息可以幫助他們做出重要的人生決定。

We also launched two new health reports for our 23andMe+ members. 23andMe+ is our premium content subscription service that provides subscribers with new reports and features through the course of their membership, giving them even deeper insights into their health.

我們還為 23andMe+ 會員推出了兩份新的健康報告。 23andMe+ 是我們的高級內容訂閱服務，在訂閱者成為會員的過程中為訂閱者提供新的報告和功能，讓他們更深入地了解自己的健康狀況。

With our database of over 12 million genotype customers and billions of health-related data points, we are uniquely positioned to provide our customers with these health insights. The new reports include a nearsightedness report and a severe acne report.

憑藉我們擁有超過 1200 萬個基因型客戶的數據庫和數十億個與健康相關的數據點，我們在為客戶提供這些健康見解方面處於得天獨厚的優勢。新報告包括近視報告和嚴重痤瘡報告。

Finally, we added new ancestry analysis for our customers. This new analysis includes additional insights into some customers' indigenous genetic ancestry from North America and ancestral connections to 25 African ethnolinguistic groups.

最後，我們為客戶添加了新的血統分析。這項新分析包括對一些客戶來自北美的本土遺傳血統以及與 25 個非洲民族語言群體的祖先聯繫的更多見解。

On the therapeutic side, we advanced our first wholly-owned therapeutic program into a Phase 1 clinical trial. 23ME'610 is our second immuno-oncology drug to enter clinical trials following our CD96 program, and marks an important milestone in our goal to find new medicines for patients with serious unmet medical needs. We look forward to continuing to advance our pipeline of more than 40 programs across a range of disease areas, addressing targets that we have validated using human genetics.

在治療方面，我們將第一個全資擁有的治療項目推進到 1 期臨床試驗。 23ME'610 是我們繼 CD96 計劃後第二個進入臨床試驗的免疫腫瘤藥物，標誌著我們為嚴重未滿足醫療需求的患者尋找新藥這一目標的一個重要里程碑。我們期待著繼續推進我們在一系列疾病領域的 40 多個項目的管道，解決我們已經使用人類遺傳學驗證的目標。

We were pleased to see GSK, our key collaborator in therapeutics, elect to extend the exclusive target discovery period of our collaboration for a fifth year. So together, we can continue to discover and validate novel drug targets using our proprietary genetic and health survey database. Under the terms of our collaboration agreement for this one year extension, we will receive a one-time payment of $50 million.

我們很高興看到我們在治療學方面的主要合作夥伴葛蘭素史克選擇將我們合作的獨家目標發現期延長第五年。因此，我們可以一起使用我們專有的基因和健康調查數據庫繼續發現和驗證新的藥物靶標。根據我們延長一年的合作協議條款，我們將一次性收到 5000 萬美元的付款。

Our collaboration with GSK has been very productive, and we believe the decision by GSK to extend the collaboration further demonstrates the value of our unique database for discovering novel targets for drug development.

我們與 GSK 的合作非常富有成效，我們相信 GSK 擴大合作的決定進一步證明了我們獨特的數據庫在發現藥物開發新靶點方面的價值。

Our mission from the beginning has been to help people access, understand, and benefit from the human genome. I'm excited about the reports we launched, our progress on therapeutics programs, and our acquisition of Lemonaid Health. All of these will help our customers benefit from the human genome. And with that, I will turn the call over to Steve to review our financial results for the quarter.

我們的使命從一開始就是幫助人們獲取、理解人類基因組並從中受益。我對我們發布的報告、我們在治療項目上的進展以及我們對 Lemonaid Health 的收購感到興奮。所有這些都將幫助我們的客戶從人類基因組中獲益。有了這個，我將把電話轉給史蒂夫來審查我們本季度的財務業績。

Thanks, Anne. With the closing of the Lemonaid transaction in November, we are now in full swing planning the integration of our personal genome service with Lemonaid's telehealth services, which include online access to healthcare professionals who can offer e-prescribing, pharmacy, and testing services.

謝謝，安妮。隨著 11 月 Lemonaid 交易的結束，我們現在正在全力計劃將我們的個人基因組服務與 Lemonaid 的遠程醫療服務整合，其中包括在線訪問可以提供電子處方、藥房和測試服務的醫療保健專業人員。

Our ultimate goal with this integration is to provide genetics-based primary care at scale for our customers. This unique offering would enable millions of people to learn about their genetic health risks and to partner with medical professionals to take preventative actions to potentially live healthier lives.

我們通過這種整合的最終目標是為我們的客戶大規模提供基於遺傳學的初級保健。這種獨特的產品將使數百萬人能夠了解他們的遺傳健康風險，並與醫療專業人員合作採取預防措施，以可能過上更健康的生活。

As part of the integration, starting this quarter, Lemonaid Health's financial results are incorporated into ours. We are also updating our financial guidance for the current fiscal year to reflect the inclusion of telehealth operations into our consumer segment.

作為整合的一部分，從本季度開始，Lemonaid Health 的財務業績將併入我們的財務業績。我們還更新了當前財政年度的財務指南，以反映將遠程醫療業務納入我們的消費者領域。

We are pleased that GSK continues to find value in our collaboration and, last month, opted to extend the exclusive target discovery period of the ongoing collaboration. Under the terms of the collaboration agreement, GSK will pay $50 million for the extra year of exclusivity, representing a doubling of the annual payment during the previous four years.

我們很高興 GSK 繼續在我們的合作中發現價值，並在上個月選擇延長正在進行的合作的獨家目標發現期。根據合作協議的條款，葛蘭素史克將為額外一年的獨家經營權支付 5000 萬美元，相當於前四年每年支付的兩倍。

We believe that using our database to genetically validate targets for drug development has the potential to increase the probability of success and could ultimately lead to substantial economic upside for us in the long term if the resulting medicines are successfully commercialized.

我們相信，使用我們的數據庫對藥物開發目標進行基因驗證有可能增加成功的可能性，如果由此產生的藥物成功商業化，從長遠來看，最終可能會為我們帶來可觀的經濟增長。

Recently, we announced that we had made the decision to elect the royalty option on our joint immuno-oncology program with GSK targeting CD96. Prior to taking the royalty election, the CD96 program was advancing under a 50-50 cost and profit share arrangement between 23andMe and GSK. Now with our decision to elect the royalty option, we will be eligible to earn tiered royalties up to the low double digits if the program is successfully brought to market.

最近，我們宣布我們已決定在我們與葛蘭素史克針對 CD96 的聯合免疫腫瘤學項目中選擇特許權使用費選項。在進行特許權使用費選舉之前，CD96 計劃是在 23andMe 和 GSK 之間以 50-50 的成本和利潤分享安排推進的。現在我們決定選擇特許權使用費選項，如果該程序成功推向市場，我們將有資格賺取高達兩位數的分級特許權使用費。

This option allows us to retain economic upside if the program is successful, while curtailing further development costs as the program advances into large late-stage clinical trials. This option provides 23andMe with greater flexibility to allocate more capital and resources into the advancement of additional exciting programs within our therapeutic portfolio.

如果該計劃成功，該選項使我們能夠保留經濟優勢，同時隨著該計劃進入大型後期臨床試驗而削減進一步的開發成本。該選項為 23andMe 提供了更大的靈活性，可以分配更多的資金和資源來推進我們治療組合中其他令人興奮的項目。

Now let me turn to our third-quarter financial performance. Our revenue for the three and nine months ended December 31, 2021, was $57 million and $171 million respectively, representing increases of 3% and 10% respectively, over the same periods in the prior year.

現在讓我談談我們第三季度的財務業績。截至 2021 年 12 月 31 日止三個月和九個月的收入分別為 5700 萬美元和 1.71 億美元，分別比去年同期增長 3% 和 10%。

Third quarter revenue growth was primarily due to the addition of two months of telehealth revenues from the recent acquisition of Lemonaid Health and higher subscription revenue. These increases were partially offset by lower personal genome service or PGS revenue, primarily due to the shift in a promotional channels partner's event, which occurred in the second quarter of fiscal 2022 as compared to the third quarter of fiscal 2021.

第三季度收入增長主要是由於最近收購 Lemonaid Health 增加了兩個月的遠程醫療收入和更高的訂閱收入。這些增長部分被較低的個人基因組服務或 PGS 收入所抵消，這主要是由於促銷渠道合作夥伴的活動發生了變化，與 2021 財年第三季度相比，該活動發生在 2022 財年第二季度。

Nine-month revenue growth was primarily driven by higher PGS revenue, subscription revenue, and the addition of two months of revenue from the telehealth business.

前九個月的收入增長主要受 PGS 收入、訂閱收入增加以及遠程醫療業務兩個月收入增加的推動。

Looking at the composition of our revenue, consumer services revenue represented approximately 81% of total revenue for the three and nine months ended December 31, 2021. Research services revenue, which was substantially all from the GSK collaboration, accounted for approximately 19% of total revenue.

從我們的收入構成來看，截至 2021 年 12 月 31 日止的三個月和九個月，消費者服務收入約佔總收入的 81%。研究服務收入主要來自與葛蘭素史克的合作，約佔總收入的 19%收入。

Our gross profit for the three and nine months ended December 31, 2021, was $27 million and $86 million respectively, representing a 7% and a 19% increase over the same periods in the prior year. The three and nine month improvements were driven primarily by revenue increases in telehealth services and subscription services as well as lower lab processing costs and, in the case of the nine-month period, increased PGS revenue.

我們截至 2021 年 12 月 31 日的三個月和九個月的毛利潤分別為 2700 萬美元和 8600 萬美元，比去年同期增長 7% 和 19%。三個月和九個月的改善主要是由於遠程醫療服務和訂閱服務的收入增加以及實驗室處理成本的降低，並且在九個月期間，PGS 收入增加。

Operating expenses for the three and nine months ended December 31, 2021, were $124 million and $271 million respectively, compared to $71 million and $191 million for the same periods in the prior year.

截至 2021 年 12 月 31 日的三個月和九個月的運營費用分別為 1.24 億美元和 2.71 億美元，而去年同期為 7100 萬美元和 1.91 億美元。

The increase in operating expenses was primarily attributable to increased sales and marketing expense consistent with the seasonal promotion activities of the PGS business, therapeutics-related research and development expenses, onetime transactional costs associated with the acquisition of Lemonaid, and the incorporation of Lemonaid's ongoing operating expenses as we integrate telehealth into our business.

運營費用的增加主要是由於與 PGS 業務的季節性促銷活動一致的銷售和營銷費用增加、與治療相關的研發費用、與收購 Lemonaid 相關的一次性交易成本，以及合併 Lemonaid 的持續運營在我們將遠程醫療整合到我們的業務中時的費用。

Looking at the bottom line. Net loss for the three and nine months ended December 31, 2021, was $89 million and $148 million respectively, compared to net losses for the same period in the prior year of $45 million and $117 million respectively. The increase in the net loss for the three and nine month periods ended December 31, 2021, were primarily driven by higher operating expenses as noted earlier and, in the case of the nine-month period, offset by changes in fair value of warrant liabilities of $33 million.

看底線。截至 2021 年 12 月 31 日的三個月和九個月的淨虧損分別為 8900 萬美元和 1.48 億美元，而去年同期的淨虧損分別為 4500 萬美元和 1.17 億美元。截至 2021 年 12 月 31 日止的三個月和九個月期間淨虧損的增加主要是由於前面提到的較高的運營費用，並且在九個月期間被認股權證負債的公允價值變化所抵消3300萬美元。

Now let's look at our adjusted EBITDA. For details on how we define adjusted EBITDA, please see our earnings press release. Total adjusted EBITDA for the three and nine months ended December 31, 2021, was a loss of $64 million and $121 million respectively, compared to a loss for the same periods in the prior year of $25 million and $65 million respectively. This increase in total adjusted EBITDA deficit was driven primarily by the increased operating expenses mentioned previously, excluding one-time transaction costs.

現在讓我們看看調整後的 EBITDA。有關我們如何定義調整後 EBITDA 的詳細信息，請參閱我們的收益新聞稿。截至 2021 年 12 月 31 日止三個月和九個月的調整後 EBITDA 總額分別為虧損 6400 萬美元和 1.21 億美元，而去年同期分別為虧損 2500 萬美元和 6500 萬美元。調整後 EBITDA 赤字總額的增加主要是由於前面提到的運營費用增加，不包括一次性交易成本。

Looking specifically at adjusted EBITDA for the three and nine months ended December 31, 2021, for the consumer and research services segment, we saw a loss of $32 million and $33 million respectively, compared to losses for the same period in the prior year of $2 million and $5 million respectively.

具體來看截至 2021 年 12 月 31 日止三個月和九個月的調整後 EBITDA，消費者和研究服務部門分別虧損 3200 萬美元和 3300 萬美元，而去年同期虧損 2 美元分別為 100 萬美元和 500 萬美元。

The higher current period adjusted EBITDA deficit in this segment was driven primarily by the previously mentioned increase in sales and marketing expense as well as the impact from inclusion of Lemonaid's telehealth results.

該部門本期調整後的 EBITDA 赤字較高，主要是由於前面提到的銷售和營銷費用的增加以及 Lemonaid 的遠程醫療結果的影響。

It is important to note that quarterly adjusted EBITDA for the consumer and research services segment will have seasonal variation, just as the consumer segment top line does, and will be further impacted by the timing of our media spending pattern, which has varied over time. For this reason, we focus managerially on our full-year adjusted EBITDA performance. We continue to work towards economically efficient growth for the consumer and research services segment over time.

重要的是要注意，消費者和研究服務部門的季度調整後 EBITDA 將有季節性變化，就像消費者部門的頂線一樣，並將進一步受到我們媒體支出模式時間的影響，該模式會隨著時間的推移而變化。出於這個原因，我們在管理上專注於我們全年調整後的 EBITDA 業績。隨著時間的推移，我們將繼續努力為消費者和研究服務部門實現經濟高效的增長。

We ended the quarter with a strong balance sheet, including $586 million in cash, which provides us substantial capital for advancing our strategic objectives. In the third quarter, we paid approximately $102 million in cash consideration as a part of the acquisition of Lemonaid Health.

我們在本季度結束時擁有強勁的資產負債表，其中包括 5.86 億美元的現金，這為我們推進戰略目標提供了大量資金。第三季度，作為收購 Lemonaid Health 的一部分，我們支付了約 1.02 億美元的現金對價。

Now let's turn to our updated guidance. Our guidance will include the impacts that we expect from the inclusion of Lemonaid's telehealth business into our results. We are increasing the projected range for full-year revenue for fiscal 2022, which will end on March 31, 2022, from a previous range of $250 million to $260 million to a revised range of $268 million to $278 million. This increase in projected revenue is primarily due to the addition of telehealth services to our consumer business.

現在讓我們轉向更新後的指南。我們的指導將包括我們預期將 Lemonaid 的遠程醫療業務納入我們的結果所產生的影響。我們正在將將於 2022 年 3 月 31 日結束的 2022 財年全年收入的預計範圍從之前的 2.5 億美元至 2.6 億美元增加到修訂後的 2.68 億美元至 2.78 億美元。預計收入的增長主要是由於我們的消費者業務增加了遠程醫療服務。

We are decreasing the projected range for full year net loss from a previous range of $210 million to $225 million to a revised range of $205 million to $220 million. This decrease in projected net loss is primarily due to the favorable effect of the warrant fair value adjustment following warrant redemption in December, offset by the inclusion of five months of telehealth operations, integration costs, and merger-related transaction costs.

我們將全年淨虧損的預計範圍從之前的 2.1 億美元至 2.25 億美元下調至修訂後的 2.05 億美元至 2.2 億美元範圍。預計淨虧損的減少主要是由於 12 月認股權證贖回後認股權證公允價值調整的有利影響，被包含五個月的遠程醫療業務、整合成本和與合併相關的交易成本所抵消。

We are increasing the projected loss for our consolidated full-year adjusted EBITDA, with the range moving from a previous range of $143 million to $158 million, to a revised range of $148 million to $163 million as we include net losses from our telehealth business, which we expect will be partially offset by other beneficial effects in our operations. Now I will turn the call over to Kenneth Hillan to provide us an update on our therapeutics progress.

我們正在增加我們合併的全年調整後 EBITDA 的預計虧損，範圍從之前的 1.43 億美元增加到 1.58 億美元，修改後的範圍為 1.48 億美元到 1.63 億美元，因為我們包括了遠程醫療業務的淨虧損，我們預計這將被我們運營中的其他有益影響部分抵消。現在我將把電話轉給 Kenneth Hillan，向我們提供有關我們治療進展的最新信息。

Thank you, Steve, and I'm pleased to report on the progress we're making on the therapeutics front. The therapeutics business was established with the goal of improving the productivity of drug discovery and development by starting with human genetic information. Research has shown that genetically validated drug targets have at least double the probability of success in becoming medicines.

謝謝你，史蒂夫，我很高興報告我們在治療方面取得的進展。建立治療業務的目標是從人類遺傳信息入手，提高藥物發現和開發的生產力。研究表明，經過基因驗證的藥物靶點成功成為藥物的可能性至少增加一倍。

Our team uses the genetic information from our database to identify drug targets that have the potential to address areas of high unmet medical need, and then generates the preclinical data and the product candidates for drug discovery and clinical development.

我們的團隊使用我們數據庫中的遺傳信息來識別有潛力解決高度未滿足醫療需求領域的藥物靶點，然後生成臨床前數據和候選產品以用於藥物發現和臨床開發。

We recently advanced 23ME'610, our first wholly owned program, into the clinic. And 610 is an exciting example of how we are translating our data into investigational therapeutics. This is an antibody that targets the CD200R1 protein, which is known to be an important regulator of both T cell and myeloid cell function.

我們最近將我們的第一個全資項目 23ME'610 推進了臨床。 610 是一個令人興奮的例子，說明我們如何將我們的數據轉化為研究療法。這是一種靶向 CD200R1 蛋白的抗體，已知該蛋白是 T 細胞和骨髓細胞功能的重要調節因子。

CD200R1 was initially identified as a promising immuno-oncology target from our proprietary genetic immuno-oncology signature. We discussed this program in some detail at the virtual R&D day event last month. And if you're interested in learning more about our CD200R1 and 23ME'610 program, you can access the presentation on our investor website.

CD200R1 最初被確定為來自我們專有的遺傳免疫腫瘤學特徵的有前途的免疫腫瘤學靶標。我們在上個月的虛擬研發日活動中詳細討論了該計劃。如果您有興趣了解更多關於我們的 CD200R1 和 23ME'610 計劃的信息，您可以訪問我們投資者網站上的演示文稿。

Recently, as Anne said, GSK decided to extend the discovery phase of our collaboration by an additional year. This is a testament to the collaboration's productivity and success in identifying and validating new targets for drug discovery and advancing product candidates into development. In less than four years, we have jointly identified over 40 therapeutics programs and have advanced an immuno-oncology antibody, targeting CD96 into clinical development.

最近，正如安妮所說，葛蘭素史克決定將我們合作的發現階段再延長一年。這證明了合作在確定和驗證藥物發現的新目標以及推動候選產品進入開發方面的生產力和成功。在不到四年的時間裡，我們共同確定了 40 多個治療方案，並推進了一種針對 CD96 的免疫腫瘤學抗體進入臨床開發。

GSK's decision to extend the exclusive target discovery period of the current collaboration for an additional year demonstrates the conviction they have for our collaboration and the value our platform provides in identifying targets and advancing new product candidates based on human genetics.

GSK 決定將當前合作的獨家目標發現期再延長一年，這表明他們對我們的合作充滿信心，以及我們的平台在確定目標和推進基於人類遺傳學的新產品候選方面所提供的價值。

The CD96 program is a prime example of the potential value 23andMe brings to drug discovery and drug development. We were able to genetically validate the CD226 axis, which includes CD96, with our proprietary database. This validation, combined with the Phase 1a data, makes us hopeful that targeting CD96 will have the potential to provide cancer patients with a new medicine in the fight against cancer.

CD96 項目是 23andMe 為藥物發現和藥物開髮帶來潛在價值的一個典型例子。我們能夠使用我們的專有數據庫對 CD226 軸（包括 CD96）進行基因驗證。這一驗證與 1a 期數據相結合，使我們充滿希望，靶向 CD96 將有可能為癌症患者提供抗癌新藥。

Our decision to take a royalty option for the CD96 program was based on several reasons. First, we believe GSK is well positioned to independently move this program forward because of its leading portfolio of antibodies targeting the CD226 axis. Second, this decision allows us to strategically deploy capital and resources as we advance our portfolio of therapeutic programs at 23andMe.

我們決定採用 CD96 程序的版稅選項是基於幾個原因。首先，我們相信葛蘭素史克處於獨立推進該項目的有利位置，因為其領先的針對 CD226 軸的抗體產品組合。其次，這一決定使我們能夠在推進 23andMe 的治療項目組合時戰略性地部署資本和資源。

We believe that the growth of our database, combined with our advanced computational and drug discovery capabilities, will continue to yield valuable insights and novel therapeutic opportunities. Now let me turn the call back over to Anne.

我們相信，我們數據庫的增長，加上我們先進的計算和藥物發現能力，將繼續產生有價值的見解和新的治療機會。現在讓我把電話轉回給安妮。

Thanks, Kenneth. I am excited about the progress we've talked with you about today and even more excited about what we have coming. As I look forward, I see us rolling out genetics-based primary care that can deliver personalized, prevention-oriented, genetics-based healthcare at scale by integrating telehealth services with our personal genetic services.

謝謝，肯尼斯。我對我們今天與您討論的進展感到興奮，對我們即將到來的事情更加興奮。展望未來，我看到我們推出基於遺傳學的初級保健，通過將遠程醫療服務與我們的個人遺傳服務相結合，可以大規模提供個性化、以預防為導向、基於遺傳學的醫療保健。

We also have on the horizon our next-generation polygenic risk score reports that will incorporate lifestyle factors to improve risk estimates, and we will continue to advance our therapeutics pipeline of over 40 programs addressing targets validated by human genetics. Now let's open it up for questions.

我們還即將推出下一代多基因風險評分報告，該報告將納入生活方式因素以改進風險評估，我們將繼續推進我們的治療管道，該管道由 40 多個項目組成，旨在解決人類遺傳學驗證的目標。現在讓我們打開它來提問。

(Operator Instructions) Tiago Fauth.

（操作員說明）Tiago Fauth。

Tiago here from Credit Suisse. Thank you so much for taking the question. Congrats on the progress. A couple of questions from me. So, I appreciate you guys including the Lemonaid impact to the guidance. That kind of gives us a sense for current revenue contribution.

來自瑞士信貸的蒂亞戈。非常感謝你提出這個問題。祝賀進步。我有幾個問題。所以，我感謝你們，包括 Lemonaid 對指南的影響。這讓我們對當前的收入貢獻有所了解。

I'm curious if you can comment on the potential growth of that revenue base, either relative to comps in the telehealth business, or in any other way that can help us get a better sense of the growth trajectory. And/or if there will be any other indicators [of value] made available quarterly so we can kind of track the performance of that business segment.

我很好奇你是否可以評論該收入基礎的潛在增長，無論是相對於遠程醫療業務的補償，還是以任何其他可以幫助我們更好地了解增長軌蹟的方式。和/或是否會有任何其他 [價值] 指標每季度提供一次，以便我們可以跟踪該業務部門的績效。

I understand that it's pretty early on and that there's certainly an integration aspect of it. But to the extent that you guys can provide any detail, that would be helpful.

我知道它還很早，而且肯定有一個集成方面。但如果你們能提供任何細節，那將很有幫助。

And then just one follow-up on the therapeutics. And that's related to the opt-out and I think folks kind of understand the rationale on opting in for a royalty instead of spending the 50-50 on the R&D side with GSK. It's a hard question to answer probably, but is there a way to kind of estimate the ballpark of the investment you would have to make by having to pay for 50% of developers in such a broad program?

然後只是對治療進行一次跟進。這與選擇退出有關，我認為人們有點理解選擇使用費而不是在 GSK 的研發方面花費 50-50 的理由。這可能是一個很難回答的問題，但是有沒有一種方法可以估算出在這樣一個廣泛的項目中必須支付 50% 的開發人員費用才能進行的投資？

And how will that kind of inform your decision going forward? Is it going to be more -- you're more likely to keep the 50-50 in smaller indications, larger indications? How does that kind of play out?

這將如何影響你未來的決定？它會更多——你更有可能將 50-50 保持在更小的適應症、更大的適應症中嗎？這種情況如何發揮作用？

Yes. So I can take your first question and maybe I'll let Kenneth kick off the second one and I can chime in if it helps. So, on Lemonaid, we are -- in our disaggregation of revenue, we're going to give you the quarter. And so, that's going to be in a 10-Q that we file tomorrow. You'll see that that number is around $7.5 million or $8 million.

是的。所以我可以回答你的第一個問題，也許我會讓肯尼斯開始第二個問題，如果有幫助的話我可以插嘴。所以，在 Lemonaid 上，我們 - 在我們的收入分類中，我們將給你這個季度。因此，這將在我們明天提交的 10-Q 中。你會看到這個數字大約是 750 萬美元或 800 萬美元。

And our guidance gives you kind of a look with five months of Lemonaid. So, that number I just gave you is for two months in the quarter. And our guidance gives you a sense versus prior guidance of the uptick we expect, as we said in the script, largely driven by the addition of Lemonade to the revenue base.

我們的指南讓您大致了解了五個月的 Lemonaid。所以，我剛剛給你的那個數字是本季度的兩個月。正如我們在腳本中所說，我們的指導讓您了解我們預期的增長與之前的指導相比，這主要是由收入基礎中增加 Lemonade 推動的。

And I would say, we -- they are growing. That part of the business is growing. We'll be disclosing that as we go along. We won't disaggregate our guidance into the pieces.

我會說，我們——他們正在成長。這部分業務正在增長。我們將在進行過程中披露這一點。我們不會將我們的指南分解成多個部分。

And I would say, the other thing is that there is some very fundamental planning going on that, Paul Johnson, who runs the Consumer business now, is leading, that's really delving into how this consumer experience is going to evolve, and how the genetics business and the digital primary care business are going to come together and sort of how that's going to affect a lot of things related to the economics of our business.

我想說的是，另一件事是正在進行一些非常基本的計劃，現在負責消費者業務的 Paul Johnson 正在領導，這真的是在深入研究這種消費者體驗將如何演變，以及遺傳學如何業務和數字初級保健業務將走到一起，這將如何影響與我們業務的經濟相關的許多事情。

And so, it's something that's just going to play out over time and we're not -- we're just not going to disaggregate for now. I'll let Kenneth start out with the CD96 decision. There are a lot of capital allocation issues in it and others, so I'll let Kenneth take that.

因此，隨著時間的推移，它會逐漸發揮作用，而我們不會——我們暫時不會分解。我會讓 Kenneth 從 CD96 決定開始。它和其他方面有很多資本配置問題，所以我會讓 Kenneth 來解決這個問題。

Yes. No, thanks, Steve. And Tiago, maybe just to kind of reemphasize what I said during the call earlier, is that I think in the first place this is a place where we've got a lot of confidence that GSK is well and able to move this program forward in immuno-oncology.

是的。不，謝謝，史蒂夫。蒂亞戈，也許只是為了再次強調我之前在電話中所說的話，我認為首先這是一個我們非常有信心葛蘭素史克能夠很好地推進這個項目的地方免疫腫瘤學。

The second thing is that we -- it really is we're working with a portfolio and we're looking to maximize the return on investment. And how we make those decisions and choices today I think will change and evolve over time. For example, as our cost of capital hopefully drops over time, we may be prepared to invest in more programs as we move into the clinic.

第二件事是我們 - 它確實是我們正在處理一個投資組合，我們正在尋求最大化投資回報。我認為我們今天如何做出這些決定和選擇會隨著時間的推移而改變和發展。例如，隨著我們的資本成本有望隨著時間的推移而下降，我們可能會準備好在進入診所時投資更多的項目。

But I don't think it's about is it going to be just small indications or big indications. If we really felt there was an incredible opportunity to maximize return on investment, we would definitely want to continue investing in a program and working with GSK. But it will really be on a -- program by program, we'll make those decisions, but it will be in the context of an overall portfolio where our goal is to maximize that return on investment. Steve, I don't know if you've got anything to add?

但我不認為這只是小跡像或大跡象。如果我們真的覺得有一個難以置信的機會來最大化投資回報，我們肯定會繼續投資項目並與 GSK 合作。但它實際上是一個項目一個項目地進行，我們將做出這些決定，但它將在我們的目標是最大化投資回報的整體投資組合的背景下進行。史蒂夫，我不知道你有什麼要補充的嗎？

No, no, that's good.

不，不，那很好。

Daniel Grosslight, Citi.

丹尼爾·格羅斯萊特，花旗銀行。

Realizing that you won't actually book most of the revenue until the fourth quarter, can you comment on how kit sales this holiday season compared to last year's and perhaps a more normalized holiday season, specifically around the number of kit sales and the ASPs this holiday season versus prior years?

意識到您實際上要到第四季度才能預訂大部分收入，您能否評論一下這個假期的套件銷售與去年相比，也許是一個更正常的假期，特別是套件銷售數量和今年的平均售價假期與往年相比？

Yes, I wouldn't say that we're going to get into any of that detail specifically. What I would say first and foremost is that the way that the year is playing out from a kit sales point of view relative to the guidance we've been giving and how all of those kit sales will make their way into revenue and deliver that guidance, I would say we're pretty much exactly where we wanted to be, thought we would be.

是的，我不會說我們將具體討論任何細節。我首先要說的是，從套件銷售的角度來看，相對於我們一直提供的指導，今年的表現方式以及所有這些套件銷售將如何進入收入並提供該指導，我會說我們幾乎完全是我們想去的地方，以為我們會去。

And so, it's playing out pretty much according to that plan that we started out guidance with this year. So, as you look at the guidance and you look at -- particularly when you look at the second-quarter guidance before we had Lemonaid in there, you could see that we expected there to be growth versus prior year. And now with Lemonaid, that's gone up to I think 10% to 14%, when you do the math.

因此，它幾乎是根據我們今年開始指導的計劃進行的。因此，當您查看指南並查看 - 特別是當您查看我們在那裡有 Lemonaid 之前的第二季度指南時，您會發現我們預計與去年相比會有所增長。現在有了 Lemonaid，當你計算時，我認為它上升了 10% 到 14%。

And within that, I'd say we're about right where we thought we would be based on the plan that's behind that guidance, and that's about what we can say. I would say the way we went about -- the promotion activities in the holiday season had a lot of similarities to last year; we kind of went about it much the same way. And so, nothing radically has changed in the way that we've executed the year, and the results are giving us about what we expected.

在那之中，我想說的是，根據該指導背後的計劃，我們的想法是正確的，這就是我們可以說的。我會說我們的方式——節日季的促銷活動與去年有很多相似之處；我們以幾乎相同的方式進行了處理。因此，我們這一年的執行方式沒有發生根本性的變化，結果也符合我們的預期。

Okay. Have you seen more adoption of the health aspect of the kits versus ancestry, if we were to look just at a breakdown of percent from just ancestry versus health plus ancestry? Have those trended more towards health plus ancestry? And then can you comment on the subscription attachment rates you're seeing?

好的。如果我們只看血統與健康加血統的百分比細分，您是否看到更多采用套件的健康方面而不是血統？那些更傾向於健康加血統嗎？然後你能評論一下你看到的訂閱附加率嗎？

Yeah, I would say on the latter, we're pleased with how incoming customers are taking the subscription. And so, as we noted in the script, the subscription is starting to really matter to gross margin. It's kind of moving the needle a little bit on an all-in revenue basis against our big base. It's not that material, but I think we're happy with it.

是的，我想說的是後者，我們對新客戶訂閱的方式感到滿意。因此，正如我們在腳本中指出的那樣，訂閱開始對毛利率產生真正的影響。在我們龐大的基礎上，在總收入的基礎上有點移動針頭。它不是那種材料，但我認為我們對此很滿意。

And we'll probably have more to say at year-end about kind of where that's come in the year in totality, but I would say we're really happy with the growth that that's seen. As to mix, yes, we don't really talk about mix. We lean -- as you know, everything we do promotionally leans into the health side and we continue to push that. And I would say there's nothing radically different about mix as we've gone through time either. It's in a fairly stable range.

我們可能會在年底時更多地談論今年的總體情況，但我想說我們對所看到的增長非常滿意。至於混合，是的，我們並沒有真正談論混合。我們傾向於——如你所知，我們所做的一切促銷都傾向於健康方面，我們將繼續推動這一點。而且我會說混音並沒有什麼根本不同，因為我們也經歷了時間。處於一個相當穩定的範圍內。

Got it. Okay. And then going to the Lemonaid acquisition, I appreciate you breaking out that revenue for us. Can you break out the EBITDA contribution this quarter for Lemonaid? And then it looks like if I just annualize the change in EBITDA for the five months that you have Lemonaid this year, gets me to a full year Lemonaid number of around negative $12 million in EBITDA. Is that kind of where it's at right now?

知道了。好的。然後去 Lemonaid 的收購，我很感激你為我們打破了收入。您能否詳細說明本季度 Lemonaid 的 EBITDA 貢獻？然後看起來如果我只是將你今年擁有 Lemonaid 的五個月的 EBITDA 變化年化，那麼全年 Lemonaid 的 EBITDA 數字約為負 1200 萬美元。它現在就是這樣嗎？

Yes, we'll be providing you a little bit of information on Lemonaid in the 10-Q in addition to the revenue that we've given you. We'll share the net loss associated with it, which I believe was about $8.5 million. And so that will be in the 10-Q.

是的，除了我們給你的收入之外，我們還會在 10-Q 中為你提供一些關於 Lemonaid 的信息。我們將分擔與之相關的淨虧損，我認為約為 850 萬美元。所以這將在 10-Q 中。

Okay, that's helpful. And then last one, just on the therapeutic side. I understand that you have (technical difficulty). On the therapeutic side, I understand that you evaluate each project based on ROI. But can you give us a sense if you're really going to cut back on R&D spend in the near term, meaning the next 12 to 18 months, because you no longer have to shoulder 50% of the CD96 program? Or will you just be reallocating some of that spend to other programs in the nearer term?

好的，這很有幫助。然後是最後一個，只是在治療方面。我知道你有（技術困難）。在治療方面，我了解到您根據投資回報率評估每個項目。但是，如果您真的打算在短期內削減研發支出，也就是說在接下來的 12 到 18 個月內，因為您不再需要承擔 CD96 計劃的 50%，您能告訴我們嗎？或者您是否會在近期將部分支出重新分配給其他項目？

I would answer that (multiple speakers) no, we will --.

我會回答（多位發言者）不，我們會--。

I mean, maybe I think one of the reasons that -- we looked at the amount that we could capture with the royalty in terms of the total value of the CD96 program, and we felt good about that without having the capital exposure of large, long, complex trials moving forward in combination with multiple molecules.

我的意思是，也許我認為其中一個原因是——我們根據 CD96 計劃的總價值研究了我們可以用特許權使用費獲得的金額，我們對此感覺很好，而沒有大量的資本風險，與多個分子結合進行的長期、複雜的試驗。

But we really are excited about the P006 program. It's fully owned. So, it's a great example of exactly where we want to be investing our capital at 23andMe in terms of therapeutics program. So, we're very fortunate and blessed that we have many opportunities with which to deploy capital. So, we definitely see significant long-term value and upside over time and continue to make those investments. So, Steve, feel free to chip in.

但我們真的對 P006 計劃感到興奮。它是完全擁有的。因此，這是一個很好的例子，說明我們希望在 23andMe 的治療項目方面投資我們的資本。因此，我們非常幸運和幸運，我們有很多機會來部署資本。因此，隨著時間的推移，我們肯定會看到顯著的長期價值和上升空間，並繼續進行這些投資。所以，史蒂夫，請隨意參與。

Yeah. And we give you all the time, and we'll do the same thing this time. In the 10-Q, we give you kind of the composition of R&D between the consumer business and R&D. And what you'll see, if you've been following that along, that the rate of growth of spending on the therapeutic side of R&D has been noticeably much higher than the average of that total line.

是的。我們一直給你，這次我們也會做同樣的事情。在 10-Q 中，我們為您提供了消費者業務與研發之間的研發構成。你會看到，如果你一直關注這一點，研發治療方面的支出增長率明顯高於該總線的平均水平。

So, more and more and more of that R&D line is being accounted for by therapeutics and that's very intentional on our part. And we see it as just a major driver of building value and future revenues. So, you can expect that to continue to happen.

因此，越來越多的研發線正在被治療學所佔據，這對我們來說是非常有意的。我們將其視為創造價值和未來收入的主要驅動力。所以，你可以期待這種情況會繼續發生。

And redeployment of that stream of spend when we decide to take the royalty option on something like CD96 would be a natural thing for us to do. As you know, we have tens of programs that we can potentially put money into, so there's no lack of alternatives.

當我們決定對像 CD96 這樣的東西採用版稅選項時，重新部署支出流對我們來說是很自然的事情。如您所知，我們有數十個可以投入資金的項目，因此不乏替代方案。

I'm showing no further questions in the queue. I'll turn the call back over to Wade Walke for any further questions.

我不會在隊列中顯示更多問題。如果有任何進一步的問題，我會將電話轉回 Wade Walke。

We have some retail questions that have come in from our Q&A platform, and I want to take the time to answer some of those top questions today. The first question is what plans do you have for the massive amounts of data collected and how do you translate that into shareholder value?

我們有一些來自問答平台的零售問題，今天我想花時間回答其中一些最熱門的問題。第一個問題是您對收集的大量數據有什麼計劃，以及如何將其轉化為股東價值？

I can take that, Wade. That's a great question and something that we have been thinking about since we started this company. There's really two elements with this. And I look at it on the consumer side as well as on the therapeutic side. There's a real opportunity for us to continue to deliver valuable health and ancestry information back to our customers.

我可以接受，韋德。這是一個很好的問題，也是我們自創辦這家公司以來一直在思考的問題。這真的有兩個要素。我從消費者的角度和治療的角度來看待它。我們真的有機會繼續向我們的客戶提供有價值的健康和血統信息。

And we've seen that over the years that our customers, they appreciate, they value, it's meaningful for them. So, delivering that information back to them on their health is something that we will obviously be able to continue to do better and better. And we've made the commitment that we are looking at how we're going to use our data and integrating these additional data sets, like wearables, to be better and better at risk prediction.

多年來，我們已經看到我們的客戶，他們欣賞，重視，這對他們來說很有意義。因此，將有關他們健康的信息反饋給他們顯然是我們能夠繼續做得越來越好的事情。我們已經做出承諾，我們正在研究如何使用我們的數據並整合這些額外的數據集，比如可穿戴設備，以便在風險預測方面做得越來越好。

On the therapeutic side, the more data we have, the better we actually have insights and we're able to develop novel therapeutic targets. So, as our data grows, there's a tremendous opportunity on therapeutics of what we've seen with GSK and our over 40 programs. And we are enthused with the fifth year extension with GSK.

在治療方面，我們擁有的數據越多，我們的實際見解就越好，並且我們能夠開發出新的治療靶點。因此，隨著我們數據的增長，我們在 GSK 和我們的 40 多個項目中看到的治療方法存在巨大的機會。我們對 GSK 的第五年延期充滿熱情。

But also quite enthused is the post GSK world where we will be able to be independent. And we spend a fair amount of time thinking about what are all those different ways that we will be able to really make sure that we are maximizing value from all of that data that ultimately will benefit our customers in the world at large.

但同樣令人興奮的是我們將能夠獨立的後 GSK 世界。我們花了相當多的時間思考所有這些不同的方式，我們將能夠真正確保我們從所有這些數據中最大化價值，最終將使我們的全球客戶受益。

Great. The next question is actually a compilation of about three questions that were related to the same topic. And it is what are your plans for future growth, product expansion, and expanding research and development efforts into new products?

偉大的。下一個問題實際上是與同一主題相關的大約三個問題的彙編。您對未來的增長、產品擴展以及將研發工作擴大到新產品方面有什麼計劃？

Yes. The Lemonaid acquisition was a key component of how we're thinking about growth in the future. And we see that our customers are engaged with the genetic information, they want it, but they really want to better understand how to apply it to their life. So, we are big believers that there is an opportunity to pioneer a new type of healthcare world, which is based on your genetics, and really focused on prevention.

是的。收購 Lemonaid 是我們考慮未來增長的關鍵組成部分。我們看到我們的客戶正在關注遺傳信息，他們想要它，但他們真的想更好地了解如何將其應用到他們的生活中。因此，我們堅信有機會開創一種新型的醫療保健世界，它基於您的遺傳學，真正專注於預防。

And so, Lemonaid is a key component of how we're starting to think about growth in the future. And I just also want to call out the pharmacogenetics opportunity, which is leveraging the reports that we have today, that have gone through the FDA that can help our customers understand what is their genetic risk -- or their genetic variant and how that impacts various medications they might take and be able to integrate that in with the Lemonaid pharmacy. What was the second part, Wade?

因此，Lemonaid 是我們開始思考未來增長的關鍵組成部分。我還想指出藥物遺傳學的機會，它利用我們今天的報告，這些報告已經通過 FDA，可以幫助我們的客戶了解他們的遺傳風險是什麼——或者他們的遺傳變異，以及它如何影響各種他們可能服用的藥物，並能夠將其與 Lemonaid 藥房整合。第二部分是什麼，韋德？

The second part was expanding research and development efforts into new products.

第二部分是擴大對新產品的研發力度。

Yes. That goes along with some of the things I was talking about before in terms of starting to look at all of the data we have, and there's an incredible opportunity with all the new types of data collection that is happening. So, whether it's your heart rate variability or your steps or EKGs that are coming on various devices, there's a lot of opportunity for us to start to incorporate this into our reports.

是的。這伴隨著我之前談到的一些事情，即開始查看我們擁有的所有數據，並且所有正在發生的新型數據收集都有一個難以置信的機會。因此，無論是您的心率變異性、步數還是各種設備上的心電圖，我們都有很多機會開始將其納入我們的報告。

So, what we really think about, just to the high-level summarize it, is being the best at risk prediction and really being able to be the best people that can look at a number of different data sets -- or amass all this data into one where we can actually give you that best risk prediction. So, that's really where we're highly focused on the consumer side.

所以，我們真正考慮的，只是高層次的總結，是成為風險預測的最佳人選，真正成為能夠查看大量不同數據集或積累所有這些數據的最佳人選進入我們實際上可以為您提供最佳風險預測的地方。所以，這確實是我們高度關註消費者方面的地方。

Great. The next couple of questions are more on the financial side. The first one is what are the two or three long-term revenue drivers that the team is most excited about?

偉大的。接下來的幾個問題更多是關於財務方面的。第一個是團隊最感興趣的兩三個長期收入驅動因素是什麼？

Sorry, was Steve going to take that? Sorry, can you say that one again?

抱歉，史蒂夫會接受嗎？抱歉，你能再說一遍嗎？

Sure. It's what are the two or three long-term revenue drivers that the team is most excited about?

當然。團隊最感興趣的兩三個長期收入驅動因素是什麼？

Sorry, I had you on mute. I was starting to talk and I --.

抱歉，我讓你靜音了。我開始說話，然後我——。

Yes. Steve, do you want to take that? Or do you want me to?

是的。史蒂夫，你想接受嗎？或者你想要我嗎？

Yes, I'll take that. Yes, pretty straightforward. We're talking a lot about Lemonaid and where that's fitting into the future of the consumer product. And I think the way to think about that is that the addressable market that we're going to be accessing as we move from just the personal genetics business and research services, which drive our revenue so far, going into the primary care world and its addressable market is enormous relative to our earlier addressable market, so that's a big driver.

是的，我會接受的。是的，非常簡單。我們談論了很多關於 Lemonaid 以及它適合未來消費產品的地方。我認為，考慮這一點的方式是，隨著我們從個人遺傳學業務和研究服務（迄今為止推動我們的收入增長）進入初級保健領域及其領域，我們將進入的可尋址市場可尋址市場相對於我們早期的可尋址市場來說是巨大的，所以這是一個很大的驅動力。

And on the therapeutic side, we're putting all this investment on the therapeutic side and we fully anticipate that that will drive future revenue as those programs move into becoming products, and either we're taking our profit participation in those or we're taking royalties in those. So, that's a really profound opportunity as we move those along. So, those are going to be the primary thing.

在治療方面，我們將所有這些投資都放在治療方面，我們完全預計隨著這些項目轉變為產品，這將推動未來的收入，我們要么將利潤參與其中，要么我們正在從中收取版稅。所以，這是一個非常重要的機會，因為我們推動這些。所以，這些將是首要的事情。

And then I think the other thing, and Anne has talked about it before, is there are other ways, when we talk about our mission of benefiting from the human genome, this data platform probably has other ways that we could work with partners -- not only earn some return for ourselves on the investment in the platform, but bring those insights out and bring those to customers to help them live a better life. And so, I think there are other ways that we're going to find to do that.

然後我想另一件事，安妮之前談到過，是否還有其他方式，當我們談論我們從人類基因組中受益的使命時，這個數據平台可能有其他方式我們可以與合作夥伴合作——不僅要為自己在平台上的投資賺取一些回報，還要把這些見解帶出來，帶給客戶，幫助他們過上更好的生活。因此，我認為我們會找到其他方法來做到這一點。

Great. And the next question is -- what are you doing to make 23andMe profitable?

偉大的。下一個問題是——你在做什麼來讓 23andMe 盈利？

Yeah, this goes back to a little bit of our more recent history. We started to bear down on the current portfolio of revenue earning business as we began to bear down on getting that towards cash flow breakeven. And as you know, if you follow our filings, when we moved from fiscal 2019 through the end of fiscal 2021, we moved the consumer business, which is where we really put that focus, from around an $85 million adjusted EBITDA position to above breakeven. We were about $12 million or $13 million to the positive last year.

是的，這可以追溯到我們最近的一些歷史。當我們開始努力實現現金流盈虧平衡時，我們開始對當前的創收業務組合持謹慎態度。如您所知，如果您關注我們的文件，當我們從 2019 財年過渡到 2021 財年末時，我們將消費者業務（這是我們真正關注的重點）從大約 8500 萬美元的調整後 EBITDA 狀況轉移到盈虧平衡以上.去年我們的收益約為 1200 萬美元或 1300 萬美元。

As we bring this big new piece of business into our midst, and we begin to go through that again, we're going to focus on customer-level economics like we did before. We're going to increasingly look at lifetime value relative to acquiring those customers. That business of digital primary care and associated pharmacy, et cetera, give us a much better platform for recurring revenue, and so that's going to be a big part of it.

當我們將這項新的大業務引入我們之中，並開始再次經歷這一過程時，我們將像以前一樣專注於客戶層面的經濟。我們將越來越多地關注與獲取這些客戶相關的終身價值。數字初級保健和相關藥房等業務為我們提供了一個更好的經常性收入平台，因此這將是其中的重要組成部分。

And then I think the other way to think about efficiency here, and Paul talks about this a lot, is kind of a -- this would be very much a product-led plan that we put together and not relying as much on marketing and more leaning on investing in product innovation and having to be product led. And both of those things will, I'm convinced, do their magic over time as we get going.

然後我認為在這裡考慮效率的另一種方式，Paul 經常談論這個，是一種 - 這將是一個我們放在一起的以產品為主導的計劃，而不是過多地依賴營銷等依靠投資於產品創新並且必須以產品為主導。我相信，隨著時間的推移，隨著時間的推移，這兩件事都會發揮它們的魔力。

Thanks, Steve. The next question is -- do you see a merger with a pharmaceutical company part of your vision?

謝謝，史蒂夫。下一個問題是——您認為與製藥公司的合併是您願景的一部分嗎？

We don't -- we're always evaluating options. We do not have anything top of mind that we're strategically thinking about. But we're always -- as a responsibility to shareholders, we're always evaluating options that do come our way. But it's not part of my strategic vision.

我們不——我們一直在評估各種選擇。我們在戰略上沒有考慮任何首要問題。但我們一直——作為對股東的責任，我們一直在評估確實出現的選擇。但這不是我的戰略願景的一部分。

Okay. The next one is -- are there any plans in partnering with healthcare providers and insurance companies?

好的。下一個是——是否有任何與醫療保健提供者和保險公司合作的計劃？

Also, a great question. We always look at this. And I think it's something that -- obviously most companies in healthcare are working with healthcare providers and insurance companies [in a] more traditional system. Part of what is very unique and different about 23andMe is that we are direct to consumer. And because of that, our incentives are really aligned with our end customer.

另外，一個很好的問題。我們總是看這個。而且我認為這是 - 顯然大多數醫療保健公司都在與醫療保健提供者和保險公司 [在] 更傳統的系統中合作。 23andMe 的部分獨特之處在於我們直接面向消費者。正因為如此，我們的激勵措施真正與我們的最終客戶保持一致。

I am a big believer that there is an opportunity that's entirely outside of the existing system, meaning the reimbursement in the traditional healthcare world, to provide a new type of care for individuals.

我堅信存在一個完全在現有系統之外的機會，這意味著傳統醫療保健領域的報銷，可以為個人提供新型護理。

And for that reason, we are not actively exploring any insurance relationships right now or more traditional type of partnerships where it's something -- we're always evaluating and [needing] but not something that I really look at because I think it would deviate us from our mission of being direct-to-consumer and really always doing right by our customer.

出於這個原因，我們現在沒有積極探索任何保險關係或更傳統類型的合作夥伴關係——我們一直在評估和 [需要] 但不是我真正關注的東西，因為我認為這會使我們偏離我們的使命是直接面向消費者，真正始終為我們的客戶做正確的事。

And our next question is -- do you have any plans to expand to Europe?

我們的下一個問題是——你們有向歐洲擴張的計劃嗎？

We do actually sell in a number of European countries. We have health and ancestry in some and ancestry alone in many. Our samples are processed in the US and we are not in every country in Europe largely because there's different language requirements or different regulatory requirements. But we do have health and ancestry in a number of countries as well as ancestry only in even more.

我們確實在許多歐洲國家銷售。我們有些人有健康和血統，而許多人只有血統。我們的樣品在美國處理，我們並不是在歐洲的每個國家/地區都處理，主要是因為存在不同的語言要求或不同的監管要求。但我們在許多國家確實有健康和血統，而且只有更多國家有血統。

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

謝謝，安妮。我想我們將結束問答環節，我會把它交還給你，安妮，結束電話會議。

Great. Thank you. Well, I appreciate everyone participating. We appreciate the questions that come in and we look forward to engaging with you at our next call. Thank you so much.

偉大的。謝謝。嗯，感謝大家的參與。我們感謝您提出的問題，我們期待在下次電話會議上與您交流。太感謝了。

Thank you. Ladies and gentlemen, this does conclude today's conference. Thank you all for participating. You may now disconnect. Have a great day.

謝謝。女士們，先生們，今天的會議到此結束。謝謝大家的參與。您現在可以斷開連接。祝你有美好的一天。