23andMe Holding Co. (ME) 2023 Q3 法說會逐字稿

Good day, and welcome to 23andMe's Fiscal Year 2023 Third Quarter Financial Results Conference Call. (Operator Instructions)

美好的一天，歡迎來到 23andMe 的 2023 財年第三季度財務業績電話會議。 （操作員說明）

I would now like to turn the call over to (inaudible) at Argo Partners to lead off the call. Thank you. Please go ahead.

我現在想把電話轉給 Argo Partners 的（聽不清）來主持電話會議。謝謝。請繼續。

Thank you, Justin. Before we begin, I encourage everyone to go to investors.23andme.com to find the press release we issued this afternoon 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.

謝謝你，賈斯汀。在我們開始之前，我鼓勵大家去 investors.23andme.com 查找我們今天下午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 titled 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 a discussion of numerous factors that may impact our future performance.

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。另請參閱我們的 SEC 文件，這些文件可以在我們的網站和 SEC 的網站上找到，其中討論了可能影響我們未來業績的眾多因素。

We will also discuss 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.

我們還將討論某些非 GAAP 指標。有關我們使用這些措施以及與美國公認會計原則對賬的重要信息，請參見我們的收益發布。

Joining us on our call today are Anne Wojcicki, our Chief Executive Officer and Co-Founder; and Joe Selsavage, our Interim Chief Financial and Accounting Officer; Kenneth Hillan, our Chief Therapeutics Officer, will join us for Q&A.

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；和我們的臨時首席財務和會計官 Joe Selsavage；我們的首席治療官 Kenneth Hillan 將加入我們的問答環節。

And with that, I'll turn the call over to Anne.

有了這個，我會把電話轉給安妮。

Thank you. We made significant progress in both our consumer and therapeutics business this past quarter, as we continue to focus on leveraging our genetic database, the world's largest recontactable database for genetic research, to unlock the potential of the human genome to treat and prevent disease like no other company.

謝謝。上個季度，我們在消費者和治療業務方面取得了重大進展，因為我們繼續專注於利用我們的基因數據庫，這是世界上最大的基因研究可再聯繫數據庫，以釋放人類基因組治療和預防疾病的潛力其他公司。

Starting with the consumer business, we made significant progress this quarter and continued to enhance our efforts to provide our customers with a leading genetic health service that focuses on prevention and wellness. We added 2 new genetic health reports for our 23andMe+ subscribers on asthma and Hashimoto's disease, an autoimmune disorder. The reports are generated using data and insights gathered from millions of customers who have consented to participate in our research. As a reminder, 23andMe is the only company with multiple FDA authorizations for direct-to-consumer genetic health reports, and the only company that the FDA has authorized to provide genetic cancer risk reports and medication insights without physician involvement. In total, we have over 60 health reports in our personal genome service that estimate a person's genetic likelihood of developing a specific condition.

從消費者業務開始，我們在本季度取得了重大進展，並繼續加大力度為我們的客戶提供領先的以預防和健康為重點的基因健康服務。我們為 23andMe+ 訂閱者添加了 2 份關於哮喘和橋本病（一種自身免疫性疾病）的新遺傳健康報告。這些報告是使用從同意參與我們研究的數百萬客戶那裡收集的數據和見解生成的。提醒一下，23andMe 是唯一一家獲得 FDA 多項直接面向消費者遺傳健康報告授權的公司，也是唯一一家獲得 FDA 授權在沒有醫生參與的情況下提供遺傳癌症風險報告和藥物見解的公司。總的來說，我們的個人基因組服務中有 60 多份健康報告，這些報告估計了一個人患特定疾病的遺傳可能性。

We also added finer ancestry composition detail for people of Ashkenazi Jewish ancestry. Our product can now enable members to trace their family connections back to 7 genetic groups corresponding to regions within Eastern and Central Europe. During the past quarter, we also celebrated the 1-year anniversary of our acquisition of Lemonaid Health. We are continuing the integration of the telemedicine and online pharmacy platform into 23andMe to enhance our genetic health service, and we look forward to continuing to create new customer experiences that combine genetics with our telemedicine and pharmacy services.

我們還為 Ashkenazi 猶太血統的人添加了更精細的血統構成細節。我們的產品現在可以讓成員將他們的家庭聯繫追溯到與東歐和中歐地區相對應的 7 個基因組。在上個季度，我們還慶祝了收購 Lemonaid Health 一周年。我們正在繼續將遠程醫療和在線藥房平台整合到 23andMe 中，以增強我們的基因健康服務，我們期待繼續創造將遺傳學與我們的遠程醫療和藥房服務相結合的新客戶體驗。

Turning to our therapeutics business. In November, we announced that 23ME-00610 will be evaluated as a monotherapy in tumor indication-specific expansion cohorts. These include clear cell renal carcinoma, epithelial ovarian cancers, neuroendocrine cancers, small cell lung cancer and microsatellite instability-high or tumor mutational burden-high cancers that have progressed on standard therapies. We also intend to present an update from the Phase 1 dose escalation portion of the study at a scientific conference later this year.

轉向我們的治療業務。 11 月，我們宣布 23ME-00610 將在腫瘤適應症特異性擴展隊列中作為單一療法進行評估。這些包括透明細胞腎癌、上皮性卵巢癌、神經內分泌癌、小細胞肺癌和微衛星不穩定性高或腫瘤突變負荷高的癌症，這些癌症在標準療法下取得了進展。我們還打算在今年晚些時候的科學會議上介紹該研究的第一階段劑量升級部分的更新。

In addition, we presented 7 scientific posters at the American Society of Human Genetics Conference, including new insights into conditions such as cataract, systemic sclerosis, pericarditis and others. We also presented preliminary data from what we believe is now the largest and most diverse genetic study of sickle cell trait ever conducted at the American Society of Hematology Conference, the largest annual medical conference dedicated to hematological malignancies. The consumer and therapeutics teams have again made great progress this last quarter and I look forward to the enhanced personalized health offerings we are working to deliver for our customers.

此外，我們在美國人類遺傳學會會議上展示了 7 份科學海報，包括對白內障、系統性硬化症、心包炎等疾病的新見解。我們還提供了初步數據，這些數據來自我們認為目前規模最大、最多樣化的鐮狀細胞性狀遺傳研究，該研究是在美國血液學會會議上進行的，該會議是致力於血液惡性腫瘤的最大年度醫學會議。消費者和治療團隊在上個季度再次取得了巨大進步，我期待著我們正在努力為客戶提供增強的個性化健康服務。

And with that, I'll turn the call over to Joe to review our financial results for the quarter.

有了這個，我會把電話轉給喬來審查我們本季度的財務業績。

Thanks, Anne. I'm pleased to report continued solid revenue growth in our consumer business in the last quarter that puts us on track to exceed our previously disclosed full-year financial guidance for fiscal 2023. I am pleased to report on our performance in Q3, which is typically our busiest of the year operationally on the consumer side. We had good execution on the consumer side as we maintained focus on improving profitability. Despite the challenging macroeconomic environment, consumer demand remained strong during the holiday season. We carefully controlled discounting and promotional spending, which led to improved contribution margin versus the prior year, all of which gives us confidence in raising our full-year guidance, which I will talk about more shortly.

謝謝，安妮。我很高興地報告上個季度我們的消費者業務收入持續穩健增長，這使我們有望超過我們之前披露的 2023 財年全年財務指導。我很高興地報告我們在第三季度的業績，即通常是我們一年中在消費者方面最繁忙的運營。由於我們繼續專注於提高盈利能力，因此我們在消費者方面執行良好。儘管宏觀經濟環境充滿挑戰，但節日期間的消費需求依然強勁。我們謹慎地控制了折扣和促銷支出，這導致邊際收益與上一年相比有所提高，所有這些都使我們有信心提高我們的全年指導，我將在稍後討論這一點。

Along with our current cash position and an opportunity to sell additional shares through our recently announced ATM program, we are sufficiently positioned to continue our plans to enhance our genetic health service and advance our therapeutics programs for 23andMe. Our revenue for the 3 and 9 months ended December 31, 2022, was USD67 million and USD207 million, respectively, representing an increase of 18% and 21% respectively, over the same periods in the prior year.

加上我們目前的現金狀況和通過我們最近宣布的 ATM 計劃出售額外股票的機會，我們有足夠的能力繼續我們的計劃，以加強我們的基因健康服務並推進我們的 23andMe 治療計劃。截至 2022 年 12 月 31 日止的第 3 個月和第 9 個月的收入分別為 6700 萬美元和 2.07 億美元，分別比去年同期增長 18% 和 21%。

Third quarter revenue growth was primarily due to an increase in telehealth services revenue from the Lemonaid acquisition last November. Growth in our subscription services revenue and Personal Genome Service, PGS revenues and an increase in Research Services revenue primarily related to the GSK collaboration. 9-month revenue growth was primarily due to an increase in telehealth services revenue, higher Research Services revenue from the GSK collaboration and research contracts with third parties and growth in our subscription services revenue, partially offset by lower PGS revenue.

第三季度收入增長主要是由於去年 11 月收購 Lemonaid 後遠程醫療服務收入增加。我們訂閱服務收入和個人基因組服務、PGS 收入的增長以及主要與 GSK 合作相關的研究服務收入的增長。 9 個月的收入增長主要是由於遠程醫療服務收入的增加、GSK 與第三方的合作和研究合同帶來的研究服務收入增加以及我們的訂閱服務收入的增長，部分被 PGS 收入的減少所抵消。

Looking at the composition of our revenue, Consumer Services revenue represented approximately 80% of the total revenue for both the 3 and 9 months ended December 31, 2022. And Research Services revenue, which was primarily derived from the GSK collaboration, accounted for approximately 20% of total revenue for those same periods. Our gross profit for the 3 and 9 months ended December 31, 2022, was USD31 million and USD95 million, respectively, representing a 13% and 10% increase over the same periods in the prior year. The 3- and 9-month year-over-year increase was driven primarily by the previously discussed increase in revenue, offset by lower margins from the telehealth revenues as well as increased supply chain, logistics and labor costs.

從我們的收入構成來看，截至 2022 年 12 月 31 日止的第 3 個月和第 9 個月，消費者服務收入約佔總收入的 80%。主要來自 GSK 合作的研究服務收入約佔 20%同期總收入的百分比。截至 2022 年 12 月 31 日止的第 3 個月和第 9 個月的毛利分別為 3100 萬美元和 9500 萬美元，比去年同期增長 13% 和 10%。 3 個月和 9 個月的同比增長主要是由之前討論的收入增長推動的，但被遠程醫療收入利潤率下降以及供應鏈、物流和勞動力成本增加所抵消。

Operating expenses for the 3 and 9 months ended December 31, 2022, were USD128 million and USD349 million, respectively, compared to USD124 million and USD271 million for the same periods in the prior year. The increase in the 3- and 9-month periods was primarily attributable to increased personnel-related expenses driven by increased salaries and related taxes as a result of inflation and growth in headcount, along with an impairment charge for intangible assets and the addition of sales and marketing expenses from the previously acquired telehealth business.

截至 2022 年 12 月 31 日止的第 3 個月和第 9 個月的運營費用分別為 1.28 億美元和 3.49 億美元，上年同期分別為 1.24 億美元和 2.71 億美元。 3 個月和 9 個月期間的增加主要是由於通貨膨脹和員工人數增加導致工資和相關稅費增加導致人事相關費用增加，以及無形資產減值費用和銷售額增加先前收購的遠程醫療業務的營銷費用。

Looking at the bottom line, net loss for the 3 and 9 months ended December 31, 2022, was USD92 million and USD248 million, respectively, compared to net losses for the same period in the prior year of USD89 million and USD148 million. The increase in the 3- and 9-month periods was primarily attributable to the increase in operating expenses previously noted and the benefit from the changes in the fair value of warrant liabilities of USD3 million and USD33 million, respectively, recorded in the prior year.

從底線來看，截至 2022 年 12 月 31 日的第 3 個月和第 9 個月的淨虧損分別為 9200 萬美元和 2.48 億美元，而去年同期的淨虧損為 8900 萬美元和 1.48 億美元。 3 個月和 9 個月期間的增長主要是由於先前提到的運營費用增加以及上一年記錄的認股權證負債公允價值變動分別為 300 萬美元和 3300 萬美元。

Next, our adjusted EBITDA. For details on how we define adjusted EBITDA as well as the corresponding reconciliations to GAAP, please see our earnings press release. Total adjusted EBITDA for the 3 months ended December 31, 2022, improved to a deficit of $43 million, compared to a deficit for the same period in the prior year of $64 million. Total adjusted EBITDA deficit for the 9-month period was comparable to the same period for the prior year. We ended the quarter with $433 million in cash and cash equivalents compared to $553 million as of March 31, 2022. As we recently announced, we now have an ATM program providing us with the option to sell an aggregate of up to 150 million of shares of Class A common stock from time to time, subject to market conditions.

接下來，我們調整後的 EBITDA。有關我們如何定義調整後的 EBITDA 以及相應的 GAAP 調節的詳細信息，請參閱我們的收益新聞稿。截至 2022 年 12 月 31 日止三個月的調整後 EBITDA 總額改善為 4300 萬美元的赤字，而去年同期為 6400 萬美元的赤字。 9 個月期間調整後的 EBITDA 赤字總額與去年同期相當。截至本季度末，我們的現金和現金等價物為 4.33 億美元，而截至 2022 年 3 月 31 日為 5.53 億美元。正如我們最近宣布的那樣，我們現在有一個 ATM 計劃，讓我們可以選擇出售總共多達 1.5 億股股票不時的 A 類普通股，視市場情況而定。

We are increasing our full-year guidance following our fiscal year 2023 third quarter financial results. Full-year revenue for fiscal 2023, which will end on March 31, 2023, is now projected to be in the range of USD290 million to USD390 million, with a net loss in the range of USD325 million to USD335 million. The full-year adjusted EBITDA deficit is projected to be in the range of USD170 million to USD180 million for fiscal year 2023. As a reminder, this guidance includes the full-year impact of the consolidation of the company's acquired telehealth business into its overall consumer segment as well as the current and anticipated effects of general inflation on certain of our costs.

在 2023 財年第三季度財務業績公佈後，我們將提高全年指引。截至 2023 年 3 月 31 日的 2023 財年全年收入預計在 2.9 億美元至 3.9 億美元之間，淨虧損在 3.25 億美元至 3.35 億美元之間。預計 2023 財年全年調整後的 EBITDA 赤字將在 1.7 億美元至 1.8 億美元之間。提醒一下，本指南包括將公司收購的遠程醫療業務整合到其整體消費者中的全年影響部門以及一般通貨膨脹對我們某些成本的當前和預期影響。

And now, I'll turn the call back over to Anne.

現在，我會把電話轉回給安妮。

Thank you, Joe. We continue to make significant strides in our mission to help people access, understand and benefit from the human genome. We are continuing to see consumer demand as we offer more personalized and actionable genetic reports and innovative customer experiences that are helping to drive growth in revenue and profit margin. Our proprietary genetic database is also directly translating to the development of personalized medicine and we look forward to providing more updates in the future as we advance our clinical trial of 23ME-00610 in advanced solid tumors.

謝謝你，喬。我們繼續在幫助人們獲取、理解人類基因組並從中受益的使命中取得重大進展。隨著我們提供更多個性化和可操作的基因報告以及有助於推動收入和利潤率增長的創新客戶體驗，我們將繼續看到消費者的需求。我們專有的基因數據庫也直接轉化為個性化醫療的發展，我們期待在未來提供更多更新，因為我們推進了 23ME-00610 在晚期實體瘤中的臨床試驗。

We are making great progress in our efforts with genetics-based health care and therapeutics as we strive towards delivering on the promise of true personalized health care. 2023 is the year for DNA-powered health and we are excited to be kicking it off with these exciting updates.

隨著我們努力兌現真正個性化醫療保健的承諾，我們在基於遺傳學的醫療保健和治療方面取得了巨大進展。 2023 年是 DNA 驅動的健康之年，我們很高興能通過這些激動人心的更新拉開序幕。

Thank you. Now let's open up the call for questions.

謝謝。現在讓我們開始提問。

(Operator Instructions)

（操作員說明）

Before we go into questions, I'd like to just make sure that one thing was clear and on my -- when I was giving full-year guidance, the full-year revenues for fiscal year 2023, which will end on March 31, 2023, is now projected to be in the range of USD290 million to USD300 million, with a net loss in the range of USD325 million to USD335 million. I think I may have misspoken, so I just wanted to make sure that was clear.

在我們提出問題之前，我想確保一件事是明確的——當我給出全年指導時，即將於 3 月 31 日結束的 2023 財年的全年收入，到 2023 年，目前預計將在 2.9 億美元至 3 億美元之間，淨虧損在 3.25 億美元至 3.35 億美元之間。我想我可能說錯了，所以我只是想確保那是清楚的。

And our first question comes from Daniel Grosslight from Citi.

我們的第一個問題來自花旗銀行的 Daniel Grosslight。

Congrats on a strong quarter here. I just want to kind of dig into guidance real quick. So you beat my expectations for the quarter, but you raised guidance even more than the beat for the full year. So I'm just curious if you're seeing some outsized demand in any one of your core consumer products. And if this kind of reflects a stronger-than-expected holiday season, given that you'll recognize most of the revenue in your fourth fiscal quarter from the holidays?

祝賀這裡有一個強勁的季度。我只是想真正快速地深入了解指導。所以你超出了我對本季度的預期，但你提高的指引甚至超過了全年的預期。所以我很好奇你是否看到任何一種核心消費產品的需求過大。如果這反映出假期強於預期，考慮到您將從假期中確認第四財季的大部分收入？

Thank you, Daniel. We were seeing strong demand and strong revenue growth in prior quarters and we were conservative and before -- and raising -- before we raised guidance in last quarter's earnings call. We did see our holiday sales and that met our expectations and we were expecting that with inflationary and other macroeconomic conditions that they may have been -- we could have saw some degradation there, but we did not see that and we saw a strong demand. And in addition, we were able to hold on discounting and promotions. So we also saw revenue growth there because we're doing less discounting and less promotions.

謝謝你，丹尼爾。我們在前幾個季度看到了強勁的需求和強勁的收入增長，在我們在上個季度的財報電話會議上提高指引之前，我們是保守的，之前——並且提高了。我們確實看到了我們的假期銷售，這符合我們的預期，我們預計在通貨膨脹和其他宏觀經濟條件下可能會出現——我們本可以看到那裡出現一些退化，但我們沒有看到，我們看到了強勁的需求。此外，我們能夠堅持打折和促銷。所以我們也看到了那裡的收入增長，因為我們減少了折扣和促銷活動。

Yes, got it. And on the cost side of the equation, I noticed that your advertising and brand expense has come down nicely this quarter year-over-year. What's driving that decrease? Are you seeing CAC come down? Have you changed your advertising funnel and strategy at all? And related to that, the full-year guidance now implies a bit of an increase in EBITDA loss. So perhaps costs are increasing in the fourth quarter. Curious what's driving that increase in EBITDA loss for the fourth quarter?

是的，明白了。在等式的成本方面，我注意到本季度你們的廣告和品牌費用同比下降了很多。是什麼導致了這種下降？你看到 CAC 下降了嗎？您是否完全改變了廣告渠道和策略？與此相關的是，全年指引現在意味著 EBITDA 損失略有增加。因此，第四季度成本可能會增加。好奇是什麼導致第四季度 EBITDA 虧損增加？

Okay. So on the marketing spend, we've actually changed and we're really being very cautious in how we actually deployed marketing throughout fiscal year 2023. We actually were looking to shut off all inefficient channels and really making sure that our marketing spend was efficient, which really has helped our bottom line. And there was no really other big change in Q4 -- Q3 and nothing really big changes in -- coming in Q4 as well. On the EBITDA standpoint, we actually continue to really -- no additional large expenses coming in Q4. This is just a result of just the expectations for revenue and expenses in Q4.

好的。因此，在營銷支出方面，我們實際上已經發生了變化，我們對整個 2023 財年實際部署營銷的方式非常謹慎。我們實際上正在尋求關閉所有低效渠道，並真正確保我們的營銷支出是有效的，這確實幫助了我們的底線。第四季度沒有其他大的變化——第三季度也沒有真正的大變化——第四季度也沒有。從 EBITDA 的角度來看，我們實際上繼續 - 第四季度沒有額外的大筆費用。這只是對第四季度收入和支出預期的結果。

And our next question comes from Steven Mah from Cowen.

我們的下一個問題來自 Cowen 的 Steven Mah。

Congrats on the quarter. I had a question on the telehealth services revenue strength. Is that a reflection on the Lemonaid acquisition and the fact that, that integration is fully complete now? And if so, can you provide any color on the genetic space primary care service. When would -- should we expect a launch or details on that new product offering?

祝賀這個季度。我對遠程醫療服務的收入實力有疑問。這是否反映了 Lemonaid 的收購以及整合現在已經完全完成的事實？如果是這樣，您能否提供有關遺傳空間初級保健服務的任何顏色。什麼時候——我們應該期待新產品的發布或詳細信息？

So I'll take the first part of that question, Steven. The first -- with telehealth revenue, we still continue to see growth in telehealth revenue. However, we also had a comp -- because we actually did the Lemonaid acquisition in November 1st of last year, so we basically had additional revenue this fiscal year, 1 month additional in telehealth. And then we are continuing to look and work on the integration of Lemonaid into 23andMe. And we'll actually be launching and discussing more our products in the summer of -- this calendar year 2023.

所以我將回答這個問題的第一部分，史蒂文。首先——遠程醫療收入，我們仍然繼續看到遠程醫療收入的增長。然而，我們也有一個補償——因為我們實際上是在去年 11 月 1 日收購了 Lemonaid，所以我們本財年基本上有額外的收入，遠程醫療增加了 1 個月。然後我們將繼續尋找並致力於將 Lemonaid 整合到 23andMe 中。實際上，我們將在 2023 年這個日曆年的夏天推出和討論更多我們的產品。

Yes, I would say, Steven, just the integration is -- it's not complete yet as you sort of define this, the integration is still underway in terms of definitely putting all those various services on the 23andMe type platforms. And I think you can expect a more material update from us in the summer. So that's what we hope to be able to talk more -- in more detail about the plans, what we want to do and what that could look like. And I hope also at that time probably to have [Nora] who I don't think we have had on any calls or I don't think you've met her yet, but nor I'd be able to talk more details about sort of the clinical genomics and the direction we're going to go.

是的，我會說，史蒂文，只是集成——它還沒有完成，就像你定義的那樣，集成仍在進行中，明確地將所有這些不同的服務放在 23andMe 類型的平台上。我認為您可以期待我們在夏季提供更多材料更新。所以這就是我們希望能夠更多地討論的——更詳細地討論計劃、我們想做什麼以及它可能是什麼樣子。我也希望那時可能有 [Nora]，我認為我們沒有接到過任何電話，或者我認為你還沒有見過她，但我也無法談論更多細節某種臨床基因組學和我們要走的方向。

And then maybe on a similar note, on the 23andMe+ subscription services revenue, I appreciate you said you're only giving annual updates, but could you give us any sort of color on how that 23andMe+ subscription business is going? Any sense for uptake rates by existing customers or retention rates of customers already subscribing?

然後也許在類似的說明中，關於 23andMe+ 訂閱服務收入，我很感激你說你只提供年度更新，但你能給我們任何關於 23andMe+ 訂閱業務進展情況的顏色嗎？對現有客戶的採用率或已訂閱客戶的保留率有何意義？

Sure. We only give guidance on our subscriptions on an annual basis, so we'll be talking more about that in our Q4 earnings call. We did note in this quarter, in the earnings release that we are seeing increased subscription revenues that is really helping our revenue line. So we're pleased with growth and retention in that product but --

當然。我們每年只對我們的訂閱提供指導，因此我們將在第四季度的財報電話會議上更多地討論這一點。我們確實在本季度的收益發布中註意到，我們看到訂閱收入的增加確實有助於我們的收入線。因此，我們對該產品的增長和保留感到滿意，但是 -

Let me also just make clear, like it's -- the subscription and the acquisition of Lemonaid, it's definitely like that whole combination is the future that we are building towards. So how you actually have a genomic experience where you can get access into services like pharmacy or care and putting that into a subscription product. So just to flag to you, you should expect our subscription product as it is today to evolve relatively substantially over the next 12 months. Does that make sense?

讓我也明確一點，就像它一樣 - 訂閱和收購 Lemonaid，這絕對就像整個組合是我們正在建設的未來。那麼你如何真正擁有基因組體驗，你可以在其中獲得藥房或護理等服務並將其放入訂閱產品中。因此，請注意，您應該期待我們目前的訂閱產品在未來 12 個月內取得相對顯著的發展。那有意義嗎？

Yes, it makes sense. I guess I was just trying to dig in to see if it's -- if the subscription was coming more from existing customers or people that are buying the kit de novo and just signing up for the subscription then and there?

是的，這是有道理的。我想我只是想深入了解它是否 - 如果訂閱更多地來自現有客戶或從頭購買套件並只是註冊訂閱的人？

It's a combination of new kit sales as well as existing renewals as well as upsells into the subscription product.

它是新套件銷售、現有續訂以及訂閱產品追加銷售的結合。

And our next question comes from Gaurav Goparaju from Berenberg Capital Markets.

我們的下一個問題來自 Berenberg Capital Markets 的 Gaurav Goparaju。

Just 2 kind of big picture trend questions for me. The first on the consumer side, right? I mean, have you seen any correlation between members who leverage your PGS platform with those who leverage a telehealth platform basically are entirely new 23andMe users tending to adopt both PGS and telehealth services or does it seem to be one versus the other?

對我來說只有兩種大趨勢問題。首先是消費者方面，對吧？我的意思是，您是否看到利用您的 PGS 平台的成員與利用遠程醫療平台的成員之間存在任何相關性，基本上是全新的 23andMe 用戶傾向於同時採用 PGS 和遠程醫療服務，或者它似乎是一個與另一個？

As Anne mentioned, we're really looking to integrate both the telehealth and genomics health services into genomics health services. And so we will be seeing cross population between those 2 customer bases over time.

正如 Anne 提到的，我們真的希望將遠程醫療和基因組學健康服務整合到基因組學健康服務中。因此，隨著時間的推移，我們將看到這兩個客戶群之間的人口交叉。

I mean, right now, it's still 2 different logins. So I think that's -- at some point, it will definitely become that experience where you could go -- you could have different ways of entering and cross over to the other groups.

我的意思是，現在，它仍然是 2 個不同的登錄。所以我認為那是——在某個時候，它肯定會成為你可以去的地方——你可以有不同的方式進入和交叉到其他群體。

And then the last thing for me, right, should we expect any new future partnership announcements before the GSK exclusive period occurs or is that just something that we should just kind of remain on standby until the July date?

然後對我來說最後一件事，對，我們是否應該期待在葛蘭素史克獨占期到來之前有任何新的未來合作夥伴公告，或者我們應該在 7 月日期之前保持待命狀態？

Well, we cannot announce any new partnerships until the exclusivity ends in July of 2023. So we will need to just hold on any announcements until that time.

好吧，在獨家經營權於 2023 年 7 月結束之前，我們無法宣布任何新的合作夥伴關係。因此，我們需要等到那個時候再發布任何公告。

And I'm showing no further questions.

我沒有再提出任何問題。

We have a few questions from investors that came in through our Q&A platform that we used Say Technologies. I'm now going to ask those top questions that we got on the platform for the management team to answer. The first question is, what is a top priority for management for the year 2023?

投資者通過我們使用 Say Technologies 的問答平台提出了一些問題。我現在要問我們在平台上得到的那些最重要的問題，供管理團隊回答。第一個問題是，2023年管理的首要任務是什麼？

I'll take that. This is Anne. So I would divide this into three sections. So first, the consumer side. Consumer, we are focused on fully integrating Lemonaid, making sure that there's a single experience for customers that they can get access to their genome, they can get access to care, pharmacy, potentially loves other features in the future. So that is a single experience and we can really help evolve and enhance our customers' experience when they learned about their genome and they want to do more with it. Secondly, I am definitely thinking, we got the last question, just about what is in a post-GSK world. It is definitely a top priority to make sure that we are always doing what we can on behalf of our customers to make sure that we are making discoveries and that we are advancing therapeutic opportunities.

我會接受的。這是安妮。所以我會把它分成三個部分。首先，消費者方面。消費者，我們專注於完全整合 Lemonaid，確保為客戶提供單一體驗，他們可以訪問他們的基因組，他們可以獲得護理、藥房，並可能在未來喜歡其他功能。所以這是一種單一的體驗，當我們的客戶了解他們的基因組並且他們想用它做更多事情時，我們可以真正幫助他們發展和增強他們的體驗。其次，我肯定在想，我們得到了最後一個問題，就是關於後 GSK 世界的內容。確保我們始終代表我們的客戶盡我們所能，以確保我們正在取得發現，並確保我們正在推進治療機會，這絕對是重中之重。

So we will absolutely be evaluating different opportunities to partner the database that can take in a number of different types of forms. We definitely think about programs that we want to be able to own and how we're going to move that forward. But thinking about a post GSK world is also a top priority. And last, our therapeutics programs are -- the wholly-owned programs are incredibly exciting and I'm very eager to continue to support those and look forward to the time period when we're going to have more clinical data on it.

因此，我們絕對會評估與數據庫合作的不同機會，該數據庫可以採用多種不同類型的形式。我們肯定會考慮我們希望能夠擁有的程序以及我們將如何推動它向前發展。但考慮後 GSK 世界也是重中之重。最後，我們的治療項目——全資項目非常令人興奮，我非常渴望繼續支持這些項目，並期待著我們將獲得更多臨床數據的時間段。

Okay. Second question is, what is your plan to better market DNA test?

好的。第二個問題是，您打算如何更好地推銷 DNA 測試？

So, this is Anne, I'll take that one as well. I'm very excited about our opportunities for marketing the DNA test and I have to just call out here that it is the year '23 is the year that is absolutely made for us. We do have a new Chief Marketing Officer, John Ward, who has a mix of a number of people who have been here for a while as well as some new players. It is an incredibly exciting time to think about how we are going to market right now with the fully integrated experience between 23andMe plus Lemonaid additional services. And just to remind people, we are the only platform out there that has the FDA-cleared tests where they can go without a clinician, without a health care provider intervening either in the beginning or in the end.

所以，這是安妮，我也要拿那個。我對我們營銷 DNA 測試的機會感到非常興奮，我必須在這里大聲說，23 年絕對是為我們量身定做的一年。我們確實有一位新的首席營銷官 John Ward，他有很多已經在這里工作了一段時間的人以及一些新玩家。考慮我們現在如何通過 23andMe 與 Lemonaid 附加服務之間的完全集成體驗進行營銷，這是一個令人難以置信的激動人心的時刻。提醒人們，我們是唯一擁有 FDA 批准的測試的平台，他們可以在沒有臨床醫生的情況下進行測試，而無需醫療保健提供者在開始或結束時進行干預。

So there is a huge opportunity for John and his team to be able to market, and I am very excited about the year of '23. We have things like our Times Square (inaudible) when you'll see various moving the 23andMe pop-up experiences coming around the country.

因此，約翰和他的團隊有很大的機會進行營銷，我對 23 年感到非常興奮。我們有像時代廣場（聽不清）這樣的東西，那時你會看到全國各地出現各種移動的 23andMe 彈出式體驗。

All right. Next question is, do you plan on other collaborations with pharmaceutical companies or from other industries?

好的。下一個問題是，您是否計劃與製藥公司或其他行業進行其他合作？

Let me hand that to Kenneth.

讓我把它交給肯尼斯。

Yes, happy to take that, thanks. You have to -- in terms of new partnerships, the exclusive target discovery period with GSK will be ending in July. As we've said, of course, we're still focused on fulfilling the obligations of that collaboration through that end date. But I'm also very excited about preparations we're making in terms of pursuing other opportunities, as Joe said, that we could potentially announce towards the second half of the year, if we're successful with that. It's certainly a top priority for me and for the team to really think about those partnerships and collaborations that will help us to continue to leverage the 23andMe database to bring real value to our customers and to patients. So just we'll obviously look to provide further information when and if those are announced.

是的，很高興接受，謝謝。你必須——就新的合作夥伴關係而言，與 GSK 的獨家目標發現期將於 7 月結束。正如我們所說，當然，我們仍然專注於在該結束日期之前履行該合作的義務。但我也對我們為尋求其他機會所做的準備感到非常興奮，正如喬所說，如果我們成功的話，我們可能會在今年下半年宣布。對我和團隊來說，真正考慮那些將幫助我們繼續利用 23andMe 數據庫為我們的客戶和患者帶來真正價值的合作夥伴關係和協作當然是首要任務。因此，我們顯然希望在宣布這些信息時以及是否提供更多信息。

Okay. And next question, what kind of add-ons upsells do you have in the works to help raise profits?

好的。下一個問題是，您有什麼樣的附加銷售來幫助提高利潤？

I can take that one. For our consumer business, we've made significant progress this quarter and continue to enhance our efforts to provide customers with the leading genetic health service that focuses on prevention and wellness. We added 2 new genetic health reports for our 23andMe Plus members on asthma and Hashimoto's disease and autoimmune disorder. We also added finer ancestry composition detail for people of Ashkenazi Jewish ancestry. Our products can now enable customers to trace their family connections back to 7 genetic groups corresponding to regions with -- in the Eastern and Central Europe. And we continue to expand on these offerings and it's a key objective for our consumer team.

我可以拿那個。對於我們的消費者業務，我們在本季度取得了重大進展，並將繼續加大力度為客戶提供專注於預防和健康的領先基因健康服務。我們為我們的 23andMe Plus 會員添加了 2 份關於哮喘、橋本病和自身免疫性疾病的新基因健康報告。我們還為 Ashkenazi 猶太血統的人添加了更精細的血統構成細節。我們的產品現在可以讓客戶將他們的家庭聯繫追溯到與東歐和中歐地區相對應的 7 個基因組。我們將繼續擴展這些產品，這是我們消費者團隊的一個關鍵目標。

And as Anne mentioned earlier, we'll be talking a little bit more this summer about our expanded offerings, combining both genetics and the telemedicine business.

正如安妮之前提到的，今年夏天我們將更多地討論我們擴展的產品，結合遺傳學和遠程醫療業務。

Last question is, in terms of the workforce, have there been any cost synergies realized after the Lemonaid deal?

最後一個問題是，就勞動力而言，Lemonaid 交易後是否實現了任何成本協同效應？

Just a reminder, both of these businesses, 23andMe and Lemonaid are very complementary. And since the integration of Lemonaid's telemedicine platform, our focus has really been on enhancing our genetic health service. And going forward, we'll continue to create new customer experiences and looking to increase lifetime value for every customer over time.

提醒一下，23andMe 和 Lemonaid 這兩個業務是非常互補的。自 Lemonaid 的遠程醫療平台整合以來，我們的重點真正放在了加強我們的基因健康服務上。展望未來，我們將繼續創造新的客戶體驗，並希望隨著時間的推移增加每位客戶的生命週期價值。

All right. That's our last question. I'll turn it back to you Anne to wrap up the call.

好的。這是我們的最後一個問題。我會把它轉回給你安妮結束電話。

Great. Just want to say thanks for joining and we look forward to updating you on our progress on both the consumer business and our therapeutic efforts. Look forward to talking to you next time.

偉大的。只想對您的加入表示感謝，我們期待向您介紹我們在消費者業務和治療方面取得的進展。期待下次與您交談。

This concludes today's conference call. Thank you for participating. You may now disconnect.

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。

Goodbye.

再見。