Medifast Inc (MED) 2024 Q2 法說會逐字稿

And welcome to the Medifast second quarter 2024 earnings conference call. (Operator Instructions) As a reminder, this conference is being recorded.

歡迎參加 Medifast 2024 年第二季財報電話會議。（操作員指示）謹此提醒，本次會議正在錄製中。

It is now my pleasure to introduce your host, Steve Zenker, Vice President of Investor Relations. Please go ahead.

現在我很高興向您介紹主持人，投資者關係副總裁 Steve Zenker。請繼續。

Good afternoon, and welcome to Medifast second quarter 2024 earnings conference call. On the call with me today are Dan Chard, Chairman and Chief Executive Officer; and Jim Maloney, Chief Financial Officer. By now, everyone should have access to the earnings release for the quarter ended June 30, 2024, that went out this afternoon at approximately 4:05 PM Eastern time.

下午好，歡迎參加 Medifast 2024 年第二季財報電話會議。今天與我通話的是董事長兼執行長 Dan Chard；吉姆·馬洛尼，財務長。到目前為止，每個人都應該可以查看截至 2024 年 6 月 30 日的季度收益報告，該報告於東部時間下午 4:05 左右發布。

If you have not received the release, it is available on the investor relations portion of Medifast website at www.medifastinc.com. This call is being webcast and a replay will also be available on the company's website.

如果您尚未收到該新聞稿，可以在 Medifast 網站 www.medifastinc.com 的投資者關係部分取得。該電話會議正在網路直播，並且公司網站上也將提供重播。

Before we begin, we would like to remind everyone that today's prepared remarks contain forward-looking statements and management may make additional forward-looking statements in response to your questions.

在開始之前，我們想提醒大家，今天準備的言論包含前瞻性陳述，管理階層可能會針對您的問題做出額外的前瞻性陳述。

The words believe, expect, anticipate and other similar expressions generally identify forward-looking statements. These statements do not guarantee future performance and therefore, undue reliance should not be placed on them.

相信、期望、預期和其他類似表達方式通常可識別前瞻性陳述。這些聲明並不保證未來的表現，因此，不應過度依賴它們。

Actual results could differ materially from those projected in any forward-looking statements. All of the forward looking statements contained herein speak only as of the date of this call. Medifast assumes no obligation to update any forward-looking statements that may be made in today's release or call.

實際結果可能與任何前瞻性陳述中的預測有重大差異。本文所包含的所有前瞻性陳述僅代表本次電話會議當天的情況。快驗保不承擔更新今天的新聞稿或電話會議中可能做出的任何前瞻性聲明的義務。

And with that, I would like to turn the call over to Medifast's Chairman and Chief Executive Officer, Dan Chard.

說到這裡，我想將電話轉給快驗保董事長兼執行長 Dan Chard。

Thank you, Steve, and thank you all for joining us today. With me today is Jim Maloney, Medifast's CFO. I'm pleased to report on our business transformation progress and share our vision for Medifast in this fast-moving and exciting time for our sector.

謝謝史蒂夫，也謝謝大家今天加入我們。今天和我一起的是 Medifast 財務長吉姆·馬洛尼 (Jim Maloney)。我很高興向大家匯報我們的業務轉型進展，並分享我們在這個行業快速發展且激動人心的時刻對快驗保的願景。

Medical innovations are enabling more people than ever before to access transformative health solutions. As we have discussed in previous earnings calls, the rapid expansion in both the availability and acceptance of GLP-1 medications in the United States and beyond is reshaping the weight loss landscape, which we believe presents both significant challenges and opportunities for our company.

醫療創新使比以往更多的人能夠獲得變革性的健康解決方案。正如我們在先前的財報電話會議中所討論的，GLP-1 藥物在美國及其他地區的供應和接受度的迅速擴大正在重塑減肥格局，我們認為這對我們公司既帶來了重大挑戰，也帶來了機會。

Our mission, refined over the course of the last 40 years, remains focused on helping individuals achieve healthier lifestyles through integrated, holistic solutions. But now we, in conjunction with our incredible OPTAVIA independent coaches and in collaboration with LifeMD telehealth physicians, expect to be able to put healthy lifestyle transformation within the reach of more people than ever before.

我們的使命在過去 40 年中不斷完善，仍然專注於透過綜合、整體的解決方案幫助個人實現更健康的生活方式。但現在，我們與我們令人難以置信的 OPTAVIA 獨立教練以及 LifeMD 遠距醫療醫生合作，期望能夠讓比以往更多的人能夠實現健康的生活方式轉變。

Industry projections indicate that as many as 20 million people or more in the US could be utilizing GLP-1 medications by 2030. Whether it be medications we already see in the marketplace today or from further innovations that will emerge over the coming years.

產業預測表明，到 2030 年，美國將有多達 2,000 萬人或更多人使用 GLP-1 藥物。無論是我們今天市場上已經看到的藥物，還是未來幾年將出現的進一步創新藥物。

Indeed, research we have commissioned with BCG finds that the support market for this population could reach $50 billion per year or more by the year 2030, vastly exceeding the $8 billion structure to weight loss market we previously targeted.

事實上，我們委託 BCG 進行的研究發現，到 2030 年，該族群的支持市場每年可能達到 500 億美元或更多，遠遠超過我們先前目標的 80 億美元的減肥市場結構。

Nutrition products make up over half of this GLP-1 support market and it is interesting to note that a recent national survey, commissioned by capital coefficient, showed that approximately 90% of GLP-1 users showed interest in food, specifically created for GLP-1 patients.

營養產品佔 GLP-1 支援市場的一半以上，有趣的是，最近由資本係數委託進行的一項全國調查顯示，大約 90% 的 GLP-1 用戶對專門為 GLP 創建的食品感興趣1名患者。

Put simply, as a result of this shift, we are positioning Medifast to address a market that is projected to be more than 6 times larger than that where we previously operated. The strategic pivot not only broadens our addressable market, but also draws upon our expertise in lifestyle modification, which has always been central to our approach.

簡而言之，由於這一轉變，我們將 Medifast 定位為一個預計比我們之前經營的市場大 6 倍以上的市場。這個策略支點不僅擴大了我們的目標市場，也利用了我們在生活方式改變方面的專業知識，這一直是我們方法的核心。

A focus on medically supported weight loss is a natural extension of our core competencies, allowing us to provide what we believe is an even more robust solution and support system for our customers. We will position ourselves effectively against competitors in this evolving market structure by leveraging our capabilities in science-based product development and clinically proven plans.

專注於醫療支援的減肥是我們核心能力的自然延伸，使我們能夠為客戶提供我們認為更強大的解決方案和支援系統。我們將利用我們在基於科學的產品開發和臨床驗證計劃方面的能力，在這個不斷發展的市場結構中有效地對抗競爭對手。

We are enhancing our product offerings, expanding customer acquisition channels and elevating the customer experience to drive engagement and retention, all to enable us to take advantage of the potential opportunities that lie ahead.

我們正在增強我們的產品供應，擴大客戶獲取管道並提升客戶體驗，以提高參與度和保留率，所有這些都是為了使我們能夠利用未來的潛在機會。

We are focusing on initiating two incremental channels for growth, company-led advertising to drive brand awareness and customer acquisition and we're also testing a new channel approach through our collaboration with LifeMD to support their patients who are seeking lifestyle support beyond medication.

我們專注於啟動兩個增量成長管道，公司主導的廣告來提高品牌知名度和客戶獲取，我們也透過與 LifeMD 合作測試新的管道方法，以支持那些尋求藥物以外的生活方式支持的患者。

We believe our new comprehensive solution provides us with a differentiated position in the marketplace, providing a more inclusive approach that encompasses nutrition support, dedicated coaching, community engagement, and through our collaboration with LifeMD access to medications and clinical support where appropriate.

我們相信，我們新的綜合解決方案為我們在市場中提供了差異化的地位，提供了更具包容性的方法，包括營養支持、專門指導、社區參與，並透過我們與LifeMD 的合作在適當的情況下獲得藥物和臨床支持。

Our mission of helping customers achieve healthier lifestyle remains unchanged and as we are evolving to provide the necessary tools and resources to meet their needs. This approach ensures that our customers receive the best possible care and support, regardless of where they are in their health journey and makes it easier for customers to make lasting lifestyle changes, whether they are utilized in medication, transitioning off medications or pursuing traditional weight loss methods.

我們幫助客戶實現更健康生活方式的使命保持不變，並且不斷發展，提供必要的工具和資源來滿足他們的需求。這種方法確保我們的客戶無論處於健康之旅的哪個階段，都能獲得盡可能最好的護理和支持，並讓客戶更容易做出持久的生活方式改變，無論是用於藥物治療、戒斷藥物還是追求傳統的減肥方法。

Turning to our second quarter results. Revenues came in within our guidance range at $169 million. We continue to face macroeconomic challenges, including increased competition in the health and wellness space, including the expansion and disruptive effect of GLP-1 regimens adoption and a broad slowdown in consumer spending.

轉向我們第二季的業績。收入為 1.69 億美元，處於我們的指導範圍內。我們繼續面臨宏觀經濟挑戰，包括健康和保健領域的競爭加劇、GLP-1 治療方案採用的擴大和破壞性影響以及消費者支出的普遍放緩。

While we do not expect these pressures to ease in the short-term, we anticipate that our initiatives will begin to positively impact our top line late this year and as we move into 2025. These initiatives include strategic investments in marketing and product development that are essential to driving long-term growth.

雖然我們預計這些壓力不會在短期內緩解，但我們預計我們的措施將在今年稍後以及進入 2025 年時開始對我們的營收產生積極影響。這些舉措包括對行銷和產品開發的策略性投資，這對於推動長期成長至關重要。

Although these investments will negatively impact our EPS in the near-term, we believe that they are critical to positioning Medifast for the long-term success. These investments are supported by our strong balance sheet, which provides the financial flexibility needed to execute our strategy effectively.

儘管這些投資將在短期內對我們的每股盈餘產生負面影響，但我們相信它們對於保保健康的長期成功至關重要。這些投資得到我們強大的資產負債表的支持，資產負債表提供了有效執行我們的策略所需的財務靈活性。

We're not only making use of our strong balance sheet, but also our strong historical understanding of the market and how to compete effectively in the changing landscape. The new products and plans we are developing are targeted for individuals on GLP-1 medications as well as those who are looking to transition off GLP-1 medications, whether because they have reached their weight loss goal have plateaued in their weight loss or no longer have GLP-1 insurance coverage.

我們不僅利用我們強大的資產負債表，而且利用我們對市場歷史以及如何在不斷變化的環境中有效競爭的深刻理解。我們正在開發的新產品和計劃針對正在服用 GLP-1 藥物的個人以及那些希望停止使用 GLP-1 藥物的人，無論他們是否已經達到減肥目標、減肥是否已趨於穩定有 GLP-1 保險。

These products and plans are also designed to help customers maintain their weight loss and overall health and wellness as they work with an OPTAVIA coach to learn healthy habits that make a healthy lifestyle second nature.

這些產品和計劃還旨在幫助客戶保持減肥和整體健康，因為他們與 OPTAVIA 教練合作學習健康習慣，使健康的生活方式成為第二天性。

In May, we introduced a new product and service offer, which included a GLP-1 nutrition support kit a dedicated and independent OPTAVIA coach and access to clinician support through LifeMD. This package is priced at $282 per month for a six month commitment plus the cost of medications. This represents our first bundled solution for this demographic.

5 月，我們推出了新產品和服務，其中包括 GLP-1 營養支持套件、專門且獨立的 OPTAVIA 教練以及透過 LifeMD 獲得臨床醫生支援。該套餐的價格為每月 282 美元，為期六個月，外加藥物費用。這是我們針對這一人群的第一個捆綁解決方案。

We're also developing additional targeted products designed to help minimize the side effects of weight loss medications, provide appropriate nutrition and aid in lean muscle mass retention. All this targets those groups that are looking to GLP-1 medications as part of their efforts to improve their overall health and wellness.

我們也正在開發其他有針對性的產品，旨在幫助最大限度地減少減肥藥物的副作用，提供適當的營養並幫助維持瘦肌肉質量。所有這些都針對那些尋求 GLP-1 藥物作為改善整體健康狀況努力的一部分的群體。

These new products, which we expect to launch by year-end, will feature more protein, fiber and calcium. They will be available in various forms, including bars and shakes, with an enhanced flavor profile to appeal to customers who are using GLP-1 medications.

我們預計在年底推出的這些新產品將含有更多的蛋白質、纖維和鈣。它們將以多種形式提供，包括能量棒和奶昔，並具有增強的風味特徵，以吸引使用 GLP-1 藥物的顧客。

We also anticipate introducing vitamin and mineral supplements around the end of this year. These new offerings will be integrated into the comprehensive plans supported by personalized coaching and community engagement.

我們也預計在今年年底左右推出維生素和礦物質補充劑。這些新產品將整合到由個人化指導和社區參與所支持的綜合計劃中。

Later in 2025 and into 2026, we anticipate releasing additional products, which extend beyond our current offer and tap into additional ways to improve once health and wellness, including targeting categories in which we do not currently have products.

在 2025 年稍後和 2026 年，我們預計將發布更多產品，這些產品將超出我們目前的產品範圍，並利用其他方法來改善曾經的健康和保健，包括針對我們目前沒有產品的類別。

The company-led marketing efforts, which I mentioned earlier, are ramping up in the third quarter with the aim of building brand awareness and highlighting our new GLP-1 support solutions. We conducted a series of advertising pilots over the last two quarters to refine our strategies and optimize our future efforts.

我之前提到的公司主導的行銷工作將在第三季度加大力度，旨在建立品牌知名度並突出我們新的 GLP-1 支援解決方案。我們在過去兩個季度進行了一系列廣告試點，以完善我們的策略並優化我們未來的工作。

Our advertising is planned to span various platforms, including social media, internet search, digital display, connected TV and radio. As the campaign kicks into full gear, we'll launch earned PR and influencer campaigns along with online video to further support awareness and demand generation.

我們的廣告計劃跨越各種平台，包括社交媒體、網路搜尋、數位顯示、連網電視和廣播。隨著活動全面展開，我們將推出免費公關和影響者活動以及線上視頻，以進一步支持意識和需求的產生。

We are targeting three key audiences, those curious about GLP-1 medications, current GLP-1 users seeking support as they use or transition away from the medications and individuals aiming for a healthy lifestyle without using weight loss medications.

我們的目標受眾是三個關鍵受眾：對 GLP-1 藥物感到好奇的人、在使用或放棄藥物時尋求支持的當前 GLP-1 用戶以及旨在不使用減肥藥物的健康生活方式的個人。

In total, we spent $4.6 million on these company-led marketing activities in the second quarter, year-to-date, that number is $9.7 million. We expect that our focus on targeted advertising will drive customer acquisition and engagement.

今年第二季度，我們在這些公司主導的行銷活動上總共花費了 460 萬美元，今年迄今為止，這個數字為 970 萬美元。我們預計，我們對定向廣告的關注將推動客戶的獲取和參與。

Our goal is to create a seamless experience for our customers from initial interest to long-term relationship. We are committed to building on this progress, delivering a highly personalized solution for customers at various stages in their weight loss journeys.

我們的目標是為客戶創造從最初的興趣到長期合作關係的無縫體驗。我們致力於在此基礎上再接再厲，為處於減肥旅程各個階段的客戶提供高度個人化的解決方案。

By creating digital ecosystems that utilize dashboards and tracking methods, we enable better monitoring of individual progress. This information will be accessible to customers and coaches fostering greater engagement and longer customer retention.

透過創建利用儀表板和追蹤方法的數位生態系統，我們可以更好地監控個人進度。客戶和教練將可以存取這些訊息，從而促進更大的參與度和更長時間的客戶保留。

Enhanced tools for coaches will provide deeper insights into their customer base, allowing them to offer more personalized support. Our efforts to enhance the customer experience are driven by our belief that personalized support is the key to helping customers achieve long-term success.

為教練提供的增強工具將更深入地了解他們的客戶群，使他們能夠提供更個人化的支援。我們致力於增強客戶體驗，因為我們相信個人化支援是幫助客戶長期成功的關鍵。

By integrating digital tools and personalized coaching, we can provide our customers with the support they need to achieve their health and wellness goals. We believe that this approach will not only improve customer satisfaction, but also will drive higher engagement and retention rates, ultimately contributing to our long-term growth.

透過整合數位工具和個人化指導，我們可以為客戶提供實現其健康和保健目標所需的支援。我們相信，這種方法不僅會提高客戶滿意度，還會提高參與度和保留率，最終促進我們的長期成長。

So to summarize, we are making significant strides in our business transformation. Based on a survey we conducted, we estimate that approximately 10,000 or one-third of our active coaches are now supporting at least one client using GLP-1 medications, reflecting our continued learning in this market.

總而言之，我們在業務轉型方面正在取得重大進展。根據我們進行的一項調查，我們估計大約 10,000 名或三分之一的現役教練現在正在支持至少一名使用 GLP-1 藥物的客戶，這反映了我們在這個市場上的持續學習。

Our product and plan development shows continued progress, with new offerings set to launch around year-end and we expect to make significant enhancements to the customer experience as we move through the rest of the year, which we believe will make it easier for customers to sign up for our integrated solutions and will result in them staying longer with our programs.

我們的產品和計劃開發不斷取得進展，新產品將於年底左右推出，我們預計在今年剩餘時間裡將顯著增強客戶體驗，我們相信這將使客戶更容易註冊我們的整合解決方案，將使他們在我們的計劃中停留更長時間。

The weight loss market is undergoing significant transformation, presenting substantial opportunities. There is work to be done and we must be agile to ensure that we shift and adapt to meet the needs of a market that is rapidly changing.

減重市場正在經歷重大變革，帶來巨大機會。我們還有很多工作要做，我們必須保持敏捷，以確保我們能夠進行轉變和適應，以滿足快速變化的市場的需求。

However, Medifast's holistic approach, combining customers, coaches and clinicians through LifeMD, positions us uniquely to support GLP-1 users in achieving their long-term health goals. With our financial strength, strategic flexibility and expertise, we believe we are well equipped to capitalize on these opportunities.

然而，快驗保的整體方法透過 LifeMD 將客戶、教練和臨床醫生結合在一起，使我們能夠以獨特的方式支持 GLP-1 使用者實現其長期健康目標。憑藉我們的財務實力、策略靈活性和專業知識，我們相信我們有能力利用這些機會。

I am confident in our team's ability to execute our strategy and drive growth in this rapidly evolving space. Thank you for joining us this afternoon.

我對我們團隊執行策略並在這個快速發展的領域推動成長的能力充滿信心。感謝您今天下午加入我們。

Now I'll turn it over to Jim to review the quarterly financial details.

現在我將把它交給吉姆來審查季度財務細節。

Thank you, Dan. Good afternoon, everyone. As Dan mentioned, second quarter 2024 revenue was at the upper end of our guidance range as we continue to make progress on our business transformation initiatives.

謝謝你，丹。大家下午好。正如 Dan 所提到的，隨著我們繼續在業務轉型計劃上取得進展，2024 年第二季的收入處於我們指導範圍的上限。

Revenue for the quarter was $168.6 million, a decrease of 43.1% versus the year earlier period, primarily driven by a decline in the number of active earning OPTAVIA coaches and lower productivity per active earning OPTAVIA coach.

本季營收為 1.686 億美元，較上年同期下降 43.1%，主要是由於活躍賺錢 OPTAVIA 教練數量減少以及每位活躍賺錢 OPTAVIA 教練的生產力下降所致。

Customer acquisition continues to be impacted by competition from GLP-1 medications and consumer spending patterns. We ended the quarter with approximately 33,900 active earning OPTAVIA coaches, a decrease of 36.2% from the second quarter of 2023.

客戶獲取持續受到 GLP-1 藥物競爭和消費者支出模式的影響。截至本季末，我們約有 33,900 名活躍的 OPTAVIA 教練，比 2023 年第二季減少了 36.2%。

Average revenue per active earning OPTAVIA coach for the second quarter was $4,972, a year over year decline of 10.9%, reflecting the continued headwinds to customer acquisition. Gross profit decreased 41.4% year-over-year to $123.4 million, driven by lower revenue.

第二季每位活躍獲利 OPTAVIA 教練的平均收入為 4,972 美元，年減 10.9%，反映出客戶獲取持續面臨的阻力。由於收入下降，毛利年減 41.4% 至 1.234 億美元。

Gross profit margin improved 210 basis points to 73.2%, positively impacted by cost savings from our fuel for the future initiatives and efficiencies in inventory management. On a non-GAAP adjusted basis, which excludes the onetime expenses in connection with the company's restructuring of external manufacturing agreements, gross profit decreased 40.2% to $126 million.

毛利率提高了 210 個基點，達到 73.2%，這得益於我們未來計劃的燃料成本節省和庫存管理效率的提高。在非公認會計準則調整後的基礎上，不包括與公司外部製造協議重組相關的一次性費用，毛利下降 40.2% 至 1.26 億美元。

Non-GAAP adjusted gross profit margin was 74.8%, an increase of 370 basis points from the year ago period. SG&A expense was down 23.7% year over year to $131.3 million, primarily reflecting lower compensation expense due to lower volumes and fewer active earning coaches.

非公認會計準則調整後毛利率為74.8%，較去年同期成長370個基點。SG&A 費用年減 23.7% 至 1.313 億美元，主要反映了由於業務量減少和主動盈利教練減少而導致的薪酬費用減少。

SG&A as a percentage of revenue increased 1,980 basis points to 77.9%, primarily as a result of the loss of leverage of fixed costs due to lower sales volumes and supply chain optimization costs. We also incurred costs during the quarter to support our business transformation initiatives, which include market research and investment costs related to medically supported weight loss, cost to exit hotel commitments for our annual OPTAVIA convention in future years, reflecting a change in strategy and cost for our company-led acquisition initiatives.

SG&A 佔收入的百分比增加了 1,980 個基點，達到 77.9%，這主要是由於銷售下降和供應鏈優化成本導致固定成本槓桿作用喪失。我們在本季度還產生了支持業務轉型計劃的成本，其中包括與醫療支持減肥相關的市場研究和投資成本、未來幾年年度 OPTAVIA 大會的退出酒店承諾的成本，反映了戰略和成本的變化。公司主導的收購計畫。

On a non-GAAP adjusted basis, which excludes expenses related to the company's supply chain optimization cost, cost to exit hotel commitments for our annual OPTAVIA convention in future years and costs for the collaboration with LifeMD, SG&A decreased 33.8% to $113.8 million and moved 940 basis points higher as a percent of revenue to 67.5%.

在非公認會計原則調整後的基礎上，不包括與公司供應鏈優化成本、退出未來幾年年度OPTAVIA 大會酒店承諾的成本以及與LifeMD 合作的成本相關的費用，SG&A 下降33.8% 至1.138 億美元，並轉移至佔收入的百分比提高了 940 個基點，達到 67.5%。

Loss from operations was $7.9 million in the second quarter of 2024 versus a gain of $38.7 million in the prior period, driven by lower gross profit, partially offset by lower SG&A. As a percentage of revenue, loss from operations was 4.7% in the second quarter a decrease of 1,780 basis points versus the year earlier period.

2024 年第二季的營運虧損為 790 萬美元，而上一季的營運虧損為 3,870 萬美元，原因是毛利下降，但 SG&A 下降部分抵銷了這一影響。第二季營運虧損佔營收的百分比為 4.7%，較去年同期下降 1,780 個基點。

On a non-GAAP adjusted basis, which excludes the adjustments described previously, income from operations decreased 68.4% to $12.2 million as a percentage of revenue. Non-GAAP adjusted income from operations was 7.3% a decrease of 580 basis points from the year ago period.

根據非 GAAP 調整後（不包括前述調整），營運收入佔收入的比例下降 68.4%，至 1,220 萬美元。非 GAAP 調整後營運收入為 7.3%，較去年同期下降 580 個基點。

The effective tax rate of 23.4% was higher than the 22.6% recorded in the prior year second quarter due to the net loss position in 2024 and the corresponding rate impact from research and development tax credits, partially offset by the rate impact from the limitation for executive compensation.

由於 2024 年的淨虧損以及研發稅收抵免的相應稅率影響，有效稅率為 23.4%，高於去年第二季度的 22.6%，但部分被限制的稅率影響所抵消。

On a non-GAAP adjusted basis, the effective tax rate in the first quarter was 26.2%. Net loss in the second quarter of 2024 was $8.2 million or $0.75 per diluted share compared to net income of $30.3 million or $2.77 per diluted share in the year earlier period.

以非公認會計原則調整後，第一季的有效稅率為26.2%。2024 年第二季的淨虧損為 820 萬美元，即稀釋後每股 0.75 美元，而去年同期淨利為 3,030 萬美元，即稀釋後每股 2.77 美元。

On a non-GAAP adjusted basis, net income in the second quarter of 2024 was $10.1 million or $0.92 per diluted share. Turning to our balance sheet, we ended the quarter with $163.5 million in cash, cash equivalents and investments in no interest-bearing debt this is up from $150 million as of December 31, 2023.

根據非公認會計準則調整後的基礎上，2024 年第二季淨利為 1,010 萬美元，即稀釋後每股收益 0.92 美元。轉向我們的資產負債表，本季結束時，我們的現金、現金等價物和無息債務投資為 1.635 億美元，高於截至 2023 年 12 月 31 日的 1.5 億美元。

Now I'll turn to our guidance, we are expecting third quarter revenue to range from $125 million to $145 million, reflecting a continued decrease in the number of active earning OPTAVIA coaches as a result of near-term challenges to customer acquisition due to growing acceptance of GLP-1 medications in the marketplace.

現在我將轉向我們的指導，我們預計第三季度的收入將在 1.25 億美元至 1.45 億美元之間，反映出由於增長的增長而導致客戶獲取的近期挑戰，活躍的 OPTAVIA 教練數量持續減少。 -1 藥物在市場上的接受度。

We expect our loss per share for the quarter to range from $0.05 to $0.70. The guidance includes expectations of spending $9 million during the quarter on company-led marketing and another $4 million on our coach convention.

我們預計本季每股虧損為 0.05 美元至 0.70 美元。該指導包括預計本季將花費 900 萬美元用於公司主導的行銷，另外 400 萬美元用於我們的教練大會。

However, it excludes the cost related to the initiation of our LifeMD collaboration and any gains and losses from changes in the market price of our LifeMD common stock holding, which we are unable to estimate. I do want to note that while we initially expected to spend around $30 million on marketing this year, we now expect that the number to be approximately $25 million.

然而，它不包括與 LifeMD 合作啟動相關的成本以及我們無法估計的 LifeMD 普通股市場價格變化所帶來的任何損益。我確實想指出，雖然我們最初預計今年的營銷支出約為 3000 萬美元，但現在預計這一數字約為 2500 萬美元。

We have made a conscious decision to better align our spending with the availability of the full complement of our new offer, which includes the new products enhanced customer experience that we expect will be ready for the start of resolution season at the beginning of 2025.

我們做出了明智的決定，以便更好地將我們的支出與我們新產品的全部補充的可用性結合起來，其中包括增強客戶體驗的新產品，我們預計這些產品將為2025 年初解決季節的開始做好準備。

In summary, we believe that our strong balance sheet will allow us to weather the current market conditions while making the strategic investments necessary to execute our business transformation, while maintaining a strong financial position and that transformation of our business is the most effective way to provide lasting value for the company and stockholders.

總而言之，我們相信，我們強大的資產負債表將使我們能夠應對當前的市場狀況，同時進行必要的戰略投資以執行我們的業務轉型，同時保持強勁的財務狀況，並且我們的業務轉型是提供以下服務最有效的方式：為公司和股東帶來持久的價值。

With that, let me turn the call to the operator for questions.

接下來，讓我將電話轉給接線員詢問問題。

(Operator Instructions)

（操作員說明）

Jim Salera, Stephens.

吉姆·薩萊拉，史蒂芬斯。

Hi, guys. Good afternoon. Thanks for taking our question. Dan, I believe in your prepared remarks, you mentioned that about one-third of the coaches have someone that they're currently working with that's on GLP-1 drugs.

嗨，大家好。午安.感謝您提出我們的問題。Dan，我相信您在準備好的演講中提到，大約三分之一的教練目前正在與使用 GLP-1 藥物的人員合作。

Can you give us some insight into how many of those customers started using GLP-1 through the LifeMD partnership or just they did it on their own and they just happened to also have an OPTAVIA coach?

您能否向我們介紹一下，其中有多少客戶是透過 LifeMD 合作夥伴關係開始使用 GLP-1 的，還是他們自己使用的，而且他們碰巧也有 OPTAVIA 教練？

Yeah, Jim, it's a mix and there are a number of reasons that we think it's a mix. A part of it has to do with some of them were already consulting with their own physicians, so they stuck with their primary care physician. The other part of it is that we're just starting on integrating the full solution.

是的，吉姆，這是一個混合體，我們認為它是一個混合體有很多原因。部分原因是他們中的一些人已經諮詢了自己的醫生，所以他們堅持諮詢初級保健醫生。另一方面是我們剛開始整合完整的解決方案。

So but we see that as an encouraging sign, as you pointed out, I mean that's reflective of our training. We have about 90% of our coach leaders now who have gone through the training from mentally supported weight loss. So we're starting to see that have an impact on the ability to bring in new clients who are on GLP-1.

因此，正如您所指出的，我們認為這是一個令人鼓舞的跡象，我的意思是這反映了我們的培訓。我們現在大約有90%的教練帶頭人都經過了精神支持減肥的訓練。因此，我們開始看到這對吸引採用 GLP-1 的新客戶的能力產生影響。

We also have about 17% of our total active earning coaches who have now been trained. So we believe that training will have a positive impact on that number. The other big thing that we touched on in the prepared remarks relate to the product focus that we have. I think there is one of the statistics we shared for the first time was related to a third-party study that continues to it's an area that continues to come up and reinforce this area of GLP-1 support, which is 90% of GLP-1 users indicate they're interested in food, specifically formulated for people who are on GLP-1 drugs.

我們還有大約 17% 的活躍收入教練現在接受過培訓。因此，我們相信培訓將對這個數字產生積極影響。我們在準備好的評論中談到的另一件大事與我們的產品重點有關。我認為我們第一次分享的統計數據之一與第三方研究有關，該研究繼續出現並加強了 GLP-1 支持的這一領域，佔 GLP-1 的 90%- 1 位用戶表示他們對專門為服用GLP-1 藥物的人配製的食物感興趣。

And that was also kind of reinforces the other part of what we're looking at for the support market, which is that with our own research, 80% of those who are open to medically supported weight loss medications are also interested in this combined offer that we are putting forward.

這也強化了我們對支持市場的關注，即根據我們自己的研究，80% 接受醫療支持減肥藥物的人也對這一組合產品感興趣我們正在提出。

So we think that this launch of the gap filler in the sense of this nutrition support kit, which sells for about $282 and offers coaching food and six months of clinician support is an important part of our new product offer.

因此，我們認為，此次推出的營養支援套件是我們新產品的重要組成部分，該套件的售價約為 282 美元，提供輔導食品和六個月的臨床醫生支援。

And we're starting to see that become a more significant part of our sales particularly in the months of May, sequential improvement between May and June. And this we also just sell our convention and we announced and actually sampled a new product line, which is as a brand of [Ascend], which is a line that was specifically formulated for people on GLP-1 drugs.

我們開始看到這成為我們銷售的一個更重要的部分，特別是在五月份，五月和六月之間連續改善。我們也只是銷售我們的慣例，我們宣布並實際採樣了一條新產品線，它是 [Ascend] 的一個品牌，這是專門為服用 GLP-1 藥物的人配製的產品線。

So the other current nutrition support product was a bundle of our current products this new one is completely reformulated. And the last thing, I think, just rounding out this question of why we think this number of active earning coaches who are supporting GLP-1 clients will continue to increase as we're continuing to improve the integration between our technology, LifeMD's technology making it easier for our coaches to support their clients with this clinician supported model in collaboration with LifeMD.

因此，目前的另一種營養支持產品是我們目前產品的捆綁產品，這個新產品完全重新配製。最後一件事，我想，只是為了解決這個問題，為什麼我們認為隨著我們不斷改進我們的技術、LifeMD 的技術製造之間的集成，支持 GLP-1 客戶的活躍收入教練的數量將繼續增加我們的教練可以透過與LifeMD 合作的臨床醫生支援模式更輕鬆地為客戶提供支援。

And we also, as pointed out, that are activating not only our own company-led acquisition spending, but also testing in collaboration with LifeMD, how we might support their patients with our combined offer. So we feel like we're still very much at the beginning of the transformation.

正如所指出的，我們不僅正在激活我們自己公司主導的收購支出，而且還與 LifeMD 合作測試我們如何透過我們的聯合產品來支持他們的患者。所以我們覺得我們仍處於轉型的開始。

But as we add more components to support our transformation, we're starting to see the impact, although it's going to take some time for the impact to translate into a real impact on the top line as we restructure and recreate what we were very successful in doing in the past, most of the past eight years, which is having that flywheel that brings in new clients who a portion of whom convert to coaches and who are able to bring in more new clients.

但隨著我們添加更多組件來支持我們的轉型，我們開始看到影響，儘管隨著我們重組和重建我們非常成功的東西，這種影響需要一段時間才能轉化為對營收的真正影響在過去在八年的大部分時間裡，飛輪帶來了新客戶，其中一部分人轉變為教練，並且能夠帶來更多新客戶。

So we feel good about where we are in the transformation, but feel a real, I'll say, urgency to start seeing that new client number improve so that we can see top line improvement, which we anticipate will be largely part of next year's results.

因此，我們對自己處於轉型階段的情況感到滿意，但我想說的是，我們迫切需要開始看到新客戶數量的改善，以便我們能夠看到營收的改善，我們預計這將在很大程度上上成為明年業績的一部分結果。

I appreciate all the detail. Maybe one other thing to drill in on, as you start to ramp the company-supported marketing, you talked about new products, ready-to-drink shakes or I took it as ready-to-drink shakes, maybe if not, please feel free to correct me, as well as the bars.

我很欣賞所有的細節。也許還有另一件事需要深入探討，當你開始加強公司支持的營銷時，你談到了新產品、即飲奶昔，或者我將其視為即飲奶昔，也許如果沒有，請感受一下有空指正一下吧。

Is that something that if the customer comes to that, driven by the advertisements that are company-led, is there going to be a way for them to order it just direct online without any interaction with a coach or is it still going to require them having a relationship with a coach in order to get the product

如果客戶在公司主導的廣告的推動下出現這種情況，是否有一種方法可以讓他們直接在線訂購而無需與教練進行任何互動，或者仍然需要他們與教練建立關係以獲得產品

Yeah, so the shakes are not ready-to-drink. The shakes are in a powdered form, so to answer that first question. And yeah, we sell the products, but these are really part of programs and the program and we changed to this several years ago.

是的，所以奶昔還不能直接飲用。奶昔是粉狀的，所以回答第一個問題。是的，我們銷售產品，但這些確實是計劃和計劃的一部分，我們幾年前就改變了這一點。

We found that there's far more success for each of these clients to or these customers in terms of achieving their ultimate goals if they are tied in with a coach and the community and understand that the habits of health.

我們發現，如果這些客戶與教練和社群聯繫在一起並了解健康習慣，那麼他們在實現最終目標方面會取得更大的成功。

So, yeah, I mean, it's possible for somebody to kind of continue on their own, but they're always assigned a coach, so they can have that support if they need it. But it's a little bit of self-service support if you will. So yes, they can get it and through the website and but they will be assigned a coach at the same time.

所以，是的，我的意思是，有人可以自己繼續，但他們總是被指派一名教練，所以如果他們需要的話，他們可以獲得支持。但如果您願意的話，這只是一點自助服務支援。所以是的，他們可以透過網站獲得它，但同時他們會被分配一名教練。

Got it. Okay. Appreciate all the detail, and I'll hop back in the queue.

知道了。好的。欣賞所有細節，我會跳回隊列。

All right. Thanks, Jim.

好的。謝謝，吉姆。

Linda Bolton Weiser, D.A. Davidson.

琳達·博爾頓·韋瑟，D.A.戴維森。

Linda, if you're speaking, we can't hear you.

琳達，如果你說話，我們就聽不到你的聲音。

Hi. Can you hear me now?

你好。現在你能聽到我說話嗎？

Yes, we can.

是的，我們可以。

Oh, okay. Sorry about that. So if your coaches, if the main problem they're having in acquiring new clients is that the GLP-1 drug is kind of a threat, why -- the question went out of my head. I know what I was going to ask.

哦好的。對此感到抱歉。所以，如果你的教練，如果他們在獲取新客戶時遇到的主要問題是 GLP-1 藥物是一種威脅，那麼為什麼——這個問題就超出了我的想像。我知道我要問什麼。

Can you comment on whether the new client acquisition improved from May to June? Because you started offering the kits in May, so it seems that if the main threat is the GLP-1 drugs, the solution was offered starting in May. So it seems like it would have an immediate effect on improving the number of new clients. So was there a sequential increase in new clients from May to June?

您能否評論一下 5 月至 6 月新客戶獲取情況是否有所改善？因為你們從 5 月開始提供試劑盒，所以看起來如果主要威脅是 GLP-1 藥物，那麼解決方案是從 5 月開始提供的。因此，這似乎會對增加新客戶數量產生即時的效果。那麼5月至6月新客戶數量是否較上季成長呢？

Yes. So it's we don't really give detail regarding clients in the quarter. But what I can tell you, Linda, is that our as a percent of our business for new clients and reactivated clients, we did see a significant increase of orders as a percent of new clients and reactivated from May to June.

是的。因此，我們並沒有真正提供有關本季度客戶的詳細資訊。但琳達，我可以告訴你的是，從 5 月到 6 月，我們確實看到訂單佔新客戶和重新激活客戶的百分比顯著增加。

So it was a very small percent in the month of May that we were seeing those orders. It did increase dramatically in June, but I would still say it's still a small part of our business. We're hopeful that we see that continue into Q3.

因此，五月我們看到這些訂單的比例非常小。六月確實大幅成長，但我仍然會說這仍然是我們業務的一小部分。我們希望看到這種情況持續到第三季。

And then as Dan mentioned in the prepared remarks, that we're launching new products within that line later on this year. So we're hopeful that will keep increasing as a percent of our business and become much more meaningful as we move into 2025.

正如丹在準備好的演講中提到的那樣，我們將在今年稍後推出該系列的新產品。因此，我們希望這將繼續增加我們業務的百分比，並在進入 2025 年時變得更加有意義。

Okay. So I guess I'm confused maybe we can talk offline. But so the revenue from new clients increased sequentially from May to June, but the number of new clients did not? I'm confused how that would happen.

好的。所以我想我很困惑也許我們可以離線交談。那麼5-6月新客戶收入較上季成長，但新客戶數量卻沒有成長？我很困惑那是怎麼發生的。

No. So, no, as a percent of our business, the orders that we were receiving from customers, that actually increased those people were ordering more of the kit that was associated with the GLP-1 versus our old five-in-one program or any other program that we had.

不。因此，不，作為我們業務的一部分，我們從客戶那裡收到的訂單實際上增加了這些人訂購更多與 GLP-1 相關的套件，而不是我們舊的五合一計劃或任何其他計劃我們有的其他計劃。

So it's just that portion of our business grew in June versus May. It doesn't mean the entire business grew in June though, but we're seeing that movement as we move through this transformation.

因此，與 5 月份相比，這只是我們 6 月份業務的一部分有所增長。但這並不意味著 6 月整個業務都在成長，但我們在經歷這項轉型時看到了這種變化。

So a high-level way to look at it, Linda, is we have a higher number of our coaches, we're supporting those on GLP-1 drugs. So that's the one-third of our coaches roughly who are supporting at least one client on GLP-1 drug. And an increasing portion of those clients who are coming in are ordering the nutrition support, GLP-1 nutrition support product kit.

Linda，從高層次來看，我們擁有更多的教練，我們支持那些使用 GLP-1 藥物的教練。因此，我們大約有三分之一的教練正在支持至少有一位客戶使用 GLP-1 藥物。越來越多的客戶正在訂購營養支援、GLP-1 營養支援產品套件。

And we anticipate that as we continue to train, that proportion of our client base will continue to increase. But there's still a lot of noise out there, so even though we see our coaches and our client community kind of making progress in the sense that we are bringing in a more, I'll say, diverse mix that includes more GLP-1 clients.

我們預計，隨著我們繼續培訓，我們的客戶群比例將繼續增加。但仍然存在很多噪音，因此，儘管我們看到我們的教練和客戶社區在某種程度上取得了進步，但我想說的是，我們正在引入更多樣化的組合，其中包括更多的GLP- 1 客戶。

We are still facing those headwinds that are a result no longer of not being able to offer, but also a very competitive marketplace where a lot of people are offering. I think another interesting statistic that kind of, well, it's stated more as a qualitative measure is that we are seeing more of these clients that we're talking about as well, who are transitioning off GLP-1 products and who are interested in using our program for maintenance.

我們仍然面臨這些阻力，這些阻力不再是因為無法提供產品，而是因為市場競爭非常激烈，很多人都在提供產品。我認為另一個有趣的統計數據，更多地作為一種定性衡量標準，是我們也看到了更多我們正在談論的客戶，他們正在過渡 GLP-1 產品，並且有興趣使用我們的維護計劃。

So you can read about some of that obviously in the news, but we're starting to see those clients who feel like they've achieved their weight, but they didn't learn kind of the lifestyle component who are coming to our coaches to make sure they don't achieve the weight gain. So that's, I think, going to be a meaningful target and segment for the long-term

所以你可以在新聞中明顯地讀到其中的一些內容，但我們開始看到那些感覺自己已經達到體重的客戶，但他們沒有學到生活方式的組成部分，他們來找我們的教練確保他們的體重不會增加。因此，我認為，從長遠來看，這將是一個有意義的目標和細分市場

Okay. And then sorry, again, if you said this and I didn't understand, but you said one-third of your coaches have at least one patient using a GLP-1 drug. Can you say how many or what percentage of your coaches had a client get the prescription through LifeMD?

好的。再次抱歉，如果你這麼說而我不明白，但你說你三分之一的教練至少有一個病人使用 GLP-1 藥物。您能透露一下您的教練中有多少或多少比例的客戶透過 LifeMD 獲得了處方嗎？

No, I mentioned that earlier. So we have a mix right now, and what we've seen in these early stages is that quite a few of our customers that are working through coaches are going directly through their primary care physician because that's where they started their conversations.

不，我之前有提到過。所以我們現在有一個混合，我們在早期階段看到的是，我們的許多透過教練工作的客戶直接透過他們的初級保健醫生，因為這是他們開始對話的地方。

So increasingly, as we kind of integrate the offer more completely, we're seeing more of those go to LifeMD. So we saw improvements in those numbers, but I think we're still at the very early stages of creating the integration and also helping them understand how to use LifeMD if they already have a primary care physician. But we feel like we're making progress there but right now it's very much a mix.

因此，隨著我們更加全面地整合該服務，我們看到越來越多的服務流向 LifeMD。因此，我們看到了這些數字的改善，但我認為我們仍處於創建整合的早期階段，並幫助他們了解如何使用 LifeMD（如果他們已經有初級保健醫生）。但我們覺得我們正在這方面取得進展，但現在情況很複雜。

Okay. And then I guess if you talk about, you gave your numbers for advertising spend, and it does point to a smaller amount in fourth quarter than in third quarter. I guess that would make sense based on the seasonality of the business.

好的。然後我想如果你談論的話，你給出了廣告支出的數字，它確實表明第四季度的金額比第三季度要少。我認為根據業務的季節性，這是有意義的。

Is that the main reason that there would be a sequential reduction? Because I mean you're trying to really make a dent here and get some attention in a very crowded market. So I'm wondering like are you thinking that during seasonal high points, this $10 million per quarter is what you're going to be spending or and also related to that, can you comment on, Weight Watchers said the CAC has become just inordinately high given the election and the Olympics and everything going on in the weight loss space.

這是連續減少的主要原因嗎？因為我的意思是，你正試圖在這個非常擁擠的市場中真正發揮作用並獲得一些關注。所以我想知道你是否認為在季節性高點期間，每季這1000 萬美元是你將要花費的，或者也與此相關，你能評論一下嗎，慧儷輕體(Weight Watchers) 表示，CAC 已經變得異常嚴重考慮到選舉、奧運以及減肥領域發生的一切，這一點很高。

So is your LTV to CAC coming out different than what you thought when you put together the plan for advertising, has that projection changed at all?

那麼，您的 LTV 與 CAC 的結果是否與您制定廣告計劃時的想法有所不同，該預測是否發生了變化？

Yeah. Let me see if I can address those questions. So in the prepared remarks, we mentioned that we're going to reduce our marketing spend from $30 million to $25 million. That does have some to do with the seasonality.

是的。讓我看看我能否回答這些問題。因此，在準備好的發言中，我們提到我們將把行銷支出從 3000 萬美元減少到 2500 萬美元。這確實和季節性有一定關係。

We do want to continue to invest in this year at a higher degree than we did in Q1 and Q2 because we want to make sure that we're spending enough to get additional brand awareness as we move into 2025. Because as you know, Linda, that the brand itself, the awareness has been done through coaches and not through advertising in the past.

我們確實希望繼續在今年進行比第一季和第二季更高的投資，因為我們希望確保在進入 2025 年時有足夠的支出來獲得額外的品牌知名度。因為正如你所知，琳達，品牌本身的知名度是透過教練而不是過去的廣告來實現的。

So we believe we need to continue to invest at a good rate, but those, that's why we're considering the second half of 2024 to be an investment period of time. So as we go into 2025, we're hopeful that, that investment will pay off in those periods, plus pulling back a little bit on the spend.

因此，我們認為我們需要繼續以良好的速度進行投資，但這就是為什麼我們將 2024 年下半年視為投資時期。因此，當我們進入 2025 年時，我們希望這些投資能在這些時期獲得回報，並稍微減少支出。

And we would spend that money in 2025 in better periods like you just said the things like the Olympics and the election those do make it more difficult to spend the dollars when there's a lot of noise out there in social media and other means.

我們會在 2025 年更好的時期花這筆錢，就像你剛才所說的那樣，當社群媒體和其他方式有很多噪音時，奧運和選舉等事情確實會讓花錢變得更加困難。

So we're relatively -- we're obviously much newer at advertising. I would say that on the CAC question, we're seeing that the CAC is relatively what we expected, but we need to hit a target that is lower and we're looking to do that as we move through 2024.

所以我們在廣告方面顯然是相對較新的。我想說，關於 CAC 問題，我們看到 CAC 相對符合我們的預期，但我們需要達到一個較低的目標，我們希望在 2024 年實現這一目標。

So we realized that this is going to take us some time. And that's why we're willing to invest and learn and what that right message is to get to the amount of customers or potential customers that lower that CAC.

所以我們意識到這需要一些時間。這就是為什麼我們願意投資和學習，以及正確的訊息是什麼，以吸引大量降低 CAC 的客戶或潛在客戶。

Okay. Can I also ask, I mean, according to my model and this is not your guidance, of course, but I've got like $25 million of free cash flow for the year, significantly down. Are you pretty committed to maintaining, you've got cash on your balance sheet.

好的。我還可以問一下，我的意思是，根據我的模型，這當然不是你的指導，但我今年的自由現金流量約為 2500 萬美元，大幅下降。您是否非常致力於維護資產負債表上的現金。

So you've got an ability to invest in the business meaning negative free cash flow. Are you pretty committed to keeping free cash flow positive or do you think that you could just take some time here and invest heavily in the next year or two?

因此，您有能力投資該業務，這意味著自由現金流為負。您是否非常致力於保持自由現金流為正，或者您是否認為您可以在這裡花一些時間並在未來一兩年進行大量投資？

Yes. So we don't -- we're as you articulated, we do have a strong balance sheet. We do want to continue having that strong balance sheet. Once we have more learnings on our advertising spend, we are expecting to accelerate that, but we won't do that unless the investment is right for the shareholders.

是的。所以我們不——正如你所說，我們確實擁有強大的資產負債表。我們確實希望繼續擁有強勁的資產負債表。一旦我們對廣告支出有了更多了解，我們預計會加速這一進程，但除非投資適合股東，否則我們不會這樣做。

So we're looking at the CAC also and we're looking at LTV and we're making those calls based on the return on investment. So I know that's a, I'm not really directly answering your question, but we do, again, we want to keep a strong balance sheet. We will increase the amount of spending once we know there is a good return to shareholders.

因此，我們也關注 CAC，我們也關注 LTV，並且我們根據投資回報率做出這些決定。所以我知道，我並不是直接回答你的問題，但我們再次希望保持強勁的資產負債表。一旦我們知道股東可以獲得良好的回報，我們就會增加支出。

Okay. Yeah. That's helpful. Let's see what else was I going to ask? I guess that's all I had for now. I will take the rest offline. Thank you.

好的。是的。這很有幫助。讓我們看看我還想問什麼？我想這就是我現在所擁有的一切。剩下的我會離線處理。謝謝。

Thanks, Linda.

謝謝，琳達。

Thanks.

謝謝。

(Operator Instructions)

（操作員說明）

David Larsen, BTIG.

大衛‧拉森，BTIG。

Can you talk about your relationship with LifeMD and the go-forward model? Like how much will you be charging for a bundled solution? What does that bundled solution look like? How much of the money goes to you? How much goes to LifeMD? And what sort of uptake do you expect in terms of members going to your platform and LifeMD's platform at a steady state? Any more color there would be very helpful. Thank you.

您能談談您與 LifeMD 的關係以及 go-forward 模式嗎？例如您將為捆綁解決方案收取多少費用？該捆綁解決方案是什麼樣的？多少錢給你了？LifeMD 花了多少錢？您預期您的平台和 LifeMD 平台的會員在穩定狀態下會有什麼樣的吸收？任何更多的顏色都會非常有幫助。謝謝。

I mean, currently, the way we're working together, and we're obviously just at the start of this, if you look at the combined offer, we're charging together $282, $65 is for the a six-month commitment that LifeMD's subscription and our GLP-1 kit is $217. So that's how you get to the $282. That does not include the medication but we're going to work through this.

我的意思是，目前我們合作的方式，我們顯然才剛剛開始，如果你看一下合併報價，我們總共收取 282 美元，其中 65 美元是六個月的承諾， LifeMD 的訂閱和我們的GLP-1 套件的價格為217 美元。這就是您獲得 282 美元的方法。這不包括藥物，但我們將解決這個問題。

We don't really have any more to communicate on pricing, but we're going to work through this over the coming months and coming quarters to make sure that we're highlighting the value that we bring as an offer. When you think about it, we have a lot of elements that consumers are looking for when you consider someone that's going on medication to become more healthy. So we have pretty much all the elements that you would want as a patient or a customer.

我們確實沒有更多關於定價的溝通，但我們將在未來幾個月和未來幾季解決這個問題，以確保我們強調我們作為報價帶來的價值。仔細想想，當您考慮某人正在服用藥物以變得更健康時，我們有很多消費者正在尋找的元素。因此，我們幾乎擁有您作為患者或客戶所需的所有要素。

It certainly makes a lot of sense to me, you have a GLP-1, you have a diet coaching piece as well. How are your top-performing coaches responding to the relationship with LifeMD? Like, I guess, if you take these GLP-1s, maybe you're not as hungry, so you order less food. How convinced are they that you'll make more money with LifeMD? Thanks.

這對我來說當然很有意義，你有 GLP-1，你也有飲食指導。您的頂級教練對與 LifeMD 的關係有何反應？就像，我想，如果你服用這些 GLP-1，也許你就不那麼餓了，所以你會少點食物。他們對您透過 LifeMD 賺更多錢的信心如何？謝謝。

Yeah. I'd say there is a growing confidence in LifeMD. LifeMD is over the years, built a great service with their primary care physicians. We actually now, for the second year in a row, had a LifeMD physician come and present and run a panel for our coaches, most recently two weeks ago at our OPTAVIA convention.

是的。我想說，人們對 LifeMD 的信心越來越大。LifeMD 多年來與他們的初級保健醫生一起建立了優質的服務。實際上，我們現在連續第二年邀請了一位 LifeMD 醫生來為我們的教練介紹並主持一個小組，最近一次是在兩週前的 OPTAVIA 大會上。

So the confidence is growing, and part of the growth in that confidence comes from their physicians being trained, specifically on what the OPTAVIA program is. Part of the confidence comes from the improvement in the technology integration, which means that they're our customers and our coaches customers have a much better experience.

因此，信心正在增強，這種信心的增強部分來自於他們的醫生所接受的培訓，特別是關於 OPTAVIA 計劃的培訓。部分信心來自於技術整合的改進，這意味著他們是我們的客戶，我們的教練客戶有更好的體驗。

So for example the ability to check eligibility to schedule time with a clinician and to order product is all now integrated into the OPTAVIA app. And so the more integrated into the overall solution it is, the greater the, we'll say the confidence becomes I think-- so I think where we believed we would be at this stage, but we also expect to see improvements in that as we continue to integrate the service between the two companies.

例如，檢查與臨床醫生安排時間的資格以及訂購產品的功能現在都整合到了 OPTAVIA 應用程式中。因此，它與整體解決方案的整合度越高，我們會說信心變得越大，我認為 - 所以我認為我們相信我們在這個階段會達到什麼水平，但我們也期望看到這方面的改進我們繼續整合兩家公司之間的服務。

Great. Thanks very much. Appreciate it.

偉大的。非常感謝。欣賞它。

Thank you. I would like to turn the floor over to Dan for closing remarks.

謝謝。我想請 Dan 致閉幕詞。

I'd like to thank everybody for joining us today, and we look forward to seeing many of you at the Canaccord Genuity Growth Conference next week and then have the Wells Fargo Consumer Conference in September. Thank you for joining.

我要感謝大家今天加入我們，我們期待在下週的 Canaccord Genuity Growth 會議上見到你們，然後在 9 月舉行富國銀行消費者會議。感謝您的加入。

This concludes today's teleconference. You may disconnect your lines at this time, and thank you for your participation.

今天的電話會議到此結束。此時您可以斷開線路，感謝您的參與。