Omada Health Inc (OMDA) 2025 Q2 法說會逐字稿

Good day. Thank you for standing by. Welcome to Omada Health's second quarter 2025 earnings conference call. (Operator Instructions) I will now hand the conference over to your speaker host, Allan Kells, Vice President of Investor Relations. Please go ahead.

您好。感謝您的耐心等待。歡迎參加 Omada Health 2025 年第二季財報電話會議。（操作員指示）現在我將把會議交給您的演講主持人，投資者關係副總裁艾倫·凱爾斯。請繼續。

Thank you. Good afternoon, and welcome to Omada Health's second quarter 2025 earnings call. Joining me today are Sean Duffy, our Co-Founder and CEO; Wei-Li Shao, our President; and Steve Cook, our CFO.

謝謝。下午好，歡迎參加 Omada Health 2025 年第二季財報電話會議。今天與我一同出席的有：我們的共同創辦人兼執行長肖恩·達菲；我們的總裁邵偉立；以及我們的財務長史蒂夫·庫克。

Before we begin, I want to note that we will be discussing non-GAAP financial measures that we consider helpful in evaluating Omada Health's performance. You can find details on how these relate to our GAAP measures, along with reconciliations in the press release that is available on our website.

在開始之前，我想指出，我們將討論一些我們認為有助於評估 Omada Health 業績的非 GAAP 財務指標。您可以在我們網站上發布的新聞稿中找到有關這些指標與我們的 GAAP 指標的關係的詳細資訊以及調整表。

We'll also be making forward-looking statements based on our current expectations and assumptions, which are subject to risks and uncertainties, including factors listed in our press release and in the risk, factors found in our filings with the SEC.

我們還將根據我們目前的預期和假設做出前瞻性聲明，這些聲明受到風險和不確定性的影響，包括我們在新聞稿中列出的因素以及我們在提交給美國證券交易委員會的文件中列出的風險因素。

Actual results could differ materially, and we assume no obligation to update these forward-looking statements. With that, I'll turn the call over to Sean.

實際結果可能與預期有重大差異，我們不承擔更新這些前瞻性聲明的義務。接下來，我將把電話交給肖恩。

Thank you, Allan. Good afternoon, everyone, and thank you for joining us for Omada Health's first earnings call as a public company.

謝謝你，艾倫。各位下午好，感謝各位參加 Omada Health 作為一家上市公司的首次財報電話會議。

More than a decade ago, we set out to deliver between visit care, a model of health care delivery that we believe is fit for purpose in helping to address today's cost and quality challenges in chronic disease. Our results this quarter reflect continued and steady progress towards our long-term mission of bending the curve of chronic diseases.

十多年前，我們著手提供就診間隔護理，我們認為這種醫療保健服務模式能夠有效應對當今慢性病治療成本和品質方面的挑戰。本季業績反映了我們在扭轉慢性病蔓延趨勢的長期使命方面持續穩步取得進展。

In the second quarter, total members increased 52% year-over-year to 752,000. Revenue rose 49% year-over-year to $61million. The operating leverage in our business model continued to shine with a 66% Q2 '25 GAAP gross margin and a 68% non-GAAP gross margin, both improving significantly year-over-year.

第二季度，會員總數年增 52%，達到 752,000 人。營收年增 49%，達到 6,100 萬美元。我們商業模式的經營槓桿作用持續發揮出色，2025 年第二季 GAAP 毛利率為 66%，非 GAAP 毛利率為 68%，兩者均較上年同期顯著提高。

We narrowed our GAAP net loss to $5million compared to $11million in Q2 '24. Finally, we are very pleased to share that our Q2 '25 adjusted EBITDA loss was $200,000 compared to a $7million loss in Q2 '24.

我們以 GAAP 計算的淨虧損收窄至 500 萬美元，而 2024 年第二季為 1,100 萬美元。最後，我們非常高興地宣布，2025 年第二季調整後的 EBITDA 虧損為 20 萬美元，而 2024 年第二季虧損為 700 萬美元。

Wei-Li and Steve will soon characterize the details and the drivers of these results, but I wanted to take this opportunity on our first call to do two things. First, I want to share a member quote as these inspire our teams and my hope is that it will inspire you, whether you're a current or prospective shareholder.

魏力和史蒂夫很快就會詳細介紹這些結果及其驅動因素，但我想藉我們第一次通話的機會做兩件事。首先，我想分享一句會員名言，因為這些名言激勵著我們的團隊，我希望它也能激勵您，無論您是現有股東還是潛在股東。

As one member told us, Omada has changed my life. Diagnosed as prediabetic a year ago, I began taking a GLP-1 and quickly lost weight. A few months later, I'm offered a free scale in an app from Omada so I signed up, true game changer.

正如一位成員告訴我們的那樣，Omada 改變了我的生活。一年前我被診斷為糖尿病前期，之後開始服用 GLP-1 藥物，體重迅速下降。幾個月後，Omada 的應用程式提供了一個免費的體重秤，所以我註冊了，這真是改變了我的人生。

I am 49 years old and have not weighed the flow since I was a freshman in high school, and I feel great. I have lost more weight with Omada than without. But it's not just the weight loss, it's the fact that I am truly healthier and happier.

我今年 49 歲，自從高中一年級以來就沒再稱過流量，感覺很好。我服用 Omada 後比不服用時減掉了更多體重。但不只是體重減輕了，更重要的是我變得更健康、更快樂了。

The second thing I'd like to do is to provide a brief overview of Omada, recognize that many of you on this call may be new to our story. Omada Health is a between visit care providers. We support patients, we call them members, with prediabetes, obesity, diabetes, hypertension and musculoskeletal disease.

第二件事我想簡單介紹一下 Omada，因為我知道在座的各位可能對我們的故事還不太了解。Omada Health是一家提供兩次就診間隔護理服務的機構。我們為患有糖尿病前期、肥胖症、糖尿病、高血壓和肌肉骨骼疾病的患者（我們稱他們為會員）提供支持。

When I was in medical school, I saw a problem right in front of me on a daily basis. It's that too much of the care delivered in the US occurs in those one or two visits a year you might have with your doctor. That's not enough, and that's not the right kind of care, especially for the approximately 156million Americans suffering from chronic disease. And I believe that's one reason why America is getting sicker.

我在醫學院讀書的時候，每天都能看到眼前的問題。問題在於，美國提供的太多醫療服務都集中在你一年可能只有一兩次的就診。這還不夠，這也不是正確的照護方式，特別是對於大約 1.56 億患有慢性疾病的美國人來說。我認為這就是美國健康狀況日益惡化的原因之一。

So, what can we do to change that?

那麼，我們該如何改變這種狀況呢？

When my co-founders and I started Omada Health, we first sat in the homes of people struggling with chronic conditions. We heard many stories that highlighted a glaring gap in the US health care system, the lack of proactive day-to-day support. Too often, people with chronic disease were left with a little more than a pamphlet and some well-intended advice from their health care providers.

我和我的共同創辦人創辦 Omada Health 之初，我們首先走進那些飽受慢性疾病折磨的人們的家。我們聽到了很多故事，這些故事凸顯了美國醫療保健系統的一個明顯缺陷，即缺乏積極主動的日常支持。很多時候，慢性病患者得到的只是一份宣傳冊和醫療保健提供者的一些好心建議。

Meanwhile, the cost to the country are a crisis. Diabetes and cardiovascular disease alone have been responsible for approximately $526 billion in US health care spend per year. This realization fuelled our vision to bring a different care model to the market. We call it between visit care and deliver it through a combination of technology and people that we call compassionate intelligence.

同時，這對國家來說卻是一場危機。光是糖尿病和心血管疾病每年就造成美國醫療保健支出約 5,260 億美元。這項認知激發了我們向市場推出不同護理模式的願景。我們稱之為探視間隙護理，並透過技術和人員的結合來提供這種我們稱之為「人文關懷」的護理。

At Omada Health, we bring together different types of health care professionals, an array of third-party connected devices and a personalized software experience that blends both people and artificial intelligence to deliver multi-condition, contextually relevant care to our members between their doctors' visits.

在 Omada Health，我們匯集了不同類型的醫療保健專業人員、一系列第三方連接設備以及個性化的軟體體驗，將人與人工智慧相結合，為我們的會員在就診間隙提供多疾病、情境相關的護理。

The Omada member journey starts with their care teams, which are composed of skilled professionals like health coaches, certified diabetes care and education specialists and licensed physical therapists with support from licensed clinical social workers.

Omada 會員的旅程始於他們的護理團隊，該團隊由技術嫻熟的專業人員組成，例如健康教練、認證糖尿病護理和教育專家以及持證物理治療師，並由持證臨床社會工作者提供支援。

Our care teams get to know Omada members personally, help them develop detailed actionable care plans, encouraging and advising them when they struggle and keeping an eye out for health heading in the wrong direction.

我們的護理團隊會親自了解 Omada 會員，幫助他們制定詳細的可操作護理計劃，在他們遇到困難時給予鼓勵和建議，並密切注意他們的健康狀況是否出現問題。

We also equip our members with seamlessly connected third-party hardware, such as digital scales, blood pressure cuffs, and continuous glucose monitors. We then tie the experience together with software that can leverage data science advances, artificial intelligence and machine learning technology.

我們還為會員配備了無縫連接的第三方硬件，例如電子秤、血壓計和連續血糖監測儀。然後，我們將這些經驗與能夠利用數據科學進步、人工智慧和機器學習技術的軟體結合起來。

As we built Omara, we also recognize that we need research and accreditation efforts. We spent a decade funding and publishing peer-reviewed research, and we're proud to have 29 publications showcasing our clinical and our economic impact.

在建造 Omara 的過程中，我們也意識到我們需要進行研究和認證工作。我們花了十年時間資助和發表同行評審的研究，我們很自豪地發表了 29 篇出版物，展示了我們的臨床和經濟影響。

Our efforts have yielded results we're deeply proud of. Since our inception, we've enrolled over 1 million members in Omada's care programs. We've forged partnerships with over 2000 employers, health plans, and pharmacy benefits managers, achieving high levels of customer satisfaction and retention. These customers increasingly trust Omada to do more for them.

我們的努力取得了令我們深感自豪的成果。自成立以來，我們已為超過 100 萬名會員招募了 Omada 的照護計畫。我們與 2000 多家雇主、健康計畫和藥局福利管理機構建立了合作關係，實現了很高的客戶滿意度和客戶留存率。這些客戶越來越信任 Omada，希望它能為他們提供更多服務。

Over time, we've expanded in new care areas and we're proud that as the end of last year, approximately 31% of our customers are covering programs with Omada across multiple conditions, signalling the growing demand for comprehensive integrated care solutions.

隨著時間的推移，我們在新的護理領域不斷拓展，我們很自豪地宣布，截至去年年底，約有 31% 的客戶透過 Omada 承保多種疾病的計劃，這表明市場對綜合護理解決方案的需求日益增長。

Equally, we feel we're at the very beginning of our journey, though we're proud of our success. As of the end of last year 2024, we'd only penetrated approximately 14% of the self-insured lives in the US, 9% of fully insured, and 1% of Medicare Advantage. We estimate our total addressable mark to be more than $135 billion and we believe there is ample white space ahead.

同樣，我們也感到我們才剛起步，儘管我們為所取得的成就感到自豪。截至 2024 年底，我們僅滲透到美國約 14% 的自保人群、9% 的全額保險人群和 1% 的聯邦醫療保險優勢計劃人群。我們估計我們的潛在市場規模超過 1350 億美元，我們相信未來還有很大的發展空間。

We're proud to be offering our new enhanced GLP-1 Care Track in the midst of a broader GLP-1 revolution. Our clients have asked us decisively to support their members on GLP-1s, reflecting the reality that an injection doesn't get to know you and a medication alone does not support behaviour change.

我們很自豪能在 GLP-1 療法革命蓬勃發展之際，推出我們全新升級的 GLP-1 護理方案。我們的客戶明確要求我們支持他們的成員接受 GLP-1 治療，這反映出注射並不能了解你的身體狀況，單靠藥物也無法支持行為改變。

We believe that the answer to the dynamic GLP-1 landscape are services alongside the medicines, and we work with two of the three major PBMs providing just that.

我們認為，應對動態的 GLP-1 格局的答案是提供與藥物配套的服務，我們與三大藥品福利管理機構中的兩家合作，提供此類服務。

Lastly, the world is experiencing a revolution in artificial intelligence and AI technology stands to benefit our members and customers alike. We're in the first chapter of leveraging these incredible innovations to support our member success and to add personalization and efficiency for our care teams.

最後，世界正在經歷一場人工智慧革命，人工智慧技術將使我們的會員和客戶都受益。我們正處於利用這些令人難以置信的創新來支持會員成功並為我們的護理團隊增加個人化和效率的第一階段。

I'm also proud that we're part of an emerging category of next-generation digital health companies that seek to differentiate based on greater convenience, better clinical outcomes and lower cost care models that include both telehealth and AI-enabled care designed to deliver meaningful returns on investment.

我也感到自豪的是，我們屬於新興的下一代數位健康公司，這些公司致力於透過更便利的醫療服務、更好的臨床結果和更低成本的醫療模式來脫穎而出，這些模式包括遠距醫療和人工智慧賦能的醫療服務，旨在帶來有意義的投資回報。

At our company town halls, I always tell our teams that our hope is that one day, tomorrow's epidemiologists will notice a bend in disease curves, wonders what might be happening and conclude that part of that impact has been Omada.

在公司全體員工大會上，我總是告訴我們的團隊，我們希望有一天，未來的流行病學家會注意到疾病曲線的彎曲，想知道可能發生了什麼，並得出結論，其中一部分影響是 Omada 造成的。

That's our explicit mission at Omada, to bend the curve of disease. and we look forward to pursuing it alongside our new and our prospective shareholders. With that, I'll turn the call over to Wei-Li.

這就是 Omada 的明確使命：遏止疾病蔓延。我們期待與現有和潛在的股東共同實現這一目標。接下來，我將把電話交給魏莉。

Thanks, Sean. Hello, everyone. To start, I'd like to echo what Sean started with. I'm extremely proud of our teams and how they've executed against our strategy and how they've delivered strong results. It's an exciting time to be in Omada, and I consider it a privilege to discuss progress against our strategy and our second quarter performance.

謝謝你，肖恩。大家好。首先，我想重申肖恩的觀點。我為我們的團隊感到無比自豪，他們出色地執行了我們的策略，並取得了顯著的成果。現在加入 Omada 令人興奮，我非常榮幸能夠與大家討論我們策略的進展和第二季的業績。

Some highlights include we ended the quarter with 752,000 active members, which is up 52% compared to Q2 2024. This includes us adding 73,000 net new members during the second quarter and 180,000 year-to-date. This is 71% more members than we added in the first half of 2024.

一些亮點包括：本季末活躍會員人數為 752,000 人，比 2024 年第二季度增長了 52%。這包括我們在第二季新增 73,000 名淨會員，以及今年迄今新增 18 萬名會員。這比我們在 2024 年上半年新增的會員數多出 71%。

This member growth reflects continued multi-condition adoption, strong sales of our GLP-1 offerings and strong execution by our teams. I believe our strong top line results and member growth are the result of a go-to-market strategy that has long been anchored on three pillars.

會員人數的成長反映了多種疾病治療方案的持續普及、GLP-1 產品銷售火爆以及我們團隊的出色執行。我認為我們強勁的營收成長和會員成長，得益於我們長期以來以三大支柱為基礎的市場進入策略。

We believe that these three pillars in combination with our market scale have driven our strong performance in Q2 and our reasons to believe in Omada's continued success. Let me take a moment to reinforce the underpinnings of our strategy.

我們相信，這三大支柱加上我們的市場規模，推動了我們在第二季的強勁業績，也讓我們有理由相信 Omada 將持續成功。請容許我花一點時間來重申我們策略的基本原則。

Our first pillar is innovation, which we deliver by investing in program features and experiences to strengthen our differentiation, support our growth and help members achieve outcomes across conditions that our buyers care about.

我們的第一個支柱是創新，我們透過投資專案功能和體驗來實現創新，以增強我們的差異化優勢，支持我們的成長，並幫助會員在我們買家關心的各種情況下取得成果。

Our GLP-1 Care Track, and our recent released OmadaSpark AI agent are great examples of this, and I will share more about both in just a moment.

我們的 GLP-1 Care Track 和我們最近發布的 OmadaSpark AI 代理商就是很好的例子，我稍後會詳細介紹這兩者。

Second, we strive to create programs that work. Omada's programs are rooted in clinical best practices and our persistent empathetic support from our care teams fosters trust and accountability to promote sustained engagement and meaningful clinical results.

其次，我們努力創造有效的方案。Omada 的各項計劃均以臨床最佳實踐為基礎，我們護理團隊持續的同理心支持能夠培養信任和責任感，從而促進持續參與和有意義的臨床結果。

Our programs are focused on some of the conditions that our buyers care about most and their employees and members often suffer from the most, which can drive the most cost. These conditions are obesity and weight health, diabetes, hypertension and MSK. These diseases are highly prevalent, and the combined TAM is substantial.

我們的專案重點關注買家最關心的一些問題，以及他們的員工和成員經常遭受的最大痛苦，這些問題可能會導致最大的成本。這些疾病包括肥胖和體重健康、糖尿病、高血壓和肌肉骨骼疾病。這些疾病非常普遍，合併後的 TAM 相當大。

Third, our multi-condition platform versus point solution approach has become a key differentiator in our sales process. Many customers and channel partners experience point solution fatigue and recognize that their members suffer from multiple conditions.

第三，我們的多條件平台與單點解決方案方法已成為我們銷售過程中的關鍵差異化因素。許多客戶和通路夥伴都感到單點解決方案疲勞，並意識到他們的會員患有多種疾病。

They see value in having a single, reliable, scaled partner because it simplifies contracting, account management, implementation, member outreach and most importantly, the member experience. It's helped us both win new business and expand relationships with existing customers.

他們認為擁有一個可靠、規模化的單一合作夥伴很有價值，因為它可以簡化合約簽訂、客戶管理、實施、會員拓展，最重要的是，可以改善會員體驗。它幫助我們贏得了新業務，並擴大了與現有客戶的關係。

These three strategic pillars have resonated with buyers and members, which has allowed us to achieve our current scale. Combined with our disciplined focus, our scaled go-to-market model gives us confidence that we are well positioned to achieve durable growth.

這三大策略支柱引起了買家和會員的共鳴，使我們能夠達到目前的規模。憑藉我們嚴謹的專注和規模化的市場推廣模式，我們有信心實現永續成長。

Now when we talk about scale, we're referring to the following, the population of covered lives we reach through our channel relationships, the selling and marketing efficiencies gained by partnering with large payers and PBMs to offer our programs broadly to employers, and our data-driven marketing initiatives, which included nearly 100million targeted e-mails across 5,000 campaigns in 2024, driving enrolment while supporting continuous optimization through AB testing.

現在，當我們談到規模時，我們指的是以下幾點：我們透過通路關係涵蓋的參保人群；透過與大型支付方和藥品福利管理機構合作，向雇主廣泛提供我們的計劃，從而獲得的銷售和營銷效率；以及我們以數據為驅動的營銷舉措，其中包括在 2024 年開展的 5000 項活動中發送近 1 億個訂閱，B 1 億封保

While our estimated total addressable market of over $135billion across all of the conditions we serve represents significant opportunity over the long term, we think it's useful to look at the more near-term opportunity we have through already established channel relationships.

雖然我們預計在我們所服務的所有領域，潛在市場總額超過 1350 億美元，這代表著長期的巨大機遇，但我們認為，著眼於我們透過已建立的通路關係所擁有的更近期的機會是有益的。

At the end of 2024, our existing health plan partners provided health insurance for 156million lives across their networks. That population, combined with our other current customers, represented an estimated 20-plus million individuals with benefit coverage for one or more Omada programs.

截至 2024 年底，我們現有的健康計畫合作夥伴透過其網路為 1.56 億人提供健康保險。加上我們現有的其他客戶，估計有超過 2000 萬人享有 Omada 一項或多項計劃的福利保障。

Just within these 20-plus million estimated covered lives we have today, we have significant growth opportunities, and we are focused on generating additional revenues from these existing covered lives through efforts to increase enrolment rates, enhance member engagement and outcomes, drive higher multi-condition solution adoption and capitalize on our opportunities to provide GLP-1 companion support.

僅在我們目前擁有的 2000 多萬預計參保人群中，我們就擁有巨大的增長機會，我們專注於透過提高參保率、增強會員參與度和改善參保效果、推動多疾病解決方案的更高採用率以及利用我們提供 GLP-1 伴隨支持的機會，從這些現有參保人群中創造更多收入。

In addition, we have relationships with two of the nation's largest PBMs that as of March 2024, collectively offered pharmacy benefits to over 200million individuals, which represents a significant opportunity for us to increase the number of covered lives we serve.

此外，我們與全國兩家最大的藥品福利管理機構 (PBM) 建立了合作關係，截至 2024 年 3 月，這兩家機構共為超過 2 億人提供藥品福利，這為我們增加了服務覆蓋人群的數量，這是一個重要的機會。

While we are proud of our progress, our work is far from finished. Our ongoing momentum has continued to attract new customers, including a relationship we recently established with a leading health navigation platform. Through this partnership, we replaced an incumbent diabetes vendor to become this partner's preferred provider of diabetes care.

雖然我們為取得的進展感到自豪，但我們的工作遠未結束。我們持續的發展勢頭不斷吸引新客戶，包括我們最近與一家領先的健康導航平台建立的合作關係。透過此次合作，我們取代了原有的糖尿病供應商，成為該合作夥伴首選的糖尿病照護服務提供者。

Within a matter of months, we together closed and launched a new health plan client. We view this competitive win as a clear example of sophisticated buyers turning to Omada to deliver scalable evidence-based care.

短短幾個月內，我們就共同完成了與新的健康計畫客戶的洽談和啟動。我們認為這場競爭性勝利清楚地表明，成熟的買家正在轉向 Omada 以提供可擴展的循證護理。

This level of scale, which we are focused on continuing to expand, works with 3 strategic pillars I mentioned before. With that in mind, let me take a few moments to update you on our progress with each of these pillars.

我們致力於繼續擴大這種規模，而這種規模與我之前提到的 3 個策略支柱相契合。有鑑於此，請容許我花幾分鐘時間向您報告我們在這些支柱領域的進展。

With regard to innovation, we recently launched OmadaSpark, a member-facing AI agent that works directly with our members and alongside our human care teams. Our members ask for food imaging, and we delivered.

在創新方面，我們最近推出了 OmadaSpark，這是一個面向會員的人工智慧代理，它可以直接與我們的會員合作，並與我們的人工護理團隊一起工作。我們的會員需要食品圖片，我們滿足了他們的需求。

But I think we delivered in an incredible way that can wow our members. With just a single image of your meal, our AI-powered tracker identifies the ingredients and estimates macronutrient information, including protein, fibre, added sugars and saturated fats.

但我認為我們以令人難以置信的方式完成了任務，這足以讓我們的會員感到驚艷。只需提供一張餐點照片，我們的人工智慧追蹤器即可識別食材並估算宏量營養素訊息，包括蛋白質、纖維、添加糖和飽和脂肪。

These are the nutrients that we believe are most important to consider when improving health outcomes, especially for members who have taken GLP-1s or have diabetes, hypertension and -- or obesity. Now we've trained OmadaSpark on over 3million foods from more than 150 countries to support members in tracking even the most culturally specific dishes.

我們認為，在改善健康結果時，這些營養素是最重要的考慮因素，特別是對於服用 GLP-1 或患有糖尿病、高血壓和/或肥胖症的患者而言。現在，我們已經對 OmadaSpark 進行了訓練，使其能夠識別來自 150 多個國家的 300 多萬種食物，以幫助會員追蹤最具文化特色的菜餚。

Additionally, members can talk or text with OmadaSpark to get real-time nutrition information. OmadaSpark can recommend alternative foods and answer questions regarding nutrition education in the moment. Because your AI agent is informed by key member demographics, it provides responses with members like you in mind.

此外，會員還可以透過語音或簡訊與 OmadaSpark 互動，以獲得即時營養資訊。OmadaSpark 可以即時推薦替代食品並解答有關營養教育的問題。由於您的 AI 代理會根據關鍵成員人口統計資料提供信息，因此它會根據與您類似的成員提供回复。

OmadaSpark has the ability to help you focus on your goals. In this context, its job is to have conversations with you to help you understand your motivations and help you create a plan to navigate motivational challenges that work for you.

OmadaSpark 能夠幫助您專注於您的目標。在這種情況下，它的工作是與你對話，幫助你了解你的動機，並幫助你制定一個適合你的計劃來應對動機方面的挑戰。

This is the power of motivational interviewing, an empathetic technique that can strengthen your intrinsic motivation for change. OmadaSpark can help you articulate why and how you want to adopt healthier habits and help you make changes along with help from our care team.

這就是動機式訪談的力量，這是一種運用同理心的技巧，可以增強你改變的內在動力。OmadaSpark 可以幫助您闡明您想要養成更健康習慣的原因和方式，並在我們的護理團隊的幫助下幫助您做出改變。

Our goal is to leverage artificial intelligence and machine learning to support our scale, enhance the experience of our members and amplify the impact of our programs.

我們的目標是利用人工智慧和機器學習來支持我們的規模擴張，提升會員體驗，並擴大我們專案的影響力。

Now we take a human-led AI-empowered approach using AI insights to support our care team by providing instant context and synthesizing member data points to enable more efficient and productive interactions with our members.

現在，我們採用以人為本、人工智慧賦能的方法，利用人工智慧洞察力為我們的護理團隊提供支持，透過提供即時背景資訊和綜合成員數據點，實現與成員之間更有效率、更有成效的互動。

We also continuously strive to deliver programs of work, the second of our three strategic pillars. Our GLP-1 support strategy aims to enable the success of our members before, during and after GLP-1 therapy, and we have demonstrated that members can achieve significant results by coupling behaviour change alongside the medication.

我們也不斷努力推動各項工作計畫的實施，這是我們三大策略支柱中的第二個。我們的 GLP-1 支持策略旨在幫助我們的會員在 GLP-1 治療之前、期間和之後取得成功，我們已經證明，透過將行為改變與藥物治療相結合，會員可以取得顯著的成果。

Now these capabilities have contributed to our GLP-1 companion program being available through two of the largest PBMs and in both relationships, our full cardiometabolic suite is also available.

現在，這些能力使得我們的 GLP-1 伴隨療法計畫能夠透過兩家最大的藥品福利管理機構 (PBM) 提供，並且在這兩個機構的合作關係中，我們完整的心血管代謝療法也得以提供。

We believe some of the key drivers of our success in GLP-1 companion support are our member engagement and clinical outcomes results. Notably, members on our enhanced GLP-1 Care Track included in a retrospective analysis, experienced 28% greater weight loss on average after the first four months compared to members on GLP-1s that enrolled in Omada programs without the enhanced GLP-1 Care Track.

我們認為，我們在 GLP-1 伴侶支持方面取得成功的關鍵驅動因素之一是我們的會員參與度和臨床結果。值得注意的是，回顧性分析顯示，參加我們強化版 GLP-1 護理計劃的成員，在前四個月後平均減重比未參加強化版 GLP-1 護理計劃的 Omada 計劃中的 GLP-1 患者高出 28%。

In a separate retrospective analysis, members who can discontinue their GLP-1s and opted into the Care Track embedded in our cardiometabolic programs maintained their weight loss on average at four months post discontinuation, represented by an average weight change of minus 0.1%. This compares to estimated average weight gain of approximately 6% to 7% at four months in two third-party randomized controlled trials.

在另一項回顧性分析中，能夠停止服用 GLP-1 並選擇加入我們心血管代謝計劃中的護理方案的成員，在停藥後四個月平均保持了減重效果，平均體重變化為 -0.1%。相較之下，兩項第三方隨機對照試驗估計，四個月內平均體重增加約 6% 至 7%。

In addition, we recently released new data demonstrating that Omada's enhanced GLP-1 Care Track significantly improved persistent rates for GLP-1 medications. Members in the analysis of our enhanced GLP-1 Care Track achieved 94% persistence through 12 weeks and 84% through 24 weeks, with those staying on medication for 24 weeks experiencing an average weight loss of 12.1%, which closely aligns with clinical trial results.

此外，我們最近發布了新的數據，證明 Omada 增強的 GLP-1 護理方案顯著提高了 GLP-1 藥物的持續使用率。在我們改進的 GLP-1 護理方案的分析中，成員在 12 週內堅持治療的比例為 94%，在 24 週內堅持治療的比例為 84%。堅持用藥 24 週的成員平均減重 12.1%，與臨床試驗結果非常吻合。

This is important because in the real world, factors like nonpersistent medication mean that many of those who use GLP-1s for weight management may not see the results reflected in clinical trials.

這一點很重要，因為在現實世界中，諸如用藥不規則等因素意味著許多使用 GLP-1 進行體重管理的人可能無法在臨床試驗中看到相應的結果。

This highlights our program's effectiveness in helping members to overcome real-world barriers and achieve weight loss comparable to what's seen in clinical trials, which helps with cardiometabolic disease reduction.

這凸顯了我們計劃在幫助會員克服現實生活中的障礙並實現與臨床試驗中觀察到的相當的減肥效果方面的有效性，這有助於減少心血管代謝疾病。

These results demonstrate the benefits of Omada's clinically rigorous approach to behaviour change. In sponsoring and publishing research, we seek to demonstrate our outcomes, bolster credibility and strengthen our position in the market.

這些結果證明了 Omada 嚴謹的臨床行為改變方法的益處。我們透過贊助和發表研究來展示我們的成果，增強信譽，並鞏固我們在市場上的地位。

We believe our clinical leadership differentiates us amidst a crowded market of digital health solutions. Our focus on innovation and programs that work also support our multi-condition platform versus point solution strategy, which is our third strategic pillar.

我們相信，在競爭激烈的數位醫療解決方案市場中，我們的臨床領導力使我們脫穎而出。我們對創新和有效專案的重視也支持了我們的多條件平台而非點解決方案策略，這是我們的第三個策略支柱。

Because of our broad evidence-based multi-condition platform, we have had success at growing the percent of clients that offer multiple Omada programs. We ended 2024 with approximately 31% of our existing clients having multiple products installed, up from 26% in 2023.

由於我們擁有廣泛的、基於證據的多疾病治療平台，我們在提高提供多種 Omada 方案的客戶比例方面取得了成功。截至 2024 年底，我們現有客戶中約有 31% 安裝了多種產品，高於 2023 年的 26%。

We are encouraged by our progress in the first half of 2026 and are optimistic as we head into the second half of the year, which has historically been our key closing season where many buyers make benefits decisions.

我們對 2026 年上半年的進展感到鼓舞，並對進入下半年充滿信心。下半年歷來是我們的關鍵成交季，許多買家都會在這個時期做出福利決定。

At the root of this multi-condition success is the realization that most Americans with a chronic condition have not just one, but two or more comorbidities. For example, approximately 58% of people with diabetes also have an MSK condition, and Omada is the only digital provider among our largest competitors to have solutions for both conditions.

多種疾病治療成功的根本原因在於，人們意識到大多數患有慢性疾病的美國人不僅患有一種疾病，而是患有兩種或兩種以上的合併症。例如，約 58% 的糖尿病患者同時患有肌肉骨骼疾病，而 Omada 是我們最大的競爭對手中唯一一家能夠同時提供這兩種疾病解決方案的數位服務提供者。

To close, I'd like to reiterate how pleased I am with our results, which I believe were a direct result of both our resolve to execute our strategy and our go-to-market scale.

最後，我想再次重申我對我們的結果非常滿意，我認為這直接歸功於我們執行策略的決心和我們市場推廣的規模。

With that, I'll turn the call over to Steve.

接下來，我將把電話交給史蒂夫。

Thank you, Wei-Li. Hello, everyone. Today, I'm going to walk through our results, margin progress and our outlook for 2025. As Sean and Wei-Li mentioned, our members grew 52% to end Q2 at 752,000. Revenue in Q2 was $61.4 million, up 49% year-over-year.

謝謝你，李偉。大家好。今天，我將詳細介紹我們的業績、利潤率進展以及我們對 2025 年的展望。正如 Sean 和 Wei-Li 所提到的，我們的會員人數增加了 52%，第二季末達到 752,000 人。第二季營收為 6,140 萬美元，年增 49%。

The primary factors driving our member and revenue growth include increased penetration of multi-condition customers, strong adoption of our GLP-1 programs and increased effectiveness of our marketing campaigns.

推動我們會員和收入成長的主要因素包括：多重疾病客戶的滲透率提高、GLP-1 專案的大力推廣以及行銷活動的有效性提高。

Moving to gross profit. Our Q2 GAAP gross profit was $40million, up 62% compared to Q2 '24, and our GAAP gross margin was 66% compared to 60% in Q2 '24. Q2 adjusted gross profit was $42million, representing 61% growth year-over-year.

轉為毛利。我們第二季的 GAAP 毛利為 4,000 萬美元，比 2024 年第二季成長了 62%；我們的 GAAP 毛利率為 66%，而 2024 年第二季為 60%。第二季調整後毛利為 4,200 萬美元，年增 61%。

Adjusted gross margin was 68%, an improvement of approximately 500 basis points year-over-year and 700 basis points sequentially. For those new to Omada, I'd like to note that historically, our gross margins have typically been lower in the first quarter than the rest of the year due to elevated enrolments in Q1.

經調整後的毛利率為 68%，較去年增加約 500 個基點，較上季提高約 700 個基點。對於剛接觸 Omada 的人，我想指出，從歷史上看，由於第一季入學人數增加，我們的毛利率通常在第一季低於一年中的其他季度。

Our enrolments feature front-loaded costs related to device shipment and early program care, driving lower initial gross margins that typically have increased over the lifetime of the member's program life. As such, historically, we typically observed higher gross margins after Q1, which is consistent in Q2 this year with a significant sequential improvement.

我們的註冊流程包含與設備運輸和早期專案護理相關的前期成本，導致初始毛利率較低，但通常會在會員專案生命週期內逐步提高。因此，從歷史上看，我們通常會在第一季之後觀察到更高的毛利率，今年第二季的情況也與此一致，並且環比有了顯著改善。

More broadly, our gross margin expansion has been driven by natural leverage in our business that historically has occurred as the revenue from our expanding member base has grown faster than the cost to support the members.

更廣泛地說，我們毛利率的擴張是由我們業務中自然的槓桿作用所推動的，這種槓桿作用歷來都是由於我們不斷擴大的會員基礎帶來的收入增長速度超過了支持會員的成本增長速度。

We have also gained efficiencies through our self-built care team platform, which we continue to enhance by adding capabilities such as an AI care team tool that helps synthesize member data points to support more efficient and productive interactions with our members.

我們也透過自主研發的護理團隊平台提高了效率，並不斷增強該平台的功能，例如添加人工智慧護理團隊工具，以幫助整合成員數據點，從而支持與成員進行更有效率、更有成效的互動。

Moving to operating expenses. Our GAAP operating expenses were 28% year-over-year to $45million in Q2 and included $22million of sales and marketing, $10million of R&D and $13million of G&A. Our adjusted operating expenses were $42million in Q2, also up 28% year-over-year.

接下來是營運費用。第二季度，我們的 GAAP 營運費用年增 28% 至 4,500 萬美元，其中包括 2,200 萬美元的銷售和行銷費用、1,000 萬美元的研發費用和 1,300 萬美元的一般及行政費用。第二季調整後的營運支出為 4,200 萬美元，年增 28%。

The breakdown of our adjusted operating expenses included sales and marketing of $21million, up 48% year-over-year, primarily reflecting higher administrative fees that we pay channel partners for services they provide in support of member enrolments.

調整後的營運費用明細包括銷售和行銷費用 2,100 萬美元，年增 48%，主要反映了我們向通路合作夥伴支付的、用於支援會員註冊服務的管理費增加。

Historically, it has been typical for these fees to increase when we have strong member growth. I'd also like to note that year-over-year growth rate in Q2 was higher because the prior period in Q2 '24 included a onetime reversal of administrative fees that reduced sales and marketing expense in that period, resulting in an typically lower prior year comparable.

從歷史上看，當會員數量快速增長時，這些費用通常也會上漲。我還想指出，第二季的年增速較高，是因為 2024 年第二季的前期資料包含一次性管理費沖銷，從而減少了該期間的銷售和行銷費用，導致去年同期資料通常較低。

This was a onetime occurrence that did not repeat in Q3 or Q4 of 2024. And so those prior year quarters should not cause the same increase in year-over-year comparisons of sales and marketing expense later this year.

這是一次性事件，在 2024 年第三季或第四季沒有再次發生。因此，上一年的那些季度不應該導致今年稍後銷售和行銷費用同比出現同樣的增長。

Moving to R&D, which was $10 million, up 11% year-over-year. G&A of $11 million was up 12% year-over-year, with the increase primarily driven by public company costs. In summary, 28% growth in total GAAP and non-GAAP operating expenses supported 49% revenue growth, reflecting strong operational leverage.

轉向研發，支出為 1000 萬美元，年增 11%。一般及行政費用為 1,100 萬美元，年增 12%，成長主要由上市公司成本推動。總而言之，GAAP 和非 GAAP 營運費用成長 28%，支撐了營收成長 49%，反映了強勁的營運槓桿作用。

This progress has been driven by leverage created by offering multiple conditions on one platform that can be sold by a single sales force, scale created by our relationship with channel partners in our B2B2C go-to-market approach and spending discipline as we focus on making progress toward profitability.

這項進展得益於以下因素：在一個平台上提供多種條件，由單一銷售團隊進行銷售所帶來的槓桿效應；透過與通路夥伴在 B2B2C 市場進入策略中建立的關係所帶來的規模效應；以及在專注於實現盈利的過程中所採取的支出紀律。

Moving to our progress toward profitability. Our GAAP net loss in Q2 was $5million compared to an $11 million loss in Q2 '24, representing net loss margins of negative 9% and negative 26%, respectively. Our GAAP loss per share in Q2 was $0.24 compared to a loss of $1.40 in Q2 '24.

接下來談談我們實現獲利的進展。我們第二季的 GAAP 淨虧損為 500 萬美元，而 2024 年第二季的虧損為 1,100 萬美元，淨虧損率分別為 -9% 和 -26%。我們第二季的 GAAP 每股虧損為 0.24 美元，而 2024 年第二季的虧損為 1.40 美元。

Adjusted EBITDA in Q2 was a loss of $200,000, which compares to a loss of $7million in Q2 '24. Our Q2 adjusted EBITDA margin was negative 0.3% compared to negative 16% in Q2 '24.

第二季調整後 EBITDA 虧損 20 萬美元，而 2024 年第二季虧損 700 萬美元。我們第二季的調整後 EBITDA 利潤率為 -0.3%，而 2024 年第二季為 -16%。

We are very pleased with our progress through Q2 towards reaching profitability, which has been achieved through a lot of focus by our team on building a scalable business in a disciplined manner.

我們對第二季度在實現盈利方面取得的進展感到非常滿意，這得益於我們團隊以嚴謹的方式專注於建立可擴展的業務。

Moving to our balance sheet. We ended Q2 with cash and equivalents of $223million compared to $59million in Q1 '25, with the increase being driven by our net IPO proceeds. Our total debt at the end of Q2 was $31million. Note that subsequent to the end of the second quarter, we paid off our debt, which we believe was a prudent use of IPO proceeds given the interest rate on our debt.

接下來來看看我們的資產負債表。第二季末，我們的現金及等價物為 2.23 億美元，而 2025 年第一季為 5,900 萬美元，成長主要得益於我們的 IPO 淨收益。第二季末，我們的總債務為 3,100 萬美元。請注意，在第二季結束後，我們償還了債務，考慮到我們債務的利率，我們認為這是對 IPO 收益的謹慎使用。

Moving to guidance. We expect 2025 revenue in the range of $235million to $241million. This range represents 38% to 42% growth over 2024. We expect full year adjusted EBITDA in the range of negative $9million to negative $5million. The midpoint of this range reflects an improvement of approximately $22million compared to 2024.

進入指導環節。我們預計 2025 年的營收將在 2.35 億至 2.41 億美元之間。這一區間代表到 2024 年將成長 38% 至 42%。我們預計全年調整後 EBITDA 將在 -900 萬美元至 -500 萬美元之間。該範圍的中點表明，與 2024 年相比，將改善約 2,200 萬美元。

In summary, we are pleased with our strong Q2 performance and outlook, which reflect our business momentum and scalability of our business model. With that, I'll now open the call for questions.

總而言之，我們對第二季強勁的業績和前景感到滿意，這反映了我們業務的發展勢頭和業務模式的可擴展性。接下來，我將開始接受提問。

(Operator Instructions) Craig Hettenbach, Morgan Stanley.

（操作說明）克雷格‧赫滕巴赫，摩根士丹利。

Yes, thank you, and I appreciate all the details in the prepared remarks. Just building on the topic of kind of AI and tech, can you just expand on just how you're leveraging technology to scale the platform? Any anecdotes in terms of care team efficiencies and the ability to continue to do that moving forward?

是的，謝謝，我很欣賞您準備的發言稿中的所有細節。就人工智慧和技術這個主題而言，您能否詳細介紹一下您是如何利用科技來擴展平台的？有沒有什麼關於提高護理團隊效率以及未來能否繼續保持這種效率的軼事？

Yeah, absolutely, Craig. This is Sean. Great to hear your voice. So, though we, of course, talk a lot about GLPs, I will say we're equally excited about GPTs. So, it really is the year of the Gs here at Omada.

是的，沒錯，克雷格。這是肖恩。很高興聽到你的聲音。所以，雖然我們當然經常談論 GLP，但我必須說，我們對 GPT 也同樣感到興奮。所以，今年對 Omada 來說真的是 G 系列之年。

And I'll just comment, there's so much internal enthusiasm on how these technologies can benefit three aspects of what we do. Number one, how they benefit our members. Number one, how they benefit our care teams for not just more leverage, but more personalization and impact; and number three, how they benefit the business.

我只想說，我們內部對這些技術如何能使我們工作的三個面向受益充滿熱情。第一，它們如何使我們的會員受益。第一，它們如何使我們的護理團隊受益，不僅可以獲得更多的槓桿作用，還能獲得更多的個人化和影響力；第三，它們如何使企業受益。

So, we have an innovation showcase that we call Horizon Day here at Omada that happened in May in Wei-Li's prepared remarks, he talked about OmadaSpark. And so that consists of AI capabilities for our members, an enhanced food tracking capability that enables AI-enabled photo recognition.

所以，我們在 Omada 有一個名為 Horizo​​​​n Day 的創新展示活動，該活動於 5 月舉行。在 Wei-Li 的準備好的發言中，他談到了 OmadaSpark。因此，這包括為我們的成員提供人工智慧功能，增強食物追蹤功能，實現人工智慧輔助的照片識別。

It identifies the ingredients and estimates macro nutrient information like protein, fibre, added sugars and really has a wow factor for our members as well as reducing that barrier to inputting food.

它可以識別成分並估算蛋白質、纖維、添加糖等宏量營養素訊息，這確實給我們的會員帶來了驚喜，同時也降低了輸入食物的門檻。

We launched a nutrition education agent, which surfaces real-time nutrition information, which helps with food decisions. And importantly, this was fine-tuned on over 3million foods for more than 150 countries.

我們推出了一款營養教育代理，它可以提供即時營養信息，幫助人們做出食物選擇。更重要的是，這項技術已針對 150 多個國家的 300 多萬種食品進行了微調。

And OmadaSpark also has a version that's a motivational interviewing agent that supports guided conversation to help members identify their own barriers. So really exciting. We're liking what we see in the data thus far.

OmadaSpark 還有一個版本，它是一個激勵式訪談代理，支援引導式對話，幫助成員識別自己的障礙。真是太令人興奮了。我們目前對數據結果感到滿意。

And then per your comment on the care teams, this is a moment to remind those newer to Omada that we chose in the early Omada days to build our entire proprietary platform for our care teams ourselves. And so, this has enabled us to speedily embed AI technologies natively into a number of feature sets.

至於您提到的護理團隊，我想藉此機會提醒剛接觸 Omada 的人，在 Omada 成立初期，我們選擇自己為護理團隊建立整個專有平台。因此，這使我們能夠快速地將人工智慧技術原生嵌入許多功能集中。

One that we're particularly excited about allows our care teams to get quicker context on member behaviour, messages, data trends. And in 2024, we launched this tool.

我們特別興奮的一點是，它可以讓我們的護理團隊更快地了解會員的行為、訊息和數據趨勢。2024年，我們推出了這款工具。

The pilots indicate some great data. The coaches were able to spend 23% less time during the first week of a member joining while seeing a seven-percentage point increase in the rate of substantive member replies. So really, this represents quality at higher efficiency, which is, in essence, the holy grail of these technologies.

飛行員們提供了一些非常好的數據。教練們在會員加入的第一周花費的時間減少了 23%，同時會員的實質回覆率提高了 7 個百分點。所以，這其實代表了更高效率下的質量，而這從本質上講，正是這些技術的終極目標。

So, we're excited about them. As you might imagine, even internally, we're leveraging them for business operations.

所以，我們對它們感到很興奮。正如你所想，即使在內部，我們也在利用它們進行業務運作。

Our engineering and product teams are having a blast coding with AI assistance tools. And we love our data sets, which we feel blessed about because we have tens of millions of free text messages that give us the latitude to experiment in the context where the most valuable data for an LLM could be argued to be free text message as well as a biometric data point.

我們的工程和產品團隊在使用人工智慧輔助工具進行程式設計時玩得不亦樂乎。我們非常喜歡我們的數據集，我們為此感到幸運，因為我們擁有數千萬條免費短信，這讓我們能夠自由地進行實驗，而對於LLM來說，最有價值的數據可以說是免費短信以及生物特徵數據點。

So net, we're excited by it. We think we're in early innings, but we like the promise and the horizons ahead.

總而言之，我們對此感到興奮。我們認為現在還處於起步階段，但我們看好未來的前景和發展潛力。

Hey, Craig, I would just add, from an upside perspective, we've been very judicious in terms of how we're underwriting the upside from AI. So, while we're still in the early innings of AI, we're not really attributing a ton of upside from a gross margin perspective in that in our current long-term target gross margin of 70%. So, to the extent we start to see some early wins here and either higher member engagement or coach efficiencies, we'll continue to underwrite that here towards the end of the year and going forward into our long-term targets.

嘿，克雷格，我只想補充一點，從利好角度來看，我們在如何為人工智慧帶來的利好做擔保方面一直非常謹慎。所以，雖然人工智慧仍處於早期階段，但從毛利率的角度來看，我們並沒有真正賦予它很大的成長空間，因為我們目前的長期目標毛利率為 70%。因此，如果我們開始看到一些早期成果，例如更高的會員參與度或教練效率，我們將繼續在年底前以及未來實現我們的長期目標的過程中為此提供支持。

That's helpful. And then just as a follow-up, maybe I'll do two for on the Gs, the GLP-1s. I think on the Care track, you've had like around 50,000 members. Any update in terms of how that's trending and just kind of traction you're seeing in terms of growth for that program?

那很有幫助。然後作為後續，也許我會做兩篇關於 G 類藥物和 GLP-1 類藥物的文章。我認為在關懷領域，你們已經有大約 5 萬名成員了。關於該專案的發展趨勢和成長情況，有什麼最新進展嗎？

Yeah, hi Craig. this is Wei-Li. Thanks for the question regarding GLP-1 traction. We continue to be pleased with the momentum of our GLP-1 Care Track as we've seen significant total overall member growth quarter-to-quarter H1 to H1 previous to last year. And a significant driver, a contributor of that has been our GLP-1 business.

嗨，克雷格。我是魏莉。感謝您提出關於 GLP-1 牽引力的問題。我們對 GLP-1 護理計劃的發展勢頭感到滿意，因為我們看到會員總數在上一季與去年同期相比實現了顯著增長。而我們的 GLP-1 業務是推動和促成這項結果的重要因素。

So, we're really pleased to see that.

所以，我們對此感到非常高興。

It is important to note that the GLP-1 Care Track as it relates to total revenue as well as total numbers still is a minority of the volume of new members that are coming into our business. And so GLP-1s, we're pleased with the progress. We're seeing momentum, but the broader part of our growth still is coming from our core cardiometabolic platform across diabetes prevention, weight health, diabetes itself management as well as hypertension and MSK.

值得注意的是，GLP-1 照護計畫在總收入和總人數方面仍然只占我們業務新增會員數量的一小部分。因此，對於 GLP-1 類藥物，我們對所取得的進展感到滿意。我們看到了發展勢頭，但我們成長的更廣泛部分仍然來自我們的核心心血管代謝平台，涵蓋糖尿病預防、體重健康、糖尿病本身管理以及高血壓和肌肉骨骼疾病。

Got it, thanks, Lee.

明白了，謝謝李。

David Roman, The Goldman Sachs.

大衛羅曼，高盛集團。

Thank you. Good afternoon, everyone. I want just to start on the member growth side. And maybe you could help us with two things. One is maybe just deconstructing little bit the strength that you're seeing continue here in the second quarter, and I think that brings four quarters of very strong growth in membership into play here.

謝謝。大家下午好。我想先從會員成長方面著手。或許您還能幫我們做兩件事。一方面，我們可能需要稍微分析一下第二季度持續強勁的成長勢頭，我認為這樣就能解釋過去四個季度會員人數的強勁增長。

And then secondly, just remind us of the way you think about members. I think in the case of Omada membership is actually a good proxy for utilization based on how you define it. And then I had one P&L follow-up.

其次，請您提醒我們您是如何看待會員的。我認為，就 Omada 而言，會員數量實際上是衡量其使用情況的一個很好的指標，這取決於你如何定義它。然後我還有一份損益表跟進報告。

Yeah, thanks a lot for the question regarding member growth. As just mentioned, as well as in the prepared remarks, a nice driver of member growth year-over-year has been our GLP-1 Care Track but still represents a minority of our total membership. We continue to see broader growth in our total membership across our cardiometabolic suite, and so we like to see that.

是的，非常感謝您提出的關於會員成長的問題。正如剛才提到的以及在準備好的演講稿中所述，GLP-1 護理計劃一直是推動會員逐年增長的一個良好動力，但仍然只占我們總會員人數的一小部分。我們看到，我們心血管代謝領域的會員總數持續成長，我們對此感到欣喜。

In terms of what's driving the actual growth is not only our continued success in upselling and bringing on new clients with our multi-condition strategy. We continue to see success there. But I would add on to that, last year, in 2024, we managed to improve member outreach productivity and effectiveness by over 60% year-over-year.

真正推動成長的因素不僅是我們不斷成功地追加銷售，並透過我們的多條件策略吸引新客戶。我們持續看到那裡的成功。但我還要補充一點，去年（2024 年），我們成功地將會員拓展效率和效果提高了 60% 以上。

So, a lot of that improvement that we saw last year is converting and bringing and carrying over into this year. And also, we continue to optimize our outreach not only across e-mail but multichannel, and we're seeing continued improvement on the productivity front there, too, as well.

因此，去年我們看到的許多進步都轉化、延續到了今年。此外，我們不斷優化推廣策略，不僅透過電子郵件，而且透過多管道，我們也看到這方面的效率也在不斷提高。

So, it's really a combination of continued closed more deals, upselling more deals, bringing new covered lives into the funnel. And then once we have those covered lives in the funnel, continuously improving on the productivity of our outreach. That's really kind of the underpinning of what we're seeing on the robust growth that we're reporting out.

所以，這其實是多種因素共同作用的結果，包括不斷達成更多交易、追加銷售更多產品、將新的參保人員引入銷售漏斗。一旦我們將這些目標族群納入我們的宣傳管道，我們就會持續提高宣傳效率。這正是我們所報導的強勁成長的根本原因。

Yeah, and then, David, just on the second part of your question with regard to, actually, our members are someone who we are actively billing on. That's someone that we built on at least once in the prior 12 months. And then you had a little bit of a question there around utilization.

是的，David，關於你問題的第二部分，實際上，我們的會員是我們積極向其收費的對象。在過去的 12 個月裡，我們至少與這個人有過一次合作。然後，你也問了一些關於利用率的問題。

So historically speaking, we've demonstrated to keep 55% of our members engaged at the end of year 1. And then we see a very slight drop off, but not much of a drop off by the time we get to 24 months where we still have 50% of that same population continuing to stay engaged in the program. That's a weighted average across all of our programs. Obviously, folks who are diabetic and hypertensive tend to stay in a little bit longer, whereas the folks on the prevention weight health side tend to stay a little bit less.

從歷史數據來看，我們已經證明，在第一年結束時，我們能夠保持 55% 的會員參與。然後我們看到參與人數略有下降，但到 24 個月時下降幅度不大，仍有 50% 的參與者繼續參與該計劃。這是我們所有項目的加權平均值。顯然，患有糖尿病和高血壓的人往往住院時間會稍長一些，而注重預防體重健康的人往往住院時間會稍短。

Very helpful. And then maybe on the P&L, I appreciate the progress on profitability that you showed here in the second quarter. As you look forward, how are you thinking about the balance between reinvesting for future growth subsequent to the proceeds coming in from the IPO and achieving a fairly rapid path to profitability? And where are some of the incremental areas of investment you might deploy those resources?

很有幫助。然後，就損益表而言，我很欣賞你們在第二季展現的獲利能力方面的進步。展望未來，您如何看待IPO所得資金用於未來成長的再投資與實現較快獲利之間的平衡？那麼，您可以把這些資源投入哪些新增投資領域呢？

Yeah. No, thank you for the question. We're extremely happy with the quarterly performance here, again, growing 49%, and we saw a large portion of that beat drop directly to the bottom line, again, really related to the comments that Wei-Li just mentioned.

是的。不，謝謝你的提問。我們對本季度的業績非常滿意，再次實現了 49% 的增長，我們看到其中很大一部分增長直接體現在了利潤上，這與魏力剛才提到的評論非常吻合。

As we think about the back half of this year, we really want to continue to making some very strategic and targeted -- we're feeling a tremendous amount of market opportunity within the GLP-1 landscape. We've mentioned some investments in the front half of this year.

展望今年下半年，我們真的希望繼續進行一些非常具有策略性和針對性的舉措——我們感受到 GLP-1 領域存在著巨大的市場機會。我們已經提到今年上半年的一些投資。

We'll continue to make more investments in the back half of the year as well. We talked about AI, obviously, a very dynamic moment in the market. We're going to be continuing to invest in AI in the back half of the year as well to really set us up for 2026.

今年下半年，我們將繼續加大投資力道。我們談到了人工智慧，這顯然是市場上一個非常活躍的時期。今年下半年，我們將繼續增加對人工智慧的投資，為2026年做好充分準備。

And then on the IPO side and the public company side of the equation, we are carrying some more additional costs in the back half of the year in G&A associated with increased cost for D&O insurance as well as we made some investments in the accounting team to make sure that we can operate as a public company.

而在IPO和上市公司方面，由於董事及高階主管責任保險成本增加，我們在下半年的一般及行政費用中承擔了一些額外的成本，同時我們也對會計團隊進行了一些投資，以確保我們能夠像一家上市公司一樣運作。

But we're right now about to enter the back half of the year where we enter our annual planning process, and we're really attempting to balance growth and profitability. So, we're going to be really adjudicating over the next couple of months, making sure we make targeted and strategic investments to continue to grow the top line while also having a lens to continue to run the business profitably.

但我們現在即將進入下半年，進入年度規劃階段，我們正在努力平衡成長和獲利能力。因此，在接下來的幾個月裡，我們將認真權衡，確保進行有針對性的策略投資，以繼續提高營收，同時還要兼顧業務的獲利能力。

Thank you.

謝謝。

Saket Kalia, Barclays.

薩克特·卡利亞，巴克萊銀行。

Congrats on your first quarter as a public company.

恭喜貴公司上市後的第一個季度業績圓滿完成。

Thank you.

謝謝。

Sean or Wei-Li, maybe for both of you. I was wondering if you could talk about the competitive landscape a little bit. There's great secular adoption within your existing customer base. But I'm curious what you're seeing competitively with new customers?

肖恩或魏莉，或許你們兩個都適合。我想請您談談競爭格局方面的問題。現有客戶群中普遍接受這種世俗化的消費方式。但我很好奇，您在吸引新客戶方面看到了哪些競爭優勢？

Yeah, thanks a lot for the question. Obviously, as we approach the closing season, which really is in H2, we're really, really focused on the competitive dynamics. What we're continuing to see really is -- can be characterized into two buckets.

是的，非常感謝你的提問。顯然，隨著賽季末期的臨近（實際上已經是下半年了），我們非常非常關注競爭動態。我們持續看到的現象可以歸納為兩大類。

The first one, of course, as mentioned in prepared remarks and earlier answers to some questions, is continued momentum around the GLP-1 Care Track.

當然，正如我在準備好的演講稿和先前對一些問題的回答中所提到的，第一個目標是繼續推進 GLP-1 護理計劃。

We like what we see there, especially as it relates to the high levels of engagement we're seeing in the program as well as the clinical outcomes we're posting not only while on a GLP-1, but also after a number discontinues the GLP-1 continued efficacy in terms of when it comes to maintaining weight loss.

我們很喜歡我們看到的情況，尤其是我們看到該計畫的高參與度，以及我們發布的臨床結果，不僅在服用 GLP-1 期間，而且在許多人停止服用 GLP-1 後，GLP-1 在維持減肥方面仍然有效。

And that is a big differentiator in the marketplace right now as it relates to any competitive situation where we're trying to sell through our GLP-1 Care Track.

而這正是我們目前在市場上的一大優勢，尤其是在我們試圖透過 GLP-1 護理方案進行銷售的任何競爭情況下。

The other category of competitiveness that I would talk about in dynamics is related to really the rest of our portfolio regarding our cardiometabolic business as well as MSK.

我想在動態方面談論的另一類競爭力，實際上與我們心血管代謝業務以及肌肉骨骼業務的其他部分密切相關。

And it really comes back to kind of the strategy we've just been methodically executing on, and I feel like the team has been super disciplined on over the last several years around the dimensions of competitiveness that continue to resonate with our buyers, not only against existing customers that have been in the marketplace for a while, but also maybe even newer competitors that are trying to gain some traction in the marketplace.

歸根究底，這還是我們一直以來有條不紊地執行的策略。我覺得在過去的幾年裡，團隊在競爭力的各個方面都表現得非常嚴謹，這些競爭力不僅體現在與市場上已有一段時間的現有客戶的競爭上，也體現在與那些試圖在市場上獲得一些市場份額的新競爭對手的競爭上，這些競爭一直都能引起我們買家的共鳴。

And as a reminder, they're pretty straightforward, and that's what you know Omada for, but they are the following.

再次提醒大家，它們非常簡單明了，這也是 Omada 一貫的風格，它們如下。

The first one is a human-led proactive care approach, of course, enabled by technology and the latest generative AI features, for instance, OmadaSpark AI agent that we launched. And then secondly, our commitment to clinical and demonstrating healthy return on investment. That continues to be important.

第一種方法當然是以人為主導的主動護理方法，並藉助技術和最新的生成式人工智慧功能來實現，例如我們推出的 OmadaSpark 人工智慧代理。其次，我們致力於臨床研究，並證明投資能獲得良好的回報。這一點仍然很重要。

And then also on top of that, of course, is our multi-condition platform and strategy approach. There are other factors like post-sale experience, which is really important to get that additional second, third, fourth product upsell. But we find that still to continue to resonate in the marketplace very, very competitively.

當然，除此之外，還有我們的多條件平台和策略方法。還有其他因素，例如售後體驗，這對於獲得額外的第二、第三、第四件產品的追加銷售來說非常重要。但我們發現，這種做法在市場上仍然非常非常具有吸引力。

In our particular marketplace, there are not really reliable or there are no real market share reports. And so, one of the questions oftentimes is, "Well, how do you know? And can you give us a sense for how that is resonating and translating into sales performance?"

在我們這個特定的市場中，並沒有真正可靠的市佔率報告，或者說根本沒有真正的市佔率報告。因此，經常會有人問：“你怎麼知道呢？”您能否談談這種做法是如何引起共鳴並轉化為銷售業績的？

And we think that maybe a decent surrogate is looking at global app downloads. There's a company called Sensor Tower that provides global app load down data.

我們認為，全球應用程式下載量或許是個不錯的替代指標。有一家名為 Sensor Tower 的公司提供全球應用程式負載資料。

And we've been tracking that for quite some time. And for sequential quarters and months, we find that a pretty big gap between total global app downloads for Omada versus any number of competitors within our sector, and that continues to be true even with the latest updated data.

我們已經追蹤此事很久了。從連續的季度和月份來看，我們發現 Omada 的全球應用程式下載總量與我們行業內的任何競爭對手之間存在相當大的差距，即使使用最新的更新數據，情況仍然如此。

So, we feel like there's a good translation of not only our GLP-1 Care Track and what we've done there, but also kind of just the strategy around competitive positioning that we've been executing for years, continuing to resonate in the marketplace with our buyers.

因此，我們覺得不僅我們的 GLP-1 護理計劃和我們所做的工作得到了很好的詮釋，而且我們多年來一直在執行的競爭定位策略也得到了很好的詮釋，並且繼續在市場上引起買家的共鳴。

And Saket, this is Sean. The only build I'd offer on top is the vast majority of deals we close do consist in the white space. I shared in my remarks that Omada has penetrated 14% of self-insured, 9% of fully insured, 1% of Medicare Advantage. So, it's quite common that we meet clients that don't have anything.

薩凱特，這位是肖恩。我唯一想補充的是，我們達成的絕大多數交易都屬於空白領域。我在發言中提到，Omada 已滲透到 14% 的自保人群、9% 的全額保險人群和 1% 的聯邦醫療保險優勢計劃人群。所以，我們常常會遇到什麼都沒有的客戶。

Equally, in Wei-Li's prepared remarks, we talked about the takeover of an incumbent diabetes vendor. So that's equally something that we're seeing with increased frequency and watching for opportunities to progress more of that as we enter closing season.

同樣，在魏莉的發言稿中，我們也談到了收購一家現有的糖尿病供應商。所以，我們也越來越頻繁地看到這種情況，隨著賽季進入尾聲，我們將密切關注並尋找機會，進一步推進這方面的工作。

Understood very helpful. Maybe for a follow-up for you, Steve. Great to hear about more GLP1 Care Track adoption. Can you just remind us how pricing there looks versus the other modules? Just as we maybe think about sort of blended ARPU over time as presumably GLP Care Track becomes a bigger and bigger portion of the mix?

明白了，很有幫助。或許這是給你的後續問題，史蒂夫。很高興聽到越來越多的人採用 GLP1 護理方案。您能提醒我們一下，那裡的定價與其他模組相比如何嗎？正如我們可能會考慮隨著時間的推移，隨著 GLP Care Track 在整體構成中所佔比例越來越大，ARPU 也會發生某種混合變化？

Yeah, no, great question, Saket. And just a reminder, GLPs are still currently in the minority of our total enrolees. So, their ability to move our weighted average ARPU is going to take some time. As you know, we still have a lot of our total enrolees in the core cardiometabolic offerings.

是的，問得好，Saket。再次提醒大家，目前 GLP 患者在我們所有註冊患者中仍然只佔少數。因此，他們要影響我們的加權平均ARPU值還需要一些時間。如你所知，我們仍有許多學員選擇參加核心的心血管代謝課程。

In terms of where it sits within our pricing structures, it's priced at a premium to our prevention and weight health products, but still below hypertension and below diabetes. So, it's really the relative growth rate that we'll see in GLP-1s to the extent it overperforms and outpaces prevention and weight health, it does have the ability to lift blended ARPU over time, so do diabetes and so to hypertension as well. And that's why we're extremely focused on those condition areas.

就其在我們定價結構中的定位而言，它的價格高於我們的預防和體重健康產品，但仍低於高血壓和糖尿病產品。因此，我們真正看到的是 GLP-1 的相對增長率，它在預防和體重健康方面表現優異，並且能夠隨著時間的推移提高混合 ARPU，糖尿病和高血壓也是如此。正因如此，我們才格外關注這些領域。

Very helpful. Thanks guys.

很有幫助。謝謝各位。

Elizabeth Anderson, Evercore ISI.

Elizabeth Anderson，Evercore ISI。

Hi guys, congrats on your first quarter out in the market. It's great to see the results here. I had just a question about the selling season. Obviously, you signed CVS, which gives you sort of access to some of a bunch of their members. Is there anything you could specifically call out that's sort of resonating with that client book and just any progress on the early selling or sales there?

大家好，恭喜你們成功完成上市首季度。很高興看到這樣的結果。我有一個關於銷售旺季的問題。顯然，你加入了 CVS，這讓你有機會接觸到他們的一些會員。您能否具體指出一些與客戶資料相關的亮點，以及早期銷售或成交方面的進展？

And then maybe as a follow-up, obviously, Steve was just talking about the sort of industry-leading retention results in terms of users on the platform one to two years later. How do you think about how the evolution of that as we move through the next couple of years? That number has obviously been high and coming up over time. But how do we think about sort of incremental nudges or the use case of AI that you guys are mentioning on the food side, maybe as an example?

然後，作為後續討論，顯然，史蒂夫只是在談論該平台在用戶留存方面取得的行業領先成果，即一到兩年後的用戶數量。您認為在接下來的幾年裡，這種情況會如何演變？這個數字顯然一直很高，而且還在上升。但是，我們該如何看待你們提到的在食品領域應用人工智慧的漸進式推動或應用案例呢？

Yeah, hi Elizabeth. This is Wei Lee. Great to hear from you. Thanks for your question. Regarding selling season, you also mentioned CVS.

嗨，伊麗莎白。這是李偉。很高興收到你的來信。謝謝你的提問。關於銷售旺季，您也提到了 CVS。

Yes, we went to market and have a relationship with CVS, all of our products, including our GLP-1 Care Track are listed on their platform. We went to market through CVS earlier this year. And we're kind of pleased with the early signs.

是的，我們已經進入市場並與 CVS 建立了合作關係，我們所有的產品，包括我們的 GLP-1 Care Track，都已在他們的平台上列出。今年早些時候，我們透過 CVS 進入市場銷售。我們對目前的跡象感到比較滿意。

Obviously, in 2025, because of the enterprise motion usually takes 12, 18 months to kind of gain any traction, we don't expect any material contribution to total membership growth in 2025. But we do look for growth in our pipe as it relates to closing new deals.

顯然，由於企業運動通常需要 12 到 18 個月才能取得任何進展，因此我們預計 2025 年不會對會員總數成長做出任何實質貢獻。但我們確實希望在達成新交易方面，我們的業務能夠成長。

As it relates to CVS as well as across our portfolio, our pipe is building nicely. But as we all know, we're just entering the selling and closing season literally just right now. And so, we're going to be excited and anxiously awaiting to kind of see how those deals convert into closed one towards the end of the year.

就 CVS 以及我們整個投資組合而言，我們的專案儲備正在穩步成長。但我們都知道，我們現在正處於銷售和成交的旺季。因此，我們將既興奮又焦急地等待，看看這些交易在年底前能否最終達成。

So, nothing to share right now in terms of total progress on closed deals or our pipe, but we do like what we're seeing. And again, we'll be tracking it very, very closely over here in the back half of this particular year.

所以，目前在已完成交易或專案儲備方面沒有什麼可以分享的整體進展，但我們對目前的情況感到滿意。而且，在今年下半年，我們會非常密切地關注此事。

As far as other traction on engagement of our membership, we continue to see continued engagement in our membership. We're going to be tracking very, very closely. Obviously, the GLP-1 Care Track members are newer to our business just over the last maybe 18, 24 months. And so, we're going to continue to track how that engagement goes. But we, again, like what we see there, and we're gaining momentum.

至於會員參與度的其他進展，我們繼續看到會員的參與度持續上升。我們會非常密切地關注此事。顯然，GLP-1 Care Track 的成員加入我們公司的時間比較短，大概只有 18 到 24 個月。因此，我們將繼續追蹤這種互動情況。但是，我們再次對那裡的情況感到滿意，而且我們正在獲得發展勢頭。

And Elizabeth, this is one thing we love about our pricing model. I mean, as you know, and for those who perhaps don't, we charge when people sign up and we continue to build such that they're engaged. So, the better product experience becomes, the more engagement ideally, we can get, the more revenue we'll capture. And ultimately, it's about the outcomes and bending the curve.

伊莉莎白，這就是我們喜歡這種定價模式的原因之一。我的意思是，正如你所知，也可能有些人不知道，我們會在用戶註冊時收費，並且我們會不斷改進，以保持他們的參與度。因此，產品體驗越好，使用者參與度就越高，我們就能獲得越多的收入。歸根結底，一切都關乎結果和扭轉局面。

So, advances like AI are just one additional air in the quiver to just build experiences that members absolutely love that feel personalized to them, that feel that they -- that let them feel that they're getting this incredible support for Omada. And optimally, that will be reflected in engagement progress over time, which will be one of the levers of growth for Omada.

因此，像人工智慧這樣的進步只是眾多手段之一，旨在打造會員絕對喜愛的、個人化的體驗，讓他們感受到 Omada 的強大支持。理想情況下，這將在用戶參與度的提升中得到體現，而用戶參與度的提升將成為 Omada 成長的驅動力之一。

Great. That's super helpful. And I'm interested personally in this food scanner thing, too. So let me know.

偉大的。這太有幫助了。我個人也對這個食品掃描器很有興趣。所以請告訴我。

We'll let you try it. It's pretty funny.

我們讓你試試。挺搞笑的。

Richard Close, Canaccord Genuity.

Richard Close，Canaccord Genuity。

Yeah, thanks for the questions. Congratulations on a very strong start. Maybe a question for Steve here. Just curious if you could talk a little bit about the gross margin progression through the rest of the year. Obviously, outperformed us by a significant amount here in the second quarter. And just curious if we should assume sort of that typical continued stair step in the back half that you have done in the past. I'll start there.

好的，謝謝你的提問。恭喜你們取得非常強勁的開局。或許這個問題可以問史蒂夫。我只是想請您談談今年剩餘時間的毛利率變化。顯然，他們在第二季的表現遠遠超過我們。我只是好奇，我們是否應該假設後半部會像你過去一樣，採用典型的階梯式結構。我就從這裡開始。

Richard, yeah, thank you so much for the question. Obviously, extremely proud of what we did in Q2, ending at 68% gross margin. Maybe just to reorient everyone, we do observe gross margin seasonality in our business. Q1 historically has been our lowest gross margin quarter.

理查德，是的，非常感謝你的提問。顯然，我們對第二季的業績感到非常自豪，毛利率達到了 68%。或許只是為了讓大家重新認識一下，我們確實觀察到業務中的毛利率有季節性波動。從歷史數據來看，第一季一直是我們毛利率最低的季度。

That's associated with it being our largest quarter for net new enrolment volume associated with the annual benefit cycle. So, what you have happened there is we have increased care team costs because our care teams are ramping up our new members.

這是因為這是我們年度福利週期內淨新增參保人數最多的季度。所以，目前的情況是，由於我們的護理團隊正在接納新成員，因此護理團隊的成本增加了。

And then we're also shipping a higher amount of hardware in the first quarter to make sure that folks are set up on the program. What we've typically observed historically is that you then see a tick up from Q2 and then the rest of the year. If you look back to 2024, we started the year at 52% gross margin. We exited the year at 69% gross margin.

此外，我們還將在第一季出貨更多硬件，以確保用戶能夠順利接入該程式。從歷史數據來看，我們通常觀察到的情況是，從第二季開始會出現小幅成長，然後在接下來的幾個月持續成長。回顧 2024 年，我們年初的毛利率為 52%。我們年底的毛利率為 69%。

So, we really like the setup that we currently have for the back half of the year, going from 60% in Q1 and then increasing to 68% in Q2. We really like how that's currently being set up, but we're not commenting on how that's going to build for the back half.

所以，我們非常喜歡目前下半年的安排，第一季達到 60%，第二季提高到 68%。我們非常喜歡目前的安排方式，但我們不會對下半季的安排發表評論。

Thank you, okay. And then my follow-up is to maybe better understand the member progression through the year. You sell during the year, that's the benefit year launches, you get a lot of members signing up in that first quarter. Obviously, in the second quarter, you significantly outperformed. And I'm just curious, are the dynamics changing a little bit now that you have the GLP-1 Care Track?

謝謝，好的。接下來，我的後續工作可能是為了更了解成員在這一年中的成長歷程。在一年中的這個時候進行銷售，這就是利好年份的開始，你會在第一季獲得大量會員註冊。顯然，在第二季度，你的表現明顯優於預期。我很好奇，既然你們有了 GLP-1 照護方案，情況是否發生了一些變化？

And how should we think about membership in the back half in terms of new members coming on?

那麼，在後半程的會員制度中，我們該如何看待新會員的加入呢？

Yeah, hi Richard. Let me comment on that regarding member kind of volume progression. I think there's a couple of things to note. I think the first one is that as we continue to study our member outreach and optimize and do all the AB testing that we've been doing for several years now.

嗨，理查德。關於會員人數成長方面，我想就此發表一些看法。我認為有幾點需要注意。我認為第一點是，我們將繼續研究我們的會員拓展策略，並進行最佳化和所有我們已經進行了好幾年的 A/B 測試。

That could influence changes in member volume that may look a little bit different compared to last year. So better enrolment rate or member outreach effectiveness, obviously, will influence quarter-to-quarter sequentially and may show up with some differences there.

這可能會導致會員數量發生變化，與去年相比可能會有所不同。因此，較高的註冊率或會員拓展效果顯然會對季度間的業績產生影響，並可能在季度間出現一些差異。

And as mentioned a little bit earlier, we continue to optimize there, and we continue to see some improvement year-over-year as we did in '24 compared to 2023.

正如前面提到的，我們繼續優化這方面，我們看到每年都有一些改進，就像 2024 年與 2023 年相比一樣。

The second thing to think about that you brought up in terms of GLP-1s, this space is still relatively new to everybody. It's dynamic. It's unsettled, and we need to continue to monitor exactly what the annual flow will be for GLP-1 numbers.

關於 GLP-1，你提到的第二點需要考慮的是，這個領域對所有人來說仍然相對較新。它是動態的。目前情況尚不明朗，我們需要持續監測 GLP-1 數量的年度流量究竟是多少。

But one of the things that we do need to watch carefully is that the GLP-1 prescription volume continues to grow across the weight health category as physicians continue to prescribe.

但我們需要密切關注的一點是，隨著醫生繼續開立 GLP-1 處方，GLP-1 在體重健康領域的處方量持續增加。

And so, as physicians continue to prescribe and as our utilization and support for our GLP-1 companion program continues to grow, we're going to have to watch how that changes number volume sequentially from quarter-to-quarter.

因此，隨著醫生繼續開立處方，以及我們對 GLP-1 伴隨療法的利用和支持不斷增長，我們將不得不觀察其數量如何逐季度變化。

All right thank you.

好的，謝謝。

Ryan MacDonald, Needham & Co., LLC.

Ryan MacDonald，Needham & Co., LLC。

I thanks for taking my questions. Congrats on a great first quarter out. I understand you're obviously not quantifying sort of GLP-1 Care Track success. But maybe qualitatively, if you look at sort of the buckets or sources of where you might be getting the member adds from, can you talk about what you're seeing in terms of the magnitude of success within EncircleRx program versus sort of the broader GLP-1 Care track adoption in terms of member adds?

謝謝您回答我的問題。恭喜你第一季表現出色。我明白你顯然沒有量化 GLP-1 護理路徑的成功程度。但或許從定性角度來看，如果您查看會員成長的來源或類別，您能否談談在 EncircleRx 計劃中取得的成功規模與更廣泛的 GLP-1 Care 計劃在會員增長方面的採用情況相比有何不同？

Yeah, hi Ryan Wei-Lee here. Yeah, sir, sure. I mean, of course, we're proud to be a partner for the EnCircleRx program, which is part of the ESI Ever north business there. We work very, very closely with them.

是的，大家好，我是 Ryan Wei-Lee。好的，先生，當然可以。當然，我們很榮幸能成為 EnCircleRx 專案的合作夥伴，該專案是 ESI Ever North 業務的一部分。我們與他們合作非常密切。

They work closely with us, and we have a pretty good large-scale go-to-market there. And certainly, that is a part of the increasing growth attribution of GLP-1 Care Track members to our total overall membership growth.

他們與我們密切合作，我們在那裡擁有相當不錯的大規模市場推廣策略。當然，GLP-1 Care Track 會員數量的不斷增長也歸因於我們整體會員數量的增長。

In terms of other types of business, we continue to sell through our GLP-1 Care Track. Most recently, of course, we launched with CVS, the largest PBM in the entire marketplace here in the United States, not only our GLP-1 Care Track, but also our other programs. And we continue to closely partner with their sales teams to build pipe.

至於其他類型的業務，我們繼續透過我們的 GLP-1 護理管道進行銷售。當然，最近我們與美國市場上最大的藥品福利管理機構 CVS 合作，推出了我們的 GLP-1 護理計劃以及其他項目。我們將繼續與他們的銷售團隊緊密合作，拓展銷售管道。

We don't anticipate significant volume this year from that relationship because the enterprise motion takes a little bit while, but we do anticipate contribution across the portfolio, including GLP-1s, more so to hit next year. So that's what I would say in terms of GLP-1 Care Track membership progression.

我們預計今年該合作關係不會帶來顯著的業務量，因為企業轉型需要一些時間，但我們預計該合作關係將對整個產品組合（包括 GLP-1）做出貢獻，尤其是在明年。以上就是我對 GLP-1 護理會員晉升計劃的看法。

It is also important to note that even clients that don't have the GLP-1 Care Track doesn't preclude members who decide to come into our program, either with diabetes or hypertension or with weight health that might be on a GLP-1. And so, we certainly support those numbers in kind, although not with the enhanced GLP-1 care services that are associated with Care Track.

值得注意的是，即使沒有 GLP-1 護理方案的客戶，也不會阻止患有糖尿病、高血壓或體重健康問題（可能需要接受 GLP-1 治療）的成員加入我們的計劃。因此，我們當然會以實際行動支持這些數字，儘管不會提供與 Care Track 相關的增強型 GLP-1 護理服務。

And Ryan, building -- this is Sean. Building upon Wei-Li, just a couple of observations on the end market for GLPs. So we find that there are really two customer types. There is an employer who covers GLP-1s for their population. They may have interest in Omada's GLP-1 Care Track.

還有瑞恩，建築──這是肖恩。在 Wei-Li 的基礎上，對 GLP 的終端市場有幾點看法。因此，我們發現實際上存在兩種類型的客戶。有一家雇主為其員工提供 GLP-1 保險。他們可能對 Omada 的 GLP-1 護理方案感興趣。

Equally, our contracts with both CVS Caremark and Ever north allow them to deploy our broader solution.

同樣，我們與 CVS Caremark 和 Ever North 的合約允許他們部署我們更廣泛的解決方案。

So, it's quite often that they look at the Care track and think, "You know what, it makes a lot of sense to just deploy Omada's prevention and weight health more broadly or other solutions." Given that they know that a minority of their population that has cardiometabolic challenges and wants to lose weight may be on a GLP-one so that's customer type A. It really lifts all those.

因此，他們經常會審視護理方案，然後想：“你知道嗎，更廣泛地部署 Omada 的預防和體重健康方案或其他解決方案是很有意義的。”鑑於他們知道，他們人群中有一小部分患有心血管代謝疾病並想減肥的人可能正在服用 GLP-1，所以這部分人屬於 A 類客戶。這確實提升了所有這些人的需求。

Equally, there's customer type B, which are employers who just are not in a financial position to be able to cover GLP-1s for obesity. That's also a conversation we can have because those HR leaders are getting e-mails from their employees saying, "How come GLP-1s are not on our benefit design?" And it's a nice thing for them to be able to say, like, "Look, at this point, we can't afford GLP-1s, but we'd like you to meet Omada."

同樣，還有 B 類客戶，即那些經濟狀況不允許為肥胖症患者支付 GLP-1 費用的雇主。這也是我們可以討論的話題，因為人力資源主管們會收到員工的電子郵件，詢問“為什麼我們的福利方案中沒有 GLP-1 藥物？”對他們來說，能夠這樣說也是一件好事：“你看，目前我們還負擔不起 GLP-1，但我們希望您能認識一下 Omada。”

So there's really two buyer personas there. In many ways, GLP-1 has become a tailwind for the broader business at large, which is just a dynamic I wanted to make sure to punctuate.

所以其實有兩種買家畫像。從很多方面來看，GLP-1 已經成為整個業務發展的順風，而這正是我想要強調的動態。

Yeah, Super helpful color there, and I appreciate all of that. And as we think about the selling season, we're still obviously early in that, but we hear a bit of crosswinds in terms of, obviously, heavy demand at looking at potential GLP-1 companion solutions because of the heavy costs and how that's driving up health care costs, but then also a lot of uncertainty around decision-making because of the tariff situation, the macro. How is that playing out or shaking out in terms of the conversations that you're having? And are you seeing any signs at all in terms of delayed decision-making? Or is it too early to tell?

是的，這個顏色真的很有用，我很感激。當我們考慮銷售季時，顯然還處於早期階段，但我們聽到了一些相互矛盾的聲音，一方面，由於高昂的成本以及這如何推高了醫療保健成本，人們對潛在的 GLP-1 伴隨療法的需求很大，另一方面，由於關稅情況和宏觀經濟，決策方面也存在很多不確定性。就你們正在進行的對話而言，這種情況是如何發展或演變的？您是否發現任何決策延遲的跡象？現在下結論還為時過早嗎？

Thanks. We -- year-to-date, we're not seeing really any influence or material difference in pipe development, pipe movement. As you've noted, we're clearly early in the season. And just like every year as we approach the closing and selling season, we'll watch things very, very closely in terms of how things accelerate through the pipeline.

謝謝。今年到目前為止，我們還沒有看到管道開發、管道運輸方面有任何真正的影響或實質差異。正如你所指出的，現在顯然還處於賽季初期。就像每年接近成交和銷售旺季一樣，我們會非常密切地關注交易流程的進展。

But here to date, we've not seen any particular influence in terms of customers churning or slowing down their decision-making or being interested in the portfolio of programs that we have. But again, we'll be watching, of course, this very, very closely over the second half of the year.

但到目前為止，我們還沒有看到任何特別的影響，例如客戶流失率上升、決策速度減慢或對我們現有專案組合的興趣降低。當然，在今年下半年，我們會非常密切地關注此事。

Yeah, and I mean chronic disease is very topical right now. I mean you've got, obviously, the administration's focus on chronic disease. You've got GLP-1s. It's creating a nice spotlight on just metabolic care generally, and I think that's reflected in what we see in the pipeline.

是的，我的意思是，慢性病現在是一個非常熱門的話題。我的意思是，很顯然，政府非常重視慢性病。你體內有GLP-1。它讓人們更加關注代謝疾病的治療，我認為這體現在我們目前看到的研發項目中。

Gene Mannheimer, Freedom Capital Markets.

吉恩‧曼海默，《自由資本市場》。

Oh thanks. Good afternoon, and Congrats on the IPO and the great results. I just want to -- really a 2-part question, just building on the last one. Understanding that you're seeing nice growth in the GLP-1 track, how would you intend to kind of maintain your edge there in weight management given that competitors that do offer GLP-1 treatments are beginning to integrate GLP-1 support in their programs?

哦，謝謝。下午好，祝賀公司成功上市並取得優異成績。我只是想問——其實這是一個包含兩個部分的問題，只是在上一個問題的基礎上展開的。鑑於您在 GLP-1 領域取得了不錯的成長，考慮到提供 GLP-1 療程的競爭對手也開始將 GLP-1 支援納入他們的治療方案中，您打算如何保持您在體重管理領域的優勢？

And then the second question is really more on the narrowing losses, which have been impressive even as you incur public company costs and you scale your investments, what level of revenue you think the company can achieve positive operating margins? Thanks.

第二個問題其實更多是關於虧損收窄的問題，即使你們承擔了上市公司的成本並擴大了投資規模，虧損收窄的情況仍然令人印象深刻。你們認為公司在什麼收入水準下可以達到正的營業利益率？謝謝。

Yeah, Gene, thank you. This is Wei-Li. Appreciate the question. I'll tackle the one regarding GLP, then Steve, I'll hand it over to you to talk about the second question.

是啊，吉恩，謝謝你。這是魏莉。感謝您的提問。我先回答關於 GLP 的問題，然後史蒂夫，我把第二個問題交給你來回答。

It's a good question. We've often said and even have said on this call that the GLP-1 marketplace is dynamic. It's unsettled. It has not reached a steady state, and that would be certainly the case for enterprise buyers looking for solutions. We think the antidote for that is continued innovation.

這是個好問題。我們常說過，甚至在這次電話會議上也說過，GLP-1 市場是動態的。局勢動盪不安。它尚未達到穩定狀態，對於尋求解決方案的企業買家來說，情況尤其如此。我們認為解決之道在於持續創新。

And as Steve had indicated earlier in some of his other comments that we have investments or continued investments in the GLP-1 space even slated for the back half of this year.

正如史蒂夫之前在其他一些評論中提到的那樣，我們甚至計劃在今年下半年繼續在 GLP-1 領域進行投資或持續投資。

One of the things that I think is important to note and I think is important to reinforce is that one of the key aspects, we believe that our purchasers, our buyers, our clients care about is around results. Do people engage in your program in the Omada GLP-1 Care Track?

我認為需要特別注意並強調的一點是，我們相信我們的買家、客戶最關心的關鍵方面之一是結果。人們是否參與了 Omada GLP-1 護理課程？

I think our results would show and indicate that they do. At various points in time, several months out, 80% to 90% of people are still persistent on their GLP-1 compared to probably 30 percentage points less than that in the wild.

我認為我們的結果會表明確實如此。在幾個月後的不同時間點，仍有 80% 到 90% 的人堅持服用 GLP-1，而正常情況下這一比例可能比正常情況下低 30 個百分點。

And we attribute that potentially to the support that they receive from their coach, the dynamic and engaging nature of our application and ongoing support that they get across the entire journey from the point that they start on their GLP-1 and to the point that potentially if a member decides to stop their GLP-1 at that point and then well beyond.

我們認為這可能歸功於他們從教練那裡獲得的支持，我們應用程式的動態性和吸引力，以及他們在整個旅程中獲得的持續支持，從他們開始 GLP-1 的那一刻起，直到會員決定停止 GLP-1 為止，甚至之後很長一段時間。

The second part of it, of course, are the outcomes. As we all know, buyers are trying to make decisions about whether or not they cover and reimburse GLP-1s because of the cost. And for those that have decided, they're still worried about the cost.

當然，第二部分就是結果。我們都知道，由於成本問題，買家正在考慮是否承保和報銷 GLP-1 類藥物。而那些已經做出決定的人，仍然擔心費用問題。

And certainly, the price tag is something that they're worried about the total impact of that price tag times the number of potential people they're worried about that impact, but they're increasingly concerned about potential waste.

當然，他們擔心價格，也擔心價格乘以潛在受益人數所帶來的整體影響，但他們越來越擔心潛在的浪費。

And so, what do I mean by that? And so, what I mean by that is that as many as one third to two third of people at the end of the year that are on GLP-1s will decide to come off their GLP-1. They don't want to be on it for a lifetime.

那麼，我這話是什麼意思呢？所以，我的意思是，到年底，接受 GLP-1 治療的人中，可能有多達三分之一到三分之二的人會決定停止接受 GLP-1 治療。他們不想一輩子都待在上面。

And we know from the data that the overwhelming majority of people gain two third, maybe even more than two third of their weight back once they stop their GLP-1. And so, they're really looking for not only a companion program while you're on a GLP-1, but one after -- a program after your GLP-1 that reduces weight gain.

我們從數據中得知，絕大多數人在停止使用 GLP-1 後，體重會反彈三分之二，甚至可能超過三分之二。因此，他們真正需要的不僅是 GLP-1 治療期間的配對方案，還有治療後的方案——GLP-1 治療後可以減少體重增加的方案。

And we've shown compelling data to suggest at 16 weeks that you actually don't experience any weight regain on average and in fact, a minus 0.1% decrease in actual weight.

我們已經提供了令人信服的數據，表明在 16 週時，平均而言，您實際上不會出現任何體重反彈，實際上，實際體重還會下降 0.1%。

And so that becomes an important dialogue. We are going to continue to follow members beyond the 16 weeks. We're going to go out 6 months, 9 months, 12 months. And we look forward to sharing that data when it becomes available.

因此，這就成了一場重要的對話。我們將繼續追蹤成員的情況，超過 16 週。我們將分別外出6個月、9個月、12個月。我們期待在數據公佈後與大家分享。

So that's an important part of doubling down on the data to make sure that everybody understands the effectiveness of our programs.

所以，這是加倍重視數據，確保每個人都了解我們專案的有效性的重要一環。

As far as other investments, nothing to share today, but when the time comes, we'll be more than happy to do that.

至於其他投資方面，今天沒有什麼可以分享的，但時機成熟時，我們非常樂意分享。

Gene, yes, regarding the second part of your question, obviously, we're very happy with the quarterly progression here, growing 49%. A large majority of that top line performance dropped directly to the bottom line. And we continue to see operating leverage in 3 main areas.

Gene，是的，關於你問題的第二部分，顯然，我們對季度進展非常滿意，成長了 49%。大部分營收成長直接轉化為利潤下降。我們繼續在 3 個主要領域看到經營槓桿效應。

The first and probably most important is our care delivery platform. This is the tooling and the platform that our care teams use every day to serve our members. We've been investing in the care delivery platform for the better part of our decade, tens of millions of dollars.

首先也是最重要的一點是我們的醫療服務平台。這是我們護理團隊每天用來為會員提供服務的工具和平台。在過去的近十年裡，我們一直在投資醫療服務平台，投入了數千萬美元。

And as we've needed to add new features and new product features, we haven't needed to deploy a ton of incremental investment to spin those up. We launched our GLP-1 Care Track on our existing tech stack in just a couple of months.

而且，隨著我們不斷添加新功能和新產品功能，我們並不需要投入大量的增量投資來啟動這些功能。我們只花了幾個月的時間，就在我們現有的技術堆疊上推出了 GLP-1 護理方案。

The next part is we're feeling a tremendous amount of operating leverage across our sales force. Prior to 2019, we are in market with our prevention and weight health product. Now we're in market with diabetes, with hypertension with MSK and now with our GLP-1 product offering. So, our sales force has become more efficient because they can now sell across a suite of products.

接下來，我們感受到銷售團隊擁有巨大的營運槓桿效應。2019 年之前，我們的預防和體重健康產品已進入市場。現在，我們的產品線涵蓋了糖尿病、高血壓（包括 MSK 產品）以及 GLP-1 產品。因此，我們的銷售團隊效率更高了，因為他們現在可以銷售一系列產品。

And then lastly is our marketing outreach. Last year, we sent just over 100million e-mails across 5,000 different campaigns across our 2,000 customers. That's the primary medium that we get folks in the doors through e-mail marketing, and it's a very cost-effective channel for us.

最後是我們的市場推廣工作。去年，我們透過 5,000 個不同的行銷活動，向 2,000 位客戶發送了超過 1 億封電子郵件。這是我們透過電子郵件行銷吸引顧客的主要管道，對我們來說，這是一個非常經濟高效的管道。

So, as we think about continuing to grow, we're not going to need to invest disproportionately in that team to scale with the demand that we're seeing on the other end of it.

所以，當我們考慮繼續發展時，我們不需要對該團隊進行不成比例的投資來滿足我們目前所看到的需求。

I don't want to cite a specific level of revenue at this time as to when we're going to be breakeven exactly. We're going to continue to look at the back half of this year and determine where we can make strategic investments to continue to grow. But we do think Q2 was a rick barometer narrowing our adjusted EBITDA loss to just $200,000 on a $61million quarter.

目前我不想具體指出何時才能達到損益平衡點。我們將繼續關註今年下半年的發展，並確定可以在哪些方面進行策略性投資以繼續成長。但我們認為第二季是重要的晴雨表，調整後的 EBITDA 虧損縮小至僅 20 萬美元，而當季營收為 6,100 萬美元。

Great color, thank you.

顏色很棒，謝謝。

Thank you. And I'm showing there are no further questions in the Q&A queue at this time. Ladies and gentlemen, that does conclude our conference for today. Thank you all for your participation, and you may now disconnect.

謝謝。目前問答隊列中沒有其他問題了。女士們、先生們，我們今天的會議到此結束。感謝各位的參與，現在可以斷開連結了。