Omada Health Inc (OMDA) 2025 Q3 法說會逐字稿

Good day, and thank you for standing by. Welcome to the Omada Health third-quarter 2025 earnings conference call. (Operator Instructions) Please be advised that today's conference is being recorded.

您好，感謝您的耐心等待。歡迎參加 Omada Health 2025 年第三季財報電話會議。（操作人員指示）請注意，今天的會議正在錄音。

I would now like to hand the conference over to your speaker today, Allan Kells, Head of Investor Relations for Omada Health. Please go ahead.

現在，我謹將會議交給今天的演講嘉賓，Omada Health 投資者關係主管 Allan Kells。請繼續。

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

謝謝。午安.歡迎參加 Omada Health 2025 年第三季財報電話會議。今天與我一同出席的有：共同創辦人兼執行長肖恩·達菲；總裁邵偉立；以及財務長史蒂夫·庫克。

Before we begin, I'd like to note that we will be discussing non-GAAP financial measures that we consider helpful in evaluating Omada's performance. You can find details on how these relate to our GAAP measures, along with the 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 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 make 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. Actual results could differ materially, and we assume no obligation to update these forward-looking statements.

我們也會根據我們目前的預期和假設做出前瞻性聲明，這些聲明會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。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。

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

接下來，我將把電話交給肖恩。

Good afternoon, everyone, and thank you, Allan, for the introduction. I appreciate all of you for taking the time to join us today.

各位下午好，謝謝艾倫的介紹。感謝各位今天抽空參加。

Let me begin with highlights from our third quarter, which was another strong step forward for Omada. Total members climbed 53% year over year to 831,000. Revenue grew 49% year over year to $68 million. GAAP gross margin reached 66% with non-GAAP at 68%, both up sharply from Q3 last year. We tightened the bottom line, reducing our net loss to $3 million versus $9 million in Q3 '24. And for the first time, we delivered a positive adjusted EBITDA quarter with Q3 landing at $2 million compared with a $5 million loss at Q3 a year ago.

首先讓我介紹一下我們第三季的亮點，這對奧馬達來說又是一次強而有力的進步。會員總數年增 53%，達到 831,000 人。營收年增 49%，達到 6,800 萬美元（GAAP）。毛利率達 66%，非 GAAP 毛利率達到 68%，均較去年第三季大幅成長。我們收緊了損益平衡點，將淨虧損從 2024 年第三季的 900 萬美元減少到 300 萬美元。我們首次實現了調整後 EBITDA 為正的季度業績，第三季獲利 200 萬美元，而去年同期第三季虧損 500 萬美元。

These numbers are encouraging, but the real story is the impact behind them. One of our GLP-1 Care Track members recently told us, having struggled with weight for most of my life, I realize there is no quick fix. GLP-1 medicines are helpful, no doubt, but I needed to develop tools and a mindset geared toward my long-term success. Omada has been very helpful in giving me thinking about what I can do to better my life now and in the future.

這些數字令人鼓舞，但真正值得關注的是它們背後的影響。我們 GLP-1 護理計劃的一位成員最近告訴我們，她一生中大部分時間都在與體重作鬥爭，她意識到沒有快速的解決方法。GLP-1 藥物無疑很有幫助，但我需要培養一些工具和一種思考方式，以實現我的長期成功。Omada 對我思考如何改善我現在和未來的生活非常有幫助。

Stories like that remind us why we're here to deliver evidence-based care between doctors' visits, care that weaves together clinical services, wraparound support for next-generation therapeutics such as GLP-1s and cutting-edge AI-driven experiences.

這樣的故事提醒我們，我們存在的意義在於提供醫生就診間隙的循證護理，將臨床服務、下一代療法（如 GLP-1）的全方位支持以及尖端的 AI 驅動體驗融為一體的護理。

Our long-term mission at Omada is simple but bold, bend the curve for the more than 150 million Americans living with chronic conditions, such as prediabetes and obesity, diabetes, hypertension, and musculoskeletal disease. We pursue this mission on behalf of employers and health plans that seek healthier populations at lower costs. And during the third quarter, I believe we demonstrated meaningful progress towards this mission.

Omada 的長期使命簡單而遠大，那就是幫助超過 1.5 億患有慢性疾病的美國人扭轉局面，這些慢性疾病包括糖尿病前期和肥胖症、糖尿病、高血壓和肌肉骨骼疾病。我們代表那些希望以更低成本實現更健康人群的雇主和健康計畫來履行這項使命。我認為，在第三季度，我們朝著這個目標取得了實質進展。

First, innovation remains front and center. Today, we announced prescribing for anti-obesity medications within our GLP-1 Care Track as a planned option for our clients. We believe it addresses many of today's market needs and positions us to better support the next wave of oral and injectable GLP-1 therapies, which we believe will span various price points in the future.

首先，創新仍然是重中之重。今天，我們宣布將抗肥胖藥物納入我們的 GLP-1 護理方案，作為我們客戶的計劃選擇。我們相信它滿足了當今市場的許多需求，並使我們能夠更好地支持下一波口服和注射 GLP-1 療法，我們相信這些療法未來將涵蓋各種價格點。

As those therapies evolve, so will questions employers face, chief among them, in addition to lifestyle support, how do we help ensure the right member is on the right medication at the right time. Our answer at Omada combines behavioral intelligence, which are learnings from health metrics, readiness, and engagement data from serving more than 100,000 GLP users; behavioral support to drive outcomes well on the medicines and sustainability well not; and flexibility that enables employers to tailor their GLP-1 benefit strategies against their unique needs.

隨著這些療法的不斷發展，雇主們面臨的問題也會隨之改變，其中最主要的問題是，除了生活方式支持之外，我們如何幫助確保合適的成員在合適的時間服用合適的藥物。Omada 的解決方案結合了行為智能（從服務超過 10 萬名 GLP 用戶中獲得的健康指標、準備情況和參與度數據中汲取的經驗教訓）、行為支持（以推動藥物治療效果良好，可持續性良好）以及靈活性（使雇主能夠根據自身獨特需求定制 GLP-1 福利策略）。

The customer conversations we've had as we've shaped this offering have been clear. Many customers want help thoughtfully managing GLP-1 spend while preserving clinical value. They want a partner that can be configurable and flexible as they evolve their benefit strategies year over year, and they want a partner who is built for scale. Our new capability squarely targets these customer needs.

我們在製定產品方案的過程中與客戶的溝通非常清楚。許多客戶希望在保持臨床價值的同時，獲得有關如何合理管理 GLP-1 支出的協助。他們希望找到一個能夠隨著他們每年福利策略的調整而靈活調整的合作夥伴，並且希望找到一個能夠適應規模化發展的合作夥伴。我們的新能力正是為了滿足這些客戶需求而開發的。

Beyond product innovation, in Q3, we deepened our research. August marked our 30th peer-reviewed publication, highlighting significant savings from our joint and muscle health program. We also published data from our weight health program, showing members in the analysis largely maintained weight on average one year after discontinuing GLP-1 therapy, evidence that challenges the narrative of inevitable rebound weight gain.

除了產品創新之外，第三季我們還深化了研發工作。8 月，我們發表了第 30 篇同行評審出版物，重點介紹了我們的關節和肌肉健康計劃所帶來的顯著節省。我們也公佈了體重健康計劃的數據，分析顯示，參與者在停止 GLP-1 療法一年後，平均體重基本上保持不變，這一證據挑戰了體重反彈不可避免的說法。

We are also proud that the business has been scaling efficiently. Through the first nine months of 2025, revenue is up 51%, and membership is up 53% versus the same period last year, while operating expenses rose only 24% and cost of revenue only 31%. That gap shows our ability to grow on top of strong foundations.

我們也為公司高效擴張而感到自豪。2025 年前九個月，營收比去年同期成長了 51%，會員人數成長了 53%，而營運支出僅成長了 24%，收入成本僅成長了 31%。這一差距表明我們有能力在堅實的基礎上發展壯大。

Key drivers of that operating leverage include years of investment in technology, clinical research, and streamlined operations, plus a deliberate multiproduct approach. One sales team currently sells four programs, so clients can work with a single trusted partner instead of managing different point solutions. The result is leverage for Omada and often loyalty from our customers.

推動這項營運槓桿的關鍵因素包括多年來對技術、臨床研究和精簡營運的投資，以及深思熟慮的多產品策略。目前一個銷售團隊銷售四個項目，因此客戶可以與一個值得信賴的合作夥伴合作，而無需管理不同的獨立解決方案。這為 Omada 帶來了優勢，也常常贏得了顧客的忠誠。

As we look into 2026, we're excited about the path ahead. Our annual planning has surfaced two clear investment themes, making 2026 what I like to call the year of the Gs.

展望2026年，我們對未來的道路感到興奮。我們的年度規劃揭示了兩個明確的投資主題，因此我喜歡把 2026 年稱為「G 元年」。

The first G is GLP-1s. We plan to invest in both the prescribing offering announced today as well as other improvements that can deepen our solutions across the GLP-1 life cycle.

第一個G是GLP-1s。我們計劃投資於今天宣布的處方服務，以及其他可以深化我們在 GLP-1 生命週期中解決方案的改進措施。

The second G is GPTs and broader AI. We plan to keep weaving AI into many layers of our program, including more tools for members and the care team experience as well as leveraging these tools to drive internal productivity amongst our teams. We believe these investment areas can add value as we seek to widen our competitive moat and fuel sustainable, responsible growth.

第二個G指的是GPT和更廣的人工智慧。我們計劃繼續將人工智慧融入我們專案的各個層面，包括為會員和護理團隊提供更多工具，並利用這些工具來提高我們團隊的內部生產力。我們相信，這些投資領域能夠為我們擴大競爭優勢、推動永續、負責任的成長創造價值。

Lastly, we were honored to welcome Dr. Tom Tsang as Omada's Chief Medical Officer. Tom is a physician, innovator, and seasoned operator. More recently, Tom was the CEO and Co-Founder of Valera Health. He also sits on the boards of NCQA and Blue Cross Blue Shield of Kansas City. His expertise in clinical quality, value-based care and telehealth perfectly aligns with our next chapter.

最後，我們很榮幸地歡迎 Tom Tsang 博士擔任 Omada 的首席醫療官。湯姆是一位醫生、創新者和經驗豐富的運營者。最近，湯姆曾擔任 Valera Health 的執行長兼聯合創始人。他同時也是 NCQA 和堪薩斯城藍十字藍盾保險公司的董事會成員。他在臨床品質、價值醫療和遠距醫療方面的專業知識與我們下一個發展階段完美契合。

In short, I believe the stage is set for an exciting moment at Omada. We're proud of this quarter's results and even more energized by what lies ahead. We have the privilege and the responsibility to dream big on behalf of the more than 150 million Americans living with chronic disease. And as we execute, we believe that one day, we can truly bend the curve.

總之，我認為 Omada 即將迎來激動人心的時刻。我們為本季的業績感到自豪，也對未來的發展充滿信心。我們有幸也有責任代表超過 1.5 億患有慢性疾病的美國人，去懷抱遠大的夢想。我們相信，只要我們付諸行動，終有一天，我們能夠真正扭轉局面。

With that, I'll hand things over to Wei-Li, who will walk through the quarter in more detail.

接下來，我將把講解交給魏莉，她將更詳細地介紹這個區域。

Thanks, Sean. Hello, everyone. I'm pleased to share more details on our results and provide an update on our progress against our strategic pillars. Some highlights from Q3 include: we ended the quarter with 831,000 members, up 53% compared to Q3 of last year. This includes 79,000 net new members during the quarter and 259,000 year to date, which is more than any full year in our history. This number growth reflects continued multi-condition adoption, strong demand for our GLP-1 offerings and solid execution by our teams.

謝謝你，肖恩。大家好。我很高興與大家分享更多我們的研究成果細節，並報告我們在策略支柱方面的進展。第三季的一些亮點包括：本季末會員人數達到 831,000 人，比去年第三季成長 53%。本季新增淨會員 79,000 人，今年迄今新增淨會員 259,000 人，超過了我們歷史上任何一個完整年份的會員人數。這一數字的成長反映了多種疾病的持續採用、對我們 GLP-1 產品的強勁需求以及我們團隊的出色執行。

During the current selling season, we have seen healthy activity and continued interest in Omada's programs, especially our GLP-1 Care Track, which we believe can position us well for success in 2026 and beyond. This activity includes early sales traction through a large new channel partner that supports our full suite of current offerings.

在當前的銷售旺季，我們看到了健康的市場活動和對 Omada 計畫的持續關注，尤其是我們的 GLP-1 護理課程，我們相信這將使我們在 2026 年及以後取得成功。這項活動包括透過一家大型新通路合作夥伴實現早期銷售成長，該合作夥伴支持我們目前的全部產品。

In six months, we have already closed multiple planned launches through this channel with new and upsold customers, representing an estimated 180,000 individuals and closing season isn't yet over. It's also noteworthy that 75% of these customers have chosen to offer multiple Omada programs to their employees, underscoring the appeal and value of our integrated multi-condition platform.

六個月以來，我們已經透過該管道完成了多個計劃中的產品發布，吸引了新客戶和追加銷售客戶，預計客戶數量達到 18 萬人，而且銷售旺季尚未結束。值得注意的是，75% 的客戶選擇向員工提供多個 Omada 計劃，這凸顯了我們整合式多條件平台的吸引力和價值。

Now, I'd like to share our progress in the areas we view as our strategic pillars: innovation, programs that work, and our multi-condition platform versus point solution approach. These pillars guide how we innovate, engage members and partner with customers.

現在，我想和大家分享我們在我們認為的策略支柱領域取得的進展：創新、行之有效的項目，以及我們的多條件平台而非單一解決方案方法。這些支柱指導我們如何創新、如何吸引會員、如何與客戶建立夥伴關係。

Starting with our first pillar, innovation. We invest in innovation to enhance the member experience, strengthen our competitive position and scale the impact of our care teams. Earlier this year, we introduced OmadaSpark, our AI-powered agent that interacts directly with members alongside our human coaches. We are pleased with how it's been received so far and early observations showed that members who interacted with the nutrition assistant demonstrated higher levels of ongoing engagement and were more likely to return to the Omada app compared to those who had not yet used the tool.

首先從我們的第一個支柱——創新開始。我們投資於創新，以提升會員體驗，增強我們的競爭地位，並擴大我們護理團隊的影響力。今年早些時候，我們推出了 OmadaSpark，這是一款由人工智慧驅動的智慧助手，可以與我們的人類教練一起直接與會員互動。我們對目前為止的反響感到滿意，初步觀察顯示，與營養助理互動過的會員表現出更高的持續參與度，並且與尚未使用該工具的會員相比，他們更有可能再次使用 Omada 應用程式。

We've now built on that foundation with Meal Map, an AI-driven nutrition experience launched last month. Meal Map combines instant nutrient feedback with personalized guidance from our care teams to help members understand the quality of their food choices, not just the calories. It helps members move beyond restrictive dieting towards sustainable evidence-based habits that promote energy, digestive health, and cardiometabolic benefits.

我們在此基礎上推出了 Meal Map，這是一款由人工智慧驅動的營養體驗產品，並於上個月發布。膳食地圖結合了即時營養回饋和我們護理團隊的個人指導，幫助會員了解他們食物選擇的質量，而不僅僅是卡路里。它幫助會員擺脫限制性節食，養成可持續的、有科學依據的生活習慣，從而促進精力、消化健康和心血管代謝益處。

Early observations include signs of higher engagement and more consistent meal tracking compared to traditional approaches with positive feedback both from members and clinicians. Together, OmadaSpark and Meal Map show how we're using AI to deliver more personalized and actionable educational experiences.

初步觀察結果顯示，與傳統方法相比，參與度更高，膳食追蹤更穩定，會員和臨床醫生都給予了正面的回饋。OmadaSpark 和 Meal Map 的結合，展現了我們如何利用人工智慧提供更個人化和可操作的教育體驗。

As Sean indicated, we also view our incremental investment in GLP-1 prescribing as an innovative way to address customer needs and potentially widen our moat. The next era of obesity therapeutics may be defined by a continuum of options, oral and injectable, first-line and maintenance, single and dual agonist in multiple indications, thus creating more complexity for employers, providers and members alike. Managing that complexity requires more than just prescribing. It demands coordination and support to help ensure people start the right therapy, stay on it and transition smoothly as their needs evolve.

正如 Sean 所指出的，我們也認為我們對 GLP-1 處方藥的增量投資是一種創新的方式，可以滿足客戶的需求，並有可能擴大我們的競爭優勢。下一個肥胖症治療時代可能會以一系列選擇為特徵，包括口服和注射、第一線治療和維持治療、單激動劑和雙激動劑在多種適應症中的應用，從而給雇主、醫療服務提供者和患者都帶來更大的複雜性。應對這種複雜性需要的不僅僅是開處方。這需要協調和支持，以幫助確保人們開始正確的治療，堅持治療，並隨著他們需求的改變而順利過渡。

Our prescribing offering will be built for that environment with an integrated approach that considers the full journey of a patient from the time of prescription to the everyday moments. We will leverage behavioral intelligence to support prescribing decisions and medication management, helping ensure the right members start, stay on or safely discontinue therapy. Prescribing will be delivered through an integrated program experience that supports our members across all 50 states.

我們將針對這種環境，採用綜合方法建構處方服務，考慮患者從開處方到日常生活的整個過程。我們將利用行為智能來支持處方決策和藥物管理，幫助確保合適的患者開始、堅持或安全地停止治療。我們將透過一個綜合性的計畫體驗來提供處方服務，為我們遍布全美 50 個州的會員提供支援。

For more than a decade, Omada has focused on the moments that often matter most, the time between doctors' visits where real life happens. By integrating prescribing with our between visit care model, we aim to close the gap that often exists between a doctor's guidance and a member's daily actions and help to ensure that every part of the care plan continues where it matters most.

十多年來，奧馬達一直專注於那些往往最重要的時刻，即兩次就醫之間的真實生活時光。透過將處方與我們的就診間護理模式相結合，我們旨在彌合醫生指導與會員日常行動之間經常存在的差距，並幫助確保護理計劃的每個部分都能在最重要的地方繼續發揮作用。

Increasingly, we believe our customers recognize this, too. Many are asking for prescribing, not because they need another vendor that can write prescriptions, but because they know what happens after prescribing.

我們相信，我們的客戶也越來越意識到這一點。許多人要求開處方，不是因為他們需要另一個可以開處方的供應商，而是因為他們知道開處方之後會發生什麼事。

Omada's engagement, data-driven coaching, and human connection is often where real behavior change happens. By aligning clinical care and behavior change, our approach to prescribing will bring these forces together and aim to deliver lasting metabolic improvement and help bend the curve of chronic disease. We look forward to sharing more as we approach its planned launch in the first half of next year.

Omada 的參與式教學、數據驅動的指導以及人與人之間的聯繫，往往是真正行為改變發生的地方。透過協調臨床照護和行為改變，我們的處方方法將把這些力量結合起來，旨在實現持久的代謝改善，並幫助扭轉慢性疾病的趨勢。我們期待在明年上半年計畫發布之際與大家分享更多資訊。

Our second pillar, programs that work, focuses on programs grounded in clinical evidence and behavior change science that are designed to produce measurable and lasting results. A clear example of this is our GLP-1 Care Track, which supports members before, during and after GLP-1 therapy.

我們的第二個支柱是“行之有效的項目”，重點關注以臨床證據和行為改變科學為基礎的項目，這些項目旨在產生可衡量的、持久的結果。我們的 GLP-1 護理計劃就是一個明顯的例子，該計劃為會員在 GLP-1 治療之前、期間和之後提供支持。

In September, we released results from a 12-month discontinuation analysis showing that members in the analysis who stopped GLP-1 medications but stayed in the Omada program largely maintained their weight one year after GLP-1 discontinuation. Participants in the analysis experienced a mere 0.8% average weight change one year after discontinuation with 63% maintaining or continuing to lose weight during that period. That compares to the 11% to 12% average weight gain seen in key clinical trials without ongoing lifestyle support.

9 月，我們公佈了一項為期 12 個月的停藥分析結果，結果顯示，分析中停止服用 GLP-1 藥物但仍留在 Omada 計劃的成員，在停止服用 GLP-1 一年後，體重基本上保持不變。分析結果顯示，參與者在停止治療一年後平均體重僅變化了 0.8%，其中 63% 的人在此期間維持或繼續減輕體重。相較之下，在沒有持續生活方式支持的關鍵臨床試驗中，平均體重增加率為 11% 至 12%。

This analysis was completed as part of the Omada Insights Lab ANSWERS initiative, which examines and shares real-world data from Omada's behavior change weight health programs. These findings highlight the value of Omada's human-led and digitally enhanced care model and demonstrate our ability to deliver outcomes that extend beyond medication use.

這項分析是 Omada Insights Lab ANSWERS 計畫的一部分，該計畫旨在研究和分享來自 Omada 行為改變體重健康計畫的真實世界數據。這些發現凸顯了 Omada 以人為本、數位化增強的照護模式的價值，並證明了我們能夠提供超越藥物使用的效果。

We also reached another important milestone this quarter, publishing our 30th peer-reviewed manuscript. The research analyzed our Omada for joint and muscle health program and found that members using Omada's virtual physical therapy on average had lower medical utilization and costs compared to in-person physical therapy, even after accounting for program costs.

本季我們也達到了另一個重要的里程碑，發表了第 30 篇同儕審查論文。該研究分析了我們的 Omada 關節和肌肉健康計劃，發現即使考慮到計劃成本，使用 Omada 虛擬物理治療的會員平均而言比親自接受物理治療的會員醫療利用率和成本更低。

In this analysis, median per member per month savings exceeded $100 in the first six months and the total MSK-related savings topped $1,000 per member at both 6 and 12 months, delivering an approximately 1.8x ROI. This research adds to our growing body of evidence showing that virtual integrated care can drive both clinical and financial value for our customers.

在這項分析中，前六個月每位成員每月節省的金額中位數超過 100 美元，而與肌肉骨骼相關的總節省金額在 6 個月和 12 個月時均超過每位成員 1000 美元，投資回報率約為 1.8 倍。這項研究進一步證實了我們不斷增長的證據，表明虛擬綜合護理可以為我們的客戶帶來臨床和經濟價值。

Our third pillar is the power of an integrated multi-condition platform. We believe customers increasingly recognize the limitations of point solutions and the advantages of a single scalable partner. We continue to see growth in multi-condition adoption.

我們的第三大支柱是整合式多條件平台的強大功能。我們相信，客戶越來越意識到單一解決方案的限制以及單一可擴展合作夥伴的優勢。我們看到多條件治療方案的採用率持續成長。

In addition to the early multi-condition success I mentioned with our new large channel partner, another good example from Q3 was our expansion with a consultant partner through which employers representing approximately 110,000 benefit-eligible employees will now have the ability to provide those employees with access to Omada's full cardiometabolic suite. This partner expanded from offering only our MSK program to embedding our full cardiometabolic suite into the offering they make available to their clients.

除了我之前提到的與我們新的大型通路合作夥伴在多疾病治療方面取得的早期成功之外，第三季度的另一個很好的例子是我們與諮詢合作夥伴的合作拓展，透過該合作，代表約 110,000 名符合福利條件的員工的雇主現在將能夠為這些員工提供 Omada 的全套心血管代謝產品。該合作夥伴最初只提供我們的 MSK 項目，後來擴展到將我們完整的心血管代謝方案融入他們向客戶提供的服務中。

In summary, our performance this quarter reflects the strength of our strategy and our ability to execute.

總而言之，本季我們的業績反映了我們策略的優勢和執行能力。

And with that, I'll turn it over to Steve to discuss the financial results in more detail.

接下來，我將把發言權交給史蒂夫，讓他更詳細地討論財務表現。

Thank you, Wei-Li. Hello, everyone. Today, I'm going to walk through our results and our updated outlook. Fundamentally, Omada makes money by demonstrating the value of our solutions to employers, health plans, PBMs, and other payers who then pay for Omada on behalf of their employees or members. As individuals enroll in our programs, we begin charging a monthly membership fee based in part on member engagement. This model can create an enduring revenue stream with good visibility, and we saw that reflected in our Q3 performance.

謝謝你，李偉。大家好。今天，我將詳細介紹我們的業績和更新後的展望。從根本上講，Omada 的獲利模式是向雇主、健康計畫、藥品福利管理機構 (PBM) 和其他付款方展示我們解決方案的價值，然後由這些付款方代表其員工或會員支付 Omada 的費用。當個人報名參加我們的課程時，我們會開始收取每月會員費，部分費用取決於會員的參與度。這種模式可以創造持久且可見度高的收入來源，我們在第三季的業績中也看到了這一點。

As Sean and Wei-Li mentioned, our members grew 53% to end Q3 at 831,000. Revenue in Q3 was $68 million, up 49% year over year. The primary factors that drove our member and revenue growth include strong adoption of our GLP-1 programs, increased penetration of multi-condition customers, and increased effectiveness of our marketing campaigns.

正如 Sean 和 Wei-Li 所提到的，我們的會員人數增加了 53%，第三季末達到 831,000 人。第三季營收為 6,800 萬美元，年增 49%。推動我們會員和收入成長的主要因素包括：GLP-1 計畫的大力推廣、多重疾病客戶的滲透率提高以及行銷活動的有效性提高。

Moving to gross profit. Our Q3 GAAP gross profit was $45 million, up 58% compared to Q3 '24, and our GAAP gross margin was 66% compared to 63% in Q3 '24. Q3 adjusted gross profit was $46 million, representing 56% growth year over year. Adjusted gross margin was 68%, an improvement of approximately 300 basis points year over year. A key driver of our gross margin progress was the efficiency gained through our self-built care team platform, which we have continued to enhance by adding capabilities such as an AI care team tool designed to help our care teams provide more efficient and effective care.

轉為毛利。我們第三季的 GAAP 毛利為 4,500 萬美元，比 2024 年第三季成長了 58%；我們的 GAAP 毛利率為 66%，而 2024 年第三季為 63%。第三季調整後毛利為 4,600 萬美元，年增 56%。調整後毛利率為 68%，比去年同期提高了約 300 個基點。我們毛利率成長的關鍵驅動因素是我們自主研發的護理團隊平台提高了效率，我們不斷改進該平台，並添加了人工智慧護理團隊工具等功能，旨在幫助我們的護理團隊提供更有效率、更有效的護理。

Moving to operating expenses. Our GAAP operating expenses were up 28% year over year to $47 million in Q3. Adjusted operating expenses were $44 million in Q3, up 26% year over year. This growth supported 49% revenue growth, demonstrating strong operating leverage that has been driven by operating multiple conditions on one platform that can be sold by a single sales force, scale created through our channel partners in our B2B2C go-to-market model and spending discipline as we focus on profitability. As a result of this leverage, we have made good progress towards sustained profitability.

接下來是營運費用。第三季度，我們的 GAAP 營運費用年增 28%，達到 4,700 萬美元。第三季調整後營運費用為 4,400 萬美元，年增 26%。這一成長支撐了 49% 的收入成長，展現了強大的營運槓桿效應，這得益於在一個平台上運營多種產品，並由單一銷售團隊進行銷售；透過我們在 B2B2C 市場推廣模式中的通路合作夥伴實現規模化；以及我們在專注於盈利能力時所採取的支出紀律。由於這種槓桿作用，我們在實現持續盈利方面取得了良好進展。

Our GAAP net loss in Q3 was $3 million compared to a $9 million loss in Q3 '24, representing net loss margins of negative 5% and negative 20%, respectively. Our GAAP loss per share in Q3 was $0.06 compared to a loss of $1.18 in Q3 '24. Adjusted EBITDA in Q3 was $2 million, which compares to a loss of $5 million in Q3 '24. Our Q3 adjusted EBITDA margin was 4% compared to negative 11% in Q3 '24. We are very pleased with our narrowing net loss and our first quarter of positive adjusted EBITDA in Q3, which has been achieved through our focus on building a scalable business in a disciplined manner.

我們第三季的 GAAP 淨虧損為 300 萬美元，而 2024 年第三季的虧損為 900 萬美元，淨虧損率分別為 -5% 和 -20%。我們第三季的 GAAP 每股虧損為 0.06 美元，而 2024 年第三季的虧損為 1.18 美元。第三季調整後 EBITDA 為 200 萬美元，而 2024 年第三季虧損 500 萬美元。我們第三季的調整後 EBITDA 利潤率為 4%，而 2024 年第三季為負 11%。我們對淨虧損收窄以及第三季首次實現調整後 EBITDA 為正感到非常滿意，這是透過我們以嚴謹的方式專注於建立可擴展的業務而實現的。

As Sean discussed, we are making investments heading into 2026 while remaining focused on managing spending and continuing our progress towards sustained profitability and our 20%-plus long-term adjusted EBITDA target. We aim to meet an important moment in a dynamic market by investing responsibly in areas such as prescribing, additional GLP-1 support, AI, and other product enhancements that have potential to widen our moat, deepen our differentiation, and position us for durable growth in the years ahead.

正如肖恩所討論的，我們正在為 2026 年進行投資，同時繼續專注於管理支出，並繼續朝著持續盈利能力和 20% 以上的長期調整後 EBITDA 目標邁進。我們的目標是在充滿活力的市場中抓住重要時刻，負責任地投資於處方、額外的 GLP-1 支援、人工智慧以及其他產品改進等領域，這些領域有可能擴大我們的護城河，加深我們的差異化優勢，並使我們在未來幾年實現持久增長。

Moving to our balance sheet. We ended Q3 with cash and cash equivalents of $199 million compared to $223 million in Q2 '25. The decrease was driven by us paying off our $30 million of debt, partially offset by our positive cash flow in the quarter.

接下來來看看我們的資產負債表。第三季末，我們的現金及現金等價物為 1.99 億美元，而 2025 年第二季為 2.23 億美元。債務減少是由於我們償還了 3000 萬美元的債務，但部分被本季的正現金流所抵消。

Moving to guidance. We expect 2025 revenue in the range of $251.5 million to $254.5 million, up from a prior range of $235 million to $241 million. The midpoint of this range reflects 49% growth over 2024. We expect 2025 adjusted EBITDA in the range of negative $2 million to breakeven, up from a prior range of negative $9 million to negative $5 million. The midpoint of this range reflects an improvement of approximately $28 million compared to 2024.

進入指導環節。我們預計 2025 年的營收將在 2.515 億美元至 2.545 億美元之間，高於先前預測的 2.35 億美元至 2.41 億美元。該區間的中點反映了到 2024 年成長 49%。我們預計 2025 年調整後 EBITDA 將在負 200 萬美元至損益平衡之間，高於先前預測的負 900 萬美元至負 500 萬美元的範圍。該範圍的中點表明，與 2024 年相比，將改善約 2800 萬美元。

In summary, we are pleased with our Q3 performance, which demonstrated continued momentum in our business and the scalability of our model.

總而言之，我們對第三季的業績感到滿意，這表明我們的業務持續保持成長勢頭，並且我們的模式具有可擴展性。

With that, we'll now open the call for questions.

接下來，我們將開始接受提問。

(Operator Instructions) Lisa Gill, JPMorgan.

（操作說明）Lisa Gill，摩根大通。

Thanks very much. Good afternoon. Congrats on the great results. Can you spend a few minutes just talking about prescribing of GLP-1 around, one, the fulfillment price? Will you actually be fulfilling the drug? Will it be -- they'll be bringing the coupon or the prescription to the pharmacy? Just if you can talk about this new initiative that you have today and how that will play out. Thank you.

非常感謝。午安.恭喜取得如此優異的成績！您能否花幾分鐘時間談談 GLP-1 的處方問題，首先是藥物的供應價格？你真的會去配藥嗎？他們會拿著優惠券還是處方去藥局？您能否談談您今天提出的這項新措施以及它將如何實施？謝謝。

Yeah. Certainly, Lisa, this is Sean. Thank you for the question. Good to hear your voice. Let me just first share, we're very excited about this. We view it as a next evolution of our GLP-1 Care Track. So let me just describe a little bit more on the why behind prescribing, and we can answer some of the tactical details you highlighted here. First and foremost, any time we do something new to Omada, we listen to customers, we listen to members.

是的。當然，麗莎，這位是肖恩。謝謝你的提問。很高興聽到你的聲音。首先我想說的是，我們對此感到非常興奮。我們將其視為 GLP-1 護理方案的下一個發展階段。那麼，讓我再詳細解釋一下開處方的原因，我們就可以回答您在這裡提到的一些具體細節了。首先，每當我們對 Omada 進行任何新的嘗試時，我們都會聽取客戶和會員的意見。

And at the customer level, they're seeing what we're seeing and what we highlighted in the opening remarks, which is a new era of obesity therapeutics, different medicines, different form factors, different price points. And this creates a new need to support our clients and our members with managing the complexity of medication optimization alongside the lifestyle support that they know Omada to be great at. So we think this creates a new world where Omada can serve to support the right GLP for the right person to deliver additional client and member value, and that's really germane to the mission to bend the curve.

在客戶層面，他們看到了我們所看到的，以及我們在開場白中強調的，那就是肥胖症治療的新時代，不同的藥物，不同的形式，不同的價格點。這就產生了一個新的需求，即在為我們的客戶和會員提供他們所熟知的 Omada 擅長的生活方式支持的同時，幫助他們應對藥物優化方面的複雜性。因此，我們認為這將創造一個新世界，Omada 可以為合適的人提供合適的 GLP，從而為客戶和會員帶來更多價值，這與扭轉局面的使命息息相關。

Specific to some of the tactics, actually, this will be an integrated experience within the Omada care program, but these will not be compounded meds. They'll be branded meds fulfilled by the pharmacy of the member's choice, and it will be an enterprise model working specifically with clients and plans.

具體來說，某些策略將成為 Omada 護理計劃中的綜合體驗，但這些不會是複合藥物。這些藥品將由會員選擇的藥房配發，並將採用專門針對客戶和計劃的企業模式。

And I don't know, Wei-Li, you have anything to comment on top.

魏莉，我不知道你對此有什麼要補充的。

Yeah, Sean, just to add on top of that, I believe, Lisa, you also asked a question about pricing in there, too as well. As we just only announced the capability today, there's nothing to share regarding pricing. But what I can say about that is that it will be incremental pricing on top of our monthly chronic condition management fee. The strategic intent, of course, is to make this pricing not only accretive on the top line for revenue, but also accretive to margin as well.

是的，肖恩，補充一點，麗莎，我相信你也在那裡問了一個關於價格的問題。由於我們今天才剛宣布這項功能，所以目前還沒有關於價格方面的資訊可以分享。但我可以透露的是，這將是我們每月慢性病管理費之外的額外收費。當然，其策略意圖是使這種定價不僅能增加收入，還能增加利潤。

Just as a quick follow-up there. I mean, we saw Trump making an announcement on TrumpRx talking about GLP-1s in roughly the $149 range. Should I be thinking that you're going to have the opportunity to offer these at a pretty substantial discount?

簡單補充一下。我的意思是，我們看到川普在 TrumpRx 上宣布了 GLP-1 的價格大約在 149 美元左右。我是否可以認為你們會有機會以相當大的折扣提供這些商品？

Look, on the announcement, we believe that today's announcement is really a neat moment and perhaps a transformational moment for the field of obesity. And it's almost a serendipitous that it occurred on the day that we launched a prescribing solution because as shared, we've been looking toward a world with different meds, different price points, perhaps even different price points at different doses with different indications. That world creates a lot of complexity for buyers. That world creates an opportunity to simplify that for buyers and members. And so that's germane to the news we announced today. And we're thrilled by it. I mean, at the end of the day, lower prices enables broadened access. And we think that's a great thing for the world and are really heartened with seeing that news.

你看，就今天的公告而言，我們認為這確實是一個令人興奮的時刻，或許也是肥胖領域的一個變革性時刻。而這幾乎是一種巧合，它恰好發生在我們推出處方解決方案的那天，因為正如我們所說，我們一直在展望一個擁有不同藥物、不同價格點的世界，甚至可能在不同劑量和不同適應症下擁有不同的價格點。這樣的環境為買家帶來了許多複雜性。這個世界為買家和會員創造了簡化流程的機會。所以，這與我們今天宣布的消息密切相關。我們對此感到非常興奮。我的意思是，歸根結底，更低的價格能夠擴大購買範圍。我們認為這對世界來說是件好事，看到這個消息我們感到非常鼓舞。

Yeah. Lisa, thanks. And maybe I'll just add on to that a little bit just because all this news, of course, is just fresh off the page. And as it relates to will we be able to direct patients towards this price. It always has been, as we've been over the last year, talking to customers and developing our prescribing plus behavior change lifestyle intervention program, which we again announced today, always has been the intent that we would help patients or what we call members find the best price because we know access and affordability is important.

是的。麗莎，謝謝。我可能還會補充一點，因為所有這些消息當然都是剛剛發布的。至於我們能否引導患者接受這個價格，那就另當別論了。過去一年來，我們一直致力於與客戶溝通，並製定處方和行為改變生活方式乾預計劃（我們今天再次宣布了該計劃），我們的目標始終是幫助患者（我們稱之為會員）找到最優惠的價格，因為我們知道獲得治療和負擔得起治療非常重要。

But again, all this information is fresh off the newswire. And so we're going to have to see exactly how the price follows through from Medicare fee-for-service over to Medicare Advantage over to the commercial segment. That's typically the flow, but we'll have to see if indeed it pans out that way. And we feel incredibly fortunate that we are poised in this position to be able to leverage what we think could be a transformative moment in obesity care.

但再次強調，所有這些資訊都是最新發布的。因此，我們需要看看價格究竟是如何從聯邦醫療保險按服務收費模式過渡到聯邦醫療保險優勢計劃，再到商業保險領域的。通常情況下流程就是這樣，但我們還得看看實際情況是否真的如此。我們感到無比幸運，能夠處於這樣的位置，利用我們認為可能對肥胖症治療產生變革性影響的時刻。

Craig Hettenbach, Morgan Stanley.

克雷格‧赫滕巴赫，摩根士丹利。

Thank you. Just following up on that and understand you said it could be accretive to revenue and margin. Can you just talk even high level about just kind of investments that maybe you need to make to kind of get this off the ground and how you think about that implications for 2026?

謝謝。我只是想跟進一下，我理解您說這可能會增加收入和利潤。您能否從宏觀層面談談您可能需要進行哪些投資才能啟動這個項目，以及您認為這些投資對 2026 年會產生哪些影響？

Hey, Craig. This is Steve. Absolutely, thank you for the question. We're not talking through specific numbers at this point. We're just at the tail end of our -- or the end of our 2026 annual planning process. Obviously, to stand this up, it's going to require some investment, namely across our engineering and our product organization as well as our sales and marketing teams.

嘿，克雷格。這是史蒂夫。當然，謝謝你的提問。我們目前不討論具體數字。我們正處於 2026 年年度規劃流程的尾聲。顯然，要實現這一點，需要一些投資，主要是在我們的工程和產品部門以及銷售和行銷團隊。

So as we think through the go forward here, we're going to plan to provide more specific guidance once we get into the March call and to be able to stand up this functionality. But this has been on the back of our health plan customers, our PBM customers asking us to stand up this functionality. So we do realize that it's going to be an investment that we're going to need to make in 2026.

因此，在思考下一步行動方案時，我們計劃在三月的電話會議上提供更具體的指導，以便能夠建立起這項功能。但這都是因為我們的健康計畫客戶和藥品福利管理機構 (PBM) 客戶要求我們建立這項功能。所以我們意識到，這將是我們在 2026 年需要進行的一項投資。

Got it. And then just separately, a question on the selling season. Last year, I think 50% of new customers started with two conditions or more. Just trying to get a sense in terms of is that still the trend in terms of this year? And anything that's standing out one year to the next in terms of what's really resonating most with customers this year?

知道了。然後，另外還有一個關於銷售旺季的問題。我認為去年有 50% 的新客戶最初都提出了兩個或兩個以上的條件。我只是想了解一下，今年的趨勢是否依然如此？那麼，在每年的產品和服務中，有哪些方面特別突出，最能引起顧客的共鳴呢？

Yeah. Craig, this is Wei-Li. Thanks for the question regarding the multiproduct penetration. You're correct. We've said historically that we've seen quarters where closed deals for new business and upsell have far exceeded 50%. We continue to press on that, as you might imagine, and we continue to make progress on it. The results in the selling season so far, I mean, we're a little more than halfway through. But if you look at Q3, we're pleased with the progress, and we continue to make traction against our multiproduct sales.

是的。克雷格，這位是魏莉。感謝您提出關於多產品滲透率的問題。你說得對。我們過去曾說過，我們看到有些季度，新業務和追加銷售的成交率遠遠超過 50%。正如您所料，我們將繼續推進這項工作，並且不斷取得進展。就目前的銷售季結果來看，我的意思是，我們已經過了一半多了。但如果你看看第三季度，我們對取得的進展感到滿意，我們的多產品銷售也持續取得進展。

And maybe I'll comment too a little bit on the pipeline, some of you probably are wondering about that, too as well. In Q3, we're seeing double-digit volume deal growth Q3 to Q3 last year. So we like what we see. But of course, the selling season is not over yet. And our sales teams, you can bet, are busy closing out the year as strong as possible.

我或許也會對管道問題發表一些看法，你們中的一些人可能也對此感到好奇。第三季度，我們看到成交量較去年同期實現了兩位數的成長。我們很喜歡我們所看到的。當然，銷售旺季還沒結束。可以肯定的是，我們的銷售團隊正在全力以赴，爭取以最強勁的勢頭結束今年的業績。

Richard Close, Canaccord Genuity.

Richard Close，Canaccord Genuity。

Yeah. A couple of questions here. First, congratulations on the strong results. Just maybe a follow-up on the GLP-1 and maybe, Steve, how you're thinking about those investments? Should we assume that you're able to, with some of the AI initiatives and whatnot, keep gross margins in the ZIP code of 68% even with rolling out this new offering or prescribing?

是的。這裡有幾個問題。首先，恭喜你們取得了優異的成績。或許可以跟進一下 GLP-1 的情況，還有，史蒂夫，你對這些投資有什麼看法？我們是否可以假設，即使推出這項新產品或開處方，憑藉一些人工智慧舉措等等，您也能將毛利率保持在 68% 左右？

Yeah. No, absolutely, Richard. Thank you for the question. As we've committed to, our goal in the future is to get to 70% annualized gross margins. And a lot of the investment that we intend to complete next year is actually going to hit in operating expenses across sales and marketing and R&D. And on that front, we remain committed to hitting a 20%-plus EBITDA margin, which we're going to stair step into over the coming years.

是的。不，當然，理查。謝謝你的提問。正如我們所承諾的，我們未來的目標是實現70%的年化毛利率。我們計劃明年完成的大量投資實際上將用於銷售、行銷和研發等營運支出。在這方面，我們仍然致力於實現 20% 以上的 EBITDA 利潤率，我們將在未來幾年逐步實現這一目標。

We do view 2026 as a key investment year for us. Again, we're feeling a tremendous amount of demand to stand up this prescribing ability to stand up additional functionality within our GLP-1 offering as well as, per your comments, continuing to invest in AI, which not only has the ability for our care teams to become more efficient, but also drive additional ARPU and revenue as it has the ability to enhance product personalization and keep our members in program longer term.

我們認為 2026 年是我們的關鍵投資年。再次強調，我們感受到巨大的需求，希望我們能夠建立這種處方能力，從而在我們的 GLP-1 產品中增加更多功能。此外，正如您所評論的，我們將繼續投資人工智慧，這不僅能夠提高我們護理團隊的效率，還能提高每位用戶平均收入 (ARPU) 和收入，因為它能夠增強產品個人化，並使我們的會員更長時間地留在專案中。

Okay. That's helpful. And then just on the recent large partnership or CVS launch. Those clients that you talked about, are those launching January 1 and then the consulting would that arrangement launch January 1 as well?

好的。那很有幫助。然後就是最近與 CVS 的大型合作或產品發表。您提到的那些客戶，是指那些在1月1日啟動的客戶，那麼諮詢服務也是在1月1日啟動嗎？

Richard, this is Wei-Li. I won't comment specifically to the performance with CVS. We have built pipeline. We have closed deals. And yes, because it's a closing season, as with deals that we closed this year, including ones that we may be closing with CVS, you can expect that most of them, the overwhelming dominant majority of them will be launching in the January timeframe consistent with what normally happens there.

理查德，這位是魏力。我不會對CVS的性能做出具體評論。我們已經建成了管道。我們已經完成了一些交易。是的，因為現在是收尾階段，就像我們今年達成的交易一樣，包括我們可能與 CVS 達成的交易，您可以預期其中大部分，絕大多數都將在 1 月份推出，這與往常的情況一致。

Elizabeth Anderson, Evercore ISI.

Elizabeth Anderson，Evercore ISI。

Hi, guys. Congrats on the quarter, and thanks so much for the question. I was just wondering, maybe to piggybacking on the back of that one a little bit. You're obviously -- you're talking about these investments, and that makes very -- a ton of sense in terms of the opportunities available to you. Can you remind us sort of if we think about the typical seasonality, does that change with any of these new initiatives that you're -- you've been talking about and launched and are planning to launch? Because as I'm thinking about it, if I kind of flow through some of the margin outperformance year-to-date with some of the typical seasonality, I can get sort of well above your guidance range. So I just want to make sure I have that down correctly.

嗨，大家好。恭喜你本季取得好成績，非常感謝你的提問。我只是在想，或許可以稍微借用一下那個話題。顯然，你是在談論這些投資，就你所擁有的機會而言，這非常有意義。您能否提醒我們一下，如果我們考慮典型的季節性因素，您一直在談論、已經推出和計劃推出的這些新舉措是否會改變這種季節性？因為我仔細想了想，如果我把今年迄今為止的超額收益與一些典型的季節性因素考慮進去，我就可以遠遠超出你的預期範圍。所以我只是想確保我理解正確。

Yeah. Elizabeth, good to hear from you. This is Wei-Li. Regarding some of the new investments and the announcements, specifically, for instance, around prescribing and how we're going to integrate that with our GLP-1 Care Track. Regarding the typical seasonality on selling, of course, again, we've only just announced it. We will begin -- commence selling in the early part of next year. And we anticipate that like any other new offering that is as significant potentially as this one, it will follow the normal selling cycle.

是的。伊莉莎白，很高興收到你的來信。這是魏莉。關於一些新的投資和公告，特別是關於處方以及我們將如何將其與我們的 GLP-1 護理計劃整合。至於銷售的典型季節性，當然，我們也是剛剛公佈的。我們將於明年年初開始銷售。我們預計，像其他任何具有如此重大潛力的新產品一樣，它將遵循正常的銷售週期。

And so that selling cycle in the enterprise world, B2B world could be anywhere from 6 months, 12 months, 18 months depending upon the client. So you would expect that as we do that, we'll follow that normal selling cycle. And so they're unlikely to be immediate sales because we've got to move through that motion.

因此，企業界、B2B 界的銷售週期可能是 6 個月、12 個月、18 個月，這取決於客戶。所以，你可以預期，當我們這樣做的時候，我們會遵循正常的銷售週期。因此，它們不太可能立即售出，因為我們必須經歷這個過程。

Elizabeth, I would just add in terms of specifically on your guidance question and seasonality. Historically speaking, Q4 is a little bit slower as we get towards the holidays. So we're -- while revenue is sequentially increasing up from $68 million to $69 million on an implied level, that's mostly due to just going into that back half into Q4 and getting into the holiday season. So we're going to spend the rest of that Q4 really building that pipeline and make sure that we hit 2026 strong out of the gate.

伊莉莎白，我只想補充一點，具體來說，是關於你的指導問題和季節性問題。從歷史數據來看，隨著假期臨近，第四季通常會略微放緩。所以，雖然收入從 6800 萬美元到 6900 萬美元（按隱含水平計算）環比增長，但這主要是因為進入了第四季度下半年以及假期。因此，我們將利用第四季的剩餘時間真正建構這條產品線，確保我們在 2026 年伊始就強勢開局。

Saket Kalia, Barclays.

薩克特·卡利亞，巴克萊銀行。

Thanks for taking my questions here, and congrats on these results. Sean and Wei-Li, maybe for you, folks, specifically on going back to sort of the GLP-1 mechanics. Maybe the question is, is this really geared towards existing subscribers of your life cycle management tools, or is this something that's really meant to pull through new subscribers of those tools? So certainly understand that the economics for the new offering is still very much TBD. But I'm kind of curious what the strategy was with sort of the core business.

感謝您回答我的問題，也恭喜您取得這樣的成績。Sean 和 Wei-Li，也許對你們來說，特別是回到 GLP-1 機制方面。或許問題在於，這究竟是針對您生命週期管理工具的現有訂閱用戶，還是旨在吸引這些工具的新訂閱用戶？所以務必瞭解，新產品的經濟效益目前仍未確定。但我很好奇，對於核心業務，他們的策略是什麼。

Yeah, for sure. So thank you so much for the question. This is Sean here. So this will be a new capability that can be turned on and, of course, offered to existing clients. So clients that offer our current GLP-1 Care Track solutions, obviously, this is something we're going to discuss with them against the value prop that we described to simplify their members, their employees' experience. And equally, it's something that we'll work to bring forward to net new clients as well. So it's going to be a combination.

是的，當然。非常感謝你的提問。這位是肖恩。因此，這將是一項可以啟用的新功能，當然，也會提供給現有客戶。因此，對於提供我們目前 GLP-1 Care Track 解決方案的客戶，顯然，我們將與他們討論這個問題，以評估我們所描述的價值主張，從而簡化他們的會員和員工的體驗。同樣，我們也會努力將這項服務推廣給更多的新客戶。所以這將是兩者的結合。

Equally, I commented in my opening remarks on the importance of configurability, and I just want to punctuate that. What you find in the employer landscape relative to decisions around paying for or not paying for GLP-1s is a lot of diversity. You have various benefit strategies, you have various goals. We think enabling a lot of flexibility for these clients becomes a strategic differentiator.

同樣，我在開場白中也提到了可配置性的重要性，我只想再次強調這一點。在雇主方面，關於是否支付 GLP-1 的費用，存在著很大的差異。您有多種福利策略，您有多種目標。我們認為，給予這些客戶很大的彈性將成為一項策略差異化優勢。

So if you want to support Omada without prescribing, you want to add prescribing, we have flexibility there and a number of permutations within. So we're excited to really meet this unique moment where there's a lot of dynamism at the client level relative to discussions and strategies, and we expect it to continue to change and to have flexible capabilities alongside that, we feel really meets the needs of today.

因此，如果您想在不開處方的情況下支援 Omada，或者您想添加開處方功能，我們在這方面具有靈活性，並且有很多組合方式。因此，我們很高興能夠真正迎接這個獨特的時刻，客戶層面在討論和策略方面充滿了活力，我們預計這種情況會繼續變化，並且我們擁有靈活的能力，我們認為這真正滿足了當今的需求。

Got it. That makes sense. Maybe for my follow-up for you, Steve. It was another quarter of accelerating member growth year over year. And maybe it's tough to break out, but if you can, can you just talk about sort of how that member growth looks like for the GLP Care Track versus your other offerings?

知道了。這很有道理。或許我可以給你後續回复，史蒂夫。這是會員人數較去年成長加速的另一個季度。或許很難說清楚，但如果可以的話，您能否談談 GLP Care Track 的會員成長情況與其他產品相比如何？

And maybe relatedly, I mean, I think going back to the IPO, we kind of all assumed sort of a very consistent engagement rate. Maybe just to mark-to-market, has the engagement rate changed at all given all the new offerings that you have?

或許與此相關的是，我的意思是，我認為回到 IPO 時期，我們都假設了非常穩定的參與率。或許只要進行市場估值，考慮到你們推出的所有新產品，用戶參與度是否有所改變？

Saket, this is Wei-Li. Let me take that one as it relates to kind of demand volume across the multi-condition platform. Certainly, GLP-1s in terms of our GLP-1 Care Track has been a tailwind in our growth. We have seen significant growth year over year with that. So that is part of the growth story in Q3. But it's equally important, if not more important to say that we have experienced significant growth across the entire multi-condition platform.

薩凱特，這位是魏麗。讓我從多條件平台的需求量角度來談談這個問題。當然，就我們的 GLP-1 護理課程而言，GLP-1 一直是我們發展的輔助。我們看到這方面實現了顯著的同比增長。這是第三季成長故事的一部分。但同樣重要，甚至更重要的是，我們在整個多重疾病平台上都實現了顯著成長。

As folks may recall, we think that's been driven by a couple of things. The first one of which is that we've always said strategically, our approach to the marketplace with GLP-1s, given GLP-1s is a gateway to the broader cardiometabolic conversation is that the discussion around GLP-1s is a tide that will lift all shifts, meaning that it opens up the door to also upsell or sell the new logos, the rest of our cardiometabolic programs in diabetes prevention, weight health, hypertension, and diabetes management. And we're seeing that happen.

大家可能還記得，我們​​認為這是以下幾個因素造成的。首先，我們一直強調，從戰略角度來看，鑑於 GLP-1 是通往更廣泛的心血管代謝話題的門戶，我們對 GLP-1 市場的策略是，圍繞 GLP-1 的討論就像一股浪潮，將帶動所有轉變，這意味著它也為我們向上銷售或銷售新項目標識、我們在糖尿病預防、體重健康、高血壓和糖尿病管理方面的其他心血管代謝管理方面的其他心血管代謝。我們正在目睹這種情況發生。

The second one is we've been committed to a multi-condition, multiproduct platform sales approach now for years. We've noted in previous disclosures, the progress we've made against that strategy last year. And what we're really seeing is that, that selling or that multiproduct penetration that we achieved last year through the selling season is really pulling through into 2025 this year, and we're seeing that materialize in the healthy growth and performance that we've seen in Q3.

第二點是，多年來我們致力於多條件、多產品的平台銷售方法。我們在先前的披露中已經提到，去年我們在執行該策略方面取得了進展。我們看到的是，去年銷售旺季所實現的銷售或多產品滲透率，今年真的延續到了 2025 年，我們在第三季度看到的健康成長和業績也證明了這一點。

Now, as it relates to engagement patterns and how that's changed, we've always said historically that we've got 55% engagement still at the end of year one. And then if you make it to year one, you're highly likely to stay engaged with us at year two, 50% are still engaged at year two. And we're seeing that trend continue, and we're quite pleased with that progress.

至於參與模式及其變化，我們一直都表示，在第一年結束時，我們的參與度仍然保持在 55%。如果你能堅持到第一年，那麼你很有可能在第二年繼續和我們保持聯繫，50% 的人在第二年仍然保持聯繫。我們看到這種趨勢仍在繼續，我們對這一進展感到非常滿意。

So hopefully, that answers your question and backs into a little bit of kind of what explains the accelerated growth in Q3.

希望這能回答你的問題，並稍微解釋一下第三季加速成長的原因。

Ryan MacDonald, Needham & Company.

Ryan MacDonald，Needham & Company。

Hi. Thank you for taking my question, and congrats on a great quarter. Maybe this one is for Wei-Li. Completely understand that and it's great to see sort of the demand across multiple conditions. But I guess during the current selling season, I'm curious, we're hearing a lot of conversations around basically GLP-1 sort of starting a lot of conversations and sort of enabling sort of broader multi-condition conversations. But I guess as a starting point, are you seeing more demand, or are more of the conversations focused on using Omada as a GLP-1 companion solution or perhaps an alternative to solution to covering GLP-1s amongst your client base?

你好。感謝您回答我的問題，並祝賀您本季業績出色。或許這是給魏莉的。完全理解，很高興看到在多種情況下都有這種需求。但我想在當前的銷售旺季，我很好奇，我們聽到了很多關於 GLP-1 的討論，它引發了很多對話，並促成了更廣泛的多疾病方面的討論。但我想先說明一點，您是看到了更大的需求，還是更多的討論集中在將 Omada 用作 GLP-1 伴侶解決方案，或者作為在您的客戶群中覆蓋 GLP-1 患者的替代方案？

Yeah. Thanks for the question. The short answer to that is we are actually seeing both. So when we look at the marketplace, what we observe are different segments of buyers with different needs. And once explained, I think, will be quite understandable.

是的。謝謝你的提問。簡而言之，我們實際上兩種情況都看到了。因此，當我們觀察市場時，我們發現存在著需求各異的不同買家群體。一旦解釋清楚，我想應該很容易理解。

Certainly, there are a class of buyers or a segment of buyers who have chosen to reimburse or cover GLP-1s for obesity with their employees. And oftentimes, there is demand and interest not only in our GLP-1 Care Track, but also to make sure that they're supporting others within -- with cardiometabolic conditions that are not on a GLP-1, aka diabetes, hypertension, diabetes prevention, and weight health. And that's where we're seeing demand and interest for a significant multiproduct sale opportunity.

當然，有一部分買家或部分買家選擇為員工報銷或支付用於治療肥胖的 GLP-1 藥物費用。而且通常情況下，人們不僅對我們的 GLP-1 護理方案感興趣，而且還希望確保他們能夠支持其他患有非 GLP-1 治療的心血管代謝疾病（即糖尿病、高血壓、糖尿病預防和體重健康）的人。而這正是我們看到市場對多產品銷售這重大機會的需求和興趣。

However, there still is a large segment of buyers out there, both small and very, very large, that are sitting on the sidelines regarding their decision to cover and reimburse GLP-1s. Some of them have said no. Some of them are still actively considering it. And in those particular situations, their employees are still having demand to be supported for their weight health journey. And in those particular cases, of course, they're not purchasing or buying our GLP-1 Care Track, but they are interested to understand how the rest of our cardiometabolic suite can be helpful for them. And so we're seeing traction in both of those segments per se across our selling season.

然而，目前仍有相當一部分買家，無論規模大小，都在觀望是否應該承保和報銷 GLP-1 類藥物。他們有些人拒絕了。他們中的一些人仍在積極考慮此事。在這些特殊情況下，他們的員工仍然需要獲得體重健康的支持。當然，在這些特殊情況下，他們並沒有購買我們的 GLP-1 護理方案，但他們有興趣了解我們其他的心血管代謝產品如何幫助他們。因此，在整個銷售季，我們看到這兩個細分市場本身都取得了成長。

And as I mentioned before, that has been our strategic intent and bet that GLP-1s, whether they're covered or not, is a tide that will lift our multi-condition platform shifts. And we're seeing that materialize. And again, we're seeing that in the closing season as well as our Q3 performance.

正如我之前提到的，這正是我們的策略意圖和賭注，GLP-1 類藥物，無論是否被納入醫保，都將推動我們多疾病治療平台轉型。我們正在看到這種情況成為現實。而且，我們在賽季末以及第三季的業績中也看到了這一點。

Hey, Ryan. This is Sean here. Just this is a good moment to remind that our PBM partners, the contracts that we have with them enable the employers that work with them to deploy the broad suite of Omada solutions. And that's actually true for the employers that work with those PBMs that choose to cover GLP-1s.

嘿，瑞恩。這位是肖恩。正好藉此機會提醒大家，我們的 PBM 合作夥伴，我們與他們簽訂的合約使與他們合作的雇主能夠部署 Omada 的全套解決方案。對於與選擇承保 GLP-1 類藥物的藥品福利管理機構 (PBM) 合作的雇主來說，情況確實如此。

Equally, that's true for the employers that work with those PBMs who choose not to cover GLP-1s. So it really is a rising tide lifts all boats scenario. And then sometimes we get asked, well, we are seeing some, although it's the exception rather than the rule, clients choosing to stop coverage of GLPs, that's an area that we have some active conversations as well because oftentimes, those clients really feel obligated to make sure that they don't leave their employees in alert here, and we can come in and really shine light on our support and our capabilities to support people having stopped the med.

同樣，對於那些選擇不承保 GLP-1 類藥物的藥品福利管理機構 (PBM) 的雇主來說，情況也是如此。所以這確實是水漲船高的例子。有時我們會被問到，雖然這種情況並不普遍，但確實有一些客戶選擇停止對 GLP 藥物的報銷。這也是我們積極參與討論的領域，因為很多時候，這些客戶真的覺得有義務確保他們的員工不會因此而處於危險之中，而我們可以介入並真正展現我們的支持能力，幫助那些已經停止服用該藥物的人。

So again, all that stems back to the comments I made a bit earlier in that there's lots of different client demands and voices here and the configurability and the scale we have to meet a multitude of those demands we believe is a differentiator.

所以，這一切都源自於我之前提到的評論，即這裡有很多不同的客戶需求和聲音，而我們能夠滿足其中眾多需求的配置性和規模，我們認為這是一個差異化優勢。

Super helpful color. Maybe as a follow-up, and I recognize we only had probably four to five hours to process sort of the Trump administration announcement here. But obviously, Omada has always been sort of very focused on the commercial side of the market. But part of the announcement today, obviously, is sort of the acceptance in terms of Medicare coverage for these drugs starting, I believe, in April of next year. That's -- I think there's about 40% of sort of the 65-plus population that would be clinically eligible for GLPs. Does that sort of size of opportunity sort of create an opportunity for Omada to sort of expand beyond commercial into potentially looking for a solution for Medicare over time?

非常實用的顏色。或許可以作為後續報道，而且我也意識到我們可能只有四到五個小時的時間來消化川普政府的聲明。但很顯然，Omada 一直以來都非常注重市場的商業面。但今天宣布的內容之一，顯然是這些藥物將被納入聯邦醫療保險的承保範圍，我相信，從明年四月開始就是如此。我認為，65歲以上的人群中大約有40%的人在臨床上符合GLP（良好實驗室規範）的條件。這種規模的機會是否為 Omada 創造了機會，使其能夠從商業領域擴展到未來可能為聯邦醫療保險 (Medicare) 尋找解決方案？

Yeah. Ryan, Wei-Li here. Super insightful question. You're correct in the sense that it could potentially represent an expansion opportunity for us. As a refresher to folks, we are heavily penetrated or focused on the commercially insured segment.

是的。瑞安，李偉在這裡。這個問題很有見地。從某種意義上說，你的觀點是正確的，這可能代表我們拓展業務的機會。再次提醒各位，我們主要專注於商業保險領域。

Over the recent years, we have received significantly more interest and fast-growing interest in our Medicare Advantage book of business which continues to grow across our multi-condition platform. And of course, then there's Medicare fee-for-service, which is the most pertinent for today's White House announcement regarding the price reduction for GLP-1s.

近年來，我們的 Medicare Advantage 業務獲得了更多關注，並且這種關注度還在快速增長，該業務在我們的多疾病平台上持續增長。當然，還有醫療保險以服務收費制度，這與今天白宮宣布降低 GLP-1 藥物價格的決定最為相關。

It's interesting. We'll have to see how this evolves. But if history is any indicator, usually, when there's a policy announcement or change, in this case, we perceive to be very positive policy improvement or change with Medicare fee-for-service, that Medicare Advantage then takes note and follows suit.

很有意思。我們得看看事態如何發展。但如果歷史可以作為參考，通常情況下，當有政策公告或變更時（在本例中，我們認為這是醫療保險按服務收費政策的非常積極的改進或變更），醫療保險優勢計劃就會注意到並效仿。

And then after that, the commercially insured segment then also follows suit watching Medicare Advantage. So it's early days to tell whether or not that cascade will actually occur. There's a lot of details to be worked out. Obviously, the pharmaceutical manufacturers probably will have a very clear position on this. That's just not clear yet, at least to me or to us. But if that's the case, rest assured, we'll be ready to catalyze and capitalize upon that opportunity.

隨後，商業保險市場也紛紛效仿，密切關注聯邦醫療保險優勢計畫。所以現在判斷這種連鎖反應是否真的會發生還為時過早。還有很多細節要敲定。顯然，製藥廠商對此可能會有非常明確的立場。這一點目前還不清楚，至少對我來說是這樣。但如果真是那樣，請放心，我們將做好準備，抓住並利用這一機會。

David Roman, Goldman Sachs.

大衛羅曼，高盛集團。

I wanted just to go a little bit broader here. There's clearly a ton of focus on GLP-1s. But maybe you could talk about how you're seeing GLP-1s drive pull-through in the rest of the portfolio? And anything you could do to help us break down the contributors to member growth this quarter. The math we're getting to is about two-thirds of the growth coming from your established franchise, about a third coming from GLP-1. So any perspective you could provide there would be helpful.

我想把範圍擴大一些。顯然，人們對 GLP-1 類藥物非常關注。但或許您可以談談您如何看待 GLP-1 推動其他產品組合的銷售成長？如果您能幫助我們分析本季會員成長的貢獻因素，那就太好了。我們計算的結果是，大約三分之二的成長來自您已建立的特許經營權，大約三分之一來自 GLP-1。所以，如果您能提供任何見解，都將不勝感激。

Yes. David, Wei-Li here. I won't comment to the proportional or fractional split of the one-third, two-thirds. But what I can say or will say is that GLP-1, for instance, the GLP-1 Care Track volume still is a minority of our total new member as well as total member number. So hopefully, that gives you and others some indication. So the majority of our growth in volume is still coming from our non-GLP-1 business spread across MSK, prevention and weight health, diabetes, and hypertension.

是的。大衛，李偉在這裡。我不會對三分之一、三分之二的比例或分數劃分發表評論。但我可以或將會說的是，例如 GLP-1，GLP-1 護理追蹤計畫的會員數量在我們新增會員總數以及會員總數中所佔比例仍然很小。希望這能給你和其他人一些啟發。因此，我們銷售成長的大部分仍然來自我們的非 GLP-1 業務，這些業務涵蓋肌肉骨骼、預防和體重健康、糖尿病和高血壓。

And again, we don't think at least that, that is by happenstance or by coincidence. It is, we believe, a result of our strategy around multiproduct sales, which is, again, something we've been working on and pursuing for years now and is materializing well in the Q3 performance.

我們再次強調，至少我們認為這並非偶然或巧合。我們認為，這是我們圍繞多產品銷售策略的結果，而這正是我們多年來一直在努力和追求的目標，並在第三季的業績中得到了很好的體現。

David, just one other key driver of overperformance in the quarter. Very consistent with Q2 is our efficiencies on the marketing front. We've been -- this has been a tailwind for us throughout the entire course of the year. And as we disclosed at the end of last year, we saw a 60% increase in marketing efficacy on the campaigns that we were sending as we just go out to more customers and are more targeted with our enrollment campaigns, we've been able to become just more effective at getting more folks in the door. So that -- we saw that momentum also continue in Q3.

David，是本季業績超預期的另一個關鍵推動因素。與第二季相比，我們在行銷方面的效率非常高。在過去的一年中，這一直對我們有利。正如我們在去年年底披露的那樣，隨著我們接觸到更多客戶，並且我們的招生宣傳活動更有針對性，我們的行銷效果提高了 60%，我們能夠更有效地吸引更多人加入。因此，我們看到這股勢頭在第三季也得以延續。

Got it. That's super helpful. And I know you talked a little bit about growing engagement in response to an earlier question. But if you look at the trend in members, one of the things that I think is unique about what you've seen in the past two years is for a lot of businesses like yours, you see a big uptick in Q1 in members when you expand into new contracts. And then it kind of like peters off throughout the year as people try something, they don't repeat utilization. But you're sort of seeing the opposite effect of a big step-up and then actually continued incremental growth from there in members.

知道了。這太有幫助了。我知道您在回答先前的問題時也談到了提高用戶參與度的問題。但如果你觀察會員趨勢，我認為過去兩年你所看到的一個獨特之處在於，對於許多像你們這樣的企業來說，當你拓展新合約時，你會發現第一季會員數量大幅增長。然後，隨著人們嘗試各種方法，這種現像在一年中逐漸消失，他們不會重複使用。但你看到的卻是相反的效果，即會員數量大幅增長，然後在此基礎上持續穩定成長。

So Steve, is that -- obviously, there's a dynamic there with product value proposition, but also marketing effect. Maybe help us understand a little bit better what's helping you diverge from what we normally see in businesses of sort of similar structure?

所以史蒂夫，很明顯，這裡面既有產品價值主張的動態影響，也有行銷效果的影響。或許您可以幫助我們更了解，是什麼讓您與結構相似的普通企業有所不同？

Yeah. To make sure I understand the question, I think you're asking -- this is Wei-Li, by the way, asking about, hey, listen, most companies, and you could see this in the global app download data, especially with the Sensor Tower data have strong performance in Q1 and then just a downward slant to Q4 and then a strong repeated cyclical performance in Q1. We have -- it's true. It appears that maybe we have a little bit of a different trend. I think that what we've seen are a few drivers that have led to Q3 performance.

是的。為了確保我理解這個問題，我想你是在問——順便說一下，我是魏莉——問的是，嘿，聽著，大多數公司，你可以從全球應用程式下載數據中看到這一點，特別是Sensor Tower的數據，在第一季度表現強勁，然後到第四季度略有下降，然後在第一季度再次出現強勁的周期性表現。確實如此。看來我們可能遇到了一些不同的趨勢。我認為我們已經看到了一些促成第三季業績的因素。

The first one, of course, is back to the multiproduct. I mean this is a classic example of what you do in the previous year will either hurt you or help you in the following year, depending on how well you do, which means of the multi-condition kind of product penetration success that we've had in previous years, including last year's selling cycle paying off now in the back half of this year.

當然，第一個問題還是回到多產品模式。我的意思是，這是一個典型的例子，說明你前一年所做的事情，要么會傷害你，要么會幫助你，這取決於你前一年做得如何。這意味著，我們在前幾年取得的多條件產品滲透成功，包括去年的銷售週期，現在在今年下半年開始見效。

The second piece is what you mentioned that I'll pick up on, and we feel like you're correct, is on the marketing outreach or marketing enrollment rate performance side of things. As Steve alluded to a little bit earlier, we have, in 2024, saw a 60% improvement in enrollment rate performance. We committed back then that we'd continue to work on that, and we have, and we're seeing continued improvement in enrollment rate performance through the year, and that certainly has been a contributor as well.

第二點就是你提到的，我會重點關注的，我們也覺得你說得對，那就是市場推廣或市場招生率的表現。正如史蒂夫之前提到的，到 2024 年，我們的入學率表現提高了 60%。我們當時承諾會繼續努力，我們也確實做到了，而且我們看到今年的入學率表現持續改善，這當然也是促成因素。

The third and last piece I'd say is that we, for many, many years now, have been working on a, what we call a multi-campaign digital outreach strategy, complemented by a multichannel outreach strategy, for instance, digital signage on site as well as direct mail and all the other things you might imagine. And we feel like we've got a decent rhythm and cadence that not only supports at least we saw this year, a strong Q1, but also supports continued performance throughout the year as opposed to just cyclically just in Q1. And so we continue to experiment in that particular area. We're seeing some success, and we believe that, that also has been a contributor to what we've seen in Q3.

第三點也是最後一點是，多年來，我們一直在努力實施我們稱之為多活動數位推廣策略的方案，並輔以多通路推廣策略，例如現場數位看板、直郵以及您可能想到的所有其他方式。我們感覺我們已經找到了一個不錯的節奏和韻律，這不僅支持了我們今年看到的強勁的第一季度業績，而且還支持了全年持續的業績表現，而不僅僅是第一季度的周期性表現。因此，我們繼續在該領域進行試驗。我們取得了一些成功，我們相信，這也是我們在第三季取得良好業績的原因之一。

And David, this is Sean here. One other thing to just highlight is Q3 was a very innovative quarter relative to the member experience. We talked about Meal Map. We talked about building on top of OmadaSpark. We really took a big step forward in what we're able to offer to members. And we found that when we launch really exciting new product capabilities, that's, of course, attractive to the members that are already using Omada.

大衛，這位是肖恩。還有一點要強調的是，第三季在會員體驗方面是一個非常創新的季度。我們討論了膳食計劃。我們討論了在 OmadaSpark 的基礎上進行開發。我們在能夠為會員提供的服務方面確實取得了長足的進步。我們發現，當我們推出真正令人興奮的新產品功能時，這當然對已經使用 Omada 的會員很有吸引力。

Equally, that's interesting and attractive to folks that are just learning about Omada for the first time. So oftentimes, it gives us more to talk about in that first outreach, and you can really turn the product innovation into something that helps pull more people into your experience.

同樣，這對於第一次了解 Omada 的人來說也很有趣，很有吸引力。因此，很多時候，這能讓我們在第一次推廣時有更多的話題可聊，而且你真的可以將產品創新轉化為吸引更多人體驗你產品的東西。

Gene Mannheimer, Freedom Capital Markets.

吉恩‧曼海默，《自由資本市場》。

Thanks. Good afternoon, and congrats on the great results. Do you guys publish or disclose a product density number? Or said differently, you talk about the percent of members that are engaged in multi-condition programs and how that has trended, say, the last couple of quarters?

謝謝。下午好，祝賀你們取得如此優異的成績。你們會公佈或公開產品密度數據嗎？換句話說，您談到了參與多疾病管理計劃的會員百分比，以及該百分比在過去幾季中的趨勢？

Yeah, Gene, thank you for the question. What we have disclosed in the past is the percent of customers who are working with us in a multiproduct fashion. So at the end of last year, we had 31% of our total customers working with us across more than one product. And when we looked across the 2024 selling season, over 50% of our net new business started with us in a multiproduct fashion. So that's a metric that we're going to evaluate if we want to continue to disclose on a go-forward basis, but we'll potentially be updating that after we close out 2025.

是的，吉恩，謝謝你的提問。我們過去揭露的是與我們進行多產品合作的客戶百分比。因此，截至去年年底，我們有 31% 的客戶使用過我們不只一款產品。當我們展望 2024 年銷售季時，超過 50% 的新增淨業務都是以多產品銷售的方式開始的。所以，如果我們想繼續揭露這項指標，我們將對其進行評估，但我們可能會在 2025 年結束後對其進行更新。

Thank you. At this time, I'm showing no further questions. This concludes Omada Health's third-quarter 2025 earnings conference call. Thank you for participating. You may now disconnect.

謝謝。目前，我不再提出其他問題。Omada Health 2025 年第三季財報電話會議到此結束。感謝您的參與。您現在可以斷開連線了。