Omada Health, Inc. (OMDA) 2026 Q1 法說會逐字稿

Good day and thank you for standing by. Welcome to the Omada Health first-quarter 2026 earnings conference call. (Operator Instructions) Please be advised that today's conference is being recorded.

各位好，感謝您稍候。歡迎參加 Omada Health 2026 年第一季財報電話會議。（接線員指示）請注意，今天的會議將被錄音。

I would not like to hand the conference over to your first speaker today, Craig Gracey, Chief Accounting Officer.

我現在想把會議交給今天的第一位講者——Craig Gracey，首席會計官。

Thank you. Good afternoon. Welcome to Omada Health first-quarter 2026 earnings conference call. Joining me today are Sean Duffy, our Co-Founder and CEO; Wei-Li Shao, our President; and Steve Cook, our CFO.

謝謝。各位下午好。歡迎參加 Omada Health 2026 年第一季財報電話會議。今天與我一同出席的有：共同創辦人兼執行長 Sean Duffy、總裁 Wei-Li Shao，以及財務長 Steve Cook。

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，我想先說明，我們將討論一些我們認為有助於評估 Omada 表現的非 GAAP 財務衡量指標。您可在我們網站上發布的新聞稿中，找到這些指標與 GAAP 指標之間的關聯說明以及調節表。

We will also make forward-looking statements based on our current expectations and assumptions, which are subject to risk and uncertainties, including factors listed in our Press Release and in the Risk Factors found in our SEC filings. Actual results could differ materially and we assume no obligation to update these forward-looking statements.

我們也將基於目前的預期與假設作出前瞻性陳述；這些陳述受風險與不確定性影響，包括我們新聞稿以及 SEC 申報文件中「風險因素」所列之因素。實際結果可能與前述陳述存在重大差異，我們亦不承擔更新任何前瞻性陳述之義務。

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

接下來，我把電話交給 Shawn。

Thank you, Craig. Good afternoon, everyone, and thank you for joining us. Q1 2026 was a milestone quarter for Omada. Here's our financial snapshot compared to a year ago. 42% revenue growth, with a lower net loss and positive adjusted EBITDA with a higher gross margin and a guidance raised. Our business is largely driven by four growth levers.

謝謝你，Craig。各位下午好，感謝大家加入我們。2026 年第一季對 Omada 而言是具有里程碑意義的一季。以下是我們與一年前相比的財務概況：營收成長 42%，淨虧損降低，調整後 EBITDA 轉正，毛利率提高，並上調了財測指引。我們的業務主要由四個成長槓桿所驅動。

Let me explain the importance of each. Expanding reach, the total lives with benefit coverage for our programs through channel and employer relationships. Increasing enrollment, how effectively we convert those covered lives in the multi-conditioned members, deepening engagement through advancements in our member experience, including our AI-powered food and behavioral platform that includes a modest spark and meal map, and operational efficiency, the AI clinical model and operational investments designed to improve outcomes and margins as we scale.

我來說明每一項的重要性。第一是擴大觸及（reach）：透過通路與雇主合作關係，提升可享有我們方案福利覆蓋的總人數（lives）。第二是提高註冊（enrollment）：我們將這些已覆蓋人群有效轉化為多病程（multi-condition）的會員。第三是深化參與（engagement）：透過提升會員體驗，包括我們以 AI 驅動的飲食與行為平台（包含 OmadaSpark 與 Meal Map），來加深會員參與。第四是營運效率（operational efficiency）：AI 臨床模型與營運投資，旨在隨著規模擴大提升成效與利潤率。

I'll walk through the headlines across all four levers. Wei-Li will then take you inside the platform into the operational and commercial details behind reach, enrollment, and engagement. Steve will walk through the financial picture, including our updated outlook, and I'll come back at the end to bring it all together.

我將概述這四個槓桿的重點。接著 Wei-Li 會帶大家深入平台，說明觸及、註冊與參與背後的營運與商務細節。Steve 會說明財務狀況，包括我們更新後的展望。最後我會回來做總結。

The headline of the quarter is within reach. In Q1, we saw the new investment in our GLP-1 capabilities begin to demonstrate traction. Omada is proud to join Optum Rx's weight and gauge portfolio to help employers expand responsible, clinically supported access to GLP-1 and other anti-obesity medications through their existing pharmacy benefit manager. This collaboration marks Omada's first offering of prescribing capabilities within a PBM channel, reflecting our shared commitment to improving coordinated care for employers and members. Omada now has relationships with the nation's leading pharmacy benefits managers who serve most commercially insured lives and process 80% of prescription claims.

本季的重點在於「觸及」。在第一季，我們對 GLP-1 能力的新投資開始展現動能。Omada 很榮幸加入 Optum Rx 的體重與體重管理（weight and gauge）產品組合，協助雇主透過其既有的藥品福利管理（PBM）擴大對 GLP-1 與其他抗肥胖藥物的負責任、具臨床支持的可近性。這項合作標誌著 Omada 首次在 PBM 通路中提供處方（prescribing）能力，反映我們共同致力於為雇主與會員改善協調式照護。Omada 現已與全美領先的藥品福利管理機構建立合作關係，這些機構服務大多數商業保險人群並處理 80% 的處方理賠。

And today we announced that Omada is joining Eli Lilly and Company’s Employer Connect to offer our GLP1 carerac, also including prescribing capabilities directly to employers. Across these announcements, Omada can now meet employers where they are, whether they are already covering GLP1s, exploring coverage for the first time, or looking for a lower cost alternative to an employer-defined contribution model. And critically, our GLP-1 capabilities remain the tip of the sphere for sales conversions across the broader Omada platform, which is driving growth across the full cardio metabolic suite.

此外，我們今天宣布 Omada 將加入 Eli Lilly and Company 的 Employer Connect，向雇主提供我們的 GLP-1 方案（也包含處方能力），並可直接面向雇主。透過這些宣布，Omada 現在能在雇主所在之處與其對接——無論雇主已在承保 GLP-1、首次探索承保，或尋求比雇主自訂提撥（employer-defined contribution）模式成本更低的替代方案。更重要的是，我們的 GLP-1 能力仍是推動整體 Omada 平台銷售轉換的「矛尖」，並帶動整個心臟代謝（cardio metabolic）產品組合的成長。

Turning to enrollment. In Q1, our total members grew 51% year over year, crossing 1 million for the first time in our history, a direct result of our expanded reach and our relentless iteration in enrollment marketing effectiveness. We continue to see strong enrollment across our GLP-1 services, but importantly, across the full suite of our cardio metabolic services, like hypertension and diabetes.

接著談註冊。在第一季，我們的會員總數年增 51%，歷史上首次突破 100 萬名，這直接來自於觸及範圍擴大，以及我們在註冊行銷成效上的持續迭代。我們在 GLP-1 服務上的註冊表現依然強勁；同時也很重要的是，在完整的心臟代謝服務組合（如高血壓與糖尿病）上同樣表現強勁。

On engagement. Member engagement continued to deepen this quarter as we scaled our nutrition experience with continued advancements in OmadaSpark and Meal Map.

在參與方面，隨著我們擴大營養體驗並持續推進 OmadaSpark 與 Meal Map，本季會員參與度持續加深。

And on efficiency, we narrowed our GAAP loss significantly and delivered positive and adjusted EBITDA in Q1, which is historically our most cost intensive quarter, showing the operating leverage we committed to demonstrating. Behind that result is AI showing up across our business in a structural way.

在效率方面，我們顯著縮小 GAAP 虧損，並在第一季交出調整後 EBITDA 轉正的成績；而第一季歷來是我們成本最密集的一季，這顯示出我們承諾要展現的營運槓桿。支撐這項成果的，是 AI 以結構性的方式在我們業務各處落地。

In Care Delivery, our tooling now summarizes member data and surfaces potential next actions for Care team review, reducing the administrative burden on our Care teams. In engineering, AI's assisted development has accelerated our product velocity and the ability to say yes to new customer needs, and across operations and member support, while converting routine manual processes into automated workflows that create capacity without adding cost.

在照護交付（Care Delivery）方面，我們的工具現在能彙整會員資料並提出可能的下一步行動供照護團隊審閱，降低照護團隊的行政負擔。在工程研發方面，AI 輔助開發加速了產品迭代速度，也提升我們回應新客戶需求的能力；在營運與會員支援方面，我們把例行的人工流程轉換為自動化工作流程，在不增加成本的情況下釋放產能。

Taken together, these investments are not only improving the member and care team experience today, we believe they are beginning to provide a foundation for a structural tailwind to margins. The reason we have scaled this way, adding channels, adding conditions, adding capabilities like prescribing with outbreaking stride, is that each new relationship, each new capability, plugs into a complex system that promotes a positive, durable network effect for Omada and differentiates us from our competitors.

綜合來看，這些投資不僅正在改善當下的會員與照護團隊體驗，我們也相信它們正開始為利潤率帶來結構性的順風。之所以能以這種方式擴張——新增通路、新增病程、以突破性的步伐加入如處方等能力——是因為每一段新合作關係、每一項新能力，都能接入一個促進 Omada 正向且持久網路效應的複雜系統，並使我們與競爭對手形成差異化。

Part of what underpins our commercial success is a large set of relationships that we have built over the past 15 years. Omada has worked to build institutional trust with many of the nation's largest employers, health plans, and PBMs, embedding our programs and benefits designs, clinical workflows, and compliance processes to create integrated partnerships that we believe many of our partners have come to rely upon

支撐我們商務成功的一部分，是過去 15 年建立起來的大量合作關係。Omada 一直致力於與全美許多最大型的雇主、健康保險計畫與 PBM 建立制度性的信任，將我們的方案與福利設計、臨床工作流程與合規流程嵌入其中，打造整合式合作夥伴關係；我們相信許多合作夥伴已逐漸依賴這些整合。

Our clients are not paying us to make their business more efficient. They are not buying software or sites. They are paying us to improve the health of their members and provide measurable outcomes in diabetes, hypertension, cholesterol, weight, health, and MSK. We have worked thoughtfully for years, investing in areas like clinical sophistication, regulatory and privacy compliance, and information security to meet the exacting standards of these partners, not as a software vendor, an automated tool, or consumer wellness solution, but instead as a HIPAA-covered entity in a recognized provider of true health care.

我們的客戶付費不是為了讓他們的業務更有效率。他們不是在購買軟體或網站。他們付費是為了改善其會員的健康，並在糖尿病、高血壓、膽固醇、體重管理、健康以及肌肉骨骼（MSK）方面提供可衡量的成果。多年來我們審慎投入臨床成熟度、法規與隱私合規、以及資訊安全等領域，以符合這些合作夥伴嚴格的標準；我們不是以軟體供應商、自動化工具或消費型健康方案的定位，而是以受 HIPAA 規範之實體，以及被認可的真正醫療照護提供者自居。

We also have a rich cardio metabolic data set. Tens of millions of Care team interactions and billions of data points across weight, diabetes, hypertension, and musculoskeletal health. This and history and helps us rapidly improve our care. We have published 30 peer-reviewed studies and maintained third-party accreditations from organizations like NCQA and URAC, evidencing our ability to meet their exacting standards and further differentiating our clinical, regulatory and compliance capabilities.

我們也擁有豐富的心臟代謝資料集：數千萬次照護團隊互動，以及涵蓋體重、糖尿病、高血壓與肌肉骨骼健康的數十億個資料點。這些資料與歷史累積，幫助我們快速改善照護。我們已發表 30 篇同儕審查研究，並維持來自 NCQA、URAC 等機構的第三方認證，證明我們能符合其嚴格標準，並進一步凸顯我們在臨床、法規與合規能力上的差異化。

And we have designed our own co-intelligent care model that combines human coaching with AI tools to deliver personalized care at scale, using our unique data to power functional AI workflows for members and care teams, not just model benchmarks. That combination of enterprise grade distribution, extensive data, clinical accreditation depth proven in published outcomes, and a care model refined over more than a decade of real world deployment. That is the durable position that we work to maintain and to widen quarter after quarter.

此外，我們設計了自有的「人機共智」照護模式，結合真人教練與 AI 工具，以規模化方式提供個人化照護；並運用我們獨特的資料，為會員與照護團隊打造可落地的 AI 工作流程，而不僅僅是模型指標。企業級的分發與通路能力、龐大的資料、在已發表成果中驗證的臨床認證深度，以及經過十多年真實世界部署淬鍊的照護模式——這些組合，構成了我們努力維持並在每一季持續擴大的長期競爭位置。

Before I turn it over to Wei-Li, I want to ground this in the lives of the people we serve. One member recently shared: I've been using the Omada app for years, and it truly changed my life. Through better choices, discipline and consistency, I've lost over 60 pounds. I don't need a seat belt extender on planes anymore. My toes don't tingle. I make better choices without feeling restricted. For years, I thought food was my best friend. It was comfort. It was coping. Now I see it for what it is, fuel for the life I'm building.

在把電話交給 Wei-Li 之前，我想用我們所服務的人們的真實生活來做連結。最近有位會員分享：「我使用 Omada App 已經好幾年了，它真的改變了我的人生。透過更好的選擇、自律與持之以恆，我減重超過 60 磅。我搭飛機不再需要安全帶延長帶。我的腳趾不再刺麻。我能做出更好的選擇而不覺得被限制。多年來，我以為食物是我最好的朋友——它是安慰，是應對方式。現在我看清它的本質：它是我正在打造的人生所需的燃料。」

Exceptional stories like that are why Omada exists. Three in four American adults have at least one chronic condition. And over half have two or more chronic conditions. And the healthcare system still organizes much of their care around limited clinical touchpoints. Omada puts the space between those visits at the center of care.

像這樣卓越的故事，就是 Omada 存在的原因。四分之三的美國成年人至少有一種慢性病；而超過一半的人有兩種或以上的慢性病。然而醫療體系仍將他們的大部分照護，圍繞在有限的臨床接觸點上。Omada 則把兩次就診之間的空檔，放在照護的核心。

With that, over to Wei-Li.

接下來交給 Wei-Li。

Thanks, Sean. As Sean shared, we crossed the milestone of 1 million total members. We ended Q1 with 1,025,000 total members, up 51% year over year. This is 139,000 net new members in Q1 '26 compared to 17,000 in Q1 '25. Importantly, growth was broad-based across the cardio metabolic suite. We saw a strong year-over-year growth in our hypertension and diabetes programs, reinforcing that our momentum extends well beyond GLP-1 offerings. Multi-condition close rates remain strong.

謝謝，Sean。正如 Sean 所分享的，我們跨越了總會員數 100 萬的里程碑。我們在第一季末的總會員數為 1,025,000 名，年增 51%。這相當於 2026 年第一季淨新增 139,000 名會員，而 2025 年第一季為 17,000 名。重要的是，成長來自心臟代謝產品組合的全面帶動。我們在高血壓與糖尿病方案上看到強勁的年增成長，進一步證明我們的動能遠不止於 GLP-1 產品。多病程（multi-condition）成交率仍維持強勁。

Two complementary drivers are amplifying this growth. First, enhancements to our enrollment experience converted more eligible numbers across email and direct mail with particularly strong gains in diabetes and hypertension. Second, we continue to transition the majority of our accounts to Omada-led outreach, which is generating enrollment rates higher than non-ommodole accounts.

兩項相輔相成的驅動因素正在放大這一成長。首先，我們對註冊體驗的強化，透過電子郵件與直郵將更多符合資格的人數轉化為註冊者，其中在糖尿病與高血壓方面的增長尤為強勁。其次，我們持續將大多數帳戶轉向由 Omada 主導的外展觸達，這正在帶來高於非 Omada 主導帳戶的註冊率。

Turning to our commercial progress. This quarter, we made meaningful strides, expanding our channel and customer relationships. We now have relationships with all three of the nation's largest pharmacy benefit managers and are deepening our presence across the GLP-1 ecosystem.

接著談我們在商業端的進展。本季我們取得了實質性進展，擴大了我們的通路與客戶關係。我們目前已與全美三大藥房福利管理公司（PBM）全部建立合作關係，並正在 GLP-1 生態系中加深我們的布局。

As Sean mentioned, we are proud to have joined Optum Rx's weight and engage portfolio. In addition to GLP-1 care, Omada's prevention and weight health, hypertension, and musculoskeletal programs are available for Optum Rx clients to purchase. And as an independent program administrator and Eli Lilly and Company's Employer Connect, we plan to support employers seeking direct GLP-1 access by pairing our clinical support in behavioral coaching model. Employers will be able to offer their members transparent, clinically guided access to anti-obesity medications alongside Omada's wraparound care.

如 Sean 所提到的，我們很自豪加入了 Optum Rx 的 weight and engage 產品組合。除了 GLP-1 照護之外，Omada 的預防與體重健康、高血壓以及肌肉骨骼計畫，也可供 Optum Rx 客戶採購。此外，作為獨立的計畫管理方以及禮來（Eli Lilly and Company）的 Employer Connect 合作夥伴，我們計畫透過結合我們以行為教練為核心的臨床支持模式，來支援希望直接取得 GLP-1 的雇主。雇主將能為其成員提供透明、由臨床指導的抗肥胖藥物取得途徑，並搭配 Omada 的全方位（wraparound）照護。

In the corner, we also added several large nationally recognized private employers as customers, including [LLB], QuikTrip, and Breakthru Beverage, alongside additional public sector and regional health system wins. Together, these new and expanded relationships meaningfully extend our reach and further multi-condition penetration, while giving us access to a broader and more diverse set of covered lives across PBM, Health Plan, and Employer Channels. We are still in the early innings of serving many of these newly covered populations, which can take multiple sale cycles to build into.

在本季，我們也新增了數家全國知名的大型民營雇主客戶，包括 [LLB]、QuikTrip 與 Breakthru Beverage，同時也在公共部門與區域型醫療體系方面取得更多勝利。這些新增與擴大的合作關係，顯著延伸了我們的觸及範圍並提升多病種滲透率，同時讓我們能在 PBM、健康保險計畫與雇主通路中，接觸到更廣泛且更多元的受保人群。我們仍處於服務許多新納入覆蓋人群的早期階段，這通常需要多個銷售週期才能逐步建立規模。

GLP-1's have not just driven demand for medication. They have expanded how many employers think about cardio metabolic care more broadly. Whether or not they choose to cover these therapies, we find employers are increasingly prioritizing weight and metabolic health and looking for solutions that can support the populations. This shift has played directly to our strengths.

GLP-1 不僅帶動了對藥物的需求，也擴大了雇主對心代謝照護（cardio metabolic care）更廣泛的思考方式。無論他們是否選擇納入這些療法，我們都看到雇主愈來愈重視體重與代謝健康，並尋找能支援相關人群的解決方案。這一轉變正好直接契合我們的優勢。

This reflects a fundamental reality. 9 out of 10 people taking GLP-1s for obesity are also managing at least one other chronic condition. Since launching the GLP-1 Care Track, we have supported more than 150,000 numbers as of the end of 2025, building proof points for our wraparound care model.

這反映了一個基本事實：在因肥胖而使用 GLP-1 的人當中，十分之九同時也在管理至少一種其他慢性疾病。自推出 GLP-1 Care Track 以來，截至 2025 年底，我們已支援超過 150,000 名成員，並為我們的全方位照護模式建立了驗證要點。

Let me walk you through how our offerings map to the different ways employers approach GLP-1 benefits. For employers already covering GLP-1 through one of our PBM partners, our GLP-1 Care Track delivers companion care, including behavioral coaching, support side effect management and other clinical support, alongside the pharmacy drug benefit. This is now available through the three largest PBM channels.

我來說明我們的產品如何對應雇主在 GLP-1 福利上的不同做法。對於已透過我們的 PBM 合作夥伴之一提供 GLP-1 給付的雇主，我們的 GLP-1 Care Track 提供配套照護，包括行為教練、協助副作用管理及其他臨床支持，與藥房藥物福利並行。這項服務目前已可透過三大 PBM 通路取得。

Our GLP-1 Care Track can also help sustain outcomes after discontinuation, with data showing just 0.8% average weight change, one year after stopping therapy, compared to a longer to 12% regain in key clinical trials without ongoing support.

我們的 GLP-1 Care Track 也能在停藥後協助維持成果；數據顯示，在停止治療一年後，平均體重變化僅 0.8%，相較之下，在缺乏持續支持的關鍵臨床試驗中，體重回升幅度可達 10% 至 12%。

For employers seeking clinically managed prescribing. As GLP-1 therapies evolve, employers need support navigating medication selection and titration across benefit designs intended to improve outcomes and manage cost. Prescribing is a natural extension of our model, and we're excited about our first offering of prescribing capabilities with Optum Rx.

對於尋求臨床管理式處方的雇主而言，隨著 GLP-1 療法演進，雇主需要支持以在不同福利設計下，因應藥物選擇與劑量調整（titration），以改善成效並管理成本。處方開立是我們模式的自然延伸，我們也很期待與 Optum Rx 推出的首個處方能力產品。

Given annual enrollment cycles, we expect revenue contribution from prescribing offerings to build more meaningfully in 2027. For employers not yet covering GLP-1s who wanted an alternative to traditional coverage, we can support direct employer pathways that give them a more flexible way to begin offering access with more predictable costs. That includes Omada GLP-1 Flex Care, which combines clinical evaluation, prescribing support, behavioral coaching, and ongoing virtual care, while eligible numbers access medication through vetted cashpa channels. Also includes our work with Lilly direct-to-employer offering, which it provides employers with another option for transparent net cost for Zepbound and allows to define contribution levels, creating a predictable cost structure for obesity medications.

考量年度註冊週期，我們預期處方類產品對營收的貢獻將在 2027 年更為明顯地累積。對於尚未給付 GLP-1、但希望採用傳統給付以外替代方案的雇主，我們可支援「雇主直連」路徑，讓其以更具彈性的方式開始提供藥物取得，同時具備更可預測的成本。其中包括 Omada GLP-1 Flex Care，結合臨床評估、處方支持、行為教練與持續的虛擬照護，而符合資格的成員則可透過經審核的自費（cash-pay）通路取得藥物。也包括我們與 Lilly 的雇主直供方案合作，該方案為雇主提供另一種可取得 Zepbound 透明淨成本的選項，並允許雇主設定分攤比例，從而為抗肥胖藥物建立可預測的成本結構。

For members discontinuing GLP-1 therapy who need ongoing support, we provide behavioral coaching, clinical guidance in multi-conditioned care. In published results, members who remained engaged with our Care Track, largely sustained their outcomes at 12 months. This is where the full value of the platform becomes clear, supporting members, not just during medication use, but across their broader health journey.

對於停止 GLP-1 治療、仍需要持續支持的成員，我們提供行為教練與多病種照護的臨床指引。根據已發表的結果，持續參與我們 Care Track 的成員在 12 個月時大多能維持其成果。這也讓平台的完整價值更加清晰：我們支持成員不僅在用藥期間，也涵蓋其更廣泛的健康旅程。

The strategic takeaway is this. GLP-1s have increased both the demand for and the complexity of cardio metabolic care. Employers need a partner who can navigate that complexity across coverage models, clinical needs, and number journeys. And Omada's building exactly that clinical infrastructure, connecting programs, prescribing, and support into a unified platform to help maximize the benefit of GLP-1 investments.

策略重點在於：GLP-1 同時提高了心代謝照護的需求與複雜度。雇主需要一個合作夥伴，能在不同給付模式、臨床需求與成員旅程之間，駕馭這種複雜性。而 Omada 正在打造這樣的臨床基礎設施，將各項計畫、處方與支持整合為一個統一平台，以協助最大化 GLP-1 投資的效益。

Now turning to our evidence base. Our newest clinical analysis announced last month demonstrates that Omada members in our GLP-1 Care Track on average lost 1.8 times the total weight and twice the body fat, while preserving their lean muscle mass compared to a control group over a 12-week period. This is a clinically meaningful result that we believe matters to employers seeking to justify spending on GLP-1 medication. Without structured lifestyle and clinical support, employers may end up paying for poor results, funding high pharmacy spend on medication that is not providing the durable outcomes that their employees seek.

接著談我們的證據基礎。我們上月公布的最新臨床分析顯示，在 12 週期間，相較於對照組，參與 Omada GLP-1 Care Track 的成員平均減去的總體重為其 1.8 倍、體脂為其 2 倍，同時保留了瘦體重（lean muscle mass）。這是一項具臨床意義的結果，我們相信對於希望證明 GLP-1 藥物支出合理性的雇主而言非常重要。若缺乏結構化的生活型態與臨床支持，雇主可能最終會為不佳的結果買單，承擔高額藥房支出，卻未能獲得員工所期待的可持續成果。

These results, combined with our established body of 30 peer-reviewed studies and insights from supporting 2 million members over the past 15 years, have continued to differentiate Omada in competitive evaluations. Taken together, our expanding commercial relationships, broadening GLP-1 capabilities and growing body of evidence reinforced a simple point. Omada is becoming part of the connective tissue between how employers buy, how members engage, and how outcomes are delivered across the digital cardio metabolic landscape.

這些結果，加上我們既有的 30 篇同儕審查研究，以及過去 15 年支援 200 萬名成員所累積的洞見，持續讓 Omada 在競爭性評估中脫穎而出。綜合來看，我們不斷擴大的商業合作關係、日益完善的 GLP-1 能力與持續成長的證據體系，強化了一個簡單的觀點：Omada 正逐步成為連結雇主採購方式、成員參與方式，以及在數位心代謝領域中交付成果方式之間的關鍵「連結組織」。

With that, I'll turn it over to Steve.

接下來我把時間交給 Steve。

Thank you, Wei-Li. Hello, everyone. Q1 was the strongest first quarter in Omada's history, on members, on revenue, on gross margin, and on adjusted EBITDA. Over the past year, we have been building capabilities to position a model for durable growth, prescribing infrastructure, AI-empowered care delivery, and then expanding set of GLP-1 and cardio metabolic solutions.

謝謝你，Wei-Li。各位好。第一季是 Omada 歷史上最強的第一季，無論是成員數、營收、毛利率，或調整後 EBITDA。過去一年，我們持續建構能力，以打造可持續成長的模式：處方基礎設施、AI 賦能的照護交付，以及不斷擴充的 GLP-1 與心代謝解決方案組合。

Revenue was $78 million up 42% year over year, driven by strong GLP-1 Care Track adoption, increase multi-condition penetration across our cardio metabolic suite, and continued progress in enrollment effectiveness. As discussed in last quarter's call, Q4 2025 included approximately $2 million of revenue related to a one-time transaction that did not recur in Q1. Adjusting for that item, Q1 grew 6% sequentially over Q4. The strength these results combined with early traction we are seeing across our new commercial relationships, gave us the conviction to raise full year guidance, which I will walk through in a moment.

營收為 7,800 萬美元，年增 42%，主要由強勁的 GLP-1 Care Track 採用、我們心代謝產品組合中多病種滲透率提升，以及註冊成效持續改善所帶動。如同上季電話會議所述，2025 年第四季包含約 200 萬美元的一次性交易相關營收，該項目在第一季未再發生。剔除該項影響後，第一季較第四季季增 6%。這些強勁結果，加上我們在新商業合作關係上看到的早期動能，使我們有信心上調全年指引，我稍後會進一步說明。

Turning to profit, the leverage in our business continued to show as we delivered strong year-over-year gross margin expansion. Our GAAP gross profit was $49 million in Q1, representing a GAAP gross margin of 62%, up from 58% in Q1 '25. On a non-GAAP basis, gross margin was 64%, up from 60% in Q1 '25.

接著談獲利。我們業務的槓桿效應持續顯現，帶來強勁的年對年毛利率擴張。第一季 GAAP 毛利為 4,900 萬美元，GAAP 毛利率為 62%，高於 2025 年第一季的 58%。以非 GAAP 口徑計算，毛利率為 64%，高於 2025 年第一季的 60%。

As we've shared, Q1 has historically been our lowest gross margin quarter due to higher enrollment volume and the related care team and device cops. The underlying drivers remain strong, efficiency gains from our self-built care team platform AI powered tools that enhance care team productivity and the operating leverage inherent in our multi-condition model. As a result, we see an expansion over time, and we believe there is a path to exceed our current long-term target of 70% annual gross margin.

如我們先前分享，第一季歷來是我們毛利率最低的季度，原因在於註冊量較高，以及相關的照護團隊與裝置成本。基本驅動因素依然強勁，包括我們自建的照護團隊平台所帶來的效率提升、提升照護團隊生產力的 AI 驅動工具，以及我們多病種模式所固有的營運槓桿。因此，我們預期毛利率將隨時間擴張，並相信有機會超越我們目前 70% 年度毛利率的長期目標。

One item I want to flag briefly is the minor impact we have seen thus far from the conflict in Iran, which modestly increased the vice-related cost of revenue due to increased shipping cost. This has not been material to Q1 and we currently estimate the full year impact at roughly $1 million. We're also evaluating selectively pre-purchasing certain devices to incur shipping cost upfront as a further hedge against volatility.

我想簡要提示的一點是：截至目前，我們已看到伊朗衝突帶來的輕微影響，因運輸成本上升而使裝置相關的營收成本略有增加。這對第一季並不重大，我們目前估計全年影響約為 100 萬美元。我們也在評估選擇性地預先採購部分裝置，以提前承擔運輸成本，作為進一步對沖波動的措施。

Let me walk through the unit economics. Total members is our headline metric, but it is a composite of members at different stages with different economic profiles. And that composition is key to understanding our business. Historically, the shape of the member curve has been largely consistent, in year one revenue per member has generally been at its highest because enrollment devices and initial care activities are concentrated in that period.

讓我說明一下單位經濟。總會員數是我們的核心指標，但它是由處於不同階段、具有不同經濟特徵的會員所組成的複合體。而這種組成結構是理解我們業務的關鍵。歷史上，會員曲線的形狀大致一致：在第一年，每位會員的收入通常最高，因為入會設備與初期照護活動集中在該期間。

In years two and three, revenue per member has historically stepped down as members move into streamlined, longer-term care, but gross margin per member has stepped up as caregiver class are meaningfully lower once the front loaded first-year activities are behind us. The member relationship has generally become more profitable on a unit basis as it matures, even as the revenue line moderates.

在第二年與第三年，隨著會員進入更精簡、較長期的照護，每位會員的收入歷來會下滑；但每位會員的毛利率會上升，因為一旦前置的一年期活動結束後，照護人員相關成本會顯著降低。隨著會員關係成熟，即使收入線趨於溫和，單位層面通常會變得更具獲利性。

The takeaway in this quarter is a positive structural shift in our member base. Members have stayed with the model longer, and each successive enrollment year has been larger than the one before it; 2025, most of all. To get those dynamics, mean a structurally higher share of our total members sits in year two and beyond entering 2026. That puts near term pressure on blended revenue per member by design, while lifting typical longer-term gross profit per member, the more accretive phase of the curve.

本季的重點在於我們會員基礎出現正向的結構性轉變。會員在此模式中停留更久，而且每一個後續入會年度的規模都大於前一年；其中以 2025 年最為明顯。這些動態意味著，進入 2026 年時，我們總會員中結構性地有更高比例處於第二年及以上。這在設計上會對短期的混合每位會員收入造成壓力，同時提升典型的長期每位會員毛利——也就是曲線中更具增益的階段。

This is a good outcome for the business without any change to per program pricing or contract terms. We expect gross profit per member to remain a strength of our model and aim for to expand further over time, as new channel partnerships are GLP-1 care options, and are prescribing programs layer incremental economics into the existing member base.

這對業務而言是良好的結果，且不需要調整各方案定價或合約條款。我們預期每位會員毛利將持續是我們模式的強項，並目標隨時間進一步擴張；因為新的通路合作夥伴關係、GLP-1 照護選項，以及處方計畫，正在把增量經濟效益疊加到既有會員基礎之上。

Moving to operating expense. Our approach is unchanged and thus responsibly behind key opportunities and continue driving towards profitable growth. On prior calls, we've mentioned our investments into prescribing capabilities and it's now clear these investments are aligned to serve our new agreement with Optum Rx. While building these capabilities, we also demonstrated operating expense leverage in the quarter.

接著談營業費用。我們的方法沒有改變：在關鍵機會上保持審慎投入，並持續推動獲利性成長。在先前的電話會議中，我們提到對處方能力的投資；現在很清楚，這些投資與我們與 Optum Rx 的新協議所需服務能力一致。在建置這些能力的同時，我們也在本季展現了營業費用槓桿。

On a percent of revenue basis, both GAAP and non-GAAP operating expenses declined approximately 5% points year over year. That leverages the output of the drivers we have consistently pointed to scaling through channel partnerships, getting more from our existing sales force, and tight spending discipline across the rest of the business.

以營收百分比計，GAAP 與非 GAAP 的營業費用年對年皆下降約 5 個百分點。這反映出我們一再指出的驅動因素所帶來的槓桿效應：透過通路合作夥伴關係擴張、讓既有銷售團隊產出更高，以及在公司其他部分維持嚴格的支出紀律。

The other driver and an increasingly important one is AI. We are not evaluating the leverage opportunity from AI in only one area of the company. The opportunity reflects a deliberate company-wide evaluation of AI tooling across every function.

另一個驅動因素，而且愈來愈重要的是 AI。我們並非只在公司某一個領域評估 AI 帶來的槓桿機會；這個機會來自於我們有意識地在全公司範圍內，對各職能的 AI 工具進行評估。

As AI adoption deepens, we believe it can become a tailwind to operating leverage and margin expansion as we look towards 2027 and beyond. Our GAAP net loss narrowed to $3 million compared to $9 million in Q1 '25, and adjusted EBITDA was $1 million an improvement of $5 million year over year. Delivering positive adjusted EBITDA in our historically highest cost quarter reflects the structural scalability of our model playing out. The strong start to the year has led to an improved full year of adjusted EBITDA outlook that I'll discuss in a moment.

隨著 AI 採用加深，我們相信在展望 2027 年及以後，它可成為營運槓桿與利潤率擴張的順風。我們的 GAAP 淨損收斂至 300 萬美元，相較於 2025 年第一季的 900 萬美元；調整後 EBITDA 為 100 萬美元，年對年改善 500 萬美元。在我們歷來成本最高的季度交出正的調整後 EBITDA，反映出我們模式的結構性可擴展性正在發揮作用。今年強勁的開局帶動我們上調全年調整後 EBITDA 展望，我稍後會說明。

Our strength and protability profile has continued to a strong balance sheet as well. We ended Q1 with cash and cash equivalents of $212 million and continue to carry no debt, having fully repaid our term loan ahead of schedule in 2025.

我們的優勢與獲利能力輪廓也延伸到強健的資產負債表。我們在第一季末的現金及約當現金為 2.12 億美元，並持續維持零負債；我們已於 2025 年提前全數償還定期貸款。

Now we turn to our outlook. We are raising our full year revenue guidance to $322 million to $330 million up from our prior range of $312 million to $322 million. For adjusted EBITDA, we expect a range of $14 million to $20 million up from a prior range of $7 million to $15 million. At the midpoints, revenue guidance represents approximately 25% growth year over year and adjusted EBITDA reflects a nearly three-fold improvement compared to 2025.

現在談展望。我們將全年營收指引上調至 3.22 億至 3.30 億美元，高於先前的 3.12 億至 3.22 億美元區間。就調整後 EBITDA 而言，我們預期為 1,400 萬至 2,000 萬美元，高於先前的 700 萬至 1,500 萬美元區間。以區間中點計算，營收指引代表年對年約 25% 成長，而調整後 EBITDA 相較 2025 年幾乎提升至近三倍。

For both revenue and adjusted EBITDA, the low end of the new guidance range is approximately at the high end of our previous range, reflecting the strength of the quarter and or improved outlook for the year. The range reflects two drivers continued commercial momentum across our channel and PBM partnerships and sustained enrollment effectiveness across the cardio metabolic suite. We believe the new and expanded commercial relationships along with the record number of plan new program launches, position a model well for durable growth, more diversified revenue, and increasing profitability.

就營收與調整後 EBITDA 而言，新指引區間的低端大致等同於我們先前區間的高端，反映本季表現強勁以及/或我們對全年更佳的展望。該區間反映兩項驅動因素：我們在通路與 PBM 合作夥伴關係上的商業動能持續，以及在心代謝產品組合上的持續有效招募。我們相信，新且擴大的商業關係，加上創紀錄數量的健康計畫新方案上線，使我們的模式具備持久成長、更分散的營收來源與更高獲利能力的良好定位。

Several of those rems and relationships are still in the early stages of commercial ramp, and we do not expect them to contributemily to revenue in 2026. However, we are in the act of selling season for 2027, and that is where we expect these relationships to begin converting to revenue. We believe our growth rate and margin trajectory together demonstrate the financial profile of a durable, high-quality growth business, with clear line of sight to the next wave of revenue from new programs, and expanded commercial relationships.

其中若干項合作與關係仍處於商業放量的早期階段，我們不預期它們在 2026 年對營收有實質貢獻。然而，我們正處於 2027 年的銷售季，而我們預期這些關係將在那時開始轉化為營收。我們相信，我們的成長率與利潤率軌跡共同展現了一個具持久性、高品質成長企業的財務輪廓；對於來自新方案與擴大商業關係的下一波營收，我們也有清晰的可見度。

With that, I'll turn it back to Sean for some closing remarks before we open it up for questions.

接下來，我把時間交回給 Sean，在我們開放提問前做一些結語。

Thank you, Steve. Let me bring it together. Less than a year ago, we stood in front of you with a newly public company, with a bold set of ambitions. We said we were best responsibly in GLP-1 capabilities and AI demonstrate operating leverage and prove that clinical quality and scale are not fundamentally at odds. We feel we have delivered on those commitments every quarter since, and Q1 2026 is the latest proof point.

謝謝你，Steve。讓我做個總結。不到一年前，我們以一家新上市公司的身分站在各位面前，帶著一套大膽的企圖。我們說過，我們會以負責任的方式投資 GLP-1 能力與 AI、展現營運槓桿，並證明臨床品質與規模並非根本對立。我們覺得自那以來每一季都兌現了這些承諾，而 2026 年第一季是最新的佐證。

Today, we have over 1 million total members. We have significantly expanded our commercial reach. We have an expanding multi-condition platform that includes prevention and weight health, GLP-1 support, diabetes, hypertension, cholesterol, and musculoskeletal care. We have an evidence base of 30 peer-reviewed studies and a growing body of real-world data that powers our differentiated use of AI and helps us demonstrate ROI to customers. And we have a financial profile that has tracked meaningfully ahead of where consensus expected us to be at this point in our journey as a public company.

今天，我們的總會員數已超過 100 萬。我們大幅擴展了商業觸及範圍。我們擁有一個持續擴張的多病種平台，涵蓋預防與體重健康、GLP-1 支援、糖尿病、高血壓、膽固醇，以及肌肉骨骼照護。我們有 30 篇同儕審查研究的證據基礎，以及不斷累積的真實世界數據，驅動我們差異化的 AI 應用並協助我們向客戶證明 ROI。而且，我們的財務表現輪廓顯著領先於市場共識在我們作為上市公司旅程此階段的預期。

Our 2026 plans include rolling out more new offerings than in any year in the history of our company. The foundation is built, we believe the market is responding and our team has the ambition to expand our impact from here.

我們 2026 年的計畫包括推出比公司歷史上任何一年都更多的新產品/服務。基礎已經建立，我們相信市場正在回應，而我們的團隊也有雄心從此擴大我們的影響力。

With that, we will open it up for questions.

那麼，我們現在開放提問。

(Operator Instructions) Craig Hettenbach, Morgan Stanley.

（接線員指示）Craig Hettenbach，Morgan Stanley。

Thank you. Wei-Li, nice to see you stay close to your former employer. GLP-1 developments are moving fast and you outlined a bunch of these. Can you just touch on where you're seeing the most interest from current and perspective customers?

謝謝。Wei-Li，很高興看到你仍與前雇主保持密切關係。GLP-1 的發展進展很快，你也概述了其中不少。你能否談談，你目前從現有與潛在客戶那裡看到最強的興趣集中在哪些方面？

Yeah, Craig. We hear -- good to hear your voice. Thanks for the question. In terms of, where the market is moving as it relates to interest from costs for GLP-1s. We're really seeing it kind of spread fairly evenly across the spectrum. And so maybe it's worth kind of reminding people what that spectrum is.

好的，Craig。我們聽到——很高興聽到你的聲音。謝謝你的問題。就市場在 GLP-1 成本相關的關注度而言，我們確實看到它相當平均地擴散到整個光譜上。所以也許值得提醒大家這個光譜是什麼。

And you can basically look at the GLP-1 marketplace from an employer standpoint, split into two buckets. The first one is those that have leverage the various number of GLP-1 benefit design solutions to their PBM or their health plan. And then those who have yet started, have not yet provided coverage for GLP-1s, but are actually wanting to. And that represents, at least half the marketplace.

基本上，你可以從雇主角度把 GLP-1 市場分成兩大類。第一類是已經透過其 PBM 或健康計畫，運用各種 GLP-1 福利設計解決方案的雇主。第二類是尚未開始、尚未為 GLP-1 提供給付，但其實想要提供的雇主。而這至少占了市場的一半。

And so what we're seeing across, the spectrum is really interesting in two categories. Again, the PBM provided solutions, they're diverse, they meet certain market needs; and also a new segment that's taking a look at alternatives that include different benefit design solutions -- different defined benefit contributions. And so on and so forth.

因此，我們在整個光譜上看到的情況，在兩個面向特別有意思。首先，PBM 提供的解決方案很多元，能滿足某些市場需求；其次，也出現一個新區隔，正在評估包含不同福利設計解決方案在內的替代方案——例如不同的定額福利提撥等，諸如此類。

This year is, from our perspective, the year where employers will take a look at all these different solutions determines which one makes sense. And they'll be experiencing a wider range of benefit design solutions to meet what we see as a diverse and wide ranging set of needs.

從我們的角度來看，今年將是雇主檢視所有這些不同方案、判斷哪一種最合理的一年。他們會接觸到更廣泛的福利設計解決方案，以滿足我們所見多元且範圍廣泛的需求。

Having said all that, we are building traction in our GLP-1 Flex Care program, obviously we've just now become a part of, an option within the Lilly Employer Connect program, and so we'll begin building pipe there and then obviously Optum Rx, as well as the relationship with CVS Caremark that we mentioned last year.

在上述背景下，我們的 GLP-1 Flex Care 方案正在累積動能。很明顯地，我們剛成為 Lilly Employer Connect 計畫中的一個選項，因此我們將開始在那裡建立銷售管道；此外還有 Optum Rx，以及我們去年提到的與 CVS Caremark 的合作關係。

So we're really seeing, kind of, even table growth in our pipeline across all those relationships, and we see that is reflecting the, again, diverse and wide range needs from GLP-1 coverage options across the employer landscape.

因此我們確實看到，在所有這些合作關係中，我們的銷售管線呈現某種程度上相當均衡的成長；而我們也看到，這反映出在雇主市場中，對 GLP-1 給付選項的需求再次呈現多元且廣泛的範圍。

And Craig, this is Sean here. So just a pile on top, to summarize the strategy, Omada endeavors to have a version of our GLP-1 solution that meets whatever version of your strategy sits in. And we think that's strategic, because it is a dynamic market you find employers that want to cover that you find employers that can't and the flexibility in our solutions allows us to address all of these segments.

Craig，我是 Sean。我再補充一下，總結我們的策略：Omada 致力於提供一個版本的 GLP-1 解決方案，以符合你所採用的任何策略版本。我們認為這具有策略性，因為這是一個動態市場——你會遇到想要給付的雇主，也會遇到無法給付的雇主；而我們解決方案的彈性讓我們能夠涵蓋所有這些客群。

Very helpful. And then just as my follow-up, any update on just the multi-condition sales kind of how that's trending and implications for the operating leverage in the business?

非常有幫助。接著作為追問，關於多病種（multi-condition）銷售的最新進展如何——目前趨勢怎麼樣？以及這對公司營運槓桿（operating leverage）有何意涵？

Yeah, thanks, Craig. Wei-Li here. In terms of multi-condition sales, we continue to build momentum in that direction, as others know that's been a long standing strategy for us -- assistant strategy for us. We have shared in previous earnings calls that are multi-condition close rates, or attached rates are on average between 40% to 50%. That hasn't changed. We continue to see that, which we think is a good lead indicator and reinforcer of the strategy and the momentum we will continue to experience in multi-condition sales.

好的，謝謝你，Craig。我是 Wei-Li。就多病種銷售而言，我們持續在這個方向累積動能；如同大家所知，這一直是我們長期的策略——也是我們的核心策略之一。我們在先前的財報電話會議中分享過，我們的多病種成交率（close rates）或附加率（attached rates）平均約在 40% 到 50% 之間。這點沒有改變。我們仍持續看到這樣的表現；我們認為這是良好的領先指標，也再次驗證了這項策略，以及我們在多病種銷售上將持續體驗到的動能。

Got it, thank you.

了解，謝謝。

Constantine Devidez, Citizens.

Constantine Devidez，Citizens。

Thanks. Just on the PBM partnerships you've announced. Obviously, ESI is furthest along, but I'd love to understand What's similar leverageable from one PBM relationship to another and then you know as you look at Caremark ramping up, and seeing Optum. What nuances require a little bit of learning or heavy lifting on your part?

謝謝。關於你們宣布的 PBM 合作夥伴關係。顯然 ESI 進展最前面，但我想了解的是：從一個 PBM 關係到另一個 PBM 關係之間，有哪些相似之處可以槓桿化（leverage）？另外，當你們看到 Caremark 正在加速爬坡（ramping up），以及 Optum 的進展時，有哪些細微差異需要你們這邊多一些學習或投入較多的執行力（heavy lifting）？

Yeah, Constantine, thanks to the question. In general, if you're refering to the go-to market notion with each of the PBMs, if that's the question, I would say in general, the approach is similar directionally. And the way I would describe that is basically, we partner with their sales teams, their account executives. They oftentimes number in the thousands, which helps us expand our share of voice in selling footprint out in the marketplace. And we're certainly doing that across CVS Caremark, Optum Rx. We've begun doing that now, of course, as you might expect, and of course, ESI or Evernorth. That part is similar, it is a scalable motion for us, given the enablement of similar and we can do that.

好的，Constantine，謝謝你的問題。一般來說，如果你指的是與各家 PBM 的 go-to-market 作法（如果問題是這個），我會說整體方向上的方法是相似的。我會這樣描述：基本上，我們會與他們的銷售團隊、客戶經理（account executives）合作。他們的人數往往以千計，這有助於我們在市場上的銷售觸及面中擴大聲量（share of voice）。我們確實正在 CVS Caremark、Optum Rx 上這麼做；當然，如你所預期的，我們也在 ESI 或 Evernorth 上這麼做。這部分是相似的；對我們而言這是一個可擴展的推進方式（scalable motion），因為賦能（enablement）相近，我們可以這樣執行。

The other one that is similar, of course, is multiple of our products are available through each and every one of those Channels. So you'll find the complement of our cardio metabolic, as well as MSK programs available in addition to GLP-1, so that, too, is similar as well. The other one, that I think would be reliably similar across them, which again speaks to the sale of the opportunity to cross all three, is that the sales motion and sales cycle is similar from a timing and what it would take, and they actually feather in a layer on top of each other.

另一個相似之處，當然是我們的多項產品都能透過上述每一個通路提供。因此你會看到，除了 GLP-1 之外，我們的心代謝（cardio metabolic）以及肌肉骨骼（MSK）方案也都可提供；這點同樣相似。還有一點我認為在各家之間也會相當一致——而這也呼應了跨三項產品的交叉銷售機會——就是銷售推進方式與銷售週期在時間節奏與所需投入上相近，而且它們其實是層層疊加在彼此之上。

So what do I mean? So obviously we've had a longer standing relationship with ESI and Evernorth. That's a mature business. It continues to grow nicely. We build pipe.

我的意思是什麼？很明顯地，我們與 ESI 與 Evernorth 的合作關係更久，這是一個成熟的業務，而且持續有不錯的成長。我們也持續建立管線（build pipe）。

Last year, we announced CBS Caremark and at that time, when we announced that, I said our first order of business is to build pipe. We did that. Our second order of business in the back half of the year was to close deals. We did that too as well. And then the third order of business, of course, was Q1 this year to deploy those deals, and we've got now thousands and thousands of new numbers coming into our business through the CBS channel. We expect and certainly plan to do the similar thing with Optum Rx so we'll follow that same first, second, third order of business with material gains and contribution from Optum Rx predominantly beginning in Q1 of next year.

去年我們宣布了 CBS Caremark，而在當時宣布時，我說我們的第一要務是建立管線。我們做到了。第二要務是在下半年完成成交（close deals）。我們也做到了。第三要務當然就是今年第一季去部署（deploy）這些案子；而現在我們已經透過 CBS 通路，為我們的業務帶來成千上萬的新成員（new members）。我們也預期並且確實規劃以類似方式推進 Optum Rx：同樣遵循第一、第二、第三要務的節奏，並預期 Optum Rx 的實質增益與貢獻將主要自明年第一季開始顯現。

Richard Close, Canaccord Genuity.

Richard Close，Canaccord Genuity。

Yes, congratulations. I'm curious on the Lilly announcement, direct to employer,l how that specifically works. So what's the, I guess, program offering you're offering? And is it the employers are giving the member essentially a certain amount of money to purchase the drug directly? And then you're essentially getting paid by the employer for the companion program? Just help us better understand that.

是的，恭喜。我想請教關於 Lilly 的公告——直接面向雇主（direct to employer）——這具體是如何運作的？也就是說，你們提供的方案內容（program offering）是什麼？是否是雇主給會員（member）一筆固定金額，讓他們直接購買藥物？然後你們則由雇主支付費用，提供配套的伴隨方案（companion program）？請協助我們更清楚理解。

Yeah, Richard. This is Sean. Let me just characterize which segment that sits in, and I'll pass it to Weil-Li for the details there. So the Lilly direct program is for the employers that do not cover GLP-1s. And so it's a similar category as our GLP-1 Flex Care and so it offers the chance for those employers to give their employees something. And although in that instance, they're not paying for the med, they can create an employer a specific benefits contribution to the men.

好的，Richard。我是 Sean。我先說明這屬於哪一個客群區隔，然後再把細節交給 Weil-Li。Lilly 的 direct 方案是針對不給付 GLP-1 的雇主。因此它與我們的 GLP-1 Flex Care 屬於相似類別，讓這些雇主有機會為員工提供一些支持。雖然在那種情況下，他們不會支付藥費，但他們可以針對藥物提供一個雇主特定的福利補助（benefits contribution）。

Yeah, thanks, Sean. Let me follow through on terms of how it works. Obviously Lilly, would be the definitive body to talk about the entire program, but I certainly can talk about it, how it relates to to Omada. The Lilly Employer Connect Program is a solution that is outside the PBM. It's a carveout. And employers will opt into will the employer connect solution and as part of that have the option to actually engage and utilize Omada should they actually choose Omada as their clinical backbone.

謝謝，Sean。我接著說明它的運作方式。顯然 Lilly 才是最適合完整說明整體方案的權威單位，但我可以說明它與 Omada 的關聯。Lilly Employer Connect Program 是一個在 PBM 之外的解決方案，屬於 carveout（切割式方案）。雇主會選擇加入 Employer Connect 解決方案，並且在其中可選擇是否採用 Omada——如果他們選擇 Omada 作為其臨床核心（clinical backbone），就會與我們合作。

If they do, there are three components. The first one is the clinical part of it, which is a scaled offering of our GLP-1 prescribing solution, seamlessly married up to our GLP-1 Care Track, which is our lifestyle wraparound solution. The second one is through Lilly, in the Employer Connect programs to be able to access a transparent cost, or price for Zepbound. And then the third is, as you mentioned, an option for employers to actually reduce the out-of-pocket cost for the GLP-1, in this case, Zepbound, through a defined def contribution and employers in partnership with the different administrators on the platform could pick the level that they want to do so.

如果他們選擇採用，則包含三個組成部分。第一是臨床部分：也就是我們 GLP-1 開立處方解決方案（prescribing solution）的可規模化版本，並與我們的 GLP-1 Care Track（生活型態整合支持方案）無縫結合。第二是透過 Lilly 的 Employer Connect 方案，能以透明的成本或價格取得 Zepbound。第三，如你所提到的，雇主可選擇透過一個明確定義的補助金額（defined contribution），來降低 GLP-1（此處為 Zepbound）的自付費用（out-of-pocket cost）；而雇主可與平台上的不同管理方合作，選擇他們希望提供的補助水準。

All in all, the goal is to provide an alternative to cause, again, the needs for coverage and how they want to do coverage and how employers choose to do that, the needs are diverse and wide ranging, and this represents an opportunity to meet a significant amount, or a few segments in that buyer selection.

總體而言，目標是提供一個替代方案，以因應（再次強調）對給付的需求、以及他們想如何進行給付、雇主選擇如何做的方式。需求是多元且廣泛的，而這代表一個機會，能滿足買方選擇中的相當一部分——或其中幾個區隔。

And so I think I'd cap it off by saying, as Sean just said, to reinforce that, we're proud and privileged to be able to be part of the Lilly Employer Connect program. But it really is about a bigger portfolio strategy and allowing employers to opt into a number of different potential benefit design solutions knowing that Omada is the clinical backbone in the one they would choose.

因此我最後補充一句：如 Sean 剛才所說，再次強化這點——我們很自豪也很榮幸能成為 Lilly Employer Connect 方案的一部分。但更重要的是更大的產品組合策略（portfolio strategy），讓雇主能在多種潛在的福利設計解決方案中做選擇，同時知道 Omada 是他們所選方案中的臨床核心。

Okay. Very helpful. And then we've been hearing a lot more of employers in the face of these rising costs. Historically we have waited to implement programs, with January the new benefit year. But we've been increasingly hearing that they need to do something now. So I'm curious what you're hearing, what you're thinking about, like the opportunity for intra-year launches, just any update there would be helpful.

好的，非常有幫助。接著，我們也聽到在成本持續上升的情況下，雇主端的聲音越來越多。過去我們通常會等到一月、也就是新的福利年度才導入方案。但我們越來越常聽到他們需要現在就採取行動。所以我想了解你們聽到的情況、你們的看法，例如年度中途（intra-year）上線的機會；任何更新都會很有幫助。

Yeah, Richard. I take your question to me just about GLP-1s, but writ large in the category and what's impact to Omada is. I'll speak to GLP-1s first, then I'll speak to the broader cardio metabolic sector. Obviously, that, we lead in.

好的，Richard。我理解你的問題雖然是從 GLP-1 出發，但其實是更廣義地看這個類別，以及它對 Omada 的影響。我會先談 GLP-1，接著談更廣泛的心代謝領域——這也是我們的領先領域。

On GLP-1s, yeah -- I mean, it's true. There are a number of employers that have made their benefit design solution, a decision, some of which obviously are rolling them out, some of which are kind of waiting and watching and evaluating this year. Suffice it to say, I think a lot of employers, regardless of their solution, are accelerating their decision making process, meaning, they're engaging in that that process sooner in the year than they normally do.

就 GLP-1 而言，是的——我的意思是，確實如此。有不少雇主已經就其福利設計方案做出決定，其中一些顯然正在推行落地，另一些則是在今年採取觀望並評估。總之，我認為很多雇主不論採用哪種方案，都在加速其決策流程；也就是說，他們在一年中更早就開始投入並啟動這個流程，而不是像以往那樣等到較晚的時間點。

Now, whether or not that leads to an acceleration for off-cycle clothes deals, we're too early in the year to be able to see that, but we know that the pipeline is building nicely in that regard across the portfolio O benefit design solutions. So I think there's stuff there yet to be seen, but certainly the act that -- the conversations would be more active than typical, I guess, is the way I would put it.

現在，這是否會導致非續約週期（off-cycle）的服飾交易加速，我們在一年中的這個時間點還太早，無法看出來；但我們知道，就整個產品組合的 O benefit design solutions 而言，在這方面的管線正在良好地累積。所以我認為還有一些事情有待觀察，但我會說，至少這些對話——相較於一般情況——會更為活躍。

Across the cardio metabolic suite, because GLP-1 is kind of the gateway to a broader cardio metabolic discussion to support clinically those employees that are not taking a GLP-1, that is kind of riding the coattails of the GLP-1 discussion. And so we find that also to be increasing in activity, and it certainly contributing to pipevie, but again, too early to call as to whether or not that's going to lead to more off-cycle builds.

在心代謝（cardio metabolic）產品套件方面，因為 GLP-1 某種程度上是通往更廣泛心代謝討論的入口，用以在臨床上支持那些沒有使用 GLP-1 的員工，這部分某種程度上是搭著 GLP-1 討論的順風車。因此我們也發現這方面的活動正在增加，且確實對管線有所貢獻；但同樣地，現在還太早，無法判斷這是否會帶來更多非續約週期的建置。

Where we do see more off cycle deals coming through, is when we're launching actually new programs. For instance, we announced our cholesterol program last year. We are seeing more off-cycle deal closes sooner in the year than we normally would have for a product that may be for a few years.

我們確實看到更多非續約週期交易出現的情況，是在我們實際推出新方案時。例如，我們去年宣布了膽固醇方案。我們看到，相較於通常一個可能已經推出幾年的產品，今年更早就出現更多非續約週期的交易提前結案。

All right, thank you.

好的，謝謝。

David Roman, Goldman Sachs.

David Roman，高盛。

Thank you. Good afternoon, everybody. Steve, I wanted just to come back to your commentary around pricing. And I don't know if the right metric is average revenue per member, is that a metric that are you suggesting is going to be flat over time? Is that going to go up as we look at an increased number of multi-conditioned contracts? I'm just trying to make sure I understand the the direction of travel that you were pointing us to on that dynamic.

謝謝。各位下午好。Steve，我想回到你對定價的評論。我不確定正確的衡量指標是否是每位會員平均收入（average revenue per member）；你是否在暗示這個指標隨時間會持平？還是說，隨著多病種合約（multi-conditioned contracts）數量增加，它會上升？我只是想確認我理解你所指引的這個動態的走向。

Yeah, David, great to have for you, man. Thank you so much for the question. For some of the prepared remarks, this is really the output of two features in the business that we actually believe to be beneficial. The first is that group we're just improving churn and we're having members stay with us longer into their second, their third, and even their fourth year of a about a tenure. And as a result of that, of what you have happen is, you see a little bit more moderated revenue contribution into those second, third, and fourth years.

是的，David，很高興聽到你的提問，謝謝你。就我們部分的事先準備發言而言，這其實是我們認為對業務有利的兩個特徵所帶來的結果。第一個是，我們正在改善流失（churn），讓會員在與我們合作的第二年、第三年，甚至第四年的任期中持續留下來。其結果是，你會看到在第二、第三與第四年，收入貢獻會稍微更為溫和。

But what's most important there is those carry very little incremental cost, as most of the cost is front loaded into the first year of their engagement. And as such, they're driving there's some of our highest margin members in our total member base. We do expect that to be relatively flat for the rest of this year, in line with Q1.

但最重要的是，這些年度幾乎不會帶來額外的增量成本，因為大部分成本都在他們參與的第一年就已前置投入。因此，這些會員成為我們整體會員基礎中毛利率最高的一群。我們預期今年剩餘期間會相對持平，與第一季一致。

But first of all, to prepare remarks, we still have remaining upside across continuing to execute on some of our prescription opportunities, driving engagement initiatives, we have internal motions, direct to both of those internally, and will potentially be able to uplift ARPU in the back half of this year, if not, more into 2027.

不過，回到事先準備的發言，我們在持續執行部分處方（prescription）機會、推動參與度（engagement）計畫方面仍有上行空間；我們也有內部推動機制，直接針對這兩項著力，並且可能在今年下半年提升 ARPU（每用戶平均收入），若不是今年下半年，就是更可能延伸到 2027 年。

Very helpful. And then as we think about the profitability profile, clearly you've hit an inflection here earlier than you had expected. How are you thinking about on a go forward basis opportunities to drop profitability to the bottom line, but also where there might be the potential to reinvest? So that's organically or even inorganically, given the scope of your distribution and just a number of smaller participants that are out there?

非常有幫助。接著談到獲利能力輪廓，你們顯然比預期更早達到拐點。往前看，你們如何思考把獲利下放到最終盈餘的機會，同時也考量可能再投資的地方？不論是有機或無機成長，考量到你們的通路覆蓋範圍，以及市場上仍有不少較小的參與者。

Yeah, we think both Q1 and our full year guidance reflect this dynamic on a $4 million top-line beat. We dropped $4 million of EBITDA to the bottom line, and then on our guidance rates of $9 million we're carrying forward $6 million of incremental EBITDA, so flowing through a two-thirds f the revenue beat down to the bottom line as well.

是的，我們認為第一季以及全年指引都反映了這個動態：在營收端超預期 400 萬美元的情況下，我們把 400 萬美元的 EBITDA 直接落到最終結果；而在我們指引中 900 萬美元的增量部分，我們延續帶入 600 萬美元的增量 EBITDA，也就是大約把三分之二的營收超預期轉化到最終獲利。

But that said, look. We said we do what we said we were going to do. We did invest in in the back half of Q4, as well as in the Q1 into standing up this prescribing capability and launching Optum Rx. And we believe that's going to give us the ability to drive durable revenue that really attracted the margin in the years to come. That's going to be ongoing dialogue, where we're going to be looking at abilities to invest in key responsible areas they're going to benefit us in the future.

但話說回來，你看，我們說到做到。我們確實在第四季下半年以及第一季投入資源，用於建立這項開立處方（prescribing）能力並推出 Optum Rx。我們相信，這將使我們有能力在未來幾年推動具持久性的營收，並真正提升利潤率。這會是一個持續的對話，我們會持續評估在關鍵且負責任的領域進行投資的能力，讓未來受益。

And David, maybe I can take the the the back of the questionnaire. We have communicated the primary engine of growth for Omada is going to be focused on organic, I mean, we like the capabilities we have large and markets. I think, Richard's comments on the employer dyna is to say summarized, but really, what we're feeling at the level of the buyer here. That being said, you do highlight something that we think is a great competitive advantage for Omada, which are large scale distribution channels to a complex risk averse but buying market, and we do have capabilities to sell multiproducts. And so of course, we'll keep an open mind but be selective relative to any anything inorganic.

David，也許我可以回應你問題的後半段。我們已經溝通過，Omada 的主要成長引擎將聚焦在有機成長；我們喜歡我們在大型市場中的能力。我想 Richard 對雇主端動態的評論已做了總結，但更重要的是，我們在買方面（buyer）層級所感受到的情況。話雖如此，你確實點出我們認為 Omada 的一項重要競爭優勢：我們擁有面向複雜、風險趨避但具購買力市場的大規模通路，且我們也具備銷售多產品（multiproducts）的能力。因此，我們當然會保持開放態度，但對任何無機機會都會審慎且有選擇性。

Great, thanks so much.

太好了，非常感謝。

Sean Dodge, BMO Capital Markets.

Sean Dodge，BMO 資本市場。

Yeah, thanks. Good afternoon. Maybe Steve, just going back to your comments again, just on the member curves and how revenue and and margins develop is the enrollment cohorts I'm sure. Just to make sure I understand, you said revenue declines in year two, but gross margins go up. If we think about that in terms of gross profit dollars on a per-member basis, how do the absolute dollars per member compare in year two to year one? Is that also up? And you can kind of get a frame for us maybe how much?

是的，謝謝。各位下午好。Steve，也許回到你剛才的評論，關於會員曲線，以及隨著入會批次（enrollment cohorts）推進，收入與利潤率如何發展。我想確認我理解正確：你說第二年收入下降，但毛利率上升。若以每位會員的毛利金額（gross profit dollars）來看，第二年相較第一年的絕對金額如何？也會上升嗎？你能否給我們一個大概的框架，可能幅度是多少？

No, that's exactly right. You hit the nail on the head. So gross margins are going up in year two. The absolute gross profit dollars do go down on a total basis, because we're just recognizing overall less revenue as those folks go into their more mature years going to the second, third, and fourth year in aggregate.

不，完全正確，你抓到重點了。第二年的毛利率確實上升。但在總體層面，絕對毛利金額會下降，因為當這些人進入更成熟的年度——也就是第二、第三、第四年——我們整體認列的收入會更少。

And so, on a margin profile, it is decreed on a gross profit dollar perspective, it does step down in the in the second and third years.

因此，就利潤率輪廓而言，從毛利金額的角度看，在第二年與第三年確實會往下階梯式下降。

Okay, thanks for the clarification there. And then maybe just on the enrollment conversion rates, Wei-Li, you talked before about the work you're constantly doing to optimize those. You're always experimenting with different messages and and content and channels.

好的，謝謝你的澄清。接著可能談一下註冊轉換率（enrollment conversion rates）。Wei-Li，你之前提到你們一直在做優化，持續用不同訊息、內容與渠道做實驗。

Maybe just to put it in context, the improvement in e-mail conversion rates, you all were able to drive in 2025. You talked about 24% improvement in that metric. How does that compare to what you're able to do in years prior, and maybe How did that compare to what you hope to achieve in 2026. I guess, how much do you think you can continue to increment up your conversion rates in a year?

也許把它放在脈絡中：你們在 2025 年推動的電子郵件轉換率提升，你提到該指標提升了 24%。這和你們過去幾年能做到的相比如何？以及相較於你們希望在 2026 年達成的目標又如何？也就是說，你認為一年之內轉換率還能持續提升多少？

Yeah, thanks. I appreciate that and I appreciate the reference to prior discussions we've all had regarding our efforts in enrollment rate, yield rate improvements. But for the others just to rehash, each year we go through an extensive process, usually commencing par in the middle part of the year after we've seen the H1 results in response rates and extensive set of AB testing, so on and so forth. We've pretty much got this engine down pretty good.

是的，謝謝。我很感謝這個問題，也謝謝你提到我們先前就註冊率、產出率（yield rate）提升所做的多次討論。也為其他人再重述一次：每一年我們都會進行一個廣泛的流程，通常在年中左右、看完上半年（H1）的回應率結果後開始，並進行大量的 A/B 測試等等。我們基本上已把這套引擎運作得相當成熟。

And each year for the last several years, we've been able to improve our, Our yield rates significantly, and they, in the way in the range, it is varied anywhere from the low side of 20%, the upside, 60%. We certainly did that and repeated that process last year across the direct mail, other multi-channel things, including email, as well as frequency, duration campaigns, and so on and so forth.

而且在過去幾年裡，我們每一年都能顯著提升產出率；提升幅度大致落在低端約 20%，高端可達 60%，區間會有所變動。去年我們也確實如此，並在直郵（direct mail）與其他多渠道活動上重複這個流程，包括電子郵件，以及頻率、投放期間的活動等等。

And we are seeing what we had expected, which is increase in enrollment yield rates in Q1. We certainly, at this particular point and on, disclosing numerically what it is because we really need to see what Q2, Q3, Q4 and the remainder looks like, but we have optimism to believe that the majority of what we're seeing in Q1 should be carrying through for the rest of the year based upon the results we've seen so far.

我們也看到符合我們預期的結果，也就是第一季的註冊產出率有所提升。此時此刻我們不便以數字方式揭露，因為我們確實需要看到第二季、第三季、第四季以及剩餘期間的表現；但我們有理由保持樂觀，認為第一季看到的大部分成效，應該會基於目前的結果延續到今年其餘時間。

Okay, great. Thanks again and congratulations on the great start to the year.

好的，很棒。再次感謝，也恭喜今年開局表現出色。

Elizabeth Anderson, Evercore ISI.

Elizabeth Anderson，Evercore ISI。

Guys, this is [Sean] for Elizabeth. Thanks for taking my question. Building on some of the prior questions that were asked on your last call, you decompose gross margin as a combination of multi-condition mix and care team, labor optimization. Earlier you mentioned the potential to go beyond the 70% long-term gross margin target. Is that mainly coming from the condition mix or labor optimization, or is it sort of a mix of both? Could you maybe just put some roughlys around that and how you kind of get to that higher margin? Thanks.

各位好，我是代替 Elizabeth 的 [Sean]。感謝讓我提問。延續上次電話會議中一些先前被問到的問題，你們將毛利拆解為多病況組合（multi-condition mix）與照護團隊、勞動力最佳化的組合。稍早你們提到有可能超越長期 70% 的毛利目標。這主要是來自病況組合，還是勞動力最佳化，或是兩者兼具？能否大概量化一下，並說明你們如何達到更高的毛利？謝謝。

Yeah, you hit the nail on the head. You got two of the three. So we're obviously really happy with the Q1 results. 64% non-GAAP gross margin is the highest in the company's history. So we give direct near term sight into hitting our long-term target that 70% plus on an annualized basis, and we are going to be conducting our investor day, later this year in September in New York where we likely will revisit our long-term gross margin target and potentially lift it from there.

是的，你說到重點了。你抓到了三個中的兩個。所以我們當然對第一季的結果非常滿意。64% 的非 GAAP 毛利率是公司史上最高。因此我們能在短期內直接看到達成長期目標（以年化基礎達到 70% 以上）的可見度；而且我們將在今年稍晚 9 月於紐約舉辦投資人日，屆時我們很可能會重新檢視長期毛利率目標，並可能在此基礎上上調。

The only other one that you missed was AI. That where we're investing a significantly. And that's why we're gaining additional confidence that we can actually push gross margin beyond 70% in the future. We're using a -- we exempt -- we have a ton of examples internally on really impactful use cases that are making our care teams more efficient. And so, we're really excited with what we're seeing there.

你唯一漏掉的另一項是 AI。這是我們正在大幅投資的領域。也正因如此，我們對未來能把毛利率推升到 70% 以上更有信心。我們正在使用——我們豁免——我們內部有大量例子，都是非常有影響力的使用情境，能讓我們的照護團隊更有效率。所以我們對目前看到的成果非常興奮。

Saket Kalia, Barclays.

Saket Kalia，Barclays。

Hi, you have [Carly] on for Saket. Thanks for taking our request here. Sean or Wei-Li, maybe for you. I'd love to touch on some of the AI-related solutions you've developed like the nutritional AI assistant and meal map, which I think is embedded into your programs. What kind of feedback have you gotten from customers and and users so far? Are you starting to see those features drive more activity in the app? Or is that more of a longer-term opportunity?

嗨，我是代替 Saket 的 [Carly]。感謝接受我們的提問。Sean 或 Wei-Li，可能想請教你們。我想談談你們開發的一些 AI 相關解決方案，例如營養 AI 助理和 Meal Map，我理解這些功能已嵌入你們的方案中。到目前為止，你們從客戶與使用者那邊收到什麼樣的回饋？你們是否開始看到這些功能帶動 App 內更多活動？還是這更偏向長期機會？

Yeah, thank you for the question. I mean it's such an exciting moment in software. And I'm stating the obvious that the software velocity in the code creation, Omada has certainly increased and our customers are driving value from that in our ability to create more new things for them, but you highlighted some of their members, some of the value our members experience as well.

是的，謝謝你的問題。我是說，這真的是軟體領域一個非常令人興奮的時刻。我講的是顯而易見的事：在程式碼產出方面的軟體速度（software velocity）確實提升了，Omada 也因此加快了開發節奏；我們的客戶也從我們能為他們打造更多新功能的能力中獲得價值，而你也點出了其中一些會員端的價值，也就是我們會員所體驗到的價值。

Each and every day, we really pushed the frontier of the intersection between what models can do and what people can do. And we've seen really heartening data, with the tools we've rolled out. I mean, with Meal Map, as a for instance we've seen nearly a 16% relative lift in the weekly active meal tracking among new members. So for those, where their job is to track and they're working with their care teams on doing that just makes it easier.

我們每天都在推進模型能做什麼與人能做什麼之間交會點的邊界；而且我們從已推出的工具中看到非常令人振奮的數據。以 Meal Map 為例，我們看到新會員每週主動進行餐食追蹤（weekly active meal tracking）有接近 16% 的相對提升。對於那些工作就是要追蹤、並與照護團隊一起執行的人來說，這讓事情變得更容易。

You get a lift, and then equally, the speed upon which a model can get back to our members on something specific. It's just a really incredible. I mean, in yesterday's world, if a member, wanted to say a recipe, they might ask their care team member and they might pull from one of our libraries. Now they ask our nutritional education tool which we've fine tuned over 3 million foods that has context on that person's clinical status, their dietary preferences, et cetera.

你會看到提升；同時，模型回覆會員特定問題的速度也非常驚人。我是說，在過去的世界裡，如果會員想要例如一份食譜，他們可能會問照護團隊成員，而對方可能會從我們的某個資料庫中找。現在他們會問我們的營養教育工具；我們已針對超過 300 萬種食物進行微調（fine tuned），而且它能結合該會員的臨床狀態、飲食偏好等等脈絡。

So it's great. And the way we look at it is every single product accross Omada is like thinking through an AI first lens, on how they can embed AI in whatever surface area they're working on, and this is an area where I'm -- we're blessed in that. We've built every single piece of the care team platform Ourselves, the member experience ourselves so we can embed AI throughout.

所以這很棒。我們的看法是，Omada 的每一個產品都要用 AI first 的視角來思考：如何在他們正在打造的任何介面與觸點中嵌入 AI。而我們很幸運的一點是：照護團隊平台的每一個組件、會員體驗的每一個組件，都是我們自己打造的，因此我們可以把 AI 全面嵌入其中。

Awesome, thanks so much.

太棒了，非常感謝。

Stan Berenshteyn, Wells Fargo Securities.

Stan Berenshteyn，Wells Fargo Securities。

Oh yes, hi. Thanks for taking my questions. Maybe going back to Optum Rx first. I'd love for you to elaborate on the scope of this partnership. I'm curious, are there any other vendors besides Omada offering similar solutions here? Just want to get your thoughts on that.

喔，是的，嗨。感謝接受我的提問。也許先回到 Optum Rx。我希望你們能更詳細說明這項合作的範圍。我想了解的是：除了 Omada 之外，是否還有其他供應商在這裡提供類似的解決方案？想聽聽你們的看法。

Yeah, hey, Stan. Wei-Li here. Regarding Optum Rx kind of a little bit more detail around that and your question about are there any other vendors that there are two others that were pre-existing inside the waiting gauge Optum Rx program, and that makes us obviously the third edition there too as well.

是的，嗨 Stan。我是 Wei-Li。關於 Optum Rx，我補充一些細節，以及你問到是否還有其他供應商：在 Optum Rx 的這個計畫裡，原本就已經有另外兩家既有供應商，因此我們顯然是第三個加入的。

I think what's important about the Optum is a few-fold. First, is that it represents our first, large scale deployment around GLP-1 prescribing married seamlessly up to our GLP-1 Care Track, which is the lifestyle support program for GLP-1s. And that's important, but it's not just about GLP-1s.

我認為 Optum 的重要性有幾個面向。第一，它代表我們首次在大規模部署上，將 GLP-1 的處方開立與我們的 GLP-1 Care Track（針對 GLP-1 的生活型態支持方案）無縫結合。這很重要，但它不只是關於 GLP-1。

Alongside that, we -- now I have the opportunity through this relationship to expand utilization and uptake of the rest of our cardio metabolic programs as well. So it's a really a GLP-1 plus expansive cardio metabolic opportunity for us, which obviously we like and we see that as a major value proposition advantage for our buyer segments out there. That's number one.

同時，透過這段合作關係，我們也有機會擴大我們其他心血管與代謝（cardio metabolic）方案的使用率與採用率。因此，對我們而言這是一個「GLP-1 加上更廣泛心代謝」的擴張機會；我們當然喜歡這點，也將其視為對外部買方族群的一項重要價值主張優勢。這是第一點。

Number two, the OptumRx relationship singularly is important. But in aggregate, from a portfolio strategy is very important in the sense that, obviously it's kind of like the last puzzle piece and to crack the big three. And together now the big three across those PBMs. We have the ability to tangibly and materially realize a market that is associated with more than 70% of all patients covered by those PBMs in the United States, 80% of all commercial prescriptions are adjudicated by those three. And so it represents in an incredible material opportunity for us to realize going forward, and of course, all sights and efforts on are on doing that.

第二點，OptumRx 這段關係本身很重要；但從整體投資組合策略來看更是關鍵，因為它有點像最後一塊拼圖，讓我們打通三大 PBM。現在三大 PBM 都到位後，我們有能力以具體且實質的方式觸及一個市場：在美國，這三家 PBM 覆蓋了超過 70% 的所有患者；而 80% 的商業處方都是由這三家進行理賠裁定（adjudicated）。因此，這代表我們未來能實現的一個極其重大的機會；當然，我們所有的目標與投入都會聚焦在把這件事做成。

And we like that too as well, because again, it feathers in on top of the CVS Caremark announcement we had last year as well. The third and last point is that, with the addition of Optum Rx, and of course, as I just mentioned the other two PBMs, it's an opportunity for us to significantly diversify our business over time.

我們也喜歡這點，因為它是在我們去年宣布的 CVS Caremark 合作之上再加一層。第三點也是最後一點是：隨著 Optum Rx 的加入，當然也包括我剛提到的另外兩家 PBM，這讓我們有機會在時間推進中大幅分散（diversify）我們的業務。

That's helpful. I appreciate the color. Just as my follow-up, I just want to go back to the prepared remarks regarding the Omada-led outreach, improving member adoption rates. Just, if I think about benefit managers, oftentimes want to have control of the channel between themselves and the employees, if we think about the totality of your covered lives, what percentage of those lives do you have the capability to pursue directly using the strategy? Thanks.

這很有幫助，謝謝你提供的細節。作為追問，我想回到你們事先準備的發言中提到的「由 Omada 主導的外展（Omada-led outreach）」能提升會員採用率。只是，如果我從福利管理者的角度來看，他們往往希望掌控自己與員工之間的通路；若以你們所覆蓋的總受保人數（covered lives）來看，有多少比例的受保人是你們能透過這個策略直接觸達的？謝謝。

Yeah, it is true, in general, Stan, that if you were to ask any generalized or generic digital health or virtual care company out there do their clients preferred to do their own deployments. I think the general response would be yes. I think that is increasingly not the response you would get from Omada Health. We have worked over the years to demonstrate to our employee base or employer client base that when we leave the enrollment, of course in partnership with them, but lead the enrollment efforts, you get about 2 to 3 times better yield rate.

是的，Stan，一般來說確實如此：如果你去問任何一般性的數位健康或虛擬照護公司，他們的客戶是否偏好自行部署，我想普遍的回答會是「是」。但我認為對 Omada Health 而言，這個答案正越來越不是「是」。多年來我們一直努力向我們的員工——或更準確地說，向我們的雇主客戶群——證明：當我們在與他們合作的前提下，由我們主導招募（enrollment）工作時，產出率（yield rate）大約能提升 2 到 3 倍。

And the overwhelming majority of our clients like that, because their mission is aligned with ours, which is helping as many of their employees as possible across the various programs that we deploy with them.

而且絕大多數客戶都喜歡這樣，因為他們的使命與我們一致：在我們與他們共同部署的各項方案中，盡可能幫助更多員工。

In terms of your other part of your question, in terms of, I think was just overall like Omada-led outreach penetration across our client base, suffice it to say, it's not 100%, but it's the majority. And so, while we're being increasingly successful, year over year over year, moving our clients over to Omada-led outreach. We're not done yet, but it's the majority of our of our clients at this time.

至於你問題的另一部分，我想你問的是整體而言，在我們客戶群中由 Omada 主導外展的滲透率。簡單說，不是 100%，但已是多數。因此，雖然我們一年又一年地越來越成功，持續把客戶轉向 Omada 主導外展，我們還沒完成所有轉換，但目前確實已涵蓋我們大多數客戶。

Wonderful. I appreciate the color. Thank you.

太好了，謝謝你提供的細節。謝謝。

Ryan MacDonald, Needham & Company.

Ryan MacDonald，Needham & Company。

Hi, thanks for taking my questions. Congrats on a nice quarter. Wei-Li, maybe first for you. As you think about the new Optum Rx Pro program, and the Lilly direct-to-employer program. I think, as you mentioned before, you're not sort of the only vendor.

嗨，感謝接受我的提問。恭喜本季表現不錯。Wei-Li，可能先請教你。當你看待新的 Optum Rx Pro 計畫，以及 Lilly 的雇主直達（direct-to-employer）計畫時，我想如你先前提到的，你們並不是唯一的供應商。

So as you join them, you just talk about sort of the allocation of resources from a go to market and a marketing perspective to sort of ensure that you're getting sort of mindshare within those large populations and how much help are you getting from Lilly? Or do you expect to get from Lilly an Optum Rx as you sort of ramped those efforts there?

因此，當你加入他們時，你主要是在討論從市場進入（go-to-market）與行銷的角度，如何進行資源配置，以確保你能在那些大型族群中取得一定的心佔率（mindshare）。另外，禮來（Lilly）會提供你多少協助？或者當你在那邊逐步擴大這些投入時，你預期禮來與 Optum Rx 會提供哪些協助？

Yeah, great question. And maybe I'd frame it this way, is that you've heard Sean and I talk about our portfolio strategy for GLP-1s is that as it relates to benefit design solution options for the employer. That's really the strategy to get the share of voice and the mind share of employers, and the reason is the following.

是的，問得很好。我也許會這樣框架：你已經聽過 Sean 和我談到我們對 GLP-1 的產品組合策略，也就是在雇主端的福利設計解決方案選項上著力。這其實就是我們用來取得雇主「聲量占比（share of voice）」與「心佔率（mindshare）」的核心策略，原因如下。

When you step back and you look at the landscape today, there is a wide and diverse set of needs that employers have. Because every employer, for lack of better words, is in their own financial what-they-can-afford situation related to GLP-1 coverage. Some have a different strategy to provide them at a very low co-pay. Others have a strategy that says, hey, listen, we're in a different financial situation. We can't afford as much, and we need a defined benefit contribution plan we pay only 10% of the monthly GLP-1 cost.

當你退一步看今天的市場版圖，雇主的需求非常廣泛且多元。因為每一家雇主（坦白說）在 GLP-1 給付上的財務可負擔性都不一樣。有些雇主採取的策略是讓員工以非常低的自付額（co-pay）取得。另一些雇主則是說，嘿，我們的財務狀況不同，我們負擔不起那麼多，因此我們需要一個明確的福利提撥（defined benefit contribution）方案，例如我們只支付每月 GLP-1 成本的 10%。

So you have people and employers across the entire spectrum. So back to your question about mindshare and share voice, how do you get it? Well, our strategy allows us to get it. Because no matter where you are on that spectrum, our strategy is to make sure that we are plugged in and part of that various and diverse set of benefit design solutions, so that you as an employer can concentrate on what is financially the best cover decision for your employees, not having to worry about what the best clinical option is because Omada is the clinical backbone, in a range -- in number of solutions across that spectrum.

所以你會看到不同雇主分布在整個光譜上。回到你關於心佔率與聲量占比的問題：要怎麼取得？我們的策略讓我們能做到。因為不論你在那個光譜的哪一端，我們的策略都是確保我們能嵌入並成為那一套多樣且多元的福利設計解決方案的一部分，讓你作為雇主可以專注在對員工而言「財務上最合適的給付決策」，而不必擔心哪一個臨床選項最好，因為 Omada 是臨床骨幹，能在該光譜上的多種解決方案中提供支撐。

That affords us to be at the table, and be called at the table when employers are considering making a GLP-1 solution, because we know that we're essentially in a number of different benefit design solutions. So that really is the dominant strategy to create mind share and share a voice. And we're seeing that work, because we're building pipe across the various benefit design solutions that we talked about here on this earnings call.

這讓我們能坐上談判桌，並且在雇主考慮導入 GLP-1 解決方案時被叫到桌上，因為我們本質上已經在多種不同的福利設計方案中。這確實就是打造心佔率與聲量占比的主導策略。我們也看到它正在奏效，因為我們正在我們在本次財報電話會議所談到的各種福利設計方案中建立銷售管道（pipeline）。

The second piece is that our go-to market for Optum Rx as it is with other health plans as well as other PBMs is very much to enable and partner very closely with their sales forces, which of course number in the hundreds and thousands as mentioned but before. And so really by that, we were able to extend present extend share of voice, and we have a number of enablement meetings coming up to drive that.

第二點是：我們對 Optum Rx 的市場進入策略，和對其他健康保險計畫以及其他 PBM 的策略一樣，都是去賦能並與他們的銷售團隊非常緊密地合作；如先前提到，他們的銷售人力規模可達數百到數千人。因此透過這種方式，我們能擴大我們的曝光與聲量占比；我們也有多場賦能（enablement）會議即將展開，以推動這件事。

That's a recipe and that's a strategy that's worked well for us. We have no reason to believe that it won't be a durable model for us. And we're going to execute like crazy on that as you might imagine.

這是一套配方，也是一個對我們很有效的策略。我們沒有理由認為它不會成為一個可長期維持的模式。我們也會如你所想像的那樣，全力以赴地執行。

Rounding out your last question in terms of Lilly, that's probably a question you'd want to ask in terms of what commercial resources they're putting behind, advertising that, and marketing that. But we're proud to be part of that platform, and certainly, as we talk to employers, in layout the spectrum of benefits, and solutions that are available to them, rest assured we will definitely be putting that up there because it's receiving great interest.

最後補充你關於禮來（Lilly）的問題：那可能更適合去問他們在商業資源投入、廣告與行銷方面的配置。不過我們很自豪能成為那個平台的一部分；而且當我們與雇主溝通、並展示可用的福利與解決方案光譜時，請放心，我們一定會把它納入重點，因為它正獲得非常高的關注。

Appreciate all the color there, Weil-Li. And Steve, maybe a follow-up for you. Obviously great to see the improved retention rates in the longer duration that you're seeing there. I think historically you've talked about sort of about 55% or so of members sort of stay on, past one year. Any, -- how much of an uplift are are are we talking about in terms of the improvements off of that 55% number?

Weil-Li，謝謝你提供這麼多細節。Steve，我想再追問你一題。很高興看到你們在較長使用期間的留存率有所改善。我記得過去你們提到大約有 55% 左右的會員會在使用滿一年後仍持續留在方案中。那麼，相較於這個 55% 的數字，留存改善的提升幅度大概是多少？

And then are there any specific programs that you would call out where you're seeing sort of the greatest improvement in one-year plus retention rates? Thanks.

另外，有沒有任何特定的方案是你會特別點名、在一年以上留存率改善幅度最大？謝謝。

Yeah, absolutely, Ryan. I think the first most important point here is just our ongoing success with multi condition traction. So we've added more diabetic and hypertensive members for those chronic conditions. Those members just tend to stay in programs significantly longer. Again, recall we launched those programs in the 2019, 2020 timeframe we're actually observing some members in really their fourth and even their fifth year in a modest 10 year.

好的，當然可以，Ryan。我認為這裡最重要的一點是：我們在多重慢性病（multi-condition）方面持續取得成功與動能。因此，我們在糖尿病與高血壓等慢性病上新增了更多會員。這些會員通常會在方案中停留顯著更久。再提醒一下，我們是在 2019、2020 年左右推出這些方案；我們現在實際上觀察到有些會員已經進入第 4 年、甚至第 5 年（在一個約 10 年期的觀察中屬於相對早期但已可見的長期留存）。

And so that's a big driver of of where we're seeing some of the uplift there. We haven't exactly calibrated it to be apples apples with the 55% and the 50%. I will potentially release that data in the upcoming investor day and share some updated color from that perspective. Thanks.

因此，這是我們看到留存提升的一個重要驅動因素。我們還沒有把它精準校準成能與 55% 或 50% 做完全同口徑（apples-to-apples）的比較。我可能會在接下來的投資人日（investor day）釋出相關數據，並從這個角度分享一些更新的細節。謝謝。

Gene Mannheimer, Freedom Holdings.

Gene Mannheimer，Freedom Holdings。

Thanks. Good afternoon and congrats on the good start to the year. A lot of good information here. Did you call out how many total members are now on GLP-1s and do you break that out across your original carerac versus the new Flex Care pathway?

謝謝。各位下午好，也恭喜今年有個好的開局。這裡有很多很好的資訊。你們有提到目前總共有多少會員正在使用 GLP-1 嗎？以及你們是否會把這個數字拆分為原本的 Care Track 與新的 Flex Care 路徑？

And then my follow-up on that would just be can you or would you provide an update on your cholesterol program and whether that's still targeted for availability next year? Thank you.

另外，我的追問是：你們能否（或是否願意）更新一下你們的膽固醇方案（cholesterol program）的進度，以及它是否仍以明年可供使用為目標？謝謝。

Yeah, Gene. Wei-Li here. We disclosed just by way of reminder to folks that through the end of 2025, we had brought in a total membership of around $150,000 or so. We've not yet disclosed Q1 in terms of at the product level offering which includes of course our GLP-1 Care Track. We're likely to do so, each year from an annual standpoint, but suffice it to say the momentum and frothiness of the GLP-1 marketplace continues.

好的，Gene。我是 Wei-Li。提醒大家一下，我們已揭露截至 2025 年底，我們累計導入的總會員數大約是 150,000 左右。我們尚未揭露第一季在產品層級（product level）的數據，當然其中包含我們的 GLP-1 Care Track。我們可能會以年度的方式每年揭露一次；但可以說的是，GLP-1 市場的動能與熱度仍在持續。

In terms of cholesterol program, I think your question was about the same in terms of what the uptake and traction looks like there. We're encouraged, and primarily, also not surprised, because as we know, when you have diabetes, hypertension, obesity, or at risk of diabetes, some or none, or one of the above. The likelihood that you have, unfortunately, high cholesterol is very high, anywhere from 40% to 70% depending on the population you're looking.

關於膽固醇方案，我理解你的問題也包括其採用率與市場牽引力。我們感到鼓舞，而且也不意外。因為我們知道，當你有糖尿病、高血壓、肥胖，或處於糖尿病風險中（可能同時具備上述多項、也可能沒有或只有其中一項），那麼你不幸有高膽固醇的機率非常高，依你所看的族群不同，大約落在 40% 到 70%。

So naturally, and when I -- when we talk about our cardio metabolic programs to our employer audience, they naturally gravitate towards the cholesterol program. Last year, when we announced late in the year the launch of the cholesterol program, we basically had closed a couple of clients, one of which was a very large retail cost, over 300,000 global employees, we since added to to that list of deals closed, including a few more enterprise clients as well as two large jumbo clients, one in the multi-industry in industries segment, as well as energy and natural resources segment for several 100,000 additional lives as well as some other enterprises.

因此很自然地，當我——當我們向雇主客群介紹我們的心代謝（cardio-metabolic）方案時，他們會自然地把注意力放到膽固醇方案上。去年我們在年底宣布推出膽固醇方案時，基本上已簽下幾個客戶，其中一個是非常大型的零售客戶，全球員工超過 300,000 人；此後我們又在已簽約的名單中新增了更多案子，包括幾個企業級客戶，以及兩個大型（jumbo）客戶：一個在多元產業（multi-industry）領域，另一個在能源與天然資源領域，額外涵蓋數十萬名成員（lives），以及其他一些企業客戶。

It's worthy to note that pursuant to the interest that I talked about with cardio metabolic with cholesterol, these obviously were closed off cycle, which I think is a reflection of the value proposition in the marketplace.

值得注意的是，基於我剛才提到的心代謝與膽固醇方面的高度興趣，這些合約顯然是在非例行週期（off-cycle）下完成簽約，我認為這反映了我們在市場上的價值主張。

Great, thank you.

很好，謝謝你。

This concludes the question-and-answer session. Thank you for your participation in today's conference. This does conclude the program. You may now disconnect.

問答環節到此結束。感謝各位參與今天的會議。本次議程也到此結束。各位現在可以斷線。