Operator  

主持人  

Ladies and gentlemen, thank you for standing by. My name is Krista, and I will be your conference operator today. At this time, I would like to welcome everyone to Hims & Hers Third Quarter 2024 Earnings Conference Call. [Operator Instructions] Thank you.  

女士们、先生们，感谢各位耐心等待。我叫 Krista，将担任今天的电话会议主持人。现在，我谨代表 Hims & Hers 欢迎大家参加公司 2024 财年第三季度财报电话会议。[操作员提示] 谢谢。  

I would now like to turn the conference over to Bill Newby, Head of Investor Relations. Bill, you may begin.  

接下来，我将会议交给投资者关系负责人 Bill Newby。Bill，请开始。  

Bill Newby  

Good afternoon, everyone, and welcome to the Hims & Hers Health third quarter 2024 earnings call. Today, after the market closed, we released this quarter's shareholder letter, a copy of which you can find on our website at investors.hims.com.  

各位下午好，欢迎参加 Hims & Hers Health 2024 财年第三季度财报电话会议。今天收盘后，我们发布了本季度致股东信，您可在我们的网站 investors.hims.com 上查阅。  

On the call with me today is Andrew Dudum, our Co-Founder and Chief Executive Officer; Yemi Okupe, our Chief Financial Officer; and Dr. Patrick Carroll, our Chief Medical Officer.  

今天与我一起出席会议的有公司联合创始人兼首席执行官 Andrew Dudum，首席财务官 Yemi Okupe，以及首席医疗官 Patrick Carroll 医生。  

Before I hand it over to Andrew, I need to remind you of legal safe-harbor and cautionary declarations. Certain statements and projections of future results made in this presentation constitute forward-looking statements that are based on, among other things, our current market, competitors and regulatory expectations, and are subject to risks and uncertainties that could cause actual results to vary materially. We take no obligation to update publicly any forward-looking statement after this call, whether as a result of new information, future events, changes in assumptions, or otherwise.  

在把话筒交给 Andrew 之前，我需要提醒大家关注法律安全港和免责声明。本次演示中的某些陈述与对未来结果的预测属于前瞻性声明，基于当前市场、竞争及监管预期等因素，存在导致实际结果产生重大差异的风险和不确定性。会后我们没有义务因新信息、未来事件、假设变化或其他原因，公开更新任何前瞻性声明。  

Please see our most recently filed 10-K and 10-Q reports for a discussion of risk factors as they relate to forward-looking statements. In today's presentation, we will also have certain non-GAAP financial measures. We refer you to the reconciliation tables to the most directly comparable GAAP financial measures contained in today's press release and shareholder letter. You can find this information as well as a link to today's webcast at investors.hims.com. After the call, this webcast will be archived on the website for 12 months.  

关于与前瞻性声明相关的风险因素，请参阅我们最新提交的 10-K 和 10-Q 报告。在今天的演示中，我们还将提及若干非 GAAP 财务指标；相关指标与最可比 GAAP 指标的对账表已包含在今日新闻稿及致股东信中。您可在 investors.hims.com 获取这些资料并访问本次网络直播链接。电话会议结束后，重播将于网站上保存 12 个月。  

And with that, I will turn the call over to Andrew.  

接下来，我将会议交给 Andrew。

Andrew Dudum  

安德鲁·杜杜姆  

Thanks, Bill.  

谢谢你，比尔。  

Strong momentum from last quarter continued into the second half as we further expanded capabilities on our platform to help millions of consumers feel great through the power of better health. We made considerable progress across several dimensions that consumers value, including the speed with which they can access providers and personalized solutions to address their needs, the convenience and transparency provided by our world-class technology platform, and lastly, the breadth of personalized solutions that enables them to address concerns across our specialties in a more unique and customized way.  

上季度的强劲势头延续到了下半年，我们进一步拓展平台能力，凭借更优质的健康服务帮助数以百万计的消费者获得卓越体验。我们在多个消费者重视的维度上取得了显著进展，包括：他们能够更快速地与医疗服务提供者取得联系并获得个性化方案；我们的世界级技术平台带来的便利性与透明度；以及更加多元的个性化方案，使他们能够以更独特、更定制化的方式应对各专科领域的健康问题。  

Ongoing success in the delivery against our mission is translating into exceptional business results. Year-over-year revenue growth accelerated 25 points quarter-over-quarter to 77% as we surpassed $400 million in revenue in the quarter.  

我们在实现使命的道路上持续取得成功，转化为卓越的业务表现。本季度收入突破 4 亿美元，同比增速环比提升 25 个百分点，达到 77%。  

A disciplined approach to investment enabled us to surpass $50 million in adjusted EBITDA, reflecting a 13% adjusted EBITDA margin. Our strategy of offering high-quality personalized solutions at mass-market prices continues to resonate with consumers. We ended the third quarter with over two million subscribers and north of 50% of subscribers utilizing a personalized solution. We believe there are four primary factors driving rapid adoption of personalized solutions.  

我们秉持审慎的投资策略，使得调整后 EBITDA 超过 5,000 万美元，调整后 EBITDA 利润率达到 13%。我们以大众化价格提供高品质个性化解决方案的战略持续获得消费者青睐。第三季度末，我们的订阅用户超过 200 万，其中逾 50% 采用了个性化方案。我们认为，推动个性化方案快速普及的主要因素有四个。  

The first is a continuous expansion of personalized solutions within new specialties. During the third quarter, we launched access to personalized titration schedules and dosing for semaglutide within weight loss. The second is scaling the number of compelling multi-condition solutions available on our platform that draw in a broader set of users. This includes access to personalized treatments that address multiple concerns both within and across specialties.  

第一，不断在新的专科领域扩展个性化方案。第三季度，我们在减重领域推出了司美格鲁肽个性化剂量和滴定计划。第二，扩大平台上涵盖多重病症的吸引力方案数量，吸引更广泛的用户群体，其中包括可同时解决单一专科内外多种健康问题的个性化治疗。  

The third is a wider selection of form factors, unlocking access to solutions that can now be utilized via chewable or topical solution, and in the near-future, gummy. And finally, as these solutions and our underlying capabilities expand, we're able to offer them at more accessible price points, strengthening a high-value proposition for our customers that we believe is unmatched.  

第三，提供更丰富的剂型选择，现已支持咀嚼片或外用制剂，未来还将推出软糖剂型。最后，随着这些方案及其底层能力的扩展，我们得以以更可负担的价格提供服务，进一步巩固我们无可比拟的高价值主张。  

Each of these developments allows us to service a broader set of consumer needs, which we believe will ultimately support more consumers sticking with their treatments and achieving positive outcomes. All of our specialties have benefited from this innovation, and we are seeing it have significant impact on the Hers brand. I've always believed that the Hers brand had the potential to eventually match, if not surpass the size of the Hims brand, as we surpassed 400,000 Hers subscribers in the third quarter across specialties such as dermatology [technical difficulty] it is becoming increasingly clear that this area of our business is at an inflection point.  

上述每一项进展都使我们能够满足更广泛的消费者需求，最终帮助更多用户坚持治疗并获得积极效果。我们的所有专科都受益于这些创新，而 Hers 品牌的影响尤为显著。我一直相信 Hers 终有可能与 Hims 规模相当，甚至超越；当我们在皮肤科等多个专科的 Hers 订阅用户数量突破 40 万时，[技术故障] 这一业务板块正处于明显的拐点。  

In response to this accelerating trajectory, we are excited to announce the addition of Dr. Jessica Shepherd, who recently joined us as Chief Medical Officer of Hers. A Board-certified Ob/Gyn, Dr. Shepherd has served patients for nearly 20 years across health issues top-of-mind for women, including endometriosis, sexual health, menopausal health, fibroids, and narrowing health disparities for women.  

鉴于这一加速趋势，我们欣然宣布，杰西卡·谢泼德博士已加盟并出任 Hers 首席医疗官。作为取得认证的妇产科医生，谢泼德博士在子宫内膜异位症、女性性健康、更年期健康、子宫肌瘤及缩小女性健康差距等领域拥有近 20 年的临床经验。  

More recently, she has run a clinic that has offered personalized solutions across weight management, hormonal therapy, and dermatology. Our expanding platform continues to make significant strides in unlocking access to a level of care that has historically been available to only the most privileged segments of society. As our platform continues to scale, we are seeing an increased ability to reach some of the most vulnerable populations across America.  

最近，她运营的诊所提供涵盖体重管理、激素疗法和皮肤科的个性化方案。我们的平台不断扩大，正大幅提升曾经只对社会最优越群体开放的高标准医疗的可及性。随着平台继续扩张，我们对美国最弱势群体的触达能力也在提高。  

We've seen an increase in individuals from less affluent communities joining and retaining on our platform, as we have made access to personalized solutions and high-quality care available at mass market prices. We ended the third quarter with over 400,000 subscribers on the platform, from this terms where the average household income is below $50,000 with nearly 40,000 of those subscribers in weight loss.  

由于我们以大众化价格提供个性化方案和高品质医疗服务，来自低收入社区的用户加入并留在平台上的人数不断增加。第三季度末，平台拥有逾 40 万来自年均家庭收入低于 5 万美元地区的订阅用户，其中近 4 万人使用减重方案。  

Similarly, we are seeing an increase in subscribers from older communities, where we often see mobility issues, financial constraints, and in the case of weight loss, lack of Medicare coverage present barriers to treatment. Over 100,000 of our subscribers as of quarter end are over the age of 65, with nearly 7,000 of those accessing a weight-loss solution. And finally, many individuals who spend their lives caring for others and keeping our country safe and healthy often face robots when seeking access to medical care.  

同样，来自老年群体的订阅用户也在增加；他们通常面临行动不便、经济受限，特别是在减重方面，缺乏医保覆盖等治疗障碍。截至季度末，超过 10 万名订阅用户年龄在 65 岁以上，其中近 7,000 名正在使用减重方案。最后，许多毕生照顾他人、保障国家安全与健康的人群在寻求医疗服务时往往遇到阻碍。  

This includes teachers that educate our communities, first responders that save lives and military personnel and veterans that keep us safe. I'm incredibly proud of our service appreciation initiative, which launched on September 18 and allows us to offer U.S. military veterans, teachers, nurses, and first responders access to personalized compounded GLP-1 weight-loss solutions for as low as $99 per month.  

这其中包括教育社区的教师、挽救生命的急救人员以及维护安全的军人和退伍军人。我对 9 月 18 日启动的“服务致敬计划”深感自豪，该计划让美国退伍军人、教师、护士和急救人员以最低每月 99 美元的价格获得个性化复方 GLP-1 减重方案。  

Underpinning our ability to bring this type of value to our consumers is scale. And more importantly, scale that is supported by a continuously advancing technology platform.  

支撑我们为消费者创造此类价值的基础是规模，更重要的是由不断进步的技术平台所支撑的规模。  

Our platform is enabling us to democratize a high standard of care historically accessible by only a small population. Consumers on our platform have the ability to message providers and generally address concerns within hours as opposed to days or weeks.  

我们的平台正在让一度仅少数人才能享有的高标准医疗普及化。平台用户可以向医疗服务提供者发送信息，并通常在数小时内解决问题，而非等待数天或数周。  

Access follow-up care on-demand, which is especially beneficial in high-touch areas like mental health and weight loss. And seamlessly access providers from the comfort of their own home outside of traditional working hours, minimizing disruption to income from time-loss commuting or sitting in a waiting room. We believe this has translated into remarkable success by drawing new customers to the platform and providing the kind of personalized support we believe is critical for patient adherence and positive outcomes.  

用户还能按需获得随访护理，这在心理健康和减重等高接触领域尤为重要。同时，他们可以在非传统工作时间于家中无缝联系医生，减少因通勤或候诊造成的收入损失。我们相信，这一切转化为显著成效：吸引了新用户加入平台，并提供了我们认为对于患者坚持治疗、取得积极结果至关重要的个性化支持。  

I'd like to pass it over to our Chief Medical Officer, Dr. Patrick Carroll, to briefly talk through some of the dynamics we're seeing in some of our higher-touch specialties.  

接下来，我想把时间交给我们的首席医疗官帕特里克·卡罗尔医生，请他简要介绍我们在一些高接触专科中观察到的动态。

Patrick Carroll  

帕特里克·卡罗尔  

Thanks, Andrew.  

谢谢你，Andrew。  

Over the course of 40 years of running my own medical practice and overseeing healthcare institutions, I have heard again and again that one of the deepest desires for medical providers was to spend more time with patients and offer them a deeper level of care. There are several hurdles that impact disability for medical providers, which unfortunately only increased for many in recent years.  

在过去 40 年中，我既经营自己的医疗诊所，又管理医疗机构，我一次又一次地听到医务人员最深切的愿望之一：能有更多时间陪伴患者，为他们提供更深入的照护。不幸的是，近年来阻碍医务人员实现这一愿望的种种障碍并未减少，反而有所增加。  

These include first, the time medical providers lose across their day as a result of navigating numerous administrative tasks with inefficient tools. And the need to operate on a non-intuitive technological platforms that are not designed for patients or providers. Hims & Hers' ability to remove these hurdles through thoughtful business practices and innovative technology centered on providing exceptional care to patients has unlocked an ability for medical providers to offer a deeper level of care to patients. This has been particularly transformational in traditionally higher touch areas such as weight loss.  

这些障碍首先包括：医务人员在一天中因使用低效工具处理大量行政事务而损失的时间；以及必须使用并不以患者或医务人员为中心、缺乏直观性的技术平台。Hims & Hers 通过以患者卓越护理为核心的周密业务实践和创新技术消除了这些障碍，使医务人员能够为患者提供更深层次的照护。这在传统上需要更多接触的领域（如减重）尤为具有变革意义。  

We believe GLP-1s have the ability to have a tremendous impact on society. However, several barriers prevent them from unlocking their full potential. Studies have shown that intolerable side effects like gastrointestinal issues and substantial muscle loss, less-than-desired frequency of engagement with providers, and lack of access to affordable solutions result in less than 70% of patients continuing the medication after four weeks of treatment.  

我们相信 GLP-1 类药物有潜力为社会带来巨大影响。然而，多重障碍阻碍其充分发挥效用。研究表明，不可耐受的副作用（如胃肠道问题和显著肌肉流失）、与医务人员互动频率不足以及欠缺可负担的治疗方案，导致接受治疗四周后仍继续用药的患者不足 70%。  

That number falls further to 42% by 12 weeks. Across the Hims & Hers platform, we have seen strong retention rates for compounded GLP-1 solutions. At four weeks, 85% of GLP-1 patients are engaging with the platform, including through continuation of care, completing a check-in, a proactive engagement with the provider. By 12 weeks, we observed 70% of patients continuing with their subscription.  

到 12 周时，这一比例进一步降至 42%。在 Hims & Hers 平台上，复方 GLP-1 方案的留存率表现强劲：四周时，85% 的 GLP-1 患者仍在平台上积极互动，包括继续治疗、完成回访或主动联系医生；到第 12 周，仍有 70% 的患者续订服务。  

We believe there are four primary drivers of these great results. First, our platform enables consistent provider communication. By four weeks, patients have typically had at least three engagements with the provider on the platform, and by 12 weeks, they've had an average of five engagements. Once a patient reaches the end of their titration schedule, providers still engage with patients on average of at least once a month.  

我们认为，这些卓越成果主要由四大因素驱动。第一，平台促成了与医务人员的持续沟通：到第四周，患者通常已与医生互动至少三次；到第 12 周，平均互动次数达五次。即使患者完成滴定方案后，医生仍会保持至少每月一次的交流。  

This level of service would be incredibly challenging to offer at scale to the average consumer in the typical brick-and-mortar setting. Second, technology on our platform removes administrative overhead on providers and equips them with products and tools to better address individual patient needs. Providers on the Hims & Hers platform have access to tools with our proprietary EMR that automate notes on patients, programmatically flag certain risk and leverage structured data to help them highlight important concerns and dynamics for providers.  

在传统线下环境中，要大规模向普通消费者提供如此服务几乎不可能。第二，平台技术为医务人员减轻了行政负担，并为其配备产品与工具，更好地满足患者个体需求。Hims & Hers 专有的电子病历（EMR）工具可自动生成病历笔记、以程序化方式标记特定风险，并利用结构化数据帮助医生突出重要问题与动态。  

Additionally, capabilities such as MedMatch by Hims & Hers, our proprietary AI technology, support providers in identifying ways to balance weight loss results with the side effect management, including medication and titration schedule adjustments.  

此外，Hims & Hers 的专有人工智能技术 MedMatch 还能帮助医生在减重效果与副作用管理之间找到平衡，包括调整药物及滴定方案。  

Third, a wide breadth of personalized doses options means that providers on our platform can serve a broader set of patients. Standard doses will work for many patients, however, given the diversity of obesity challenges across the American population and the concerns many have with common side effects, like nausea, vomiting, diarrhea, and muscle loss or sarcopenia, we expect there are millions of individuals who stand to benefit from personalized dosages.  

第三，丰富的个性化剂量选项使平台医生能够服务更广泛的患者群体。标准剂量对许多人有效，但考虑到美国肥胖问题的多样性，以及大众对恶心、呕吐、腹泻、肌肉流失或肌少症等常见副作用的顾虑，我们预计数以百万计的人将从个性化剂量中受益。  

Finally, based on customer-reported data from more than 10,000 subscribers on a personalized weight loss program who have reached their 28-day check-in and several thousand of those who have reached a 56-day check-in, these patients are seeing results and are indicating they are excited to continue accomplishing their goals.  

最后，根据超过 10,000 名参加个性化减重项目且完成 28 天回访的订阅用户（其中数千人完成了 56 天回访）反馈的数据，这些患者已见到成效，并表示愿意继续实现目标。  

We have seen customers lose on average of 4.1% of their initial body weight in their first four weeks, while customers who have reached the eight-week mark have lost 5.5% of their initial body weight. We believe the clinical benefits of the care and personalized solutions available through our platform are clear as we are seeing more consumers continue with their medication schedules and report positive outcomes. While both our mental health and weight loss specialties are in their early innings, I am excited by the foundation that we are laying with capabilities that we expect will expand over time.  

数据显示，用户在前四周平均减重 4.1%，而达到八周节点的用户平均减重 5.5%。随着越来越多消费者坚持用药并报告积极结果，我们相信平台护理与个性化方案的临床益处已十分明显。虽然我们的心理健康和减重专科仍处于早期阶段，但我对如今奠定的基础以及未来不断扩展的能力感到振奋。

Andrew Dudum  

Thanks for those insights, Dr. Carroll.  

卡罗尔医生，感谢您的深刻见解。  

As we enter the final months of 2024, I'm so excited by the momentum we are seeing and how all of the pieces we've built over the last seven years are coming together. Our brand continues to connect with customers and is increasingly becoming known as a leader in high-quality personalized solutions.  

随着我们迈入 2024 年的最后几个月，我对目前所见的强劲势头感到无比振奋，也欣喜地看到过去七年打造的所有要素正在融合。我们的品牌持续与客户产生共鸣，并日益被视为高品质个性化解决方案的领导者。  

Each of our strategic pillars, a trusted brand, leading technology platform, innovative products and services, and clinical excellence are coalescing in a way that is enabling us to bring increased value to our subscribers at a rapid pace. We see the benefit in this with respect to how our weight loss specialty has rapidly scaled over the course of the last year.  

在值得信赖的品牌、领先的技术平台、创新的产品与服务以及卓越的临床实力这一系列战略支柱协同作用下，我们正以前所未有的速度为订阅用户创造更高价值。这一点在过去一年我们减重专科的快速扩张中体现得尤为明显。  

I'm impressed with how our team has come together to enable access to weight management solutions and grateful that the company can play an integral part in taking a step toward reducing the half a million preventable deaths of Americans that obesity contributes to each year. While the regulatory landscape continues to evolve, the data we are seeing on our platform suggests widespread difficulty accessing name-brand GLP-1 solutions, and a resolution of the GLP-1 shortage would not be possible without the potential disruption of care to hundreds of thousands of Americans.  

团队齐心协力让体重管理方案触手可及，这让我深受鼓舞；公司能够为减少美国每年因肥胖导致的 50 万例可避免死亡贡献力量，我对此心怀感激。尽管监管环境持续变化，但我们平台上的数据表明，大众在获取品牌 GLP-1 药物方面普遍面临困难；若要缓解 GLP-1 药物短缺，就难免会对数十万美国人的治疗造成潜在中断。  

In the last two months, a total of over 80,000 reports have come through our platform from consumers that have been unable to obtain name-brand GLP-1 treatments. And we are seeing the number of consumers voicing their frustration increase, not decrease in recent weeks.  

过去两个月里，我们的平台收到超过 8 万条用户反馈，称其无法获得品牌 GLP-1 药物。近几周表达不满的消费者数量不仅未减少，反而在持续增加。  

In fact, on a single day last week, we saw nearly 2,000 indications from individuals that have been unable to obtain name-brand GLP-1s. Consumers are doing their part to ensure their voices are heard, and we are actively communicating with federal and state legislative and regulatory bodies to share the experience of our customers and the dynamics that we're seeing across our platform. Our belief is that the principles that have unlocked success in other specialties provide a path for weight loss to continue to succeed when the shortage is ultimately resolved.  

实际上，仅在上周的某一天，就有近 2,000 名用户表示无法获得品牌 GLP-1 药物。消费者正努力让自己的声音被听见，而我们也在积极与联邦及州立法和监管机构沟通，分享客户体验与平台观察。我们相信，在其他专科领域取得成功的原则同样能为减重业务在未来药物短缺缓解后继续取得成就指明道路。  

Having a breadth of solutions that continues to expand enables us to fulfill different consumer requirements and needs while building a specialty that can be increasingly durable. We launched access to a holistic weight-loss program last November for as low as $79 per month, including access to personalized oral-based solutions aimed at addressing the underlying drivers behind an individual's weight gain.  

不断扩展的多元化方案让我们能够满足不同消费者的需求，并构建更具韧性的专科。去年 11 月，我们推出了综合减重计划，月费低至 79 美元，其中包含针对个体体重增加根本原因的个性化口服方案。  

Our customers using personalized oral medications as part of the holistic program have reported weight-loss results that are on average at least 70% of the numbers being self-reported by customers utilizing compounded GLP-1s on the platform. The addition of GLP-1s further expanded our weight-loss offering and unlocked access to these potentially life-changing solutions for a broader portion of the American population.  

在综合计划中采用个性化口服药物的用户报告的减重效果，平均可达到平台复方 GLP-1 用户自报数据的至少 70%。GLP-1 的加入进一步丰富了我们的减重产品，使更多美国民众能够获得这些潜在的“改变人生”方案。  

Next, we plan to bring liraglutide, the first generic GLP-1 in the market to the platform in 2025. We have already confirmed a core supplier for this addition and over the next few months, expect to finish completing test and batch validation as well as confirming certificates of authenticity.  

接下来，我们计划于 2025 年将首款通用版 GLP-1——利拉鲁肽引入平台。目前已确定核心供应商，预计在未来几个月完成测试与批次验证，并确认真实性证书。  

Our technology platform enables us to support consumers in identifying their options and help providers match their patients with the most appropriate solution for an individual's personal clinical need. Consumers' ability to maintain frequent communication with providers as they progress through their treatment with products like GLP-1 can help them effectively balance side-effect concerns with weight-loss goals. We are continuing to actively invest in our 503A facilities, which we expect will enable us to continue offering personalized weight-loss solutions on the platform over the long term.  

我们的技术平台帮助消费者识别可选方案，并协助医疗服务方为患者匹配最符合其临床需求的解决方案。消费者在使用 GLP-1 等产品治疗期间，能够与医生保持频繁沟通，从而有效平衡副作用顾虑与减重目标。我们仍在积极投资 503A 设施，预计这将支持我们长期在平台上提供个性化减重方案。  

The ability to bring significant value to consumers by democratizing access to high-quality personalized solutions at affordable prices has enabled us to quickly achieve scale. Continued execution on this front provides me with confidence that we can fulfill our ambitious aspiration of having every household in the U.S. using Hims & Hers for their personalized health and wellness needs.  

以可负担的价格普及高品质个性化方案、为消费者创造重大价值的能力，使我们得以迅速实现规模化。持续推进这一战略让我坚信，我们有能力实现宏伟愿景——让美国每个家庭都使用 Hims & Hers 满足其个性化健康与保健需求。  

With that, I will pass it over to Yemi to walk through our financials and outlook for the remainder of the year in greater detail.  

下面，我将把时间交给 Yemi，为大家更详细地介绍我们的财务表现和今年余下时间的展望。

Yemi Okupe  

耶米·奥库佩  

Thanks, Andrew.  

谢谢你，Andrew。  

I will start by providing an overview of our third-quarter financial performance and then discuss our updated outlook for 2024. To date, 2024 has shaped up to be a transformational year with exceptional momentum across several areas of our business.  

我将先概述第三季度的财务表现，然后讨论我们对 2024 年更新后的展望。截至目前，2024 年已成为公司变革性的一年，在多个业务领域展现出强劲的发展势头。  

We are excited to see what was already a strong trajectory accelerated in the third quarter. It is becoming increasingly clear that there is tremendous consumer demand for the value that our platform brings as well as for high-quality personalized solutions at accessible prices. In the third quarter, revenue increased 77% year-over-year to $401.6 million with ongoing strength coming out of our online channel.  

我们欣喜地看到原本强劲的增长势头在第三季度进一步加速。事实日益明显：消费者对我们平台所创造的价值以及高质量、价格可承受的个性化方案的需求巨大。第三季度，公司收入同比增长 77%，达到 4.016 亿美元，其中在线渠道持续表现强劲。  

Online revenue was $392.6 million, up 79% from the third quarter of last year. Expansion of our online subscriber base continues to remain the primary driver of growth across the platform. Our subscriber base grew at a record level pace with over 180,000 net subscribers added in the third quarter. We ended the quarter with over two million subscribers, representing a 44% increase from the third quarter of last year.  

While our GLP-1 offering is resulting in incremental users coming to the platform, the majority of our subscriber growth is coming from our non-GLP-1-related offerings. Our subscriber base, excluding GLP-1s, grew approximately 40% year-over-year. Our continued success at growing our subscriber base can largely be attributed to continued innovation across our portfolio of personalized solutions.  

尽管 GLP-1 方案吸引了部分新增用户，但订阅用户的大部分增长仍来自非 GLP-1 产品。剔除 GLP-1 后，我们的订阅用户规模同比增长约 40%。订阅用户持续扩张，很大程度上得益于我们在个性化方案组合上的持续创新。  

We are pleased to achieve our goal of bringing the value of personalized solutions and care to over one million consumers by year end, a quarter early. We are seeing the value to customers of personalized solutions reflected on the platform in two primary ways. The first is through an ability to draw a broader audience of users who may have historically struggled to find treatments that meet their clinical needs.  

我们欣喜地提前一个季度实现了“年底让逾一百万消费者享受到个性化方案与护理价值”的目标。平台上个性化方案为客户创造的价值主要体现于两方面。首先，它吸引了更广泛的用户群体——这些用户过去常常难以找到契合其临床需求的治疗方式。  

Personalized solutions enable us to reach a broader set of consumer phenotypes that come with different clinical requirements, concerns, and goals. For example, through innovative form factors and dosages, we are able to provide access to differentiated solutions and messaging to the individual that has suffered from hair loss for years relative to the individual earlier on in their journey and more interested in preventative measures.  

个性化方案让我们能够覆盖拥有不同临床需求、顾虑与目标的多种消费者类型。例如，通过创新的剂型与剂量，我们既能为多年受脱发困扰的用户提供差异化解决方案及沟通，也能满足处于早期阶段、更加关注预防措施的用户需求。  

North of 65% of new subscribers benefited from a personalized solution in the third quarter, and we believe this number can continue to grow with continued innovation to meet customers' clinical needs. The second way we are seeing personalization demonstrate value is through higher retention, which we believe reflects increasing consumer satisfaction.  

第三季度，超过 65% 的新订阅用户受益于个性化方案；随着我们不断创新以满足客户临床需求，这一比例有望持续提升。个性化价值的第二个体现是更高的用户留存率，我们认为这反映了消费者满意度的提升。  

User feedback around factors that prevent them from adopting or adhering to a treatment is a core part of the design process for personalized solutions. With greater customization for individual clinical needs at affordable prices, we are seeing retention drift higher across many of our specialties.  

在设计个性化方案时，我们将阻碍用户采用或坚持治疗的因素反馈置于核心位置。借助针对个人临床需求的深度定制且价格可负担，我们在多个专科领域的留存率均呈现上升趋势。  

For example, in some sub-specialties of women's dermatology, we are seeing annual retention increase by more than 20 points year-over-year as the mix of those utilizing a personalized solution increased 40 points year-over-year to approximately 70% of the specialty.  

例如，在女性皮肤科的部分子专科中，使用个性化方案的比例同比提升 40 个百分点至约 70%，年度留存率同比提高逾 20 个百分点。  

We believe that with continued innovation and personalization for individual clinical needs, these benefits will continue to compound across specialties in the future. Monthly online revenue per average subscriber increased 24% in the third quarter relative to last year to $67. A continued shift to more premium personalized offerings has been one contributor towards this dynamic, which has offset headwinds from a migration toward longer duration commitments that carry a lower average monthly price.  

我们相信，随着面向个体临床需求的持续创新与个性化，上述收益未来将在各专科持续累积。第三季度，平均订阅用户的月度在线收入同比增长 24%，达到 67 美元。向更高端个性化产品的持续转移是驱动因素之一，抵消了用户选择更长周期低均价方案带来的不利影响。  

The success of our weight-loss specialty has been another key driver in the increase in monthly online revenue per average subscriber through two mechanisms. Firstly, our weight-loss solutions carry a higher monthly average price relative to other product offerings. Historically, our offerings have ranged from $35 to $55 per month depending on specialty and duration.  

减重专科的成功亦通过两大机制推动了平均订阅用户月度在线收入的提升。首先，减重方案的月均价格高于其他产品。以往我们的产品根据专科与周期不同，月费大多在 35 至 55 美元之间。  

Our oral weight management offering starts at $79 per month and our GLP-1 offering generally starts at $199 per month. Secondarily, many of our existing subscribers to other specialties are adopting weight-loss solutions and subscribers that come to the platform initially for weight-loss are subsequently adopting solutions across other specialties. In the third quarter, 20,000 subscribers that acquired a weight-loss solution were pre-existing customers and 20% of weight-loss subscribers had a multi-specialty relationship with Hims & Hers.  

我们的口服体重管理方案月费起价 79 美元，GLP-1 方案通常起价 199 美元。其次，许多其他专科的现有订阅用户正在选择减重方案，而最初因减重而加入的平台用户随后也在其他专科采用解决方案。第三季度，新增减重方案的 2 万名订阅用户原本就是平台客户；另有 20% 的减重订阅用户与 Hims & Hers 形成了多专科服务关系。

Increased multi-specialty adoption from our subscribers has been largely organic. In the third quarter, nearly 300,000 subscribers were treated for two or more conditions on the platform, inclusive of subscribers on a single treatment with multi-condition capabilities.  

订阅用户对多专科服务的采用大多源于自然增长。第三季度，近 300,000 名订阅用户在平台上接受了两种或以上疾病的治疗，其中也包含采用具备多病症治疗能力的单一方案的用户。  

As we continue to broaden the variety of solutions across specialties and elevate the number of multi-condition personalized treatments, we expect the number of multi-condition subscribers to continue to increase. In 2025, we expect to elevate the consumer experience for our multi-specialty subscribers through technological advancements on our platform.  

随着我们不断拓宽各专科解决方案的种类并提升多病症个性化治疗的数量，我们预计多病症订阅用户将持续增长。到 2025 年，我们计划通过平台技术的进步，为多专科订阅用户提供更佳的消费体验。  

We believe this carries immense potential to drive higher retention as users receive multiple benefits. Effective execution of our capital allocation framework has enabled us to maintain a robust margin profile while simultaneously accelerating revenue growth. In the third quarter, adjusted EBITDA was $51.1 million, increasing 4 times relative to last year. Adjusted EBITDA margin expanded more than 7 points year-over-year to nearly 13% as efficiency gains and operating expenses offset an expected degradation in gross margin associated with new product launches.  

我们认为，用户获得多重收益将极大提升留存率。有效执行资本配置框架，使我们在加速收入增长的同时维持了稳健的利润率。第三季度，经调整 EBITDA 为 5,110 万美元，同比增长四倍。受益于效率提升及运营费用控制，经调整 EBITDA 利润率同比扩大逾 7 个百分点至近 13%，抵消了新产品推出导致的毛利率预期下滑。  

Gross margin declined two points quarter-over-quarter and was 79% in the third quarter. Scaling of the weight-loss specialty was the primary driver of this margin degradation. As we highlighted last quarter, lower margins are a common dynamic we often see early in an offering's lifecycle. As the offering continues to scale and we are able to unlock efficiencies from automation and verticalization, we expect to offset a portion of these gross margin headwinds in the future.  

本季度毛利率环比下降 2 个百分点至 79%，主要受减重专科快速扩张拖累。正如上一季度所述，较低的利润率是产品生命周期早期常见的情况。随着该业务进一步扩大规模，并通过自动化及纵向整合释放效率，我们预计未来将抵消部分毛利率压力。  

Management of our operating cost structure enabled us to offset pressure from gross margin headwinds. G&A costs as a percentage of revenue improved 5 points year-over-year and 2 points quarter-over-quarter to 11%. G&A expenses may fluctuate from quarter to quarter, but in the mid-term, we see continued opportunity for leverage. Operations and support costs as a percentage of revenue improved 2 points year-over-year and 1 point quarter-over-quarter to 12%.  

对运营成本结构的有效管理帮助我们对冲了毛利率下行压力。管理费用占收入比重同比改善 5 个百分点、环比改善 2 个百分点至 11%。管理费用可能会在各季度间波动，但中期来看仍有继续优化的空间。运营与支持成本占收入比重同比改善 2 个百分点、环比改善 1 个百分点至 12%。  

We expect continued efficiency gains in these areas over the mid to long term as we benefit from scale efficiencies and further leverage technologies like clever routing to improve the performance of our customer support and care teams. Marketing as a percentage of revenue improved 6 points year-over-year to 45%, marking a new record in our history as a public company for the second quarter in a row. The growing emphasis on personalized solutions, along with the maturation of newer customer groups introduced to favorable pricing models is enhancing our retention rates.  

随着规模效应显现并进一步运用智能路由等技术提升客服及关怀团队表现，我们预计中长期内这些领域将持续取得效率提升。营销费用占收入比重同比改善 6 个百分点至 45%，连续第二个季度刷新上市以来最佳记录。对个性化方案的日益重视以及享受优惠定价的新客群不断成熟，共同提升了我们的留存率。  

Additionally, we are seeing continued success in acquiring customers through more cost-effective channels as awareness of the Hims & Hers brands grows. As we expand in categories where consumers feel more comfortable discussing their experiences, these factors are driving both growth and customer loyalty. Net income was $75.6 million in the third quarter and included a $60.8 million tax benefit related to the release of a tax valuation allowance, partially offset by current period tax expense.  

随着 Hims & Hers 品牌知名度提升，我们通过更具成本效益的渠道获客也持续取得成功。随着我们在消费者更乐于分享体验的品类扩展，这些因素共同推动了增长与客户忠诚度。第三季度净利润为 7,560 万美元，其中包含 6,080 万美元的递延税款估值准备冲回收益，部分被当期税费抵消。  

Recall, I highlighted this possibility last quarter due to our improving certainty around long-term profitability, resulting in the increased likelihood in the utilization of our deferred tax assets. Our income before taxes was $23.6 million for the third quarter, which excludes the total income tax effects, which were impacted by the valuation allowance release. Excellent execution across the business continues to result in improving cash flow dynamics, putting us in a great position to strategically invest in growth, return capital to shareholders, and further strengthen our balance sheet.  

请回想上一季度我提到，随着我们对长期盈利能力的确定性增强，使用递延税资产的可能性提高，因此存在释放估值准备的可能。本季度税前利润为 2,360 万美元，不含因估值准备释放而产生的全部所得税影响。业务的卓越执行持续改善现金流状况，使我们能够战略性地投资增长、回馈股东并进一步强化资产负债表。  

Solid free cash flow of $79.4 million in the third quarter enabled us to make strategic investments and increased cash and short-term investments on our balance sheet by nearly $27 million quarter-over-quarter to $254 million. In the third quarter, we saw what we believe to be a meaningful disconnect between the market value and intrinsic value of our stock. As a result, we allocated $30 million to repurchase 1.9 million shares at an average share price of $15.83 during the quarter.  

第三季度自由现金流强劲，达到 7,940 万美元，使我们得以进行战略投资，并将资产负债表上的现金及短期投资环比增加近 2,700 万美元至 2.54 亿美元。我们认为公司市值与内在价值之间存在显著差距，因此在本季度动用 3,000 万美元回购了 190 万股，平均回购价为 15.83 美元。  

At the end of the quarter, there was $70 million remaining on our $100 million share repurchase authorization. Before going into our outlook for the remainder of the year, I'd like to reiterate our capital allocation priorities and give additional insight into how we intend to utilize our balance sheet. Given the momentum we are seeing across the business, we continue to believe our model is positioned to help tens of millions of individuals.  

截至季度末，我们在 1 亿美元的股份回购授权中尚余 7,000 万美元。进入年底展望之前，我想重申我们的资本配置优先级，并进一步说明我们打算如何利用资产负债表。鉴于业务各方面展现出的强劲势头，我们仍相信公司的模式有能力惠及数千万名用户。

As such, our first priority remains in ensuring that our platform has the necessary capabilities in place to meet the growing needs of our subscribers.  

因此，我们的首要任务仍然是确保平台具备满足订阅用户不断增长需求的必要能力。  

While CapEx investment has been moderate through the last two quarters, we expect more significant investment during the fourth quarter as we further evolve our capabilities.  

虽然过去两个季度的资本开支相对温和，但随着我们进一步提升平台能力，预计第四季度的投资规模将更为可观。  

These investments will primarily go toward two areas of focus.  

这些投资将主要集中在两个重点领域。  

First, increasing our capacity to provide more individuals with access to a personalized solution uniquely designed to address their clinical needs.  

第一，提升服务能力，让更多人能够获得针对其临床需求量身定制的个性化解决方案。  

We expect these investments will position us to continue expanding the variety of form factors, multi-condition treatments, and dosage options available to our customers.  

我们预计，这些投入将使我们能够持续扩充剂型、多病症治疗方案和剂量选择，为客户提供更丰富的选择。  

Second, increasing the level of automation at each of our affiliated facilities.  

We expect these investments to drive greater efficiency and allow us to unlock more value for consumers, strengthening our competitive position while allowing an increasingly wider portion of the population to access the solutions available on our platform.  

我们认为，这些投资将带来更高效率，为消费者创造更多价值，强化我们的竞争优势，并让越来越多的人能够使用平台上的解决方案。  

We will continue to explore opportunities to expedite the evolution of our platform through strategic M&A transactions.  

我们将继续通过战略性并购交易，寻找机会加速平台的发展。  

While we set an extremely high bar in this regard, the Medisource acquisition is a great example of our willingness to deploy our balance sheet towards high-value assets that we feel will accelerate our corporate strategy.  

尽管我们对此设立了极高的标准，但收购 Medisource 就是一个很好的示例，说明我们愿意利用资产负债表投资于能够加速公司战略的高价值资产。  

With that backdrop, I'd like to provide the final update for our 2024 outlook.  

在此背景下，我想为大家提供 2024 年展望的最终更新。  

In the fourth quarter, we are anticipating revenue in the range of $465 million to $470 million, representing a year-over-year increase of 89% to 91%.  

第四季度，我们预计营收将在 4.65 亿至 4.70 亿美元之间，同比增长 89% 至 91%。  

We expect adjusted EBITDA to be between $50 million to $55 million, representing an adjusted EBITDA margin of 11% at the midpoint of both ranges.  

预计经调整后 EBITDA 将达到 5,000 万至 5,500 万美元，按区间中点计算，经调整 EBITDA 利润率约为 11%。  

For the full year, we are anticipating revenue of between $1.46 billion to $1.465 billion, representing a year-over-year increase of 67% to 68%.  

全年营收预计在 14.6 亿至 14.65 亿美元之间，同比增长 67% 至 68%。  

Lastly, we expect 2024 adjusted EBITDA will be between $173 million and $178 million.  

最后，我们预计 2024 年经调整后 EBITDA 将达到 1.73 亿至 1.78 亿美元。  

These adjusted EBITDA and revenue ranges imply an adjusted EBITDA margin of 12% at the midpoint of both ranges.  

按区间中点计算，这些经调整 EBITDA 与营收区间对应的经调整 EBITDA 利润率约为 12%。  

Embedded in our outlook is an expectation for more substantial investment in marketing in the fourth quarter relative to prior quarters.  

我们的展望中包含第四季度将在营销方面投入更多资源的预期。  

A significant portion of this increased spend will be to build general awareness for our brand as well as to educate Americans on the evolving dynamics and solutions in the weight management space.  

新增投入的大部分将用于提升品牌知名度，并向美国消费者普及体重管理领域不断变化的市场动态与解决方案。  

Current momentum of the business provides us with confidence to continue to drive 1 point to 3 points of marketing leverage per annum and achieve our goal of adjusted EBITDA margins of at least 20%, no later than 2030.  

目前的业务势头使我们有信心每年继续实现 1 至 3 个百分点的营销杠杆提升，并最迟于 2030 年实现经调整 EBITDA 利润率至少 20% 的目标。  

Continued gross margin degradation is expected in the fourth quarter as our weight loss specialty continues to gain traction.  

随着减重专科持续发展，预计第四季度毛利率仍将继续承压。  

Capital investment will start to reaccelerate as we invest in capabilities that we expect will enable us to fulfill an increasing portion of demand for GLP-1 solutions through our affiliated pharmacies and bring new solutions to the platform in 2025, such as liraglutide.  

我们将重新加快资本投入，建设能力以满足通过合作药房不断增长的 GLP-1 需求，并在 2025 年将利拉鲁肽等新方案引入平台。  

We believe these investments will enable us to bring the benefit of our platform to tens of millions of users across weight loss and our other specialties.  

我们相信，这些投资将使我们能够在减重及其他专科领域惠及数千万用户。  

Our business has always centered on our subscription platform but now more than ever, the majority of our revenue is derived from recurring subscription revenue.  

我们的业务始终以订阅平台为核心，如今经常性订阅收入占比更是达到前所未有的高度。  

The focus of our strategy is centered around acquiring, retaining, and expanding our relationships with our subscribers.  

我们战略的核心在于获取、留存并深化与订阅用户的关系。  

As a result, we will no longer report on orders and average order value after our 2024 10-K filing.  

因此，在提交 2024 年 10-K 报告后，我们将不再披露订单数量及平均订单价值等指标。  

Our trajectory in 2024 has been nothing short of phenomenal due to excellent execution across the organization.  

由于公司上下的卓越执行，2024 年的增长轨迹可谓非凡。  

The business trajectory as well as the current investments in capabilities and talent are setting a robust foundation for 2025.  

业务增长曲线以及当前在能力与人才方面的投入，正在为 2025 年奠定坚实基础。  

More and more consumers are coming to the platform as we continue to expand technological capabilities and our breadth of solutions.  

随着我们不断拓展技术能力和解决方案广度，越来越多的消费者正涌向平台。  

We are drawing world-class providers onto the platform as a result of our technology's ability to help them focus on treating patients versus handling administrative burdens.  

Exiting the year with over 1 million subscribers on the platform benefiting from personalized solutions and many more consumers benefiting from the potential our platform can bring is a clear signal that our strategy is resonating across America.  

年末时平台上将有超过 100 万名订阅用户受益于个性化方案，还有更多消费者从平台潜力中获益，这清晰表明我们的战略正在美国范围内产生共鸣。  

Our ability to drive these incredible results would not be possible without the ongoing commitment and dedication from every team member at Hims & Hers.  

若没有 Hims & Hers 每一位团队成员的持续投入和奉献，我们不可能取得如此卓越的成果。  

I'd like to thank them as well as all of our customers, partners, and shareholders for supporting us in our mission of helping the world feel great through the power of better health.  

我要感谢他们，以及所有客户、合作伙伴和股东对我们“以更好的健康让世界感觉更美好”使命的支持。  

With that, I will now turn it over to the operator for questions.  

接下来，我将把会议交还给主持人，进入问答环节。

Question-and-Answer Session  

问答环节  

Operator  

主持人  

[Operator Instructions] Your first question comes from the line of Allen Lutz with Bank of America. Please go ahead.  

[操作员提示] 首个提问来自美国银行的 Allen Lutz 先生，请开始。  

Allen Lutz  

Good afternoon. Thanks for taking the questions. I didn't think that I caught it on the prepared remarks, but are you providing what the GLP-1 contribution was in the quarter? Either members or revenue would be fine.  

下午好。感谢回答我的问题。我在准备稿里似乎没听到，公司是否披露了本季度 GLP-1 的贡献？无论是会员数量还是收入都可以。  

Yemi Okupe  

Thanks for the question, Allen. This is Yemi. We provided the year-over-year growth rate of the subscriber base, excluding GLP-1s. So that number was north of 40% year-over-year.  

谢谢提问，Allen。我是 Yemi。我们披露了剔除 GLP-1 后的订阅用户基数同比增速，超过了 40%。  

Allen Lutz  

Okay, got it. And then Andrew, you mentioned a belief that we can continue to succeed when the [technical difficulty] shortest is ultimately resolved. You mentioned a lot of different opportunities in the shareholder letter, but can you kind of describe to us what do you think the GLP-1 business looks like a year from now? You mentioned different form factors. You mentioned oral business growing, you mentioned liraglutide. How should we think about the way that you're thinking about [technical difficulty] maybe this time next year? Thanks.  

好的，明白了。接着问 Andrew，你提到即使当前 [技术问题] 导致的最短缺情况最终得到解决，我们仍能继续取得成功。在股东信中你提到很多不同的机会，但能否向我们描述一下你认为一年后的 GLP-1 业务会是什么样子？你提到了不同的剂型、口服业务的增长，以及利拉鲁肽。对于 [技术问题]，到明年此时我们应该如何理解你的思考？谢谢。  

Andrew Dudum  

Yes. Thanks, Allen. I think like all of our specialty, we're looking at a diverse breadth of the portfolio within the product assortment. And so when you look at the weight loss business, the oral business, which we launched, the fastest business to $100 million run-rate that we had on the platform, that business is delivering 70% of the weight loss of GLP-1 medicines for $70 per month. You then have medications like liraglutide, which are generic medications now coming to the platform in 2025. You have, when it comes to off-brand medications like semaglutide, the ability to hyper-personalize for the millions of patients that need to mitigate those side effects of muscle loss and nausea and vomiting. So we think the composition of all of those different avenues will enable quite a durable business across weight and that really, I think, is regardless of whether or not that shortage dynamic happens in a couple of months or next year or years from now. I think the precedent specifically on the GLP-1 side for personalization and compounding to the 503A has existed for many, many years. And I think the regulators, the legislators, the drug companies, the healthcare system really respect the clinical need of that personalization when it's necessary for a patient. And given you're talking about north of 100 million people suffering from obesity in this country, and a very, very high side effect rate with these medications, we fully expect that there's millions of patients that will need that level of personalization that our platform over the long haul is really well-equipped to deliver on.  

好的，谢谢 Allen。我认为与我们的所有特色治疗一样，我们正在产品组合内寻求多元化。当你看减重业务时，我们推出的口服业务是平台上最快达到 1 亿美元营收运行率的业务，每月 70 美元即可带来 GLP-1 药物 70% 的减重效益。随后是利拉鲁肽等药物，作为仿制药将在 2025 年登陆平台。至于司美格鲁肽等非品牌药，我们能够为需要缓解肌肉流失、恶心呕吐等副作用的数百万患者进行高度个性化治疗。因此，我们认为所有这些途径的组合将打造出相当持久的体重管理业务，无论当前短缺问题在几个月后、明年或未来几年内是否得到解决。我认为在 GLP-1 方面针对 503A 个性化配制的先例已存在多年。监管机构、立法者、制药公司及医疗体系都充分认可在患者需要时进行临床个性化的必要性。考虑到本国超过 1 亿肥胖患者，以及这些药物非常高的副作用发生率，我们完全预期将有数百万患者需要这种级别的个性化，而我们的平台在长期内能够很好地满足这一需求。  

Allen Lutz  

Great. Thanks, Andrew.  

很好，谢谢，Andrew。

Operator  

主持人  

Your next question comes from the line of Maria Ripps with Canaccord. Please go ahead.  

接下来提问的是 Canaccord 的 Maria Ripps，请开始。  

Maria Ripps  

Great. Congrats on the strong quarter and thanks for taking my questions. First, and this is a question for Patrick actually. So you talked about sort of healthy retention rates during the initial period of treatment, especially compared to the Blue Health Intelligence study, what are some key reasons you were sort of observing that are driving some of these patients to maybe drop out during sort of the initial period of treatment, especially given that you were sort of -- that you're able to personalize the titration schedule? And then secondly, more broadly, how are you thinking about the average duration of the GLP-1 patients on the platform?  

太好了。祝贺公司本季度业绩强劲，也感谢回答我的问题。首先，这个问题实际上想问 Patrick。您提到在治疗初期阶段的留存率相当健康，尤其是与 Blue Health Intelligence 研究相比。那么，据你们观察，是什么关键原因导致部分患者在治疗初期可能流失？尤其是在你们能够个性化滴定方案的情况下？其次，更宏观地说，您如何看待平台上 GLP-1 患者的平均治疗时长？  

Andrew Dudum  

Yes, Maria, let me take the first question, Pat is not on the call. When it comes to the GLP-1 study and the white paper we put out last week, the numbers were really quite astounded. As you mentioned, 70% of patients on the Hims & Hers platform that are getting this type of personalized treatment are adhering and retaining on the treatment relative to just around 40% in the traditional brick-and-mortar system that has been reported, because that's a 30-point delta in clinical adherence.  

好的，Maria，我来回答第一个问题，Pat 今天不在电话会议上。关于我们上周发布的 GLP-1 研究和白皮书，数据确实令人震惊。正如你提到的，Hims & Hers 平台上接受此类个性化治疗的患者有 70% 能够坚持并留在治疗方案中，而传统线下医疗体系的这一比例大约只有 40%，临床依从性差距达 30 个百分点。  

And when you look at the public data on GLP-1 adherence over the course of a year, the data is also staggeringly low. You're talking about 10% to 15% of people actually being retained. And the reasons for these are relatively straightforward but very material. You have nearly every single person who tries these medications experiencing side effects. You've got very widespread nausea, vomiting, muscle loss is a great concern, the gastrointestinal issues.  

And for many patients, they can't bear those side-effects. And so I think what's really powerful about the Hims & Hers platform is you've got the combination of factors. You've got the provider communication. As we've mentioned, providers are talking to these patients and engaging with them every single month, allowing a really robust set of communication to titrate, adjust dosing, adjust treatment regimen in order to optimize for the patient's needs and for the side effects you've got technology underpinning this where MedMatch is able to start helping providers set the right prescription treatment from day zero. So, that could be a slower titration schedule in any dose that is optimized for the patient's preferences.  

And then obviously under the hood, the capabilities on the platform allows for a really wide range of personalized dosages. This has continued to expand in Q3 and I think you'll continue to see us expand that like we have in other specialties. But more and more the nuance of understanding these patients, letting the technology and the provider and then the high-touch allow for personalization is ultimately going to result in better outcomes. And for this treatment specific, given the side-effect rate, I think it's going to be a key driver of much better clinical outcomes in adherence.  

此外，平台底层能力支持非常宽泛的个性化剂量范围，这在第三季度仍在持续扩展，未来也会像其他特色治疗一样进一步拓展。随着我们对患者的洞察更加细致，技术、医生以及高频互动共同实现的个性化将最终带来更佳的疗效。就这类治疗而言，鉴于副作用发生率较高，提高依从性将成为显著改善临床结果的关键驱动因素。  

Yemi Okupe  

And then, Maria, this is Yemi. To take the second part of your question, the factors that Andrew mentioned really are driving stronger retention across the platform. What we are seeing is that the brand, the transparency and really having providers act as a partner in the care with consumers is also providing consumers with greater comfort upfront to commit to longer durations on the platform. And so I think that across the GLP-1 solutions, we are seeing consumers adopt on the higher-end of the duration spectrum that currently sits at a roughly like around five months right now for the typical consumer.  

Maria，我是 Yemi。我来回答你问题的第二部分。Andrew 提到的那些因素确实在全平台推动更强的留存率。我们观察到，品牌力、透明度以及让医生成为消费者的医疗伙伴，这些都让消费者在早期就更愿意承诺更长的治疗周期。因此，在所有 GLP-1 解决方案中，我们看到用户的治疗时长处于较高区间，目前典型用户的平均疗程大约为五个月。  

Maria Ripps  

Got it. Thank you both and good luck with the rest of the year.  

明白了。感谢两位，祝你们今年余下时间一切顺利。

Operator  

主持人  

Your next question comes from the line of Daniel Grosslight with Citi. Please go ahead.  

下一位提问来自花旗的 Daniel Grosslight，请开始。  

Daniel Grosslight  

Hi, guys. Thanks for taking the question and congrats on the strong quarter. You noted in your shareholder letter that you introduced the personalized dosing and titration for GLP-1s and you mentioned, I think on the call that around 10,000 folks are on that, which would make it a little less than 20% of GLP-1 members, if my math is correct. So I just wanted to confirm that. I heard that correctly around 10,000 on the more personalized titration schedule. And then on that, is it your understanding that these more personalized titrated GLP-1 dosages will be able to-- you'll be able to continue to compound that once the shortages abate, is it enough to kind of get around that personalization carve-out?  

大家好。感谢回答我的问题，也祝贺你们取得强劲的季度业绩。你们在股东信中提到推出了 GLP-1 药物的个性化剂量和滴定方案，我记得在电话会上你们提到大约有 1 万人采用了该方案，如果我的计算没错的话，这大约占 GLP-1 用户的不到 20%。所以我想确认一下，我是否听对了，大约 1 万人正在使用更个性化的滴定方案。其次，关于这一点，你们是否认为一旦短缺缓解，仍可以继续配制这些更个性化的 GLP-1 剂量？这样的做法是否足以符合个性化豁免条款？  

Andrew Dudum  

Thanks, Daniel. Regarding the 10,000, I think that was specific to a study that we put out on - patient outcomes for GLP-1s, but I don't think it was the exact number of patients, specifically on personalized doses in aggregate. I think more and more, given the nature of our business, as you know for many years across specialties, patients are coming to us for personalization. That's the type of person that comes to us and so I think our platform will continue to invest in catering to those needs.  

谢谢，Daniel。关于“一万”这个数字，我认为那是我们发布的一项关于 GLP-1 患者疗效研究的特定数据，并不一定代表当前所有使用个性化剂量患者的确切数量。正如你多年所了解的，在各个专科领域，患者来找我们正是为了获得个性化方案，这也是我们的客户特征。因此，我们的平台将持续投入以满足这些需求。  

The compounding exemption, whether or not on shortage or not, has always allowed for the personalization when clinically necessary and this can be in form factor, it can be in doses, it can be in combination therapies, there's very well-documented and outlined aspects of the compounding exemption for which are allowed and necessary for clinical flexibility.  

配制豁免条款无论是否存在短缺，只要临床需要，一直允许进行个性化处理，这可以体现在剂型、剂量或联合疗法上。有关配制豁免的适用范围都有充分的文件记录和阐述，以保障临床灵活性。  

We believe that dosing specifically for this type of a treatment to mitigate side effects is very much right down the center of what that compound exemption is built for. I think also there's widespread clinical awareness of this level of personalization and the benefits of it, right? When you go back to some of those white papers and the public data around side effects and clinical outcomes and adherence like we were talking about with Maria, these people are really struggling and we see it overwhelmingly on the platform and most just stop, right? They stop taking the medicine for many of these reasons. And so the ability to really customize that level of care, we think is very well-respected precedent, very much within the bounds of the compounding exemption and we also believe it's very well-respected across all the parties in the industry.  

我们认为，为了缓解副作用而对这种疗法进行个性化给药，完全符合配制豁免的核心宗旨。业内对这种个性化水平及其益处也具有广泛的临床共识。正如我们与 Maria 讨论时提到的白皮书和公开数据所示，这些患者确实面临巨大困难，我们在平台上看到许多人因此停药。因此，我们认为对护理进行深度定制的能力有着充分先例，完全符合配制豁免的范围，并且得到了行业各方的认可。  

Daniel Grosslight  

Yes, makes sense. And then on the acquisition of the 503B compound new pharmacy that you recently closed, what investments do you need to make to get that operational and up and running on GLP-1s? And -- I mean, was that a bulk of the CapEx that you were talking about increasing in the fourth quarter?  

明白了。再问一下，你们最近收购的 503B 新配制药房，从并购到使其能够生产 GLP-1，需要进行哪些投资才能投入运营？我想知道，这是否就是你们提到第四季度资本支出增加的主要部分？  

Yemi Okupe  

Yes, thanks for the question, Dan. So I think that when we look at the acquisition of Medisource, I think as it stands today, it does have the capability to produce the GLP-1s. Really the investments that we are looking to make over the course of the next couple quarters is expanding capacity as well as just the overall efficiency through leveraging the playbook of automation. We know that we will have scale with GLP-1s on our platform. And so deploying that knowledge and the playbook that we've utilized across other specialties in the past, something that we expect to do in the coming quarters to drive more-and-more efficiency on that front.  

谢谢提问，Dan。关于收购 Medisource，我们认为其现有能力已经可以生产 GLP-1。接下来几个季度我们计划投资扩充产能，并通过引入自动化方法论来提升整体效率。我们知道 GLP-1 在平台上将实现规模化，因此会把过去在其他专科累积的知识和方法论应用于此，在未来几个季度持续推动效率提升。  

With respect to your second question, I think that really the CapEx will be diversified across several areas. We have received clear signal that consumers overwhelmingly are resonating with personalization given the fact that it produces unique advantages to address their clinical needs. And so I think as we mentioned in the prepared remarks, we now have over 1 million subscribers that are benefiting from personalized solutions, more than half of the subscriber base.  

至于第二个问题，我认为资本支出将分散用于多个领域。我们已清晰地看到，消费者对个性化解决方案高度认可，因为这能独特地满足其临床需求。正如我们在准备稿中提到的，目前已有逾 100 万订阅用户受益于个性化方案，占总订阅用户的一半以上。  

So as a result, we're going to look to also, in addition to verticalizing the GLP-1 operation, start to widen the aperture both from capacity of personalized options that we can have, but also the breadth of personalized options that we can have in the coming quarters. And so I would say that the CapEx really is a mix across those elements.  

因此，除了将 GLP-1 业务垂直整合之外，我们还计划在未来几个季度同时扩大个性化方案的产能和品类。因此，我会说相关资本支出将综合用于上述各个方面。  

Daniel Grosslight  

Got it. Thank you.  

了解了，谢谢。

Operator  

主持人  

Your next question comes from the line of Eric Percher with Nephron Research. Please go ahead.  

下一位提问来自 Nephron Research 的 Eric Percher，请开始。  

Eric Percher  

Thank you. Yemi, I'd like to follow on that line and just ask, I heard 503A investment for the long-term, 503B in the near-term. How do you think about the ability to flex on those two as the regulatory environment changes? And is there any major difference in efficiency if you need to move toward 503A?  

谢谢。Yemi，我想接着刚才的话题问一下。我听到公司长期布局 503A、短期侧重 503B。随着监管环境变化，你们如何在两者之间灵活调整？如果需要转向 503A，在效率方面会有重大差异吗？  

Yemi Okupe  

Yes. Thanks for the question, Eric. I think that really we're going to need to be able to walk and chew gum at the same time. So, we have a very talented team across the board. We also have the strength of our balance sheet with north of $250 million and growing free cash flow portfolio that will enable us to invest in these things concurrently. So we would expect to continue to invest in the capabilities in both the 503A as well as the 503B.  

谢谢提问，Eric。我们确实需要“两条腿走路”。公司拥有一支极具才华的团队，同时凭借 2.5 亿美元以上的现金储备和持续增长的自由现金流，我们可以同时投入 503A 和 503B 的能力建设，因此预计会继续在两条线路上同时加大投入。  

With respect to the efficiency across the two different operations. 503Bs are generally more efficient than 503As. Given the fact that we had 503As for numerous years, we do believe that we can drive a substantial amount of efficiency. The reality is that both operations will be significantly more efficient than utilizing a third party. So, we see substantial opportunity for efficiency and greater economics within that subspecialty in the coming quarters.  

关于两种模式的效率，一般来说 503B 的效率高于 503A。但鉴于我们多年经营 503A，我们相信仍有很大的效率提升空间。实际上，这两种自营模式都将比依赖第三方显著高效。因此，在未来几个季度，我们有望在这一细分领域获得更高的效率和更佳的经济效益。  

Eric Percher  

And the liraglutide, is that identification of API versus a manufacturer of a generic injectable? And does that then have to go into an NDA submission?  

关于利拉鲁肽，这是否指确定其活性药物成分来源，而非通用注射剂制造商？那是否需要提交新的 NDA（新药申请）？  

Andrew Dudum  

Hi, Eric, great question. Similar across all of the medications that we offer on the platform, there's a pretty extensive set of protocols that the supply chain goes through, and many of the times this is DMS numbers with the FDA, batch authentication, certificates of authentication that we open source to all of the patients. We do in-house and third-party independent testing of these APIs and treatments, both what is absolutely clinically necessary from a safety standpoint with the FDA, but also kind of the above and beyond that our team goes through just to get comfortable.  

你好，Eric，问题很好。我们平台提供的所有药物都要经过一整套严格的供应链流程，包括向 FDA 备案的 DMS 编号、批次认证、对患者公开的合格证明等。我们会对 API 和成品进行内部及第三方独立检测，既满足 FDA 对安全性的硬性要求，也进行额外测试，以确保我们完全放心。  

So when it comes to liraglutide, it will be the exact same process that we've utilized across the stack, and we're really excited about that medication in particular, just because I think patients are really looking for value when it comes to obesity treatments, and that medication is known, it's increasingly available, the affordability profile will be something that we think is achievable for many, and similar to our oral medications where you're seeing 70% of the weight loss for $70 per month, that type of value offering is really something we're pretty excited to bring to market. But same protocols and same safety standards when it comes to bringing that to customers and how we think about it.  

因此，利拉鲁肽将遵循我们在全线产品中使用的同一流程。我们对这款药物特别期待，因为在肥胖治疗方面患者非常看重性价比，而利拉鲁肽知名度高、供应量正不断增加，价格也更可负担。类似于我们口服方案每月 70 美元即可实现 70% 的减重效果，这类高价值产品正是我们希望推向市场的。无论流程还是安全标准，都会与现有药品保持一致。  

Eric Percher  

Thank you.  

谢谢。

Operator  

主持人  

Your next question comes from the line of Ryan MacDonald with Needham. Please go ahead.  

下一位提问来自 Needham 的 Ryan MacDonald，请开始。  

Ryan MacDonald  

Hi, congrats on a great quarter and thanks for taking my questions. Maybe to start out, it seems like the oral business and weight loss continues to perform really well despite sort of the now availability of GLP-1s on your platform. Can you just talk about how you're sort of able to sort of effectively route patients or customers to the oral option versus some of the GLP-1s? And what's really the top of the funnel driving demand? Is it customers coming in looking for GLP-1s and sort of being made aware and educated on the oral option? Just any color there would be helpful. Thanks.  

嗨，祝贺你们取得出色的季度业绩，也感谢回答我的问题。首先，尽管你们的平台已能提供 GLP-1 药物，但口服业务和减重项目似乎依旧表现强劲。请问你们是如何高效地将患者或客户引导至口服方案而非 GLP-1 方案？需求漏斗顶部的主要驱动力是什么？客户是先来咨询 GLP-1，然后被告知并了解口服方案的吗？如能分享更多信息，将不胜感激。谢谢。  

Andrew Dudum  

Thanks, Ryan. It’s a great question. In many ways, I think we see ourselves as a platform looking a little bit like Switzerland, where we offer a wide range of treatments and services and try to help patients identify what is right for them. That could be related to clinical needs, it could be related to personal preferences, something they’ve heard of or something they’re excited by, so there’s really no, so to speak, Trojan Horse where we’re leveraging one medication to bring people in.  

谢谢，Ryan。这是个好问题。从某种角度说，我们把自己视为“瑞士式”的平台──提供多样化的疗法与服务，帮助患者找到最适合自己的方案。选择可以基于临床需求，也可以基于个人偏好、耳闻或兴趣点，并不存在所谓用某一种药物“钓”用户的特洛伊木马。  

The oral treatment option as we’ve shared is an incredibly robust business within the obesity business, as we shared, last quarter is the fastest specialty we have ever launched on the platform, just the oral medication alone, and what that is doing something really special. It’s doing something that also is very rarely accessible to the mass market, which is a hyper-personalization approach to understand the underlying factors driving your weight gain.  

正如我们多次提到，口服方案在减重业务中极具活力。仅凭口服药物，上季度就成为平台史上增长最快的专科项目。这一方案罕见地以大众可负担的方式，实现高度个性化，深入识别导致体重上升的根本因素。  

So, this could be insulin resistance, metabolic disorder, binge eating, depressive dynamics, and symptoms. And our SVP of Weight Management, Dr. Craig Primack has been a specialist in this for 20 years and we’ve brought a lot of that expertise that is available only to the 1% or 2% to the masses at scale for the price point that’s very, very achievable.  

这些因素可能是胰岛素阻抗、代谢紊乱、暴饮暴食、抑郁情绪及其症状等。我们的体重管理高级副总裁 Craig Primack 医生深耕该领域 20 年，如今我们把过去只服务 1%–2% 人群的专业知识，以大众可负担的价格大规模推广。  

So I think different people have different preferences and different clinical needs. This is a treatment that is, as I was saying, delivering 70% of the weight loss of an injectable weekly gold-standard GLP-1 for only $70 per month. So incredible value, which I think just naturally is attracting consumers. I think there’s also a lot of comfort in the fact that these treatments in the oral business have been around for decades. The known side-effects and safety profiles are very widely studied and the fact that there’s different formats – oral medication, chews – versus an injectable is also, I think, appealing to people.  

因此，不同患者有不同偏好和临床需求。该疗法每月仅需 70 美元，就能达到每周注射黄金标准 GLP-1 约 70% 的减重效果，性价比极高，天然就能吸引消费者。口服疗法已存在数十年，副作用与安全性充分研究；再加上片剂、咀嚼片等多种形式，相比注射剂更令大众安心。  

So we expect that oral business to be a large composition of the weight business regardless of GLP-1s and liraglutide and everything to come.  

因此，无论 GLP-1、利拉鲁肽及未来其他药物如何，口服方案都将是减重业务的重要组成部分。  

Ryan MacDonald  

Appreciate all the co there, Andrew. Maybe as a follow-up, you mentioned obviously a number of options of how the weight business is going to continue to evolve in the future. One obviously being, as supply becomes available offering the branded options. As we think about the incremental investments you’re making, is there any sort of contemplation in the near term about sort of building out the infrastructure for sort of getting reimbursed and taking insurance or would you expect even as you start to offer the branded options continuing on the cash base side? Thanks.  

谢谢你的详细说明，Andrew。作为后续问题，你提到减重业务未来有多条演进路径，其中之一是在供应充足时推出品牌药。考虑到你们正在进行的新增投资，短期内是否会搭建适用于保险报销的基础设施？还是即便引入品牌药，也会继续沿用现金自费模式？谢谢。  

Andrew Dudum  

Yes, great question, Ryan. I think right now, the simplicity of the cash-pay side has been relatively straightforward for patients. As most know, the actual coverage for these branded medications when it comes to obesity is very, very low. Almost nobody without extremely high-end plans are getting coverage and you see more and more coverage drop in quarter-over-quarter even in the last couple of weeks. So the simplicity, I think, of the cash-pay market is probably our approach. We will continue to try to bring more branded options to the platform because, again, choice is king and consumers do love that choice.  

是的，问题很好，Ryan。目前现金自费模式对患者而言最为简便。众所周知，肥胖症品牌药的实际保险覆盖率极低，除非拥有顶级保险，否则几乎无人能报销，而且覆盖率在过去几个季度乃至最近几周仍在下降。因此，保持现金支付的简洁性大概率会是我们的选择。当然，我们仍会把更多品牌药引入平台，因为选择至上，消费者喜欢拥有选择。  

But with that said, I think we’re excited by some of the treatments like liraglutide and the oral treatments and the personalized semaglutides and GLP-1s that offer really effective treatment at something that is more accessible to the mass market. And as we shared in the prepared remarks, we’re now treating hundreds of thousands of Americans that are in the zip codes and economic brackets that really, really struggled with care. And so I think it’s increasingly becoming a really spirited altruistic part of the business that we’re really excited about.  

话虽如此，我们对利拉鲁肽、口服疗法以及个性化司美格鲁肽和 GLP-1 等更多大众可及且疗效显著的方案感到振奋。正如在准备稿中提到，我们已为数十万位生活在医疗资源匮乏地区及经济区间的美国人提供治疗。这正日益成为业务中富有公益精神、令人振奋的一环，我们对此非常期待。

Operator  

主持人  

Your next question comes from the line of Aaron Kessler with Seaport Research. Please go ahead.  

接下来提问的是 Seaport Research 的 Aaron Kessler，请开始。  

Aaron Kessler  

Great. Thanks, guys. A couple of questions. Just in terms of new sub-verticals with kind of Dr. Shepard joining as CMO of Hers, can you just help us think through the potential kind of for new sub-verticals within the Hers category? And just within some of the maybe the traditional categories you've been and including sexual health, kind of hair, dermatology, just provide us an update on maybe performance of some of those within the quarter as well? Thank you.  

太好了，谢谢各位。我有几个问题。随着 Shepard 医生加入并担任 Hers 的首席医疗官，你们能否谈谈 Hers 品类内新子垂直领域的潜力？同时，在你们一直布局的传统品类（包括性健康、护发、皮肤科等）中，能否更新一下本季度的表现？谢谢。  

Andrew Dudum  

Yes. Thanks, Aaron. So on the new side of the house, we're really excited by Dr. Shepherd joining. The Hers business, as we mentioned, is the fastest part of the aggregate business growing, right? It's an incredible business and it's diversified quite dramatically across mental health, dermatology as you shared, metabolic health, obesity. So an incredible amount of diversity taking place that's actually driving that.  

好的，谢谢你，Aaron。在新业务方面，我们非常高兴 Shepherd 医生的加入。正如我们提到的，Hers 是整体业务中增长最快的板块。它本身极具潜力，并且已大幅多元化，涵盖心理健康、你提到的皮肤科、代谢健康、肥胖等领域，正是这种惊人的多样化在推动其增长。  

I think the combination of moves that we've made such as bringing Dr. Shepherd onto the team as well as the 503-B Medisource in California, which allows for sterile injectables, kind of leads towards categories that we've spoken about in the past that Dr. Shepherd is an expert on and these are categories such as perimenopause, menopause, hormonal therapy and all of the related impacts that might have for women as they age.  

我认为，我们采取的一系列举措——包括邀请 Shepherd 医生加入团队，以及在加州收购能生产无菌注射剂的 503B Medisource——共同指向了我们过去讨论且 Shepherd 医生擅长的领域，如围绝经期、绝经期、激素疗法及其对女性随年龄增长产生的影响。  

Same thing on the men's side of the business. We expect that business to be something that is rolling out in the next couple of years and something that our customers really have been wanting for some time. So, that's maybe a little bit of color on kind of the new verticals to come. With regard to the core, as Yemi shared, there was 40-plus percent year-over-year growth in our subscribers excluding the GLP-1 business.  

男性业务方面亦是如此。我们预计这部分业务将在未来几年推出，且是客户期待已久的。因此，这大致说明了即将出现的新垂直领域。至于核心业务，正如 Yemi 所说，若不计 GLP-1 业务，我们的订阅用户同比增长超过 40%。  

So, the core is growing very robustly. You're seeing mass-market adoption of the personalization options across all of these categories with, I think it's 65%, 70% of new customers now opting for personalization, which is really bringing a level of clinical excellence, adherence, stickiness, retention, and customer demand to kind of all-time highs across the core, which we think has been an exciting contributor, which is even more exciting when you add in obviously the scale of the obesity opportunity. So it's a combination of those factors that are driving all of this growth.  

因此，核心业务增长非常强劲。各品类的个性化选项正在被大众广泛采用，现在约有 65%–70% 的新客户选择个性化服务，这使核心业务在临床质量、依从性、黏性、留存率和客户需求等方面均创下新高。我们认为这是令人振奋的推动因素，而肥胖领域的规模优势更让这一切倍加精彩。正是这些因素共同驱动了整体增长。  

Aaron Kessler  

Great. Thank you.  

太好了，谢谢。

Operator  

主持人  

The next question comes from the line of Jonna Kim with TD Cowen. Please go ahead.  

下一个问题来自 TD Cowen 的乔娜·金，请开始提问。  

Jonna Kim  

乔娜·金  

Thank you for taking my question. As you focus on creating more efficiency around your platform, how are you thinking about the pricing structure overall? And do you plan to lower any price in 2025? And also as you think about the weight loss side, will you be able to lower your pricing on that specialty as well?  

感谢解答我的问题。随着你们着力提升平台效率，整体定价结构会如何考虑？你们是否计划在 2025 年下调任何价格？另外，在减重专科方面，你们也能降低该领域的定价吗？  

Yemi Okupe  

耶米·奥库佩  

Yes, Jonna. Thanks so much for the question. I think what we constantly do as we unlock efficiency gains is we look for the best vehicles to pass that through to consumers. Some of this you are seeing in the rollout of some of the newer products like the multi-condition treatments in sex and hair where we were able to roll that out for as low as $49 per month for both conditions. I think that as we unlock additional efficiencies, we will definitely test price as a lever.  

是的，乔娜，非常感谢你的提问。每当我们释放效率收益时，都会寻找最佳方式把它们回馈给消费者。你可以看到，我们在新推出的性健康和护发多病症治疗中，将两项服务的月费降至 49 美元起。随着进一步提升效率，我们肯定会把价格作为杠杆进行测试。  

But as we see the technological capabilities across the platform expand and we also have numerous specialties, we're very excited by some of the additional creative opportunities that we can do beyond price to pass value back to consumers.  

此外，随着平台技术能力的提升和多专科布局，我们也对价格之外向消费者回馈价值的更多创新机会感到兴奋。  

Jonna Kim  

乔娜·金  

Got it. And just one follow-up, you mentioned GLP-1 users are also using other offerings that you have, what is the strategy to further grow that sort of the cross-selling of your platform? Thank you so much.  

明白了。我再追问一点：你们提到 GLP-1 用户也在使用你们的其他服务，请问将如何进一步扩大这种交叉销售？非常感谢。  

Yemi Okupe  

耶米·奥库佩  

To date, it's largely been organic like what we do see is that as we have a wide breadth of specialties across the platform, users are organically opting into multiple treatments. As we look to 2025, I think that subscriber growth will largely be the continued focus in aggregate. But what we can do is make it easier for users to opt and select into multiple bundles through moving friction points that we're aware of today, and so we would expect that number over time to go up, but largely in the next quarter or two will be mainly organic.  

到目前为止，这主要是自然发生的——由于平台专科众多，用户会自发选择多种治疗。展望 2025 年，订阅用户总量增长仍将是重点。我们将通过消除现有摩擦点，让用户更容易选择多套餐组合，因此预计该比例会逐步提升；不过在接下来一两个季度仍以自然增长为主。  

Jonna Kim  

乔娜·金  

Great. Thank you.  

很好，谢谢。  

Operator  

主持人  

Your next question comes from the line of Jailendra Singh with Truist Securities. Please go ahead.  

下一个问题来自 Truist Securities 的贾仁德拉·辛格，请开始。  

Jailendra Singh  

贾仁德拉·辛格  

Thank you and congrats on a strong quarter. I want to go back to GLP-1-related contribution in the quarter. It seems like GLP-1-related subscriber count was around 47,000 to 48,000 in the quarter, is there any additional color you can provide as to frame the revenue contribution in the quarter? You said 12 million in 2Q, just trying to understand the growth there. Basically, the AOV was up pretty strong sequentially and trying to understand how much is driven by GLP-1 contribution versus like other tailwinds in the quarter.  

感谢，并祝贺本季度表现强劲。我想回到与 GLP-1 相关的贡献。本季度 GLP-1 订阅用户似乎约为 47,000 到 48,000。能否提供更多信息，以勾勒其收入贡献？你们曾说 2Q 为 1200 万美元，我想了解增长情况。平均订单价值环比明显提升，请问其中有多少由 GLP-1 贡献驱动，又有多少来自季度内的其他顺风因素？  

Yemi Okupe  

耶米·奥库佩  

Yes. I think I can kind of take that in a few — answer your questions. So I think that we largely see the subscriber growth coming from the core. That said, we do see accelerating GLP-1 growth, some of that was a result of the fact that we started to roll-out GLP-1s across a broader number of states. Additionally, as consumers become more aware of the capabilities that we offer and we expand those capabilities, we do see GLP-1 adoption accelerating and increasing on the platform. I think just kind of doing the math on the subscriber count and looking at the rough average approximation of the monthly average revenue per subscriber can get you within the ballpark of what the GLP-1 contribution looks like.  

好的，我来回答。总体来看，订阅用户增长主要源自核心业务。但 GLP-1 增长也在加速，一部分原因是我们将 GLP-1 推广到更多州。此外，随着消费者更了解我们的能力且这些能力不断扩展，GLP-1 在平台上的采纳率也在加快并提升。通过订阅数量和每月每用户平均收入的大致估算，你就能大体推算出 GLP-1 的收入贡献区间。  

Jailendra Singh  

贾仁德拉·辛格  

Okay. And then going back to the comment earlier made about only 13% of GLP-1 canceled their treatment in the first month. Of the remaining 87%, are you seeing customers renewing for the same duration? Are you seeing them opting for higher duration of subscription? Are you seeing like people getting comfortable signing for 3, 6, 12 months? Just trying to understand the mix of the duration in the subscription here.  

好的。再回到之前提到的：只有 13% 的 GLP-1 用户在首月取消治疗。在剩余 87% 中，你们观察到他们续订的周期与之前相同吗？是否有人选择更长的订阅周期？比如用户是否乐于签 3 个月、6 个月或 12 个月？我想了解订阅时长的构成。  

Yemi Okupe  

耶米·奥库佩  

Yes. I think what we do see is really, I think that the hurdle like most of our other specialties, the cancellations come early on in the life-cycle of a given user. As a user, particularly for medication like GLP-1s starts to cross the 12-week or three-month milestone, you generally do see that the overall platform become sticky and we would expect that. With respect to the duration of wait, what we mentioned in a question earlier is that we're seeing a duration kind of in the ballpark of five months.  

是的。我们的观察是，与其他专科类似，取消通常发生在用户生命周期的早期。当用户，尤其是使用 GLP-1 药物的用户，跨过 12 周或三个月节点后，平台黏性显著提升，这是我们预期的。关于疗程时长，我们此前提到，目前平均约为五个月。  

And that really is just a testament to consumers are enjoying the transparency that our platform is bringing, they're enjoying — having providers act as partners and walk them through what — how to get effective care, how to manage side-effects that Andrew mentioned earlier, such as muscle loss or nausea. Providers walking consumers through that is really resulting in strong and sound results. And as a result, we're seeing a very strong performance on the typical durations that consumers are signing up for.  

这充分说明消费者认可我们平台的透明度，并享受医生作为伙伴，引导他们获得有效治疗并管理安德鲁提到的肌肉流失、恶心等副作用。医生全程陪伴带来显著且稳健的效果，因此在用户常见的治疗时长上，我们表现非常强劲。  

Jailendra Singh  

贾仁德拉·辛格  

Great. Thanks a lot.  

很好，非常感谢。  

Operator  

主持人  

And that's all the time we had for questions today. And ladies and gentlemen, that does conclude today's conference call. Thank you for your participation and you may now disconnect.  

今天的提问时间就到此为止，女士们先生们，本次电话会议到此结束。感谢各位的参与，现在请您挂断电话。