Operator  

主持人

Good afternoon, ladies and gentlemen, and thank you for standing by. My name is Kelvin, and I will be your conference operator today. At this time, I would like to welcome everyone to the Hims & Hers Fourth Quarter 2024 Earnings Call. All lines have been placed on mute to prevent any background noise. After the speaker's remarks, there will be a question-and-answer session. [Operator Instructions] Thank you.  

各位女士们、先生们，大家下午好，感谢您的耐心等待。我叫Kelvin，今天将担任本次会议的主持人。现在，我欢迎大家参加Hims & Hers 2024年第四季度财报电话会议。所有线路现已静音，以防止背景噪音。在发言人发言后，将进行问答环节。[主持人指令] 谢谢大家。

  

I would now like to turn the conference over to Bill Newby, Head of Investor Relations. Please go ahead.  

现在，我将会议交由投资者关系主管Bill Newby，请他开始发言。

Bill Newby  

Good afternoon, everyone, and welcome to the Hims & Hers Health fourth quarter and full year 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. On the call with me today is Andrew Dudum, our Co-Founder and Chief Executive Officer; and Yemi Okupe, our Chief Financial Officer.  

大家下午好，欢迎参加Hims & Hers Health 2024年第四季度及全年财报电话会议。今天，在股市收盘后，我们发布了本季度的股东信，您可以在我们的网站investors.hims.com上查阅该信件的副本。今天与我通话的还有我们的联合创始人兼首席执行官Andrew Dudum以及首席财务官Yemi Okupe。

  

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.  

在我将话筒交给Andrew之前，我需要提醒各位注意法律上的安全港条款和风险警示声明。本次演示中所作的某些陈述和对未来结果的预测构成前瞻性陈述，这些陈述基于我们当前的市场、竞争对手和监管预期等因素，并面临可能导致实际结果大幅波动的风险和不确定性。我们没有义务在本次电话会议后就任何前瞻性陈述进行公开更新，无论是因新信息、未来事件、假设变化或其他原因。

  

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.  

请参阅我们最近提交的10-K和10-Q报告，其中讨论了与前瞻性陈述相关的风险因素。在今天的演示中，我们还将提供某些非GAAP财务指标。有关这些指标与最直接可比的GAAP财务指标之间的调节关系，请参阅今天新闻稿和股东信中提供的对照表。您可以在investors.hims.com上找到这些信息以及本次网络直播的链接。电话会议结束后，本次网络直播将在网站上存档12个月。

  

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

话说到这里，我将把会议交给Andrew。

Andrew Dudum  

Thanks, Bill. What an incredible last few months we have had to finish a breakout year. At Hims & Hers, we believe we are building the next-generation health care platform, a platform that leverages personalization and technology unlike any traditional health care system, delivering access to affordable, on-demand, high quality, and precision tailored care to millions of people.  

谢谢你，Bill。过去几个月我们经历了非凡的时光，成功完成了一个突破性的一年。在 Hims & Hers，我们相信我们正在构建下一代医疗保健平台——一个利用个性化和前沿技术、区别于任何传统医疗保健系统的平台，为数百万民众提供价格实惠、按需、高质量和精确定制的护理服务。

The future model of health and wellness that centers around the consumer and the consumer alone. This vision requires extraordinary levels of innovation across technology, infrastructure, and services. And I'm absolutely in awe at the team's execution across so many avenues to accelerate toward this vision.  

未来的健康与养生模式将以消费者为中心，仅围绕消费者展开。这一愿景需要在技术、基础设施和服务方面实现非凡的创新。我对团队在众多领域加速实现这一愿景的执行力感到由衷的钦佩。

From our recent acquisition of our new whole body lab testing facilities, which will bring Hims & Hers customers a deeper understanding of the comprehensive health and treatment personalization, to our acquisition of our new Menlo Park peptide facility, which will establish domestic durability of our supply chain for one of the most innovative and exciting areas in medicine, to our Super Bowl ad, which sparked an incredible breadth of discussion around our existing health care system, and lastly, to our growing bench of impressive talent, making our team an even stronger competitive advantage.  

从我们最近收购的新全身实验室检测设施开始——这将使 Hims & Hers 的客户对全面健康和治疗个性化有更深刻的理解，到我们收购的新梅诺帕克肽工厂——它将为我们在医学中最具创新性和激动人心的领域之一建立国内供应链的持久力，再到我们的超级碗广告——它引发了对现有医疗保健系统广泛而深入的讨论，最后，再到我们不断壮大的卓越人才储备，这些都使我们的团队具备更强的竞争优势。

We are attracting leaders across disciplines from technology to women's health who recognize the extraordinary opportunity to reshape American health care. At the end of 2024, over 2 million subscribers entrusted Hims & Hers to aid them in their journey to better health with thousands more joining daily. This vision of an on-demand personalized health care platform is resonating with consumers across America.  

我们正吸引着来自技术到女性健康等各领域的领导者，他们认识到重塑美国医疗保健的非凡机遇。到2024年底，已有超过200万订阅者信任 Hims & Hers，协助他们迈向更好的健康，每天还有数千新用户加入。这一按需个性化医疗保健平台的愿景正引起全美消费者的共鸣。

Over the past 25 years, Uber and Airbnb reshaped transportation and hospitality. Amazon and Shopify revolutionized ecommerce and logistics. Netflix and Spotify redefined media consumption, and PayPal and Square modernized digital payments. Yet we haven't seen a similarly transformative shift in one of life's most critical areas, health care. Recently, however, I felt the same sense of disruption and possibility with what we are building at Hims & Hers.  

在过去的25年中，Uber 和 Airbnb 重塑了交通和酒店业；Amazon 和 Shopify 革新了电子商务和物流；Netflix 和 Spotify 重新定义了媒体消费，而 PayPal 和 Square 则使数字支付现代化。然而，我们还未见到在生命中最关键的领域——医疗保健——出现类似的变革性转变。然而，最近，我对 Hims & Hers 正在构建的事业也感受到了同样的颠覆性与无限可能。

These disruptors introduced a concept of on-demand in a manner I had never experienced, hyper personalized and catered to my needs, transparent in their pricing, and ultimately reliable and empowering. These are words never uttered when describing health care in America. At Hims & Hers, our ambition is simple. We plan to change that.  

这些颠覆者以一种我前所未见的方式引入了按需概念——高度个性化、完全契合我的需求、定价透明，并且最终可靠且赋能于用户。而在描述美国医疗保健时，人们从未使用过这些词汇。在 Hims & Hers，我们的雄心很简单。我们计划改变这一现状。

We have been breaking the status quo since our founding in 2017. And through our vision of what health care can and should look like, we've achieved a breadth of accomplishments that few thought possible. We've engineered a vertically integrated proprietary technology stack that powers over 10,000 patient visits per day and we believe is home to one of the most powerful, completely closed loop datasets in health care.  

自2017年成立以来，我们一直在打破现状。凭借我们对医疗保健应有样貌的愿景，我们取得了许多少有人认为可能的成就。我们开发了一套垂直整合的专有技术架构，每天支持超过10,000次患者访问，我们相信这套系统拥有医疗保健领域最强大、完全闭环的数据集之一。

We've built nearly half a million square feet of cutting-edge pharmacies and fulfillment centers that deliver personalized treatments across dozens of conditions and multiple innovative form factors, helping support high quality clinical outcomes through optimized dosing, side effects mitigation, and vitamin supplementation.  

我们已建设近50万平方英尺的尖端药房和履行中心，提供跨越数十种疾病和多种创新形式的个性化治疗，通过优化剂量、减少副作用和补充维生素，帮助实现高质量的临床疗效。

And we've broadened our brand from one that's focused on niche men's categories like ED to one that millions of Americans entrust for their health and wellness needs across an ever broadening set of specialties from men's and women's health, dermatology, mental health, adjunctive cardiovascular support, and most recently, metabolic health.  

我们的品牌也已从专注于男性特定领域（如勃起功能障碍）扩展为数百万美国人信赖的品牌，覆盖男性与女性健康、皮肤科、心理健康、辅助心血管支持以及最新的代谢健康等越来越多的专业领域。

We are in the earliest of days in transforming how Americans improve their health and wellness. And when we think about the future, our investment areas fit into simple yet powerful buckets. First, by leveraging advancements in technology, specifically AI, we can expand the scope, quality, and capabilities of diagnostic tools available on Hims & Hers platform.  

我们正处于改变美国人如何改善健康与养生的最初阶段。当我们展望未来时，我们的投资领域可以归纳为几个既简单又强大的方面。首先，通过利用技术进步，特别是人工智能，我们可以扩大 Hims & Hers 平台上诊断工具的范围、质量和功能。

Second, as our technology gets more sophisticated and we bring more data rich integrations onto our ecosystem like lab testing and wearable devices, we can expand the breadth of personalized treatment, including preventative capabilities accessible on our platform. Third, by focusing on the long-term consumer journey, we can expand the value of the Hims & Hers relationship with improved offerings that drive increased and higher engagement follow-up care.  

其次，随着我们的技术日趋成熟，并将更多数据丰富的整合（如实验室检测和可穿戴设备）引入我们的生态系统，我们可以扩展个性化治疗的广度，包括平台上可获取的预防功能。第三，通过专注于长期的消费者旅程，我们可以通过改进产品，提升 Hims & Hers 与消费者之间关系的价值，从而推动更高频、更高质量的后续护理参与。

And fourth, as our verticalized capabilities and platform gets stronger, we see a path to export our capabilities beyond the walls of Hims & Hers, helping legacy health care enterprises transform to be capable of delivering the same quality, efficiency and personalization for their patients. Our recent investments are in lockstep with this future vision, helping to position us to execute across each of these critical areas.  

第四，随着我们的垂直整合能力和平台日益强大，我们看到了将我们的能力扩展到 Hims & Hers 之外的道路，帮助传统医疗保健企业转型，从而为他们的患者提供同等质量、效率和个性化服务。我们最近的投资与这一未来愿景紧密相连，帮助我们在这些关键领域内执行战略。

Data is a key differentiator on our platform as we are one of, if not the only, large scale vertically integrated health systems spanning the end-to-end patient journey. At the end of 2024, we began negotiations to acquire a provider of at-home whole body lab testing, which we were excited to close last week. With this additional capability, we will be able to test for a wide range of critical biomarkers across heart, hormone, liver, thyroid and prostate helping to proactively identify individual risks for disease.  

数据是我们平台的重要差异化因素，因为我们是为数不多的覆盖整个患者旅程的大规模垂直整合医疗系统之一，甚至可能是唯一的。在2024年底，我们开始与一家提供家庭全身实验室检测的供应商进行谈判，并于上周成功完成了收购。凭借这一新增能力，我们将能够检测心脏、激素、肝脏、甲状腺和前列腺等多种关键生物标志物，从而主动识别个体的疾病风险。

We believe this type of comprehensive health testing should be available to everyone given the possible life altering learnings. Given this, we look forward to expanding the value each Hims & Hers subscriber receives this year with comprehensive testing at extraordinarily affordable cost to our customers. Whole body testing gives providers even more insights into their patients' health, enabling a more holistic individualized treatment plan inclusive of personalized medication, supplements, workout routines and nutrition.  

我们相信，鉴于这种检测可能带来的改变生活的发现，这类全面健康检测应该惠及每一个人。基于此，我们期待在今年以极其实惠的价格为每位 Hims & Hers 订阅者提供全面检测，进一步提升他们所获得的价值。全身检测使医疗提供者能更深入了解患者健康状况，从而制定更全面、个性化的治疗方案，包括定制药物、补充剂、锻炼计划和营养方案。

Whole body lab testing will also enable us to expand into specialties such as menopausal support, low testosterone, and more. With this acquisition, we are elevating the personalization of care individuals will be able to access on our platform. Expanding datasets enable us to identify elements of a member's health such as vitamin deficiencies and unoptimized health indicators leading to better personalization of treatment through expanded offerings that take these diagnostic components into account.  

全身实验室检测还将使我们能够拓展到更专业的领域，例如更年期支持、低睾酮等。通过这次收购，我们正在提升个人在我们平台上能够获得的护理个性化水平。不断扩展的数据集使我们能够识别会员健康中的各种要素，如维生素缺乏和未达标的健康指标，从而通过整合这些诊断要素来提供更优的个性化治疗方案。

As we deepen the personalized care, we can offer investments across our nearly half a million square footprint across Ohio, Arizona, and California will set the foundation to potentially move from offering hundreds of personalized treatment variations to eventually offering thousands of treatments over the coming years.  

随着我们对个性化护理的不断深化，我们在俄亥俄、亚利桑那和加利福尼亚近50万平方英尺的设施中所进行的投资，将为未来从提供数百种个性化治疗方案过渡到最终提供数千种治疗方案奠定基础。

At the end of 2024, we also signed an agreement to acquire a California peptide facility. As we work to address chronic conditions and areas of need among Americans, this facility will provide the ability to explore innovative advances in preventative health, metabolic optimization, cognitive performance, recovery science, and biological resistances.  

2024年底，我们还签署了一份收购加利福尼亚肽工厂的协议。随着我们努力解决美国人长期存在的慢性疾病和需求领域，该工厂将为探索预防性健康、代谢优化、认知表现、恢复科学以及生物抗性等方面的创新进展提供能力。

I'm thrilled with the potential range of treatments and peptide science and we are committed to being at the forefront. We believe that this acquisition will provide us with opportunities to more closely participate in this innovation and also bolster our domestic supply chain for treatments that could be critical to America's future.  

我对治疗手段和肽科学的潜在广度感到非常激动，我们致力于站在这一领域的前沿。我们相信，这次收购将为我们提供更多参与这一创新的机会，同时加强我们国内治疗方案供应链，为美国未来可能至关重要的治疗提供保障。

As the breadth of treatments and services expand in our platform over the course of the next decade, our belief is that advancements in technology can facilitate materially better outcomes and unlock a level of access unlike anything available today. We believe that AI and scaled de-identified data will help power extremely important network effects for our platform, enabling each new customer's experience to drive improvement to the care and experience of the next.  

随着未来十年我们平台上治疗和服务范围的不断扩大，我们相信技术的进步能够促成实质性更好的结果，并解锁前所未有的获取水平。我们相信，人工智能和大规模去标识化数据将为我们平台提供极为重要的网络效应，使每一位新客户的体验都能推动下一位客户护理和体验的改进。

We also believe that leveraging AI and our current clinical expertise and intelligence can elevate the types of follow-up care available for millions of individuals. We see great health care as a combination of appropriate treatment, high frequency provider support, and access to services that help individuals achieve healthier habits.  

我们还相信，借助人工智能以及我们现有的临床专业知识和情报，能够提升数百万人的后续护理水平。我们认为，优秀的医疗保健是适当治疗、高频率的医疗支持和帮助个人养成更健康习惯的服务相结合的结果。

In 2024, we launched tools such as BMI calculators and trackers to help members monitor water intake, nutrition, movement, and sleep. All focused on helping our subscribers build a healthier lifestyle. In this next-generation of health care, we see a world where AI can substantially elevate the subscriber experience by providing resources with greater sophistication such as AI coaches, therapists, nutritionists, and trainers available for 24/7 on-demand support to help our customers make meaningful lifestyle changes in pursuit of their health and wellness goals.  

在2024年，我们推出了BMI计算器和跟踪器等工具，帮助会员监测水摄入、营养、运动和睡眠，所有这些都旨在帮助我们的订阅者建立更健康的生活方式。在这一下一代医疗保健中，我们看到一个世界，在那里人工智能能够大幅提升订阅者体验，通过提供更高端的资源，如AI教练、治疗师、营养师和训练师，这些资源可全天候按需支持，帮助客户在追求健康和养生目标的过程中实现实质性的生活方式转变。

Trusted and empathetic AI powered care coordinators to help customers navigate their health care journey and greater transparency and visibility into the reasoning that drives each treatment and service recommendation on our platform in a manner not constrained by the availability of provider time on the platform. While our ambitions and technology advancement are far reaching, we have been energized by the market receptivity to this vision.  

我们提供值得信赖且富有同理心的AI驱动护理协调员，帮助客户导航他们的医疗旅程，并为平台上每项治疗和服务推荐背后的理由提供更高的透明度和可见性，这种方式不受限于提供者在平台上的可用时间。尽管我们的雄心和技术进步十分宏大，但市场对这一愿景的接受度令我们倍感振奋。

Leading engineering executives, world class AI researchers, and operators responsible for building and massively scaling some of the most notable businesses in the world have been part of our year long search for our Chief Technology Officer. We have been humbled by the shared excitement for our vision and the widespread passion to transform the American healthcare system. We are thrilled to share that we have signed an offer for our new Chief Technology Officer, and we expect to share more about our latest executive team member in the coming weeks.  

在我们为期一年的首席技术官招聘过程中，来自顶级工程界高管、世界级AI研究人员以及那些负责构建并大规模扩展全球知名企业的运营者都参与其中。我们为大家共同对这一愿景的激动和广泛热情感到谦卑。我们很高兴地宣布，我们已为新任首席技术官签署了录用协议，并预计在未来几周内分享更多关于这位新高管的信息。

Our focus in 2025 will be on continuing to further progress our platform capabilities, deepening our competitive moat, and expanding our value to customers. We will do this through continued execution across five key priorities. First, through the integration of whole body lab testing, we will provide access to richer insights for consumers into their health. I cannot stress the transformative unlocks we believe will come from empowering customers with their data.  

我们2025年的重点将继续推进平台能力，深化我们的竞争壁垒，并扩大我们为客户创造的价值。我们将通过持续执行五大关键优先事项来实现这一目标。首先，通过整合全身实验室检测，我们将为消费者提供更丰富的健康洞见。我无法过分强调我们相信通过赋能客户数据所能带来的变革性突破。

Diagnostic capabilities will serve consumers by supporting our expansion into additional specialties such as menopause and low testosterone and pave the way for a greater breadth of personalized offerings inclusive of medications, supplements, and lifestyle changes. Second, we'll continue to invest in our pharmacies and infrastructure. These investments will come in the form of expanding our capacity for sterile compounding as well as further automation of facilities to unlock the capacity to offer access to thousands of more highly personalized treatments in the future.  

诊断能力将支持我们拓展到更多专业领域，例如更年期支持和低睾酮治疗，并为更广泛的个性化产品（包括药物、补充剂和生活方式调整）铺平道路。其次，我们将继续投资于我们的药房和基础设施。这些投资将以扩展无菌混合能力以及进一步自动化设施的形式进行，从而释放未来提供数千种高度个性化治疗方案的潜力。

Third, we'll broaden and deepen the capabilities of our technology stack to facilitate even better recommendations from providers to each individual patient as well as lay the foundation for AI centric tools and coaches capable of even further improving the quality of follow-up care received on the platform. And fourth, we expect to conduct R&D for the launch of future specialties and subspecialties that leverage our capabilities and reach an even broader set of customers. And finally, we'll continue to position ourselves to be a leader in addressing the chronic obesity epidemic across America.  

第三，我们将拓展并深化技术架构的能力，以便为每位患者提供更优质的医生推荐，并为以人工智能为中心的工具和教练奠定基础，从而进一步提升平台上后续护理的质量。第四，我们计划开展研发，推出未来更多利用我们能力并覆盖更广客户群的专业及子专业。最后，我们将继续定位自己，成为应对美国慢性肥胖流行病的领导者。

There may not be a more impactful use case for precision medicine than America's obesity epidemic, which impacts 100 million individuals across the country and results in 0.5 million preventable deaths per annum. North of 200,000 individuals joining the Hims & Hers platform in the span of a year to meet their weight loss needs is evidence of the benefits that consumers see in our approach to personalized medicine.  

对于精准医疗来说，或许没有比美国的肥胖流行病更有影响力的应用场景了，这一问题影响着全国1亿人，每年造成50万例可预防死亡。在一年内有超过20万人加入 Hims & Hers 平台以满足他们的减肥需求，这正是消费者从我们个性化医疗方案中看到的益处的证明。

As we shared last year, we believe our approach can enable material improvements in clinical adherence and compelling customer satisfaction and we're seeing gains in the realization of this goal. In order to truly address the epidemic, patients need comprehensive care that extends beyond medicine to making lifestyle changes from nutrition to exercise to mental health and we are dedicated to this approach. Precision medicine is about using the right tools for the right patient at the right time.  

正如我们去年所分享的，我们相信这种方法可以在临床依从性和客户满意度方面实现实质性提升，而我们也在看到这一目标逐步实现。为了真正解决这一流行病，患者需要的是超越药物治疗的全面护理，包括从营养到锻炼再到心理健康的生活方式改变，我们对此全力以赴。精准医疗就是要在正确的时间为正确的患者使用正确的工具。

We believe this approach to personalized medicine will ultimately drive better clinical outcomes by enabling providers to personalize the dose, form factor, and other clinical delivery aspects of existing clinically validated medications. In our work, we are committed to integrity and transparency. We are not bypassing the regulatory process nor are we creating new drugs.  

我们相信，这种个性化医疗的方法最终将通过使医疗提供者能够为现有经过临床验证的药物个性化剂量、形式和其他临床交付方式，从而推动更好的临床效果。在我们的工作中，我们致力于诚信和透明，我们既不会绕过监管程序，也不会制造新药。

The regulatory framework for compounding and the FDA have long recognized the need for compounders to be able to compound medication to meet patient needs that utilize ingredients of, but that are not essential copies of existing drugs. We focus on providing access to better care in this framework through personalization period. We believe that Americans deserve transparency about the system and their options and we will continue to passionately push back against any attempts to confuse or scare consumers about whether compounding can be done legally and safely.  

对于混合制药的监管框架和FDA早已认识到，制药者需要具备混合药物以满足患者需求的能力，这些药物利用现有药物的成分，但并非其必要的复制品。我们专注于通过个性化方式，在这一框架下提供更优质的护理。我们相信，美国人有权了解系统及其选择的透明信息，我们将继续坚定地反对任何企图混淆或吓唬消费者，关于混合制药是否能够合法且安全进行的言论。

We won't claim improved efficacy until the data substantiates it. We will continue to show our quality and safety process across every step of the customer journey. We take a logical approach that lets patients and providers draw their own conclusions because we believe that patients, not pharmaceutical profits, should drive our health care system. We are aware that change can be scary for industry incumbents.  

在数据证实之前，我们不会宣称疗效有所改善。我们将持续展示贯穿整个客户旅程的质量和安全流程。我们采取一种让患者和医疗提供者自行得出结论的理性方法，因为我们相信，推动医疗保健系统的应是患者，而非药企利润。我们清楚，变革对于行业既得利益者来说可能令人害怕。

Big pharma's reaction to our call to fix today's stuck and sick health care system has been to band together and question the need for affordable compounded solutions and incite fear in regular Americans through broad strokes statements about the safety of all compounded medications. As always, we'll continue to monitor and comply with regulatory requirements related to the GLP-1 shortages.  

大型制药公司对于我们呼吁修复当今僵化且病态的医疗保健系统的反应是联手质疑经济实惠的混合药物方案的必要性，并通过笼统声明所有混合药物的安全性来煽动普通美国人的恐惧。和往常一样，我们将继续监控并遵守与GLP-1短缺相关的监管要求。

And we will continue to primarily focus within our weight loss category on bringing care to individuals that stand to benefit from our oral-based offerings, liraglutide later this year, and clinically necessary personalized dosages of semaglutide. The investments we've made on our platform will help ensure that we can effectively help the millions of potential Americans that can benefit from our holistic approach to weight loss treatment.  

我们还将继续主要聚焦于我们的减肥领域，为那些能从我们的口服产品、今年晚些时候的利拉鲁肽以及临床必要的个性化赛马鲁肽剂量中受益的人提供护理。我们在平台上所作的投资将有助于确保我们能够有效帮助数以百万计的潜在美国人，从而使他们受益于我们整体性的减肥治疗方法。

Additionally, these investments position us to be a leader in providing access to high quality treatment to millions of more Americans as more brand name GLP-1 medications go generic in the coming years. As a founder-led company, we have one rare advantage that most companies do not, extreme patients.  

此外，随着未来几年越来越多品牌GLP-1药物转为仿制药，这些投资使我们在为更多美国人提供高质量治疗方面处于领先地位。作为一家由创始人主导的公司，我们拥有大多数公司所不具备的一个稀有优势——极其重视患者体验。

While most might get lost in the noise of today's realities, the future is where we are focused. A future where high quality personalized care is available to everyone on-demand at affordable prices from the comfort of their home. This vision is coming to reality and it's shaking the incumbent system. We believe that in the coming years, that future will be obvious and available to all. We look forward to updating you on our progress across these priorities over the course of 2025.  

虽然大多数人可能会迷失在当今现实的喧嚣中，但我们关注的是未来。一个未来，每个人都能在家中舒适地以实惠的价格获得高质量的个性化护理。这一愿景正逐步成为现实，并正在动摇现有体制。我们相信，在未来几年中，这一未来将变得显而易见，并惠及所有人。我们期待在2025年期间向大家汇报我们在这些重点领域的进展。

With that, I will pass it over to Yemi to talk through our financial performance and outlook for 2025.  

说到这里，我将把话筒交给Yemi，让他介绍我们2025年的财务表现和前景。

Yemi Okupe  

Thanks, Andrew. I will start by providing an overview of our fourth quarter financial performance before diving further into our outlook for 2025. The success of our platform in 2024 is a reflection of how our ability to democratize access to high quality personalized treatments and services is resonating with consumers.  

谢谢你，Andrew。我将首先概述我们第四季度的财务表现，然后再深入讨论2025年的前景。2024年平台的成功反映了我们使高质量个性化治疗和服务普惠化的能力正引起消费者的共鸣。

Revenue was $481 million and $1.5 billion for the fourth quarter and 2024 fiscal year respectively. This represents year-over-year revenue growth of 95% for the fourth quarter and 69% for 2024. Helping drive our success is our ability to attract and retain subscribers across our tenured specialties and secondarily, an ability to scale new offerings such as our weight loss treatments.  

第四季度和2024财年的收入分别为4.81亿美元和15亿美元。这分别代表了第四季度同比增长95%和2024年同比增长69%。推动我们成功的因素在于，我们能够吸引并保留各主要专科的订阅者，同时，还能规模化推出新产品，如我们的减重治疗方案。

Revenue outside of our GLP-1 offering increased 43% year-over-year to $1.2 billion in 2024, reflecting an ability to achieve the floor of our revenue expectations for 2025 a year early. Expansion of personalized treatments on our platform is continuing to result in strong subscriber growth. Total subscribers on the platform increased 45% to over 2.2 million in the fourth quarter with over 55% of those subscribers subscribing to at least one personalized solution.  

2024年，除GLP-1产品外的收入同比增长43%，达到12亿美元，这表明我们提前一年实现了2025年收入预期的下限。平台上个性化治疗的扩展持续带来强劲的订阅者增长。第四季度平台总订阅者增长了45%，超过220万，其中超过55%的订阅者至少订购了一项个性化解决方案。

Unique form factors, multi-condition treatments and personalized dosages are unlocking growth in some of our most tenured specialties and serving as an accelerant for some of our newer specialties. For example, in the fourth quarter, subscribers in men's and women's dermatology grew over 55% and 100% year-over-year respectively. Our belief is that lab diagnostics will unlock a greater breadth of personalized treatments, which will further expand the runway for growth across our existing specialties.  

独特的产品形式、多病症治疗以及个性化剂量正在释放我们一些长期专科的增长潜力，并为一些新专科提供加速器。例如，第四季度男性和女性皮肤科的订阅者分别同比增长了超过55%和100%。我们相信，实验室诊断将解锁更广泛的个性化治疗，从而进一步拓展现有专科的增长空间。

Almost 100 million Americans are currently struggling with weight loss. We launched an oral based weight loss offering in the fourth quarter of 2023, which saw great success as it scaled to a revenue run rate of over 100 million in just over seven months. Our GLP-1 offering, which launched in the second quarter of 2024, has experienced similar success, delivering north of $225 million of incremental revenue in 2024.  

目前，近1亿美国人正在为减肥而苦苦挣扎。我们在2023年第四季度推出了一项基于口服的减肥产品，并在短短七个月内成功实现了超过1亿美元的收入运行率。我们于2024年第二季度推出的GLP-1产品也取得了类似的成功，2024年带来了超过2.25亿美元的增量收入。

We believe success behind this offering is a result of the brand equity we have built over the years as well as our high touch model that includes frequent provider engagement, tools to build healthier lifestyle habits, and access to personalized treatments. Line of sight to future operational efficiencies gave us comfort to make our injectable offering even more affordable. We reduced the price for our 12 month SKU from $199 a month to $165 per month in December.  

我们认为，这一产品的成功归功于我们多年来建立的品牌资产以及我们的高接触模式，该模式包括频繁的服务提供者互动、帮助培养更健康生活习惯的工具和获取个性化治疗的途径。对未来运营效率的清晰预期让我们有信心进一步降低注射产品的成本。我们在12月将12个月周期产品的价格从每月199美元降至每月165美元。

The majority of weight loss subscribers are now opting for treatment plans of six months or more, which we believe will translate into strong retention and improved adherence for our weight loss subscribers. Similar to previous strategic pricing actions, we are confident that these changes will be long-term accretive to the platform and provide a path to unlock economies of scale in the future.  

如今，大多数减肥订阅者选择六个月或更长时间的治疗计划，我们相信这将转化为较高的用户保留率和更好的依从性。与以往的战略定价措施类似，我们有信心这些变化将长期为平台带来增值，并为未来释放规模经济提供路径。

Additionally, we believe that the ability of providers on our platform to personalize successful titration plans and steady state dosages strengthens with each subscriber that has success in our platform, making our ability to rapidly scale a distinct competitive advantage. While the addition of subscribers remains the primary component of our growth, monthly online average revenue per subscriber is becoming a more meaningful contributor as well.  

此外，我们认为，随着每位成功受益的订阅者加入，平台上服务提供者定制成功滴定方案和稳定剂量的能力将不断增强，从而使我们迅速扩展的能力成为一大独特竞争优势。虽然新增订阅者仍是我们增长的主要驱动力，但每位订阅者的月均在线收入也正变得越来越重要。

Monthly online average revenue per subscriber increased 38% year-over-year to $73 in the fourth quarter. Scaling of GLP-1s as well as subscribers shifting to more premium personalized offerings are the primary growth drivers. Significant investment was made in the fourth quarter in areas that we believe set the foundation to drive future economies of scale.  

第四季度，每位订阅者的月均在线收入同比增长38%，达到73美元。GLP-1产品的扩展以及订阅者转向更高端个性化产品是主要增长驱动因素。第四季度在一些领域进行了重大投资，我们相信这些投资为未来实现规模经济奠定了基础。

Despite this investment, adjusted EBITDA margins remained strong at over 11% as adjusted EBITDA increased over 160% year-over-year to $54 million in the fourth quarter. For the fiscal year of 2024, our platform delivered $177 million of adjusted EBITDA as adjusted EBITDA margins more than doubled year-over-year to 12%. Gross margins declined approximately two points quarter-over-quarter in line with expectations highlighted earlier this year.  

尽管进行了这些投资，第四季度调整后EBITDA利润率依然保持在11%以上，调整后EBITDA同比增长超过160%，达到5400万美元。2024财年，我们的平台实现了1.77亿美元的调整后EBITDA，调整后EBITDA利润率同比翻了一番以上，达到12%。毛利率环比下降约2个百分点，这与今年早些时候所提到的预期一致。

The scaling of our GLP-1 offering as well as strategic pricing actions enacted within our GLP-1 offering in the fourth quarter are the primary drivers of this change. We expect margins to start to recover in the second quarter as we reach milestones for pre-adjusted volume driven discounts across our operation, with further opportunity as we expand sterile fulfillment capabilities within our affiliated facilities later this year.  

我们GLP-1产品的扩展以及第四季度实施的战略定价措施是这一变化的主要驱动因素。我们预计，随着我们达到整个运营中预调节量驱动折扣的里程碑，毛利率将在第二季度开始回升，随着今年晚些时候在附属设施中扩展无菌履行能力，还将带来进一步机会。

In the fourth quarter, we lean into specialty specific marketing on national stages at scale for the first time. Marketing as a percentage of revenue in the fourth quarter was 46%, representing a five point improvement from the prior year and a one point degradation from the prior quarter.  

第四季度，我们首次在全国舞台上大规模投入针对特定专科的市场营销。第四季度，市场营销费用占收入比例为46%，比去年提高了5个百分点，但较上一季度下降了1个百分点。

Higher retention as a result of an increasing shift toward personalization as well as acquisition of customers organically and through lower cost channels continues to provide confidence in our ability to achieve between one to three points of leverage on our marketing spend per annum.  

由于越来越倾向于个性化，以及通过自然增长和低成本渠道获取客户所带来的更高保留率，持续增强了我们每年在市场营销支出上实现1至3个百分点杠杆效应的信心。

For the fiscal year of 2024, we exceeded this goal, driving marketing as a percentage of revenue down to 46%, reflecting over five points of leverage relative to the prior year. Strict management of our operating costs continues to allow us to gain leverage on our G&A as well as operations and support costs.  

2024财年，我们超额完成了这一目标，将市场营销费用占收入的比例降至46%，比去年实现了超过5个百分点的杠杆效应。严格的运营成本管理使我们在管理费用及运营和支持成本上继续获得杠杆效应。

In the fourth quarter, G&A and operations and support costs as a percentage of revenue improved three points and one point year-over-year respectively. Net income was $26 million in the fourth quarter and $126 million for the full year, marking our first full year of GAAP profitability. The full year figure included a tax benefit primarily related to the release of a domestic tax valuation allowance, partially offset by current period tax expense.  

第四季度，管理费用和运营及支持成本占收入比例同比分别改善了3个百分点和1个百分点。第四季度净收入为2600万美元，全年净收入为1.26亿美元，标志着我们首次实现GAAP意义上的全年盈利。全年数字中包括一项主要因取消国内税收估值准备而带来的税收收益，部分被当期税费所抵消。

Cash flow generation remains strong as we delivered nearly $60 million of free cash flow in the fourth quarter, bringing the total free cash flow generated in 2024 to nearly $200 million. Cash and short-term investments on our balance sheet were over $300 million at the end of the year. 2024 was an exceptional year for Hims & Hers, but as Andrew mentioned, we believe that we are just scratching the surface of what our platform can deliver in the years to come.  

现金流依然强劲，第四季度我们实现了近6000万美元的自由现金流，使2024年总自由现金流接近2亿美元。年末，资产负债表上的现金及短期投资超过3亿美元。2024年对 Hims & Hers 来说是非凡的一年，但正如 Andrew 所提，我们相信这仅仅是我们平台未来几年潜力的冰山一角。

Before going into our outlook for the year, I will provide insight into how we expect to allocate capital in 2025. We expect more capital investment across a few key areas in 2025 to continue building toward our long-term vision for the company. These areas include, first, an investment and expansion of sterile capabilities and capacity within our 503A and 503B facilities. These investments will ultimately enable us to more economically provide offerings such as liraglutide on our platform, which we believe will further enhance the durability of our weight loss offering.  

在展望未来之前，我将介绍一下我们预计在2025年如何分配资本。我们预计2025年将在几个关键领域加大资本投入，以持续朝着公司长期愿景迈进。这些领域首先包括在我们的503A和503B设施中投资并扩展无菌能力和产能。这些投资最终将使我们能够以更低成本在平台上提供如利拉鲁肽等产品，我们相信这将进一步增强我们的减重产品的持久性。

Additionally, sterile capabilities provide a critical component necessary to expand into other areas such as menopausal support and low testosterone in the future. Second, we are investing to expand capacity for a greater breadth of personalized offerings through investment in equipment with increased automation capabilities as well as the launch of a larger facility in Arizona later this year. Our ambition is to have the capacity to leverage additional de-identified data points from interactions on our platform and lab diagnostics to increase the depth of personalized treatments available to subscribers, whether that be through additional form factors or multi-condition treatments.  

此外，无菌能力为未来拓展至其他领域（如更年期支持和低睾酮治疗）提供了关键要素。其次，我们正在投资，通过采购自动化能力更强的设备以及今年晚些时候在亚利桑那州推出更大的设施，扩大更多个性化产品的产能。我们的目标是具备利用平台互动和实验室诊断中额外去标识化数据点的能力，以加深为订阅者提供的个性化治疗深度，无论是通过更多产品形式还是多病症治疗。

Third, we expect to integrate lab diagnostic capabilities into our platform in a way that allows us to offer it to subscribers at a low cost or in some instances for free. We believe lab diagnostics can be an additional value add service for subscribers that serve as a foundation for more personalized treatments as well as enable expansion in other specialties in the future.  

第三，我们预计将以一种低成本甚至在某些情况下免费向订阅者提供的方式，将实验室诊断能力整合到我们的平台中。我们认为，实验室诊断可以作为为订阅者提供额外价值的服务，既为更个性化的治疗奠定基础，也为未来拓展至其他专科提供可能。

Lastly, we will continue our focus on strengthening the long-term durability of our domestic supply chain through investment in our recently acquired peptide facility. We view this facility and peptide capabilities as providing an additional long-term anchor for our focus on US based operations as well as an opportunity to explore innovations in medicine made possible through peptide development in the coming years.  

最后，我们将继续通过投资于最近收购的肽工厂，专注于增强国内供应链的长期稳健性。我们认为，这个工厂和肽技术不仅为我们专注于美国本土运营提供了长期支持，还为未来通过肽开发探索医疗创新提供了机会。

Similar to prior years, we will be thoughtful in our allocation of capital across these initiatives and expect to continue to deliver strong free cash flow in the future. With that backdrop, I will provide an additional perspective into our outlook for 2025. In the first quarter, we are anticipating revenue in the range of $520 million to $540 million representing a year-over-year increase of 87% to 94%.  

与往年类似，我们将在这些项目的资本分配上保持审慎，并预计未来将继续实现强劲的自由现金流。在此基础上，我将进一步阐述我们对2025年的展望。第一季度，我们预计收入将在5.2亿至5.4亿美元之间，同比增长87%至94%。

We expect adjusted EBITDA to be between $55 million to $65 million representing an adjusted EBITDA margin of 11% at the midpoint of both ranges. For the full year, we are anticipating revenue of between $2.3 billion to $2.4 billion representing a year-over-year increase of 56% to 63%.  

我们预计调整后EBITDA将在5500万至6500万美元之间，对应中点调整后EBITDA利润率为11%。全年收入预计将在23亿至24亿美元之间，同比增长56%至63%。

It is our expectation that 2025 adjusted EBITDA will be between $270 million and $320 million. These adjusted EBITDA and revenue ranges imply an adjusted EBITDA margin of 13% at the midpoint of both ranges. Embedded within our outlook are the following assumptions.  

我们预计2025年调整后EBITDA将在2.7亿至3.2亿美元之间。这些调整后EBITDA和收入范围意味着中点调整后EBITDA利润率为13%。我们的展望中包含以下假设。

First, given what we know today, we anticipate 2025 revenue contributions from our weight loss specialty of at least $725 million. This figure excludes contributions from commercially available dosages of semaglutide, which will not be offered on the platform after the first quarter. There may be the potential to offer commercially available dosages of compounded semaglutide throughout the year.  

首先，根据目前的信息，我们预计2025年减肥专科将贡献至少7.25亿美元的收入。该数字不包括商业化剂量的赛马鲁肽贡献，因为在第一季度之后平台将不再提供商业化剂量的赛马鲁肽。不过，全年内可能有机会提供混合制赛马鲁肽的商业化剂量。

However, we see our steady state weight loss offering being primarily composed of our evolving oral based solutions as well as liraglutide later this year. Personalized semaglutide dosages will supplement these core offerings for the subset of consumers for whom it is a clinical necessity. Supply chain consistency across 2025 inclusive of affiliated pharmacy and third-party fulfillment and distribution dynamics is a key assumption in our guidance.  

然而，我们认为，稳态下的减肥产品主要由不断演进的口服解决方案以及今年晚些时候的利拉鲁肽构成。针对那些在临床上有需要的部分消费者，个性化的赛马鲁肽剂量将作为补充。这份指引的关键假设之一是，2025年包括附属药房以及第三方履行和分销动态在内的供应链保持一致性。

Second, our expectation is that the first quarter will remain an investment quarter as a result of the strategic pricing actions made in December and investment in our one minute Super Bowl campaign. We expect some pressure on gross and adjusted EBITDA margins in the first quarter, but anticipate improvement through 2025 beginning in the second quarter.  

其次，我们预计第一季度将继续作为一个投资季度，这归因于12月所采取的战略定价措施和我们的一分钟超级碗广告投资。我们预计第一季度毛利率和调整后EBITDA利润率将受到一定压力，但预计从第二季度开始，2025年期间这些指标将逐步改善。

Line of sight exists to realize volume driven discounts across our ecosystem later in the second quarter and further benefit is expected as greater sterile fulfillment capacity from our facilities comes online throughout the year.  

预计在第二季度后期，我们整个生态系统内能够实现基于量的折扣，随着我们各设施无菌履行能力的不断上线，还将带来更多收益。

Third, we remain committed to ensuring that our voice is heard during the most culturally relevant moments across America and expect to continue to have a significant voice for the most pertinent issues across healthcare relevant to our platform.  

第三，我们将继续致力于确保在美国最具文化相关性的时刻，我们的声音被听见，并预计在与我们平台相关的医疗保健最重要议题上保持重要影响力。

Our expectation is that we will maintain a one year payback period on our investments while executing these activities. Additionally, we have high confidence in our ability to continue driving between one to three points of marketing leverage per annum as a result of, first, an increasing amount of our spend becoming semi fixed in nature. Second, an ability to draw a broader audience and retain them as a result of high quality personalized solutions available on the platform.  

我们的预期是，在执行这些活动的同时，我们将保持一年的投资回收期。此外，我们对每年继续实现1至3个百分点市场营销杠杆充满信心，这归功于：首先，我们的支出中越来越多部分呈半固定性质；其次，凭借平台上提供的高质量个性化解决方案，我们有能力吸引并留住更广泛的受众。

Third, an increasing amount of customers acquired organically and through lower cost channels as a result of historical investments in our brand as well as entry into specialties more conducive to word-of-mouth referrals and lastly, the continued inventration of additional subscriber cohorts on our platform. Marketing leverage is an instrumental component of our path toward margins of at least 20% by 2030, which we believe we are on track to achieve.  

第三，由于我们历史上对品牌的投资以及进入更有利于口碑传播的专科，加之平台上不断涌现的新订阅者群体，通过有机及低成本渠道获取的客户数量不断增加。市场营销杠杆是我们实现2030年至少20%利润率的重要组成部分，我们相信这一目标正朝着正确方向迈进。

Lastly, we expect long-term revenue retention to remain above 85% as subscribers engage with personalized products across more specialties. Ongoing subscriber adoption of personalized solutions present both acquisition and retention benefits across each of our specialties. Recent trends give us confidence that each of our specialties will deliver more than $100 million of revenue in 2025.  

最后，我们预计，随着订阅者在更多专科中使用个性化产品，长期收入保留率将保持在85%以上。持续的订阅者采用个性化解决方案在每个专科中均带来客户获取和留存的双重好处。最近的趋势使我们有信心，每个专科在2025年都将贡献超过1亿美元的收入。

Capabilities that were built organically as well as recently acquired provide a pathway and exciting future for Hims & Hers in 2025 and beyond. Investments that we make in 2025 will position us to transform the way millions of individuals optimize their health through the examples that Andrew highlighted for our long-term vision. Our ability to drive these strong results would not be possible without the dedication of over 1,000 employees across Hims & Hers.  

通过有机构建以及最近收购的能力为 Hims & Hers 在2025年及以后提供了一条充满希望的发展道路。我们在2025年所做的投资将使我们能够通过Andrew为我们长期愿景所强调的实例，改变数百万人的健康优化方式。如果没有超过1000名员工的奉献，我们就无法取得如此强劲的业绩。

I'd like to thank them as well as all of our customers and partners that support us in our mission of helping the world feel great through the power of better health. We appreciate the support of our subscribers and shareholders and look forward to keeping you updated on our progress.  

我想感谢他们以及所有支持我们通过更好的健康让世界充满活力的使命的客户和合作伙伴。我们感谢订阅者和股东的支持，并期待在未来不断向大家汇报我们的进展。

With that, I will now turn the call back over to Bill to kick off Q&A with two questions from our retail community.  

说到这里，我将把话筒交还给Bill，由他开始回答来自零售社区的两个问题。

Bill Newby  

Thanks, Yemi, and thank you to all the investors who've sent us questions over the weekend. It's clear that, that part of the investor base continues to expand, and we're excited to more regularly engage with this part of the group.  

谢谢你，Yemi，也感谢所有在周末给我们提问的投资者。显然，这部分投资者群体在不断扩大，我们也很高兴能更频繁地与他们互动。

Question-and-Answer Session  

问答环节

A - Bill Newby  

To get things started, this was a top question from the Hims House, a retail community dedicated to Hims that is growing in popularity. The question is, what are the top three to four strategies that will allow Hims to reach tens of millions of subscribers on this platform? And what is the rough time frame for reaching this goal?  

为开始问答，这是来自Hims House的一个热门问题。Hims House是一个专注于Hims、日益受欢迎的零售社区。问题是：有哪些前三到四个策略能使Hims在该平台上吸引数千万订阅者？实现这一目标的大致时间框架是什么？

Andrew Dudum  

Thanks, Bill, and thanks, Hims House. It's been fun to watch you guys grow as a community. I think 10 million subs on the platform to me feels really quite in reach. And I think, frankly, pretty straightforward from a growth standpoint if you look at historical growth over the last five to six years. My optimistic hope and personal ambition would be to try to achieve this in the next five to six years.  

谢谢你，Bill，也谢谢Hims House。看着你们这个社区不断成长真是太有趣了。在我看来，平台上达到1000万订阅者是完全可实现的。如果回顾过去五到六年的增长情况，这个目标其实相当直接。我的乐观期望和个人雄心是力争在未来五到六年内实现这一目标。

I think the top strategies are the ones, frankly, that the business is operating against today, which is, first, to expand the categories and the specialties on the platform, so you'll see deeper segmentation, more indications. I think the lab testing acquisition this past week is something that will massively accelerate the breadth of conditions.  

我认为，最主要的策略，坦白说，就是当前业务正在执行的策略：首先是扩展平台上的产品类别和专科细分，这将带来更深入的细分和更多适应症。我认为，上周的实验室检测收购将大大加速对各类疾病覆盖范围的拓展。

The second, I think, is a broad expansion of the personalized treatments on the platform. And as we talked about in the prepared remarks, my ambition is really to go from a place where we have 300 personalized treatments which exist today on the platform to a place in the not-so-distant future, where you've got thousands of treatment variations.  

其次，我认为是大幅扩展平台上个性化治疗的范围。正如我们在预先准备的发言中所谈到的，我的目标是将现有平台上的300种个性化治疗方案扩展到在不久的将来能够达到数千种治疗变体。

And this is hyper-personalization across dosing, side effect mitigation, multi-condition support, vitamin supplementation, and ultimately, form factor, which we know has a massive adherence contribution. So I think as you expand those personalized treatments, you're unlocking different groups of people who feel like there's something on the platform that better represents their needs.  

这种扩展涉及剂量的超个性化、减轻副作用、多病症支持、维生素补充，最终包括产品形态——这些我们都知道对用户依从性有巨大贡献。所以，我认为，随着这些个性化治疗的扩展，你会吸引到不同群体，他们会觉得平台上有更符合他们需求的产品。

And then I think lastly, there's going to be a real accelerated investment in technology that's going to be necessary to empower this type of scale. Right now, as I shared, we're powering north of 10,000 visits on the platform per day. You need to be able to power 20,000 and 30,000 and 40,000 visits on the platform per day.  

最后，我认为还需要在技术上进行真正加速的投资，以支持这种规模扩展。正如我之前提到的，目前我们的平台每日访问量超过10,000次，但你需要能够支持每日20,000、30,000甚至40,000次的访问。

And so there's a real necessary investment across decision-making tools for providers to help them be more efficient and more precise, more long-term capabilities with AI that allow a customer to have a higher touch experience after they've been treated and more handheld throughout the long-term of their journey.  

因此，我们必须在为服务提供者开发决策工具上进行必要的投资，以帮助他们变得更高效、更精准；同时在人工智能方面提升长期能力，使客户在接受治疗后能够获得更高质量的跟进体验，并在整个治疗过程中得到更多关怀。

And so all of that, I think, is kind of the big area. So very excited from a technology standpoint to have our CTO joining and be able to share more about that offer in the next couple of weeks.  

所以，我认为以上就是主要的方向。从技术角度来看，我们非常兴奋，因为我们的首席技术官即将加入，并将在接下来的几周内分享更多关于这一计划的内容。

Bill Newby  

Thanks, Andrew. Kind of on that last point, we've received a lot of questions on AI and its applications on the platform. This one comes from Stephen W, who asks, how is Hims leveraging AI and data analytics to enhance the telehealth offerings today as well as the personalized treatments and drive increased efficiency in the health care ecosystem? Are there plans for AI-driven diagnostics or automation to improve patient outcomes?  

谢谢你，Andrew。关于刚才那点，我们收到很多关于AI及其在平台上应用的问题。其中一个问题来自Stephen W，他问道，Hims是如何利用人工智能和数据分析来提升当前的远程医疗服务以及个性化治疗，并提高医疗保健生态系统的效率的？是否有计划通过AI驱动的诊断或自动化来改善患者的治疗效果？

Andrew Dudum  

Yes. Thanks, Stephen, for the question. Absolutely, across both of those, both diagnostics and long-term patient outcome management. I think increasingly, AI is at the core of everything that we're discussing as a management team. What we are building, I believe, is possibly the most powerful data set in health care because it's really the only at-scale fully verticalized end-to-end system. So we are overseeing and managing not only the initial patient intake, but the diagnostic component, the treatment component, the long-term relationship, the chronic care, the adjustment to treatment and ultimately, whether or not the outcome is delivered. And so that data set delivers a really powerful flywheel.  

是的。谢谢Stephen的提问。无论是诊断还是长期患者效果管理，我认为人工智能正日益成为我们管理团队讨论的核心。 我相信我们正在构建的，可能是医疗保健领域最强大的数据集，因为它真的是唯一一个大规模全垂直整合的端到端系统。所以，我们不仅在监督和管理初步的患者登记，还涵盖诊断、治疗、长期关系、慢性护理、治疗调整以及最终是否实现预期效果。这一数据集构成了一个非常强大的飞轮效应。

I think what you'll see from a diagnostic standpoint is real investments in MedMatch, the ability to more precisely identify diagnosis for patients but also personalized treatments for patients. I think you'll obviously see lab work be built into MedMatch in a way that expands the range of diagnostic capabilities and treatment capabilities.  

我认为，从诊断的角度看，您将看到我们对MedMatch进行了实质性投资，这将使我们能够更精确地为患者识别诊断，同时提供个性化治疗。显然，您还会看到实验室检测以某种方式融入MedMatch，从而扩展诊断和治疗的能力范围。

And then lastly, I think, on that follow-up care side and on the patient improvement side, I think, you'll see us meaningfully change the status quo for what it looks like to be a Hims & Hers customer long-term. One of the things that I think about a lot as an entrepreneur is what are things that the ultra-rich have access to? And then how can we broaden that and give that to everybody?  

最后，我认为，在后续护理和患者改善方面，您会看到我们显著改变Hims & Hers长期客户的现状。作为一位企业家，我常常思考，超富人群都能享受到哪些服务？然后，我们如何能将这些服务普及，惠及每一个人？

So things that people have are on-demand therapists, right? They've got nutritionalists. They have fitness coaches. They have meditation coaches. These are people that are in your life, helping you to live healthier lifestyle. I think we are capable of building incredible AI versions of all of those coaches, which really changed the paradigm for how easy it is to change the lifestyle dynamics in your house and ultimately expand that to tens of millions of more people down the line.  

人们能享受到的是按需提供的治疗师，对吧？他们有营养师，有健身教练，还有冥想教练。这些都是出现在您生活中的专业人士，帮助您过上更健康的生活方式。我认为，我们完全有能力构建出这些教练的卓越AI版本，从而真正改变您家庭生活方式动态转变的模式，并最终将这种改变推广到数千万更多人。

Now at the end of all of this, I think what is maybe even the most exciting from an AI standpoint is as we build these fairly proprietary models internally and validate them internally across our data set, I think, there's one day the opportunity to open this up and in partnership actually help power the existing legacy health care systems and help transform those legacy health care systems to actually be able to deliver the Hims & Hers' quality and experience and personalization at scale.  

最后，在人工智能方面，甚至最令人兴奋的是，当我们内部构建这些相当专有的模型，并在我们的数据集上进行内部验证后，我认为将来有一天有机会开放这些模型，并通过合作帮助推动现有的传统医疗保健系统，实现转型，使这些系统能够以大规模提供Hims & Hers的质量、体验和个性化服务。

And I think that ambition is really exciting for us because it means that we're not only changing health care for the customers that are coming to Hims & Hers, but we're also one day possibly helping power the rest of the system in delivering great health care to others.  

我认为这一雄心对我们来说非常激动人心，因为这意味着我们不仅在为选择Hims & Hers的客户改变医疗保健，同时也有可能在未来帮助整个系统为其他人提供优质的医疗服务。

Bill Newby  

Great. Thanks, Andrew. Thanks again to all of us who sent in questions. We look forward to hearing from you again next quarter. And with that, I'll pass it back to the operator and we can begin the regular Q&A.  

太好了，谢谢你，Andrew。再次感谢所有发送问题的朋友。我们期待下季度再次听到大家的声音。现在，我将把话筒交还给主持人，开始常规问答环节。

Operator  

Ladies and gentlemen, we will now begin the question-and-answer session. [Operator Instructions] One moment please for your first question. Your first question comes from the line of Maria Ripps of Canaccord. Please go ahead.  

各位女士们、先生们，现在我们将开始问答环节。[主持人指令] 请稍候，您的第一个问题马上开始。第一个问题来自Canaccord的Maria Ripps，请开始提问。

Maria Ripps  

Great. Congrats on strong results and thanks so much for taking my questions. First, I just like to talk about GLP-1 personalization. Can you maybe just help us understand some of the mechanics around assessing new patients when deciding if they're good candidates for personalized semaglutide dosing? I guess especially for some of the patients that are new to GLP-1s and maybe haven't had experience with side effects. I guess what's your approach to understanding if someone needs a personalized solution versus some patients that have been attracted to more affordable prices?  

太好了。祝贺你们取得了优异的业绩，非常感谢你们回答我的问题。首先，我想聊聊GLP-1个性化治疗。你能否帮助我们了解在评估新患者是否适合个性化赛马鲁肽剂量时的一些具体操作流程？特别是对于那些刚接触GLP-1、可能还没有经历过副作用的患者来说。你们如何判断一个患者需要个性化方案，而不是仅仅因为价格更低而吸引的那种标准方案？

Andrew Dudum  

Hey, Maria, that's a great question. I think first off, we see a lot of patients that come onto the platform that have already experienced GLP-1. And I think there's no shortage of data to support this. I think a huge portion of the population has started, tried, and unfortunately turned off of them and that data is quite public. A lot of it, as we've talked about, muscle loss concerns, extreme nausea, extreme vomiting. So what we do from a medical standpoint in partnership with our clinical advisers and clinical leaders is build the information and intake to allow for essentially an understanding of their existing situation, whether or not they've tried them before, their side effect sensitivities, their nausea sensitivities. There's a tremendous amount of personalization with these medications with regard to actual goal weight loss, right? No individual body is the same. No individual person has the same ideal health outcomes. And so I think the idea of a single-dose regimen for this medication, especially given the extreme side effect nature of it and also the extreme efficacy of it is actually really well tailored. So with all of that information that then gets piped into the EMR within the platform, served up to the provider, and in partnership with the provider's expertise and their experience as well as MedMatch, which is able to educate provider on similar patients with similar dynamics and how they've had great outcomes, those decisions can be made between the patient and the provider.  

嘿，Maria，这是个很好的问题。首先，我们看到很多患者在使用我们平台之前已经接触过GLP-1，我认为有大量数据支持这一点。相当大比例的人群曾经尝试过GLP-1，但不幸的是大多数人停止了使用，这些数据都是公开的。正如我们所讨论的，很多问题包括肌肉流失、严重的恶心和呕吐。因此，从医学角度来说，我们与临床顾问和临床领导者合作，建立了一整套信息采集流程，旨在全面了解患者的现状——他们是否曾使用过GLP-1、他们对副作用和恶心的敏感程度等。对于实现实际目标体重减轻，这些药物的个性化程度是极高的，因为每个人的体质不同，每个人的理想健康结果也各不相同。所以，针对这种药物采用单一剂量方案的思路，特别是考虑到其极端副作用和极高疗效，其实是非常恰当的。所有这些信息会被整合到平台内的电子病历（EMR）中，呈现给医疗提供者，并结合提供者的专业经验以及MedMatch系统对类似患者的教育，从而使患者和提供者之间能够共同做出决策。

Maria Ripps  

Great. That's very helpful. And then can you maybe talk about how the short ending could impact the competitive setup and some of the dynamics among platforms that have been offering compounded semaglutide?  

太好了，这非常有帮助。接下来，你能谈谈这种短期结束（短缺期结束）将如何影响竞争格局以及那些提供混合制赛马鲁肽的平台之间的动态吗？

Andrew Dudum  

Yes. I mean we are pretty clear with regard to what the regulation states. So my expectation is most parties in markets that have been offering commercially available doses of semaglutide will seek to do that in the next couple of months. Again, the FDA outlined very clearly when you can and cannot compound, one, during a shortage, which has now indicated is no longer. And then second, when there's a clinical necessity for that personalization to the A facilities. So I think on an ongoing basis, outside of the next quarter, as commercial doses come out of the market, you'll see probably a smaller amount of personalization happening through the A for those that are clinically requiring that level of tailoring.  

是的。关于监管规定，我们已经非常明确。因此，我预计目前在市场上提供商业化剂量赛马鲁肽的各方将在未来几个月内继续这样做。FDA已经非常清楚地说明了何时可以进行混合制药，何时不可以：首先，是在短缺期间，而现在短缺已不再存在；其次，是在临床上需要这种个性化处理时才能在A设施中进行。因此，我认为在未来的每个季度之外，随着商业化剂量的推出，对于那些在临床上需要这种级别个性化调整的患者，您可能会看到通过A渠道进行的个性化程度会有所降低。

Maria Ripps  

Got it. That's very helpful. Thank you very much.  

明白了，这非常有帮助。非常感谢。

Operator  

主持人

Your next question comes from the line of Craig Hettenbach from Morgan Stanley. Please go ahead.  

接下来的问题来自摩根士丹利的Craig Hettenbach，请开始提问。

Craig Hettenbach  

Yes. Thank you. Outside of semaglutide, can you talk about just rough expectations for liraglutide in terms of possible timing for this year? And then also an update on the oral weight loss drugs. You've mentioned on prior calls as well the $100 million run rate. Just are you sustaining some of that momentum or what's the latest on the oral side?  

是的，谢谢你。除了赛马鲁肽之外，你能谈谈对今年利拉鲁肽可能推出时间的粗略预期吗？另外，请更新一下口服减肥药的情况。你在之前的电话会议中也提到过达到1亿美元的收入运行率。你们是否能维持这种势头？口服产品目前的最新进展如何？

Yemi Okupe  

Yes. Thanks for the question, Craig. We see the oral business continue to remain incredibly strong. And so the guidance of expecting at least $725 million of revenue contribution from our weight business effectively excludes any contribution from the commercially available dosages of semaglutide. We set the guidance typically based upon what we have line of sight to today. There's a few things that we do know hold true and we've seen the oral business benefit as a result of it.  

是的，谢谢你的提问，Craig。我们看到口服业务依然非常强劲。因此，我们预计减肥业务至少将贡献7.25亿美元的收入，这一预期实际上不包括商业化剂量的赛马鲁肽。我们通常是基于目前所掌握的信息来设定这一预期。有几件事情我们知道是正确的，也正是这些因素使口服业务受益。

The first is we know that our subscribers value the benefits the platform brings beyond the medication. Consumers are very motivated to lose weight and have a holistic platform to do so. We also know that consumers are looking for health and treatments from platforms that they do trust. So those are the elements being one of the reasons why the oral weight loss was able to scale so quickly.  

首先，我们知道订阅者看重平台所带来的超越药物本身的各种好处。消费者非常渴望减肥，并需要一个全面的解决方案平台。我们也了解到，消费者在寻找他们信任的平台提供的健康管理和治疗服务。这些因素正是口服减肥产品能迅速规模化的原因之一。

We see continued momentum even when we had personalized or compounded commercially available dosages of semaglutide on the platform. Oral offering continue to remain quite popular as a result of broader eligibility requirements, as a result of many consumers just being candidly more comfortable with the modality. And so as we look to what 2025 looks like, we do expect a continued meaningful contribution from our oral business.  

即便在平台上同时提供个性化或混合制的商业化赛马鲁肽剂量时，我们仍看到口服业务保持着持续的增长势头。由于更广泛的适用条件，以及许多消费者对这种使用方式更为自然和舒适，口服产品仍然非常受欢迎。因此，展望2025年，我们确实预计口服业务将继续作出显著贡献。

We're excited for liraglutide to come later this year. We expect those to be foundational pieces of the overall system for our weight loss specialty that can be supplemented, as Andrew mentioned, by the synthetic consumers for whom personalized dosages, compounded semaglutide are an effective solution for.  

我们对今年晚些时候推出利拉鲁肽感到非常兴奋。正如Andrew提到的，我们预计它们将成为我们减肥专科整体体系中的基础组成部分，并可通过针对那些需要个性化剂量、混合制赛马鲁肽的消费者进一步补充完善。

Craig Hettenbach  

Got it. And then just as a follow-up on the Hers platform reaching 30% of the business, outside of GLP-1, can you maybe just give some color in terms of some of the key categories that are driving traction on the Hers side?  

明白了。接下来，作为对Hers平台业务占比达到30%的跟进问题，除了GLP-1之外，你能否谈谈哪些关键品类在推动Hers业务增长，并对此做一些说明？

Yemi Okupe  

Yes. I think one of the things that we're seeing Hers really benefit from, first and foremost, there's just many of the learnings that we had around marketing effectiveness from Hims as well as strategies around personalization, we also brought over to Hers.  

是的。我认为，我们看到Hers的一个主要优势首先在于，从Hims那里学到的许多关于营销效果和个性化策略的经验，也被成功地引入到了Hers平台。

What we also do see is that many of the categories for Hers are visible in nature. So things in dermatology that are inclusive of both skincare as well as hair loss prevention for women remain incredibly popular and that is one of our fastest scaling specialties.  

我们还看到，Hers的许多品类本身就非常直观。例如，涵盖护肤和女性防脱发的皮肤科产品一直非常受欢迎，这也是我们增长最快的专科之一。

We also as we talked around at various points last year, see a very successful mental health business. That is also driving underneath Hers as well. And then the full ecosystem of weight, we're seeing that gain traction across both Hers and Hims.  

正如我们去年多次提到的，我们还看到心理健康业务非常成功，这也是推动Hers业务的重要因素。再加上整个减肥生态系统，我们看到这一板块在Hers和Hims两边都在获得增长动力。

And so really we're seeing a healthy composition across multiple specialties driving the acceleration of Hers. And a large part of that is it's benefiting from many of the learnings that we had on the Hims side being able to bring those over and drive faster acceleration to the Hers first brand.  

因此，我们实际上看到，多个专科的健康组合正在推动Hers业务的加速发展，其中很大一部分原因是，它从Hims方面获得的众多经验中受益，将这些经验迁移过来，从而推动了Hers品牌的更快发展。

Craig Hettenbach  

Got it. Thank you.  

明白了，谢谢。

Operator  

主持人

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

接下来的问题来自 Nephron Research 的 Eric Percher，请开始提问。

Eric Percher  

Thank you. A question on the transition beyond commercial semaglutide. Maybe question one, what happens to the patients and subscribers currently on the commercial product? How do you think about supporting them? And what portion do you expect would be viable for personalization?  

谢谢。我的问题关于超出商业化赛马鲁肽后的过渡。第一个问题是，目前使用商业化产品的患者和订阅者会怎样？你们如何考虑支持他们？预计有多少比例适合进行个性化调整？

Andrew Dudum  

Yes, that's a great question, Eric. I would suspect we will have to start notifying customers in the coming month and two that they will need to start looking for alternative options on the commercial dosing. Obviously, we have the expansive platform, whether it's the oral medication that are already out there or if there is some reason that this patient would qualify for some level of personalization that exists. But I would suspect, just being very direct, that a lot of those patients will try to go into the open market and try to secure a branded option in some form factors. So that transition is inevitable. I think that transition is going to have to take place and has been built into the guidance that Yemi provided.  

是的，Eric，这是个好问题。我认为，我们可能需要在接下来的一个到两个月内开始通知客户，他们将需要寻找商业化剂量的替代方案。显然，我们拥有一个庞大的平台，无论是现有的口服药物，还是如果有理由认为某位患者符合某种个性化调整的条件。但我直截了当地说，大量这些患者可能会转向开放市场，尝试以某种形式获得品牌产品。因此，这种过渡是不可避免的。我认为这一过渡必须发生，并已反映在Yemi提供的指引中。

Eric Percher  

And as you look out toward the end of the year when you have liraglutide are building on personalization, do you have a feel for what portion of the weight loss population may be spread across those? Yemi, I might also ask you. I think we have $725 million as the goal this year. We know $229 million last year for GLP-1, $100 million for weight loss. Can you help us on the equivalent or at least $100 million for weight loss, can you help us on the equivalent to that number of $725 million?  

那么，展望今年年底，当你们利用个性化策略推进利拉鲁肽时，你对减肥人群中有多少比例可能会使用这些产品有什么看法？Yemi，我也想请你说明一下。我认为今年的目标是7.25亿美元。我们知道去年GLP-1贡献了2.29亿美元，减肥产品贡献了1亿美元。你能否帮我们解释一下，在减肥这一部分，如何达到相当于7.25亿美元的水平，或者至少相当于那1亿美元的部分？

Yemi Okupe  

Yes, I think what we're -- what we would expect as we look to the end of this year, given the fact that we, as Andrew mentioned, are one of the platforms has the ability to provide data insights to consumers. We also are a trusted and affordable brand. We do expect to see the oral based offering be quite popular, given the fact that many other platforms will no longer be offering commercially available dosages of semaglutide. We are likely to receive benefits from that across both of our specialties on the oral side as well as liraglutide. And so I think that the competitive advantages that have served as a foundation for how we've been able to scale specialties in the past, the trusted brand, the value that we bring to consumers beyond the medication will be a critical component of maintaining our existing ecosystem of subscribers, but then also continuing to draw a broader set of subscribers to the platform.  

是的，我认为，正如Andrew所提到的，鉴于我们平台能为消费者提供数据洞见，同时我们也是一个值得信赖且价格合理的品牌，我们预计口服产品将会非常受欢迎，因为许多其他平台将不再提供商业化剂量的赛马鲁肽。我们预计这将在我们的两个专科——口服产品和利拉鲁肽方面都带来好处。所以，我认为，我们过去在扩展各专科时所依赖的竞争优势——值得信赖的品牌以及为消费者带来超越药物本身的附加价值，将是维持现有订阅者生态系统以及吸引更广泛订阅者到平台的关键因素。

Andrew Dudum  

I would add there, Eric, one thing we talked about last quarter I think is again, as Yemi mentioned, the platform's capability to deliver a more comprehensive offering, higher touch care, increased personalization, whatever the actual medications are, is delivering what we believe is really a fantastic result. And so even when you think about the oral medications, which I think a lot of people forget, that's a category with that type of personalization that is delivering, I believe we shared 10% weight loss at more than or less than half the cost of the semaglutide, right, both the commercial and the personalization. And so I think there's a real group of customers out there. I think it's overwhelmingly the majority that is looking for handheld care. And we can help achieve weight loss in different ways and different mechanisms with different treatments. But I think that's why you're -- there's a strong degree of confidence in the delivery of that $700 plus million this year without the branded medications or the commercial doses just because I think what we see under the hood is patients really need help, they want to be cared for, they want that high touch, and that's really what the platform is able to deliver for them.  

我还想补充一点，Eric，正如我们上个季度讨论过的，以及Yemi所提到的，我们的平台能够提供更全面的产品、更高质量的护理、更强的个性化服务，无论实际药物是什么，都交付了我们认为非常出色的成果。所以，即便考虑到口服药物，很多人可能会忽略，这一类别的个性化效果确实出色，我相信我们能够实现大约10%的体重减轻，而且成本可能只有赛马鲁肽的一半左右，无论是商业版还是个性化版。因此，我认为存在一大群客户，他们绝大多数都在寻求这种便捷的护理方式。我们可以通过不同的治疗方法以不同机制帮助实现减肥，这也是为什么我们对今年在不依赖品牌药物或商业化剂量的情况下实现超过7亿美元收入充满信心，因为我们看到，患者真的需要帮助，他们渴望被照顾，他们需要高质量的服务，而这正是我们平台能够为他们提供的。

Eric Percher  

Thank you.  

谢谢你。

Operator  

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

接下来的问题来自花旗的Daniel Grosslight，请开始提问。

Daniel Grosslight  

Hi. Thanks for taking the question. I just had really a numbers question here on the GLP-1 contribution this quarter. So it seems like for the full year, you guys were, Yemi, did you say $225 million or so of GLP-1 contribution? In my model, and frankly, I could be off in my model, but I had you doing around $75 million in 2Q and 3Q. So that would put the fourth quarter GLP-1 revenue somewhere in that $150 million range, which would be a pretty nice step up quarter-over-quarter, but then it does also apply very limited or even declining sequential growth in non-GLP-1 revenue from 3Q to 4Q. So I just wanted to put a finer point on GLP-1 contribution in the fourth quarter specifically. And then maybe if you can comment on the quarter-over-quarter trends in the non-GLP-1 revenue. Thank you.  

嗨，谢谢你的提问。我这里有一个关于本季度GLP-1贡献的数字问题。看起来全年GLP-1的贡献大概是2.25亿美元，对吗，Yemi？在我的模型中，虽然可能有偏差，但我预测第二季度和第三季度大约各有7500万美元的贡献。那么第四季度GLP-1的收入应该大约在1.5亿美元左右，这相比上一季度有明显的提升，但同时非GLP-1收入从第三季度到第四季度则显示出非常有限甚至下降的顺序增长。所以我想更具体地了解第四季度GLP-1的贡献情况，并请你评论一下非GLP-1收入的季度环比趋势。谢谢。

Yemi Okupe  

Yes. Thanks so much for the question, Dan. So I think across the year, but on the full year basis as well as within quarters, the vast majority of the revenue is still coming from the non-GLP-1 related offering. We still see that the overall tenured specialties remain quite durable. Much of the increase in personalized subscribers that you're seeing that number drive north of 55% is driven in part by the continued shifting of subscribers to those categories. So overall, I think it's -- we're not necessarily speaking on a quarter-to-quarter basis of the performance at a specialty level. But we do see the overall core specialties outside of GLP-1 remain quite durable. As we start to bring on some of the capabilities that Andrew mentioned in his prepared remarks such as lab testing and bring greater precision around personalization? We do see the ability for that to strengthen even further as we've seen acceleration in some of our tenured specialties in the past.  

是的，非常感谢你的问题，Dan。我认为，无论是全年还是各季度，大部分收入仍然来源于非GLP-1产品。我们仍看到主要的长期专科保持着很高的稳定性。你所看到的个性化订阅者增加超过55%的很大一部分，是由于订阅者不断转向这些类别。因此，总体来看，我们并非严格按照各专科季度表现来讨论，但我们确实看到，除GLP-1之外的核心专科依然非常稳健。随着我们开始引入Andrew在预先发言中提到的一些能力，比如实验室检测以及进一步提高个性化的精准度，我们看到这种能力有望进一步增强，正如过去我们在一些长期专科中所见到的加速效应。

Daniel Grosslight  

Okay, okay. And then on -- as we think about that $725 million of weight loss guidance for this fiscal year. I'm wondering if there's -- I don't know is there any way to partner with some of the branded companies out there. One of your competitors does have a partnership with Lilly on tirzepatide vials. I'm curious if you would pursue something on the branded side of GLP-1s outside of liraglutide or are you going to kind of stick with your knitting on what you got currently?  

好的，好的。接下来，关于你们今年财年目标中7.25亿美元的减重收入，我想知道是否有可能与一些品牌公司合作。你们的一个竞争对手确实与Lilly有关于tirzepatide小瓶装的合作。我很好奇，除了利拉鲁肽之外，你们是否会在GLP-1的品牌产品上寻求合作，还是打算坚持目前的策略？

Andrew Dudum  

Thanks, Daniel. Yes, great question. We've spoken to both of the leadership teams at Novo and Lilly and looked at the deal that Ro did with Lilly and LillyDirect. It's not off the table, right? I think the branded medications, without question, and we see this on our platform today with branded Viagra and other branded products. There is a subset of people that always wants to get them. I think right now what is challenging is twofold. One, the actual reliability of sourcing those medication and not to be kind of snickering here, but like we still really can't actually source the branded medications from our pharmacies for our own platform. And so there is a limited supply in a way that prevents us from having any durable offering on the existing Hims & Hers platform at the scale that we offer it. Obviously for other players who have smaller scale, that's a different story. But that is still a challenge. And then I think the other thing as a challenge is just the reimbursement rates are continuing to go down. And so frankly the reliability that we can say to a patient that, hey, you're going to have this price and here's a guaranteed kind of locked-in experience. It's kind of crumbling a little bit. And so I think we still need to see how that pans out from a customer relationship standpoint. We want to have consistency. We want to have price transparency like we've always talked about. We want to have seamlessness. And the current ecosystem across supply chain, reimbursement rate, cost, it just really doesn't hit those marks in any way yet. Hopefully, those do change, right, because again, as a platform that likes to be Switzerland, we benefit from having more offerings on the platform and our patients also benefit. So I think we're keeping our eyes open and seeing how the dynamics change and always have a really open conversation with any of those companies that can be helpful in getting more breadth to the platform for these patients.  

谢谢你，Daniel。是的，问题很好。我们已经与Novo和Lilly的领导团队进行了沟通，并考察了Ro与Lilly和LillyDirect达成的交易。这并非完全排除在外，对吧？我认为品牌药物无疑存在——我们在平台上已经看到如品牌Viagra及其他品牌产品。有一部分消费者始终希望获得这些产品。目前面临的挑战主要有两点。第一，实际从供应链中获得这些品牌药物的可靠性问题，不好意思说，我们实际上仍然无法从我们自己的药房中为平台采购到足够的品牌药物，因此供应有限，这使得我们在现有Hims & Hers平台上无法以我们所提供的规模实现持久供应。对于规模较小的其他竞争者来说情况可能不同，但这仍然是一个挑战。其次，报销率持续下降，这使得我们很难向患者保证一个固定的价格和锁定的体验，这种可靠性正在有所下滑。因此，我认为我们还需要观察客户关系方面的效果。我们希望保持一致性，保持价格透明度，就像我们一直所讨论的那样，追求无缝衔接。而目前在供应链、报销率和成本等方面的现有生态系统，实际上还没有达到我们要求的标准。希望这些情况能够改变，因为作为一个喜欢保持中立的平台，我们从更多产品供应中获益，而我们的患者也同样受益。所以我认为，我们会持续关注动态变化，并与任何能够帮助扩展平台品类的公司保持开放对话。

Daniel Grosslight  

Makes sense. Thank you.  

有道理，谢谢你。

Operator  

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

接下来的问题来自Needham的Ryan MacDonald，请开始提问。

Ryan MacDonald  

Thanks for taking my questions. Congrats on a great quarter. As we look at the GLP-1 business, you talked about personalized and commercial. Can you give us a sense of what the rough mix is across that? And then as you -- as we get past Q1 here, is there any risk, whether it be from a legal or regulatory perspective on continuing to offer the personalized version in your view? Thanks.  

感谢你回答我的问题，祝贺你们取得了一个出色的季度。关于GLP-1业务，你提到了个性化与商业化两种模式。你能大致说明这两者的比例吗？另外，随着我们进入第一季度之后，你们继续提供个性化版本在法律或监管方面是否存在任何风险？谢谢。

Yemi Okupe  

Maybe I can take the first part and then I'll hand the second part over to Andrew to address. I think we initially launched the platform with just commercially available dosages. What we see in general in our platform is, as Andrew mentioned, many of the folks that are coming to our platform have come and have had struggles with GLP-1s in the past. That was the genesis behind one of the reasons behind why we very quickly looked to roll out the personalized dosages as well. And so we see between that as well as the other benefits that we offer on the platform, the high-touch provider engagement. Is it given the fact that many folks have already experienced side effect concerns with the commercially available dosages, a majority of individuals on the platform today are utilizing personalized dosages versus the commercially available dosages. Andrew, you're going to take the second part?  

也许我先回答第一部分，然后把第二部分交给Andrew来回答。我认为，我们最初推出平台时只提供商业化剂量。正如Andrew所提到的，我们平台上很多用户过去都曾尝试过GLP-1并遭遇困难，这正是我们迅速推出个性化剂量方案的初衷之一。因此，结合平台上其他优势——如高频次的服务提供者互动——鉴于许多人已经对商业化剂量产生副作用担忧，目前平台上大多数用户使用的是个性化剂量，而非商业化剂量。Andrew，你接着回答第二部分吧？

Andrew Dudum  

Yes, sure. Yes, I think the regulatory framework for the allowance of personalization and actually what that means, right, to Maria's question, the documentation, the clinical necessity of it, what the actual experience of it looks like, what personalization means from an actual dosing standpoint and a difference from commercially available drug. All of this is very clear and regulated. And so we play by the rules and the rules are quite clear. And so I don't expect there to be meaningful conflict when it comes to the personalization standpoint. I think historically, the broad industry, inclusive of the pharmaceutical companies have recognized and respected, I think, the need for this type of clinical personalization of medication. I think what they have always really had issue with understandably just given the bottom line implications is the mass scale production through the 503Bs, right? Commercial mass scale production is something that they would prefer doesn't exist. It is again regulatorily allowed. But with that closing as a result of the shortage, I think you'll see a meaningfully smaller number of players in market. I think the necessity for kind of a high filter of who those customers are and what the experience looks like and how it's documented will be very important and ultimately I think will be respected by most of those industry leaders.  

是的，当然。我认为关于允许个性化的监管框架及其意义——也就是Maria问题中提到的，包括文件记录、临床必要性、实际体验以及个性化从实际剂量角度的定义与商业化药物之间的区别——所有这些都非常明确且受到严格监管。所以，我们严格遵守规则，而规则也十分清晰。因此，我不认为在个性化方面会出现实质性的冲突。从历史上看，包括制药公司在内的整个行业都认识并尊重这种临床个性化药物的需求。可以理解的是，他们一直主要担心的问题是通过503B实现的大规模生产，这种商业化大规模生产实际上是他们希望不存在的情况。虽然在监管上允许这种生产，但由于短缺导致这一渠道关闭，我认为市场上的参与者会明显减少。我认为，对客户身份、体验及其记录进行高标准筛选非常重要，最终大多数行业领导者都会对此表示认可。

Ryan MacDonald  

Thanks. I appreciate all the color there. And then as you think about the liraglutide launch, any more specifics you can give us on sort of what we should expect in terms of the time line for when that will be become available on Hims? And then how are you thinking from a pricing strategy perspective for generic liraglutide relative to the ranges that you have of orals at $70 up to compounded GLP-1 at $165? How should we think about the -- where that could come in the pricing range here? Thanks.  

谢谢，我很感激你们提供的详细信息。接下来，关于利拉鲁肽的推出，你能否给我们更具体的时间预期，说明它何时会在Hims平台上上市？另外，从定价策略的角度来看，与口服产品70美元至混合制GLP-1 165美元的定价范围相比，通用利拉鲁肽的定价应如何考虑？我们应该如何看待它可能处于的价格区间？谢谢。

Andrew Dudum  

Yes, that's a great question. From a timing standpoint, I would expect sometime midyear or early second half of the year to bring that to market. On the pricing side, our ambition is always to bring this to market in the most mass affordable way possible. Now with liraglutide, it's a bit of a challenge because you have more medication that's needed, given it's a daily injection versus a weekly injection. You've got more sterile needles that are required on a weekly basis given this. So everything from raw API to packaging is more expensive. So I would suspect that there's going to be some trickle-down effect that results in us having a similar price point to the commercial dosing in the couple of hundred buck range. But again, I think our ambition will always try to get to scale quickly, negotiate either through our own third-party partners or through the verticalization of our own infrastructure to be able to then bring that price down over the coming year and bring it to people in a way that ultimately delivers great outcomes. And I think with liraglutide, the base level dosing has okay results compared to the newer generation GLP-1s. But there's a lot of people that have very strong results when you pair it with other treatments, whether it's compounds on the oral side or healthy lifestyle or calorie deficit or even personalized doses of the liraglutide. So I think we have a lot of excitement for that medication because we think it will be a nice thing to add to the arsenal and be very successful for a certain group of people.  

是的，这是个很好的问题。从时间角度来看，我预计利拉鲁肽将在今年中期或下半年初上市。至于定价，我们的目标始终是以最普惠的方式将其推向市场。对于利拉鲁肽来说，这确实有些挑战，因为它需要的药量更多——毕竟它是每日注射而非每周注射，且每周需要更多的无菌针头，因此从原料到包装的成本都更高。所以我预计会有一种逐步传导的效应，使得我们的定价与商业化剂量接近，大约在几百美元的区间。但我认为，我们始终希望迅速实现规模化，通过与第三方合作伙伴或通过垂直整合自身基础设施来谈判，从而在未来一年内将价格进一步降低，并以一种最终带来卓越效果的方式惠及大众。我认为，利拉鲁肽的基础剂量相对于新一代GLP-1来说效果一般，但当它与其他治疗方法搭配使用时——无论是口服复合产品、健康生活方式、热量赤字，还是个性化利拉鲁肽剂量——都能产生非常显著的效果。因此，我对这款药物充满期待，因为我们认为它将是一个很好的补充，并且对特定人群非常成功。

Operator  

主持人

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

接下来的问题来自Seaport Research的Aaron Kessler，请开始提问。

Aaron Kessler  

Hey, guys. Maybe just on the kind of for the testing, you kind of mentioned menopause testing as well as low T or testosterone on them. Any thoughts on timing potentially for that offering? And then just maybe how to think about kind of that growth versus revenue per sub for the year as well? Thank you.  

大家好。关于检测方面，你们提到了更年期检测以及低睾酮检测。对于这一产品的推出时间，你们有没有什么看法？另外，请问对于这一业务的增长与每个订阅者带来的收入之间的关系，应该如何理解？谢谢。

Andrew Dudum  

Yes. Thanks, Aaron. We're really excited about the whole body testing. I think you'll hopefully see us start to get that in the market in the first half of the year, but it's not early second as well as we integrate [indiscernible]. And that's going to really unlock not only more precise treatments, vitamin supplementation, but also, I think, multi-condition treatments because you're able to really start to get earlier biomarkers for things like metabolic disorders, insulin resistance, cardio disorders on the lipid profile side. So I think there's going to be a real expansion opportunity there that can expand not only the number of customers that are coming to us every day, but also just the stickiness of the relationship. And then Yemi I'll let you speak a little bit on the second half.  

是的，谢谢你，Aaron。我们对全身检测充满了期待。我认为你们有望看到我们在今年上半年将这一服务推向市场，但也可能在第二季度初期随着我们整合[听不清部分]后上市。这不仅将开启更精准的治疗、维生素补充方案，还可能实现多病症治疗，因为这样一来，我们可以更早地获取诸如代谢紊乱、胰岛素抵抗以及血脂异常等心血管疾病的生物标志物。因此，我认为这里将有真正的扩展机会，不仅能增加每天接触我们的客户数量，还能增强客户粘性。接下来，我把话筒交给Yemi，让他谈谈下半年的情况。

Yemi Okupe  

Yes. On the second half, we do expect continued expansion on revenue per sub. I think the pace of that will vary depending on a few factors. One is just, as Andrew mentioned, as we start to roll out more multi-condition treatments, those typically carry a bit of a premium to the existing treatments on the platform. So that will drive some expansion. And as we see continued adoption on both the oral as well as liraglutide in the back half of this year that's likely you'll see some expansion in revenue per subscriber as well.  

是的。对于下半年，我们预计每位订阅者带来的收入将继续增长。我认为这一增速会受到几个因素的影响。首先，正如Andrew所提到的，随着我们开始推出更多多病症治疗方案，这些通常比平台上现有的治疗方案价格略高，从而推动收入增长。其次，随着今年下半年口服产品和利拉鲁肽的持续采用，每位订阅者的收入也有望进一步提升。

Aaron Kessler  

Great. Thank you.  

很好，谢谢你。

Operator  

There are no further questions at this time. With that, ladies and gentlemen, that concludes your conference call. We thank you for participating and ask that you please disconnect your lines.  

目前没有更多问题。各位女士们、先生们，这就结束了本次电话会议。感谢各位的参与，请断开通话线路。