Operator

Good afternoon, ladies and gentlemen. Thank you for standing by. At this time, I would like to Welcome everyone to the Hims & Hers First Quarter 2025 Earnings Call. I would now like to turn the call over to Bill Newby, Head of Investor Relations. Please go ahead, sir.

女士们先生们，下午好。感谢您的等待。此时，我想欢迎各位参加Hims & Hers 2025年第一季度业绩电话会议。现在我想把会议交给投资者关系主管Bill Newby。请开始，先生。

Bill Newby

Good afternoon, everyone, and welcome to the Hims & Hers Health first quarter 2025 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.

大家下午好，欢迎参加Hims & Hers Health 2025年第一季度业绩电话会议。今天收市后，我们发布了本季度的股东信，您可以在我们的网站investors.hims.com上找到副本。

On the call with me today is Andrew Dudum, our co-founder and Chief Executive Officer, and Yemi Okupe, our Chief Financial Officer. 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.

今天与我一起参加电话会议的是我们的联合创始人兼首席执行官Andrew Dudum和首席财务官Yemi Okupe。在我将会议交给Andrew之前，我需要提醒您注意法律安全港声明和警示性声明。本演示中所作的某些陈述和未来结果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，并受可能导致实际结果产生重大差异的风险和不确定性的影响。无论是由于新信息、未来事件、假设变更还是其他原因，我们都没有义务在本次电话会议后公开更新任何前瞻性陈述。

Please see our most recently filed 10-K and 10-Q reports for discussion of risk factors as they relate to forward-looking statements. In today's presentation, we 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.

有关前瞻性陈述相关的风险因素讨论，请参阅我们最近提交的10-K和10-Q报告。在今天的演示中，我们还使用了某些非GAAP财务指标。我们建议您参考今天的新闻稿和股东信中包含的与最具可比性的GAAP财务指标的对账表。您可以在investors.hims.com找到这些信息以及今天网络直播的链接。会议结束后，此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.

说完这些，我现在把会议交给Andrew。

Andrew Dudum

Thanks, Bill. 2025 is already shaping up to be a landmark year for Hims & Hers. We're delivering on our long-held vision, healthcare that's convenient, affordable, transparent, and deeply personalized. As we continue to execute, we see clear signs that our vision is resonating with more people than ever around the world. This has been our plan from day 1. To build a global platform centered around the individual and to combine technology with data to reimagine how care is delivered.

感谢Bill。2025年已经呈现出将成为Hims & Hers具有里程碑意义的一年。我们正在实现我们长期以来的愿景，即提供便捷、经济、透明且深度个性化的医疗保健服务。随着我们继续执行，我们看到明确的迹象表明我们的愿景正在全球范围内引起前所未有的共鸣。这一直是我们从第一天起就制定的计划：建立一个以个人为中心的全球平台，并将技术与数据相结合，重新构想医疗服务的提供方式。

We are proving it can be done and more importantly that we can scale it. We have a solid foundation, strong confidence in our ability to deliver long-term growth and with new expansions and new partnerships, we're excited for what's next. While this may feel like a new story in healthcare, we've seen this kind of transformation across several other industries. Netflix transformed the way we consume media through an initial focus on building a broad subscriber base by leveraging convenience and then utilize data and insights to elevate the experience for their subscribers.

我们正在证明这是可以实现的，更重要的是我们可以扩大规模。我们拥有坚实的基础，对我们实现长期增长的能力充满信心，随着新的扩张和新的合作伙伴关系，我们对未来感到兴奋。虽然这在医疗保健领域可能感觉是一个新故事，但我们已经在其他几个行业看到了这种转型。Netflix通过最初专注于利用便利性建立广泛的用户群，然后利用数据和洞察来提升用户体验，从而改变了我们消费媒体的方式。

We are embarking on a similar journey as we increasingly leverage a rich set of structured and proprietary data to bring precision medicine to a broadening subscriber base. Consistent execution is allowing us to confidently outline new long-term financial objectives. By 2030, we expect to generate at least $6.5 billion in revenue and $1.3 billion in adjusted EBITDA. That's not just a vision. It's the foundation for a robust roadmap to one day reach tens of millions of users.

我们正在开启一段类似的旅程，随着我们越来越多地利用丰富的结构化和专有数据，为不断扩大的用户群带来精准医疗。持续的执行让我们能够自信地制定新的长期财务目标。到2030年，我们预计将产生至少65亿美元的收入和13亿美元的调整后EBITDA。这不仅仅是一个愿景，这是通向未来服务数千万用户的强大路线图的基础。

Our team's track record of delivering against ambitious goals quarter-after-quarter, gives us the confidence to share these targets. We've built a platform for the future of healthcare. One that's acceptable, affordable, transparent, and personalized. We scaled it, we strengthened it, and now we are accelerating it. Over the next five years, we'll focus on 5 core drivers of growth that we believe will help bring this new vision of healthcare to tens of millions of customers. First, we will deepen personalization capabilities, enabling access to a more precise level of care. Our vision involves expanding from hundreds of personalized treatments today to potentially thousands, powered by richer insights from lab diagnostics, growing subscriber data sets, and eventually daily tracking from wearable devices. This will unlock faster feedback loops and interventions resulting in greater optimized care.

我们团队季度接季度实现宏伟目标的记录，让我们有信心分享这些目标。我们已经建立了一个面向医疗保健未来的平台。这个平台具有可接受性、经济性、透明度和个性化特点。我们实现了规模化，加强了它，现在我们正在加速发展。在未来五年，我们将专注于5个核心增长驱动因素，我们相信这些因素将帮助把这种新的医疗保健愿景带给数千万客户。首先，我们将深化个性化能力，实现更精确的护理水平。我们的愿景包括从目前数百种个性化治疗扩展到潜在的数千种，这将由实验室诊断的丰富见解、不断增长的用户数据集，以及最终来自可穿戴设备的日常追踪提供支持。这将实现更快的反馈循环和干预，从而带来更优化的护理。

Next, we will continue expanding into new specialties that deeply impact people's lives. Building on our success in weight loss, we are launching new offerings in low testosterone and menopause support this year, with longer term opportunities emerging in longevity, sleep, and preventative care as we expand lab testing and peptide capabilities. Third, we'll elevate precision care without sacrificing convenience. With nearly 2.4 million subscribers, we are uniquely positioned to deliver access to personalized end-to-end care at scale. Our technologies like MedMatch are already reinventing initial care interactions, and we expect AI-driven tools, including access to coaches, therapeutic tools, and nutrition advice to deepen engagement and outcomes over time.

其次，我们将继续扩展到深刻影响人们生活的新专科领域。在减重方面取得成功的基础上，我们今年将推出低睾酮和更年期支持的新服务，随着我们扩展实验室测试和肽类功能，在长寿、睡眠和预防保健方面将出现更长期的机会。第三，我们将在不牺牲便利性的前提下提升精准护理。凭借近240万订户，我们独特地positioned于大规模提供个性化端到端护理服务。我们的技术，如MedMatch，已经在重新定义初始护理互动，我们预计AI驱动的工具，包括获取教练指导、治疗工具和营养建议，将随时间推移加深参与度和改善成果。

Fourth, we will continue building strategic partnerships to expand our ecosystem. Over time, we aim to create a curated healthcare ecosystem bringing together best-in-class solutions anchored by better data, personalized experiences, and trusted clinical support. And lastly, we'll scale the benefits of our platform globally. Demand for convenient, customized, transparent, high-quality healthcare is universal. Early traction in the UK gives us confidence that we can scale our platform globally and extend our mission to help people around the world feel great through the power of better health.

第四，我们将继续建立战略伙伴关系以扩展我们的生态系统。随着时间推移，我们的目标是创建一个精心策划的医疗保健生态系统，将最佳解决方案汇集在一起，以更好的数据、个性化体验和可信的临床支持为基础。最后，我们将在全球范围内扩大我们平台的优势。对便捷、定制化、透明、高质量医疗保健的需求是普遍的。在英国的早期发展势头让我们相信，我们可以在全球范围内扩展我们的平台，并通过更好的健康力量来扩展我们的使命，帮助全球人们感觉更好。

Now let's talk about this quarter. We kicked off 2025 with strong momentum, delivering first quarter results that demonstrate significant progress against our 2025 priorities. Revenue more than doubled year-over-year, and adjusted EBITDA nearly tripled. Our subscriber base grew to nearly 2.4 million, with over 1.4 million subscribers now using personalized solutions. We are not just offering access to treatment. We're helping people live better for the long term. We're connecting the dots between cardiovascular health, hormone support, hair health, and more all in one place.

现在让我们谈谈这个季度。我们以强劲的势头开启了2025年，第一季度的业绩展示了我们在2025年优先事项上取得的重大进展。收入同比增长超过一倍，调整后EBITDA几乎增长了两倍。我们的用户群增长到近240万，其中超过140万用户现在使用个性化解决方案。我们不仅仅是提供治疗途径，我们正在帮助人们长期过上更好的生活。我们正在一个平台上将心血管健康、激素支持、头发健康等多个方面联系起来。

You can see this clearly resonating with customers and specialties such as men's and women's dermatology. Over 80% of subscribers in our dermatology specialty are benefiting from a personalized solution as of the end of the first quarter, which was a critical part in driving nearly 50% year-over-year subscriber growth across those specialties. Sexual health is following a similar path. We believe that our ability to grow with our customers evolving needs is a critical driver of both long-term retention and long-term growth.

您可以清楚地看到这在客户群中产生共鸣，特别是在男性和女性皮肤科领域。截至第一季度末，我们皮肤科专科超过80%的用户正在受益于个性化解决方案，这是推动这些专科用户同比增长近50%的关键因素。性健康领域也在遵循类似的发展路径。我们相信，随着客户需求的发展而成长的能力是推动长期用户留存和长期增长的关键因素。

Weight loss is another example that demonstrates how execution of our vision can translate into a rapid scale. In just eighteen months, it has become one of our largest specialties. We've added liraglutide earlier this year, and now through our new collaboration with Novo Nordisk, we're expanding access to branded Wegovy to bring subscribers on our platform an even broader range of choice. Branded Wegovy will be an additional option for subscribers and will complement our oral kit offering, liraglutide, and personalized semiglutide options.

减重是另一个展示我们愿景如何转化为快速规模化的例子。仅仅十八个月内，它就已成为我们最大的专科之一。我们在今年早些时候添加了利拉鲁肽(liraglutide)，现在通过与诺和诺德(Novo Nordisk)的新合作，我们正在扩大品牌Wegovy的使用范围，为平台用户提供更广泛的选择。品牌Wegovy将成为用户的额外选择，与我们的口服套装、利拉鲁肽和个性化司美格鲁肽选项形成互补。

Teaming up with Novo Nordisk is a pivotal milestone. We are pairing our customer first platform with Novo's medicines, reaching more people and helping them stay on track with their goals. This collaboration also signals something important, trust from a major pharmaceutical leader, and it sets the blueprint for future partnerships that can expand both our reach and our relevance. Over time, we expect wider collaboration across the industry from pharmaceutical players, innovative leaders in diagnostic and preventative testing, to world class providers. This will strengthen our ecosystem and position us to curate a best in class offering that can reach tens of millions of people. This is the future of our platform, allowing a historically disjointed industry to reach more consumers for the benefit of those customers.

与诺和诺德的合作是一个重要的里程碑。我们将以客户为先的平台与诺和诺德的药品相结合，覆盖更多人群，帮助他们实现目标。这次合作也传递出重要信号：获得了一个主要制药领导者的信任，并为未来可以扩大我们覆盖范围和相关性的合作伙伴关系设定了蓝图。随着时间推移，我们期待与整个行业展开更广泛的合作，从制药企业、诊断和预防测试的创新领导者，到世界级医疗服务提供商。这将加强我们的生态系统，使我们能够策划最优质的服务，覆盖数千万人群。这就是我们平台的未来，让历史上分散的行业能够惠及更多消费者。

We look forward to providing future updates as this collaboration and others like it continue to evolve. When we look towards the future, it's clear we are just getting started on the realm of what's possible within healthcare. In addition to evolving our existing specialties, we plan to unlock value for customers in new ways later this year. Earlier this year, we acquired an innovative at home lab testing provider.

我们期待随着这项合作以及其他类似合作的持续发展提供未来的进展更新。当我们展望未来时，很明显我们在医疗保健领域的可能性方面才刚刚起步。除了发展我们现有的专科外，我们计划在今年晚些时候以新的方式为客户创造价值。今年早些时候，我们收购了一家创新的居家实验室检测服务提供商。

As we integrate those capabilities into our platform, we are excited to make blood testing easier and more accessible, giving customers access to testing for key biomarkers tied to heart, hormone, liver, thyroid and prostate health. These tools will support our current specialties and unlock entirely new ones. They'll also help customers better understand their health and track their progress, enabling more proactive, informed decisions for both patients and providers. This lower friction approach to diagnostics is especially important as we expand into hormone driven conditions like low testosterone and menopause. There are over 50 million people in The United States navigating symptoms tied to these conditions and many of them are already on our platform.

随着我们将这些能力整合到我们的平台中，我们很高兴能让血液检测变得更简单、更容易获取，让客户能够进行与心脏、激素、肝脏、甲状腺和前列腺健康相关的关键生物标志物检测。这些工具将支持我们当前的专科并开启全新的领域。它们还将帮助客户更好地了解自己的健康状况并追踪进展，使患者和医疗服务提供者能够做出更主动、更明智的决定。当我们扩展到低睾酮和更年期等激素驱动的症状领域时，这种低阻力的诊断方法尤为重要。在美国有超过5000万人正在应对与这些症状相关的问题，其中许多人已经在我们的平台上。

We believe our model with its high touch personalized care is uniquely positioned to meet these needs. We expect to launch both a low testosterone and menopause support offering before the end of this year. As we look ahead, everything we are doing from expanding into new specialties, deepening personalization, to forging new partnerships and ultimately broadening our global reach ties back to the core priorities we laid out at the start of this year. We took another huge step along this path earlier this morning with the announcement of Nader Kabbani as our new Chief Operating Officer. Nader was an operations leader at Amazon for nearly twenty years and his experience scaling operations at the highest level makes him uniquely qualified to help us build the future of healthcare. I'm thrilled to formally welcome him to the company today.

我们相信，我们这种高度接触的个性化护理模式在满足这些需求方面具有独特优势。我们预计在今年年底前推出低睾酮和更年期支持服务。展望未来，我们所做的一切，从扩展新的专科、深化个性化服务，到建立新的合作伙伴关系，最终扩大我们的全球覆盖范围，都与我们年初制定的核心优先事项息息相关。今天早上，我们在这条道路上又迈出了一大步，宣布任命Nader Kabbani为我们的新任首席运营官。Nader在亚马逊担任运营领导者近二十年，他在最高层级扩展运营的经验使他特别有资格帮助我们构建医疗保健的未来。我很高兴今天正式欢迎他加入公司。

In addition, I'd like to thank Melissa Baird for over seven years of friendship and dedicated efforts in bringing Hims & Hers to the place we are today. She will be deeply missed, but we are so excited for her in her next phase of life. In closing, we have a clear roadmap built on a strong foundation and underpinned by innovation and a deep belief in putting the customer at the center of everything we do. The momentum is real and we're just getting started.

此外，我要感谢Melissa Baird超过七年的友谊和为将Hims & Hers带到今天这个位置所做的专注努力。我们会深深想念她，但也为她人生的下一个阶段感到兴奋。最后，我们有一个建立在坚实基础之上的清晰路线图，以创新和将客户置于一切中心的深刻信念为支撑。这种发展势头是真实的，而我们才刚刚开始。

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

说到这里，我将把时间交给Yemi，让他讨论我们的财务表现和2025年的更新展望。

Thanks, Andrew. I'll walk through our financial results for the first quarter before going deeper into our updated outlook for the rest of the year. As Andrew mentioned, we've built a strong foundation and have real conviction in our ability to drive long term growth. With new partnerships, investments in deeper personalization capabilities and expansion into new specialties, we're preparing for the next phase of Hims & Hers. We're seeing early proof points that this next chapter is already underway from the strong start in 2025.

谢谢，Andrew。在深入探讨今年余下时间的更新展望之前，我将先介绍我们第一季度的财务业绩。正如Andrew提到的，我们已经建立了坚实的基础，并且对我们推动长期增长的能力充满信心。通过新的合作伙伴关系、对更深层次个性化能力的投资以及向新专科的扩展，我们正在为Hims & Hers的下一个发展阶段做准备。从2025年的强劲开局，我们已经看到下一篇章正在展开的早期证据。

We're continuing to build what we believe is a first of its kind healthcare platform, one that's more personalized, more accessible and affordable that we already see resonating with a growing number of consumers each day. The strength of our platform is clear in the first quarter. Revenue grew 111% year-over-year to $586 million. That momentum is the result of our ability to execute on a strategy that is able to bring a greater precision of care to more people. As our platform expands, we are serving a broader set of customers across our existing specialties and starting to provide value within new specialties.

我们正在继续打造我们认为是首创的医疗保健平台，这是一个更加个性化、更易获取且更实惠的平台，我们已经看到它每天都在吸引越来越多的消费者。我们平台的实力在第一季度表现明显。收入同比增长111%，达到5.86亿美元。这种增长势头是我们能够执行为更多人带来更精准医疗的战略的结果。随着平台扩展，我们正在为现有专科领域服务更广泛的客户群，并开始在新专科领域创造价值。

We ended the quarter with nearly 2.4 million subscribers reflecting a year-over-year increase of 38%. Data and insights on our platform are serving as a foundational element in identifying solutions that resonate with a broad base of consumers. In the first quarter, over 70% of new subscribers partner with a provider to obtain access to a personalized solution. Results like this give us strong conviction that we are not simply gaining market share through consumer rotation. Rather, we believe that our strengths, inclusive of our brand, personalized solutions, and technology platform, are allowing us to expand the overall market by democratizing access to higher quality treatment across the country.

我们在季度末的订阅用户数接近240万，同比增长38%。我们平台上的数据和洞察正在作为基础要素，帮助我们识别能够引起广大消费者共鸣的解决方案。在第一季度，超过70%的新订阅用户与服务提供商合作，获取个性化解决方案。这样的结果让我们深信，我们不仅仅是通过消费者轮换获得市场份额。相反，我们相信，我们的优势，包括品牌、个性化解决方案和技术平台，正在通过让全国各地的人都能获得更高质量的治疗来扩大整体市场。

Over the last several quarters, we've leveraged innovation in personalized solutions to start a transformation within our sexual specialty. Historically, our subscriber base has mirrored the broader industry with respect to an overwhelming majority of consumers utilizing on demand offerings. Launches of multi condition treatments that fold additional benefits in areas like vitamin support, hair loss prevention, testosterone support, and cardiovascular health are allowing us to elevate the experience for our sexual subscribers who are increasingly using our daily offerings.

在过去几个季度中，我们利用个性化解决方案的创新开始在性健康专科领域进行转型。从历史上看，我们的用户群与整个行业类似，绝大多数消费者使用按需服务。我们推出的多重症状治疗方案包含了维生素补充、防脱发、睾酮支持和心血管健康等额外益处，这让我们能够提升性健康订阅用户的体验，这些用户正在越来越多地使用我们的日常服务。

The number of subscribers utilizing a daily offering has more than doubled year-over-year and now represents nearly 40% of sexual health subscribers. We are already seeing benefits through signs of stronger retention with subscribers of sexual health daily offerings demonstrating a nearly 10 improvement in retention in their first year relative to on demand users with evidence of even stronger retention benefits over time. Our focus remains on driving long term growth even if at times that results in near-term temporary headwinds. As we transition our subscriber base toward more premium daily products, we expect some volatility in sexual health growth as we recalibrate our approach to messaging and invest in consumer education around the benefits our offerings provide.

使用日常服务的订阅用户数量同比增长超过一倍，现在占性健康订阅用户的近40%。我们已经看到用户留存率提升的好处，使用性健康日常服务的订阅用户在第一年的留存率比按需用户提高了近10%，而且随着时间推移，留存率的优势更加明显。我们仍然专注于推动长期增长，即使这有时会带来短期的暂时性阻力。随着我们将用户群转向更高端的日常产品，我们预计性健康增长会出现一些波动，因为我们需要重新调整我们的信息传达方式，并在消费者教育方面投资，让他们了解我们服务提供的益处。

Over the mid-to-long term horizon, we believe this transition will drive durable growth within our sexual health specialty as a result of increased retention and acquisition efficiency. Despite a significant shift in marketing spend towards weight loss and dynamics from the previously mentioned transition, year-over-year revenue growth outside of our GLP-1 offering remained robust at nearly 30% year-over-year. That's an important proof point. It demonstrates the underlying ability to drive robust growth across our broader business even in the presence of fewer dollars to drive top of the funnel demand.

从中长期来看，我们相信这种转变将因提高留存率和获客效率而推动性健康专科的持续增长。尽管营销支出显著转向减重业务，且存在前述转型带来的变化，但我们在GLP-1产品之外的业务年度收入增长仍保持强劲，同比增长近30%。这是一个重要的证明点。它表明即使在投入较少资金来推动漏斗顶端需求的情况下，我们的整体业务仍能保持强劲增长的潜力。

Growth in the first quarter benefited from a unique opportunity to extend the reach of our platform to aid the more than one hundred million Americans impacted by obesity. Our platform empowered our subscribers to pursue their goals with access to personalized solutions and tools customized for their unique journeys. We are excited to offer our weight loss subscribers access to an expanding portfolio of solutions through the start of a long-term collaboration with Novo Nordisk, one of the most respected companies in medical innovation. This collaboration combines our proven treatments with our ability to deliver personalized tech enabled care and services at scale.

第一季度的增长得益于一个独特的机会，让我们的平台能够扩大覆盖范围，帮助超过一亿受肥胖影响的美国人。我们的平台为订阅用户提供个性化解决方案和定制工具，帮助他们实现各自独特的目标。我们很高兴能够通过与医疗创新领域最受尊敬的公司之一诺和诺德(Novo Nordisk)开展长期合作，为我们的减重订阅用户提供不断扩展的解决方案组合。这项合作将我们经过验证的治疗方案与我们大规模提供个性化技术支持护理和服务的能力相结合。

In the near-term, this unlocks another compelling option for subscribers of commercially [indiscernible] of semaglutide [indiscernible]. It's a meaningful validation of our model, a powerful first step in expanding access to effect of obesity care across the country. Together these drivers, the momentum of our weight loss specialty and the continued adoption of premium personalized solutions are creating tailwinds in subscriber engagement. In the first quarter, monthly online revenue per average subscriber climbed to $84 up more than 50% year-over-year. We expect this to moderate as we move through the year driven by subscriber transitions off of commercially available semiglutide and typical seasonality in our weight offering.

在短期内，这为商业化[音频不清]司美格鲁肽[音频不清]的订阅用户提供了另一个引人注目的选择。这是对我们模式的重要验证，也是在全国范围内扩大有效肥胖护理可及性的强有力的第一步。这些驱动因素，包括我们减重专科的发展势头和高端个性化解决方案的持续采用，正在推动订阅用户参与度的提升。在第一季度，每位平均订阅用户的月度在线收入增长至84美元，同比增长超过50%。随着用户从商业化司美格鲁肽过渡，以及我们减重服务的季节性特点，我们预计这一增长将在年内趋于温和。

Now shifting to investment efficiency and profitability. We have upheld our rigorous capital allocation standards inclusive of a payback period of less than a year on marketing investments while concurrently elevating our brand's reach with consumers. As a result of this and prior investments in platform infrastructure, we're seeing real operating leverage as revenue scales. In the first quarter, adjusted EBITDA increased to $91 million, nearly triple what we delivered in the same quarter last year. Adjusted EBITDA margins expanded by over four points quarter-over-quarter to nearly 16%.

现在转向投资效率和盈利能力。我们在提升品牌对消费者影响力的同时，坚持严格的资本配置标准，包括营销投资回收期不超过一年。由于这一点以及之前在平台基础设施上的投资，随着收入规模的扩大，我们看到了实际的运营杠杆效应。第一季度，调整后EBITDA增长至9100万美元，几乎是去年同期的三倍。调整后EBITDA利润率环比提升超过四个百分点，接近16%。

Gross margins declined approximately three points quarter-over-quarter as GLP-1 revenue scaled. We expect improvement in the second quarter as we benefit from economies of scale across our ecosystem and continue augmenting our internal fulfillment capabilities. The first quarter was a significant moment for our marketing efforts on multiple fronts. We lean into upper funnel awareness through our Super Bowl campaign, and also invest heavily in specialty specific marketing campaigns within weight. Despite this, we achieved record level efficiency on our marketing spend.

随着GLP-1收入规模的扩大，毛利率环比下降约三个百分点。随着我们从整个生态系统的规模经济中受益，并继续增强内部履约能力，我们预计第二季度将有所改善。第一季度是我们营销工作在多个方面的重要时刻。我们通过超级碗广告活动提升品牌知名度，同时在减重领域进行大量专项营销投资。尽管如此，我们的营销支出效率仍创下历史新高。

Marketing spend in the first quarter was 39% of revenue, reflecting an improvement of 8 points year-over-year and over 6 point improvement from last quarter. These efficiency gains were driven by a few factors. First, we saw retention gains from a shift toward personalized solutions in our subscriber base, as well as benefits from a shift toward more premium daily options in our sexual health offering. Second, we dramatically raised the bar for marketing investment across our non-weight specialties. This gave us the ability to support a one minute Super Bowl campaign in specialty-specific marketing in our weight offering.

第一季度的营销支出占收入的39%，同比改善8个百分点，环比改善超过6个百分点。这些效率提升是由几个因素推动的。首先，我们看到用户群向个性化解决方案转变带来的留存率提升，以及性健康服务向更高端日常选项转变带来的收益。其次，我们大幅提高了非减重专科领域的营销投资标准。这使我们能够在减重业务的专项营销中支持一分钟的超级碗广告活动。

Rotation takes time to do efficiently, so we chose to reduce overall spend as opposed to recalibrate weight-related spend to other categories after the end of the semaglutide shortage in February. Lastly, we're seeing more subscribers come to our platform through organic and other lower-cost channels. We believe this is a reflection of investments that are extending the reach of our brand as well as benefits stemming from high advocacy from subscribers in our more visible specialties.

高效的转型需要时间，因此在2月份司美格鲁肽短缺结束后，我们选择减少总体支出，而不是将减重相关支出重新分配到其他类别。最后，我们看到更多订阅用户通过自然增长和其他低成本渠道进入我们的平台。我们认为这反映了扩大品牌影响力的投资成效，以及来自我们更具知名度的专科领域订阅用户的高度推荐所带来的益处。

Leverage further down the P&L continues to increase as we thoughtfully scale operations. G&A as a percentage of revenue improved 4 points year-over-year to 8%. Operations and support improved 3 points year-over-year to 11%. Those games reflected ongoing automation, verticalization, and improved efficiency across the business. Fiscal discipline is driving significant cashflow generation. Cashflow from operations was $109 million, which translated into free cashflow $50 million.

随着我们审慎扩大运营规模，损益表各项杠杆继续提升。管理费用占收入的比例同比改善4个百分点至8%。运营和支持费用同比改善3个百分点至11%。这些改善反映了持续的自动化、垂直化和整体业务效率的提升。财务纪律推动了显著的现金流产生。经营现金流为1.09亿美元，自由现金流为5000万美元。

At quarter end, we had $323 million in cash and short-term investments on the balance sheet. Strong free cash flow is enabling us to expand capabilities across our operation. In the first quarter, we invested $59 million into CapEx to augment our operations across the few areas. First, we continued investment to expand capacity for personalized offerings, setting the stage to be able to offer our subscribers access to more precise care by unlocking capacity for thousands of SKUs. We recently signed a lease for a larger facility in Arizona that expands our nationwide internal fulfillment footprint from approximately 400,000 square feet to nearly 700,000 square feet.

季度末，我们的资产负债表上有3.23亿美元的现金和短期投资。强劲的自由现金流使我们能够扩展运营能力。在第一季度，我们在几个领域投资5900万美元用于资本支出以增强运营。首先，我们继续投资扩大个性化服务的产能，为数千个SKU解锁产能，为订阅用户提供更精准的护理奠定基础。我们最近在亚利桑那州租赁了一个更大的设施，将我们全国内部履约面积从约40万平方英尺扩大到近70万平方英尺。

Second, we made investments to efficiently unlock scale through greater automation. While we are still early in our journey, automation provides a path to unlocking thousands of choices for our subscribers in an efficient manner. We upgraded equipment in the first quarter across several of our facilities, further enabling us to make the vision of precision medicine a reality. Finally, we invested in infrastructure to unlock sterile fulfillment capacity across our facilities. This provides a platform for more efficient fulfillment of specialties we are in today, such as weight, and those that we expect to be in the future, such as low testosterone, that require sterile capabilities.

其次，我们投资提高自动化水平以高效实现规模化。虽然我们仍处于发展初期，但自动化为我们以高效方式为订阅用户提供数千种选择开辟了道路。我们在第一季度升级了多个设施的设备，进一步使精准医疗的愿景成为现实。最后，我们投资基础设施以在各个设施中开发无菌履约能力。这为我们当前的专科业务（如减重）以及未来预期开展的需要无菌能力的业务（如低睾酮）提供了更高效的履约平台。

In the coming quarters, we will also invest to expand our lab diagnostic capabilities. This capability unlocks several benefits, such as reduced consumer barriers within new specialties, greater health-related insights for our subscriber base, and a wider assortment of more precise personalized solutions. This, combined with our other investments, will serve as a critical component for the next phase of growth, enabling us to more efficiently provide access to precision medicine to a broader population.

在未来几个季度，我们还将投资扩展实验室诊断能力。这一能力将带来多项益处，如降低新专科领域的消费者门槛、为订阅用户群提供更多健康相关洞察，以及提供更广泛的精准个性化解决方案。这些，结合我们的其他投资，将成为下一阶段增长的关键组成部分，使我们能够更高效地为更广泛的人群提供精准医疗服务。

With that, I will now walk through our guidance and longer-term outlook. In the second quarter, we expect revenue between $530 million to $550 million, representing year-over-year growth of between 68% to 74%. We are anticipating adjusted EBITDA in the range of $65 million to $75 million, reflecting a 13% margin at the midpoint. For the full year, we expect revenue between $2.3 billion and $2.4 billion up 56% to 63% year-over-year. We are anticipating adjusted EBITDA in the range of $295 million to $335 million, reflecting a 13% margin at the midpoint.

接下来，我将介绍我们的指引和长期展望。在第二季度，我们预计收入在5.3亿至5.5亿美元之间，同比增长68%至74%。我们预计调整后EBITDA在6500万至7500万美元之间，中位数利润率为13%。对于全年，我们预计收入在23亿至24亿美元之间，同比增长56%至63%。我们预计调整后EBITDA在2.95亿至3.35亿美元之间，中位数利润率为13%。

First, we expect continued strong growth across many of our most tenured offerings, including mental health as well as men's and women's dermatology, all of which are benefiting from years of investment in brand retention and personalized offerings. That said, while sequential and year-over-year growth is expected to continue, we do expect uneven trends in sexual health as we navigate transitions in the treatment mix, which we believe is temporary as new daily personalized solutions gain traction.

首先，我们预计在许多成熟业务领域将继续保持强劲增长，包括心理健康以及男性和女性皮肤科服务，这些都得益于多年来在品牌维系和个性化服务方面的投资。尽管如此，虽然环比和同比增长预计将持续，但我们预计在治疗组合转型期间，性健康业务的发展趋势将出现不均衡，我们认为这种情况是暂时的，随着新的日常个性化解决方案获得认可，情况将得到改善。

Second, we expect to complete the transition of subscribers previously on commercially available doses of semiglutide to either appropriate alternatives on our platform or other platforms entirely by the end of the second quarter. This transition is expected to result in a one-time quarter-over-quarter revenue drop in the second quarter, from which we are confident we can continue to build upon through the remainder of the year.

其次，我们预计在第二季度末前完成此前使用商业化剂量司美格鲁肽的订阅用户向我们平台的其他适当替代方案或其他平台的转移。这种转变预计将导致第二季度收入环比出现一次性下降，但我们有信心能在年内余下时间继续在此基础上实现增长。

Third, we expect gross margins to expand in the second quarter. Based on the information that we see today, our expectation is that operational efficiency gains and growth from more tenured specialties can offset potential headwinds from macroeconomic factors such as tariffs.

第三，我们预计第二季度毛利率将提升。根据目前掌握的信息，我们预计运营效率提升和更成熟专科业务的增长可以抵消关税等宏观经济因素带来的潜在不利影响。

Fourth, we expect some volatility in marketing efficiency from quarter-to-quarter. In the second quarter, we expect to lean into specialty-specific marketing across a broader set of specialties, which may result in some deleveraging. We remain committed to our capital allocation framework, which calls for a payback period of less than a year. Rigorous adherence to this framework, combined with evolving dynamics, such as increased acquisition via lower cost channels, stronger retention from personalized products, and the continued maturation of our subscriber base provide us with confidence in our ability to continue driving 1 to 3 points of marketing leverage per annum.

第四，我们预计营销效率将出现季度波动。在第二季度，我们预计将在更广泛的专科领域加大专项营销力度，这可能导致一定的去杠杆化。我们将继续坚持资本配置框架，要求投资回收期不超过一年。严格遵守这一框架，加上不断发展的动态因素，如通过低成本渠道增加获客、个性化产品带来更强的留存率，以及用户群的持续成熟，使我们有信心能够继续每年提升1至3个百分点的营销杠杆。

Lastly, we expect long-term revenue retention to remain above 85% as more subscribers engage with personalized solutions across multiple specialties. Before going to Q&A, I'll take a moment to provide additional color on our long-term targets.

最后，随着更多订阅用户在多个专科领域使用个性化解决方案，我们预计长期收入留存率将保持在85%以上。在进入问答环节之前，我想进一步说明我们的长期目标。

When we close out our 2022 fiscal year, momentum allowed us to paint a picture of what we thought our financial profile in 2025 could look like. At least $1.2 billion in revenue and $100 million of adjusted EBITDA. Exceptional execution enabled us to achieve those targets a year early, as well as potentially deliver revenue and adjusted EBITDA in 2025 that could be almost 2 times and 3 times higher than the original floors respectively.

在我们结束2022财年时，强劲势头使我们能够描绘出2025年财务状况的蓝图：收入至少12亿美元，调整后EBITDA达1亿美元。出色的执行使我们提前一年实现了这些目标，并且有望在2025年实现收入和调整后EBITDA分别达到原定底线的近2倍和3倍。

More importantly, these execution patterns and the growth levers ahead position us to update our longer-term perspective on what we believe the financial profile of Hims & Hers can look like in the coming years. We believe that we can achieve at least $6.5 billion in annual revenue and $1.3 billion in adjusted EBITDA by 2030.

更重要的是，这些执行模式和未来的增长杠杆使我们能够更新对Hims & Hers未来几年财务状况的长期展望。我们相信到2030年可以实现至少65亿美元的年度收入和13亿美元的调整后EBITDA。

Our ability to deliver these targets is predicated on continued execution across the levers outlined by Andrew that further solidify our strategic advantages. Deepening of personalization, specialty expansion, elevating the subscriber experience, fostering innovative partnerships, and lastly, geographic expansion.

实现这些目标的能力建立在继续执行Andrew所概述的各项举措之上，这些举措将进一步巩固我们的战略优势。这包括深化个性化服务、扩展专科领域、提升订阅用户体验、培养创新合作伙伴关系，以及地理区域扩张。

We expect the majority of our investment in the coming years to be organic, but we'll continue to ensure that our financial position affords us the flexibility to opportunistically accelerate our roadmap through strategic acquisitions.

我们预计未来几年的投资主要将以自然增长为主，但我们将继续确保我们的财务状况具有足够的灵活性，以便在适当时机通过战略收购加速发展路线图。

2025 is off to a great start, and we are excited by the momentum we continue to see across the business. Consumers continue to turn to us as a solution for a better and more precise healthcare experience, and we believe this will accelerate as we continue to build upon the already strong foundation that we've built.

2025年开局良好，我们对业务持续保持的强劲势头感到振奋。消费者继续选择我们作为获得更好、更精准医疗体验的解决方案，我们相信随着我们在已建立的坚实基础上继续发展，这一趋势将加速。

Data enriched by each additional user on the platform will enable us to further refine our personalized offerings, elevating the experience for our subscribers, and taking us one step further for the reality of Hims & Hers becoming synonymous with high quality personalized care.

平台上每增加一个用户所带来的数据都将使我们能够进一步完善个性化服务，提升订阅用户体验，让Hims & Hers更进一步成为优质个性化医疗服务的代名词。

I'd like to thank our customers, partners, and employees for helping us deliver these outstanding results. And we look forward to continuing to update you on our progress.

我要感谢我们的客户、合作伙伴和员工帮助我们取得这些出色的业绩。我们期待继续向您报告我们的进展。

With that, I'll turn it back to Bill to kick off Q&A with 2 questions from our retail community.

现在，我将把时间交回给Bill，开始零售社区提出的两个问题的问答环节。

Question-and-Answer Session

问答环节

A - Bill Newby

Thanks, Yemi. And thank you to all the investors that have questions over the weekend. We're very excited to continue engaging with this growing part of our investor base. We received quite a few questions on our recently announced collaboration with Novo Nordisk. This is a multi-part question from both the Hims House community and [PyROSD] (ph). Can you elaborate on the future roadmap Hims & Hers and Novo Nordisk are developing together and what do you see as the next possible steps on this roadmap? Over time, could Hims platform play a role in partnering with companies with newly approved drugs for the sake of post-approval monitoring of side effects and efficacy.

谢谢你，Yemi。也感谢所有在周末提出问题的投资者。我们非常高兴能继续与这个不断壮大的投资群体互动。我们收到了许多关于我们最近与诺和诺德合作的提问。这是来自 Hims House 社区和 [PyROSD]（音）提出的一个多部分问题：你能详细说明 Hims & Hers 与诺和诺德正在共同制定的未来路线图吗？你认为这个路线图的下一步可能是什么？从长期来看，Hims 平台是否可以与那些新获批药物的公司合作，承担上市后对副作用和疗效进行监测的角色？

Andrew Dudum

Thanks, Bill. So on the Novo side, this is a collaboration we're excited by. The teams across both organizations have been spending quite a bit of time together sharing meals and really aligning on what we think the future of healthcare looks like and I think there's real excitement around that shared vision. So you know when I step back I think there's a real set of opportunities hopefully across categories, across you know about product lines, potentially across geographies that we are brainstorming. And hopefully in the coming quarters can get a little bit more precise roadmap with regard to what some of those offerings can be. Generally, I think this type of a partnership though is a blueprint for what we think the next 5 years and 10 years could look like across categories. There are incredible innovations happening in biotech, there are incredible innovations happening around diagnostic testing, preventative testing, and when we think about the platform that we have and the growing consumers that we are caring for, our ability to bring together a very disjointed set of players and broaden the ecosystem in a way where everybody really wins, I think is something that uniquely Hims & Hers can do.

谢谢你，Bill。关于与诺和诺德的合作，我们感到非常兴奋。双方团队已经花了相当多的时间在一起，深入交流、共进餐食，并在我们对未来医疗的愿景上达成一致。我认为这一共同愿景本身就令人振奋。从宏观角度看，我认为我们在品类、产品线甚至地理区域等方面都有一系列真正的机会在酝酿中。我们希望在未来几个季度内可以提出更明确的路线图，展示这些潜在产品或服务是什么样的。我认为，这种合作模式就是我们对未来五年乃至十年在多个医疗领域发展方向的蓝图。目前生物科技、诊断测试、预防检测等领域都有惊人的创新，而我们现有的平台和不断扩大的用户群体正好提供了一个契机，将本来支离破碎的各方整合在一起，扩大生态系统，实现多方共赢。我认为这正是 Hims & Hers 所具备的独特能力。

And so, you know, this is an exciting first step with Novo. And I think we're really looking forward to what can be possible in the next few years. And there's also, I think, you know, a whole new avenue of opportunities across the treatment types, across testing capabilities, across clinical providers where we can bring our ecosystem and theirs together on behalf of the consumer to ultimately be the curator of what we believe to be world-class healthcare.

因此，我认为与诺和诺德的合作是令人振奋的第一步。我们非常期待未来几年可以实现的更多可能。同时我也认为，在治疗方式、检测能力以及临床服务提供者方面，还存在许多新的合作机会，我们可以将双方的生态系统融合起来，为消费者打造我们所认定的世界一流医疗服务的整合平台。

Bill Newby

Thanks, Andrew. We also received a number of questions on the recently announced acquired peptide and lab testing facilities. This one comes from [Nick G] (ph) who asks, what type of longevity product is the team looking to build for its customers with the recent acquisition of the peptide facility? And how does this facility fit in with the plan to roll out lab testing and grow your ability to offer precise and more targeted treatments?

谢谢你，Andrew。我们还收到许多关于最近收购的肽类制剂与实验室检测设施的问题。这是来自 [Nick G]（音）的提问：你们团队希望通过收购肽类设施为用户开发哪类延寿产品？该设施如何配合你们推出实验室检测服务的计划，从而提升提供更精准、更有针对性治疗的能力？

Andrew Dudum

Yeah, it's a great question. Thank you for asking that. We are continuing to invest across the stack in innovative operations and capabilities that can deliver really cutting edge care for patients. Peptide innovation is expanding very, very rapidly. This is something our team is really paying attention to that I am paying attention to deeply. And this is across a lot of different areas. It's across pain management. It's across recovery. It's across generalized longevity. And when I think of those types of categories, the innovation happening in peptides is generally innovation that's accessible really to only the extreme wealthy subset of the population.

这是个非常好的问题，谢谢提问。我们正在全方位地投资于创新运营和能力建设，以便为患者提供最前沿的治疗服务。肽类技术正在以非常快的速度发展，这是我们团队极为关注、我本人也高度关注的领域。它在许多方面都具有应用前景，比如疼痛管理、身体恢复以及整体延寿方向。当我想到这些类别时，肽类的很多创新通常只对非常富有的群体可得。

And I think like all Hims & Hers approaches, we aim to invest in the innovative infrastructure for these cutting edge areas of therapeutics to broaden what a small subset of the population has to the masses at affordable and hyper-personalized scale. So the peptide facility, I think it's going to be a really vital component of this future platform. And I think you'll see with the intersection of lab testing and longevity, up taking a more proactive and preventative care model on the platform, making some of these more diagnostic and action-based cares just easier for people. And so instead of people coming just Hims & Hers for a very specific condition, such as hair loss, sexual health, mental health, et cetera, I also think you're going to start seeing offerings in the next couple of years that are more about gaining understandings of your health and taking that first step to be the most optimized you can for not only yourself but also your family.

我认为，就像 Hims & Hers 一贯的做法一样，我们的目标是投资于这些前沿治疗领域的创新基础设施，使原本只有极少数人能够享受的治疗服务，以可负担且高度个性化的方式普及到大众中。因此，这家肽类设施将成为我们未来平台的关键组成部分。我相信随着实验室检测能力与延寿产品的结合，平台将呈现出更积极、以预防为导向的医疗模式，使很多诊断和干预变得更加简便。因此，我相信在未来几年，人们不再只是因特定疾病（比如脱发、性健康或心理健康）而来到 Hims & Hers，而是会为了更全面了解自己的健康状况、迈出优化自身和家庭健康的第一步而选择我们。

Bill Newby

Great thanks Andrew and thanks again to all who sent questions over the weekend. With that I will pass the call back to the operator to begin the analyst Q&A.

非常感谢你，Andrew，也再次感谢所有在周末提交问题的投资者。接下来我将电话交还给主持人，进入分析师提问环节。

Operator

接线员

Thank you, sir. [Operator Instructions] We'll go first to Craig Hettenbach, Morgan Stanley.

谢谢，先生。[操作员说明] 我们首先请摩根士丹利的 Craig Hettenbach 提问。

Craig Hettenbach

克雷格·海滕巴赫

Great. Thank you. On the weight loss category and the target for $725 million revenues this year, can you just touch on what you see as the key drivers in just looking for color across how the personalized offerings are going? I saw some commentary in the letter about the oral offerings very strong have liraglutide, just kind of how you see the buildup to weight loss this year and how you're tracking for that target.

太好了。谢谢。关于减肥药类别以及今年 7.25 亿美元的收入目标，您能否谈谈您认为的关键驱动因素，并具体说明个性化产品的进展情况？我在信中看到一些关于口服产品非常强劲的评论，其中提到了利拉鲁肽，您如何看待今年减肥药业务的增长以及实现该目标的进展情况？

Andrew Dudum

安德鲁·杜杜姆

Yeah, thanks for the question, Craig. When we laid out the targets for 2025, we were aware that the shortage was coming to an end. And so we kind of outlined last quarter that we effectively would assume that all of the folks that were on commercially available decisions of semaglutide would be off the platform by Q2. And that's largely holding in-line with our expectations. Across all of our specialties that we've historically really leaned into to have success is really offering our subscribers a breadth of numerous different options. And so I think we're very pleased in the late-lost specialty to, you know, recently and in the past quarter launched several additions to the specialty that we believe will give us the ability to meet or exceed the [$725 million] target. (ph) And so we recently launched liraglutide, as well as through the partnership or the collaboration we spoke around with Novo Nordics to bring the Branded Hims on, as well as the existing products we had within the weight specialty such as personalized semaglutide and the oral offering. And so we're seeing continued strength across all of those. That gives us the conviction to reiterate the top-line revenue guidance, as well as lift the adjusted fee-based guidance.

是的，谢谢你的问题，克雷格。当我们制定 2025 年的目标时，我们意识到短缺即将结束。因此，我们上个季度大致说明，我们实际上会假设所有使用市售索马鲁肽的患者将在第二季度之前离开平台。这在很大程度上符合我们的预期。在我们所有历史上真正赖以取得成功的专业领域，关键在于为我们的订阅者提供广泛的、众多不同的选择。因此，我认为我们非常高兴在减肥这个专业领域，你知道，最近以及上个季度推出了一些新的产品，我们相信这将使我们有能力达到或超过 [7.25 亿美元] 的目标。（电话杂音）因此，我们最近推出了利拉鲁肽，并通过我们与诺和诺德讨论的合作伙伴关系或合作，引入了 Hims 品牌的产品，以及我们减肥专业领域现有的产品，例如个性化索马鲁肽和口服产品。因此，我们看到所有这些产品都持续表现强劲。这使我们有信心重申营收指引的上限，并提高调整后的基于费用的指引。

Craig Hettenbach

克雷格·海滕巴赫

Great, thanks. And then just a follow-up question for Andrew. When I think about the 2030 targets, can you just touch on just kind of the core business as it stands today, like just the runway for growth that you still see in some of the core categories, and then also just the importance of newer categories that come in to track to that $6.5 billion.

太好了，谢谢。然后还有一个后续问题给安德鲁。当我考虑 2030 年的目标时，您能否谈谈目前的核心业务，比如您在一些核心类别中仍然看到的增长空间，以及新类别对于实现 65 亿美元目标的重要性。

Andrew Dudum

安德鲁·杜杜姆

Yeah, it's a great question, Craig. I think what gives us confidence is that you're seeing incredible robustness in both of those segments. Some of the new innovative categories, like the metabolic health and the obesity care across Hims & Hers, obviously big accelerant. We believe those businesses will be very, very important businesses just given the pure population that is really struggling. But then when you actually look under the hood at what we consider some of the more legacy categories, those are growing incredibly robustly, right? You've got the Hims & Hers dermatology businesses growing 50% plus year-over-year. Those businesses have really been transformed with personalization where north of 80% of those businesses are now with personalized proprietary skews, having driven a 20-point retention gain in just the last couple of years.

是的，这是个好问题，克雷格。我认为让我们充满信心的是，你在这两个领域都看到了令人难以置信的强劲势头。一些新的创新类别，比如 Hims & Hers 的新陈代谢健康和肥胖护理，显然是重要的加速器。我们相信这些业务将是非常非常重要的业务，仅仅因为确实有大量人群在为此挣扎。但是，当你真正深入了解我们认为的一些更传统的类别时，你会发现它们正在以令人难以置信的强劲势头增长，对吧？Hims & Hers 的皮肤科业务同比增长超过 50%。这些业务通过个性化得到了真正的转变，其中超过 80% 的业务现在都提供个性化的专有产品，在过去几年里，客户保留率提高了 20 个百分点。

You see the same kind of things happening across the sexual health business as we really transform that business to 1 with dual action treatments, hyper personalization, daily benefits. So the penetration rates of the core categories we're in are still very, very low. I mean, you're talking low single digits given the TAM. And so I think it is going to be a really nice composition of revenue across Hims & Hers across categories, across new and old that is coming together to deliver on that 2030. But ultimately, I think that's the strength of this business. You have a unified brand for men and a unified brand for women, under which you have the opportunity to build probably dozens of completely different businesses under the hood, with completely different care, different treatments, different customers, different marketing channels. And it's that diversity that I think is what really gives this business the strength long-term.

你会看到在性健康业务领域也发生了类似的事情，因为我们真正地将该业务转变为提供双效治疗、超个性化和每日益处的业务。因此，我们所处核心类别的渗透率仍然非常非常低。我的意思是，考虑到潜在市场总额 (TAM)，你说的只是个位数百分比的低位。因此，我认为这将是 Hims & Hers 在各个类别、新旧业务中一个非常好的收入构成，共同努力实现 2030 年的目标。但归根结底，我认为这才是这项业务的优势所在。你拥有一个统一的男性品牌和一个统一的女性品牌，在此之下，你有机会在幕后打造可能数十个完全不同的业务，提供完全不同的护理、不同的治疗、不同的客户、不同的营销渠道。我认为正是这种多样性真正赋予了这项业务长期的实力。

Craig Hettenbach

克雷格·海滕巴赫

Got it. Thanks for that.

明白了。谢谢。

Operator

接线员

We'll take the next question from Maria Ripps, Canaccord Genuity.

我们有请下一位提问者，来自 Canaccord Genuity 的 Maria Ripps。

Maria Ripps

玛丽亚·里普斯

Great. Thanks so much for taking my questions. First, I appreciate all the color on the transition within the sexual health vertical. Can you maybe just talk about sort of some of the initiatives to reaccelerate growth in that vertical. I think you mentioned some of the products kind of launching later this year. And are you planning to maintain sort of at least some level of less personalized solutions there? And I guess understanding that sort of we may see some near term volatility. How should we think about maybe the timing of subscriber and revenue normalizing in that vertical?

太好了。非常感谢您回答我的问题。首先，我很感谢您详细介绍了性健康垂直领域的转型情况。您能否谈谈为重新加速该领域增长所采取的一些举措？我记得您提到一些产品将在今年晚些时候推出。那么，您是否计划在该领域至少保留一定程度的非个性化解决方案？另外，我想了解的是，我们可能会看到一些近期的波动，那么我们应该如何看待该领域订阅用户和收入恢复正常的时间安排？

Andrew Dudum

安德鲁·杜杜姆

Yeah, maybe I can speak in just come to the high level about that business and let you dive into some of the details. I think Maria, the willingness from our standpoint with that business to take our time and have a long-term orientation is really what's happening under the hood. There is a historical business within sexual health that is really an on demand business, right? It's a heavy Viagra based business. It's a low sticky, low attached rate business where patients are coming to you for singular needs. What we're seeing more and more is that the opportunity to help a growing number of these sexual health patients with a broader set of care, things like cardiometabolic care or preventative care or testosterone support or vitamin support is really quite robust. And so what we're doing under the hood is really accelerating the R&D roadmap, the formularies, the form factors to expand into a new set of breadth of services and care within sexual health that not only takes care of the core issues that they came for, but also likely some of the contributing elements of their health that are driving those side effects.

是的，也许我可以从宏观层面谈谈这项业务，然后让你深入了解一些细节。我认为，玛丽亚，从我们的立场来看，我们愿意花时间并对这项业务抱有长远眼光，这才是幕后真正发生的事情。性健康领域存在一个历史悠久的业务，它实际上是一种按需业务，对吧？它是一个严重依赖伟哥的业务。这是一个粘性低、附加率低的业务，患者因为单一的需求而来。我们越来越发现，为越来越多的性健康患者提供更广泛的护理，例如心脏代谢护理、预防性护理、睾酮支持或维生素支持，这样的机会非常巨大。因此，我们在幕后所做的实际上是加速研发路线图、处方、剂型，以扩展到性健康领域内一套全新的、更广泛的服务和护理，不仅解决他们最初的核心问题，而且还可能解决导致这些副作用的一些健康因素。

So these types of daily solutions, you know, have more than doubled year-over-year. And they now account for almost 40% of that entire business. That trajectory is only growing. And so what we believe is going to happen over the next couple of years is a continued transition to hyper-personalized care, continued transition to more daily multi-action care, and ultimately really a much stickier, higher attentive customer that allows us to expand with them as they age. So that I think is really some of the dynamics taking shape. And it's really unique to the sexual health business, given that's really the only business where the core habit is more of an on-demand as needed habit versus the other categories we operate in that have more of a daily behavior.

因此，这类日常解决方案，你知道，同比增长了一倍多。它们现在几乎占到整个业务的 40%。这一趋势还在不断增长。因此，我们相信在未来几年将会发生的是，持续向超个性化护理过渡，持续向更多日常多效护理过渡，并最终真正拥有粘性更高、更专注的客户，使我们能够随着他们年龄的增长而与他们共同扩展。所以我认为这确实是一些正在形成的动态。而且这对于性健康业务来说确实是独一无二的，因为这确实是唯一一个核心习惯更偏向于按需、有需要时才使用的业务，而我们运营的其他类别则更多的是日常行为。

Operator

接线员

We'll take the next question. I'm sorry sir go ahead.

我们请下一位提问。抱歉先生，请讲。

Yemi Okupe

耶米·奥库佩

No, I was going to say Marie, I think just what I would add to that is, as Andrew mentioned, over the last 2 years, we've gone from less than 10% of users that are receiving the benefit of a daily option that has multiple benefits. I think a daily option provides the ability to do multi-condition. We're also uniquely positioned to do so with our internal fulfillment capabilities. And so like our belief is as we make that transition, we're already seeing the signs of much stronger retention, both at the one-year mark, but then also as you kind of get to the two-three-year mark, the ability to perpetuate that is something that we're very excited by. We've gone from less than 10% of users utilizing those types of solutions to now roughly 40%. Given what we've seen, we're going to continue to lean into that over the coming years.

不，我想说的是，玛丽，正如安德鲁提到的，在过去两年中，我们已经从不到 10% 的用户受益于具有多种益处的每日选项，发展到现在的情况。我认为每日选项提供了处理多种状况的能力。凭借我们内部的执行能力，我们也具有独特的优势来做到这一点。因此，我们的信念是，在我们进行这种转变的过程中，我们已经看到了更强客户保留率的迹象，无论是在一年期，还是在两到三年期，这种持续能力都让我们非常兴奋。使用这类解决方案的用户比例已从不到 10% 上升到现在的约 40%。鉴于我们所看到的，我们将在未来几年继续大力发展这一领域。

Operator

接线员

And the next question is Eric Percher, Nephron Research.

下一个问题来自 Nephron Research 的埃里克·珀切。

Eric Percher

埃里克·珀切

Thank you. Appreciate the commentary on the brand opportunity at the top. And maybe I'd ask a bit more tactically, it seems like very clear near-term opportunity for you to shift subscribers to commercial dosages. But it's also pretty clear that the manufacturers will be watching your positioning on personalized GLP-1s closely. So how do you approach the opportunity for growth in personal lines? Is that a growth opportunity versus the opportunity to grow via brand partnership?

谢谢。感谢您在前面提到的关于品牌机会的评论。也许我想更策略性地问一下，近期来看，将订阅用户转向商业剂量对您来说似乎是一个非常明确的机会。但同样非常清楚的是，制造商们会密切关注你们在个性化 GLP-1 药物方面的定位。那么，您如何看待个人产品线的增长机会？与通过品牌合作实现增长的机会相比，这是一个怎样的增长机会？

Andrew Dudum

安德鲁·杜杜姆

Yeah, it's a great question. You know, I think we've said this from the beginning. You know, we aim in all of our adventures to be extremely blue chip and play by the rules. And with regard to compounding and the personalization exemption, the rules are extremely straightforward and clear. So we continue to expect the personalized semaglutide to exist on the platform. That's something we've shared as of last fall and something we shared early with Novo. But we also believe that the necessity of that should be limited to when providers feel it is clinically needed. And so the ability to do hyper personalization for side effects mitigation, whether it's agnogia, vomiting, muscle loss, et cetera, is something that we continue to allow on the platform to continue to give providers that flexibility and the tools to make that type of personalization.

是的，这是个好问题。你知道，我想我们从一开始就说过。你知道，我们致力于在所有业务中都做到极致规范，并遵守规则。关于复方制剂和个性化豁免，规则非常直接和明确。因此，我们继续期望个性化索马鲁肽能够在平台上存在。这是我们从去年秋天开始就分享的信息，也是我们早期与诺和诺德分享的信息。但我们也认为，其必要性应仅限于医疗服务提供者认为临床上需要的情况。因此，为了减轻副作用而进行超个性化定制的能力，无论是厌食、呕吐、肌肉流失等等，我们都会继续在平台上允许，以继续为医疗服务提供者提供这种灵活性和工具来进行此类个性化定制。

But generally we think of it as relatively additive to the ecosystem because for the most part, these are patients that frankly just cannot use commercial doses or a lot of them have actually tried the commercial dose and then have turned off due to the high side effect rate. And so we think it's really additive as part of the mix. And then when we step back, as Yemi said earlier, choice and selection on behalf of consumers, all with regards to what they are clinically eligible for as well as from a regulatory perspective eligible for is what we believe is our duty, right, to push, to give them choice and options that work and ultimately to them and the providers to choose the best outcomes.

但总的来说，我们认为它对生态系统是相对有益的，因为在大多数情况下，这些患者坦率地说就是无法使用商业剂量的药物，或者他们中的许多人实际上已经尝试过商业剂量，然后因为副作用发生率高而停用了。因此，我们认为它作为组合的一部分确实是有益的。然后，当我们退一步看，正如耶米早些时候所说，代表消费者做出选择，所有这些都涉及到他们在临床上以及从监管角度来看是否有资格获得，我们认为这是我们的责任，对吧，去推动，给他们提供有效的选择和方案，并最终让他们和医疗服务提供者选择最佳的结果。

Eric Percher

埃里克·珀切

Thank you.

谢谢。

Operator

接线员

The next question is Ryan MacDonald, Needham & Company.

下一个问题来自 Needham & Company 的 Ryan MacDonald。

Ryan MacDonald

瑞安·麦克唐纳

Thanks for taking my question. Congrats on a great quarter. As we think about the shortage ending here and sort of that transitionary period for the commercially dosing customers, can you talk about what retentions looked like on the base? And then as you are offering this portfolio approach where you're seeing sort of those commercial dosage customers shifting into within the Hims platform, whether it be personalized, liraglutide, oral, ex cetera.

感谢您回答我的问题。祝贺贵公司取得了优异的季度业绩。当我们考虑到这里的短缺即将结束，以及商业剂量客户的过渡期时，您能谈谈基础客户的保留情况吗？然后，当你们提供这种组合方案时，你们观察到那些商业剂量客户在 Hims 平台内转向了哪些方面，是个性化方案、利拉鲁肽、口服药物等等吗？

Andrew Dudum

安德鲁·杜杜姆

Yeah, Ryan, Great question. You know, I think on the transition, we started to communicate this to patients, I think maybe two months ago when we had visibility of the shortage ending, you know, most of these patients that are on commercial available doses were able to, were qualified for commercial doses. That doesn't mean they were qualified for personalized. So you don't see many of those then qualifying on the personalized side. You see them going to either branded options, branded tirzepatide or you know Zepbound and Mounjaro, branded Wegovy now, as well as the generic options such as liraglutide injections, or the oral compounds.

是的，瑞安，很好的问题。你知道，我想关于过渡，我们大概在两个月前，当我们预见到短缺即将结束时，就开始与患者沟通了。你知道，这些正在使用商业可获得剂量的患者中，大多数是能够并且有资格使用商业剂量的。这并不意味着他们有资格使用个性化剂量。所以你不会看到他们中有很多人随后符合个性化方案的条件。你会看到他们转向品牌药选择，比如品牌替西帕肽，也就是 Zepbound 和 Mounjaro，以及现在的品牌 Wegovy，还有仿制药选择，比如利拉鲁肽注射液或口服复方制剂。

You know the oral compounds all kind of say this because I think are often overlooked. This is a really compelling offering for consumers and is in high demand across the platform, both pre-shortage, post-shortage, it didn't matter. And when you really think about why, it's because you were getting about two-thirds of the weight loss as branded Wegovy for one-third of the cost. And so when we think about even the future, the next year into when you see on-brand oral GLP-1s coming to market, those expensive medicines are also going to compete with our oral treatments, which are again two-thirds the weight loss for one-third of the cost.

你知道，口服复方制剂，我之所以这么说，是因为我认为它们经常被忽视。这对消费者来说是一个非常有吸引力的产品，并且在整个平台上需求量都很大，无论是在短缺之前还是之后，这都无关紧要。当你真正思考原因时，那是因为你可以用三分之一的成本获得品牌 Wegovy 约三分之二的减肥效果。因此，即使我们展望未来，明年当品牌口服 GLP-1 药物上市时，那些昂贵的药物也将与我们的口服疗法竞争，而我们的口服疗法同样是以三分之一的成本达到三分之二的减肥效果。

And so we have, I think, a really nice set of variety for patients. But generally, you're seeing them split between the generic sets of treatments, like the oral and LERAs, and then also those that are capable of paying for the branded options as well.

因此，我认为我们为患者提供了非常好的多样化选择。但总的来说，你会看到他们主要分流到仿制药治疗方案，比如口服药物和 LERA 类药物，以及那些有能力支付品牌药的患者。

Operator

接线员

We'll take the next question today from Daniel Grosslight from Citi.

我们今天请下一位来自花旗银行的丹尼尔·格罗斯莱特提问。

Daniel Grosslight

丹尼尔·格罗斯莱特

Hi, Thanks for taking the question. Yeah, Andrew, I have a similar question, but I'm curious if you can provide what percent of folks who are on commercially available doses transition to personalized doses. And when you were inking the partnership with Nova was there any discussion around limiting the uptake of personalized doses that you're offering? And then finally, just given some recent lawsuits that were filed against competitors of yours, can you just put a finer point for us on how Hims, the corporate entity, interacts with its affiliated provider groups when making medical decisions. Thanks.

嗨，谢谢您回答我的问题。是的，安德鲁，我有一个类似的问题，但我很好奇您是否能提供从商业可获得剂量转向个性化剂量的患者百分比。在你们与诺和诺德达成合作时，是否有过关于限制你们提供的个性化剂量使用率的讨论？最后，鉴于最近针对你们竞争对手的一些诉讼，您能否更详细地说明一下 Hims 作为公司实体，在做出医疗决策时是如何与其附属医疗服务提供者群体互动的。谢谢。

Andrew Dudum

安德鲁·杜杜姆

Great questions in there. On the commercial doses that transition to non-commercial, I don't think that's something we disclose, unfortunately, Daniel. On the personalized semiglutide standpoint, you know, one of the things that we did talk about with NOVO early is just what we believe is appropriate use of personalization and align philosophically with what our providers believe is that clinical necessity. So there is an alignment for what we believe to be blue chip use of that compounding exemption. And again, it is for patients that are suffering from some type of intolerable dynamic where a commercial available dose is just not actually an option for them. So this is side effects, sensitivities, nausea, vomiting, muscle loss, et cetera. These are all, this is all super well documented. So I think patients know this, providers know this and giving them the opportunity to have those discussions and see what is right for them is really where we leave it.

这些都是很好的问题。关于从商业剂量转向非商业剂量的比例，丹尼尔，很遗憾，我想我们不披露这方面的信息。关于个性化索马鲁肽的立场，你知道，我们早期与诺和诺德讨论过的一件事就是我们认为什么是个性化的适当使用，并在理念上与我们的医疗服务提供者所认为的临床必要性保持一致。因此，对于我们认为是复方制剂豁免的规范使用，我们是有共识的。再说一次，这适用于那些因为某种无法忍受的动态因素而导致商业可获得剂量实际上并非其选择的患者。比如副作用、过敏、恶心、呕吐、肌肉流失等等。这些都有非常充分的记录。所以我认为患者了解这些，医疗服务提供者也了解这些，给他们机会进行讨论并找出适合他们的方法，这正是我们所做的。

When you ask about, and this goes to your third point, was there any conversation about limiting this type of behavior? And then how do our providers interact with us as a corporate entity? We as a corporate entity do not do anything and try very hard to not engage with provider group when it comes to clinical decision making. There is a very strong wall there where providers have independent judgment in collaboration with their patients to figure out what is best. And so, you know, no organizations have asked us to alter that, nor would we ever alter that. Because again our role is simply to be the mediator, right? Our role is to bring together patients, providers, and great treatments, but let those providers and patients and those great treatments do the rest of the work.

当你问到，这也涉及到你的第三点，是否有过关于限制此类行为的对话？以及我们的医疗服务提供者作为公司实体是如何与我们互动的？我们作为公司实体，在临床决策方面不采取任何行动，并尽力避免与医疗服务提供者群体接触。在这方面有一道非常坚固的墙，医疗服务提供者与患者合作，拥有独立的判断力来确定最佳方案。所以，你知道，没有任何组织要求我们改变这一点，我们也不会改变。因为再说一次，我们的角色仅仅是协调者，对吗？我们的角色是将患者、医疗服务提供者和优质的治疗方案联系起来，但让那些医疗服务提供者、患者和优质的治疗方案来完成其余的工作。

Operator

接线员

Next up, we'll take your question from Jonna Kim, TD Cowen.

接下来，我们请道明高文 (TD Cowen) 的乔娜·金 (Jonna Kim) 提问。

Jonna Kim

乔娜·金

Thank you for taking my question. I wanted to get further color on the monthly revenue line. Obviously, it grew nicely this quarter, but you mentioned moderating throughout the year. How should we just think about the put-then-takes there? And would love additional color on the oral medication. You mentioned potentially more people opting into that. Any color on how you are thinking about that opportunity within this year and just going forward would be helpful. Thank you so much.

感谢您回答我的问题。我想进一步了解月度营收情况。很明显，本季度增长良好，但您提到全年将有所放缓。我们应该如何看待其中的得失？另外，希望您能提供更多关于口服药物的信息。您提到可能会有更多人选择口服药物。您能否具体说明一下您如何看待今年以及未来的这个机会？非常感谢。

Andrew Dudum

安德鲁·杜杜姆

Yeah, thanks for the question, Jonna. I think with respect to the monthly online average revenue per subscriber, I think that we do expect to see some headwinds in the second quarter as we start to pull-off users that were on the commercially available messages of semaglutide. That will be headwind. I think the tailwinds will be things such as the branded partnerships from Wegovy as well as more and more users, continuing to adopt the premium products across our other specialties that tend to be, such as in our sexual health, more daily in nature and come at a premium relative to the generics. I think with respect to the oral medication, I think what we're just seeing is if you take a step back across all of our specialties, breath of choice is a key tenet that we fundamentally believe in to have success. I think it's what's driven success across all of our historical specialties, such as men's and women's dermatology, sexual health amongst others.

是的，谢谢你的问题，乔娜。关于每位订阅用户的月度在线平均收入，我认为我们确实预计在第二季度会遇到一些阻力，因为我们开始减少那些使用商业可获得索马鲁肽信息的用户的数量。这将是一个不利因素。我认为有利因素将包括与 Wegovy 的品牌合作，以及越来越多的用户继续在我们其他专业领域采用高端产品，例如在我们的性健康领域，这些产品往往更日常化，并且相对于仿制药而言价格更高。关于口服药物，我认为我们观察到的是，如果你退一步审视我们所有的专业领域，选择的多样性是我们坚信能够取得成功的关键原则。我认为这是推动我们所有历史专业领域取得成功的因素，例如男性和女性皮肤科、性健康等等。

And so when we think around the weight category and how there is a $100 million Americans across the country that are suffering from obesity-related challenges, I think that they're in that specialty more than ever, having a breath of choice will be absolutely critical. And so across each of the elements that we've launched, we've seen a lot of traction, a lot of that is due to TAM. I think the oral medication that [Zanger] (ph) mentioned are at very attractive price points, as low as $69 a month. They also do not carry the same eligibility requirements as some of the other GLT-1-oriented medications.

因此，当我们考虑到体重管理这个类别，以及全国有 1 亿美国人正遭受肥胖相关问题的困扰时，我认为在这个专业领域，拥有选择的多样性比以往任何时候都更为重要。因此，在我们推出的每一个项目中，我们都看到了很大的吸引力，其中很大一部分归功于潜在市场规模 (TAM)。我认为 [Zanger] (ph) 提到的口服药物价格非常有吸引力，低至每月 69 美元。它们也不像其他一些 GLP-1 导向的药物那样有相同的资格要求。

And so as a result, we've seen very robust growth in the subscriber count growing north of 300% year-over-year. And so I think we would expect to continue to see strong growth as a result of those dynamics.

因此，我们看到订阅用户数量实现了非常强劲的增长，同比增长超过 300%。因此，我认为由于这些动态因素，我们将继续看到强劲的增长。

Operator

接线员

George Hill from Deutsche Bank has the next question.

德意志银行的乔治·希尔将提出下一个问题。

George Hill

乔治·希尔

Yeah, good afternoon guys and thanks for taking the question. I wanted to come back to Daniel's question about the relationship between Novo and Hims, and I guess like there is kind of this natural tension between the dispensing of the personalized product and the commercial Wegovy that you guys are selling. So was there any, like interaction or any discussion around, like a ratio of the dispensing of the personalized product versus the commercial product. And just Andrew, I'd just be, I'd really be interested in the background. Like, is there any risk that like Novo would ever pull the commercial relationship with you guys if personalized kind of sold too well? We just kind of love the background of the discussions around that.

是的，下午好，各位，感谢你们回答我的问题。我想回到丹尼尔关于诺和诺德与 Hims 之间关系的问题，我想在你们销售的个性化产品和商业版 Wegovy 的配药之间存在一种天然的紧张关系。那么，是否有过任何关于个性化产品与商业产品配药比例之类的互动或讨论？安德鲁，我只是，我真的对背景很感兴趣。比如，如果个性化产品卖得太好，诺和诺德有没有可能终止与你们的商业合作关系？我们只是想了解一下相关讨论的背景。

Andrew Dudum

安德鲁·杜杜姆

Yeah, thanks, George. Yeah, again, I think there is within both organizations a foundational appreciation for the fact that clinical decision making is truly independent. And I just, I truly cannot emphasize that enough. Providers make decisions on our platform. We give providers and patients choices of treatments. And ultimately what is right for them is their own discretion. I think we strongly believe that's really important that we maintain that independence. So this idea even of ratios and things of that sort, like that is business impacting clinical decision making in a way that is something we're definitely not comfortable with, nor do I think frankly any organization would be comfortable with, because it's stepping on the toes of provider discretion. So what we agreed to philosophically was what the regulation allows for, right? And we made this very clear. We believe that personalized semaglutide is both clinically necessary for some patients because of the side effects that are very widespread and well known.

是的，谢谢，乔治。是的，再说一次，我认为两家公司内部都对临床决策真正独立这一事实有着基本的认同。我真的无法再强调这一点了。医疗服务提供者在我们的平台上做出决策。我们为医疗服务提供者和患者提供治疗选择。最终什么是适合他们的，由他们自行决定。我认为我们坚信保持这种独立性非常重要。因此，即使是比例之类的想法，也是商业影响临床决策的方式，这是我们绝对不愿意看到的，坦率地说，我认为任何组织都不会愿意这样做，因为这干涉了医疗服务提供者的自主权。所以我们哲学上达成一致的是法规所允许的，对吧？我们已经非常清楚地表明了这一点。我们认为，个性化索马鲁肽对于某些患者来说在临床上是必要的，因为其副作用非常普遍且众所周知。

And that the regulation under the compounding exemption, specifically under the personalized 503A, right, we're not talking about bulk manufacturing during a shortage, we're talking about personalization of the [A facilities] (ph), that is regulatorily protected. So I think there's an alignment that both the regulation allows for it and we believe there's a need, whether or not there's total agreement with regard to how much of that should be available to what types of consumers. Will our organizations ever align on that perfectly? Probably not. But I think the reality is, and I think everybody is stepping back and realizing this reality, is that we have millions of patients on Hims & Hers platform. We have 10,000 to 15,000 patients we're treating every single day and they are looking for options.

而且，根据复方制剂豁免规定，特别是个性化 503A 条款下的规定，对吧，我们不是在谈论短缺期间的批量生产，我们谈论的是 [A 厂] (ph) 的个性化生产，这是受法规保护的。所以我认为，法规允许并且我们相信存在需求，这两者是一致的，无论对于应该向哪些类型的消费者提供多少此类药物，是否存在完全一致的意见。我们的组织会在这一点上完美达成一致吗？可能不会。但我认为现实是，而且我认为每个人都在退一步认识到这个现实，那就是 Hims & Hers 平台上拥有数百万患者。我们每天治疗 1 万到 1.5 万名患者，他们正在寻找选择。

And so in a world where great medicine is trying to find the patient that needs their option. It makes sense to work with Hims & Hers. And I think we have a responsibility to do that in the right way, to do it in a respectful way, to play by the book, and to respect all parties. But I think that's where we as a distribution platform can really bring the ecosystem together. Whether these players traditionally fight each other or compete with each other might not matter. If ultimately at the end of the day, we have millions of patients coming to us every day looking for choice, and we want to make sure they have the broadest choice possible. That type of alignment is something that everybody, I think, can agree to and something that benefits everybody. And I think as long as there's trust between all organizations that the way in which those patients receive care is independent and driven by clinical best practices, then I hope that we're able to have a really long and tenured relationship with many partners like this.

因此，在一个优质药物试图找到需要其选择的患者的世界里，与 Hims & Hers 合作是合乎情理的。我认为我们有责任以正确的方式、尊重的方式、遵守规则的方式来做这件事，并尊重所有各方。但我认为，作为分销平台，这正是我们可以真正将生态系统整合在一起的地方。这些参与者传统上是相互争斗还是相互竞争可能并不重要。如果最终每天有数百万患者来找我们寻求选择，而我们希望确保他们拥有尽可能广泛的选择。这种类型的统一是每个人，我认为，都可以同意的，并且对每个人都有益。而且我认为，只要所有组织之间都信任患者接受护理的方式是独立的，并且以临床最佳实践为驱动，那么我希望我们能够与许多这样的合作伙伴建立真正长期和稳固的关系。

Operator

接线员

And our next question will come from David Larsen, BTIG.

我们的下一个问题来自 BTIG 的大卫·拉森。

David Larsen

大卫·拉森

Hi, congratulations on the good quarter. Can you talk about your willingness or ability or desire to at some point in time take insurance? It seems to me like if you were taking insurance you would potentially be more aligned with drug manufacturers when the price of their brand products are fairly high because the members could then have those products covered by insurance and the out-of-pocket costs wouldn't be so high. So can you talk about that please? And then also, what is your relationship with Lilly? Are you connected with Lilly Direct? And just any thoughts around your relationship with Lilly would be very helpful. Thank you.

嗨，恭喜你们取得了良好的季度业绩。您能否谈谈您在某个时间点接受保险的意愿、能力或愿望？在我看来，如果你们接受保险，当品牌药品价格相当高时，你们可能会与药品制造商更加一致，因为这样会员的药品费用就可以由保险覆盖，自付费用就不会那么高。所以请您谈谈这一点好吗？另外，你们与礼来的关系如何？你们与 Lilly Direct 有联系吗？任何关于你们与礼来关系的想法都将非常有帮助。谢谢。

Andrew Dudum

安德鲁·杜杜姆

Yeah, thanks David. On the insurance side, no. I have very, very low interest in figuring out how to integrate insurance. And I think there is a few reasons. But mostly it's because it is extremely complicated and extremely inefficient for consumers. So today, the vast majority of the country has insurance, as we know, and the vast majority of those people have high deductible insurance plans. And so what that means is on average patients that are coming to Hims & Hers platform are fully covered by insurance, but they have let's say a $2,000 to $3,000 annual deductible that they have to pay in cash before they get the benefit of $1 of insurance.

是的，谢谢大卫。关于保险方面，不。我对于如何整合保险的兴趣非常非常低。我认为有几个原因。但主要是因为它对消费者来说极其复杂且效率极低。所以今天，我们知道，这个国家绝大多数人都有保险，而这些人中的绝大多数都拥有高免赔额的保险计划。这意味着平均而言，来到 Hims & Hers 平台的患者完全被保险覆盖，但他们比如说有 2000 到 3000 美元的年度免赔额，他们必须以现金支付，然后才能获得 1 美元的保险福利。

And so while everybody is insured in this country, almost nobody is actually getting this benefit of insurance. It's essentially a cash pay system today. People are just paying very, very high co-pays and very few ever actually get the benefit of insurance unless it's a true catastrophic situation. So when I think about Hims & Hers and general health and wellness, kind of everyday healthcare, I'm not talking about catastrophic care, but everyday healthcare, I think consumers having choice, selection, using their cash where they want on services and providers that deliver really high MTS experiences, that's going to be the gold standard. Because it's a basic capitalistic environment where competition will drive great quality experiences, will drive the cost down, and ultimately drive great valuable places for these people to put their money. And I think, you know, what's happening right now, for example, in the obesity market is a really great example of that.

因此，虽然这个国家的每个人都有保险，但几乎没有人真正从保险中受益。今天它本质上是一个现金支付系统。人们只是支付非常非常高的共付额，除非发生真正的灾难性情况，否则很少有人真正从保险中受益。因此，当我考虑 Hims & Hers 以及大众健康和保健，即日常医疗保健时，我不是在谈论灾难性护理，而是日常医疗保健，我认为消费者拥有选择权，可以将现金花在他们想要的服务和提供商上，这些服务和提供商能够提供真正高质量的 MTS 体验，这将成为黄金标准。因为这是一个基本的资本主义环境，竞争将推动高质量的体验，降低成本，并最终为这些人提供有价值的投资场所。而且我认为，例如，目前肥胖市场上正在发生的事情就是一个很好的例子。

The pressure that Hims & Hers is putting by aggregating millions of patients who need choice, I think is a huge component in why some of the most important medicines of the last decade and probably the next decade are now being priced into hundreds of dollars, not thousands of dollars range. So we want to be a party to everybody in the ecosystem, but we also want to put the consumer first ahead of all. And when I think about insurance and alignment, I believe we should be able to care for patients at a cash paid price for most of the things that affect us day to day, equal to or cheaper than the co-pays on their insurance plan. And so far, we're pretty damn close to pulling that off for most categories, but I think that's kind of the ambition that we want to keep pushing on for the next 5 years to 10 years.

Hims & Hers 通过汇集数百万需要选择的患者所施加的压力，我认为是过去十年乃至未来十年一些最重要的药物现在定价在数百美元而非数千美元范围内的重要原因。因此，我们希望成为生态系统中每个人的参与者，但我们也希望将消费者置于首位。当我考虑保险和统一时，我相信我们应该能够以现金支付的价格为患者提供日常生活中影响我们的大部分服务，其价格等于或低于他们保险计划的共付额。到目前为止，我们在大多数类别中都非常接近实现这一目标，但我认为这是我们希望在未来 5 到 10 年继续努力的目标。

With regard to Lilly, we would love to continue to broaden the partnership opportunities on the platform. We have branded Mounjaro and Zepbound pens on the platform. They are thousands of dollars. So this is not through a direct partnership integration with Lilly Direct. It's just through us going through the pharmaceutical supply chain. We have had conversations with that organization. We continue to have conversations with the leadership of that organization. At this point, we've not been able to bring those offerings onto the platform and we hope that we can. And so we'll continue to push and fight on behalf of consumers to broaden their reach, but as of this point, there's nothing yet to disclose with regard to Lilly products directly integrated.

关于礼来，我们非常希望继续扩大平台上的合作机会。我们的平台上有 Mounjaro 和 Zepbound 品牌的注射笔。它们的价格高达数千美元。因此，这不是通过与 Lilly Direct 的直接合作整合实现的。这只是我们通过药品供应链实现的。我们已经与该组织进行了对话。我们继续与该组织的领导层进行对话。目前，我们还未能将这些产品引入平台，我们希望能做到。因此，我们将继续代表消费者努力争取，扩大他们的选择范围，但截至目前，关于礼来产品直接整合的事宜，尚无任何可披露的信息。

Operator

接线员

Up next is Aaron Kessler from Seaport Global.

接下来是来自 Seaport Global 的亚伦·凯斯勒。

Aaron Kessler

亚伦·凯斯勒

Yes, great. A couple questions. Maybe just on gross margins, how to think about that through the remainder of the year? Maybe any color on the branded partnerships margins? And then just you mentioned kind of longevity, sleep and preventative opportunities. Just how are you thinking about those opportunities specifically, thank you.

是的，太好了。有几个问题。也许先谈谈毛利率，今年剩余时间如何看待毛利率？关于品牌合作的利润率，有什么可以分享的吗？然后您提到了长寿、睡眠和预防性机会。您具体是如何看待这些机会的，谢谢。

Yemi Okupe

耶米·奥库佩

Great, I'll take the first question and maybe toss it over to Andrew for the second. I think on gross margins, we do expect those to sequentially increase. I think as we look into the ecosystem we see a couple things. One is just a benefit from economies of scale. The second is we do expect strength and growth outside of our GLP-1 offering, which historically has come at a different margin profile currently, to also start to elevate the gross margin profile as we progress over the course of the year.

太好了，我来回答第一个问题，第二个问题或许可以交给安德鲁。关于毛利率，我们确实预计会持续增长。我认为，当我们审视这个生态系统时，我们看到了几件事。其一是规模经济带来的好处。其二，我们确实预计，除了我们的 GLP-1 产品（目前其利润率与以往不同）之外的业务将实现强劲增长，这也会随着时间的推移开始提升整体毛利率水平。

Andrew Dudum

安德鲁·杜杜姆

And, Aaron, just to clarify, were you asking about the preventative care category?

而且，亚伦，澄清一下，您问的是关于预防保健类别吗？

Aaron Kessler

亚伦·凯斯勒

Yeah, I think you mentioned the longevity lead from preventative as kind of opportunities. How are you thinking about the potential there?

是的，我想您提到了从预防保健引申出的长寿机会。您如何看待这方面的潜力？

Andrew Dudum

安德鲁·杜杜姆

Yeah, yeah, this is a really exciting set of categories. You know, I think generally from a cultural zeitgeist standpoint, all of us are now being awakened and wanting to take more proactive care, right? We have seen parents pass away from preventable disease, we've seen grandparents age, data is making this easier, testing is making this easier, proactive health is making this easier. So I think there's just a cultural desire to not only treat yourself when you're sick, but actually try to get ahead of kind of a ultimate lifespan, right? And you've got huge influencers that are making books popular on this front.

是的，是的，这是一组非常令人兴奋的类别。你知道，我认为从文化思潮的角度来看，我们所有人都正在觉醒，并希望采取更积极主动的护理，对吧？我们目睹了父母因可预防的疾病去世，我们看到了祖父母的老去，数据让这一切变得更容易，检测让这一切变得更容易，积极主动的健康管理也让这一切变得更容易。所以我认为，这不仅仅是一种在生病时治疗自己的文化愿望，更是一种试图延长最终寿命的愿望，对吧？而且有很多有影响力的人正在这方面推广相关的书籍。

Right now, I would say this kind of lives in the transformation from kind of biohacker to early adopter part of kind of phased adoption. I would suspect in the next 2 years to 5 years, this grows to be very mass market, where for relatively affordable prices, you can get whole body testing, either blood diagnostic or physical scans, you can get cancer preventative diagnostics, you can get polygenic risk scores for all types of longer-term chronic conditions, Alzheimer's and others, and you can be able to do this kind of at the same routine that you go to the dentist. And on an annual basis, make sure that your body is operating as it should be, and that you're getting ahead either through vitamin supplementation, through prescription medication, on some of the known areas that you have vulnerabilities in lifespan. This is something I experiment a tremendous amount with, our management team experiments a tremendous amount with, and we aim to figure out what best in class curation of that is. And through partnership, through M&A, through building it ourselves, you bring to market very consumer friendly, consumer easy to digest offerings that are affordable and can start taking a big chunk out of people's fear. Because I think ultimately what this is, is giving people power and giving them control and option.

目前，我会说这正处于从生物黑客到早期采用者这种分阶段采用的转变过程中。我预计在未来 2 到 5 年内，这将发展成为一个非常大众化的市场，届时你可以用相对实惠的价格进行全身检查，无论是血液诊断还是身体扫描，你可以进行癌症预防性诊断，你可以获得针对各种长期慢性疾病（如阿尔茨海默病等）的多基因风险评分，而且你可以像看牙医一样定期进行这些检查。并且每年确保你的身体正常运作，并通过维生素补充剂、处方药等方式，在一些已知的寿命脆弱领域取得领先。这是我投入了大量精力进行试验的领域，我们的管理团队也在这方面进行了大量的试验，我们的目标是找出最佳的方案。通过合作、并购或自主研发，我们将向市场推出非常人性化、易于消费者理解且价格实惠的产品，从而大大减轻人们的恐惧。因为我认为，这最终是赋予人们力量、控制权和选择权。

And I think Hims & Hers is exceptionally well positioned with the trust we have, the distribution, the brand, the clinical capabilities to then treat, to help people identify these areas of risk, get ahead of them and monitor them, track them, log them, and make sure that they're staying on the right course. So I think this is a category probably once we get out the hormonal balance category, inclusive of Perimenopause, menopause, low testosterone, that this is probably an area that we'll put a lot of focus on.

而且我认为 Hims & Hers 凭借我们拥有的信任、分销渠道、品牌以及临床能力，在帮助人们识别这些风险领域、提前预防、监测、跟踪、记录并确保他们保持在正确的轨道上方面，处于非常有利的地位。因此，我认为，一旦我们完成了荷尔蒙平衡类别（包括围绝经期、绝经期、低睾酮）的开发，这可能就是我们将重点关注的一个领域。

Operator

接线员

And ladies and gentlemen, that is all the time we have for questions. That does conclude our conference for today. We would like to thank you all for your participation. You may now disconnect.

女士们先生们，我们的提问时间就到此为止了。今天的会议到此结束。感谢大家的参与。现在可以断开连接了。