2025-08-04 Hims & Hers Health, Inc. (HIMS) Q2 2025 Earnings Call Transcript
Hims & Hers Health, Inc. (NYSE:HIMS) Q2 2025 Earnings Conference Call August 4, 2025 5:00 PM ET
Company Participants
Andrew Dudum - Co-Founder, Chairman & CEO
Bill Newby - Head of Investor Relations
Mohamed (Mo) Elshenawy - Chief Technology Officer
Oluyemi Okupe - Chief Financial Officer
Conference Call Participants
Brian Gil Tanquilut - Jefferies LLC, Research Division
Craig Matthew Hettenbach - Morgan Stanley, Research Division
Daniel R. Grosslight - Citigroup Inc., Research Division
David Michael Larsen - BTIG, LLC, Research Division
Eric R. Percher - Nephron Research LLC
George Robert Hill - Deutsche Bank AG, Research Division
Jungwon Kim - TD Cowen, Research Division
Maria Ripps - Canaccord Genuity Corp., Research Division
Ryan Michael MacDonald - Needham & Company, LLC, Research Division
Operator
Hello, and thank you for standing by. My name is Tiffany, and I will be your conference operator today. At this time, I would like to welcome everyone to the Hims & Hers Second Quarter 2025 Earnings Call. [Operator Instructions] I would now like to turn the call over to Bill Newby, Head of Investor Relations. Bill, please go ahead.
您好，感谢各位耐心等待。我叫Tiffany，将担任今天的电话会议主持人。现在，我谨代表公司欢迎大家参加Hims & Hers 2025年第二季度财报电话会议。[操作员指引] 接下来，我将把电话交给投资者关系主管Bill Newby。Bill，请开始。
Bill Newby
Good afternoon, everyone, and welcome to the Hims & Hers Health Second 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. On the call with me today is Andrew Dudum, our Co-Founder and Chief Executive Officer; Yemi Okupe, our Chief Financial Officer; and our new Chief Technology Officer, Mo Elshenawy. Before I hand it over to Andrew, I need to remind you of legal safe harbor and cautionary declarations.
大家下午好，欢迎参加Hims & Hers Health 2025年第二季度财报电话会议。今天，在股市收盘后，我们发布了本季度的致股东信，您可以在我们的网站 investors.hims.com 上找到副本。今天与我一起出席电话会议的还有我们的联合创始人兼首席执行官Andrew Dudum、首席财务官Yemi Okupe，以及我们新任的首席技术官Mo Elshenawy。在将电话交给Andrew之前，我需要提醒大家注意法律安全港条款和相关警示声明。
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. 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.
本次电话会议中提及的某些陈述和对未来结果的预测属于前瞻性声明，这些声明基于我们当前对市场、竞争环境和监管趋势的预期，存在可能导致实际结果出现重大差异的风险和不确定性。我们不承担在本次电话会议之后就任何前瞻性声明进行公开更新的义务，无论是由于新信息、未来事件、假设变化或其他原因。有关与前瞻性声明相关的风险因素，请参阅我们最近提交的10-K和10-Q报告。
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. And with that, I will turn the call over to Andrew.
本次电话会议中还包含若干非GAAP财务指标。我们建议您参考今日新闻稿和致股东信中包含的与GAAP财务指标最直接可比的调节表。您可以在 investors.hims.com 上找到这些信息以及今天网络直播的链接。本次电话会议结束后，该网络直播将被存档并在网站上保留12个月。接下来，我将电话交给Andrew。
Andrew Dudum
Thanks, Bill. The momentum we saw through the first half of 2025 is proof that our platform is delivering exactly what millions of people have been waiting for, access to personalized, high-quality care that meets people where they are. From the beginning, we have believed that medicine should be centered on the individual, not the system. We are now seeing the market demanding just that. What we have built is working and it's working at scale.
谢谢你，Bill。我们在2025年上半年看到的增长势头，证明了我们的平台正在兑现数百万人长期以来的期待——提供个性化、高质量的医疗服务，并且能够满足人们在他们所在的场景中获得护理的需求。从一开始，我们就坚信医疗应该以个人为核心，而不是以系统为核心。如今，市场正是对此提出了需求。我们所构建的体系正在发挥作用，而且已实现了规模化。
We're seeing it in the momentum of our business, in the results our customers are experiencing and the growing number of people choosing our platform to optimize their health and realize the benefits of precision medicine. For decades, only the wealthiest have enjoyed access to these benefits. We are now making them accessible to everyone. At the end of the second quarter, we were serving over 2.4 million subscribers on our platform with nearly 1.5 million collaborating with a provider to receive a personalized treatment, and that number continues to grow each day.
我们在公司的增长势头中看到了这一点，在客户所体验到的成果中看到了这一点，在越来越多人选择我们的平台来优化健康、享受精准医疗益处的趋势中也看到了这一点。几十年来，只有最富有的人才能获得这些益处，而今天我们让所有人都能享用。截至第二季度末，我们的平台服务了超过240万名订阅者，其中近150万人正在与医生合作，接受个性化治疗，并且这一数字每天都在不断增长。
We believe we're not just expanding access to care, we're fundamentally improving how it can be delivered. Today, our platform allows subscribers to access a network of nearly 1,500 world-class providers that can diagnose and treat concerns in a fraction of the time it can take in a traditional brick-and-mortar setting. It equips these providers with hundreds of options to address the unique needs of each individual patient with these options informed by millions of past clinical interactions and customer journeys.
我们相信，我们不仅是在扩大医疗服务的可及性，更在从根本上改善医疗服务的提供方式。如今，我们的平台使订阅者能够接入近1500名世界级医疗服务提供者组成的网络，他们可以在传统实体诊所所需时间的一小部分内完成诊断与治疗。平台为这些医生提供了数百种方案，以满足每一位患者的独特需求，而这些方案的设计源自数百万次既往临床互动与客户历程。
And it enables consistent and proactive support to be delivered seamlessly through the Hims & Hers apps. We believe this innovative and connected approach is leading to transformative results while also expanding the number of specialties we're positioned to address. I'd like to first touch on the customer successes we are witnessing today before diving deeper into where we're going next. We recently published a white paper containing an analysis of internal data highlighting what we're seeing in our weight loss specialty when care is personalized, holistic and readily available.
这一系统还通过 Hims & Hers 应用程序实现了持续且主动的支持服务的无缝交付。我们相信，这种创新且互联的方式正在带来变革性的成果，同时也扩大了我们所能覆盖的专业领域数量。在深入讲述下一步方向之前，我想先谈谈我们目前在客户身上看到的成效。我们最近发布了一份白皮书，其中包含对内部数据的分析，重点展示了在体重管理领域，当护理实现个性化、整体性和随时可及时所呈现的结果。
The data reflected those customers on a personalized treatment plan inclusive of a GLP-1 treatment for 6 months reported losing on average 10.3% of their body weight and even more impressive is the number of individuals sticking with their plans. At 6 months, only 25% of customers on our platform had discontinued treatment. This is particularly encouraging when considering discontinuation rates in certain publicly available studies reached approximately 80% by 6 months. Our belief is that this strong retention is a result of three key factors. The first is provider access.
数据显示，那些在个性化治疗计划下、包括使用 GLP-1 药物治疗6个月的客户，平均减重达10.3%。更令人印象深刻的是坚持治疗计划的人数。在治疗6个月后，我们平台上仅有25%的客户中止治疗。相比某些公开研究中在6个月时停用率接近80%的结果，这一数据尤其令人振奋。我们认为，这种高留存率主要归因于三个关键因素。第一个是医生的可及性。
It is not surprising that consumers are looking for deep engagement with a medical professional when starting and undergoing a new treatment. Our typical weight loss subscriber has six interactions with the provider in the first 3 months of beginning their treatment. The second is white glove customization. Providers are collaborating with subscribers to manage efficacy and side effects by assessing how subscribers are responding to treatments and then adjusting titration schedules and end dosages if clinically appropriate.
当开始并接受一项新治疗时，消费者希望与医疗专业人员有更深入的互动，这一点并不令人意外。我们的典型体重管理订阅者在治疗开始的前三个月里，平均与医生有六次互动。第二个关键因素是“白手套级”的个性化定制。医生与订阅者合作，通过评估他们对治疗的反应来管理疗效和副作用，并在临床适宜的情况下调整滴定方案和最终剂量。
The final element is the accessibility and clarity brought by app-based tools. Subscribers have the ability to receive clear treatment instructions and educational content while also accessing tools such as water intake trackers and calorie counters that help them live healthier lives. This approach and the resulting benefits were historically reserved for a privileged subset of the population. Today, we're broadening access to this model despite pushback from traditional incumbents who we believe seek to limit providers' ability to prescribe personalized treatments.
最后一个因素是基于应用工具所带来的便利性和清晰度。订阅者能够获得明确的治疗指导和教育内容，同时还能使用饮水量追踪器、热量计算器等工具，帮助他们过上更健康的生活。这种方法及其带来的益处，在过去往往只属于少数特权人群。今天，尽管面临传统行业既得利益者的阻力——我们认为他们试图限制医生开具个性化治疗方案的能力——我们依然在扩大这种模式的覆盖范围。
创新的真实性？
Our belief is that these two key principles that have played a significant part in the success of our platform will become the industry standard in the years to come. First, the top priority is and will always be the protection of the consumers' interest. Our platform exists to serve the customer, and we ensure that the providers and the offerings and services that we make available are oriented toward delivering the best quality of care for our subscribers. Second, providers have complete independence in decision-making.
我们相信，推动我们平台成功的两个关键原则将在未来几年成为行业标准。第一，首要任务始终是、也将永远是保护消费者的利益。我们的平台存在的意义在于服务客户，我们确保所有提供的医生、服务和产品都致力于为订阅者提供最高质量的护理。第二，医生在决策中享有完全的独立性。
We empower providers to exercise their own independent clinical judgment in making clinical decisions during each interaction. We've implemented multiple safeguards to ensure providers never feel that they have been coerced or forced in any way to make clinical decisions for business purposes. Over time, we expect more companies will recognize this as the future of health care and the ones who prioritize the customer above all else will be the ones who succeed. We look forward to partnering with those who share that vision. Now moving to where we're going next.
我们赋能医生在每一次互动中能够独立行使自己的临床判断。我们已经建立了多重保障措施，以确保医生绝不会觉得自己在任何情况下被迫或被强制为商业目的而作出临床决策。随着时间的推移，我们预计会有更多公司认识到这是医疗保健的未来，而那些始终将客户置于首位的公司，将会是最终取得成功的公司。我们期待与那些认同这一愿景的伙伴携手合作。接下来，让我们谈谈未来的发展方向。
As we build upon this vision and embark on our next chapter of growth, we look forward to bringing the same focus into new specialties. We believe these new specialties will expand our ability to address each individual customer and position us to achieve the 2030 targets we set out last quarter of at least \$6.5 billion in revenue and \$1.3 billion in adjusted EBITDA. Our upcoming launch in hormonal health marks a significant step forward along this path.
在这一愿景的基础上，我们开启了下一个增长篇章，并期待将同样的专注延伸到新的专业领域。我们相信，这些新领域将提升我们服务每一位客户的能力，并使我们有望实现上季度提出的2030年目标：收入至少65亿美元，调整后EBITDA达到13亿美元。即将推出的激素健康服务，标志着我们在这一道路上迈出的重要一步。
For men, low testosterone often causes fatigue, decreased libido and an overall diminished quality of life, while women face menopause challenges like hot flashes, sleep disturbances and mood swings. Evidence also shows that treatment in these areas can help reduce the risks of heart disease and cognitive decline over the long term. Our approach will provide access to personalized solutions for both men and women to effectively manage these hormonal changes.
对于男性而言，低睾酮通常会导致疲劳、性欲下降以及整体生活质量下降；而女性则面临更年期的挑战，如潮热、睡眠障碍和情绪波动。证据也表明，在这些领域进行治疗能够在长期内帮助降低心脏病和认知能力下降的风险。我们的方案将为男性和女性提供个性化的解决方案，以有效管理这些激素变化。
We're excited to expand our offerings over time to help combat these conditions that are estimated to impact more than 50 million in the U.S. alone and have been under-recognized in traditional health care for decades. A key component to addressing the under- treatment of these conditions will be the integration of comprehensive and accessible lab testing. With our recent acquisition of a blood testing lab, we are in the process of verticalizing testing capabilities that will transform how we deliver access to care. Initially, we expect this will support our hormone launch offering.
我们很高兴能够随着时间的推移不断扩展服务，帮助应对这些问题——仅在美国，就估计有超过五千万人受到影响，而这些问题在传统医疗体系中数十年来一直未得到足够重视。解决这些疾病治疗不足的关键因素之一，是整合全面且易于获取的实验室检测。随着我们最近收购了一家血液检测实验室，我们正在推进检测能力的纵向一体化，这将改变我们提供医疗服务的方式。最初，我们预计这将为激素健康服务的推出提供支持。
But in the coming quarters, we plan to begin offering lab testing as a stand-alone service. We expect this will result in a significant category on its own. We live in a country where normal biomarker ranges completely distort the perception of what optimal health looks like and access to lab testing can be overwhelming, expensive and intimidating. By offering access to simple, standardized tests tailored to the individual's need, we expect to empower customers to better understand their health and give them the ability to take proactive steps toward optimizing it.
但在未来几个季度，我们计划将实验室检测作为独立服务推出。我们预计，这本身将成为一个重要的业务类别。在我们所处的国家，正常的生物标志物范围往往完全扭曲了人们对“最佳健康状态”的认知，而实验室检测的获取往往繁琐、昂贵且令人望而却步。通过提供简单、标准化、并针对个人需求量身定制的检测，我们期望赋能客户更好地了解自己的健康状况，并让他们能够主动采取措施来优化健康。
As we move into 2026, these insights will provide the foundation for our initial entry into longevity. In recent years, there has been an explosion of innovative treatments across immunity, recovery and improved metabolic function. We believe that by combining access to comprehensive lab work with a growing network of compounding and peptide facilities, we are well positioned to unlock broader access to thoughtful, proactive interventions that are not just reacting to certain conditions, but focused on helping individuals live longer, healthier lives.
随着我们进入2026年，这些洞察将为我们初步涉足长寿健康领域奠定基础。近年来，在免疫力、康复以及改善代谢功能方面涌现了大量创新疗法。我们相信，通过将全面的实验室检测与日益增长的配制药和多肽设施网络结合起来，我们有能力解锁更广泛的、深思熟虑的主动干预措施——这些措施不仅仅是对某些疾病作出反应，而是专注于帮助人们活得更长久、更健康。
We believe each of these initiatives is laying the foundation for a future where a membership at Hims & Hers will cover the majority of conditions that impact an individual's everyday health. Eventually, we expect that we will transform our platform from a destination where customers come to treat issues to one where they come to prevent them. Alongside these opportunities, our teams are developing the technologies and data platform needed to deliver an increasingly comprehensive offering to tens of millions of subscribers.
我们相信，这些举措正在为未来奠定基础——在未来，Hims & Hers 的会员资格将涵盖影响个人日常健康的绝大多数疾病。最终，我们期望把平台从一个客户前来治疗问题的场所，转变为一个他们前来预防问题的场所。在这些机遇的同时，我们的团队正在开发必要的技术与数据平台，以便向数千万订阅者提供越来越全面的服务。
I'm excited to introduce Mo Elshenawy, our new Chief Technology Officer, who is leading these efforts. Mo's experience in partnering with regulatory bodies to design industry-defining frameworks, along with his work scaling AI for life and death decisions will be crucial in advancing Hims & Hers' technological capabilities. While we'll dive deeper into our technology road map at a later date, I'd like to briefly turn it over to Mo to share his vision and approach to making us a truly technology-first health care platform.
我很高兴向大家介绍我们的新任首席技术官 Mo Elshenawy，他正在领导这些工作。Mo 在与监管机构合作设计行业定义性框架方面的经验，以及他在将人工智能应用于关乎生死的决策上的工作，将在推动 Hims & Hers 技术能力的发展中发挥至关重要的作用。虽然我们将在稍后的时间深入探讨我们的技术路线图，但我现在想简要地把话筒交给 Mo，让他分享自己的愿景和方法，讲述如何将我们打造为真正以技术为先的医疗健康平台。
Mohamed (Mo) Elshenawy
Thanks, Andrew. I'm excited to be here and join the Hims & Hers team at what I believe is a critical moment in health care. One of the main reasons I joined Hims & Hers is the clear opportunity to drive change in an industry that has seen limited innovation despite significant advances in technology. The pace of innovation in health care has frankly been unacceptable, but Hims & Hers is in a unique position to change that.
谢谢你，Andrew。我很高兴能来到这里，并在我认为是医疗保健关键时刻加入 Hims & Hers 团队。我加入 Hims & Hers 的主要原因之一，是看到了一个清晰的机会去推动行业变革——尽管技术已经取得了重大进步，但医疗行业却鲜有创新。医疗领域的创新速度坦率地说一直难以令人接受，而 Hims & Hers 处于一个独特的位置，能够改变这一现状。
With a trusted brand, a massive and engaged customer base and consistent clinical support, we have already established a remarkable pipeline of structured data that providers and customers are benefiting from every day. We believe this will enable us to enhance every aspect of the patient journey from initial intake to treatment, follow-up and ongoing care. And with the addition of lab testing capabilities and the eventual planned integration of wearables, we will continue to build on this experience, delivering access to tailored and proactive care that can evolve with each customer.
凭借一个值得信赖的品牌、大量积极参与的客户群以及持续稳定的临床支持，我们已经建立了一条令人瞩目的结构化数据管道，医生和客户每天都在从中受益。我们相信，这将使我们能够改善患者旅程的每一个环节，从最初的接诊到治疗、随访再到持续护理。而随着实验室检测能力的加入，以及未来计划整合可穿戴设备，我们将继续在此基础上构建体验，提供量身定制且主动的医疗服务，并能随每位客户的情况而不断进化。
Moving forward, our vision is ambitious. It's to reinvent health care by making high-quality personalized care accessible to everyone everywhere. In the near term, we will focus on several key pillars as we work towards realizing this vision. First, we will ensure care is supported by a unified data and intelligence platform. Our multisource learning system will not only improve and personalize access to care at scale, but also automate key processes like fulfillment, inventory and routing to increase efficiency. and we believe our systems powered by AI will never plateau and will continuously improve over time.
展望未来，我们的愿景是宏大的。它是通过让高质量的个性化护理随处可得，从而重塑医疗保健。在近期内，我们将专注于几个关键支柱，以实现这一愿景。首先，我们将确保医疗服务由统一的数据与智能平台提供支持。我们的多源学习系统不仅能够在大规模上改善并个性化护理的可及性，还能自动化履约、库存和调配等关键流程，以提高效率。我们相信，由人工智能驱动的系统不会停滞，而是会随着时间不断改进。
Second, we will be focused on building AI-powered personalized agents that are always on. This will create an end-to-end patient journey powered by AI that will be able to help personalize every interaction and provide 24/7 support to ensure continuous engagement and increase the likelihood of reaching a positive outcome. Third, our entire platform will be designed with global-ready architecture.
其次，我们将专注于打造始终在线的人工智能驱动个性化助手。这将创造一个端到端的、由人工智能驱动的患者旅程，能够帮助个性化每一次互动，并提供全天候支持，以确保持续的参与度并提高获得积极结果的可能性。第三，我们的整个平台将按照全球化架构进行设计。
Scalable modular architecture will allow us to continue to expand internationally, adapting different regulatory environments across regions, and we aim to build a secure, cost-effective platform that can seamlessly support millions of customers and begin fostering valuable partnership across the health care ecosystem. And finally, we will prioritize AI governance, safety and ethics.
可扩展的模块化架构将使我们能够持续拓展国际市场，适应不同地区的监管环境。我们的目标是构建一个安全、具成本效益的平台，能够无缝支持数百万客户，并在医疗生态系统中开始培育有价值的合作关系。最后，我们将优先考虑人工智能的治理、安全与伦理问题。
We will foster responsible AI use with human oversight and bias mitigation and are committed to developing our technology in an ethical manner. We believe these pillars will lay the foundation for a health care system that can learn and improve with each new subscriber that joins the platform. And I could not be more excited for the opportunity to help build what I believe will be the future of health care. With that, I'll pass it back to Andrew.
我们将推动负责任的人工智能使用，确保有人类监管和偏差缓解，并承诺以符合伦理的方式发展我们的技术。我们相信，这些支柱将为未来的医疗体系奠定基础——这一体系能够随着每一位新用户的加入而不断学习与提升。我对能有机会参与建设我所认为的医疗保健未来感到无比兴奋。接下来，我将把话筒交还给 Andrew。
Andrew Dudum
Thanks, Mo. We're looking forward to seeing the impact you and your team will have on how our customers are able to engage in their health on a daily basis. Before passing it over to Yemi, I'd like to touch on one more recent development. In July, we closed our acquisition of ZAVA, expanding our presence in the U.K. and establishing a foundation in other strategic markets such as Germany, Ireland and France. We believe this acquisition and the talent it provides will accelerate our ability to expand into markets beyond Europe.
谢谢你，Mo。我们期待看到你和你的团队在帮助客户日常参与自身健康管理方面所带来的影响。在把话筒交给 Yemi 之前，我想先谈一项最新进展。今年7月，我们完成了对 ZAVA 的收购，进一步扩大了我们在英国的业务布局，并在德国、爱尔兰和法国等其他战略市场建立了基础。我们相信，这次收购以及随之而来的优秀人才将加速我们拓展到欧洲以外市场的能力。
In 2026, we expect to enter Canada with an initial focus on a holistic weight loss program timed to align with the anticipated first-ever availability of generic semaglutide globally. We believe this represents a significant opportunity in a country where 2/3 of adults are overweight or living with obesity. While our initial focus in Canada will be centered on weight loss, we expect to launch additional specialties within the Canadian market over time.
到2026年，我们计划进入加拿大，最初将重点推出一个整体性减重项目，并与全球首个仿制 semaglutide 的预期上市时间保持一致。我们认为，这在一个有三分之二成年人超重或患有肥胖的国家中，是一个巨大的机会。虽然我们在加拿大的初始重点将放在减重领域，但我们预计会随着时间的推移在加拿大市场推出更多专业服务。
We believe our expanded operational and technological expertise established a strong foundation to extend the benefits enjoyed by our U.S. subscribers to geographies across the globe. It has never been more clear that we are in the early stages of unlocking the full potential of a customer-centric, world-class platform in health care. Customers love our approach. They are demanding we do more, and we're meeting that demand with confidence and impact.
我们相信，我们在运营和技术方面扩展的专业能力已经奠定了坚实的基础，使我们能够将美国订阅者享受的益处推广至全球各地。现在比以往任何时候都更加清晰的是，我们正处于释放以客户为中心的世界级医疗平台全部潜力的早期阶段。客户们喜爱我们的方式，他们要求我们做得更多，而我们正以信心和影响力来满足这一需求。
Our success continues to prove that consumers are better served when health care is personalized, accessible and driven by a relentless focus on putting the customer first. This is the future of health care, and we're proud to be building it person by person, specialty by specialty and now market by market. With that, I will pass it over to Yemi to walk through the financials.
我们的成功持续证明，当医疗服务实现个性化、可及性并始终以客户为首要关注点时，消费者能够获得更好的服务。这就是医疗保健的未来，而我们为能够逐步建立这一体系感到自豪——一个人一个人地、一个专科一个专科地、现在更是一个市场一个市场地不断推进。接下来，我将把话筒交给 Yemi，由他来介绍财务情况。
Oluyemi Okupe
Thanks, Andrew. I'll start by providing an overview of our second quarter financial results before going deeper into our updated outlook for 2025. In the second quarter, we continue to see remarkable success across our platform, signaling that our strategy focused on democratizing access to precision medicine is resonating with consumers. Consumers are increasingly engaging with our platform across all stages of their care journey from collaborating with providers to address and manage their conditions, benefiting from provider tools to access customized treatments and utilizing app-based tools and provider access for their follow-up care.
谢谢你，Andrew。在深入讲述我们2025年最新展望之前，我先来概述一下第二季度的财务业绩。在第二季度，我们的平台持续取得显著成功，这表明我们专注于让精准医疗普及化的战略正在得到消费者的共鸣。消费者在其护理旅程的各个阶段越来越多地与我们的平台互动：从与医生合作处理和管理病情，到利用医生工具获取个性化治疗，再到通过应用程序和医生渠道完成后续护理。
We believe we are just scratching the surface of what's possible and over the course of the second quarter, have laid an even stronger foundation to elevate the future value we can bring to our subscribers. Our efforts translated into strong results in the second quarter. Revenue grew 73% year-over-year to \$545 million, while we simultaneously maintain an adjusted EBITDA margin north of 15%. Expanding access to personalized treatment options and a wide array of tools is allowing us to attract new subscribers to the platform and also resulting in stronger retention.
我们认为，我们只是触及了潜力的一小部分，而在第二季度中，我们又为未来能够为订阅者带来更大价值奠定了更坚实的基础。我们的努力转化为第二季度的强劲业绩：收入同比增长73%，达到5.45亿美元，同时保持了超过15%的调整后EBITDA利润率。扩大个性化治疗方案和各种工具的可及性，使我们能够吸引新订阅者加入平台，同时也带来了更强的用户留存。
Subscribers increased 73,000 quarter-over-quarter to over 2.4 million, reflecting a year-over-year growth rate of 31%. We see continued robust subscriber growth across our dermatology, oral weight loss and daily sexual health offerings that all sustained year-over-year subscriber growth rates above 55% in the second quarter. Strong performance across these offerings helped offset headwinds that came from offboarding GLP-1 subscribers on commercially available dosages as well as a decline in our on-demand sexual health subscriber base.
订阅者环比增加7.3万，达到240多万，同比增幅为31%。我们看到，皮肤科、口服减重以及日常性健康服务的订阅者继续保持强劲增长，这些领域在第二季度的订阅者同比增长率均超过55%。这些服务的强劲表现帮助抵消了两个不利因素：其一是部分采用市售剂量 GLP-1 的订阅者流失，其二是按需性健康订阅用户的下降。
We expect headwinds from the rotation of our sexual health specialty toward more premium daily offerings for the next couple of quarters but are excited to see over 40% of total sexual health subscribers and roughly 65% of new sexual health subscribers in the quarter benefiting from a daily offering, respectively. We are able to embed an expanding set of capabilities within our daily offerings that are not feasible to incorporate into our on-demand offerings.
我们预计，在接下来的几个季度中，随着性健康领域逐渐转向更高端的日常服务，这将带来一定逆风。但令人振奋的是，在本季度中，超过40%的整体性健康订阅者，以及大约65%的新性健康订阅者，已经享受到了日常服务的好处。我们能够在日常服务中嵌入越来越多的功能，而这些功能在按需服务中是无法实现的。
Today, our daily sexual health offerings allow subscribers to partner with providers to treat hair loss concerns, improve their cardiovascular health, support testosterone levels and optimize vitamin levels. Over time, we expect this to have a meaningful benefit in retention and the customer lifetime value across our sexual health specialty. Continued subscriber adoption of personalized offerings as well as the success of our weight loss specialty continue to drive year-over-year growth in our monthly average online revenue per subscriber.
如今，我们的日常性健康服务让订阅者能够与医生合作，治疗脱发问题、改善心血管健康、支持睾酮水平并优化维生素水平。随着时间的推移，我们预计这将在用户留存和性健康领域客户生命周期价值方面产生显著益处。个性化服务的持续采用，以及体重管理领域的成功，继续推动着每用户月均线上收入的同比增长。
However, in the second quarter, we saw monthly average revenue per subscriber decline quarter-over-quarter to \$74 from \$84, primarily as a result of the offboarding of a portion of our GLP-1 subscribers. Now shifting to profitability. The second quarter was an exceptional demonstration of our team's ability to remain agile and deliver on the high standards outlined in our capital allocation framework across even the most volatile environments. Our platform drove \$82 million of adjusted EBITDA in the second quarter.
然而，在第二季度，我们看到每用户月均收入环比下降至74美元，而上一季度为84美元，这主要是由于部分 GLP-1 订阅者的流失。接下来谈到盈利能力。第二季度充分展示了我们团队在即使面对最为波动的环境时，依然能够保持灵活性，并落实我们资本配置框架中高标准的能力。我们的平台在第二季度实现了8200万美元的调整后EBITDA。
The complexity of our platform and future ambitions will necessitate a more nuanced organizational structure, one that is able to move in an even more agile manner and scale globally. In the second quarter, we took action to adjust to that new reality. Adjusted EBITDA was negatively impacted by approximately \$7 million in the second quarter as a result of severance payments to former employees and sign-on bonuses used to attract new talent.
我们平台的复杂性以及未来的发展雄心，将需要一个更加精细化的组织结构，使其能够以更灵活的方式运作并实现全球规模化。在第二季度，我们采取了措施来适应这一新现实。由于向前员工支付离职补偿金，以及用于吸引新人才的签约奖金，第二季度的调整后EBITDA受到约700万美元的负面影响。
Leverage on marketing investment and gross margin expansion were the primary levers that resulted in second quarter adjusted EBITDA margins expanding nearly 3 points year-over-year. Marketing as a percentage of revenue was 40%. Investment was slowed at various points throughout the quarter as we saw volatility in marketing efficiency as a result of the onboarding and offboarding of a previous collaboration within the second quarter.
对营销投资的杠杆作用和毛利率的提升，是推动第二季度调整后EBITDA利润率同比扩大近3个百分点的主要因素。营销费用占收入的比例为40%。由于第二季度内某项合作的加入与退出导致营销效率出现波动，我们在本季度的多个时间点放缓了投资节奏。
Strong performance outside of our non-weight loss offerings as a result of improving retention from adoption of personalized treatment plans and rollout of new offerings was able to offset some of the volatility we observed within our weight loss specialty. Gross margins expanded 3 points quarter-over-quarter to 76%, primarily as a result of growth in specialties outside of weight loss. G\&A costs were pressured in the second quarter as a result of the onboarding of new executives as well as additional costs stemming from the decision to reassess our organizational structure.
由于个性化治疗计划的采用提高了留存率，加上新产品的推出，我们在非减重业务上的强劲表现抵消了减重领域波动带来的一部分影响。毛利率环比扩大3个百分点，达到76%，这主要得益于非减重业务的增长。第二季度的一般与行政（G\&A）费用承受了一定压力，原因是新高管的加入以及重新评估组织结构所带来的额外成本。
G\&A as a percentage of revenue improved 1 point year-over-year but deleveraged 4 points quarter-over-quarter as a result of these dynamics. A similar dynamic was seen in operations and support costs. Technology and development costs as a percentage of revenue increased 1 point year-over-year and 2 points quarter-over-quarter to 7%, reflecting increased investment in technology talent across the organization.
G\&A 占收入的比例同比改善了1个百分点，但环比却因上述因素下降了4个百分点。运营与支持成本也出现了类似的动态。技术与开发费用占收入的比例同比上升1个百分点，环比上升2个百分点，达到7%，这反映了我们在全公司范围内对技术人才投入的增加。
This is an area that we expect to continue to invest in across the coming quarters as we believe it will translate into an even better customer experience and be long-term financially accretive. In the second quarter, we meaningfully strengthened our balance sheet with the completion of a convertible debt offering in May. We ended the second quarter with a cash and short-term investments balance of over \$1.1 billion.
这是一个我们预计在未来几个季度仍将持续投入的领域，因为我们相信这将转化为更好的客户体验，并在长期内对财务有增值作用。在第二季度，我们通过5月完成的一次可转换债券发行显著强化了资产负债表。第二季度末，我们的现金及短期投资余额超过11亿美元。
Meaningful investment was made in the second quarter to expand our ability to offer new form factors, automate processes within our facilities and strengthen supply chain through significant investment in working capital. Free cash flow for the second quarter was negative \$69 million as a result. We expect to return to positive free cash flow generation in the second half of the year. Our balance sheet provides a meaningful opportunity to deploy capital across both organic and strategic M\&A opportunities.
第二季度我们进行了重大投资，以扩大推出新产品形态的能力、实现设施内流程自动化，并通过对营运资本的重大投入来强化供应链。因此，第二季度自由现金流为负6900万美元。我们预计将在今年下半年恢复为正的自由现金流。我们的资产负债表为资本部署提供了有力支持，既可以用于有机增长，也可以用于战略并购机会。
We will not loosen our capital allocation standards as a result of this flexibility but have even greater confidence in our ability to accelerate efforts across the strategic growth levers that we believe will shape the future for Hims & Hers. I'll double-click in the areas that we expect to receive the most meaningful share of investment. First, we expect to continue investing in deeper personalization capabilities, which we view as a critical component of our ability to democratize access to precision medicine.
我们不会因为拥有这种灵活性而降低资本配置标准，相反，我们更加有信心能够加快在战略增长杠杆上的努力——这些杠杆将塑造 Hims & Hers 的未来。接下来我将重点强调几个我们预计将获得最重要投资的领域。首先，我们预计会继续加大在更深层次个性化能力方面的投入，我们认为这是实现精准医疗普及化能力的关键组成部分。
Our ambition is to move from a world of hundreds of treatment options to thousands over time. We expect this will unlock greater flexibility for our subscribers across form factors as well as enable customized treatments to address multiple concerns concurrently, such as vitamin deficiencies and side effects within our specialties. This will necessitate upgraded equipment, additional facilities and more extensive automation capabilities over time.
我们的目标是逐步从一个拥有数百种治疗方案的世界，发展到拥有数千种方案。我们预计，这将为订阅者在产品形态上带来更大的灵活性，同时能够提供定制化治疗，以同时解决多种问题，例如维生素缺乏以及专科治疗中的副作用。这将在未来需要设备升级、设施扩建以及更广泛的自动化能力。
Second, we intend to invest in capabilities that will enable us to gain deeper insights to better serve our subscribers while simultaneously increasing investment in our platform to better leverage that data to address subscriber needs. We believe that responsibly harnessing data from potential future capabilities such as lab testing and wearables will allow us to better serve subscribers across multiple stages of their treatment journeys, including diagnostics, treatment and follow-up care.
其次，我们计划投资于能够帮助我们获得更深入洞察的能力，从而更好地服务订阅者，同时增加对平台的投资，以便更好地利用这些数据满足用户需求。我们相信，负责任地利用未来潜在能力（如实验室检测和可穿戴设备）所产生的数据，将使我们能够在治疗旅程的多个阶段（包括诊断、治疗和随访护理）中更好地服务订阅者。
And that investing in our platform will allow us to elevate the subscriber experience through even more expansive tools such as AI coaches, chatbots and more dynamic customer support models. Our belief is that these elements will increase demand for our platform as well as drive stronger retention. Lastly, we believe that demand for a consumer-oriented health care model transcends borders. Our recent acquisition of ZAVA provides a foundation to build upon and deliver value to millions of potential future customers across the globe.
对我们平台的投资，将使我们能够通过更广泛的工具（如 AI 教练、聊天机器人以及更具动态性的客户支持模式）来提升用户体验。我们相信，这些要素将增加对平台的需求，并推动更强的用户留存。最后，我们认为，面向消费者的医疗模式的需求超越国界。我们最近对 ZAVA 的收购为我们奠定了基础，使我们能够在全球范围内为数百万潜在未来客户创造价值。
With ZAVA, we have gained the infrastructure to serve consumers across markets such as Germany, France and Ireland in the second half of the year. ZAVA will also play a foundational role in supporting our Canadian expansion efforts in 2026. We believe the combination of ZAVA's platform with our expanding engineering bench sets a foundation that unlocks the potential to expand in Latin American and Asian markets in the coming years as well. We expect our capital investment will bias toward unlocking new capabilities to drive subscriber value in the coming years.
通过 ZAVA，我们已经获得了在今年下半年服务德国、法国和爱尔兰等市场消费者的基础设施。ZAVA 还将在支持我们 2026 年进入加拿大市场的努力中发挥基础性作用。我们认为，将 ZAVA 的平台与我们不断扩大的工程能力结合起来，为未来几年进军拉美和亚洲市场奠定了基础。我们预计，未来几年的资本投资将更多倾向于解锁新能力，以提升订阅者价值。
However, a robust balance sheet and strong free cash flow generation allows us to take advantage of moments when we believe the market value of our stock meaningfully disconnects from its intrinsic value. As of the end of the second quarter, \$65 million is remaining in our buyback program. With that, I will walk through our outlook for 2025. In the third quarter, we expect revenue to be between \$570 million to \$590 million, representing a year-over-year growth rate of between 42% and 47%.
然而，稳健的资产负债表和强劲的自由现金流生成能力，使我们能够在认为公司股价与其内在价值存在显著偏离时抓住机会。截至第二季度末，我们的回购计划中仍有6500万美元余额。接下来，我将介绍我们对2025年的展望。在第三季度，我们预计收入将在5.7亿美元至5.9亿美元之间，同比增长42%至47%。
We are anticipating adjusted EBITDA in the range of \$60 million to \$70 million, reflecting an 11% margin at the midpoint. For the full year, we expect revenue to be between \$2.3 billion and \$2.4 billion, reflecting a year-over-year increase that ranges from 56% to 63%. We are anticipating adjusted EBITDA in the range of \$295 million to \$335 million, reflecting a 13% margin at the midpoint. Our outlook for the remainder of the year is based on the following assumptions: First, the fulfillment of compounded GLP-1 treatment available through our platform no longer utilizes 503B outsourcing facilities.
我们预计调整后 EBITDA 在6000万至7000万美元之间，中点利润率为11%。全年预计收入将在23亿美元至24亿美元之间，同比增长56%至63%。我们预计全年调整后 EBITDA 在2.95亿美元至3.35亿美元之间，中点利润率为13%。我们对下半年业绩的展望基于以下假设：第一，我们平台提供的复方 GLP-1 治疗履约不再使用 503B 外包工厂。
This will result in a shorter duration shipment cadence for these products and lower revenue recognized per order. We expect temporary headwinds from in-quarter revenue recognized from shipments to subscribers who were previously on a shipment cadence of 90 days or more. Given the strength of the oral offering and the demand for management of side effects through compounded GLP-1s, we remain confident in our weight loss specialty's ability to deliver at least \$725 million of revenue this year. Second, we closed our acquisition of ZAVA in July.
这将导致这些产品的发货周期缩短，并使每个订单确认的收入减少。我们预计会因那些原先发货周期为90天或以上的订阅者在季度内收入确认带来短期逆风。鉴于口服产品的强劲表现，以及通过复方 GLP-1 管理副作用的需求，我们仍然对体重管理业务在今年实现至少7.25亿美元收入充满信心。第二，我们已在7月完成对 ZAVA 的收购。
Over time, our plan is to integrate our existing U.K. business with our ZAVA operation. We are still assessing the impact of this but expect the ZAVA acquisition to deliver at least \$50 million of net incremental revenue for the remainder of 2025. Third, we expect that we are entering an investment period for at least the next year, particularly in marketing and technology. Augmentation of our engineering talent with expertise in AI development and the scaling of global platforms is expected in the coming quarters.
随着时间推移，我们计划将现有的英国业务与 ZAVA 的运营进行整合。目前我们仍在评估其影响，但预计 ZAVA 的收购将在 2025 年剩余时间内至少带来5000万美元的净新增收入。第三，我们预计未来至少一年的时间将进入投资期，特别是在市场营销和技术方面。在接下来的几个季度，我们预计会加强工程团队的 AI 开发专长，并推动全球平台的规模化。
Marketing investment will be higher as a result of seasonality in addition to investment to support the scaling of new geographies and offerings such as labs and hormonal support. We expect that adherence to our capital allocation framework that calls for a payback period of less than a year will enable us to continue driving 1 to 3 points of marketing leverage per annum. Lastly, we expect the continued transition toward personalized offerings to be instrumental in helping us drive long-term revenue retention of 85% or higher.
由于季节性因素，加之对新市场和新产品（如实验室检测和激素健康支持）扩张的投入，营销投资将会增加。我们预计，坚持资本配置框架（要求投资回收期少于一年）将使我们能够每年继续推动1至3个百分点的营销杠杆。最后，我们预计持续向个性化服务过渡将成为推动长期收入留存率达到85%或更高的关键因素。
Our expectation is that our on-demand sexual health business will continue to experience declines, but the effect will start to meaningfully dissipate in 2026 as we benefit from strong retention gains from daily sexual health subscribers. We are entering the second half of 2025 with a great deal of momentum. More importantly, we've established a foundation of talent and capabilities that serves as a critical step in our ability to unlock immense value for millions of individuals across the world by democratizing access to precision medicine. We believe we are just scratching the surface of what's possible with a transformative health care model and as a result, see significant opportunity across each of the future growth levers we've laid out. As always, I want to thank our subscribers, our partners and our employees for their continued support in our mission to help the world feel great through the power of better health. Our success would not be possible without their support. With that, I will turn it back to Bill to kick off Q\&A with two questions from our retail community.
我们预计，按需性健康业务将继续下滑，但随着日常性健康订阅者强劲的留存效应带来益处，这一影响将在2026年开始显著减弱。我们带着强劲的势头进入2025年下半年。更重要的是，我们已经建立了一支人才和能力的基础团队，这为我们实现使命——通过普及精准医疗为全球数百万人释放巨大价值——迈出了关键一步。我们相信，在这种变革性的医疗模式中，我们只是触及了潜力的一小部分，因此，我们在已提出的各项未来增长杠杆上看到了巨大的机会。和往常一样，我要感谢我们的订阅者、合作伙伴和员工，感谢他们在我们通过更好的健康帮助世界获得美好感受的使命中给予的持续支持。没有他们的支持，我们的成功不可能实现。接下来，我将把话筒交还给 Bill，由他开启问答环节，首先是来自零售社区的两个问题。
Question-and-Answer Session
Bill Newby
Thanks, Yemi, and thank you to all the investors who sent in questions over the weekend. We received quite a few on the recently announced acquisition of ZAVA and our growing efforts to expand internationally. This is a multipart question from the Hims House community. Why was now the right time to expand internationally and what made ZAVA the right company to acquire? There are investors that are questioning the size of the opportunity here given the presence of government-run health care systems and the complexity that comes with operating across multiple countries. How would you respond to those concerns and the potential that this could distract from scaling the U.S. business?
谢谢你，Yemi，也感谢所有在周末提交问题的投资者。我们收到了不少关于最近宣布的 ZAVA 收购案以及我们不断扩大的国际化努力的问题。这是来自 Hims House 社区的一个多部分问题：为什么现在是拓展国际市场的合适时机？是什么让 ZAVA 成为合适的收购对象？考虑到政府主导的医疗体系的存在，以及跨多个国家运营所带来的复杂性，有投资者质疑这一机会的规模。你会如何回应这些担忧，以及这可能会分散我们在美国业务扩张上的注意力？
Andrew Dudum
Yes. Thanks, Bill. Thanks, Hims, for the question. From my perspective, I think it's a really powerful opportunity to take a leadership role in bringing what we believe is the personalized high-touch, affordable precision medicine consumer experience globally. And so I think the acquisition of ZAVA was the first step in us taking a leadership position in replicating this model in the key markets.
是的，谢谢你，Bill，也感谢 Hims 的提问。从我的角度来看，这是一个非常重要的机会，让我们能够在全球范围内率先提供我们认为的个性化、高接触度、且负担得起的精准医疗消费者体验。因此，我认为收购 ZAVA 是我们在关键市场中复制这一模式、并确立领导地位的第一步。
Now I think with ZAVA specifically, we felt that the team and their ability to build a platform that has been scalable in unique markets with unique regulatory challenges was a testament to their execution and operational abilities. It's a team that we believe can continue to expand into new markets, helping us to launch in Canada in 2026 as well as in markets like Brazil, where you -- you've got new generic semaglutide going live in the new year. So their ability to replicate scale and have flexibility with the technology platform with the range of regulatory environments we felt was incredibly powerful.
就 ZAVA 本身而言，我们认为他们的团队，以及他们在面对独特市场和监管挑战时仍能构建可扩展平台的能力，充分证明了其执行力和运营能力。我们相信，这支团队能够继续拓展新市场，帮助我们在2026年进入加拿大市场，以及在像巴西这样的市场开展业务——在那里，新的仿制 semaglutide 将在明年上市。因此，他们在不同监管环境下复制规模、并保持技术平台灵活性的能力，让我们觉得极其强大。
And I think we've had the privilege of seeing dozens of companies that have tried this. And so the pattern recognition of what truly was unique was really there. Ultimately, we believe the international market is a focused effort, right? It's not a spray and pray model. We don't believe that there are dozens of markets that are required for a substantial revenue footprint. I think long term, we believe there's a multibillion-dollar revenue opportunity in just a handful of key markets. And I think you'll see us in the next 1 to 3 years going after those focused markets.
我们有幸见证了几十家公司尝试类似的事情，因此能够识别出哪些模式才是真正独特的。最终，我们认为国际市场必须是有重点的努力，而不是“撒网式”的盲目扩张。我们不认为需要几十个市场才能建立可观的收入规模。从长期来看，我们认为仅仅在少数几个关键市场中，就存在数十亿美元的收入机会。我想，在未来1到3年中，你们将会看到我们专注于这些目标市场的行动。
看着不一定有这方面的倾向。
Bill Newby
Thanks, Andrew. We also received a number of questions on the new capabilities and specialties that we'll be bringing to the platform in the coming quarters. Here's -- this is another multipart question from \[indiscernible]. How does the launch of at-home lab testing improve the business and support the broader mission of Hims & Hers. What impact do you expect it to have on the development of new business verticals? And do you expect this will allow you to introduce membership options that are more widely accessible, similar to what's been done with Amazon, Netflix and Costco?
谢谢你，Andrew。我们还收到了很多关于未来几个季度将带到平台的新功能和新专科的问题。这里有一个来自\[听不清]的多部分问题：居家实验室检测的推出如何改善业务并支持 Hims & Hers 的更广泛使命？你预计它会对新业务领域的发展带来什么影响？你是否预计这将使你们能够推出更广泛可及的会员选项，类似于 Amazon、Netflix 和 Costco 所做的？
Andrew Dudum
Yes. Thanks, Bill. It's a great question. Altruistically, I have a real passion to get people access to this type of information at as low a cost as possible. I think it's absolutely critical when you think about transitioning the American health care system as well as the global health care system from one where patients are coming into the system to treat an issue versus coming to the platform to take advantage of preventable options.
是的，谢谢你，Bill。这是个很好的问题。出于公益性的考虑，我非常热衷于让人们能够以尽可能低的成本获取这类信息。我认为，当我们考虑将美国以及全球的医疗体系从“病人进入系统是为了治疗问题”转变为“病人进入平台是为了利用预防性选择”时，这是至关重要的。
And I think at-home testing is going to be absolutely foundational across all of our categories going forward as well as opening up membership opportunities, like you mentioned. I think the simplification of not only what tests truly matter and when for a patient, but also really what gold standard optimized biomarkers looks like is really critical for this offering, right? We live in a country where the majority of us die from preventable disease.
我认为，居家检测将成为我们所有业务类别未来发展的基础，同时也会像你提到的那样，打开会员模式的机会。我认为，简化这一过程不仅在于弄清楚病人真正需要哪些检测、在何时需要，还在于让他们了解“金标准”的最佳生物标志物究竟应该是什么样子——这是这一服务的关键所在。我们生活在一个大多数人死于可预防疾病的国家。
And so there's a massive disconnect in access and education with regard to what these test outcomes should be. Being the average or being the median in the United States on your lipid profile where the majority of us die from a heart attack is not great. And so I think there's going to be an incredible opportunity to educate patients on what tests are necessary.
因此，在检测结果的获取和教育方面存在着巨大的脱节。在美国，如果你的血脂水平处于平均或中位数水平，而大多数人正是死于心脏病发作，这并不是好事。所以我认为，这将为教育患者哪些检测是必要的提供一个极大的机会。
So it's not massively overwhelming, make those tests incredibly affordable and accessible and not intimidating and also educate patients based on who they are, their age, their dynamics, what those optimal outcomes and metrics can be. Now ultimately, I think we can then not only get them that data but help them with the next steps. And I think you'll see in these offerings that we bring to market that the lab testing is just the beginning.
所以，这并不是要让人们面对过于庞杂的信息，而是要让检测变得极其负担得起、容易获得且不具威慑力。同时，还要根据患者的个体特征、年龄及健康动态来教育他们，告诉他们最佳的健康指标应该是什么。最终，我认为我们不仅能为他们提供这些数据，还能帮助他们完成下一步。而你们会在我们未来推出的服务中看到，实验室检测只是一个开始。
It's the beginning of then an opportunity to have very seamless ability to treat and optimize your core risk areas. I think this will be ultimately a foundation and infrastructure, as you can imagine, that then allows for a Grind-like or Costco-like health care membership, right? That transitions patients from coming to us for a single condition all the way to moving them towards ultimately a goal of preventative health.
它将开启一个机会，让人们能够无缝地治疗并优化自身的核心健康风险。我认为，这最终会成为一个基础和基础设施，从而像 Grind 或 Costco 一样，发展出一种医疗会员模式。它会让患者从“因单一病症来找我们”，逐步过渡到“最终以预防健康为目标”。
I think you can see this in the steps that we are taking, not only in the testing road map that we've been outlining, but also in the recent leadership additions like Nader Kabbani from Amazon as well as Dheerja, who led product at Robinhood and owning her -- the membership platform over there. I think we are staffing both the technology, the infrastructure, the raw capabilities in our facilities as well as the team to go after what we think is a broad membership that sets a new standard for what health care ultimately should be for everybody globally.
我想，你们可以从我们正在采取的措施中看到这一点，这不仅体现在我们正在规划的检测路线图上，还体现在我们最近的领导层引进上，比如来自 Amazon 的 Nader Kabbani，以及曾在 Robinhood 负责产品并主导其会员平台的 Dheerja。我认为，我们正在技术、基础设施、设施中的基础能力以及团队配置方面进行建设，目标是打造一种广泛的会员模式，为全球每个人设立医疗保健的全新标准。
Bill Newby
Thanks, Andrew, and thanks again to everyone who's sending questions. With that, I will pass it back to the operator to begin the regular way analyst Q\&A.
谢谢你，Andrew，也再次感谢所有提交问题的人。接下来，我将把话筒交还给主持人，进入常规的分析师问答环节。
Operator
\[Operator Instructions] Your first question comes from the line of Maria Ripps with Canaccord.
【操作员提示】你的第一个问题来自 Canaccord 的 Maria Ripps。
Maria Ripps
First, can you maybe help us understand a little bit better sort of some of the core dynamics between your core business and the weight loss segment, both in Q2 and sort of expectations for Q3? So -- I know you reiterated your weight loss target for this year, but anything you can add in terms of sort of underlying trends within your personalized GLP-1 offering? And then I have a quick follow-up.
首先，你能否帮我们更好地理解一下你们核心业务与减重板块之间的一些核心动态，无论是在第二季度还是对第三季度的预期？我知道你们重申了今年的减重目标，但是否能补充一些关于个性化 GLP-1 服务的潜在趋势？然后我还有一个简短的追问。
Oluyemi Okupe
Yes. Thanks for the question, Maria. Maybe I can start. So I think that what we saw quarter-over-quarter in Q2, there's obviously some pretty material headwinds in the GLP-1 footprint as we offboarded the folks that run commercially available dosages. Across the weight loss specialty, we see continued success within our oral offering as well as personalized sema. But when we look at kind of like the core business, I think we've spoken around this a couple of times before. What we're seeing is really there's a drag coming from the sexual health on-demand component of the business.
好的，谢谢你的问题，Maria。我先来回答。我认为在第二季度的环比表现中，GLP-1 业务板块显然面临一些较大逆风，主要是因为我们逐步退出了使用市售剂量的订阅者。在整个减重专科中，我们在口服产品和个性化 sema 上仍然保持成功。但如果看核心业务，我认为我们之前已经多次提到过，真正拖累表现的是性健康板块中的按需服务部分。
GLP-1 减重：35% (190 / 545)，占到总收入是35%。
And that's really a conscious effort. What we've observed over the last couple of quarters is as we've expanded the sexual health daily offering, that continues to grow north of 55%. We also do see very strong retention across the daily relative to the on-demand business. And so if you pull out the on-demand sexual health business, many other specialties such as our dermatology business, the oral weight loss, the sexual health daily are all growing north of 55%. We're doing a conscious effort just to make the overall base of our sexual health customer a lot healthier.
而这其实是我们有意识的调整。在过去几个季度中，我们观察到随着性健康日常服务的扩展，它的增速持续超过55%。同时，与按需业务相比，日常业务的留存率也非常强劲。因此，如果剔除按需性健康业务，其他多个专科——比如皮肤科、口服减重和性健康日常服务——都在以超过55%的速度增长。我们正在有意识地调整，以使性健康客户群的整体基础更加健康。
As we start to lap these dynamics in 2026, we would actually expect to receive a benefit both from lapping, but also the stronger retention on the daily health users. And so really, I would say is like the area where we're seeing the most softness, obviously, quarter- on-quarter has been the GLP-1 side of the house, mainly not commercially available dosages. But then there's also just the dynamic of the sexual health on-demand business. Outside of that, we're seeing strong growth across many of our other specialties.
随着我们在2026年逐步消化这些动态，我们预计不仅会从基数效应中受益，还会受益于性健康日常用户更强的留存。因此，我会说环比来看，表现最疲软的领域显然还是 GLP-1 业务，主要是市售剂量的流失。其次就是性健康按需业务的变化。除此之外，我们在许多其他专科中都看到了强劲增长。
高速成长中的公司遇到销售收入环比下降，解释的不清不楚，也很无力。
Maria Ripps
Got it. That's very helpful. And then secondly, with the generic GLP-1 sort of expected to launch in Canada next year, could you maybe talk about some of the sort of cross-border dynamics that we should keep in mind? Are there any certain sort of legal nuances that sort of could make importation feasible from a consumer or provider perspective?
明白了，这非常有帮助。第二个问题是，随着仿制 GLP-1 明年预计在加拿大上市，你能否谈谈我们需要注意的一些跨境动态？是否存在某些法律细节，使得从消费者或服务提供者的角度来看，进口是可行的？
Andrew Dudum
Yes, Maria, I can take that question. Generally speaking, our approach with bringing the generic semaglutide to market in Canada is going to be vary by the book, right? And so there will be, from our perspective, no cross-border dynamics between the Canadian markets and the U.S. Shipments will be sent to Canadian addresses. They will be through partnerships with large generic manufacturers who are manufacturing and bringing them into the Canadian market. So there should be no cross-border dynamics that we will be expecting from our standpoint.
好的，Maria，这个问题我来回答。总体而言，我们在加拿大推出仿制 semaglutide 的方法将严格遵循合规流程。因此，从我们的角度来看，加拿大市场和美国之间不会存在跨境动态。货物将直接发送至加拿大地址，通过与大型仿制药制造商合作，这些药品将在加拿大生产并投放市场。因此，从我们的立场上看，我们不预期会存在任何跨境的动态。
Operator
Your next question comes from Craig Hettenbach with Morgan Stanley.
下一位提问的是来自 Morgan Stanley 的 Craig Hettenbach。
Craig Matthew Hettenbach
A question on the Hers business, whether it's a rough percentage of revenue or subscribers, just kind of an update on how that business is performing and some of the key growth drivers seeing on the Hers side.
关于 Hers 业务的问题——无论是收入还是订阅者占比，请更新一下该业务目前的表现情况，以及 Hers 业务的一些主要增长驱动因素。
Oluyemi Okupe
Yes. Thanks for the question, Craig. We still see the Hers business continuing to grow at a very robust pace. It's primarily benefiting from the dermatology business, both in terms of skin as well as hair. We're also seeing strong demand for the weight loss offering and specialty continue as well as our mental health offering. And then in the latter half of this year, I think we're very excited to bring on hormonal support for menopause in the Hers category as well. And so we do still see several catalysts continuing to drive a strong outlook for the Hers business.
好的，谢谢你的提问，Craig。我们看到 Hers 业务仍然在以非常强劲的速度增长，主要受益于皮肤科业务，包括皮肤和头发方面。我们还看到了减重服务和专科业务的强劲需求，以及心理健康服务的持续增长。此外，在今年下半年，我们也非常期待在 Hers 类别中推出更年期的激素支持。因此，我们确实看到了多个催化因素，继续推动 Hers 业务的强劲前景。
Craig Matthew Hettenbach
Got it. And then just a follow-up question, and I appreciate the color on kind of the near-term investment cycle. Specific to AI, can you talk about how you're approaching that, whether it's the returns you expect to get on that or just reasonable time line of that having an impact on the business as you move forward?
明白了。再追问一个问题，感谢你们对短期投资周期的解读。关于 AI，你能否谈谈你们是如何推进的？包括你们预期能从中获得怎样的回报，或者一个合理的时间表，让它在未来对业务产生实质性的影响？
Andrew Dudum
Yes, Craig, thanks for the question on that. We aim to build the AI strategy in such a way where you're making very tangible and tactical improvements very quickly. I think in the age of the AI explosion, we are really benefited by the fact that our platform touches tens of thousands of patients every single day, and that allows for us to build use cases for both providers and patients or pharmacists that we can see nearly immediately driving results.
好的，Craig，谢谢你关于 AI 的问题。我们的目标是构建一种 AI 战略，使我们能够非常快速地带来切实和战术性的改进。在 AI 爆发的时代，我们真正受益于一个事实：我们的平台每天接触数以万计的患者，这让我们能够为医生、患者以及药师建立应用场景，并且几乎可以立即看到效果。
And so I think there's going to be an agent-centric model here that delivers on-demand 24/7 access and support across the stack, whether it's the provider side, the patient side, the pharmacist side, et cetera. But we aim in the next 3 to 6 months to be building out technologies that are immediately improving efficiency, improving engagement, providing support across the stack.
因此，我认为未来将会有一个以智能代理为核心的模式，能够在整个体系中按需提供全天候的访问和支持，无论是在医生端、患者端还是药师端。我们的目标是在未来3到6个月内，构建能够立即提升效率、提升参与度、并在整个体系中提供支持的技术。
怎么做，做成什么样子，这些都掌握在几家大的科技公司的手中。
Operator
Your next question comes from the line of Eric Percher with Nephron Research.
下一位提问的是来自 Nephron Research 的 Eric Percher。
Eric R. Percher
I appreciate the incremental disclosure in the Q around the GLP-1 value. And I want to make sure I'm understanding, we see a value of \$190 million this quarter, down from \$230 million. It sounds like there's some revenue headwind. Should we assume that there's a pretty significant continued decline in Q3 and Q4 as we're modeling out the year?
我很感谢你们在本季度关于 GLP-1 价值的进一步披露。我想确认一下我的理解：我们看到本季度的数值是1.9亿美元，低于2.3亿美元。听起来这意味着有一些收入逆风。那么在我们进行年度建模时，是否应该假设在第三、第四季度还会有相当明显的持续下降？
Oluyemi Okupe
No, I think it's a great question, Eric. We saw the meaningful step down primarily as a result of offboarding folks that were on commercially available dosages of GLP-1s. I think what's remaining for the duration of kind of Q3 and the rest of the year are products that we intend to have on the platform, whether that's the oral weight loss product or personalized semaglutide, so our expectation is to see renewed and continued growth.
不，我认为这是个很好的问题，Eric。我们看到显著下降，主要是因为逐步退出了使用市售剂量 GLP-1 的订阅者。我认为在第三季度及今年剩余时间内，留在平台上的产品将是我们计划继续运营的产品，无论是口服减重产品还是个性化 semaglutide。因此，我们的预期是会看到新的、持续的增长。
There are some revenue recognition dynamics that will result in a steeper acceleration in the fourth quarter. We're just shipping on in smaller batches, which also carries implications for the revenue recognition. But on a go-forward basis, we see very strong demand for the weight loss specialty holistically and as of now are expecting that to continue.
在收入确认方面，有一些动态因素会导致第四季度出现更快的加速。我们目前只是以较小批次发货，这也会影响收入确认。但从未来走势来看，我们看到减重专科整体需求非常强劲，并且目前预期这种情况将会持续。
Eric R. Percher
And we should think of the \$725 million inclusive of oral, which you've stated is over \$100 million. Is that the right way to think about the balance of these components?
那么我们是否可以这样理解：7.25亿美元的目标包括了口服部分，而你们提到口服部分已经超过1亿美元？这是正确的理解方式吗？
Oluyemi Okupe
Yes, correct. So the \$725 million is holistic across all of the weight loss components. So it's a full holistic weight loss offering.
是的，正确。7.25亿美元涵盖了所有减重业务的组成部分。这是一个完整的综合性减重服务。
Andrew Dudum
And Eric, that includes liraglutide, branded medications, oral, personalized, et cetera. It's the whole specialty.
而且，Eric，这其中包括 liraglutide、品牌药物、口服产品、个性化产品等等。它代表的是整个减重专科。
Operator
Your next question comes from the line of Ryan MacDonald with Needham & Company.
下一位提问的是来自 Needham & Company 的 Ryan MacDonald。
Ryan Michael MacDonald
Maybe first on the Canadian expansion. Are you intending to expand in Canada under the Hims & Hers brand or the ZAVA brand given sort of the acquisition there? And as we think about the opportunity with generic semaglutide in Canada, pricing for the branded already is at fairly affordable price, the \$200 to \$400 range. Do you expect sort of a similar magnitude of sort of unlocking of that market at the generic price point relative to the difference in pricing in the U.S. we saw from branded versus compounded?
首先关于加拿大的扩张。考虑到你们的收购，你们打算在加拿大以 Hims & Hers 品牌还是 ZAVA 品牌进行拓展？另外，关于加拿大仿制 semaglutide 的机会，目前品牌药的定价已经相对可负担，在200到400美元之间。你们是否预期在仿制药价格推出后，也会出现类似美国那样，因品牌药与配制药的价格差异而带来的市场释放效应？
Andrew Dudum
Yes, Ryan, great question. We will be leveraging a lot of the expertise of the ZAVA team and technology stack that has already proven to be able to replicate a lot of diversity in models across regulatory environments. But the actual presentation of the offerings in Canada will be the Hims & Hers brands, both brands independently. On the second question, so right now, the average pricing we're seeing in the Canadian market for the branded pharmaceuticals, as you said, range from \$200 to \$400. We see it most of the time in the mid-\$300s to \$400 range.
是的，Ryan，这是个很好的问题。我们会利用 ZAVA 团队的专业知识和他们的技术堆栈——它已经被证明能够在不同的监管环境中复制出多样化的模式。但在加拿大市场上的具体呈现将会是 Hims & Hers 品牌，两者会独立运营。关于第二个问题，目前我们在加拿大市场看到的品牌药平均定价，如你所说，确实在200到400美元之间，大多数时候落在350到400美元范围。
Given the conversations we've had with the major generic manufacturers, of which there's quite a few who are going through the process with Health Canada to get their generic approved, we expect the consumer price point to be around \$75 to \$100, so upwards of 1/3 or so of the current branded price. So we do think there's going to be really structural access unlocks with that type of pricing distinction. And in the Canadian market where roughly 2/3 of the population is struggling with weight loss or struggles with obesity, we think that reduction is going to be incredibly material.
根据我们与主要仿制药制造商的对话——他们中有不少正在与加拿大卫生部合作申请仿制药批准——我们预计消费者端的价格会在75到100美元左右，相当于当前品牌药价格的大约三分之一。因此，我们确实认为，这样的价格差异将会带来结构性市场释放。在加拿大市场，大约三分之二的人口正面临减重困难或肥胖问题，我们认为这一价格下降将极具意义。
Ryan Michael MacDonald
Super helpful clarification there. Maybe a follow-up for Yemi. In your prepared remarks around the outlook for the remainder of the year, did you say that average revenue recognized per order will be down in the second half versus first half? And if so, does that imply an acceleration in subscriber growth expectations on a quarter-over-quarter basis?
这个解释非常有帮助。接下来我想追问 Yemi。在你准备的全年展望发言中，你是否提到过下半年每单确认的平均收入会低于上半年？如果是这样，是否意味着季度环比的订阅者增长预期会加速？
Oluyemi Okupe
Yes. Thanks for the question, Ryan. I think when we were stating that there would be a change where we recognize we would have lower revenue recognized per order. That was specifically to the personalized GLP-1 component, just given the regulatory dynamics there of the pivot towards 503As for that specific specialty, what will happen is you'll have on each order a lower amount of revenue recognized, but then the order velocity will be more frequent. And so that's why you see an acceleration also happening in Q4 because there's just greater compounding of orders over time as you progress the quarters.
是的，谢谢你的问题，Ryan。当时我们提到每单确认收入会下降，主要是针对个性化 GLP-1 板块。鉴于该专科在监管动态下转向了 503A 配制药，这意味着每单确认的收入会减少，但订单的发货频率会更高。这也是为什么你们会看到第四季度的加速，因为随着季度推进，订单的复合效应会更强。
Ryan Michael MacDonald
Okay. So average monthly order or average revenue per subscriber is not necessarily going to be down sequentially?
好的，那么平均月订单量或每位订阅者的平均收入并不一定会环比下降，对吗？
Oluyemi Okupe
Yes, not necessarily. So it's specifically to the offering.
是的，不一定。这只是针对特定产品的情况。
Operator
Your next question comes from the line of Brian Tanquilut with Jefferies.
下一位提问的是来自 Jefferies 的 Brian Tanquilut。
Brian Gil Tanquilut
Maybe just a follow-up to some of the discussions. As I think about just the marketing spend that you're planning for the back half of the year, how should we be thinking about patient or client acquisition cost on a per person basis per \[indiscernible] base? I mean, how are you trying to manage that?
可能算是之前讨论的一个跟进问题。关于你们计划在下半年进行的市场推广支出，我们应该如何看待以单个病人或客户为单位的获客成本？也就是说，你们是如何管理这部分投入的？
Oluyemi Okupe
Yes. Thanks for the question. We do intend to invest in a pretty robust fashion in the second half. That said, I think we still are going to hold to our standard and our capital allocation framework. So we do expect to be able to manage a payback period well below a 1-year period. That said, I think we are looking to, as we progress the year and launch new specialties, have the firepower to wean those. The environment in Q2 was volatile, as we mentioned in the prepared remarks.
好的，谢谢你的问题。我们确实打算在下半年进行比较强劲的投资。不过，我认为我们仍将坚持我们的标准和资本分配框架。因此，我们预计能够将投资回收期控制在远低于一年的水平。同时，随着全年进展以及新专科的推出，我们希望有足够的火力去培育这些新业务。正如我们在准备好的发言中提到的，第二季度的市场环境存在波动。
And so really giving the teams the ability to learn in the third quarter with a more stable product suite, particularly in a way is something that we're excited by. But then kind of what you see happens as we turn the corner around these investment periods, the benefits accrue pretty quickly. And so you kind of see that taking place in the second quarter, where we were able to maintain very robust growth while also holding back investment, particularly in the core categories for a period of time.
因此，我们很期待在第三季度利用一个更稳定的产品组合给予团队学习的机会。但当我们度过投资周期的拐点时，你会发现收益会很快累积起来。你们已经在第二季度看到了这一点，当时我们在保持非常强劲增长的同时，还暂时收缩了在核心品类中的投资。
And so if you kind of look at how quickly the margins expanded to north of 15%. We expect that to be -- our ability to be able to do that again in the future as well. But really in the second half, we're leaving flexibility for marketing into new specialties as well as newer geographies the ability to learn with some of our existing specialties and then also just talent acquisition. As Andrew mentioned, we do expect to lean into AI and realize returns there very quickly. That also does come with a cost to talent, and that's reflected in our guidance assumption in the back half of the year.
所以，如果你观察到利润率在第二季度快速扩张至15%以上，我们预计未来也有能力再次做到这一点。但在下半年，我们会为市场推广保留一定的灵活性，既包括对新专科的支持，也包括新地域的拓展，同时还会在现有专科中积累经验。另外就是人才引进。正如 Andrew 提到的，我们确实预计会加大对 AI 的投入并快速实现回报，而这也意味着人才成本的增加，这一点已经反映在我们下半年的指引假设中。
Brian Gil Tanquilut
That makes a lot of sense. Maybe just a follow-up on inventories, pretty steep increase quarter-over-quarter. So just curious how we should be thinking about inventory levels going forward? And there are specific drivers pushing that or that drove that increased quarter-over-quarter?
这很有道理。再追问一个关于库存的问题，环比来看库存大幅增加。我们该如何看待未来的库存水平？是否有一些具体因素推动了这次环比的大幅增加？
Oluyemi Okupe
Yes. I think just as we historically look to -- I think there's a couple of factors. As we historically look to launch new specialties, we want to ensure that there is a durable supply of inventory available. Then as we also just look at the strength of our balance sheet, some of the volatility occurring around the world right now with tariff uncertainty, the ability to leverage the balance sheet and the free cash flow now to take advantage of predictability is something that the management team opted to want to lean into right now at the moment.
是的，我认为这背后有几个因素。回顾历史，当我们准备推出新专科时，我们希望确保有足够持久的库存供应。其次，考虑到我们的资产负债表实力，以及当前全球因关税不确定性带来的波动，管理团队决定此时利用资产负债表和现金流的优势来提升可预期性。
It's not to say that we're going to have similar step-ups in inventory each quarter. This is more probably of a quarter where it's a little bit of an anomaly just as we look to strengthen our supply chain across several of the specialties given some of the dynamics going on there.
这并不是说我们每个季度都会出现类似幅度的库存增加。更可能的是，这个季度有点特殊，我们在一些动态因素的背景下，选择在多个专科领域强化供应链，因此出现了这样的情况。
Operator
Your next question comes from the line of George Hill with Deutsche Bank.
下一位提问的是来自 Deutsche Bank 的 George Hill。
George Robert Hill
Yemi, you kind of leaned into where I was going with your last answer. But I guess I wanted to talk about the front end of the sema franchise. And I guess, can you guys confirm that you kind of source all your sema API from high-quality FDA-inspected CGMP type facilities?
Yemi，你上一个回答其实已经涉及到我想问的方向。但我还是想谈谈 sema 产品线的前端部分。你们能否确认，你们的 sema API 是否全部来自高质量的、通过 FDA 检查的 CGMP 类型设施？
And if it's coming from overseas, I was going to ask if you could talk about the tariff risks, particularly if it's coming from China and if any of that's an issue. And then I had a very quick follow-up, which is what's the right way to think about your 503A capacity given how quickly the business is ramping? I don't know if the right way to think about it is in dollars and doses. Would love any commentary on that.
如果这些 API 来自海外，我想请你谈谈关税风险，特别是如果来自中国，是否会造成问题。然后我还有一个简短的追问：在业务快速扩张的情况下，我们应该如何看待你们的 503A 产能？不确定是用美元还是剂量来衡量才合适，希望你们能对此发表评论。
Andrew Dudum
George, I can probably take the first half and Yemi cover the second. We have a number of API suppliers across the stack, both domestically and overseas that we leverage to serve all the customers on the platform. I think to your point, the most important question there is all of these are through FDA-registered facilities, CGMP. They undergo rigorous testing for things like potency, identity, and they are all verified with third-party testing, which I think gives our team, our safety team and our patients a great deal of confidence.
George，我可以回答前半部分，Yemi 会回答后半部分。我们在国内和海外都有多个 API 供应商来为平台上的所有客户提供服务。我认为你提出的关键问题在于：所有这些供应商都通过了 FDA 注册，并符合 CGMP 标准。他们都会经过严格的检测，例如效价和身份验证，并且全部通过第三方检测验证。我认为这让我们的团队、安全团队和患者都能有极大的信心。
Oluyemi Okupe
And then with respect to your questions around the tariff and capacity, like at this moment, we don't see any meaningful pressure coming and embedded in our outlook is that there will not be any meaningful pressure coming from the tariffs. Capacity, I think we have found numerous different ways to ensure that we do have the capacity to be able to support the buildup subscriber base, not just for this year, but over the coming years. And so the CapEx investments and other vehicles that we've laid give us the confidence that we'll have the ability to fulfill all of our customers' needs for years to come.
至于你关于关税和产能的问题，目前我们没有看到任何实质性的压力，并且在我们的前景展望中也没有嵌入来自关税的实质压力。关于产能，我们已经找到多种方法来确保我们有能力支持不断增长的订阅用户群，不仅仅是今年，还包括未来几年。因此，我们在资本支出和其他措施上的投入让我们有信心在未来多年持续满足所有客户的需求。
Operator
Your next question comes from the line of Jonna Kim with TD Cowen.
下一位提问的是来自 TD Cowen 的 Jonna Kim。
Jungwon Kim
Last quarter, you mentioned the 2030 target. Just wanted to get a sense of the mix of international and the U.S. business in that long-term target. If you can give us any color about how big the international business could be over time? And then just a follow-up question. Any changes in your marketing strategy? Do you plan to still focus more on the weight loss side or the core offering? Would love to get any color there.
上个季度你们提到了 2030 年的目标。我想了解一下，在这个长期目标中，国际业务和美国业务的构成大概会是怎样的？能否提供一些信息，让我们知道未来国际业务的规模可能有多大？另外一个跟进问题是：你们的营销战略是否有变化？未来会更侧重在减重领域还是核心产品？希望能听到一些说明。
Oluyemi Okupe
Yes. Thanks for the question, Jonna. So I think that we see several future growth levers to achieve or exceed the 2030 targets. International will definitely be a component, but we also still see an immense amount of opportunity here in the U.S., whether that's in the form of the new capabilities or specialties that Andrew went through in his prepared remarks.
好的，谢谢你的问题，Jonna。我认为我们看到有几个未来增长驱动力能够帮助我们实现甚至超越 2030 年的目标。国际业务肯定会是其中的一部分，但我们同样在美国市场看到巨大的机会，不论是 Andrew 在准备发言中提到的新功能还是新专科。
So there's not necessarily an exact split that we're giving right now, but each of the elements and growth levers that we are currently investing in, we believe are \$1 billion-plus opportunities individually, whether that's new geographies internationally or new -- a combination of new specialties that we're going into or continuing to invest and deepen the breadth of personalization offerings and consumer experience on the platform.
因此，目前我们并没有给出一个明确的比例划分。但我们认为，无论是国际上的新市场，还是新的专科组合，亦或是继续投资并加深平台个性化产品与消费者体验的广度，这些我们正在投入的增长驱动力，每一个单独来看都具备超过10亿美元的潜力。
All of those are things that we believe have the ability and the potential to have outsized returns. And so that gives us the conviction to be able to release a target that's about 5 years out. With respect to the investment in marketing, I think we are going to continue to hold a very high bar on the spend and then look for the 1-year payback period or less.
我们相信这些方向都有能力和潜力带来超额回报，这也是我们有信心发布一个大约 5 年远景目标的原因。至于市场推广投入，我们会继续保持很高的标准，并坚持要求投资回收期在一年或更短时间内。
That said, I think over the last couple of quarters, we've received several learnings across the investments. And so you will see us do specialty-specific investments, both across the core offerings as well as multi-condition marketing as well. We'll continue to iterate and look to calibrate that spend. But really, I think as we're doing that, we do expect to still hold to the capital allocation framework that calls for the payback period of a year or less.
也就是说，在过去几个季度的投资中，我们获得了不少经验。因此你们会看到我们针对不同专科进行特定投资，既包括核心产品的推广，也包括多病种的综合营销。我们会不断迭代并调整支出。但总体来说，我们依然会坚持资本分配框架，即要求投资回收期控制在一年或更短时间内。
Operator
Your next question comes from the line of Daniel Grosslight with Citi.
下一位提问的是来自 Citi 的 Daniel Grosslight。
Daniel R. Grosslight
You mentioned launching hormone therapy in the coming months. I was hoping maybe if you could put a bit of a finer point on that. Is that more of a 4Q launch now? And if you can dig in a bit more on what investments you need to make ahead of the launch and the cadence of that, both from a CapEx and OpEx standpoint. And if you're going to be compounding these offerings in your own pharmacies.
你们提到将在未来几个月推出激素疗法。我想进一步确认一下，这是否更倾向于在第四季度上线？另外，能否详细谈谈在正式推出之前需要做哪些投资，以及这些投资的节奏，包括资本开支和运营开支方面？此外，这些产品是否会在你们自有药房内进行配制？
Andrew Dudum
Thanks, Daniel. I can take some of that. Probably can't give you too much on the specific date where the communications team might be a little bit frustrated with me but would expect it relatively soon. The offering, I think, is going to have a really wide range of treatments, inclusive of compounded generics and I think eventually branded and specialty offerings through a network of partners and offerings, which we're really excited by.
谢谢你，Daniel。我可以回答部分问题。具体的发布日期我可能不能透露太多，否则公关团队可能会对我有点不满，但我预计会很快推出。我认为这次的产品将涵盖非常广泛的治疗方案，包括配制的仿制药，未来还会通过合作伙伴网络和自有产品组合，逐步引入品牌药和专科产品，这让我们非常兴奋。
And this will be delivered predominantly through our facilities long term as well as through partner facilities in the beginning, both across perimenopause, menopause and then low testosterone on the men's side of the business. And Yemi, if there's anything on the financial preparation that you want to reference?
从长期来看，这些产品主要会通过我们的自有设施交付，但在初期也会通过合作伙伴设施提供，涵盖女性的围绝经期、绝经期，以及男性业务中的低睾酮治疗。Yemi，如果在财务准备方面有需要补充的，请你来说明。
Oluyemi Okupe
Yes. I think a lot of it we've actively done and we're continuing to do. And so the embedded in our guidance is all of the investment around needing to prepare for the new launches.
是的，我认为我们已经做了大量相关准备，并且仍在持续进行。这些准备所需的投资已经包含在我们的业绩指引中，用于确保我们能够顺利推进新产品的发布。
Daniel R. Grosslight
Okay. Got it. And maybe if I can just tackle the core revenue with my follow-up. The revenue ex GLP-1 was down slightly sequentially. Yemi, you mentioned derm, oral weight loss and daily sexual health is growing 55% plus. So I suppose much of that was offset by the on-demand sexual health rotation. Is that right? Can you just dig in a little bit more on why we aren't seeing more sequential growth outside of GLP-1s?
好的，我明白了。那我再追问一下关于核心收入的问题。剔除 GLP-1 后的收入环比略有下降。Yemi，你提到皮肤科、口服减重和日常性健康的增长都超过了 55%。所以我猜测，这部分增长大多被按需性健康业务的下滑所抵消。对吗？能否进一步解释一下，为什么我们在 GLP-1 之外没有看到更多的环比增长？
Oluyemi Okupe
Yes, I think that's a fair interpretation. I think the second quarter also have the nuance of -- it was the first quarter where the Apostrophe business was no longer present. But the vast majority of the headwinds that we're seeing is a result of the deliberate rotation toward a higher-quality sexual health consumer. I think over time; we expect a few things to happen as you kind of hit 2026.
是的，我认为这是一个合理的理解。第二季度还有一个细节，就是这是 Apostrophe 业务不再纳入后的首个季度。但我们所看到的大部分逆风，来自于公司有意推动用户转向更高质量的性健康订阅服务。我认为随着时间推移，到 2026 年前后，会有几个变化出现。
One is you just get the benefit of what we have already observed to be inherently stronger retention of that user base. The second is just the pivot as the business and the subscribers contract starts to wind down and wane. And so I think that this is probably a conscious multi-quarter transition. But as we kind of hit the back half of 2026, we would expect it to be accretive and probably the right long-term move for the business.
第一，正如我们已经观察到的，这部分用户群体的留存率本身更高，未来将体现出其优势。第二，随着业务和订阅合同逐步收缩和减少，这种转变将会自然完成。因此，我认为这是一个有意的、多季度的过渡。但当我们进入 2026 年下半年时，我们预计这将带来增厚效果，并且会成为公司正确的长期战略举措。
Operator
Your next question comes from the line of David Larsen with BTIG?
下一位提问的是来自 BTIG 的 David Larsen。
David Michael Larsen
Congratulations on the good quarter. Can you talk a bit about the 503A revenue growth rate year-over-year? I'm assuming last year; a good portion of the GLP-1 revenue was personalized. So just any sense for what like the 503A growth was year-over-year? It seems to me like you're guiding to \$100 million of GLP-1 revenue in 3Q and \$100 million in 4Q, which would be a significant decline. Maybe I'm being sort of overly conservative with my view there. But just thoughts on the 503A growth going forward would be helpful.
恭喜你们取得了一个不错的季度业绩。能否谈一谈 503A 收入的同比增长情况？我假设去年 GLP-1 收入中有相当大一部分是个性化的。那么你们是否可以提供一些关于 503A 同比增长的情况？在我看来，你们对第三季度和第四季度的 GLP-1 收入指引大约都是 1 亿美元，这似乎意味着一个显著的下降。可能是我过于保守了，但希望能听听你们对 503A 未来增长的看法。
Oluyemi Okupe
Yes. So I think that the concept of 503A growth versus 503B is not really in nuances there as a result of the shortage dynamics that were present last year, the revenue was filled out of a 503B partner. And so I think the way that we more think around it is the weight loss specialty in aggregate and then the various components underneath that. We expect to see continued robust quarter growth across each of the components of the weight loss specialty, the oral side and the GLP-1 throughout the duration of the year.
是的。我认为在比较 503A 和 503B 增长时，实际上并没有太多细微差别。由于去年存在供应短缺的情况，收入是通过一家 503B 合作伙伴来填补的。所以我们的思路更多是把减重专科作为整体来看，然后再看其各个组成部分。我们预计在全年内，减重专科的各个部分——包括口服产品和 GLP-1 ——都会保持强劲的季度增长。
上半年大概420M，全年预计725M，后两个季度合计305M，再来一个不及预期，大概每个季度是100M，这跟强劲的季度增长没有任何的联系。
David Michael Larsen
Okay. Great. And then, Andrew, I think you were talking about preventive care, things like perhaps counting steps, counting calories, looking at your food intake, your water intake. I love the sounds of that. It sounds like it's all natural. We've had some growth in some new businesses in that area. Just any more color there would be very helpful.
好的，明白了。Andrew，我记得你提到过预防性医疗，比如计步、计算卡路里、监控食物和饮水摄入。我很喜欢这个方向，听起来非常自然。我们在这个领域也看到了一些新业务的增长。能否再多分享一些细节？
Andrew Dudum
Yes, absolutely. This is something that I think the platform is really uniquely positioned to deliver on. When we think about personalized treatment plans, it's not just about personalized medicine, right? It's personalized content, personalized agents, personalized gamification and technologies that they're able to use to stay adherent and to stay motivated.
当然可以。我认为这是我们平台独特的优势所在。当我们谈到个性化治疗方案时，它不仅仅是个性化药物，还包括个性化的内容、个性化的助手、个性化的游戏化设计，以及各种能够帮助用户保持依从性和积极性的技术。
You can imagine, for example, an individual who's getting treated with a personalized medication for weight loss, also having access to an on-demand 24/7 nutritionist agent, right, who knows everything about them, who is right there with them, checking in on them throughout the day, helping them with recipes, helping proactively count their calories with photos of the food that they're eating. Same thing on the mental health platform, right? Patients that are struggling with sleep.
比如，你可以想象一个正在接受个性化减重药物治疗的人，同时还能随时随地获得一个全天候 24/7 的营养师助手。这位助手了解他们的所有情况，可以全天候陪伴，提供饮食建议，主动通过食物照片帮他们计算卡路里。同样地，在心理健康平台上，对于那些正在与睡眠障碍作斗争的患者……
You can imagine an agent that is on demand available with advanced cognitive behavioral therapy training to help that patient improve their insomnia. So I think there's a real technology forward transition that the company is making right now, led by Mo Elshenawy, our new CTO, and there's a reason we brought him in for this exact reason. But we believe a lot of the future unlocks the stickiness of the platform, the benefits of the platform are going to be in the layering of technology across the stack that then enhances the personalized medications of your day.
你可以想象一个能够随时提供服务的助手，具备先进的认知行为疗法训练，可以帮助患者改善失眠。所以我认为公司目前正在进行一次真正面向未来的技术转型，而这正是由我们新任 CTO Mo Elshenawy 所领导的，我们请他加入就是为此。我们相信，未来真正能释放平台粘性和价值的，是在整个体系中不断叠加的技术，这些技术将进一步增强个性化药物的效果。
都不生病就没有需求，怎么赚钱？
Operator
Ladies and gentlemen, we have reached the end of the question-and-answer session. This will conclude today's call. Thank you all for joining. You may now disconnect.
女士们，先生们，今天的问答环节到此结束。本次电话会议就此结束。感谢各位的参与，现在您可以挂断电话了。
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