Revenue

Q1 2025 revenue at $586.01 million

Revenue continued its strong growth trajectory. While Q1 2025 shows robust revenue at $586.01 million " , previous full‐year trends (e.g. FY2024’s 69% revenue growth versus FY2023 " " " ) indicate that expanding subscriber bases and new product offerings continue to drive top‑line performance.

Gross Profit

Gross profit of $430.69 million with a 73.5% margin

High gross margins reflect operational efficiencies and scale benefits. The 73.5% margin in Q1 2025, with gross profit at $430.69 million " , benefits from strong revenue growth and improved cost management relative to prior periods where such efficiencies helped lift margins.

Operating Loss and Net Loss

Operating loss of $57.90 million and net loss of $49.49 million

Despite improvements in operating cash flow, reported losses continue. Although non‑cash adjustments and working capital improvements have boosted cash flows, factors such as significant stock‑based compensation, heavy investments, and depreciation continue to weigh on reported earnings—contrasting with previous periods where net income improvements were noted (e.g. Q1 2025 net income increased from $11.1 million to $49.5 million " " ) but differences in timing and adjustments yield a reported loss in Q1 2025. "

Operating Cash Flow

+324% YoY increase from $25.84 million in Q1 2024 to $109.09 million in Q1 2025

Operating cash flow surged dramatically. The increase is driven by a higher net income—from $11.1 million in Q1 2024 to $49.5 million in Q1 2025 " " —as well as increased non‑cash adjustments (including stock‑based compensation and depreciation) and improved working capital due primarily to significant increases in deferred revenue and accounts payable. " " "

Balance Sheet Position

Total assets at $891.71M; liabilities $342.45M; equity $549.26M (notable improvements vs. prior period)

The balance sheet strengthened significantly. Enhanced liquidity is evident from cash and equivalents growing from $221.44 million at FY2024 close to $274.96 million in Q1 2025. " Additionally, a rise in deferred revenue—from $75.29 million to $110.77 million—and asset investments has boosted stockholders’ equity (from $476.72 million to $549.26 million) and reduced the accumulated deficit, reflecting a healthier financial position compared to the previous period. " "

Revenue

Q2 2025

no prior guidance

$530 million – $550 million "

no prior guidance

Adjusted EBITDA

Q2 2025

no prior guidance

$65 million – $75 million "

no prior guidance

Revenue

FY 2025

$2.3 billion – $2.4 billion "

$2.3 billion – $2.4 billion "

no change

Adjusted EBITDA

FY 2025

$270 million – $320 million "

$295 million – $335 million "

raised

Weight Loss & GLP-1 Offerings

Q2 2024: Introduced as a foundational specialty with compounded GLP-1 injections and oral solutions leading to a rapid $100M run rate. " " Q3 2024: Detailed retention rates, provider engagement, pricing starting at $199/month, and robust technology support helped drive subscriber and revenue growth. " " " " Q4 2024: Emphasis on revenue contributions, strategic pricing adjustments, and enhanced subscriber guidance for 2025 (e.g. $725M target). " " "

Q1 2025: Expanded weight loss specialty with the addition of liraglutide, a new collaboration with Novo Nordisk to offer branded Wegovy, improved subscriber revenue (up >50% YoY to $84), and an even broader spectrum of personalized offerings including semaglutide and oral compounds. " " " " " "

Consistently important with growing complexity. The discussion has evolved from launching and scaling basic offerings to an advanced, multi-product ecosystem driven by strong revenue and subscriber metrics, further amplified by strategic partnerships (e.g. with Novo Nordisk). " "

Personalized Treatment Solutions

Q2 2024: Focus on expanding personalized options across specialties, with notable increases in dermatology and other segments (e.g. 40% subscriber usage, 85% of new dermatology subscribers). " " Q3 2024: High adoption with over 50% usage among subscribers, multi-condition and diversified form factors, and strong retention improvements. " " Q4 2024: Emphasis on scaling from hundreds to thousands of personalized treatments, supported by at-home lab testing acquisition and enhanced AI/tech investments. " "

Q1 2025: Further deepening personalization across specialties with over 80% uptake in dermatology, expansion into sexual health, weight loss enhancements (including offerings like personalized semaglutide) and plans to extend thousands of treatment variations using lab diagnostics and wearable data. " " " " " "

Steady and expanding. The company’s capability in personalization has been built upon continuously across periods, with Q1 2025 taking a significant leap by integrating richer data sources and advanced diagnostics to offer even more tailored care. " "

Liraglutide Launch and Adoption

Q2 2024: Mentioned as part of a diversified weight loss portfolio alongside successful oral solutions, supporting a rapid $100M run rate. " " " Q3 2024: Planned as the first generic GLP-1 with confirmed suppliers and protocols for test validation and safety. " " Q4 2024: Expected launch in midyear or early second half of 2025 with pricing in the couple hundred dollar range and positioning as a foundational piece in the ecosystem. "

Q1 2025: Liraglutide has been introduced earlier in the year, contributing to robust weight loss subscriber growth (over 300% YoY) and aiding transition from traditional commercial semaglutide, with clear positioning alongside branded offerings like Wegovy. " " " "

Transitioning from planning to active adoption. Earlier periods laid the groundwork and expectations, while Q1 2025 shows execution and integration into the broader weight loss lineup, emphasizing both clinical and cost-effectiveness benefits for a diverse subscriber base. " "

Pharmaceutical Partnerships & Regulatory Challenges

Q2 2024: Focus on sourcing branded GLP-1 medications amid supply challenges and strategic acquisition of an FDA-registered 503(b) facility to enhance compliance and supply. " " " Q3 2024: Investment in 503(a) facilities for scalable personalized solutions and ensuring compliance through rigorous testing and authentication protocols. " " " Q4 2024: Discussions with companies like Novo Nordisk and Lilly; adherence to FDA compounding guidelines and personalized dosing regulations, addressing sourcing and reimbursement challenges. " " "

Q1 2025: Announced a long-term collaboration with Novo Nordisk to expand access to branded Wegovy and other weight loss solutions while maintaining a “blue chip” adherence to regulatory standards for personalized semaglutide use; broader partnership exploration across product lines and geographies. " " " "

Evolving with increased strategic depth. While regulatory diligence and sourcing challenges have been constant, Q1 2025 features robust partnership models (notably with Novo Nordisk) and shows a mature approach to compliance and innovation across the platform. " "

Preventative, Longevity & Multi-Condition Care Expansion

Q2 2024: Addressed multi-condition capabilities and inter-specialty solutions with personalized treatments boosting retention; initiatives to launch new treatments in the second half were mentioned. " Q3 2024: Expanded multi-condition care organically with nearly 300,000 subscribers receiving multi-condition treatments and an increasing focus on preventative care. " " Q4 2024: Highlighted acquisitions in whole-body lab testing and peptide facility to enhance preventative and holistic care, including expansions into menopausal support and low testosterone. " "

Q1 2025: Emphasized expanding into longevity, sleep, and preventative care with deeper personalization powered by advanced lab diagnostics, wearable-device data, and proactive care models; additional offerings in hormone-driven conditions further extend the scope. " " "

Broadening in scope and sophistication. The initial focus on multi-condition care has matured into a comprehensive preventative and longevity strategy with significant investments in diagnostics and peptide research to drive proactive care. " "

Integration of AI & Advanced Diagnostics

Q2 2024: Initiated steps with a search for a CTO with AI expertise to support dosing optimization and provider-assistance through machine learning tools. " " " Q4 2024: Emphasized the central role of AI in offering tools like AI coaches, therapists, and the development of proprietary models; integrated with whole-body lab testing for holistic diagnostics. " " Q3 2024: No mention of AI or advanced diagnostics in the available excerpts.

Q1 2025: Focused on further integration of AI-driven tools for personalized coaching, therapeutic support, and enhanced diagnostics via an innovative at-home lab testing provider; marks deeper integration with data from wearables and upgraded infrastructure for scale. " " " "

Growing importance with an intensified focus. Although not mentioned in Q3, the progressive emphasis seen in Q2 and Q4 has culminated in Q1 2025 with integrated AI and diagnostic capabilities that are critical for scaling personalized care and precision medicine. " "

Supply Chain, Pricing & Margin Pressures

Q2 2024: Discussed competitive pricing achieved through platform scale, challenges in sourcing branded medications, and slight margin compression (gross margins around 81% with midterm recovery expected). " " " Q3 2024: Detailed supply chain protocols (FDA batch authentication, DMS numbers), pricing tiers (e.g. $79/month oral, $199/month GLP-1), and margin pressures due to scaling weight loss specialties with planned efficiency gains. " " " Q4 2024: Highlighted investments in domestic peptide facilities, pricing adjustments (e.g. reducing injectable SKU from $199 to $165), and a temporary margin dip with expectations for sequential recovery. " " " "

Q1 2025: Management expects gross margins to improve sequentially through economies of scale; operational efficiencies and strategic marketing measures are set to counter supply chain and pricing pressures, with calculated short-term revenue volatility during subscriber transitions being addressed. " "

Continued operational refinement. While margin and supply chain concerns have been a constant across periods, the current period emphasizes planned improvements through efficiency gains, strategic pricing, and a focus on transitioning subscribers to higher-value offerings. " "

Transition Risks in Shifting from Commercial to Personalized Treatments

Q2 2024: The focus was on personalization benefits and expanding offerings rather than explicit discussions of transition risks. Q3 2024: No explicit mention. Q4 2024: Raised concerns that customers on commercial semaglutide would need to transition to personalized options, with indications of potential revenue impacts and shifts in treatment mix due to side effect vulnerabilities. " "

Q1 2025: Detailed discussion on transition risks, noting that the shift from commercially available semaglutide to personalized alternatives is expected to cause a one-time revenue drop in Q2 2025; highlighted challenges in patient retention and the critical role of clinical necessity in driving personalized treatment adoption. " " "

Increasing focus on managing risk. Initially only mentioned in passing in Q4 2024, Q1 2025 gives transition risks prominent attention, outlining operational and revenue challenges during subscriber migration and emphasizing a structured approach to mitigate impacts. " "

Economic Uncertainty & Market Conditions

Q2 2024: Addressed directly by noting that despite fears of a weakening economy or recession, consumer demand remained robust due to the platform’s diverse customer base and the emotional value of health solutions; cost structure optimization helped maintain demand. " Q3 2024 & Q4 2024: No discussion of economic uncertainty was mentioned.

Q1 2025: No specific mention of economic uncertainty or broader market conditions was present in the Q1 2025 discussion.

Diminishing emphasis. After being addressed in Q2 2024, economic uncertainty and market conditions received little to no attention in later periods, suggesting either resolved concerns or a strategic shift in focus toward operational and product-specific developments. "