Revenue

Q3 2025

no prior guidance

$570 million to $590 million, 42% to 47% YoY "

no prior guidance

Adjusted EBITDA

Q3 2025

no prior guidance

$60 million to $70 million, 11% margin "

no prior guidance

Revenue

FY 2025

$2.3 billion to $2.4 billion, 56% to 63% YoY "

$2.3 billion to $2.4 billion, 56% to 63% YoY "

no change

Adjusted EBITDA

FY 2025

$295 million to $335 million, 13% margin "

$295 million to $335 million, 13% margin "

no change

Weight Loss Specialty Revenue Contribution

FY 2025

no prior guidance

$725 million "

no prior guidance

Incremental Revenue

FY 2025

no prior guidance

$50 million "

no prior guidance

Evolution of GLP-1 Weight Loss Treatments

Previously, earnings calls in Q1 2025, Q4 2024, and Q3 2024 focused on personalized dosing, subscriber offboarding challenges, managing side effects, and revenue volatility associated with GLP-1 treatments. " " " " " "

In Q2 2025, the discussion remains centered on personalized dosing, management of side effects, and highlights material headwinds from offboarding subscribers that led to a drop in monthly revenue per subscriber and increased revenue volatility, even as gross margins improved. " " " " "

The focus on personalized GLP-1 solutions is consistent, but there is an increased emphasis on handling revenue volatility and managing the offboarding impact.

Sexual Health Service Transition

The Q1 2025 call detailed the shift from an on‐demand model to daily, multi‐condition treatments that improved retention despite short‐term risks, while Q3 and Q4 2024 had little to no discussion on this topic. " "

In Q2 2025, the company emphasized strong growth in its daily sexual health offerings with 65% of new subscribers adopting daily models and a deliberate phase-out of on‐demand offerings, despite immediate headwinds. " " "

The transition is being consolidated with emerging strong adoption of daily offerings and long‐term retention prospects, even as short‐term declines in on‐demand segments continue.

AI and Technology Integration for Personalized Care

Earlier calls (Q1 and Q4 2024, Q3 2024) discussed the deployment of AI‐driven tools, enhanced diagnostics (including MedMatch), and overall platform differentiation to support personalized care. " " " " " " "

Q2 2025 deepens this narrative by outlining the rollout of AI‐powered personalized agents, integration of lab testing and wearables into a unified data platform, and initiatives for AI governance and immediate tactical improvements. " " " "

There is a continued and deepening focus on AI integration with expanded functionalities and real‐time support to further enhance personalized care.

Expansion into Preventative Care and Lab Diagnostics

Q1 2025 and Q4 2024 calls highlighted integration of whole‐body lab testing, preventative care strategies, and investments in longevity markets, while Q3 2024 did not cover this topic. " " " " "

Q2 2025 emphasizes integrating a newly acquired blood testing lab into the platform for comprehensive lab diagnostics and outlines a broader preventative care strategy that includes investments in longevity care. " " " "

The expansion remains a strategic priority, with continued maturation of lab diagnostic capabilities and a stronger commitment to preventative care and longevity, indicating an evolving and integrated offering.

International Expansion and Pricing Disruption

Earlier mentions were limited in Q1 2025 with early traction reported in the U.K., while Q3 and Q4 2024 did not focus on this area. " " " " "

Q2 2025 introduced significant details on the acquisition of Zava to expand into key European markets and plans for launching generic semaglutide in Canada with disruptive pricing strategies. " " " "

There is an emerging strategic push internationally, with clear signals of leveraging acquisitions and pricing disruption to tap new markets—a notable intensification compared to previous periods.

Pharmaceutical Partnerships and Regulatory Challenges

Q1 2025 and Q4 2024 (with additional mentions in Q3 2024) featured discussions around the Novo Nordisk collaboration, the use of personalized semaglutide under compounding exemptions, and regulatory compliance. " " " " " " "

Q2 2025 did not specifically address pharmaceutical partnerships or regulatory challenges in the available discussion.

There is a reduction in emphasis on pharmaceutical partnerships and regulatory topics in Q2 compared to previous periods, suggesting either resolution of earlier challenges or a strategic shift of focus.

Transition Risks in Treatment Models

In Q1 2025 and Q4 2024, the risk of transitioning from traditional commercial dosing to personalized treatment (including potential revenue drops and subscriber offboarding) was noted, with Q3 2024 emphasizing the benefits of personalized regimens. " " " " "

Q2 2025 revisits these risks by highlighting the revenue impact from offboarding GLP-1 subscribers and addressing headwinds in sexual health transitions, while maintaining that personalized approaches drive long‐term retention. " " " "

The discussion on transition risks remains consistent with a clear acknowledgment of short-term revenue challenges balanced by long-term retention benefits from personalized approaches.

Supply Chain and Cost Challenges

Previous calls (especially Q4 2024 and Q3 2024) discussed difficulties in sourcing branded medications, high costs associated with launches (e.g., liraglutide), and challenges with tariffs and reimbursement, while Q1 2025 touched on these indirectly via strategic partnerships and investments. " " " " " "

In Q2 2025, the company detailed proactive measures such as increased inventory levels, strategic investments in automation and domestic supply chain strengthening to manage supply chain volatility and cost challenges. " "

The focus has shifted toward proactive management through significant investments and inventory adjustments, reducing the emphasis on high costs and sourcing challenges seen in earlier periods.

Product Adoption and New Offering Launch Risks

Q1 2025 expressed confidence in launching low testosterone and menopause support before year-end, while Q4 2024 and Q3 2024 noted timelines for whole-body testing and new verticals without deep risk discussion. " " "

Q2 2025 underscores robust subscriber growth across key offerings but also acknowledges headwinds from transitions (e.g., in sexual health and GLP-1) and maintains cautious optimism for upcoming hormonal health launches. " " "

There is steady product adoption with recognized transitional headwinds; while new offerings continue to progress, the company remains mindful of rollout timing and operational challenges.