AI、创投市场的信息越来越多，其中不乏很多很好的外文内容，但想找到好内容的筛选成本很高，且引进过来的中文版本大都编译得比较粗糙，所以我们决定来 做一个过滤、筛选和提炼总结的工作，就有了这个 Newsletter 系列。 第一期内容，我们筛选了 300+ 篇文章和 100+ 期播客。因为 AI 始终无法达到我们的标准，所有内容都是人工筛选，也大都是纯手工古法制作。我们会尽量争取每 两周更新一期，内容以观点和 insights 为主，争取能给大家带来启发。 以下，enjoy： (一) Figma 是如何战胜 Adobe 的？ Figma 前一阵上市，吸引了很多的热度。 大家普遍的共识是，Figma 是靠「协作」取胜的，这当然是事实，但一个很有意思的问题是：协作这个点，大家都能看到，为什么资源和积累更厚的 Adobe 却做 不到呢？ 答案是，Adobe 不是没做「协作」的功能，而是他们对「协作」的理解和 Figma 有着本质的不同。 Adobe 的整个逻辑，是围绕着「文件」（比如 .psd 或 .ai 文件）这个原子单位来构建的。 Figma 的整个逻辑，是围绕着「元素」（比如一个按钮或一种样式）这个原子单位来构建 ...

Financial Data and Key Metrics Changes - LifeMD achieved total revenues of $65.7 million, a 49% increase year over year [12] - Core telehealth revenue grew by 70% compared to the prior year, with adjusted EBITDA of $5.3 million, a significant improvement from a loss of $1.3 million in the same period last year [12][14] - GAAP net income attributable to common stockholders was $608,000, or $0.01 per diluted share, compared to a net loss of $7.5 million, or a loss of $0.19 per share, in Q1 2024 [13][14] - Adjusted EBITDA totaled $8.7 million for the first quarter, compared to $100,000 in the year-ago period [14] Business Line Data and Key Metrics Changes - The telehealth business saw a 70% revenue growth, driven by the weight management program and new initiatives like men's hormone therapy [5][12] - Active telehealth subscribers increased by 22% year over year to over 290,000 [12] - WorkSimply active subscribers declined by 5% to 158,000, but the business continued to perform well financially with quarterly adjusted EBITDA exceeding $3 million [12] Market Data and Key Metrics Changes - LifeMD expanded its fee-for-service Medicare coverage to over 21 million beneficiaries across 26 states, with plans to reach 49 states and over 60 million beneficiaries by the end of Q2 [9] - The company is entering high-growth verticals such as women's health and behavioral health, with new offerings expected to launch soon [10][11] Company Strategy and Development Direction - LifeMD aims to build a trusted vertically integrated marketplace for healthcare services, prescription medications, and over-the-counter products [16] - The company is expanding its RExMD brand beyond sexual health into areas like weight management, behavioral health, insomnia, and hormone replacement therapy [6][10] - Strategic collaborations with Lilly Direct and NovoCare are designed to improve access to GLP-1 medications for weight management patients [7][9] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's trajectory for the remainder of the year, citing strong early traction across key initiatives [16] - The company is focused on delivering a comprehensive, convenient, and outcomes-driven care experience [11][17] - Management highlighted the importance of insurance in their offerings, believing it enhances accessibility and retention [26] Other Important Information - LifeMD's gross margin for Q1 was 86.8%, a decline of 270 basis points year over year but an increase of 150 basis points sequentially [12][13] - The company raised its financial guidance for 2025, expecting total revenues in the range of $268 million to $275 million [15] Q&A Session Summary Question: Can you talk about your relationships with Lilly and Novo? - Management clarified that the pricing for medications is the same for all patients, regardless of whether they come through LifeMD, and that they do not receive compensation from drug manufacturers [21][22] Question: What is the role of insurance in your offerings? - Management emphasized the importance of insurance in making care more accessible and driving retention, while also acknowledging the complexity it adds to their programs [26] Question: What were the main drivers of earnings upside compared to expectations? - The main driver was stronger-than-expected retention revenue, with a small contribution from higher acquisitions in the weight management space [28][29] Question: Can you provide an update on your compounding pharmacy? - The compounding pharmacy is on track to be licensed by summer, with expectations to scale the mail order pharmacy significantly [30] Question: Does your 2025 guidance include contributions from mental health and women's health? - Yes, but the contributions are expected to be minimal initially, with growth anticipated as the offerings are fully integrated [34] Question: How much of the positive guidance revision is related to the recent pharmacy announcement? - None of the guidance revision is related to the pharmacy announcement; it is based on Q1 performance [40][41]