WW International Inc (WW.O): WW Healthcare Conference Takeaways

We hosted a fireside chat with WW CFO Felicia DellaFortuna and COO Jon Volkmann at our 24th annual Healthcare Conference and separately updated our model post-earnings. Key takeaways: (1) WW detailed the differentiation of its Clinic business versus traditional primary care providers given its high-touch model that enables more frequent, tailored support, helping solve pain points like maximizing weight loss and side effect management; (2) Core+ subscribers have grown sequentially for three straight quarters for just the second time in 15 years, with a broader set of digital meetings and dedicated premium programs for menopause and GLP-1 users, and GLP-1 Success members showing 29% more weight loss than non-members; (3) WW is widening the top of funnel via partnerships, recently becoming a preferred telehealth partner for LillyDirect and signing a cross-segment deal with Sam's Club;