Telehealth weight loss company Noom stayed in the headlines this year as the hype over glucagon-like peptide agonists reached a fever pitch.
Last week the company announced it would offer oral medications for weight loss, part of its evolution from a wellness company to one that provides telehealth medical weight loss care. In September, it said it formed a partnership with New York City-based Mount Sinai that gives doctors at the health system the ability to refer Noom to their patients. The company also began offering compounded GLP-1s, which are essentially copies of popular weight loss medications made by manufacturers such as Novo Nordisk and Eli Lilly.
Related: Industry groups urge Congress to act on telehealth
“When I arrived in July 2023, Noom had a GLP-1 prescription service that only resulted in patients receiving brand name meds like Mounjaro and Wegovy,” said CEO Geoff Cook. “Only 10% of people who purchased the service were actually able to get a prescription. Pharmacy and availability was a serious problem.”
Cook said he has no problems offering compounded GLP-1s even as other telehealth weight loss companies have shied away. The interview has been edited for length and clarity.
Why is Noom leaning into medical weight loss care?
The reality is we live in a medically assisted weight loss world. If I fast forward five to 10 years from now, most people are beginning a weight loss journey that will combine [dieting and healthy habits] with some form of medication, whether it's a GLP-1 or not. Our own data shows that when people begin a weight loss journey with medications, 85% of them do want to engage in healthier habits too. Noom has evolved with the evolving times.
What is your response to critics of compounded GLP-1s?
We started with brand name medications and they were just very difficult to access because of issues with the supply chain and half of our customers not having insurance coverage. Compounding has been part and parcel of the U.S. public health system for a very long time. We believe strongly that the meds are in short supply today, regardless of what the drug manufacturers may say. There is no ready supply of the low-dose version of these drugs. They presumably will become more accessible, and we of course hope that they do, but they're just not yet.
What are your expectations heading into 2025?
A lot depends on what happens with the new administration and the regulatory world. There’s one end of the spectrum, where there might be some strong action to essentially shut down compounded GLP-1s. In that world, responsible players are obviously going to follow the law and find other ways — such as offering oral weight loss medicines — while continuing to offer brand-name GLP-1s in combination with behavior change. In that world, you’re going to see more fly-by-night operations, more companies willing to deal with high risk. They're going to continue to operate one way or another. That would probably be the worst-case scenario for how the market will develop.
Is Noom profitable?
We have been profitable for the last few years. We’re not in the process of raising money and don’t expect to in the next year.
Does that mean you won’t go public in 2025?
No comment.
