Adapthealth Corp (AHCO) 2025 Q3 法說會逐字稿

Good day, everyone, and welcome to today's AdaptHealth third quarter 2025 earnings release. Today's speakers will be Suzanne Foster, Chief Executive Officer of AdaptHealth; and Jason Clemens, Chief Financial Officer of AdaptHealth. Before we begin, I'd like to remind everyone that statements included in this conference call and in this press release issued today may constitute forward-looking statements within the meaning of Private Securities Litigation Reform Act.

大家好，歡迎收看 AdaptHealth 2025 年第三季財報發表會。今天的演講嘉賓是 AdaptHealth 的執行長 Suzanne Foster 和 AdaptHealth 的財務長 Jason Clemens。在開始之前，我想提醒大家，本次電話會議和今天發布的新聞稿中包含的聲明可能構成《私人證券訴訟改革法案》意義上的前瞻性聲明。

These statements include, but are not limited to, comments regarding financial results for 2025 and beyond. Actual results could differ materially from those projected in forward-looking statements, because of a number of risk factors and uncertainties, which are discussed at length in the company's annual and quarterly SEC filings.

這些聲明包括但不限於 2025 年及以後財務表現的評論。由於存在許多風險因素和不確定性，實際結果可能與前瞻性聲明中預測的結果有重大差異，這些因素和不確定性在公司提交給美國證券交易委員會的年度和季度文件中均有詳細討論。

AdaptHealth Corp has no obligation to update the information provided on this call to reflect such subsequent events. Additionally, on this morning's call, the company will reference certain financial measures such as EBITDA, adjusted EBITDA, adjusted EBITDA margin and free cash flow, all of which are non-GAAP financial measures.

AdaptHealth Corp 沒有義務更新本次電話會議中提供的資訊以反映此類後續事件。此外，在今天早上的電話會議上，公司將提及某些財務指標，例如 EBITDA、調整後 EBITDA、調整後 EBITDA 利潤率和自由現金流，所有這些都是非 GAAP 財務指標。

You can find more information about these non-GAAP measures in this presentation materials accompanying today's call, which are posted on the company's website. This morning's call is being recorded, and a replay of the call will be available later today.

您可以在今天電話會議的演示材料中找到有關這些非GAAP指標的更多信息，這些材料已發佈在公司網站上。今天早上的通話已被錄音，稍後將提供通話回放。

I am now pleased to introduce the Chief Executive Officer of AdaptHealth, Suzanne Foster.

現在我很高興地向大家介紹 AdaptHealth 的執行長 Suzanne Foster。

Thank you, and good morning, everyone, and welcome to the call. I'm pleased to report that Q3 was a milestone for AdaptHealth. If you recall, last year at this time, we realigned our business into four reporting segments, each under general managers and dedicated sales leaders. This was intended to focus our efforts on improving patient service and operational efficiency.

謝謝大家，早安，歡迎參加本次電話會議。我很高興地報告，第三季是 AdaptHealth 的一個里程碑。如果您還記得的話，去年這個時候，我們將業務重新調整為四個報告部門，每個部門都由總經理和專門的銷售負責人管理。此舉旨在集中精力改善病患服務和營運效率。

By doing so, it allowed us to better manage our resources, and that decision was a key contributor to the mid-single-digit organic growth each segment produced this quarter. The theme for today's call is that over the past year, the team has worked tirelessly to transform our business, and we are now seeing our progress taking hold and flowing through to our financial results.

這樣做使我們能夠更好地管理資源，而這項決定是本季各業務板塊實現個位數中等有機成長的關鍵因素。今天電話會議的主題是，在過去一年裡，團隊不懈地改造了我們的業務，現在我們看到我們的進展正在穩步推進，並體現在我們的財務表現中。

In the third quarter, we completed substantial operational improvements across the organization and delivered financial results that exceeded our expectations. We are continuing to demonstrate progress across all three value drivers: growth, profitability and risk profile. Starting with growth. Our third quarter revenue was $820.3 million, up 1.8% from prior year quarter.

第三季度，我們完成了全公司範圍內的重大營運改進，並取得了超出預期的財務業績。我們在成長、獲利能力和風險狀況這三大價值驅動因素方面持續取得進展。從成長開始。我們第三季的營收為 8.203 億美元，比上年同期成長 1.8%。

Organic revenue growth, which does not include changes in revenue from divestitures or acquisitions, was 5.1% versus the prior year quarter with strength across each of our four reportable segments. Sleep new starts were up nearly 7% from the prior year quarter, making it our highest quarter in two years. We also set new patient census records in both Sleep and Respiratory Health.

不包括資產剝離或收購帶來的收入變化，有機收入年增 5.1%，四個可報告分部均表現強勁。睡眠新開始量比上一季成長了近 7%，成為兩年來最高的季度。我們在睡眠和呼吸健康領域也創下了新的患者人數記錄。

We experienced robust year-over-year growth in our Wellness at Home segment, driven by orthotics and hospice. And in Diabetes Health, we delivered the first quarter of revenue growth since Q1 2024. Moving to profitability. Our third quarter adjusted EBITDA was $170.1 million, up 3.5% from the prior year quarter and above the high end of our guidance range.

在矯正器和臨終關懷的推動下，我們的居家健康業務實現了強勁的同比增長。在糖尿病健康領域，我們實現了自 2024 年第一季以來的第一個季度營收成長。邁向盈利。我們第三季調整後的 EBITDA 為 1.701 億美元，比去年同期成長 3.5%，高於我們預期範圍的上限。

Adjusted EBITDA margin was 20.7%, up 30 basis points from the prior year quarter as we exhibited discipline on expenses even as we made forward investments in talent, technology and infrastructure to support our new large, capitated partnership we announced in August. Turning to our risk profile. We reduced debt by another $50 million during the third quarter, bringing our year-to-date total debt reduction to $225 million.

經調整的 EBITDA 利潤率為 20.7%，比上年同期增長 30 個基點，這得益於我們在人才、技術和基礎設施方面進行前瞻性投資，以支持我們在 8 月份宣布的新的大型按人頭付費的合作關係，同時我們也展現了對支出的嚴格控制。接下來，我們來看看風險狀況。第三季我們又減少了 5,000 萬美元的債務，使我們今年迄今的債務減少總額達到 2.25 億美元。

We are delivering quickly and rapidly approaching our 2.50 times target net leverage ratio, with our net leverage ratio standing at 2.68 times at quarter end. Debt reduction remains among our highest capital allocation priorities as we believe a strong balance sheet is essential to unlocking and sustaining value for shareholders.

我們正在快速推進，並迅速接近 2.50 倍的目標淨槓桿率，截至季度末，我們的淨槓桿率為 2.68 倍。我們認為，維持強勁的資產負債表對於釋放和維持股東價值至關重要，因此，降低債務仍然是我們最重要的資本配置優先事項之一。

During the quarter, we continued to make significant strides towards improving patient service and field operations. As planned, we completed the implementation of our standard field operating model and organizational structure, starting with consolidating from six to four regions. This was a huge step forward. It required empowering our best operators to lead these four regions and realigning nearly 8,000 employees to our new field operating structure and standard workflows.

本季度，我們在改善患者服務和現場營運方面繼續取得重大進展。按計劃，我們完成了標準現場運作模式和組織結構的實施，首先將六個區域合併為四個區域。這是一個巨大的進步。這需要賦予我們最優秀的營運人員領導這四個區域的權力，並將近 8,000 名員工重新調整到我們新的現場營運結構和標準工作流程中。

As a reminder, we enter nearly 40,000 homes per day. We operate 640 locations across 47 states and without a standard operating model and org structure, rolling out standard workflows and technology can be slow and inefficient. Now with the standard operating model across the country, we can more efficiently deploy operational improvements and technology solutions in a timely manner and at scale.

再次提醒大家，我們每天要進入近 4 萬戶家庭。我們在 47 個州經營 640 個地點，如果沒有標準的營運模式和組織結構，推廣標準工作流程和技術可能會很慢，效率也很低。現在，隨著全國範圍內標準營運模式的建立，我們可以更有效率、更及時、更大規模地部署營運改善和技術解決方案。

Another initiative that's taken place over the last many months is the consolidation of our previously fragmented call centers into a new national contact center and utilizing a single patient services technology platform. This is a significant enhancement that allows us to dramatically improve how we route our incoming call volume and standardize patient interaction, which creates a higher quality, more consistent experience for the patients we serve.

在過去幾個月裡，我們還採取了另一項舉措，將先前分散的呼叫中心合併成一個新的全國聯絡中心，並採用單一的病患服務技術平台。這是一項重大改進，使我們能夠大幅改善來電分配方式和規範患者互動，從而為我們服務的患者創造更高品質、更一致的體驗。

Looking forward, as we deploy technology that allows more patients to self-serve, this new call center will supplement the local branches with increased capacity to manage the most critical patient concerns. We continue to believe that there is significant potential to deploy AI and automation across our business. Therefore, we continue to selectively, but aggressively pursue and pilot the use of these tools to drive service excellence and operational efficiencies. And we are already beginning to see the early benefits.

展望未來，隨著我們部署更多技術讓患者能夠自助服務，這個新的呼叫中心將補充當地分支機構，增加處理最關鍵患者問題的能力。我們仍然相信，在我們的業務中部署人工智慧和自動化具有巨大的潛力。因此，我們將繼續有選擇地、但積極地追求和試點使用這些工具，以推動服務卓越和營運效率。我們已經開始看到初步成效。

For example, in the third quarter, automation enabled the revenue cycle management team to reduce its reliance on offshore labor by approximately 5%. Let me connect these results to where we are headed strategically. We are moving quickly to establish the infrastructure required to service our recently announced exclusive capitated agreement with a large integrated delivery network.

例如，在第三季度，自動化使收入週期管理團隊能夠減少對海外勞動力的依賴約 5%。讓我將這些結果與我們的策略方向連結起來。我們正在迅速推進基礎設施建設，以服務我們最近宣布的與大型綜合醫療服務網絡達成的獨家按人頭付費協議。

This is a significant undertaking that will require approximately 1,200 employees, 30 locations and 300 vehicles. Our partnership with this customer is off to a strong start because we share a philosophy about how best to unite our efforts to provide superior care for patients. This starts with a mutual recognition that the combination of an integrated delivery network at an at-scale home medical equipment and service provider working through a per member, per month or capitated fee model produces the strongest alignment of incentives.

這是一項重大工程，需要大約 1200 名員工、30 個地點和 300 輛車。我們與這位客戶的合作開局良好，因為我們擁有共同的理念，即如何最好地團結起來，為患者提供卓越的護理。首先，雙方都認識到，大規模家庭醫療設備和服務提供者採用按會員、按月或按人頭付費模式的綜合交付網絡，能夠產生最強的激勵機制。

This means we share a common commitment to a seamless handoff of care as patients are discharged from the hospital when they are at their most vulnerable and the risk of readmission is the highest. It means being rewarded for clinical appropriateness and efficiency by providing exactly what the patients need, nothing more, nothing less.

這意味著我們共同致力於實現無縫銜接的護理，因為患者出院時正處於最脆弱、再次入院風險最高的時期。這意味著，透過提供患者真正需要的，不多也不少，就能因臨床上的適當性和效率而獲得獎勵。

It also means being motivated to drive patient adherence by investing in setup, training, education and ongoing support to ensure patients use equipment correctly. In short, we are strategic partners working to keep patients healthy at the lowest sustainable cost. We arrived at this moment because of our success with our Humana capitated arrangement, which demonstrated for the first time that an at-scale HME provider could lift and shift significant volumes of activity while maintaining high service standards.

這也意味著要積極主動地投入資金用於設備安裝、培訓、教育和持續支持，以確保患者正確使用設備，從而提高患者的依從性。簡而言之，我們是策略夥伴，致力於以最低的永續成本保障病患的健康。我們之所以能走到今天這一步，是因為我們與 Humana 的按人頭付費安排取得了成功，這首次證明，大規模的家庭醫療設備 (HME) 提供者可以在保持高服務標準的同時，提升和轉移大量的業務活動。

Our immediate objective is to replicate that success by delivering on our promises to our new IDN partner as well as to another new capitation partner, a major payer for whom we will be the exclusive provider to an additional 170,000 lives as announced this morning. But as we look out on the horizon, we intend to lead the evolution of our industry by using our results to prove to every IDN and large hospital system in the US that partnering with us produces better outcomes for patients.

我們眼下的目標是複製這一成功，履行我們對新的 IDN 合作夥伴以及另一家新的按人頭付費合作夥伴（一家主要支付方，我們將作為其獨家供應商，為另外 170,000 人提供服務，正如今天早上宣布的那樣）的承諾。但展望未來，我們打算引領產業發展，並利用我們的成果向美國每個IDN和大型醫院系統證明，與我們合作能為病患帶來更好的結果。

That means faster time to therapy, higher adherence, greater patient satisfaction and ultimately finding ways to lower readmission rates and deliver genuine clinical value in the home. AdaptHealth is uniquely positioned with our technology infrastructure and operational capacity to offer this value proposition at scale.

這意味著更快的治療時間、更高的依從性、更大的病患滿意度，並最終找到降低再入院率和在家中提供真正臨床價值的方法。AdaptHealth憑藉其技術基礎設施和營運能力，在規模化提供這種價值主張方面具有獨特的優勢。

And our relentless focus on operational discipline and service excellence demonstrated in our Q3 progress is all about enhancing the value proposition. Our national contact center, centralized order intake and adoption of AI and automation are just a few examples of how we are alleviating patient, physician and hospital pain points. This focus extends beyond capitation to our entire business.

我們在第三季的進展表明，我們對營運紀律和服務卓越的不懈追求，都是為了提升價值主張。我們的全國聯絡中心、集中式訂單接收以及人工智慧和自動化技術的應用，只是我們緩解患者、醫生和醫院痛點的幾個例子。這種關注不僅限於按人頭付費，而是延伸到我們整個業務領域。

To be clear about what is at stake, service excellence is where HME providers win or lose loyalty. Hospitals and physicians remember which HME companies respond timely, who handles logistics seamlessly and who prevents patient readmissions. Service excellence creates referral stickiness. For us, operational discipline as the foundation for service excellence is not just about margin improvement.

明確利害關係，服務品質的好壞決定了家庭醫療設備供應商能否贏得顧客忠誠度。醫院和醫生會記住哪些家庭醫療設備公司能夠及時回應，哪些公司能夠無縫處理物流，哪些公司能夠防止病人再次入院。卓越的服務能夠提高客戶推薦黏性。對我們而言，作為卓越服務基礎的營運紀律不僅僅是提高利潤率。

It's the key to competitive differentiation. And because of this, ingraining this discipline into our DNA is becoming one of our highest strategic imperatives. As we look toward the upcoming round of CMS' competitive bidding program, our operating efficiency is a unique and critical strategic asset. While the final rule has yet to be released and the ongoing government shutdown holds the potential to delay it, CMS has not missed words about what it hopes to achieve with the redesign of the program.

這是實現差異化競爭的關鍵。正因如此，將這種紀律融入我們的基因正成為我們最重要的戰略要務之一。展望即將到來的 CMS 競爭性招標計劃，我們的營運效率是一項獨特且關鍵的策略資產。雖然最終規則尚未發布，目前的政府停擺可能會推遲其發布，但 CMS 並未停止談論它希望透過重新設計該計劃來實現的目標。

As outlined in the proposed rule, CMS sees the successful process as one that will cause HME participants, small and large, to submit competitive bids, and it seems to view limiting the number of contracts awarded as the key mechanism for achieving that aim. Some look at the bidding program and focus only on the reimbursement risk.

正如擬議規則中所述，CMS 認為成功的流程將促使 HME 參與者（無論大小）提交有競爭力的投標，並且似乎認為限制授予的合約數量是實現這一目標的關鍵機制。有些人只關注投標方案，而忽略了報銷風險。

However, rate compression is not a foregone conclusion, and moreover, it is only half the equation. The other half is that if CMS retains its proposal to limit contract awards, this would, by definition, consolidate traditional Medicare market share with knock-on effects that would likely force industry consolidation more broadly.

然而，速率壓縮並非必然結果，而且，這只是問題的一半。另一方面，如果 CMS 保留其限制合約授予的提議，那麼從定義上講，這將鞏固傳統的 Medicare 市場份額，並產生連鎖反應，可能會迫使整個行業進行更廣泛的整合。

As a result, competitive bidding has more potential to transform HME industry structure than perhaps any other dynamic. AdaptHealth has been preparing for this moment for years. Our cost structure enables us to participate in the bidding program from an advantaged position. Furthermore, as government policy continues to evolve, our improving financial strength affords us the flexibility to take strategic action to consolidate market share.

因此，與其他任何動態相比，競爭性招標更有可能改變家庭醫療設備產業的結構。AdaptHealth為此已經準備好多年。我們的成本結構使我們能夠以優勢地位參與投標項目。此外，隨著政府政策的不斷演變，我們不斷增強的財務實力使我們能夠靈活地採取策略行動來鞏固市場份額。

Where others may see risk, we see opportunity. Before I close, I'd like to express how grateful I am to my AdaptHealth colleagues. The progress we've made over the last year and especially in the third quarter, demonstrated our grit, determination and focus is paying off. We have a lot of momentum coming into 2026 and expect to see continuous improvements across our business as our teams execute on these growth opportunities ahead of us.

別人看到的是風險，我們看到的是機會。在結束之前，我想表達我對 AdaptHealth 同事們的感激之情。過去一年，特別是第三季度，我們所取得的進步表明，我們的毅力、決心和專注正在獲得回報。進入 2026 年，我們勢頭強勁，預計隨著團隊把握未來的成長機遇，公司業務將持續改善。

With that, I'd like to pass the call over to Jason to review our financials.

接下來，我想把電話交給傑森，讓他來審核一下我們的財務狀況。

Thank you, Suzanne, and thanks to everyone for joining our call today. After covering our third quarter 2025 results, I'll provide a review of the balance sheet and our plans for capital allocation. Then I'll finish with guidance for the remainder of 2025 and some perspective on our early expectations for 2026. For third quarter 2025, net revenue of $820.3 million increased 1.8% from the prior year quarter.

謝謝蘇珊娜，也謝謝今天所有參加我們電話會議的各位。在介紹完我們 2025 年第三季的業績之後，我將對資產負債表和我們的資本配置計畫進行回顧。最後，我將對 2025 年剩餘時間給予指導，並展望我們對 2026 年的初步預期。2025年第三季淨收入為8.203億美元，較上年同期成長1.8%。

Organic revenue growth was 5.1% in the quarter. This does not include $34.4 million of prior year revenues related to the divestiture of certain assets from the Wellness at Home segment and $7.7 million of revenue from acquired businesses. As Suzanne noted, our third quarter revenues were characterized by strength across all four reportable segments, with each producing year-over-year organic growth.

本季有機收入成長5.1%。這還不包括與從家庭健康業務部門剝離某些資產相關的上一年 3,440 萬美元收入，以及從收購業務中獲得的 770 萬美元收入。正如 Suzanne 指出的那樣，我們第三季的收入在所有四個可報告的部門都表現強勁，每個部門都實現了同比增長。

Third quarter Sleep Health segment net revenue increased 5.7% versus the prior year quarter to $354.8 million. Sleep Health starts were approximately 130,000, up 6.8% versus the prior year quarter, resulting in our highest quarter in two-years. Our Sleep Health census reached a new record of 1.72 million patients, up from 1.70 million in the prior quarter.

第三季睡眠健康業務部門淨收入較上年同期成長5.7%，達3.548億美元。睡眠健康業務的啟動量約為 13 萬例，比上一季成長 6.8%，創下兩年來的最高季度紀錄。我們的睡眠健康統計人數達到創紀錄的 172 萬，高於上一季的 170 萬。

Third quarter Respiratory Health segment net revenue increased 7.8% from the prior year quarter to $177.0 million. Despite lower-than-anticipated oxygen new starts, retention remained strong, resulting in an oxygen census of 330,000 patients, which was a new third quarter record. Third quarter Diabetes Health segment net revenue increased 6.4% versus the prior year quarter to $150.1 million, our first quarter of year-over-year growth since the first quarter of 2024.

第三季呼吸健康業務部門淨收入較上年同期成長7.8%，達1.77億美元。儘管氧氣新用戶數量低於預期，但用戶留存率依然強勁，氧氣用戶總數達到 33 萬，創下第三季新紀錄。第三季糖尿病健康部門淨收入較上年同期成長 6.4%，達到 1.501 億美元，這是自 2024 年第一季以來首次實現同比增長。

Although CGM starts were softer than we expected, CGM census grew over the prior year quarter for the third consecutive quarter, driven by continued improvement in retention rates. Pump and pump supplies revenue continued to grow over the prior year quarter. For the Wellness at Home segment, third quarter net revenue declined 16.0% from the prior year quarter to $138.4 million, including the previously mentioned impact of the dispositions of certain noncore assets. Turning to profitability.

儘管 CGM 啟動量低於預期，但由於留存率的持續提高，CGM 人口數量連續第三個季度較上年同期增加。水泵及水泵用品收入較上年同期持續成長。就居家健康業務而言，第三季淨收入較上年同期下降 16.0% 至 1.384 億美元，其中包括前面提到的處置某些非核心資產的影響。轉向盈利。

Third quarter 2025 adjusted EBITDA was $170.1 million, up 3.5% from the prior year quarter. Adjusted EBITDA margin was 20.7%, slightly above the midpoint of our Q3 guidance range and up 30 basis points from 20.4% in Q3 2024. The year-over-year margin trend reflected modest improvement in operating expenses as well as the disposable of less profitable noncore product lines.

2025 年第三季調整後 EBITDA 為 1.701 億美元，比去年同期成長 3.5%。調整後的 EBITDA 利潤率為 20.7%，略高於我們第三季指引範圍的中點，比 2024 年第三季的 20.4% 提高了 30 個基點。與去年同期相比，利潤率趨勢反映了營運費用的輕微改善以及利潤較低的非核心產品線的剝離。

Our labor expenses were well contained even as we invested in advance of revenue for our new capitated agreement. Moving to cash flow, balance sheet and capital allocation. Q3 2025 cash flow from operations was $161.1 million. CapEx of $94.2 million was 11.5% of revenue, up slightly from the prior quarter as we continue to invest in new patient growth.

即使我們為新的按人頭付費協議提前進行了投資，我們的勞動力成本也得到了很好的控制。接下來討論現金流、資產負債表和資本配置。2025 年第三季經營活動產生的現金流量為 1.611 億美元。資本支出為 9,420 萬美元，佔營收的 11.5%，較上一季略有成長，因為我們繼續投資於新病患成長。

Free cash flow was $66.8 million, in line with our expectations and unrestricted cash stood at $80.4 million at the end of the quarter. At quarter end, net debt stood at $1.73 billion, down from $1.80 billion at the end of the second quarter. We reduced our TLA balance by $50 million in Q3 2025, bringing the year-to-date total to $225 million.

自由現金流為 6,680 萬美元，符合我們的預期；季末非限制性現金為 8,040 萬美元。截至季末，淨債務為 17.3 億美元，低於第二季末的 18 億美元。我們在 2025 年第三季減少了 5,000 萬美元的 TLA 餘額，使年初至今的總額達到 2.25 億美元。

Our focus on debt reduction has decreased year-to-date interest expense by over $15 million as compared with the same period for 2024. Our net leverage ratio stood at 2.68 times, down from 2.81 times at the end of the second quarter and rapidly approaching our target of 2.5 times. Turning to capital allocation. Our highest priorities continue to be investing to accelerate organic growth and debt reduction to strengthen our financial position, followed by strategic acquisitions of home medical equipment providers to round out our geographic footprint and increase patient access.

我們專注於減少債務，與 2024 年同期相比，今年迄今的利息支出減少了 1500 多萬美元。我們的淨槓桿率為 2.68 倍，低於第二季末的 2.81 倍，並迅速接近我們 2.5 倍的目標。接下來討論資本配置。我們最重要的優先事項仍然是投資以加速內生成長和減少債務，從而增強我們的財務狀況，其次是策略性收購家用醫療設備供應商，以完善我們的地域佈局並增加患者的就醫機會。

So far in 2025, we have allocated $19 million of capital to tuck-in deals, and we are continuing to advance modest tuck-in deals through our pipeline. Turning to guidance. We are maintaining our full year 2025 revenue guidance range and expect to come in very modestly above the midpoint of that range. We are also maintaining our full year 2025 adjusted EBITDA guidance.

截至 2025 年，我們已撥出 1,900 萬美元資金用於補充收購交易，並且我們正在繼續透過我們的收購管道推進一些規模適中的補充收購交易。尋求指導。我們維持 2025 年全年營收預期範圍不變，預計實際營收將略高於該範圍的中點。我們也維持對2025年全年調整後EBITDA的預期。

But we expect to come in at the bottom end of that range as we prudently accelerate investments in infrastructure, technology and labor to stand up our new capitated arrangement. We are maintaining our free cash flow guidance at a range of $170 million to $190 million. While the government shutdown has the potential to push some cash collections into Q1 2026, given the free cash flow generated year-to-date, we remain confident that we will still achieve our prior guidance range.

但我們預計最終支出將處於該範圍的下限，因為我們將謹慎地加快對基礎設施、技術和勞動力的投資，以建立我們新的按人頭付費的安排。我們維持自由現金流預期在 1.7 億美元至 1.9 億美元之間。儘管政府停擺可能會將部分現金回收推遲到 2026 年第一季度，但鑑於今年迄今產生的自由現金流，我們仍然有信心實現我們先前的預期目標。

Given the number of moving parts affecting our expectations for 2026, let me provide a preview of how we are thinking about next year. We anticipate the top line will grow 6% to 8% over full year 2025, which assumes accelerated growth in our core products, revenue from our new capitated contract and the impact of certain assets disposed in 2025.

鑑於影響我們對 2026 年預期的因素眾多，讓我先預覽我們對明年的展望。我們預計到 2025 年全年，營收將成長 6% 至 8%，這假設我們的核心產品成長加速，新的按人頭付費合約帶來的收入，以及 2025 年處置某些資產的影響。

We expect revenue growth will start slower in the first half, but will accelerate in the back half due to the timing of the ramp of the capitated contract and the dispositions. We anticipate full year 2026 adjusted EBITDA margin to be approximately 50 basis points better than 2025, even as we invest in new capitated infrastructure in early 2026 ahead of the revenue ramp.

我們預計上半年營收成長速度會放緩，但下半年會加速，這主要得益於按人頭付費合約的實施和資產處置的時間表。我們預計 2026 年全年調整後 EBITDA 利潤率將比 2025 年提高約 50 個基點，即使我們在 2026 年初收入成長之前投資新的按人頭付費基礎設施。

As a reminder, we expect this capitated contract once fully ramped to produce at least $200 million of annual revenue with adjusted EBITDA margin and free cash flow margin in line with the rest of our business. As has been our practice, we intend to provide formal full year 2026 guidance when we report fourth quarter earnings this coming February. That brings me to the end of my remarks.

再次提醒，我們預計該按人頭付費的合約一旦全面投產，每年至少可產生 2 億美元的收入，調整後的 EBITDA 利潤率和自由現金流利潤率將與我們其他業務保持一致。依慣例，我們計劃在今年2月公佈第四季財報時，提供2026年全年業績指引。我的發言到此結束。

Operator, would you kindly open up the call for questions?

接線員，請問可以開始接受提問了嗎？

(Operator Instructions) Eric Coldwell, Baird.

（操作說明）埃里克·科德威爾，貝爾德。

Nice job in the quarter. I wanted to hit on the large capitated deal. Your comments on '26, Jason, were very helpful. You mentioned slower growth in the first half, more in the second half. Conversely, the incumbent on that arrangement has been signaling that it actually expects the transition to begin this quarter and to be completely ramped or completed by the end of the second quarter of next year.

本季表現不錯。我想拿下大額按人頭付費的合約。Jason，你對「26」的評論非常有幫助。你提到上半年成長速度放緩，下半年成長速度加快。相反，目前採用這種安排的一方已經表示，它預計過渡工作將於本季開始，並在明年第二季末全面展開或完成。

So the incumbent sounding like the transition is going to happen a little faster. If I'm reading you correctly, it still sounds like you're expecting a little slower. I'm hoping you can just help us triangulate those two data points.

所以現任官員的言論表明，權力交接將會更快一些。如果我理解沒錯，你似乎還是希望速度能慢一點。我希望你能幫我們把這兩個數據點做三角驗證。

Well, sure, Eric. I mean, I guess I'd say, firstly, that we don't have a lot of perspective on what competitors might be saying out there. What we do know is that the contracted dates that we've signed up to deliver, that's very clear. We're in advance of the bulk of that ramp. And so we think we're being appropriately conservative with our expectations of the ramp over the course of 2026.

當然可以，艾瑞克。我的意思是，首先，我們不太了解競爭對手可能會說什麼。我們確切知道的是，我們已簽約履行的合約日期是明確的。我們領先於大部分坡道。因此，我們認為我們對 2026 年的成長預期是適當且保守的。

And as markets come online, we'll certainly gain confidence on having all the infrastructure that we need in place before the first patient shows up. I mean that, in our mind, is the priority is making sure that we've got the labor and the people and the vehicles and the infrastructure in place for those patients prior showing up. And if we do that, we take good care of those patients, that ramp could get better than what we're suggesting.

隨著市場逐步開放，我們肯定會更有信心在第一位患者出現之前，將所有需要的基礎設施都到位。我的意思是，在我們看來，首要任務是確保在到達患者面前之前，我們已經為這些患者準備好了勞動力、人員、車輛和基礎設施。如果我們這樣做，好好照顧這些病人，那麼康復進程可能會比我們建議的更好。

Just one quick follow-up or additional question. You've obviously been pretty successful here recently with these new wins, particularly on the large capitated side. At the same time, again, a competitor has recently announced a -- at least in the near term, an exclusive with a large network, OptumHealth. And I'm curious, based on your 2026 preview, it doesn't sound like that's a big impact.

還有一個簡短的後續問題或補充問題。最近你在這裡取得了相當大的成功，尤其是在大型按人頭付費方面。與此同時，另一家競爭對手最近宣布了一項——至少在短期內——與大型醫療網絡 OptumHealth 的獨家合作協議。我很好奇，根據你對 2026 年的預測，這似乎不會產生很大的影響。

But I'm hoping you can give us some color on perhaps how much exposure you might have had there or if that competitor announcement is at all impactful? I mean, certainly, a larger OptumHealth larger network somewhat visible to the street. I'm just curious if you have any thoughts on that change?

但我希望您能透露一些訊息，例如您在那裡獲得了多少曝光，或者競爭對手的聲明是否產生了任何影響？我的意思是，當然，OptumHealth 的規模更大，網路也更易於從街上看到。我只是好奇你對這個改變有什麼看法？

I'll take that one, Eric. So taking a step back, I think that these capitated agreements or preferred provider agreements as some call other types of agreements are evidence that the market, payers and providers are interested in partnering with a single scaled partner to help their membership or patients. But there's a distinction in my understanding between an exclusive capitated agreement and what we call a preferred provider agreement.

我來做那個吧，艾瑞克。因此，退一步講，我認為這些按人頭付費的協議或一些人稱之為其他類型協議的優選供應商協議，證明了市場、支付方和供應商有興趣與單一的規模化合作夥伴合作，以幫助他們的成員或患者。但我認為獨家按人頭付費協議和我們所說的優選供應商協議是有區別的。

And so the distinction here is that with -- when we say capitated agreement, we are exclusive, we -- they have to refer to us, and we have to service that patient pool. A preferred provider agreement means, hey, give us the business, we'll service it, but it still means that people can compete for that business. It's still an open network.

因此，這裡的區別在於——當我們說按人頭付費協議時，我們是獨家的，他們必須把病人轉診給我們，而我們必須為這些病人提供服務。優選供應商協議意味著，嘿，把生意給我們，我們會提供服務，但這仍然意味著人們可以競爭這些生意。它仍然是一個開放的網路。

And so if I understand correctly, the contract that you're referring to, I have not heard that it is exclusive. I have heard that at the end of the day, they have to earn the business just like anyone else would. And like I said, in this business, you earn that business by providing the best service. And so we believe with all of the infrastructure and continuous improvement that we made that we are going to continue to earn business on the basis of our service excellence. And so it does not preclude us from calling on that customer.

所以如果我理解正確的話，你提到的那份合同，我還沒聽說過它是排他性的。我聽說，歸根究底，他們也得像其他人一樣，靠自己的努力贏得生意。正如我所說，在這個行業，你只有提供最好的服務才能贏得客戶。因此，我們相信憑藉我們所做的所有基礎設施建設和持續改進，我們將繼續憑藉卓越的服務贏得業務。因此，這並不妨礙我們聯絡那位客戶。

No, Eric, I might add, since the announcement that you're referring to, there has been zero change in our trend lines and our expectations related to that contract. So we'll see what, I guess, tomorrow brings. But for now, we've got full access and coverage, and we feel just fine about it.

不，艾瑞克，我還要補充一點，自從你提到的那項公告發布以來，我們的趨勢線和與該合約相關的預期沒有任何變化。所以，我想，我們明天會發生什麼事吧。但就目前而言，我們擁有全面的存取權限和報道，我們對此感到非常滿意。

Brian Tanquilut, Jefferies.

Brian Tanquilut，傑富瑞集團。

Congrats on the quarter. Maybe, Suzanne, I'll just hit on that last comment you made. So as we think about the fact that you've already won Humana, the Kaiser contract and then another one today, I mean, different dynamics there. Humana was not capitated prior. What are you seeing in the market? Or what are the conversations like in terms of getting more payers to convert their approaches to DME to capitation?

恭喜你本季取得佳績。蘇珊，或許我就直接回應你最後那句話吧。所以，考慮到你已經贏得了 Humana 和 Kaiser 的合同，今天又贏得了另一份合同，我的意思是，情況就不同了。Humana公司先前並未採用按人頭付費模式。你觀察到市場現況如何？或者，在促使更多支付方將耐用醫療設備 (DME) 的支付方式轉變為按人頭付費方面，各方的討論情況如何？

And how far are we from -- or is it reasonable to think that eventually, this will be mostly capitated at least for the national providers?

我們距離最終實現（至少對於國家醫療服務提供者而言）大部分費用按人頭付費的目標還有多遠？或者說，這種想法是否合理？

Thanks, Brian. I mean I believe that this type of model is what's best for the industry. I was recently on the road meeting with some big hospital systems and their CEOs. And what they're talking about is reducing their length of stay, seamless handoffs putting our people alongside their people for discharge planning. So they're incented to move patients through the hospital or if it's a physician practice to have a seamless handoff.

謝謝你，布萊恩。我的意思是，我認為這種模式對產業來說是最好的。我最近出差拜訪了一些大型醫院系統及其執行長。他們所討論的是縮短住院時間，實現無縫交接，讓我們的人員與他們的人員一起制定出院計劃。因此，他們有動力讓病人在醫院內順利轉診，或者如果是醫生診所，則有動力實現無縫交接。

And so having a strong partnership where we can hold each other accountable, they can hold us accountable for service level initiatives, that's a big deal for them because if they're managing many, many different players without strong SLAs in place, that makes it difficult. So us showing up saying we're a large public company that takes compliance and integrity seriously, that we cover 47 states that we can do this at scale, that we agree to SLAs in the capitated agreement, they like that model.

因此，建立牢固的合作夥伴關係，彼此監督，他們可以監督我們對服務水平舉措的執行情況，這對他們來說意義重大，因為如果他們管理著許多不同的參與者，而又沒有強有力的服務水平協議 (SLA)，那將會非常困難。因此，我們表示我們是一家大型上市公司，非常重視合規性和誠信，我們的業務涵蓋 47 個州，我們可以大規模地開展這項工作，並且我們同意按人頭付費協議中的服務水平協議 (SLA)，他們喜歡這種模式。

And so the idea that we can show up and have that seamless handoff for them and quarterly report out how that performance is going between us, that's something that's really getting a lot of interest. And that's where we're putting a lot of resources to go see how many more hospital systems, IDNs and payers that we can convince that by aligning our incentives that this is best for patient care.

因此，我們能夠及時出現，與他們無縫交接，並按季度報告我們之間的業績進展情況，這個想法真的引起了很多人的興趣。因此，我們正在投入大量資源，看看我們能夠說服多少家醫院系統、IDN 和支付方，透過協調我們的激勵機制，讓他們相信這樣做對病患照護最有利。

That makes sense. And then maybe, Jason, just back to the point of the guidance. I mean, obviously, a good quarter here, and you're maintaining the guidance. First, what exactly are these investments that you mentioned? And then how should we be thinking about the investments related to the new contract? And where are you tracking versus what you thought you'd be spending for Kaiser?

這很有道理。然後，傑森，或許我們應該回到指導的重點。我的意思是，很明顯，本季業績不錯，你們也維持了業績預期。首先，您提到的這些投資具體指的是哪些投資？那麼，我們應該如何考慮與新合約相關的投資呢？你目前的支出與你預期在凱撒醫療集團的支出相比如何？

Right. So I guess, firstly, like kind of when we say infrastructure, we're talking about an estimated 1,200 people that have to be recruited, onboarded, trained and ready for day 1 of patients flowing across multiple states. It's procurement of vehicles to our standards. They've got to be outfitted. They got to be painted, all this detail that needs to happen in order to have trucks running on day 1.

正確的。所以我想，首先，當我們談到基礎設施時，我們指的是大約需要招募、入職、培訓和準備 1200 人，以便迎接跨多個州流動的患者。這是按照我們的標準購買車輛。他們需要配備裝備。它們需要噴漆，所有這些細節都需要完成，才能確保卡車在第一天就能投入使用。

So that's all well underway. And finally, it's the procurement of about three dozen locations in geographies that we don't compete in yet. And so as we get those locations identified and secured, they got to get outfitted, you got to get them ready, you got to stock them with inventory and capital equipment and again, be ready for that patient on day 1.

一切進展順利。最後，我們還計劃在尚未涉足的地區收購約 36 個地點。因此，當我們確定並保障了這些地點後，就必須進行配備，必須做好準備，必須儲備庫存和資本設備，並且再次做好準備，迎接第一天的病人。

So we're moving along according to our plans. In fact, in some markets, we've actually advanced due to some local dynamics in those markets, which is why we're seeing expenses running hotter, particularly in the labor lines. And then I'd say related, I mean, we went from six regions to four. I mean we took out two kind of operating regions.

所以，我們正按計劃進行。事實上，在某些市場，由於這些市場的一些本地動態，我們實際上已經取得了進展，這就是為什麼我們看到支出不斷上漲，尤其是在勞動成本方面。然後我想說，相關的是，我們從六個地區減少到了四個地區。我的意思是，我們取消了兩種類型的營運區域。

Now as part of that operating model change, look, there's a lot of talent in the organization, a lot of experience, long time in DME. We think it was prudent to hold on to the folks that want to continue to be part of our business that potentially want to relocate. We're doing a fair amount of that to these markets to stand up new AdaptHealth operations and to grow from there.

現在，作為營運模式變革的一部分，你看，公司裡有很多優秀人才，很多經驗，在耐用醫療設備產業也待了很長時間。我們認為，留住那些希望繼續留在我們公司並有可能搬遷的員工是明智之舉。我們正在這些市場進行大量此類工作，以建立新的 AdaptHealth 業務，並以此為基礎發展壯大。

So that's a little bit about kind of what we're investing in. In terms of what to expect, we do expect to carry additional expense into the first quarter, potentially mid-second quarter. And as this revenue comes online, the nice thing about it is, I mean, you immediately move up to 20% EBITDA margin, which is our expectation for the contract because the infrastructure is paid for, the capital equipment is in, trucks are running.

以上就是我們投資的大致方向。至於預期情況，我們預計第一季將產生額外支出，甚至可能延續到第二季​​中期。隨著這部分收入的實現，好處在於，EBITDA 利潤率立即提升至 20%，這也是我們對該合約的預期，因為基礎設施已付款，資本設備已到位，卡車也已投入營運。

And then at day 1, you start getting paid per member per month. And so there'll be a little bit of forward investment in the fourth quarter and in the first quarter, and then that will start swinging out over the course of '26, and we expect high revenue growth as well as a big improvement in EBITDA margin in the second half of '26.

然後從第一天起，你就可以按會員人數按月獲得報酬。因此，第四季和第一季將有一些前期投資，然後這種趨勢將在 2026 年全年逐漸擴大，我們預計 2026 年下半年營收將大幅成長，EBITDA 利潤率也將大幅提高。

Richard Close, Canaccord Genuity.

Richard Close，Canaccord Genuity。

Yes. Just hitting on the capitated agreements a little bit more. In terms of the announcement or the new contract announced today, are there any more details that you can provide? Just curious if there's any geographic overlap with your other agreements that portend maybe some additional operating leverage there or less infrastructure investments on that? And then is there an opportunity to expand the number of lives with that agreement?

是的。再稍微深入探討一下按人頭付費協議。關於今天宣布的公告或新合同，您還能提供更多細節嗎？我只是好奇，這些協議是否與您在其他協議中涉及的地域範圍有重疊，這是否預示著在這些地區可能會有額外的營運槓桿或更少的基建投資？那麼，透過這項協議，是否有機會增加受益人數呢？

Yes, Richard, I'd say that we announced this agreement more so for the strategic implications to the company and where we're heading in terms of taking control of our own destiny and reimbursement, capping business exclusively where we can contain an entire population and take care of all of those patients.

是的，理查德，我認為我們宣布這項協議更多的是出於對公司的戰略影響，以及我們在掌控自身命運和報銷方面的發展方向，我們將業務範圍限定在能夠覆蓋整個人群並照顧所有患者的區域。

In terms of like financial impact, I mean, 170,000 members, the math doesn't work exactly, but compared to over 10 million lives in this other contract that we've spoken about, you'll see us maybe a couple of percentage points. So it's nowhere near size and scale. There is benefit to the geography of this contract and potential growth. This is a major payer.

就財務影響而言，我的意思是，17萬名成員，計算起來並不完全準確，但與我們之前討論過的另一份合約中超過1000萬人的生命相比，我們可能只會損失幾個百分點。所以它和規模完全不在一個檔次。該合約的地理位置有利，且具有潛在的成長潛力。這是一家主要付款方。

If we do our jobs and we think we will, it does set up nicely for us to continue to work that payer's pipeline. So more to come.

如果我們做好自己的工作（我們認為我們能做到），這將為我們繼續與支付方建立聯繫創造良好的條件。敬請期待更多內容。

(Operator Instructions) Kieran Ryan, Deutsche Bank.

（操作員指示）基蘭·瑞安，德意志銀行。

This is Kieran Ryan on for Pito this morning. Just wanted to check in and see if you could provide any other color on Diabetes. I appreciate the detail on CGMs versus pumps. I'm not sure if you can talk about anything you saw on the pharmacy side or with payer mix in the quarter that maybe contributed to the uptick.

這裡是 Kieran Ryan，今天早上為您報道 Pito 的新聞。我只是想確認一下，看看您是否能提供其他關於糖尿病的顏色資訊。感謝您詳細介紹動態血糖監測儀和胰島素幫浦的差異。我不確定您是否可以談談您在本季度在藥房方面或支付方組合方面觀察到的任何可能導致增長的情況。

I appreciate the question, Jason. I will tag team this. I'll start with just what we're seeing in diabetes. So listen, we've talked about this now for the past year that this has been a focus of ours to improve our execution that a lot of this was certainly an interesting market dynamic, but that was no excuse for our past year's performance, and we have finally gotten our arms around the business and we're seeing the best attrition rates from our resupply team.

傑森，感謝你的提問。我會和別人一起完成這件事。我先從目前在糖尿病領域看到的情況說起。聽著，過去一年我們一直在討論這個問題，這是我們提升執行力的重點。這其中許多因素確實反映了有趣的市場動態，但這絕不是我們過去一年業績不佳的藉口。我們終於掌握了業務，我們的補給團隊的流失率也達到了最佳水平。

We've really stopped that bleeding and servicing patients really well there. Pumps have been strong, and our sales force has been trained, put in place. We've made the changes we needed to. We have a strong leader there. So we're getting out in front of the right customers and leveraging the HME side of our business. The Diabetes team and our HME sales forces are working collectively to identify opportunities.

我們已經成功止住了出血，並且在那裡為患者提供了非常好的服務。泵機運作良好，我們的銷售團隊也已接受培訓並到位。我們已經做出了必要的改變。我們那裡有一位強而有力的領導者。因此，我們正在接觸合適的客戶，並充分利用我們家庭醫療設備業務。糖尿病團隊和我們的家庭醫療設備銷售團隊正在共同努力，尋找商機。

So it's kind of been an all hands on deck that finally has proven to show some success. And then in terms of the numbers, I'll hand that off to Jason to give you a little bit more for that purpose.

所以，大家齊心協力最終取得了一些成功。至於具體數字，我會交給傑森來詳細介紹。

Yes. To get maybe into the weeds a little bit, this was the first quarter or last quarter, I'd say, of a comparable against a different management team, a different resupply organization and processes because those changes were made late September of 2024. And so what you're seeing is just strength in retention, as Suzanne said.

是的。深入細節一下，這可以說是與不同的管理團隊、不同的補給組織和流程進行比較的第一個季度或最後一個季度，因為這些變化是在 2024 年 9 月下旬進行的。所以，正如蘇珊娜所說，你現在看到的只是顧客留存率的提升。

Now when we get to Q4, now we're comping that same team that we've got running in Nashville is now comping against themselves. And so we're setting record retention rates, but to grow above that, it does get more challenging. So although we were thrilled to see over 6% growth in Diabetes in Q3, given the softer starts, we still have a ways to go until we're demonstrating consistency and stability and ultimately, some growth in this business.

現在到了第四季度，我們在納許維爾運作的同一支隊伍實際上是在和自己競爭。因此，我們的客戶留存率創下了新高，但要在此基礎上繼續成長，就更具挑戰性了。儘管我們很高興看到糖尿病業務在第三季度實現了超過 6% 的成長，但考慮到開局較為疲軟，我們距離展現出持續性和穩定性，並最終實現該業務的成長，還有很長的路要走。

And so that's a little bit about Q3 versus Q4. As we get to '26, again, we expect stable retention, modest improvement in sales. We're taking actions to make sure we secure that. And with a little luck, we'll have a consistent stable business to report in 2026.

以上就是關於第三季和第四季的一些比較。到了 2026 年，我們預計客戶留存率將保持穩定，銷售額將略有成長。我們正在採取措施確保這一點。如果運氣好的話，我們預計在 2026 年取得穩定持續的業務成果。

And to your point around pharmacy versus med benefit, during the past year, we didn't -- we've made the decision to pursue the pharmacy channel. We were slower last year committing to that to wait to see what we would -- this business and how it would perform. But now that we're seeing that providers do really want the optionality to send both, we are making investments to make sure that we can efficiently process those types of orders as well.

至於您提到的藥局與醫療福利的問題，在過去一年裡，我們沒有—我們已經決定採用藥局管道。去年我們在這方面行動比較慢，想先看看這家公司的發展。但現在我們發現供應商確實希望可以選擇同時發送這兩種郵件，因此我們正在進行投資，以確保我們也能有效率地處理這些類型的訂單。

And then I guess just briefly on the Sleep side, obviously, strong new start and census numbers. I just wanted to still understand if you still expect that mix headwind to be fully comped out as we exit '25. So that's kind of not a factor as we move into '26.

然後，我想簡單說說睡眠方面，顯然，新一輪的銷售和人口普查數據都很強勁。我只是想了解一下，你是否仍然預期到 2025 年底，這種混合不利因素會完全消除。所以，進入 2026 年，這就不算是一個需要考慮的因素了。

Yes, exactly. I mean there'll be de minimis impact in Q4. But as we get into '26, that we'll be past all that. So it will be a bit of an easier comp, if you will, as we look towards next year.

是的，正是如此。我的意思是，第四季的影響微乎其微。但到了 2026 年，這一切都將過去。所以，展望明年，比賽會輕鬆一點。

Whit Mayo, Leerink Partners.

Whit Mayo，Leerink Partners。

Jason, the 6% to 8% revenue growth that you're guiding to for 2026, any way to unpack that by segment, how you're thinking about it?

Jason，你預計 2026 年的營收成長率將達到 6% 到 8%，能否按細分市場詳細解釋一下，你是如何考慮這一成長的？

Sure. We can probably offer some high-level views and then add a lot more to that when we guide in February. But if you look at the base business today, I mean, we've gone through a lot of disposition activity over the course of kind of late '24 through current. We're starting modest M&A that's been going on around that same time frame. And so you're going to likely have a bit of a canceling effect as we look to '26.

當然。我們或許可以提供一些高屋建瓴的觀點，然後在二月的導覽活動中再補充更多內容。但如果你看看現在的基礎業務，我的意思是，從 2024 年底到現在，我們已經進行了大量的資產處置活動。我們正在啟動一些適中的併購活動，這些活動大約在同一時期進行。因此，展望 2026 年，可能會出現一些抵銷效應。

Outside of that, our organic growth, which excludes dispositions acquisitions, year-to-date, we're running 1.8%. So as we look to '26, I mean, we think that we can get a little bit of growth there. Some of that will come through the accounting changes that Kieran mentioned in the last question. I mean that alone is $30 million or about 1 point of revenue.

除此之外，我們今年迄今的有機成長率（不包括資產處置和收購）為 1.8%。所以展望 2026 年，我們認為我們可以取得一些成長。其中一些變化將透過基蘭在上一個問題中提到的會計變更來實現。我的意思是，光這項就有 3000 萬美元，也就是大約 1 個百分點的收入。

So if you look at Sleep, I mean, that alone will -- we expect to produce a better growth rate in Sleep, not just that single factor, but we're starting to near records of new start activity. And so we aim to continue that through '26. Respiratory in '25 so far has just had a blowout year. I don't know that we'll be producing at these upper single-digit levels for Respiratory.

所以，如果你看看睡眠，我的意思是，僅此一項就會——我們預計睡眠的增長率會更高，不僅僅是這一個因素，而且我們開始接近新開辦企業的記錄。因此，我們的目標是將這一目標延續到 2026 年。2025 年至今，呼吸道疾病市場可謂是迎來了爆發性成長的一年。我不知道呼吸系統藥物的產量能否達到目前的個位數高點。

We think it will normalize back to kind of a lower single digit, which is what we've seen historically as it relates to Respiratory. And then as it relates to Diabetes and Wellness, we think we'll produce steady and stable revenue, potentially a little bit of growth in one or both of those segments. But all that together, we think organic growth, again, today, a little under 2% could move to a little under 3% next year.

我們認為它會恢復到個位數的正常水平，這與我們歷史上在呼吸系統疾病方面所看到的水平一致。至於糖尿病和健康領域，我們認為我們將產生穩定可觀的收入，這兩個領域中的一個或兩個都可能略有成長。但綜合所有因素來看，我們認為，目前的有機成長率略低於 2%，明年可能會升至略低於 3%。

And then you've got the benefit, which is also organic of this compensated arrangement that gets you up to that 6% to 8%.

此外，這種補償安排還能帶來好處，使你的收益率達到 6% 到 8%。

Okay. That's helpful. And I was wondering, is there anything new on RAC audits for PAPs, ventilators, rentals, et cetera, that's on your radar that's concerning or not concerning to you? I think CMS did award a new contract recently. So just wanted to get an update there.

好的。那很有幫助。我想知道，關於呼吸器、呼吸器、租賃設備等的 RAC 審計，您有沒有註意到什麼新的情況，讓您感到擔憂或不擔憂？我認為CMS最近確實授予了一份新合約。所以想了解那邊的最新狀況。

That's right, Whit. But the number of audits and the kind of frequency of audits, it's been very, very steady. There's been no change or impact.

沒錯，惠特。但是審計的數量和頻率一直非常非常穩定。沒有任何變化或影響。

Thank you. This now brings us to the end of today's meeting. We appreciate your time and participation. You may now disconnect.

謝謝。今天的會議到此結束。感謝您抽空參與。您現在可以斷開連線了。