Brightspring Health Services Inc (BTSG) 2025 Q2 法說會逐字稿

Good day, ladies and gentlemen, and thank you for standing by. Welcome to the BrightSpring Health Services, Inc. second quarter 2025 earnings call. (Operator Instructions).

女士們、先生們，大家好，感謝你們的支持。歡迎參加 BrightSpring Health Services, Inc. 2025 年第二季財報電話會議。（操作員指令）。

I would now like to hand the conference over to the first speaker today. You may begin.

現在我想將會議交給今天的第一位發言者。你可以開始了。

Good morning. Thank you for participating in today's conference call. My name is David Deuchler with Investor Relations for BrightSpring. I'm joined on today's call by Jon Rousseau, Chief Executive Officer; and Jen Phipps, Chief Financial Officer. Earlier today, BrightSpring released financial results for the quarter ended June 30, 2025.

早安.感謝您參加今天的電話會議。我叫 David Deuchler，來自 BrightSpring 投資人關係部門。參加今天電話會議的還有執行長 Jon Rousseau 和財務長 Jen Phipps。今天早些時候，BrightSpring 發布了截至 2025 年 6 月 30 日的季度財務表現。

A copy of the press release and presentation is available on the company's investor relations website. Please note that today's discussion will include certain forward-looking statements that reflect our current assumptions and expectations, including those related to our future financial performance and industry and market conditions. Such forward-looking statements are not guarantees of future performance.

新聞稿和簡報的副本可在本公司的投資者關係網站上查閱。請注意，今天的討論將包括某些前瞻性陳述，這些陳述反映了我們當前的假設和預期，包括與我們未來財務表現以及行業和市場狀況相關的假設和預期。此類前瞻性陳述並非對未來績效的保證。

These forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially from our expectations. We encourage you to review the information in today's press release and presentation as well as in our quarterly report on Form 10-Q that will be filed with the SEC, including the specific risk factors and uncertainties discussed in our Form 10-K and Form 10-Q.

這些前瞻性陳述受風險和不確定性的影響，可能導致實際結果與我們的預期有重大差異。我們鼓勵您查看今天的新聞稿和簡報中的信息以及我們將向美國證券交易委員會提交的 10-Q 表季度報告中的信息，包括我們的 10-K 表和 10-Q 表中討論的具體風險因素和不確定性。

Such factors may be updated from time to time in our periodic filings with the SEC, and we do not undertake any duty to update any forward-looking statements, except as required by law. During the call, we will use non-GAAP financial measures when talking about the company's financial performance and financial condition.

這些因素可能會在我們向美國證券交易委員會提交的定期文件中不時更新，除非法律要求，否則我們不承擔更新任何前瞻性聲明的義務。在電話會議中，我們將使用非公認會計準則財務指標來談論公司的財務表現和財務狀況。

You can find additional information on these non-GAAP measures and reconciliations of our non-GAAP financial measures to their most directly comparable GAAP financial measures to the extent available without unreasonable effort in today's earnings press release and presentation, which again are available on our investor relations website. This webcast is being recorded and will be available for replay on our Investor Relations website.

您可以在今天的收益新聞稿和簡報中找到有關這些非 GAAP 指標的更多資訊以及我們的非 GAAP 財務指標與其最直接可比較的 GAAP 財務指標的對帳表，這些資訊無需付出過多努力即可獲得，這些新聞稿和簡報也可以在我們的投資者關係網站上找到。本次網路直播正在錄製中，可在我們的投資人關係網站上重播。

And with that, I will turn the call over to Jon Rousseau, Chief Executive Officer.

說完這些，我將把電話轉給執行長喬恩·盧梭 (Jon Rousseau)。

Good morning, everyone, and thank you for joining BrightSpring second quarter 2025 earnings call. I would like to begin by expressing my gratitude to all of our BrightSpring teammates across the country who work hard to provide high-quality and compassionate care to patients every day. They make a tremendous impact.

大家早安，感謝您參加 BrightSpring 2025 年第二季財報電話會議。首先，我要向全國各地的所有 BrightSpring 隊友表示感謝，他們每天都努力為患者提供高品質和富有同情心的護理。它們產生了巨大的影響。

Through the first half of the year, we have executed on our plans across the organization with a high level of focus and discipline, and we are pleased with the performance of our businesses. Second quarter results exceeded expectations and have us well positioned to continue to deliver on our goals for the balance of the year.

今年上半年，我們高度集中、紀律嚴明地在整個組織內執行了各項計劃，我們對業務表現感到滿意。第二季的業績超出了預期，並使我們有能力繼續實現今年剩餘時間的目標。

We remain committed to disciplined growth across the company by executing in each of our markets, while leveraging our scale and best practices, making smart growth investments and continuing to provide the high quality of care to patients. Before discussing BrightSpring second quarter performance, I would like to remind you that the company's financial performance and 2025 guidance principally pertain to the continuing operations and do not include results from the community living business.

我們將繼續致力於透過在每個市場執行來促進整個公司的有序成長，同時利用我們的規模和最佳實踐，進行明智的成長投資並繼續為患者提供高品質的護理。在討論 BrightSpring 第二季業績之前，我想提醒您，公司的財務表現和 2025 年指引主要涉及持續經營，不包括社區生活業務的績效。

At this time, we expect the Community Living divestiture transaction to close in the fourth quarter of this year, subject to regulatory approvals and typical closing conditions, and we continue to work with the FTC as they complete their second review of the transaction. For the second quarter, BrightSpring's revenue and adjusted EBITDA both grew approximately 30% versus last year's comparable quarter.

目前，我們預計社區生活資產剝離交易將在今年第四季完成，但需獲得監管部門的批准和典型的成交條件，並且我們將繼續與聯邦貿易委員會合作，完成對交易的第二次審查。第二季度，BrightSpring 的營收和調整後的 EBITDA 均比去年同期成長了約 30%。

Total company revenue of $3.1 billion represented 29% growth year-over-year, with pharmacy solutions revenue of $2.8 billion increasing 32% year-over-year and provider services revenue of $358 million increasing 11% year-over-year. Total company adjusted EBITDA of $143 million in the quarter also grew 29% compared to the same period last year, driven by strong volume and revenue results across the businesses, particularly in our Onco360 and CareMed Specialty Pharmacy business.

公司總營收為 31 億美元，年增 29%，其中藥局解決方案營收為 28 億美元，年增 32%，供應商服務收入為 3.58 億美元，年增 11%。本季公司調整後 EBITDA 總額為 1.43 億美元，與去年同期相比成長了 29%，這得益於各項業務的強勁銷售和收入表現，尤其是我們的 Onco360 和 CareMed 專業藥房業務。

EBITDA margin for the company was 4.5%, which was flat compared to the second quarter of last year. Every service line in the company experienced solid growth as compared to last year, reflective of broad-based operational performance. Given the results in the quarter and with an updated outlook for the remainder of 2025, we are increasing total revenue and adjusted EBITDA guidance for 2025, with adjusted EBITDA guidance increasing by $20 million at the low and high end of the prior range communicated in May to $590 million to $605 million for the year.

該公司的 EBITDA 利潤率為 4.5%，與去年第二季持平。與去年相比，公司的每條服務線都實現了穩健成長，反映了廣泛的營運績效。鑑於本季度的業績以及對 2025 年剩餘時間的最新展望，我們將提高 2025 年的總收入和調整後的 EBITDA 指引，調整後的 EBITDA 指引將在 5 月份公佈的先前範圍的低端和高端基礎上增加 2000 萬美元，達到全年的 5.9 億美元至 6.05 億美元。

As a reminder, this 2025 guidance excludes community living, which is reported as discontinued operations in our financial results. The $605 million upper end of the guidance range would compare to $460 million in 2024 and $391 million in 2023, excluding the QIP and community living as well, and at the high end of the range would represent 31.5% growth versus 2024.

提醒一下，2025 年的指導不包括社區生活，在我們的財務表現中，社區生活被報告為已終止的業務。指引範圍的上限為 6.05 億美元，相比之下，2024 年為 4.6 億美元，2023 年為 3.91 億美元，其中還不包括 QIP 和社區生活，而該範圍的上限將比 2024 年增長 31.5%。

Jen will discuss BrightSpring's second quarter financial results and 2025 outlook in more detail shortly. At BrightSpring, we prioritize quality services, people and continuous improvement in operations across the organization to deliver well-coordinated, comparatively lower cost and timely and highly proximal care to patients in their preferred setting.

Jen 很快就會更詳細地討論 BrightSpring 的第二季財務表現和 2025 年展望。在 BrightSpring，我們優先考慮優質服務、人員和整個組織運營的持續改進，以便在患者喜歡的環境中為他們提供協調良好、成本相對較低、及時且高度近距離的護理。

We remain committed to leveraging our unique level of complementary scale, while investing in areas that will enable further efficiencies, resulting in innovative and enhanced care services for complex patient populations. In the past quarter, we continue to grow volumes and win customers due to high patient and provider satisfaction scores.

我們將繼續致力於利用我們獨特的互補規模，同時投資於能夠進一步提高效率的領域，從而為複雜的患者群體提供創新和增強的護理服務。在過去的一個季度，由於患者和提供者的滿意度較高，我們的業務量持續成長，並贏得了客戶。

Our reach, education and support of prescriber referral sources, and reliable end-to-end services for patients. We have a very high-quality standard and work hard every day to ensure our standards are met across the company. In home health, 90% of our locations achieved four or more stars, and we have a leading 98% timely initiation of care with services that have lower patient hospitalizations and hospital readmission rates.

我們對處方轉診來源的覆蓋範圍、教育和支持，以及為患者提供的可靠的端到端服務。我們擁有非常高的品質標準，並且每天都努力確保整個公司都達到我們的標準。在家庭保健領域，我們 90% 的診所都獲得了四星或四星以上的評級，並且我們的護理及時啟動率高達 98%，處於領先地位，我們的服務降低了患者的住院率和再入院率。

In hospice, with a top 5% ranked hospice program in the US, our hospice quality index score is well above national average, and we deliver 30% more visits to patients versus national average. In rehab, our patient satisfaction score remains at 99%, and our 4.54 satisfaction score out of five in personal care remains very high.

在臨終關懷領域，我們的臨終關懷項目在美國排名前 5%，我們的臨終關懷品質指數得分遠高於全國平均水平，我們為患者提供的探訪次數比全國平均水平高出 30%。在復健方面，我們的患者滿意度得分保持在 99%，而我們在個人護理方面的滿意度得分（滿分 5 分）為 4.54，仍然非常高。

In Infusion, our patient satisfaction score was approximately 95%, and our discharge rate due to completion of therapy was 96%, while in home & community Pharmacy, we had a 99.99% dispense accuracy, order completeness of 99% and on-time delivery of 97%. Last, in specialty pharmacy, our medication possession ratio was 93%, much higher than the national average.

在輸液方面，我們的患者滿意度得分約為 95%，完成治療後的出院率為 96%，而在家庭和社區藥房，我們的配藥準確率為 99.99%，訂單完成率為 99%，準時交付率為 97%。最後，在專科藥房，我們的藥品擁有率為 93%，遠高於全國平均。

Time to first fill was 3.6 days, and our Net Promoter Score in the most recent quarter remained at a best-in-class level, with CareMed, our growing rare and complex disease pharmacy, receiving a perfect NPS of 100. Overall, BrightSpring continues to exhibit excellent quality and patient and customer satisfaction across our business lines every day.

首次配藥時間為 3.6 天，最近一個季度我們的淨推薦值仍處於最佳水平，而我們不斷發展的罕見和複雜疾病藥房 CareMed 獲得了 100 的完美 NPS。整體而言，BrightSpring 每天都在我們的業務線上持續展現出卓越的品質以及患者和客戶滿意度。

Turning to the company's financial results. Total Pharmacy Solutions revenue grew 32% in the second quarter, and adjusted EBITDA also increased by 32% versus the prior year, with total pharmacy script volume growth of 7% to $10.9 million in the quarter. In the specialty and infusion business, revenue grew 39% year-over-year exceeding expectations.

談到公司的財務表現。第二季度，藥局解決方案總收入成長了 32%，調整後的 EBITDA 也比去年增加了 32%，本季藥局處方總量增加了 7%，達到 1,090 萬美元。在專科和輸液業務方面，營收年增 39%，超出預期。

And underpinned by strong service levels with payer and manufacturing partners, exceptional patient service, continued LDD wins and launches, generic drug conversion and utilization and fee-for-service and hub growth. Specialty scripts grew 38% in the second quarter, driven by continued performance from both brand LDDs and generic script growth.

並以與付款人和製造合作夥伴的強大服務水平、卓越的患者服務、持續的 LDD 勝利和推出、仿製藥的轉化和利用以及按服務收費和中心增長為基礎。受品牌 LDD 和仿製藥持續成長的推動，第二季專科處方成長了 38%。

We ended Q2 with 131 LDDs, including five LDD launches in the quarter. Our LDD portfolio has now expanded to 133 therapies, and we expect 16 to 18 additional LDD launches over the next 12 months to 18 months. In the second quarter, we were selected as the National Pharmacy Partner for a number of newly approved therapies and the treatment of advanced cancers and rare genetic disorders.

我們在第二季結束時擁有 131 個 LDD，其中包括本季推出的 5 個 LDD。我們的 LDD 產品組合現已擴展到 133 種療法，我們預計在未來 12 個月到 18 個月內將推出 16 到 18 種額外的 LDD。第二季度，我們被選為多項新批准療法以及晚期癌症和罕見遺傳疾病治療的國家藥房合作夥伴。

We are proud of our ability to support these therapies as a preferred pharmacy partner and are excited about the potential of these groundbreaking therapies to make a positive impact on patient lives. Turning to infusion. The business performed in line with our expectations in the quarter with solid revenue and EBITDA year- over-year growth and benefiting from improved profitability, operational initiatives and organic volume growth under augmented leadership in place in the quarter.

作為首選藥房合作夥伴，我們為能夠支持這些療法而感到自豪，並對這些突破性療法對患者生活產生積極影響的潛力感到興奮。轉向輸液。本季業務表現符合我們的預期，營收和 EBITDA 年成長穩健，並受益於本季在增強的領導下獲利能力的提高、營運措施和有機銷售的成長。

We remain enthusiastic about the opportunity in both acute and chronic therapies, especially as we continue to make operational and technological enhancements in the business. In home & community pharmacy, revenue grew 11% in the quarter, driven by increased script volumes and customer wins with solid EBITDA growth year-over-year.

我們對急性和慢性治療領域的機會仍然充滿熱情，特別是在我們繼續對業務進行營運和技術改進的情況下。在家庭和社區藥局領域，本季營收成長了 11%，這得益於處方量增加和客戶贏得成長，EBITDA 年成長穩健。

The positive performance in the quarter has been the result of timely and customized delivery of pharmacy services to assisted living, behavioral, skilled nursing and rehab, hospice, taste and at-home facilities and settings, along with cost and process improvement initiatives. We believe that there is an attractive additional growth potential on these markets.

本季的積極表現得益於及時和客製化的藥房服務，為輔助生活、行為、專業護理和康復、臨終關懷、味覺和家庭設施和環境提供藥房服務，以及成本和流程改進舉措。我們相信這些市場具有誘人的額外成長潛力。

Moving to the provider segment. We are proud of how the business performed, both in the quarter and so far in 2025. Provider revenue grew 11% year-over-year, and segment adjusted EBITDA also grew 11% with a segment adjusted EBITDA margin in the quarter of 15.8%. In home health care, comprised of the home health, hospice and primary care businesses, revenue, which represents 50% of the revenue in the provider segment, grew 17% compared with the second quarter last year.

轉向提供者部分。我們對本季以及 2025 年迄今的業務表現感到自豪。提供者營收年增 11%，分部調整後 EBITDA 也成長 11%，本季分部調整後 EBITDA 利潤率為 15.8%。家庭保健業務包括家庭保健、臨終關懷和初級保健業務，其收入佔提供者部門收入的 50%，與去年第二季度相比增長了 17%。

Average daily census grew 6% year-over-year to over 30,000, with home health and hospice census growth of 10%. Our commitment to leading service quality has resulted in continued high patient satisfaction scores. We remain optimistic about the home-based primary care opportunity and have seen good traction thus far as we continue to leverage proximity and access to patients through our core pharmacy and provider services, building out our value-based care model more broadly.

平均每日人口普查人數年增 6%，達到 30,000 多人，其中家庭健康和臨終關懷人口普查人數增加 10%。我們致力於提供領先的服務質量，從而持續保持較高的患者滿意度。我們仍然對家庭初級保健機會持樂觀態度，並且迄今為止已經看到了良好的發展勢頭，因為我們繼續透過核心藥房和提供者服務利用接近性和接觸患者的機會，更廣泛地構建我們的基於價值的護理模式。

In rehab care, revenue that represented approximately 20% of provider revenue in the second quarter, grew 9% year-over-year with 6% growth in person served and approximately 10% growth in core rehab hours billed. Results in the business were driven by strong stakeholder satisfaction scores and neuro rehab program and rehab and motion de novo location additions.

在復健護理方面，第二季的收入約佔提供者收入的 20%，年增 9%，其中服務人數增加 6%，核心復健小時數成長約 10%。業務成果受到利害關係人的滿意度評分以及神經復健計劃和復健及運動復健地點增加的推動。

Both home health care and rehab EBITDA grew well into the double digits year-over-year on a percentage basis. In personal care, which represented approximately 30% of provider revenue in the second quarter, revenue growth was 4%, driven by steady nominal growth in person served. In the quarter, we continued to provide high-quality patient support services for activities of daily living and saw strong satisfaction scores as a result.

家庭健康與復健 EBITDA 均以百分比年增至兩位數。個人護理業務約佔第二季度提供者收入的 30%，收入增長了 4%，這得益於服務人員數量的穩定名義增長。本季度，我們持續為患者提供高品質的日常生活活動支援服務，並因此獲得了很高的滿意度。

While Community Living is not included in our continuing results and current guidance, the business continues to perform very well with stronger-than-ever quality metrics. Community living adjusted EBITDA has grown well into the double digits year-to-date on a percentage basis. I would also like to discuss a few recent industry topics and help contextualize them as it relates to our business.

雖然社區生活沒有包括在我們的持續業績和當前指導中，但該業務繼續表現良好，品質指標比以往任何時候都要強。社區生活調整後的 EBITDA 今年迄今已按百分比增長至兩位數。我還想討論一些最近的行業話題，並幫助將它們與我們的業務聯繫起來。

Across the BrightSpring platform, we provide services for patients who need significant help with disease, illness or accident treatment and recovery. Our businesses are crucial to the support and outcomes of some of the most acute and complex patients in the health care system and are provided in preferred and lower-cost settings.

透過 BrightSpring 平台，我們為需要大量疾病、病痛或事故治療和復健幫助的患者提供服務。我們的業務對於醫療保健系統中一些最嚴重和最複雜的患者的支持和結果至關重要，並且在優先和低成本的環境中提供服務。

As such, these services have tremendous value, as evidenced by extensive studies, including many peer-reviewed articles and leading journals. For example, home & community pharmacy interventions, such as post discharge medication reviews and follow-up calls, have been shown to be 99% effective in keeping recently discharged patients at home.

因此，這些服務具有巨大的價值，大量研究（包括許多同行評審的文章和領先期刊）證明了這一點。例如，家庭和社區藥局介入措施（如出院後藥物審查和後續電話）已被證明對讓近期出院的患者留在家中有 99% 的效果。

55% of readmissions after a SNF to home transition are due to medication errors, and a pharmacy transitions program reduces readmissions by 23%. The average cost per day of home care is 90% less than hospital care, and hospice care is 98% less expensive per day than an ICU stay. Post-acute home health care reduces 90-day medical spend by 36% and readmission rates by 28%. 80% of ACOs report that post discharge home visits are critical for cost containment of their most complex patients.

從 SNF 過渡到家庭後，55% 的再入院是由於用藥錯誤造成的，而藥局過渡計畫可將再入院率降低 23%。居家照護的每日平均費用比醫院照護低 90%，安寧療護的每日平均費用比 ICU 住院低 98%。急性期後家庭保健可將90天的醫療費用降低36%，再入院率降低28%。 80%的ACO報告稱，出院後家訪對於控制病情最複雜的患者的費用至關重要。

Patients that are discharged from the inpatient setting without home health are 43% more likely to die within 90 days compared to patients who do receive home health and 36% more likely to be readmitted and 16% more likely to have an ED visit. Home-based palliative and hospice care is associated with $12,000 lower cost per patient in the final three months of life, largely due to a 35% reduction in Medicare spending and a 34% reduction in hospital admissions in the final month.

與接受家庭保健的患者相比，未接受家庭保健的住院患者出院後 90 天內死亡的可能性高出 43%，再次入院的可能性高出 36%，急診就診的可能性高出 16%。居家安寧療護和臨終關懷可為生命最後三個月的每位患者節省 12,000 美元的費用，這主要是由於醫療保險支出減少了 35% 並且最後一個月的住院人數減少了 34%。

And in our JAMDA published study in 2023, our home health combined with Continue CareRx in-home med management showed a 70% reduction in hospitalization. These are just a few of the ROI data points out there for our services that demonstrate their value. Over the last few months, CMS released several preliminary rates for service lines in which we operate, including hospice and home health.

在我們 2023 年 JAMDA 發表的研究中，我們的家庭保健與 Continue CareRx 家庭醫療管理相結合，住院率降低了 70%。這些只是我們服務的部分投資報酬率數據點，證明了其價值。在過去的幾個月裡，CMS 發布了我們營運的服務項目的幾個初步費率，包括臨終關懷和家庭保健。

The preliminary hospice rate was as expected and adequate to cover annual expense increases and operational investments to continue to service patients with high-quality care, and hospice care represents about 2/3 of our home health care business. The preliminary home health rate was not adequate to cover annual expense increases and operational needs to support these patient populations.

初步的臨終關懷費率符合預期，足以支付年度費用增長和營運投資，以繼續為患者提供高品質的護理，臨終關懷約占我們家庭保健業務的 2/3。初步的家庭保健費率不足以支付年度費用增長和支持這些患者群體的營運需求。

It would be disruptive to patients and is in contrast to the voluminous amount of third-party data that demonstrates the significant patient, health and cost outcome benefits from high-quality home health services. However, we note that in the future, the rate adjustments tied to the implementation of PDGM will fall away, and home health rates are expected to improve.

這會給患者帶來困擾，而且與大量第三方數據相反，這些數據表明高品質的家庭保健服務對患者、健康和成本結果有顯著的益處。然而，我們注意到，未來與 PDGM 實施相關的費率調整將會消失，家庭保健費率預計會提高。

With the final rate update TBD and coming out in the fall, we also note that home health is only approximately 1.5% of total company revenue today. We still have relatively modest size in home health and have been growing into the market in a measured way, and thus are minimally impacted by any rate changes today.

最終費率更新有待確定，並將於秋季公佈，我們還注意到，家庭保健目前僅占公司總收入的約 1.5%。我們在家庭保健領域的規模仍然相對較小，並且一直在穩步發展市場，因此目前受利率變化的影響很小。

While expecting customary rate increases in the future as we further scale in both home health and hospice as well as rehab, primary care and value-based care and the most attractive markets in pharmacy. As it relates to recent pharmacy regulatory topics such as pharma tariffs and the IRA, we do not believe that pharmacies are an intended source of economic change through policy.

隨著我們在家庭保健和臨終關懷以及康復、初級保健和基於價值的護理以及最具吸引力的藥房市場進一步擴大規模，預計未來費率將出現正常上漲。由於它與最近的藥房監管主題（例如藥品關稅和 IRA）有關，我們不認為藥房是透過政策實現經濟變革的預期來源。

Pharmacies provide a critical and last-mile service that physicians, manufacturers and patients all recognize as being fundamental to the delivery of care. While policymakers discuss any potential policies, we are confident that they will always be thoughtful so as to not compromise patient care or access to essential medications.

藥房提供關鍵的最後一哩服務，醫生、製造商和患者都認為這是提供醫療服務的基礎。當政策制定者討論任何潛在的政策時，我們相信他們總是會深思熟慮，以免損害患者護理或獲得基本藥物的機會。

We have a very experienced and informed government relations team who is working with state and federal agencies to help educate and inform the discussion on topics related to our services. Regardless of any policy and or industry dynamics at play, BrightSpring is always committed to operating at the highest level, providing exceptional care to patients and using many different growth levers, as afforded to us by our differentiated platform.

我們擁有一支經驗豐富、知識淵博的政府關係團隊，他們正在與州和聯邦機構合作，幫助教育和指導與我們的服務相關主題的討論。無論政策或行業動態如何，BrightSpring 始終致力於以最高水平運營，為患者提供卓越的護理，並利用我們差異化平台提供的許多不同的成長槓桿。

Every year, our company has some policy or industry issues that are favorable and some that are unfavorable, and we always work through these to deliver for our patients and stakeholders, as evidenced by our almost decade-long 15% revenue and EBITDA CAGRs, which has been driven by the demand for our high ROI services and the quality and strong volume growth of our services, our scale-enabled efficiencies and a near 100% success rate on accretive acquisitions that expand our geographic coverage.

每年，我們公司都會遇到一些有利和不利的政策或行業問題，我們始終努力解決這些問題，為我們的患者和利益相關者提供服務，這從我們近十年 15% 的收入和 EBITDA CAGR 中可見一斑，這得益於對我們高投資回報率服務的需求以及我們服務的質量和強勁的數量增長、我們規模化的效率

Overall, we are very pleased with our results in the second quarter and the first half of the year, with both periods realizing approximately 30% year-over-year adjusted EBITDA growth, our current full year guidance representing similar to slightly higher growth, and we are enthusiastic about continued momentum and a high level of growth in 2026.

總體而言，我們對第二季度和上半年的業績非常滿意，兩個季度的調整後 EBITDA 同比增長約 30%，我們目前的全年預期增長率與上年類似或略高，我們對 2026 年的持續增長勢頭和高水平增長充滿熱情。

At BrightSpring, we strive to achieve consistency and quality, above-market volume growth, operational execution and efficiency and leading performance and accretive acquisitions, all underpinned by our scale platform of complementary services and deep functional capabilities.

在 BrightSpring，我們致力於實現一致性和品質、高於市場的銷售成長、營運執行和效率以及領先的業績和增值收購，所有這些都以我們互補服務的規模平台和深厚的功能能力為基礎。

With that, I'll turn the call over to Jen.

說完這些，我會把電話轉給 Jen。

Thank you, Jon. Before I discuss our results for the second quarter of 2025, I'd like to remind you that in the first quarter of this year, we began to record the community living business in discontinued operations, as indicated in the press release and 10-Q, to adhere to accounting standards required on an interim basis. As such, all BrightSpring financial results and forecasts that I will discuss are related to continuing operations and exclude community living.

謝謝你，喬恩。在討論 2025 年第二季度的業績之前，我想提醒您，在今年第一季度，我們開始將社區生活業務記錄在已終止經營的業務中，如新聞稿和 10-Q 所示，以遵守臨時要求的會計準則。因此，我將討論的所有 BrightSpring 財務結果和預測都與持續經營有關，不包括社區生活。

Management believes the presentation of the non-GAAP financials from continuing operations is a useful reflection of our current business performance. In the second quarter of 2025, total company revenue was $3.1 billion, representing 29% growth from the prior year period. Pharmacy Solutions segment revenue in the quarter was $2.8 billion, achieving 32% year-over-year growth.

管理階層認為，非公認會計準則持續經營財務狀況的呈現能有效反映我們目前的業務表現。2025 年第二季度，公司總營收為 31 億美元，比去年同期成長 29%。本季藥局解決方案部門營收為 28 億美元，年增 32%。

Within the Pharmacy segment, Infusion and Specialty revenue was $2.2 billion, representing growth of 39% for prior year, and home & community pharmacy revenue was $587 million, representing growth of 11% year-over-year. Recently, we have fielded a few questions about a home & community pharmacy customer that filed for bankruptcy.

在藥局部門，輸液和專科藥收入為 22 億美元，比上年增長 39%，家庭和社區藥局收入為 5.87 億美元，比上年增長 11%。最近，我們回答了一些有關申請破產的家庭和社區藥局客戶的問題。

We plan to continue to service them and will be paid as they undergo the bankruptcy reorganization. Our pharmacy and company results in Q2 reflect any impact from this situation, and we are fully reserved. There will be no go-forward charge, and we do not expect this to have any material impact to our ongoing business.

我們計劃繼續為他們提供服務，並在他們進行破產重組時獲得報酬。我們第二季的藥局和公司業績反映了這種情況的任何影響，我們對此表示充分的保留。我們不會收取任何前期費用，我們預計這不會對我們目前的業務產生任何重大影響。

In the provider services segment, we reported revenue of $358 million in the second quarter, which represented 11% growth compared to the prior year. Within the provider services segment, home healthcare reported $185 million in revenue, growing 17% versus last year. Rehab revenue was $73 million, growing 9% versus last year, and personal care revenue was $100 million, representing growth of 4% year-over-year.

在提供者服務部門，我們報告第二季的收入為 3.58 億美元，比上年增長 11%。在提供者服務領域，家庭醫療保健報告的收入為 1.85 億美元，比去年增長 17%。康復收入為 7,300 萬美元，比去年增長 9%，個人護理收入為 1 億美元，年增 4%。

Moving down the P&L. Second quarter company gross profit was $375 million, representing growth of 20% compared with the second quarter of last year. Adjusted EBITDA for the total company was $143 million in the second quarter, growing 29% compared to the second quarter of 2024. Adjusted EPS for the total company was $0.22 for the second quarter.

降低損益。第二季公司毛利為3.75億美元，較去年第二季成長20%。該公司第二季的調整後 EBITDA 為 1.43 億美元，較 2024 年第二季成長 29%。整個公司第二季的調整後每股收益為 0.22 美元。

In the second quarter, our procurement and efficiency programs across the company helped contribute to growth, and we anticipate continued margin improvement throughout the remainder of 2025 as a result of these ongoing operational initiatives. Turning back to segment performance in the second quarter, pharmacy solutions gross profit was $234 million, growing 28% compared with the second quarter of last year.

在第二季度，我們整個公司的採購和效率計劃有助於促進成長，並且由於這些持續的營運舉措，我們預計 2025 年剩餘時間的利潤率將繼續提高。回顧第二季各部門的業績，藥局解決方案毛利為2.34億美元，較去年第二季成長28%。

Adjusted EBITDA for pharmacy solutions was $125 million for the second quarter, growing 32% compared to last year, representing an adjusted EBITDA margin of 4.5%, which was in line with our expectations. Provider services gross profit was $141 million, growing 9% versus the second quarter of last year. Adjusted EBITDA for provider services was $56 million for the second quarter, growing 11% versus last year, representing an adjusted EBITDA margin of 15.8%, up 20 basis points versus last year.

第二季藥局解決方案的調整後 EBITDA 為 1.25 億美元，比去年成長 32%，調整後 EBITDA 利潤率為 4.5%，符合我們的預期。提供者服務毛利為 1.41 億美元，較去年第二季成長 9%。第二季提供者服務的調整後 EBITDA 為 5,600 萬美元，較去年增長 11%，調整後 EBITDA 利潤率為 15.8%，較去年上升 20 個基點。

Not included in the company's reported adjusted EBITDA of $143 million, as previously stated, Community Living's adjusted EBITDA was an additional $35 million in the quarter, an increase of 24% over the prior year in this business. On a total company basis, cash flow from operations was $49 million in the second quarter.

如前所述，Community Living 的調整後 EBITDA 未計入公司報告的 1.43 億美元調整後 EBITDA，該季度該公司的調整後 EBITDA 額外增加了 3500 萬美元，比該業務上一年增長了 24%。就公司整體而言，第二季的營運現金流為 4,900 萬美元。

We continue to expect to deliver over $300 million of annual run rate operating cash flow in 2025 as we remain focused on improving our leverage ratio towards our goal of 3.0times this year, pro forma for the Community Living divestiture and towards our long-term target of 2.0 times to 2.5 times , which at current trends could be realized by the end of next year and excluding acquisitions.

我們繼續預計，2025 年的年運行現金流將超過 3 億美元，因為我們仍將專注於提高槓桿率，以實現今年 3.0 倍的目標（社區生活資產剝離的預測）和 2.0 倍至 2.5 倍的長期目標，按照目前的趨勢，這一目標可能在明年年底實現（不包括收購）。

As of June 30, our net debt outstanding was approximately $2.5 billion with a leverage ratio of 3.6 times, which was in line with our internal projections. As previously mentioned in January, we expect approximately $715 million of net cash proceeds from the $835 million of gross cash consideration in the pending community living sale.

截至 6 月 30 日，我們的未償還淨債務約為 25 億美元，槓桿率為 3.6 倍，符合我們的內部預測。正如 1 月所提到的，我們預計在即將進行的社區生活銷售中，8.35 億美元的總現金對價將帶來約 7.15 億美元的淨現金收益。

As a reminder, net interest expense includes interest income related to cash flow hedges due to our three received variable pay fixed interest rate swap agreements that we have in place set to mature on September 30, 2025, as part of our process to monitor and address risk. During the first quarter, we entered into an extension of our interest rate hedge, providing stability to our interest rate risk through September 2026.

提醒一下，淨利息支出包括與現金流量避險相關的利息收入，這是由於我們收到的三份浮動薪酬固定利率互換協議，這些協議將於 2025 年 9 月 30 日到期，這是我們監控和應對風險流程的一部分。在第一季度，我們延長了利率對沖，為我們的利率風險提供了穩定性，有效期至 2026 年 9 月。

Prior to any proceeds from the pending community living divestiture, quarterly interest expense is still expected to be approximately $43 million per quarter, including approximately $1.2 million of interest expense related to the TEU instrument. Turning to our guidance for 2025. We are increasing our expectations for total revenue and adjusted EBITDA that was provided in March, which excludes the community living business.

在即將進行的社區生活資產剝離獲得任何收益之前，預計每季利息支出仍約為 4,300 萬美元，其中包括與 TEU 工具相關的約 120 萬美元的利息支出。談到我們對 2025 年的指導。我們提高了對 3 月提供的總收入和調整後 EBITDA 的預期，其中不包括社區生活業務。

Total revenue is expected to be in the range of $12.2 billion to $12.6 billion, including pharmacy solutions revenue of $10.75 billion to $11.1 billion and provider services revenue of $1.45 billion to $1.5 billion. This revenue range reflects 21.1% to 25.1% growth over full year 2024, excluding community living in both years. Total adjusted EBITDA is expected to be in the range of $590 million to $605 million for full year 2025.

總收入預計在 122 億美元至 126 億美元之間，其中藥房解決方案收入為 107.5 億美元至 111 億美元，供應商服務收入為 14.5 億美元至 15 億美元。這項收入範圍反映了 2024 年全年 21.1% 至 25.1% 的成長，不包括這兩年的社區生活。預計 2025 年全年調整後 EBITDA 總額將介於 5.9 億美元至 6.05 億美元之間。

This would reflect 28.2% to 31.5% growth over full year 2024, excluding community living in both years. Our increased total revenue guidance is primarily driven by an improved pharmacy revenue outlook, including growth in LDDs and generic drug conversion and utilization opportunities and consistent growth on the provider side.

這將反映出 2024 年全年的 28.2% 至 31.5% 的成長（不包括兩年的社區生活）。我們增加的總收入預期主要受到藥房收入前景改善的推動，包括 LDD 的成長和仿製藥的轉換和利用機會以及提供者方面的持續成長。

Our adjusted EBITDA outlook reflects strong pharmacy growth in the second quarter and through the rest of the year, improved costs across pharmacy and provider from procurement and efficiency initiatives, strong provider performance and improved profitability trends in infusion, which continues to gain traction as we move throughout the course of the year.

我們調整後的 EBITDA 前景反映了第二季度和今年剩餘時間藥房業務的強勁增長、採購和效率舉措帶來的藥房和供應商成本的改善、供應商業績的強勁增長以及輸液業務盈利趨勢的改善，而輸液業務盈利趨勢在全年將繼續獲得增長動力。

With that, I will now turn it back to Jon.

說完這些，我現在把話題轉回給喬恩。

Thank you for your time today to go through BrightSpring's second quarter 2025 results. We will now open up the call for questions. Operator?

感謝您今天抽出時間來了解 BrightSpring 2025 年第二季的業績。我們現在開始提問。操作員？

(Operator Instructions) Whit Mayo, Leerink Partners.

（操作員指示）Whit Mayo，Leerink Partners。

Yes. Jon, maybe to just start with the infusion performance in the quarter. I think you've referenced some leadership changes in the past. And just any expectations for growth over the next few years and how you're positioning the business for growth within, I guess, specifically within the acute market?

是的。喬恩，也許只是從本季的輸液表現開始。我認為您曾提到過去的一些領導層變動。您對未來幾年的成長有何預期？您如何定位業務成長，特別是在急性市場？

Whit, thank you for the question. Yes, we were pleased with a lot of the developments in the Infusion business in the quarter. I would say, from a progress perspective and from an operations perspective, it's the best quarter we've had in a long time, and we expect more of the same. From a leadership perspective, we do have a new President of that business who started early in the quarter.

惠特，謝謝你的提問。是的，我們對本季輸液業務的許多發展感到滿意。我想說，從進展和營運的角度來看，這是我們很長一段時間以來最好的季度，我們期待更多類似的表現。從領導階層的角度來看，我們確實有一位新任總裁，他於本季初上任。

We have a new operations leader. We have a new sales leader. So we have really focused on not only trying to make the business as efficient as possible to drive optimal patient outcomes and drug turnaround times, but also to do that, hopefully, with the best talent base that we have in the industry as well as ongoing technological and process investments.

我們有一位新的營運領導。我們有一位新的銷售主管。因此，我們真正關注的不僅是盡可能提高業務效率，以推動最佳的患者治療效果和藥物週轉時間，而且希望透過我們業內最好的人才基礎以及持續的技術和流程投資來實現這一目標。

And so super excited about the business. The business grew a double digit on an EBITDA basis in the quarter, and we expect much more of the same in the future. It certainly is one of our drivers in the back half of the year. And I view it as one of our top, certainly, two or three growth drivers in the company in the future. In particular, we're really excited about acute.

我對這項業務感到非常興奮。本季度，該業務的 EBITDA 實現了兩位數成長，我們預計未來還會有更大的成長。這無疑是我們下半年的驅動因素之一。我認為它是我們公司未來最重要的成長動力之一，當然也是兩到三大成長動力之一。特別是，我們對急性病感到非常興奮。

I've stated our strategy there before is to not abandon that market. I think like a lot of people have, it's a tough market, but it's also a very, very large market. And it's one that we are trying to make sure we have optimal customized processes, too. So we will certainly continue to address chronic therapies, but we think having a broad-based strategy that also includes acute and focuses on professional services and nursing services and optimal payer relationships by the broad set of services you do have is ultimately a winning strategy, not only across the home, but across clinics as well.

我之前已經說過，我們的策略是不會放棄那個市場。我認為，就像很多人一樣，這是一個艱難的市場，但也是一個非常非常大的市場。我們也正在努力確保擁有最佳的客製化流程。因此，我們肯定會繼續解決慢性病治療問題，但我們認為，制定一個廣泛的策略，其中也包括急性病，並專注於專業服務和護理服務，以及透過廣泛的服務實現最佳付款人關係，最終是一個成功的策略，不僅在家庭中，而且在診所中也是如此。

So numerous growth levers in Infusion going forward, provide essential services that dramatically reduce costs versus doing these types of procedures in a hospital setting, and we just continue to focus on the team and the process there. Thank you.

因此，輸液領域未來將有眾多成長槓桿，提供基本服務，與在醫院環境中進行此類手術相比，可大幅降低成本，我們只需繼續關注那裡的團隊和流程。謝謝。

Great. And maybe just the follow-up on just the gross profit per script was up a good bit. And just any comments around trying to square that performance to be helpful in the context of maybe what to expect for the rest of the year?

偉大的。也許僅僅是後續的每個劇本的毛利就上升了不少。您是否有任何評論試圖平衡這一表現，以便對今年剩餘時間的表現有所了解？

Yes. It was mix. I'll let Jen answer that a little bit more, but the trends we saw in Q2, we see continuing.

是的。這是混合的。我會讓 Jen 進一步回答這個問題，但我們在第二季看到的趨勢將會持續下去。

Yes. So as Jon mentioned in the script, there was 38% year-over-year growth in our Specialty scripts that has some of the highest gross profit in -- per script. And so we saw a skewing to that this quarter.

是的。正如喬恩在劇本中提到的那樣，我們的專業劇本同比增長了 38%，並且每個劇本的毛利最高。因此，我們在本季看到了這種偏差。

AJ. Rice, UBS.

AJ。賴斯，瑞銀。

You beat at least relative to consensus by about $5 million in the second quarter and you're raising the full year guidance by $20 million. So clearly, there's some uplift in the back half numbers. I know you had assumptions about a lot of positives coming into the year, coming into this quarter. What specifically is improved resulting in that raise in the back half of the year that's different than coming into maybe the quarterly release?

您在第二季的業績至少比普遍預期高出約 500 萬美元，並將全年預期提高了 2,000 萬美元。顯然，後半年的數字有所上升。我知道您對今年和本季將會出現許多正面因素抱有期待。具體有哪些改進導致了下半年的成長，與季度發布相比有什麼不同？

Yes. AJ, thank you. We do always have slightly higher margins and EBITDA contribution in the back half of the year just due to structural items like the way Mondays and Fridays and the number of days in the month in the back half versus the first half as well as taxes that burn off into April and May throughout the year, that is part of it.

是的。AJ，謝謝你。我們的利潤率和 EBITDA 貢獻在下半年總是會略高一些，這是由於結構性因素，例如星期一和星期五的工作方式以及下半年與上半年相比一個月的天數，以及全年 4 月和 5 月消耗的稅金，這是其中的一部分。

I would say just continued momentum really across the company. Characterizing our performance was not just pharmacy, but continued real strength on the provider side. This is a business that continues to grow nicely into the double digits from an EBITDA perspective. And we've never been more positive about the Provider segment of our company as well.

我想說的是，整個公司的發展勢頭確實持續得很好。我們業績的特色不僅在於藥房，還在於供應商方面持續的真正實力。從 EBITDA 角度來看，這項業務將繼續保持兩位數的良好成長。我們對公司的提供者部門也從未如此樂觀。

So really broad-based growth across the organization, but as we look at the back half, continued momentum, we do have expectations for continued growth across the company. We see Infusion continuing to grow more. We see home health and hospice from a volume perspective continuing to grow more in the second half.

因此，整個組織確實都實現了廣泛的成長，但當我們展望下半年時，我們會發現成長勢頭持續，我們確實對整個公司繼續成長抱有期望。我們看到 Infusion 正在持續成長。從數量角度來看，我們認為家庭保健和臨終關懷在下半年將繼續增長。

We do have quite a few efficiency, lean and technology initiatives that have been hitting in Q2 and Q3 that we also expect to continue to contribute in the back half. And then there's some favorable rate developments in the back half as well, including the hospice rule.

我們確實有不少效率、精實和技術措施已在第二季和第三季取得成效，我們也預期這些措施將在下半年繼續做出貢獻。下半年也有一些有利的利率發展，包括臨終關懷規則。

Jen, I don't know if you had anything else.

Jen，我不知道你還有什麼事。

Yes. I would just highlight, especially within our home infusion and long-term care pharmacy. We've had really focused efforts regarding those efficiency projects, additional procurement initiatives, those are coming online, as Jon mentioned. Again, really strong performance in provider, continuing to leverage our scale and just seeing an accretion of margin related to those projects.

是的。我只想強調一下，特別是在我們的家庭輸液和長期照護藥局。正如喬恩所提到的，我們確實集中精力於那些效率項目和額外的採購計劃，這些都即將上線。再次，供應商的表現非常強勁，繼續利用我們的規模，並看到與這些項目相關的利潤的成長。

Okay. Great. And maybe my follow-up, just to drill down a little bit on the development in M&A. Usually, you do about $100 million in annual spend. Obviously, this year, you've got the Amedisys divestiture deal pending. Hopefully, that goes through. And you've got some priority on debt reduction, although most of that is coming from your home divestiture.

好的。偉大的。也許我的後續行動只是為了深入探討併購的發展。通常，每年的支出約為 1 億美元。顯然，今年，Amedisys 的資產剝離交易即將完成。希望此事能夠順利進行。您在減少債務方面擁有一定的優先權，儘管其中大部分債務來自於您的房屋剝離。

Any updated thoughts on the pipeline or deals away from the Amedisys transaction that you might be looking at?

您對 Amedisys 交易以外的管道或交易有什麼最新想法嗎？

Yes. I would just say more of the same. I mean, we've certainly been a little bit measured here waiting for the outcome of the community living divestiture and what would happen on the Amedisys divestiture. So they're definitely and logically has been a wait-and-see approach, but more of the same in terms of our absolute baseline for M&A, which is 8 to 10-or-so tuck-ins a year at very, very low multiples.

是的。我只想說更多同樣的話。我的意思是，我們確實在這裡稍微謹慎一些，等待社區生活剝離的結果以及 Amedisys 剝離會發生什麼。因此，他們肯定且合乎邏輯地採取了觀望態度，但就我們的併購絕對基線而言，情況大致相同，即每年以非常非常低的倍數進行 8 到 10 次左右的收購。

We are continuing to work on those. There -- you would see probably 5 to 10 of those on our current pipeline, tuck-ins, a lot of CON- type stuff at very low multiples, in some cases, just buying a license, that's really been our MO this year as we've been waiting to see what happens with the divestiture and then the Amedisys transaction.

我們正在繼續努力。您可能會在我們目前的管道中看到其中的 5 到 10 個，它們是小額投資，很多 CON 類型的東西，價格非常低，在某些情況下，只是購買許可證，這確實是我們今年的做法，因為我們一直在等待資產剝離和 Amedisys 交易的結果。

We are having a very strong cash year. Our OCF should be comfortably above $300 million, and we're pleased where we're heading with leverage. I think this gives us more flexibility into the future should we choose to be a little bit more aggressive anytime. But as we've been saying now for 20 months, our focus has been on driving the balance sheet to our target leverage level.

今年我們的現金流非常充裕。我們的 OCF 應該可以輕鬆超過 3 億美元，我們對槓桿的發展方向感到滿意。我認為，如果我們選擇在任何時候採取更積極的態度，這將為我們未來提供更大的靈活性。但正如我們 20 個月以來一直所說的那樣，我們的重點是推動資產負債表達到我們的目標槓桿水平。

Assuming the community living divestiture, again, we should be at or below 3 times by the end of the year. And our long-term goal that we've stated as of more recently is 2 times to 2.5 times. We think we can be at that long-term goal of 2 times to 2.5 times leverage as soon as next year. And so we continue to be focused on that with a baseline level of very accretive small tuck-in M&A, as we await the outcomes of some of these other transactions.

再次假設社區生活剝離，到今年年底，我們的比率應該達到或低於 3 倍。我們最近提出的長期目標是 2 倍到 2.5 倍。我們認為，最快明年就能達成2倍至2.5倍槓桿的長期目標。因此，我們將繼續關注這一點，以基線水平進行非常具有增值的小型併購，同時等待其他一些交易的結果。

David Larsen, BTIG.

BTIG 的 David Larsen。

Congratulations on the good quarter. Jon, can you talk a little bit about the growth in the home health business? And I don't view the rule as being that material. I mean, it's less than 2% of total revenue, but I have been getting any questions on it. I think I heard you mentioned in your prepared comments that in 2017, there could be a 500-basis point lift because part of that proposed reduction is actually temporary. Just any color on growth and that rule.

恭喜本季取得良好業績。喬恩，您能談談家庭保健業務的成長嗎？我不認為該規則具有實質意義。我的意思是，它不到總收入的 2%，但我一直對此有疑問。我想我聽到您在準備好的評論中提到過，2017 年可能會有 500 個基點的上調，因為部分提議的削減實際上是暫時的。任何顏色都可以生長，並遵循該規則。

Yes. You're right, David. We don't have a material impact from the outcome of the home health rule. Obviously, for the benefit of the industry and as an interested party, we do hope that the final rule better reflects the value that home health services provide. The ROI from home health is just simply unquestionable and profound.

是的。你說得對，大衛。家庭健康規則的結果不會對我們產生實質影響。顯然，為了產業的利益，作為利益相關方，我們確實希望最終規則能更好地反映家庭保健服務所提供的價值。家庭保健的投資報酬率是毋庸置疑且意義深遠的。

Just reams and reams of data over the past 30 years, speaking to the benefit on mortality rates, on reduced hospitalizations and improve outcomes at lower costs. So hopefully, home health, just like many other and most other segments of health care services will get the support it deserves going forward. I think you meant 2027.

過去 30 年的大量數據表明，這種方法可以降低死亡率、減少住院率並以更低的成本改善治療效果。因此，希望家庭保健能夠像許多其他醫療保健服務領域一樣，在未來獲得應有的支持。我想你的意思是 2027 年。

If the recoupment does go into place, TBD based on the final rule, at some point, that will burn off and go away as well. And when it does, you'll have a big uplift, right? So -- and then we are optimistic, and based on some language that we saw in the proposed rule, that home health rates will start moving up again at some point in the near to medium-term future.

如果補償確實到位，根據最終規則，在某個時候，補償也會消失。當它發生時，你會有很大的提升，對嗎？因此，我們感到樂觀，根據我們在擬議規則中看到的一些語言，家庭保健費率將在近期到中期的某個時候再次開始上升。

Our approach to home health has been a steady but very measured growth into the space. Therefore, we are not a massive home health provider today. We're still a relatively modestly sized provider. Hospice is the predominance of what we do in home health and hospice today, but we have been growing into it over time. And we feel like that strategy and scaling into it over time will dovetail nicely with a return to warranted rate support in the home health industry.

我們對家庭保健的態度一直是穩定但非常謹慎地發展。因此，我們今天並不是一家大型家庭健康服務提供者。我們仍然是一家規模相對適中的供應商。臨終關懷是我們目前在家庭保健和臨終關懷領域的主要工作，但隨著時間的推移，我們也在不斷發展。我們認為，隨著時間的推移，這項策略及其規模將與家庭保健產業恢復合理的利率支持完美契合。

So we actually believe it's a very interesting time to be a provider who's growing into the space and creates a lot of opportunities into the future. But thank you, David, we would agree.

因此，我們確實相信，對於一個正在該領域成長並為未來創造大量機會的供應商來說，這是一個非常有趣的時機。但謝謝你，大衛，我們同意。

Joanna Gajuk, Bank of America.

美國銀行的喬安娜‧加朱克 (Joanna Gajuk)。

So maybe first question on the specialty pharmacy, right? Keeps, I guess, surprising to the upside, I'm not complaining. But just a question, how much longer can you grow at this pace? Would you refer to assume 30% growth in specialty pharmacy to continue next year?

所以也許第一個問題是關於專科藥局的，對嗎？我想，事情總是充滿驚喜，我並不抱怨。但問題是，以這樣的速度你還能成長多久？您是否認為明年專科藥局將繼續維持 30% 的成長？

Joanna, I think what we're seeing today is the benefits of a business in a business model, a value proposition and a track record from a service and quality perspective that's now been put in place for close to 15-years. If you look at our service levels and our quality, which is driving a lot of strong relationships with manufacturers in biopharma, if you look at the infrastructure investments we've made in the business, up and down the patient journey and the patient process.

喬安娜，我認為我們今天看到的是企業在商業模式、價值主張以及從服務和品質角度來看的業績記錄方面的優勢，這些優勢已經實施了近 15 年。如果您看看我們的服務水平和質量，您會發現我們與生物製藥製造商建立了許多牢固的關係；如果您看看我們在業務中對基礎設施的投資，您會發現我們貫穿了患者旅程和患者流程。

If you look at the investments we've made on the business development side of the organization, making sure that we can properly educate and advocate for these therapies with thousands of prescribers and patients and their families every day to make sure they get the life- saving therapies that they need, that's what we've done.

如果你看看我們在組織業務發展方面所做的投資，我們會發現，我們每天都會向成千上萬的處方醫生、患者及其家人進行適當的教育和宣傳這些療法，以確保他們獲得所需的救命療法，這就是我們所做的。

And it's driving a solid amount of growth into the organization. It's a broad-based business, too. We really try to partner closely and be the best partner we can with the payers, with the PBMs and the manufacturers on the brand LDD side. We also try to make sure that we drive generic utilization when the opportunity arises. We have a growing and a thriving fee-for-service and hub business as well.

它正在推動組織的穩定成長。這也是一項廣泛的業務。我們確實努力與付款人、PBM 和品牌 LDD 製造商緊密合作，成為最好的合作夥伴。我們也努力確保在機會出現時推動通用利用。我們的收費服務和樞紐業務也在不斷成長和繁榮。

And so growth is really coming from all dimensions of that business. And we're serving markets in the specialty pharmacy industry that are massive, that continue to have huge innovation pipeline. So as we sit here today, we do not see anything that changes that growth trajectory. We will continue to make the investments in the business and try to execute at the high levels that we are every single day.

因此，成長實際上來自於該業務的各個方面。我們服務於專業製藥業的龐大市場，這些市場持續擁有巨大的創新管道。因此，今天我們坐在這裡，沒有看到任何改變這一增長軌蹟的事件。我們將繼續對業務進行投資，並努力每天保持高水準的執行力。

And if I may, staying on pharmacy. The recent proposal for Medicare for outpatient hospitals includes provision right to equalize rates for some of the drugs provided by doctors at the hospitals to get paid on the fee schedule. So I don't know, is there some opportunity for you guys from changes like that? Would you be willing to comment on that?

如果可以的話，我將繼續從事藥房工作。最近針對門診醫院醫療保險的提案包括規定有權均衡醫院醫生提供的一些藥品的價格，以便按照收費表獲得報酬。所以我不知道這樣的改變會為你們帶來什麼機會嗎？您願意對此發表評論嗎？

Yes. Joanna, at this time, we're not really sure if that would be an additional opportunity or not. I mean, we are serving the Specialty Pharmacy segment of the market, principally, which is outside of the hospital, outside of the physician office. So that would be something that we'd have to further evaluate into the future. But thank you.

是的。喬安娜，目前我們還不確定這是否是一個額外的機會。我的意思是，我們主要服務於醫院外、醫生辦公室外的專業藥局市場。因此，這是我們未來必須進一步評估的。但謝謝你。

Brian Tanquilut, Jefferies.

布萊恩·坦奎魯特（Brian Tanquilut），傑富瑞集團。

Congrats on the quarter. Jon, as I think about LDDs, maybe tying back to Joanna's question, right, I mean, you did five introductions in Q2, it sounds like. And so thinking about just the pace and the remaining pipeline for LDD intros, I don't know, you talked about new agreements. So just curious what you can share with us in terms of what that pipeline looks like and the runway.

恭喜本季。喬恩，當我想到 LDD 時，也許會回到喬安娜的問題，對吧，我的意思是，聽起來你在第二季度做了五次介紹。因此，僅考慮 LDD 介紹的速度和剩餘管道，我不知道，您談到了新的協議。所以我很好奇您能否與我們分享一下該管道和跑道的情況。

Brian, look, the biotech companies and manufacturers are doing a terrific job of driving that innovation pipeline, continuing to bring more and more therapies to market. It's as deep as ever. A lot of them are more and more specialized, and I would say more and more niche from a patient population perspective. And that's an area that we have continued to try to be a terrific partner on.

布萊恩，你看，生物技術公司和製造商在推動創新管道方面做得非常出色，不斷將越來越多的療法推向市場。它一如既往的深。其中很多都越來越專業化，從患者群體的角度來看，我想說它們也越來越細分化。我們一直致力於成為該領域出色的合作夥伴。

What we have continued to say is we expect 16 to 18 new brand LDD launches. Most of these are either exclusives or in ultra-narrow one of two pharmacy networks, 16 to 18 over the next 12 to 18 months. And we've been saying that really for the past 20 months, and that's what we're realizing as well. So we have a strong conviction that we will have another 16 to 20 LDDs, 16 to 18 months from now, and we're really honored that we could bring these ground breaking and life-changing therapies to patients as a partner with the innovators.

我們一直在說，我們預計將推出 16 到 18 個新品牌 LDD。其中大多數是獨家藥房，或者是兩個藥房網絡中的超窄藥房網絡，未來 12 到 18 個月內將有 16 到 18 個藥房加入。在過去的 20 個月裡，我們一直在說這個，我們也意識到了這一點。因此，我們堅信，從現在起 16 到 18 個月內，我們將再有 16 到 20 個 LDD，我們非常榮幸能夠作為創新者的合作夥伴，為患者帶來這些突破性的、改變生活的療法。

That makes sense. And then maybe, Jon, as I think about gene and rare disease in the specialty pharmacy business, I mean, how big of a business is that for you guys right now out of the book? I mean, I know everyone thinks oncology is the area of growth, but obviously, there are emerging areas in the drug world that could drive incremental growth and incremental dollars. So just curious what you can share with us on that front.

這很有道理。然後也許，喬恩，當我想到專業製藥業務中的基因和罕見疾病時，我的意思是，從書上看，這對你們來說現在是一個多大的業務？我的意思是，我知道每個人都認為腫瘤學是一個成長領域，但顯然，製藥界有一些新興領域可以推動增量成長和增量資金。所以我很好奇您在這方面能與我們分享什麼。

Yes. Thanks, Brian. I mean, that is a continually emerging area. Something people probably don't realize too well is, I mean, there is a solid percentage of our therapies that would be defined as rare and orphan therapies as well. Some of those are in oncology, some of those are not. But that is an area that we continue to look at.

是的。謝謝，布萊恩。我的意思是，這是一個不斷湧現的領域。人們可能沒有意識到的是，我們的療法中有很大一部分也被定義為罕見療法和孤兒療法。其中一些屬於腫瘤學，有些則不是。但這是我們將繼續關注的領域。

I would say if you look at our LDD wins in the last year, 30% to 40% of them have been in areas that would be defined as rare and orphan therapies as well. So we continue to lean in to that market internally. And it dovetails all of the critical success factors that have made -- that have allowed us to build the model that we have on the oncology side absolutely directly applied to rare and orphan.

我想說，如果你看看我們去年在 LDD 領域的勝利，你會發現其中 30% 到 40% 都發生在被定義為罕見疾病和孤兒藥的治療領域。因此，我們將繼續在內部向該市場傾斜。它與所有關鍵的成功因素相吻合——這些因素使我們能夠在腫瘤學方面建立絕對直接應用於罕見疾病和孤兒疾病的模型。

And I would say it does not go the other way. Being successful in rare and orphan does not necessarily make it easy to more -- enter the oncology space. For example, you look at our huge business development sales force investment that we could bring to bear, that you really don't see as a characteristic in other markets.

我想說，事實並非如此。在罕見疾病和孤兒藥領域取得成功並不一定意味著能夠更容易進入腫瘤學領域。例如，您可以看到我們在業務發展銷售團隊方面的巨大投資，這在其他市場中確實不常見。

And so we're constantly looking to see where we can leverage our core capabilities into adjacencies, and that's one that we have had a lot of success, and we will continue to. I mean, a good example is now going on about a year ago as we won the injectable for LEQEMBI, and we have to see how that plays out, but we weren't exclusive on that. So we are always looking to leverage terrific relationships with biopharma into more areas.

因此，我們一直在尋找能夠將我們的核心能力運用到鄰近領域的地方，在這方面我們已經取得了巨大的成功，而且我們將繼續這樣做。我的意思是，大約一年前我們贏得了 LEQEMBI 注射劑的訂單，這是一個很好的例子，我們必須看看結果如何，但我們並不是唯一一家獲得該訂單的公司。因此，我們一直在尋求將與生物製藥的良好關係運用到更多領域。

Charles Rhyee, TD Cowen.

查爾斯·瑞伊 (Charles Rhyee)，考恩 (Cowen) TD。

Jon, I wanted to drill down on some of your prepared comments. I know we -- a lot of people have asked about the LDDs. But obviously, when you look at some of the data from like IQVIA, we saw improving, also generics as well. Just maybe anything that you're seeing there? We saw generic unit penetration rates improving for oncology as well. Anything that you'd specifically call out in the quarter?

喬恩，我想深入了解你準備好的一些評論。我知道我們——很多人都問過有關 LDD 的問題。但顯然，當你查看 IQVIA 等公司提供的一些數據時，我們發現仿製藥的情況也有所改善。也許您在那裡看到了什麼？我們發現腫瘤學的仿製藥單位滲透率也在提高。本季您有什麼特別想強調的嗎？

And it seems like when you look at the script growth and the revenue growth as well, maybe it's mostly LDD launches, but just curious if how much generics might have had played a part in sort of the upside in the quarter.

而且，當你查看劇本成長和收入成長時，似乎主要歸功於 LDD 的推出，但我只是好奇仿製藥在本季度的成長中發揮了多大作用。

Yes. Thanks, Charles. Look, in terms of our value proposition across pharmacy of driving better med adherence, which without that is one of the two leading causes of hospitalization and driving generic utilization, all of this drives outcomes and cost reduction in the value chain. We do focus on exactly that in the latter of generic utilization when there is the opportunity.

是的。謝謝，查爾斯。就我們藥房的價值主張而言，推動更好的藥物依從性，這是住院和推動仿製藥使用的兩個主要原因之一，所有這些都推動了價值鏈中的成果和成本降低。當有機會時，我們確實會專注於後者的通用利用。

I think one thing that's interesting to note is over the last six years, seven years, we've continued to increase our investment into that clinical liaison team out in the field covering thousands and thousands of doctors' offices and oncology offices every day. And what that really does is makes us the de facto sales force for generic drugs, right?

我認為值得注意的一件有趣的事情是，在過去的六年、七年裡，我們不斷增加對該領域臨床聯絡團隊的投資，每天涵蓋成千上萬個醫生辦公室和腫瘤科辦公室。這實際上使我們成為仿製藥事實上的銷售力量，對嗎？

When a drug goes from brand to generic, a lot of the detailing goes away from the brand. And so -- but we have invested in a very large clinical liaison force that is out there every day with decades-long relationship with prescribers. And we were -- we are able to effectualize that conversion as rapidly as we can and to drive that market share. And so there is a business model that has been in place for a long time that we continue to try to refine, even further every year.

當一種藥物從品牌藥變成仿製藥時，許多細節就不再與品牌藥有關。所以——但是我們已經投資了一支非常龐大的臨床聯絡隊伍，他們每天都在那裡與處方醫生保持著長達數十年的關係。我們能夠盡快實現這一轉變並推動市場份額的成長。因此，我們有一個長期存在的商業模式，我們每年都會繼續嘗試改進，甚至進一步改進。

But with some of the generic launches that occurred going back several years ago, one significant one in Q4, we've now had about three already in -- and this year, we've got several more, including POMALYST next year. We are just really trying to do our part to drive utilization and pull through when those events happen.

但隨著幾年前一些仿製藥的推出，其中一個重要的仿製藥是在第四季度推出的，現在我們已經有大約三個仿製藥了——今年，我們又推出了幾個仿製藥，包括明年的 POMALYST。當這些事件發生時，我們只是盡力盡自己的一份力量來推動利用率並渡過難關。

Yes. Appreciate that. Just maybe as a follow-up. Obviously, the other day, the President announced or apparently wrote some letters to pharma to kind of revive sort of the discussion around most-favored-nation pricing. Obviously, that's really aimed at the drug industry, but I know that folks have thought through maybe potential indirect effects that it might have downstream.

是的。非常感謝。也許只是作為後續行動。顯然，前幾天，總統宣布或顯然寫了一些信給製藥公司，以重新開始有關最惠國定價的討論。顯然，這確實針對的是製藥業，但我知道人們已經考慮過它可能對下游產生的潛在間接影響。

Just curious, as you may be evaluated in the past, whether that's the executive order that was signed back in May or just thinking through potential unintended consequences of some of these measures. Maybe you can kind of opine on sort of your thoughts on how this might affect BrightSpring or -- and/or just pharmacy -- the pharmacy world in general?

只是好奇，正如您過去可能評估的那樣，這是否是 5 月簽署的行政命令，或者只是在思考其中一些措施可能帶來的意外後果。也許您可以就此事發表一下看法，說明這會對 BrightSpring 或（或）藥房行業乃至整個藥房行業產生怎樣的影響？

Sure. Well, look, I mean, -- I would say at the outset, it's very difficult for us to comment on this topic as it is all extremely uncertain. We did not see yesterday as any new news. Clearly, there are ongoing negotiation between the administration and the pharmacy industry. Yesterday's letter was just the latest, albeit, public position, which has been very similar to the executive order previously a couple of months ago.

當然。嗯，我的意思是——首先我想說，我們很難對這個主題發表評論，因為一切都極其不確定。昨天我們沒有看到任何新消息。顯然，政府和製藥業之間正在進行談判。昨天的信件只是最新的公開立場，與幾個月前的行政命令非常相似。

I think the biopharma industry has made many public commitments as part of this negotiation process. We certainly don't have insight into it. I think it would be reasonable to assume that these discussions are going to continue. Again, we don't believe just given our strong value proposition in terms of what the pharmacies do to drive outcomes and cost reduction and generic utilization.

我認為生物製藥產業在這次談判過程中已經做出了許多公開承諾。我們當然對此並沒有深入的了解。我認為可以合理地假設這些討論將會繼續下去。再說一次，我們並不相信僅僅因為我們在藥局如何推動成果、降低成本和利用仿製藥方面提出的強大價值主張。

We do not believe that the pharmacies or other providers of critical services to patients are an intended target of any of these negotiations. And any outcomes from the government and industry that are being discussed are really likely probably to play out, if any, over a very, very long period of time. So I mean, I guess, the only other sort of comment here is IRA is already going to be in effect.

我們不認為藥局或其他為患者提供關鍵服務的提供者是這些談判的預期目標。政府和業界正在討論的任何結果都很可能在很長一段時間內才會顯現出來。所以我的意思是，我猜，這裡唯一的另一種評論是 IRA 已經生效了。

And IRA really gets that a lot or most of what this is about. And we've already sort of bracketed in a downside what we think that impact could be, which is extremely manageable. And we are continuing to work with policymakers to try to make sure that the pharmacies are not impacted by that. And that work is ongoing. From a Medicaid perspective, Medicaid drug rates are already extremely low.

IRA 確實了解其中的大部分內容。我們已經將可能產生的影響歸結為不利因素，這是非常容易控制的。我們將繼續與政策制定者合作，努力確保藥局不會受到影響。這項工作仍在進行中。從醫療補助的角度來看，醫療補助藥品費率已經非常低了。

And states and patients do realize other cost reduction vehicles and access programs today. I would say, as it relates to our company, we are extremely diversified. Generics make up the vast majority of what we do here. From a -- I would say, from a profitability standpoint, they make up the majority of what we do. We continue to drive generics.

如今，各州和患者確實意識到了其他降低成本的手段和獲取計劃。我想說，就我們公司而言，我們的業務極為多元化。仿製藥是我們在這裡所做工作的絕大部分。從獲利的角度來看，它們構成了我們所做工作的大部分。我們將繼續推動仿製藥的發展。

And ultimately, and it's extremely uncertain. But if there were changes in drug pricing models into the future, we just believe that payment models would ultimately evolve to address that. Cost plus dispensing fees, professional fees, like many other parts of health care are reimbursed. The payment system would just naturally adjust.

最終，這是極度不確定的。但如果未來藥品定價模式發生變化，我們相信支付模式最終會隨之發展以解決這個問題。成本加上配藥費、專業費用，與醫療保健的許多其他部分一樣，都可以報銷。支付系統會自然調整。

I'd also just call out idiosyncratically, our company, we are getting to a place of having an extremely strong balance sheet. As I said before, we're optimistic about potentially reaching our long-term leverage goal of 2 times to 2.5 times as soon as next year. We're also a scale provider, which gives us a lot of M&A opportunities. And so regardless of the policies that are out there, we have an extremely strong value proposition that I think all policymakers really realize.

我還想特別指出的是，我們公司正處於擁有極為強勁的資產負債表的階段。正如我之前所說，我們對最早明年達到 2 倍至 2.5 倍的長期槓桿目標持樂觀態度。我們也是一家規模供應商，這為我們提供了許多併購機會。因此，無論現有的政策如何，我們都有一個極其強大的價值主張，我認為所有政策制定者都真正意識到了這一點。

And regardless of the environment, we feel like we will be able to effectively navigate that. And we just continue to be proactive in educating all parties as to the value and the benefits of the pharmacy in the value chain.

無論環境如何，我們都覺得我們能夠有效地應對。我們只是繼續積極主動地向各方宣傳藥局在價值鏈中的價值和好處。

Erin Wright, Morgan Stanley.

艾琳·賴特，摩根士丹利。

So in terms of underlying market share gains and competitors getting out of the market, we've known about that for some time. It's been going on for some time, whether it's quorum or otherwise. But how do you think about that as a driver going forward? Maybe in going to what you were just saying in terms of like M&A opportunities on the back of any sort of regulatory type of disruption, too, across the market, could that bring opportunities for you?

因此，就潛在市場份額的成長和競爭對手退出市場而言，我們已經知道這一點已經有一段時間了。不管是法定人數還是其他情況，這種情況已經持續了一段時間。但作為一名未來的車手，您對此有何看法？也許正如您剛才所說的，在整個市場中，任何監管類型的混亂都會帶來併購機會，這能為您帶來機會嗎？

And yes, how do you think about kind of organic opportunities as well as we think about others kind of getting out of the market and how long of a tail you have there?

是的，您如何看待有機機會以及我們對於其他人退出市場的看法，以及您在那裡的尾巴有多長？

Yes. Erin, certainly, you looked at some of the things that happened on the acute side of the market in infusion in the last couple of years, those have been opportunities for us and others in the market. As I said before, we do believe that the acute market in infusion is an attractive one. I don't know exactly, but it is some $8 billion to $10 billion sort of market size, which creates tremendous opportunity if you can move your market share, say, from 10%, 15% to 30% to 35%.

是的。艾琳，當然，您看到了過去幾年輸液市場急性方面發生的一些事情，這些對我們和市場上的其他人來說都是機會。正如我之前所說，我們確實相信急性輸液市場是一個有吸引力的市場。我不知道具體數字，但市場規模大約是 80 億到 100 億美元，如果你能將市場份額從 10%、15% 提高到 30% 甚至 35%，那麼這將創造巨大的機會。

And that's something that we are really focused on. As it relates more broadly to other providers, that is something that we are regularly looking to do. If you look at our M&A track record, our average pro forma multiple over a long period of time is about four times. And so we really do focus on opportunistic situations where we can bring the best practices and the synergies of our scale platform to bear.

這正是我們真正關注的事情。由於它與其他提供者有更廣泛的聯繫，因此這是我們經常尋求做的事情。如果你看一下我們的併購記錄，你會發現我們長期以來的平均準備倍數約為四倍。因此，我們確實關注機會，在這些機會中我們可以發揮最佳實踐和規模平台的協同效應。

I think the statistic now is that we're something like 66 out of 68 on acquisitions where what we have acquired is higher on EBITDA than when we bought it. And so I mean, it is literally almost an unblemished track record of being able to do acquisitions and grow them post close. So our base case for the industry on the pharmacy side is really no significant disruption, but I think our platform positions us extremely well.

我認為現在的統計數據是，在我們進行的 68 項收購中，有 66 項收購的 EBITDA 高於我們購買時的 EBITDA。所以我的意思是，這幾乎是一個完美的記錄，能夠進行收購並在收購完成後實現成長。因此，我們對藥房行業的基本預測是不會出現重大中斷，但我認為我們的平台為我們提供了極佳的定位。

As I've said before, we just really believe in health care moving forward that you do have to be a scale provider that can drive more sophisticated care, innovation, leveraging technology and driving efficiencies. It's just a necessity, and it's beneficial in so many different ways. And I think we continue to realize the benefits of that.

正如我之前所說，我們確實相信醫療保健的發展，您必須成為能夠推動更複雜的護理、創新、利用技術和提高效率的規模提供者。這只是一種必需品，並且在許多方面都有益處。我認為我們將繼續實現其好處。

And one quick one just on your mix on the specialty pharmacy side. Have you given -- and maybe I've missed it in my notes or in your remarks in the past, but have you given a generic penetration rate?

關於專業藥局方面的混合物，我再簡單說一下。您是否給出過——也許我在之前的筆記或評論中遺漏了，但您是否給出過通用的滲透率？

I do not believe that we have. I would say that we have continued to say that as a pharmacy, a key part of our value proposition is driving generic utilization. We're very proud of that. Generics are good for everybody, and that is the majority of our business on the pharmacy side across our platforms.

我不相信我們有。我想說的是，我們一直在說，作為一家藥店，我們的價值主張的關鍵部分是推動仿製藥的使用。我們對此感到非常自豪。仿製藥對每個人都有好處，這也是我們平台上藥局業務的主要內容。

Matthew Gillmor, KeyBanc.

馬修‧吉爾摩 (Matthew Gillmor)，KeyBanc。

I wanted to see if you could provide some details on the procurement efforts that you've mentioned. I appreciate it's probably a normal part of managing the business. Is there anything in particular happening this year that makes procurement more of an opportunity maybe in terms of your scale or in terms of just contracts that are up?

我想看看您是否可以提供一些有關您提到的採購工作的細節。我明白這可能是管理業務的正常部分。今年是否發生了一些特別的事情，使得採購成為一種機會，可能是從規模方面，還是從合約方面來看？

Yes. I would say when we refer to procurement, it goes across literally almost everything we're buying in this company. It's not just delivery. It's not just drug. It's not just supplies. We have a very robustly sized procurement team. We use ongoing monitoring and tracking with our data systems and technology to literally constantly be looking at everything we are buying and leveraging our scale as much as we can.

是的。我想說，當我們提到採購時，它幾乎涵蓋了我們公司購買的所有內容。這不僅僅是送貨。這不僅僅是藥物。這不僅僅是供應問題。我們擁有一支規模非常強大的採購團隊。我們利用數據系統和技術進行持續監控和跟踪，不斷關注我們購買的所有商品，並盡可能地利用我們的規模。

So it's a team that is working on 20 to 30 projects at all times. And it really spans across every dimension of what we buy in the company, and it continues to drive savings every year. I think that will just continue more into the future. Obviously, if you look at our company, we start with the biggest spend in the company. You can probably think about what that is.

所以這是一個一直致力於 20 到 30 個專案的團隊。它確實涵蓋了我們在公司購買的各個方面，並且每年都在持續推動節約。我認為這種情況在未來還會持續下去。顯然，如果你看看我們的公司，我們會從公司最大的支出開始。您也許可以想想那是什麼。

And then we go down from there, and we work on all of it. And we try to do that in a very constructive way with our partners. And as we have continued to scale the company in very high-volume rates, that has continued to benefit us on the cost side and driving more and more efficiencies. But it really goes beyond just trying to buy better.

然後我們從那裡開始，開始處理所有事情。我們嘗試與合作夥伴以非常建設性的方式做到這一點。隨著我們繼續以非常高的產量擴大公司規模，這繼續使我們在成本方面受益並提高​​效率。但它實際上不僅僅是試圖購買更好的產品。

We are looking at continuous improvement that is embedded in our culture across all of our processes and something that we were close to saying in our prepared remarks, but we did not. I think in the next quarter or two, we might say a little bit more about it. But we really continue to lean into technology and automation and now AI at the company as well.

我們正在尋求融入我們所有流程文化的持續改進，我們在準備好的發言中差點就說出了這一點，但我們沒有。我認為在接下來的一兩個季度裡，我們可能會對此進行更多討論。但我們確實繼續在公司中依賴技術和自動化，現在也依賴人工智慧。

We've continued to make a lot of really terrific hires in the organization through the year. While we're experiencing this growth and continued growth, we want to continue to invest for years out and plant more and more seeds for growth three-years to five-years from now. And part of that is reflected in the amount of key hires that we just continue to make from the outside in terms of A+ people through and through the organization.

我們在這一年中繼續在組織內招募大量非常優秀的人才。在我們經歷這種成長和持續成長的同時，我們希望在未來幾年繼續投資，為未來三到五年的成長播下越來越多的種子。這部分體現在我們不斷從外部招募的關鍵人才數量上，這些人才都是我們整個組織的 A+ 級人才。

We've done that in infusion. We've done that in home & community pharmacy, and we're doing that in our IT shop as well. I mean, you look at our EMRs, intake, rev cycle, scheduling, operations, patient management, in every one of those areas, we have ongoing automation and AI initiatives right now. And we're really excited about that.

我們在輸液中已經做到了這一點。我們已經在家庭和社區藥局中這樣做了，我們也在我們的 IT 商店中這樣做了。我的意思是，看看我們的 EMR、攝取量、轉速週期、調度、操作、病患管理，在每個領域，我們現在都有正在進行的自動化和人工智慧計畫。我們對此感到非常興奮。

We look at something like home & community pharmacy, and we see a couple of hundred million dollars of cost opportunities still ahead of us in the next three-years. Now we have to go execute against that, but those are the types of things that we are working on every single day here.

我們關注家庭和社區藥局之類的領域，發現未來三年我們仍然有價值數億美元的成本機會。現在我們必須去執行這個目標，但這些都是我們每天都在努力的事情。

Larry Solow, CJS Securities.

索洛（Larry Solow），CJS 證券公司。

Great. I guess, just first question, anything -- any update on just bundling the services and your value-based contract efforts with ACOs that you can provide?

偉大的。我想，只是第一個問題，任何事——關於捆綁服務和基於價值的合約工作與您可以提供的 ACO 的任何更新？

Larry, yes, I would say that business continues to progress along. We are going to see nice performance year-over-year in that business this year. That is a solidly profitable business between our ACO shared savings that we will realize and our little but growing I-SNP plan in the future. So progressing, directionally positive year-over-year.

拉里，是的，我想說業務正在繼續進步。今年我們將看到該業務同比出現良好的表現。這是我們將實現的 ACO 共享節省和未來雖小但不斷增長的 I-SNP 計劃之間的利潤豐厚的業務。因此，與去年相比，我們的進步和方向都是正面的。

We are making more and more investments in that business to try to scale that even faster. We've got some new people on that business here in the last three months to six months. I think that's one that really getting into next year and 2027, I think we can start to really talk more about and potentially start to break out some numbers on in terms of it being a more material EBITDA contributor. But that's an area that continues to get a lot of internal attention. It's a slower build, but it's one that we continue to focus on.

我們正在對該業務進行越來越多的投資，以期更快地擴大規模。在過去的三個月到六個月裡，我們在這個業務上引進了一些新人。我認為這是一個真正進入明年和 2027 年的問題，我認為我們可以開始更多地討論它，並可能開始公佈一些數字，說明它是否是一個更重要的 EBITDA 貢獻者。但這是一個持續受到內部廣泛關注的領域。這是一個較慢的建置過程，但我們會繼續關注它。

And you had thrown out like a $100 million potential target in five-years for EBITDA. Is that still something that you're comfortable with?

您還制定了五年內 EBITDA 達到 1 億美元的潛在目標。您仍然對此感到滿意嗎？

That is still our internal goal, yes.

是的，這仍然是我們的內在目標。

Great. And then just secondly, just a quick follow-up, just on your build-out -- your hospice efforts build-out. Just a quick question just on haven hospice. I think it's about a year now since you bought that one. How is that progressing?

偉大的。其次，我們來快速跟進一下您的建設情況—您的臨終關懷工作建設。只是想問一下關於避難所的簡單問題。我認為你購買這個已經有一年了。進展如何？

Haven would be a really good example of our M&A prowess and what we're able to do. I mean, that was a business that was essentially losing money a year ago. And now it is performing extremely well, well ahead of expectations. We will probably work ourselves into a four-times multiple there, I would say, run rate probably within the next six-months. Team has just done an absolutely terrific job.

Haven 可以很好地體現我們的併購實力和能力。我的意思是，一年前這家企業基本上處於虧損狀態。現在它的表現非常好，遠遠超出了預期。我想說，我們可能會在未來六個月內將運行率提高四倍。團隊剛剛完成了一項非常出色的工作。

And I would now like to turn the call back to Jon for closing remarks.

現在我想請喬恩致閉幕詞。

Thank you for joining us, everybody, today. We really appreciate it. Thank you for all the questions, and we hope you have a great day. We look forward to talking with you again after Q3, and we really appreciate your time and attention. Have a good one. Bye.

謝謝大家今天的參加。我們非常感激。感謝您提出的所有問題，我們希望您度過愉快的一天。我們期待在第三季之後再次與您交談，我們非常感謝您的時間和關注。祝你一切順利。再見。

This concludes today's conference call. Thank you for participating. You may now disconnect.

今天的電話會議到此結束。感謝您的參與。您現在可以斷開連線。