DocGo Inc (DCGO) 2025 Q3 法說會逐字稿

Good afternoon, ladies and gentlemen, and welcome to the DocGo third quarter earnings conference call.

女士們、先生們，下午好，歡迎參加 DocGo 第三季財報電話會議。

(Operator Instructions) This call is being recorded on Monday, November 10, 2025.

（操作員指示）本次通話於2025年11月10日星期一進行錄音。

I would now like to turn the conference call over to Mr. Mike Cole, Vice President, Investor Relations. Please go ahead.

現在我將把電話會議交給投資者關係副總裁麥克‧科爾先生。請繼續。

Thank you, operator. Before turning the call over to management, I would like to make the following remarks concerning forward-looking statements. All statements made in this conference call other than statements of historical fact are forward-looking statements. The words may, will, plan, potential, could, goal, outlook, design, anticipate, aim, believe, estimate, expect, intend, guidance, confidence, target, project and other similar expressions may be used to identify such forward-looking statements. These forward-looking statements are not guarantees of future performance, and we cannot assure you that we will achieve or realize our plans, intentions, outcomes, results or expectations.

謝謝接線生。在將電話交給管理層之前，我想就前瞻性陳述發表以下評論。本次電話會議中除歷史事實陳述外的所有陳述均為前瞻性陳述。可以使用「可能」、「將」、「計劃」、「潛在」、「可以」、「目標」、「展望」、「設計」、「預期」、「旨在」、「相信」、「估計」、「期望」、「打算」、「指導」、「信心」、「目標」、「項目」等字詞以及其他類似表達方式來識別此類前瞻性陳述。這些前瞻性陳述並非對未來績效的保證，我們無法向您保證我們將實現我們的計劃、意圖、結果或預期。

Forward-looking statements are inherently subject to substantial risks, uncertainties and assumptions, many of which are beyond our control and which may cause our actual results or outcomes or the timing of results or outcomes to differ materially from those contained in our forward-looking statements. These risks, uncertainties and assumptions include, but are not limited to, those discussed in risk factors and elsewhere in DocGo's annual report on Form 10-K, quarterly reports on Form 10-Q, our earnings release for this quarter and other reports and statements filed by DocGo with the SEC to which your attention is directed. Actual outcomes and results or timing of results or outcomes may differ materially from what is expressed or implied by these forward-looking statements.

前瞻性陳述本身存在許多風險、不確定性和假設，其中許多是我們無法控制的，可能導致我們的實際結果或業績，或結果或業績的時間與前瞻性陳述中所包含的內容有重大差異。這些風險、不確定性和假設包括但不限於 DocGo 的 10-K 表格年度報告、10-Q 表格季度報告、本季度收益發布以及 DocGo 向美國證券交易委員會提交的其他報告和聲明中風險因素部分及其他部分所討論的風險、不確定性和假設，請您注意這些報告和聲明。實際結果或結果的時間安排可能與這些前瞻性聲明中明示或暗示的內容有重大差異。

In addition, today's call contains references to non-GAAP financial measures. Reconciliations of these non-GAAP financial measures to the most directly comparable GAAP financial measures are included in our earnings release on the current report on Form 8-K that includes our earnings release, which is posted on our website, docgo.com as well as filed with the SEC. The information contained in this call is accurate as of only the date discussed. Investors should not assume that statements will remain relevant and operative at a later time.

此外，今天的電話會議還涉及非GAAP財務指標。這些非GAAP財務指標與最直接可比較的GAAP財務指標的調節表包含在我們目前的8-K表格報告中的獲利公告中，該報告已發佈在我們的網站docgo.com上，並已提交給美國證券交易委員會。本次通話所包含的資訊僅截至通話當日有效。投資者不應假定這些聲明在以後仍然適用。

We undertake no obligation to update any information discussed in this call to reflect events or circumstances after the date of this call or to reflect new information or the occurrence of unanticipated events, except as to the extent required by law.

除法律另有規定外，我們不承擔更新本次電話會議中討論的任何資訊的義務，以反映本次電話會議日期之後發生的事件或情況，或反映新的資訊或意外事件的發生。

At this time, it is now my pleasure to turn the call over to Mr. Lee Bienstock, CEO of DocGo. Lee, please go ahead.

現在，我很高興將電話轉交給 DocGo 的執行長 Lee Bienstock 先生。李，請繼續。

Thank you, Mike, and thank you all for joining us today. 2025 has been an important year of transition for DocGo, and I would like to start our call by sharing 4 key headlines from the quarter before sharing more specifics about our performance.

謝謝麥克，也謝謝各位今天參加我們的電話會議。 2025年對DocGo來說是重要的轉型之年，我想先分享本季的四個關鍵亮點，然後再詳細介紹我們的業績。

First, we experienced record volumes across all of our base business offerings in the quarter. Our strategy to build a robust evergreen health care business is coming to fruition. Second, we continue to have a strong balance sheet with cash we intend to use to fund our growth and capitalize on the opportunities in front of us.

首先，本季我們所有基礎業務的銷售均創歷史新高。我們打造穩健、永續發展的醫療保健業務的策略正在取得成效。其次，我們擁有強勁的資產負債表，並計劃利用現金來支持我們的成長，抓住擺在我們面前的機會。

Third, we are extremely excited about our acquisition of SteadyMD and how their 50-state virtual care network and over 500 advanced practice providers will allow us to scale more efficiently. And fourth, today, we announced 2026 guidance of $280 million to $300 million in revenue and a full year 2026 adjusted EBITDA loss of $15 million to $25 million, with the majority of this adjusted EBITDA loss expected to be realized in the first half of the year.

第三，我們對收購 SteadyMD 感到非常興奮，他們的 50 個州虛擬醫療網絡和 500 多名高級執業人員將使我們能夠更有效地擴大規模。第四，今天，我們宣布了 2026 年營收預期為 2.8 億美元至 3 億美元，2026 年全年調整後 EBITDA 虧損為 1500 萬美元至 2500 萬美元，其中大部分調整後 EBITDA 虧損預計將在今年上半年實現。

Our 2026 revenue guidance represents 12% to 20% year-over-year base business growth. Any potential acquisitions or new contract wins would be incremental to that amount, and we would provide updates on 2026 guidance as needed. At the top end of our revenue guidance range for 2026, we would expect to exit the year on an adjusted EBITDA positive run rate.

我們對 2026 年的營收預期是年增 12% 至 20%（以年度基本業務成長為基準）。任何潛在的收購或新合約的取得都將在此基礎上增加，我們將根據需要提供 2026 年業績指引的更新資訊。按照我們對 2026 年收入預期範圍的上限，我們預計到年底將實現調整後 EBITDA 為正的運行率。

We have a bold vision of building a company that brings the capabilities of a doctor's office into a patient's living room. I am excited about our investment to build these capabilities, which I believe is a small price to pay for the promise of something that has transformational potential, both for our company and our industry.

我們有一個大膽的願景，就是打造一家能夠將醫師診間的功能帶到患者家中的公司。我對我們為建立這些能力而進行的投資感到興奮，我相信，為了實現對我們公司和我們行業都具有變革潛力的前景，付出這點代價是很小的。

Before I cover the individual business verticals, I want to emphasize that each of our service lines with the exception of our Care Gap Closure and Primary Care offerings is EBITDA -- is adjusted EBITDA positive on a contribution basis. I think it's important to highlight this because their value can be masked by the impact of corporate overhead costs at our current scale and the investment we are making in the capabilities I just referenced.

在介紹各個業務領域之前，我想強調，除了我們的護理缺口彌補和初級保健服務之外，我們的每條服務線在貢獻基礎上都是 EBITDA（調整後 EBITDA）為正。我認為強調這一點很重要，因為在我們目前的規模下，企業管理費用以及我們對剛才提到的能力進行的投資可能會掩蓋它們的價值。

Now I'll touch on our Medical Transportation and Payer Provider Mobile Health verticals. Our flagship Medical Transportation business achieved record volumes in Q3, driven by numerous long-term contracts with strong visibility and an enviable roster of customers, including Jefferson Health, Mount Sinai, New York City Health and Hospitals, HCA Tristar, the NHS in the U.K. and others. We expect this business will generate more than $200 million of revenue in 2025, making this a strong foundational asset.

現在我將談談我們的醫療運輸和支付方/提供者行動醫療垂直領域。在眾多具有良好前景的長期合約和令人羨慕的客戶名單（包括 Jefferson Health、Mount Sinai、紐約市健康與醫院、HCA Tristar、英國國家醫療服務體系 (NHS) 等）的推動下，我們的旗艦醫療運輸業務在第三季度實現了創紀錄的銷售。我們預計這項業務在 2025 年將產生超過 2 億美元的收入，使其成為強大的基礎資產。

As we add additional scale and ramp staffing in this segment over the next two to three years, we anticipate that we can further improve the adjusted EBITDA contribution margin to approximately 12%. We continue to see incredibly strong demand for our services with opportunities to grow revenue within our existing customer base.

隨著我們在未來兩到三年內擴大規模並增加該業務部門的人員配備，我們預計我們可以進一步提高調整後的 EBITDA 貢獻率至約 12%。我們持續看到市場對我們服務的需求非常強勁，並且在現有客戶群中存在著增加收入的機會。

Several of our large health system customers use our total transportation solution, which includes our proprietary software, dedicated ambulances, EMS crews and staff to manage their transfer center operations. Our Epic integrated technology platform creates efficiency, transparency and provides a single source of truth for transportation management across vendors.

我們的一些大型醫療系統客戶使用我們的整體運輸解決方案，其中包括我們專有的軟體、專用救護車、EMS 人員和工作人​​員來管理他們的轉運中心營運。我們的 Epic 整合技術平台提高了效率和透明度，並為跨供應商的運輸管理提供了單一真實的資料來源。

In this capacity, we often have the ability to select whether to assign a trip to one of our ambulances or select a different transportation vendor if we don't have an available unit staffed to run the trip. We estimate that over the last 12 months, we have assigned over 26,000 trips to other companies, many of which could have been run by our fleet if we had available service level capacity.

在這種情況下，我們通常可以選擇是否將行程分配給我們自己的一輛救護車，或者如果沒有可用的救護車和人員來執行該行程，則可以選擇其他運輸供應商。我們估計，在過去的 12 個月裡，我們已將超過 26,000 次行程分配給了其他公司，如果我們有可用的服務水準能力，其中許多行程本可以由我們的車隊執行。

We have accelerated our talent acquisition efforts and are looking to hire hundreds of additional EMS staff as soon as it is practical to create the capacity and better capitalize on this embedded demand from our current customers. We expect that these targeted additional hires will enable us to capture millions of dollars of additional top line revenue on our existing contracts in 2026.

我們加快了人才招募工作，並計劃盡快招募數百名額外的急救醫療服務人員，以創造產能並更好地利用現有客戶的這一內在需求。我們預計，這些有針對性的額外招聘將使我們能夠在 2026 年從現有合約中獲得數百萬美元的額外收入。

In summary, our transportation business serves a vital market need, is profitable on a stand-alone basis and is a valuable foundational asset.

總而言之，我們的運輸業務滿足了重要的市場需求，獨立營運即可獲利，並且是一項寶貴的基礎資產。

Moving on. I would like to cover our Payer and Provider vertical, which is expected to generate approximately $50 million of revenue in 2025, which includes a contribution of approximately $5 million from the SteadyMD acquisition in mid-October and is expected to grow to $85 million next year. This vertical includes services such as Care Gap Closure, Primary and Preventative Care, Telehealth, Remote Patient Monitoring, Mobile Phlebotomy and other Payer and Provider services.

繼續。我想介紹我們的支付方和提供方業務，預計該業務在 2025 年將產生約 5000 萬美元的收入，其中包括 10 月中旬收購 SteadyMD 帶來的約 500 萬美元的收入，預計明年將增長至 8500 萬美元。該垂直領域包括護理缺口填補、初級和預防保健、遠距醫療、遠距患者監護、行動採血以及其他支付方和提供方服務。

One of our core offerings in this vertical is our remote patient monitoring business, which has made considerable progress over the last year. Remote patient monitoring is operating at an annual run rate of approximately $15 million with a greater than 10% adjusted EBITDA contribution margin, which is expected to continue trending higher in 2026.

我們在該垂直領域的核心產品之一是遠距病人監護業務，該業務在過去一年中取得了相當大的進展。遠距病人監護業務的年營運收入約為 1500 萬美元，調整後 EBITDA 貢獻率超過 10%，預計到 2026 年將繼續維持成長趨勢。

We've signed 13 new contracts or expansions this year on the back of strong demand and have 8 additional proposals submitted or in contracting. We are excited to keep developing this capability in a space that typically commands high multiples.

由於市場需求強勁，我們今年已簽署了 13 份新合約或擴建合同，另有 8 份提案已提交或正在簽訂合約。我們很高興能夠在通常能獲得高回報的領域繼續發展這項能力。

An area of our Payer and Provider vertical that is taking longer than anticipated to ramp but still holds great promise for us is our primary care services. We had originally budgeted approximately $5 million to $10 million of revenue from primary care in 2025. We are seeing progress here and just received a substantial list from a major health plan to offer these services to 10,000 members, which will launch in Q4 and ramp in early 2026.

在我們支付方和提供方垂直領域中，初級保健服務的發展速度比預期要慢，但仍對我們有很大的發展前景。我們最初預計 2025 年初級保健收入約為 500 萬至 1000 萬美元。我們在這方面取得了進展，並且剛剛收到一家大型健康計劃提供的大量名單，將向 10,000 名會員提供這些服務，該服務將於第四季度推出，並在 2026 年初逐步擴大規模。

Also within our Payer and Provider vertical, our Care Gap Closure and Transitions of Care business more than quadrupled when we compare Q3 2025 to Q3 2024. While our investment in product development, training and technology to build our capabilities was substantial in 2025, we expect that rate of investment to decline considerably in 2026, which will help contribute to our goal of achieving profitability.

此外，在我們的支付方和提供方垂直領域，與 2024 年第三季相比，2025 年第三季我們的護理缺口彌合和護理過渡業務增長了四倍多。雖然我們在 2025 年對產品開發、培訓和技術方面的投入巨大，以提升自身能力，但我們預計 2026 年的投資速度將大幅下降，這將有助於我們實現獲利目標。

As we work to drive our Care Gap and Primary Care business to profitability as soon as possible, I want to underscore why we are making this strategic investment to build these capabilities. DocGo's ability to leverage a tech-enabled clinical workforce to reach difficult populations with chronic conditions delivers meaningful value to our Payer and Provider customers. Our solutions help keep people healthier and in their homes and have the potential to significantly lower health systems costs.

在我們努力盡快推動護理缺口和基層醫療業務實現盈利之際，我想強調我們為什麼要進行這項策略性投資來建立這些能力。DocGo 利用技術賦能的臨床人員隊伍來接觸患有慢性疾病的困難人群，這為我們的支付方和提供方客戶帶來了有意義的價值。我們的解決方案有助於維持人們的健康，讓他們能夠待在家中，並有可能大幅降低醫療系統的成本。

Considering the convergence of increasing costs, flat reimbursement levels, facility overcrowding and ongoing operational challenges facing health care today, we believe DocGo's offering is positioned to drive substantial value and represents a significant opportunity for our company. While this Payer and Provider business takes considerable time to develop, we have made significant inroads over the last two years, and we believe it has high growth potential.

考慮到醫療保健產業目前面臨的成本不斷上漲、報銷水準停滯不前、醫療機構人滿為患以及持續的營運挑戰等諸多問題，我們認為 DocGo 的產品能夠創造巨大的價值，並為我們公司帶來巨大的機會。雖然支付方和提供方業務的發展需要相當長的時間，但我們在過去兩年中取得了重大進展，我們相信它具有很高的成長潛力。

As I shared on our last earnings call, we are already working with two of the top 10 national payers and are in active discussions with both of these customers to expand those contracts. Additionally, we are in the process of contracting with two more of the top 10 national payers and have an additional 10 pending proposals in our business development pipeline.

正如我在上次財報電話會議上分享的那樣，我們已經與排名前十的全國性支付方中的兩家展開合作，並正在與這兩家客戶積極討論擴大這些合約。此外，我們正在與另外兩家排名前十的全國性支付方簽訂合同，並且我們的業務發展管道中還有 10 個待定提案。

I wanted to illustrate the potential of these relationships by highlighting the growth trajectory of one of our major Payer customers over time. In 2023, our first year working with a major California health plan, we performed 789 total patient visits. In 2024, that number grew by nearly 65% to 1,293. In 2025, it is expected to grow another 250% and reach 4,500. And in 2026, it's expected to grow another 280% and reach over 17,000 visits based on existing plans. This same customer started with a single transition of care program, added Care Gap Closure and has recently added Longitudinal Care services as well.

我想透過展示我們一位主要支付方客戶的成長軌跡來說明這些關係的潛力。2023 年，也就是我們與加州一家大型健康計畫合作的第一年，我們共進行了 789 次病患就診。到 2024 年，這一數字增長了近 65%，達到 1,293。預計到 2025 年，這一數字將再成長 250%，達到 4,500。根據現有計劃，預計到 2026 年，訪問量將再增長 280%，達到 17,000 次以上。這位客戶最初只開展了一項過渡護理計劃，後來增加了護理缺口彌補計劃，最近又增加了長期護理服務。

In summary, it takes time for these relationships to ramp, but they can accelerate quickly as our customers appreciate the value we can deliver. As I mentioned, we also considerably expanded our capabilities with our acquisition of virtual care provider, SteadyMD, last month. We believe we got a very attractive deal for our shareholders with the way we structured this transaction and the value it brings.

總而言之，這些關係的建立需要時間，但隨著客戶逐漸認可我們所能提供的價值，它們可以迅速發展。正如我之前提到的，上個月我們收購了虛擬醫療服務提供者 SteadyMD，也大大擴展了我們的能力。我們相信，透過我們建構這筆交易的方式及其帶來的價值，我們為股東爭取了非常有吸引力的交易。

For those of you who didn't have the opportunity to dial into our webcast last month, which is posted on our Investor Relations website, SteadyMD offers a 50-state virtual clinician workforce, clinical operations and world-class technology that powers real-time matching between patient needs and clinical expertise.

對於那些上個月沒有機會收聽我們網路直播的朋友（直播影片已發佈在我們的投資者關係網站上），SteadyMD 提供覆蓋 50 個州的虛擬臨床醫生隊伍、臨床運營和世界一流的技術，可實現患者需求與臨床專業知識之間的即時匹配。

The company provides virtual care for top consumer health care and digital wellness brands, including two Fortune 10 customers. SteadyMD maintains a roster of over 500 clinicians, is expected to service over 3 million patients in 2025 and is projected to generate approximately $25 million in revenue this year. SteadyMD's scaled network of virtual providers is expected to enable DocGo to achieve more efficient delivery of patient care by pairing DocGo's mobile health clinicians in the field with SteadyMD's clinical network over time.

該公司為頂級消費者保健和數位健康品牌提供虛擬醫療服務，其中包括兩家財富 10 強客戶。SteadyMD 擁有 500 多名臨床醫生，預計到 2025 年將為 300 多萬名患者提供服務，預計今年將產生約 2500 萬美元的收入。SteadyMD 的虛擬醫療服務提供者規模化網絡有望使 DocGo 能夠更有效率地提供患者護理，方法是隨著時間的推移，將 DocGo 的行動醫療臨床醫生與 SteadyMD 的臨床網絡進行配對。

We are enthusiastic about this acquisition for numerous reasons. First, it provides us with a 50-state virtual care footprint, which significantly expands our clinical capacity and positions us to extend our offering to both payers and providers. Second, we have long believed that pairing our last mile clinical delivery capabilities with virtual care has the potential to unlock the power and potential of telehealth and creates an optimal end-to-end solution. We look forward to the potential synergies this creates, and we'll look to both amplify our existing offerings and potentially launch new services next year.

我們對此次收購感到非常興奮，原因有很多。首先，它為我們提供了覆蓋 50 個州的虛擬醫療服務網絡，這大大擴展了我們的臨床能力，並使我們能夠向支付方和提供者擴展我們的服務。其次，我們一直認為，將我們最後一公里的臨床服務能力與虛擬醫療相結合，有可能釋放遠距醫療的力量和潛力，並創造最佳的端到端解決方案。我們期待由此產生的潛在綜效，明年我們將努力擴大現有產品和服務範圍，並有可能推出新服務。

Lastly, we see strong opportunities for cross-pollinization between the two exceptional customer bases that both DocGo and SteadyMD have built, and we look forward to exploring those as well.

最後，我們看到了 DocGo 和 SteadyMD 這兩個卓越的客戶群之間存在著強大的交叉融合機會，我們也期待著探索這些機會。

We continue to believe that DocGo has a unique ability to acquire traditional health care assets where we can overlay our technology, mobile health capabilities and extensive customer base to drive additional value. There are a wide variety of health care companies out there that see DocGo's last mile health care delivery capabilities as a missing piece, making us a very attractive partner, and we plan to remain active on the M&A front.

我們仍然相信 DocGo 擁有獨特的能力來收購傳統的醫療保健資產，我們可以將我們的技術、行動醫療能力和廣泛的客戶群疊加到這些資產上，從而創造更多價值。市面上有許多醫療保健公司都認為 DocGo 的最後一公里醫療保健服務能力是他們所缺乏的，這使我們成為一個非常有吸引力的合作夥伴，我們計劃繼續在併購方面保持活躍。

In sum, 2025 has been a transitional year as we move beyond emergency response contracts and increasingly focused on executing DocGo's evolution to a provider of long-term integrated technology-driven health care solutions that meet the needs of our customers today and tomorrow. I couldn't be more proud of the progress we are making as we are positioned for strong growth in each of our key verticals.

總而言之，2025 年是轉型之年，我們不再局限於緊急應變合同，而是更加專注於推動 DocGo 向長期綜合技術驅動型醫療保健解決方案提供商轉型，以滿足我們客戶當前和未來的需求。我為我們所取得的進展感到無比自豪，因為我們已做好準備，在每個關鍵垂直領域實現強勁成長。

We expect the investment in our early-stage business lines to gradually abate over the course of 2026. We have made a strategic acquisition in SteadyMD that expands our footprint, adds accretive capabilities and a roster of blue-chip customers that we can continue building upon.

我們預計到 2026 年，對早期業務線的投資將逐漸減少。我們對 SteadyMD 進行了策略性收購，擴大了我們的業務範圍，增加了增值能​​力，並獲得了一群藍籌客戶，我們可以繼續在此基礎上發展壯大。

Additionally, we continue to grow our pipeline of new business and look for potential acquisition opportunities, both of which can help us gain critical mass, achieve profitability and create additional shareholder value in the coming years. Our future is bright and valuable.

此外，我們不斷拓展新業務管道，並尋找潛在的收購機會，這兩方面都能幫助我們在未來幾年內獲得足夠的規模、實現盈利並創造更多股東價值。我們的未來光明而寶貴。

We have the right products and services to address critical needs in our health care industry, have built differentiated technology and capabilities and have business lines such as Medical Transportation and Remote Patient Monitoring that are already firmly EBITDA positive, and we have the balance sheet to see our vision of bringing the doctor's office to the living room a reality.

我們擁有合適的產品和服務來滿足醫療保健行業的關鍵需求，我們建立了差異化的技術和能力，並且擁有醫療運輸和遠距病人監護等業務線，這些業務線已經實現了穩定的 EBITDA 為正，而且我們的資產負債表足以實現我們將醫生診室搬到客廳的願景。

At this time, I will hand it over to Norm to cover the financials. Norm, please go ahead.

此時，我將把財務工作交給諾姆負責。諾姆，請繼續。

Thank you, Lee, and good afternoon. Total revenue for the third quarter of 2025 was $70.8 million compared to $138.7 million in the third quarter of 2024. The year-over-year revenue decline was entirely due to the sunset of migrant-related projects. Excluding revenue from migrant-related programs, revenue increased by 8% to $62.4 million in Q3 of 2025 from $58 million in Q3 of 2024.

謝謝你，李，下午好。2025 年第三季總營收為 7,080 萬美元，而 2024 年第三季總營收為 1.387 億美元。同比收入下降完全是由於與移民相關的項目終止所致。如果不包括與移民相關的專案收入，2025 年第三季的收入比 2024 年第三季的 5,800 萬美元成長 8%，達到 6,240 萬美元。

Medical Transportation services revenue increased to $50.1 million in Q3 of 2025 from $48 million in transport revenues that we recorded in the third quarter of 2024. Revenues were driven higher by gains in nearly all of our US markets with some of the strongest growth in Texas and Tennessee.

2025 年第三季度，醫療運輸服務收入從 2024 年第三季的 4,800 萬美元增加到 5,010 萬美元。幾乎所有美國市場的成長都帶動了營收成長，其中德州和田納西州的成長最為強勁。

Mobile Health revenue for the third quarter of 2025 was $20.7 million, down from $90.7 million in the third quarter of last year, driven by the wind down of migrant services. Included in this year's amount was approximately $8 million in migrant-related revenues.

2025 年第三季行動醫療收入為 2,070 萬美元，低於去年第三季的 9,070 萬美元，主要原因是移民服務逐漸停止。今年的總額中包含約 800 萬美元與移民相關的收入。

Non-migrant Mobile Health revenues increased by more than 20% year-over-year, driven by increases in Care Gap Closures, Remote Patient Monitoring and Mobile Phlebotomy.

非移民行動醫療收入年增超過 20%，這主要得益於護理缺口填補、遠端病患監測和行動採血業務的成長。

Adjusted EBITDA for the third quarter of 2025 was a loss of $7.1 million compared to adjusted EBITDA of $17.9 million in the third quarter of 2024. The adjusted gross margin, which removes the impact of depreciation and amortization and several one-off items and is the measure of margins that we track most closely, was 33% in the third quarter of 2025 compared to 36% in the third quarter of 2024. During the third quarter of 2025, adjusted gross margins for the Medical Transportation segment were 31.7% compared to 30.7% in Q3 of 2024 and the highest gross margins we've seen in this segment since Q1 of 2024.

2025 年第三季調整後 EBITDA 虧損 710 萬美元，而 2024 年第三季調整後 EBITDA 為 1,790 萬美元。經過調整的毛利率剔除了折舊、攤銷和一些一次性項目的影響，是我們最密切關注的毛利率衡量指標，2025 年第三季為 33%，而 2024 年第三季為 36%。2025 年第三季度，醫療運輸部門的調整後毛利率為 31.7%，而 2024 年第三季度為 30.7%，這是自 2024 年第一季以來該部門的最高毛利率。

During the third quarter, our transportation business ran at the highest utilization rates that we've seen. Given these utilization rates, it will be critical for us to expand our field labor team, which we would expect to lead to higher revenues and improved gross margins for Transport in 2026.

第三季度，我們的運輸業務實現了有史以來最高的利用率。鑑於這些利用率，擴大我們的現場勞動力團隊對我們至關重要，我們預計這將為運輸業務在 2026 年帶來更高的收入和更高的毛利率。

Mobile Health segment adjusted gross margin was 36.2% versus 38.8% in the third quarter of 2024, but up from adjusted gross margins of 32.5% in the second quarter of 2025. We expect to continue replacing migrant-related revenues with relatively higher-margin service lines, such as remote patient monitoring and mobile phlebotomy.

行動醫療業務部門的調整後毛利率為 36.2%，而 2024 年第三季為 38.8%，但高於 2025 年第二季的 32.5%。我們預計將繼續以利潤率相對較高的服務項目（例如遠距病人監護和移動採血）來取代與移民相關的收入。

On both the cost of goods sold and an operating cost basis, we continue to make significant investments in our Care Gap Closure business. We estimate that the adjusted gross margin for Mobile Health would have been above 40% in Q3 of 2025, excluding the Care Gap Closure business.

無論從銷售成本還是營運成本的角度來看，我們都將繼續對我們的護理缺口填補業務進行大量投資。我們估計，如果不計入護理缺口彌補業務，行動醫療業務在 2025 年第三季的調整後毛利率將超過 40%。

There were also some nonrecurring items that had a large impact on our GAAP results this quarter, so I'd like to briefly review them. Within the cost of goods sold area, we incurred increased insurance costs in the amount of approximately $5.2 million. These largely consisted of additional premium owed for workers' compensation coverage back in 2022 and 2023, driven largely by an increased migrant program-related employee base and the settlement of a large auto insurance claim for an incident in 2022 in the since discontinued California transport market. Also, within the operating expense category, we incurred noncash charges due to the write-down of various intangible assets and goodwill. These charges totaled $16.7 million in the quarter.

本季還有一些非經常性項目對我們的 GAAP 業績產生了較大影響，因此我想簡要回顧一下這些項目。在銷售成本方面，我們增加了約 520 萬美元的保險費用。這些主要包括 2022 年和 2023 年因工傷賠償保險而需支付的額外保費，這主要是由於與移民計劃相關的員工人數增加，以及 2022 年在已停止運營的加州運輸市場發生的一起重大汽車保險索賠的和解。此外，在營運費用類別中，由於各種無形資產和商譽的減值，我們產生了非現金費用。該季度這些費用總計達1670萬美元。

During the third quarter, we made further progress on strengthening our balance sheet by paying off the outstanding amounts under our line of credit, removing $30 million in debt from our balance sheet. We continue to collect our older, larger invoices, which allowed us to generate approximately $1.7 million in operating cash flow for the quarter despite our operating losses. Through the first nine months of 2025, we have generated nearly $45 million in cash flow from operations.

第三季度，我們透過償還信貸額度下的未償款項，進一步加強了資產負債表，從資產負債表中減少了 3,000 萬美元的債務。我們繼續收回較早、金額較大的應收帳款，這使得我們儘管出現經營虧損，但本季仍產生了約 170 萬美元的經營現金流。2025 年前九個月，我們已從經營活動中產生了近 4,500 萬美元的現金流。

As of September 30, 2025, our total cash and cash equivalents, including restricted cash and investments, was $95.2 million, down from $107.3 million at the beginning of the year. However, having paid down the entire outstanding balance on our credit line during Q3, our cash position net of debt is well above our net position as of the beginning of this year. Our balance sheet is now debt-free for the first time since late 2023.

截至 2025 年 9 月 30 日，我們的現金及現金等價物總額（包括受限現金和投資）為 9,520 萬美元，低於年初的 1.073 億美元。然而，由於我們在第三季償還了所有未償付的信貸額度餘額，我們扣除債務後的現金狀況遠高於今年年初的淨現金狀況。自 2023 年底以來，我們的資產負債表首次實現了零負債。

Our accounts receivable continued to decrease, particularly for migrant-related receivables. At quarter end, we had approximately $37 million in accounts receivable from the various migrant programs, which represented a little more than one-third of our total company ARR. This compares to $54 million in migrant program-related ARR at the end of Q2, $120 million at the end of Q1 and $150 million at the end of 2024, which at the time represented approximately 71% of the company total. We've now collected about 96% of all of our migrant-related receivables from the inception of those programs until today, and we remain confident that we will collect all remaining outstanding amounts.

我們的應收帳款持續下降，尤其是與移民相關的應收帳款。截至季末，我們從各種移民項目中應收帳款約為 3,700 萬美元，占公司年度經常性收入總額的三分之一多一點。相較之下，截至第二季末，與移民項目相關的年度經常性收入為 5,400 萬美元；截至第一季末為 1.2 億美元；截至 2024 年底為 1.5 億美元，當時約占公司總額的 71%。從這些項目啟動至今，我們已經收回了約 96% 的與移民相關的應收款項，我們仍然有信心收回所有剩餘的未付金額。

Now that we've improved our cash balance and paid off our credit line debt, we are well positioned to carry the company through this ongoing transitionary period. Over these final seven weeks or so of 2025, we will focus intently on collecting the remainder of the migrant-related receivables. Assuming that these amounts are collected during the fourth quarter, we would expect our cash balances at year-end to be higher than they were at the end of Q3 after adjusting for the SteadyMD acquisition. We expect to exit 2026 at about $65 million of cash, which we expect will be the low point, subject, of course, to buybacks or any additional acquisitions.

現在，我們的現金餘額有所改善，信貸額度債務也已償清，我們完全有能力帶領公司度過這段持續的過渡期。在 2025 年最後七週左右的時間裡，我們將集中精力收回剩餘的與移民相關的應收款項。假設這些款項在第四季度收回，我們預計在調整 SteadyMD 收購的影響後，年底的現金餘額將高於第三季末的現金餘額。我們預計到 2026 年底現金餘額約為 6,500 萬美元，我們預計這將是最低點，當然，這取決於股票回購或任何其他收購。

Finally, as we head here into the home stretch of 2025, we'd like to discuss our outlook for the full year and offer a preliminary view on 2026. For full year 2025, we now expect revenues in the range of $315 million to $320 million. Of that amount, about $68 million to $70 million relates to migrant projects, so the base revenue should come in at about $250 million.

最後，隨著我們即將進入 2025 年的最後階段，我們想討論我們對全年的展望，並對 2026 年做出初步展望。我們現在預計 2025 年全年營收將在 3.15 億至 3.2 億美元之間。其中約有 6,800 萬至 7,000 萬美元與移民項目有關，因此基本收入應約為 2.5 億美元。

For adjusted EBITDA, we see the full year 2025 loss in the range of $25 million to $28 million. For 2026, we see revenues in the range of $280 million to $300 million, which would represent a 12% to 20% growth over 2025 base revenues.

對於調整後的 EBITDA，我們預計 2025 年全年虧損額將在 2,500 萬美元至 2,800 萬美元之間。預計 2026 年營收將在 2.8 億美元至 3 億美元之間，這將比 2025 年的基本收入增長 12% 至 20%。

We anticipate a full year adjusted EBITDA loss of somewhere between $15 million and $25 million. However, at the top end of this revenue guidance range for 2026, we would expect to exit the year on an adjusted EBITDA positive run rate. On a sequential basis, looking at 2026, we expect revenues to increase and for the EBITDA performance to improve over each of the 4 quarters of the year.

我們預計全年調整後 EBITDA 虧損將在 1,500 萬美元至 2,500 萬美元之間。然而，如果按照 2026 年收入預期範圍的上限計算，我們預計到年底將實現調整後 EBITDA 為正的運行率。從季度來看，展望 2026 年，我們預計營收將成長，並且 EBITDA 業績將在該年的 4 個季度中逐年改善。

At this point, I'd like to turn the call back over to the operator for questions and answers. Operator, please proceed.

此時，我想把電話轉回給接線生，由接線生回答問題。操作員，請繼續。

(Operator Instructions) [Pito Chickering, Scotiabank].

（操作說明）[Pito Chickering，加拿大豐業銀行]。

Looking at the implied margins for the fourth quarter, look to be sort of -- I think it looks like negative 13%. Can you help bridge us versus margins we saw in the third quarter of down 10%. How much came from SteadyMD acquisition versus core ops, just bridging the 3Q to 4Q margins?

從第四季的隱含利潤率來看，似乎有點——我認為看起來像是負 13%。您能否幫我們彌補第三季利潤率下降 10% 的缺口？SteadyMD 收購帶來的獲利比例是多少？核心營運帶來的利潤佔比又是多少？這只是為了彌補第三季到第四季利潤率的差距嗎？

So there wasn't anything in Q3 on SteadyMD. SteadyMD showed up in October. So you're going to get most of the quarter is SteadyMD. We think that number should be somewhere around $5 million in -- a little bit more than $5 million in revenue for the quarter. And I would say slightly EBITDA negative for that period.

所以 SteadyMD 第三季沒有任何消息。SteadyMD於10月份出現。所以你這一季的大部分時間都會花在 SteadyMD 上。我們認為這個數字應該在 500 萬美元左右——比本季 500 萬美元的收入略高一些。而且我認為該期間的 EBITDA 略微為負。

So it really shouldn't have a material impact. It's going to have an impact on the margin percentage. But otherwise, it's not going to have much of an impact. We will have lower -- we will have basically no revenue from -- or a very small revenue number from the migrant-related revenue. So that's also going to have an impact on the margin a little bit.

所以它真的不應該產生實質影響。這將對利潤率產生影響。但除此之外，它不會產生太大影響。我們將減少——基本上沒有——或者只有非常少的與移民相關的收入。所以這也會對利潤率產生一些影響。

Okay. And then for 2026 EBITDA guidance, the implied margins there for next year are negative 10%. Yet we're exiting fourth quarter at sort of negative 13% margin. Can you sort of walk us through kind of how that improves throughout the year? And what should we be modeling in the first half of your EBITDA versus the back half of your EBITDA?

好的。至於 2026 年 EBITDA 指引，明年的隱含利潤率為 -10%。然而，我們第四季末的利潤率卻為負13%。你能大致介紹一下這種情況是如何在一年中逐漸改善的嗎？那麼，我們應該對 EBITDA 的前半部和後半部進行哪些建模呢？

Yes, sure. So there are a couple of areas where we think we'll do a little bit better in terms of our model. First of all, on the gross margin percentage. So it's interesting to note that the Q3 adjusted gross margin, as we walked through, worked out to about 33%. That's higher than what we did in Q1 or Q2 of this year, and we think that it's something of a proxy for where we go in the next few quarters going forward.

當然可以。所以，我們認為在幾個方面，我們的模式可以做得更好一些。首先，我們來看毛利率。值得注意的是，正如我們之前分析的那樣，第三季調整後的毛利率約為 33%。這比我們今年第一季或第二季的業績要高，我們認為這在某種程度上預示著我們未來幾季的發展方向。

There are some projects that we have, especially on the transport side that we think will raise the gross margin a little bit. But realistically, those will probably have more of an impact in the second, third and fourth quarter of next year than here in the fourth quarter of 2025 or the first quarter of 2026. So there's a little bit of room over there as well.

我們有一些項目，尤其是在運輸方面，我們認為這些項目會稍微提高毛利率。但實際上，這些因素的影響可能在明年第二、第三和第四季比在 2025 年第四季或 2026 年第一季更大。所以那邊還有一點空間。

And then on the operating expense side, so we continue to work hard at trying to reduce our SG&A. And as we were able to take a couple of million dollars out per quarter in SG&A, that should also have an impact towards the back half of next year. And then there's a scale. So our expectation, Pito, is that whatever we see in terms of revenue in Q1 will be the low point of 2026. It will go up then the way we model it out into Q2, into Q3, into Q4.

在營運費用方面，我們持續努力降低銷售、一般及行政費用。由於我們每季可以從銷售、管理及行政費用中削減數百萬美元，這也應該會對明年下半年產生影響。然後還有一個秤。因此，Pito，我們預計第一季的營收將是 2026 年的最低點。根據我們預測，第二季、第三季、第四季，價格還會繼續上漲。

And consequently, the EBITDA loss or profitability will improve every quarter as we go Q1, 2, 3 and 4. So we think that, that's going to have the impact.

因此，隨著我們進入第 1、2、3 和 4 季度，EBITDA 虧損或獲利能力將逐季度改善。所以我們認為，這將會產生影響。

So going to your second question, as far as the breakdown, the -- I would say the bulk of the expectation for a negative EBITDA number is going to come in the first half of the year. It's clearly going to be skewed towards the first half of the year in terms of those losses. And then you get a much smaller loss in the third quarter and maybe even perhaps we think a positive number in the fourth quarter.

那麼，關於你的第二個問題，就具體情況而言——我認為，預計 EBITDA 為負值的大部分將出現在上半年。很明顯，這些損失主要集中在上半年。然後，第三季的虧損會小得多，我們甚至認為第四季可能會獲利。

Okay. And then last question for me. Looking at for 2026 revenue guidance, how much do you assume for migrants for next year? And how should we be modeling transport versus Mobile Health next year?

好的。最後一個問題。展望 2026 年的收入預期，您預計明年移民收入將達到多少？明年我們應該如何建構交通運輸與行動醫療的模型？

Absolutely, Pito. This is Lee. So in terms of migrant-related revenues for 2026, we don't expect any migrant-related revenues for 2026. So that number will be 0 for next year. In terms of the breakdown for the guide, it's important to note that the guide really is -- current guidance is based on the baseline of the business as we see it today.

當然，皮托。這是李。因此，就 2026 年與移民相關的收入而言，我們預期 2026 年不會有任何與移民相關的收入。所以明年這個數字將為0。就該指南的細分而言，需要注意的是，該指南確實是——目前的指導意見是基於我們今天所看到的業務基準。

Any new contract wins or M&A would be in addition to the number we're sharing tonight. The breakdown is about two-third Transport, one-third Mobile Health. That's essentially the way to look at it.

任何新獲得的合約或併購交易都將不計入我們今晚公佈的數字。其中約三分之二是交通運輸，三分之一是行動醫療。從本質上講，就是這樣看待這個問題的。

Sarah James, Cantor.

莎拉詹姆斯，領唱。

I wanted to dig a little bit more into the Payer-Provider revenue growth. So you guys obviously have a very strong pipeline there. It sounds like when you step up from $50 million in '25 to $85 million in '26, am I right in annualizing the SteadyMD impact to be $15 million of that and then you'd have $20 million from organic growth? And then what kind of deal closure assumptions does that include for the pipeline that you talked about with possibly expanding your existing two national payers or adding in two others?

我想更深入地了解一下支付方和提供方的收入成長。顯然，你們那裡的人才儲備非常充足。聽起來，當你的收入從 2025 年的 5000 萬美元增長到 2026 年的 8500 萬美元時，我理解的對嗎？ SteadyMD 的年化影響為 1500 萬美元，然後你將有 2000 萬美元來自自然增長？那麼，對於您提到的可能擴大現有兩家全國性支付方或新增兩家支付方的業務管道而言，這其中包含哪些交易達成假設呢？

Absolutely, Sarah. Thanks for the question. So first off, the $85 million for Payer and Provider for next year includes about $25 million from the SteadyMD acquisition. That's the run rate the business is on. Of course, we announced that acquisition a few weeks ago.

當然，莎拉。謝謝你的提問。首先，明年支付方和提供者的 8,500 萬美元預算中，約有 2,500 萬美元來自對 SteadyMD 的收購。這就是公司目前的營運速度。當然，我們幾週前就宣布了這項收購。

So we're in the process of integrating it. So we have a $25 million of the $85 million as SteadyMD contribution for next year and the remaining would be the $60 million from our current Payer and Provider baseline business.

所以我們正在進行整合工作。因此，明年8500萬美元的預算中，有2500萬美元是SteadyMD的貢獻，剩下的6000萬美元將來自我們目前的支付方和提供者的基本業務。

To answer your question specifically, I'm glad you asked it, it does not include any deal closures or additional M&A or contribution from our pipeline. We're looking at the contracts we currently have today. We're looking at the geographies we currently operate in today, the list of patients that have been provided to us so far and our current customer set and basing our guidance for next year off of that, both for Payer and Provider and the Transportation portions of the business.

具體回答您的問題，我很高興您問了這個問題，它不包括任何交易完成、額外的併購或來自我們專案儲備的資金。我們正在查看我們目前擁有的合約。我們正在審視我們目前營運的地區、迄今為止提供給我們的患者名單以及我們目前的客戶群，並以此為基礎制定我們明年的業績指引，包括支付方、提供方以及運輸業務部分。

Great. And can you help us understand what does it look like when you expand the Payer-Provider contracts going from Transition of Care to Care Gap Closure to Longitudinal? What are the orders of magnitude of revenue that, that could impact or the way it could change your margin profile for that segment?

偉大的。您能否幫助我們了解，當支付方-提供方合約從護理過渡擴展到護理缺口填補再到縱向護理時，會是什麼樣子？收入的波動幅度有多大？或者說，它會以何種方式改變該細分市場的利潤率？

Absolutely. So as you mentioned, Sarah, mostly our Payer and Provider contracts typically start with either Care Gap Closure services where the payers provide us with a list of patients that have open care gaps. They haven't been seen. This could be diabetic retinal exams, bone density scans, annual wellness visits, vaccinations. And then we go and engage those patients, we meet them where they are, and we help close out those care gaps.

絕對地。正如你所提到的，Sarah，我們的大多數付款方和提供方合約通常都是從護理缺口填補服務開始的，付款方會向我們提供一份存在未填補護理缺口的患者名單。他們沒有露面。這可能包括糖尿病視網膜檢查、骨密度掃描、年度健康檢查、疫苗接種。然後我們去接觸這些患者，了解他們的處境，並幫助他們彌補這些照護差距。

And these are chronically ill patients. They're typically patients that are costing the health plans a lot of money. And so the health plans are heavily incentivized to make sure they're reaching these patients. And if they don't, their quality scores for their plan are negatively impacted. And then, of course, patients end up landing in the hospital. That costs the payers lots of money.

而且這些都是慢性病患者。他們通常是會為醫療保險計劃帶來很多費用的患者。因此，醫療保險計劃有很大的動機確保能夠涵蓋這些患者。如果他們不這樣做，他們的方案品質評分就會受到負面影響。當然，最終病人都會住進醫院。這會對付款方造成很大的經濟損失。

So they're providing us with a list of patients. These are the patients that have open gaps in care, and we're going to see them. So they either start with Care Gap Closure or Transitional Care Management. And so as the patient is being discharged from the hospital, they've already been hospitalized or they visited the emergency room, they're leaving the hospital. We work with them to make sure that their transition of care to the next setting could be their home, could be another facility.

所以他們給我們提供了一份病人名單。這些患者的醫療照護存在缺口，我們將去探望他們。所以他們要嘛從彌補護理缺口入手，要嘛從過渡期護理管理著手。因此，當病人從醫院出院時，他們要么已經住院治療，要么去過急診室，現在他們正離開醫院。我們與他們合作，確保他們順利過渡到下一個照護場所，可以是他們的家，也可以是其他機構。

We make sure that their discharge plan is well taken care of and that we're redressing the incision site, titrating meds, making sure we're checking their vital that their transition of care is well taken care of and they don't end up back in the hospital. That's where our services typically start with the payers.

我們會確保他們的出院計劃得到妥善安排，我們會重新包紮切口部位，調整藥物劑量，確保檢查他們的生命體徵，確保他們的護理過渡得到妥善安排，並且他們不會再次入院。我們的服務通常從與付款方的溝通開始。

What we're also finding is a lot of these patients need primary care services and preventative care. And so as I mentioned, we're in the process of expanding the relationships we have into primary care and preventative care, more longitudinal care. So instead of going to serve a care gap closure visit or transitional care, we're providing the long-term care and the preventative care and the primary care for that patient. And that's typically step two in that process.

我們也發現，許多這類患者需要初級保健服務和預防性護理。正如我剛才提到的，我們正在將我們的合作關係擴展到初級保健和預防保健領域，以及更長期的醫療保健領域。因此，我們不再只是提供護理缺口填補服務或過渡護理，而是為該患者提供長期護理、預防性護理和初級護理。這通常是該過程的第二步。

And then you can see scenarios where we enroll those patients in Remote Patient Monitoring, as I mentioned. And so really, developing the patients in the care they need, meeting them where they are, closing care gaps to start and then making sure they have the proper primary and preventative care. That's how the progression of those contracts typically take. And then the lists get larger, the patient needs get bigger and more varied, and then we're there to sort of expand into those payer contracts as they see really the impact of our work and how better off their patients are with our services.

然後，您可以看到一些場景，在這些場景中，我們將這些患者納入遠端患者監測，正如我之前提到的。因此，真正重要的是要根據患者的需求制定護理計劃，從他們目前的狀況出發，彌合護理差距，然後確保他們獲得適當的初級和預防性護理。這些合約的進展通常就是這樣。然後，名單越來越長，病人的需求越來越大、越來越多樣化，這時我們就需要拓展與支付方的合同，因為他們真正看到了我們工作的影響，以及我們的服務如何改善了病人的生活。

I know we've shared -- and I want to share one more piece here, which is with a lot of the health plans we work with, one example we gave, which I gave in the prepared remarks, we've helped reduce their ED readmission rate by over 50% for the patients in that transitional care management program.

我知道我們已經分享過——我還想在這裡分享一點，那就是我們與許多健康計劃合作，舉個例子，我在準備好的發言稿中也提到過，我們幫助他們將過渡護理管理計劃中的患者的急診再入院率降低了 50% 以上。

So the payers are seeing real benefit, and they're continuing to give us more and more work. And so that's what we're basing our guidance on is the contracts we currently have and the ability to expand with our current customer set. Any new additions from the pipeline or M&A or any significant contract wins would be in addition to the guidance we're giving tonight.

因此，付款方看到了實際的好處，他們也繼續給我們越來越多的工作。因此，我們的指導方針是基於我們目前擁有的合約以及在現有客戶群的基礎上進行擴展的能力。任何來自專案儲備、併購或重大合約的新增專案都將是我們今晚給出的指導意見之外的補充。

(Operator Instructions) Ryan MacDonald, Needham.

（操作說明）瑞安·麥克唐納，尼德姆。

Maybe to start on the transportation side. So it's great to hear about the heightened levels of utilization and sort of that being a signal for incremental investment to scale the team. But how do you balance sort of supply/demand in terms of what you're seeing so that as you continue to scale the team that you have enough demand to sort of utilize those teams in an optimal way so it's not becoming sort of margin dilutive?

或許可以先從交通運輸方面著手。因此，很高興聽到利用率有所提高，這似乎是一個信號，表明需要增加投資來擴大團隊規模。但是，如何平衡目前所看到的供需關係，以便在團隊規模不斷擴大時，能夠有足夠的需求來以最佳方式利用這些團隊，從而避免造成利潤稀釋呢？

Absolutely, Ryan. Thanks for the question. So I thought it was important for us to mention how many trips we're currently outsourcing or handing off to other vendors. And so we looked at that number over the last 12 months. It's added up to about 26,000 trips.

當然，瑞恩。謝謝你的提問。所以我認為有必要說明我們目前有多少行程外包或轉交給其他供應商。因此，我們查看了過去 12 個月的這個數字。累計出遊次數約 26,000 次。

So that's really the number we're using as sort of the embedded demand we have and the contracts we have and how much staff and supply we need in order to meet that demand. And that's really the number we're working off of. Of course, new contract wins, we'd have to hire more, but that's the number we're working off of.

所以，這實際上是我們用來衡量我們現有需求、合約以及滿足這些需求所需的人員和供應量的數字。這就是我們實際依據的數字。當然，如果贏得新合同，我們就需要雇用更多人，但這是我們目前所依據的數字。

And we've been able to quantify those trips in all of our markets and then the corresponding level of staff that we would need in order to satisfy those trips and not outsource them. And so that's what we're basing our entire hiring plan around. If you add those up, those 26,000 trips across all of our markets, it looks like we have to hire about another 700 to 800 staff.

我們已經能夠量化我們所有市場中的這些行程，以及為了滿足這些行程需求而不外包這些行程，我們需要的相應員工數量。所以，這就是我們整個招募計畫的核心。如果把這些加起來，我們所有市場上的這 26,000 次行程，看來我們需要再招募大約 700 到 800 名員工。

Now I'll tell you, we've made progress on that over the past number of weeks here, but we're continuing to ramp that up pretty intensively right now. We have big work streams going within the company to make sure that we're both retaining the great staff we have and attracting new team members to join so that we can scale those efforts.

現在我可以告訴你們，在過去的幾周里，我們在這方面取得了一些進展，但我們現在正在繼續加強推進這項工作。公司內部正在進行多項重要工作，以確保我們既能留住現有優秀員工，又能吸引新團隊成員加入，從而擴大這些工作的規模。

But it's really based off of the number of trips that we're already outsourcing from the embedded demand we have from our contracts.

但這其實是根據我們合約中已有的需求，將部分行程外包出去的。

Helpful color there. And then maybe as a follow-up, obviously, great to hear about the continued scaling and growth in the remote patient monitoring business, 13 contracts this year, 8 more proposals. Can you just talk about what some of the core areas and sort of care areas that you're focused in with remote? And really, the genesis of the question is a bit is, obviously, the recent news about United rolling back RPM, except for, I think, chronic heart failure and hypertension during pregnancy. Just kind of curious what you're hearing in the market of does that sort of create a knock-on effect at all for other payers in the market?

顏色很醒目。然後，作為後續報道，顯然很高興聽到遠距病人監護業務持續擴大規模和增長，今年已簽訂 13 份合同，還有 8 份提案。您能否談談您在遠距醫療方面主要關注的核心領域和護理領域？而這個問題的真正起源，顯然是最近有關美聯航取消RPM（轉速限制）的新聞，但我認為，慢性心臟衰竭和妊娠高血壓除外。我只是有點好奇，你從市場上了解到的情況是，這是否會對市場上的其他支付者產生連鎖反應？

Yes, Ryan, I'm so glad you mentioned that. So actually, our core offering in remote patient monitoring is really in the cardiology space. So you mentioned chronic heart failure and other insurance companies rolling back coverage to just cardiology and heart disease. That actually would bode well for us. We have a deep expertise in cardiology and implantable cardiac devices like loop recorders, pacemakers and so forth. So that's really our specialty, and that's the area where we're investing in.

是的，瑞恩，我很高興你提到了這一點。所以實際上，我們在遠距病人監護方面的核心產品是心臟病學領域。所以你提到了慢性心臟衰竭以及其他保險公司將承保範圍縮小到僅限於心臟病學和心臟病。那對我們來說其實是個好兆頭。我們在心臟病學和植入式心臟設備（如循環記錄器、心律調節器等）方面擁有深厚的專業知識。所以這正是我們的專長，也是我們投資的領域。

So that's the focus of our remote patient monitoring efforts is these devices that are transmitting data, particularly for heart failure and other cardiology-related chronic conditions. We have been expanding since from that into other specialties like diabetes and others, but the core focus of our group right now is in cardiology.

因此，我們遠距病患監護工作的重點是這些傳輸資料的設備，特別是針對心臟衰竭和其他與心臟病相關的慢性疾病。從那以後，我們一直在糖尿病等其他專科領域擴展，但我們團隊目前的核心重點是心臟病學。

David Larsen, BTIG.

David Larsen，BTIG。

This is Jenny Shen, on for David. First, I just wanted to ask about your current view of the hospital and hospital spending environment as a whole. We've spoken to some hospital executives who've said some of the uncertainty in the market, including around things like ACA and Medicaid have caused them to be more cautious with their budgets, and they're expecting there could be pressure on volumes and spending. Have you had or heard any of that sentiment with your customers so far, but it looks like volumes are strong. Just any thoughts on hospital customer sentiment on spending?

這裡是Jenny Shen，代David發言。首先，我想問您目前對醫院和醫院支出環境的整體看法。我們與一些醫院高層交談過，他們表示，市場上的一些不確定性，包括《平價醫療法案》(ACA) 和《醫療補助計劃》(Medicaid) 等問題，導致他們在預算方面更加謹慎，他們預計業務量和支出可能會面臨壓力。到目前為止，您是否曾經聽過或感受到這種情緒？但看起來銷量依然強勁。大家對醫院顧客的消費觀念有什麼看法？

Absolutely, Jenny. It's great to hear from you, and it's a great question. So look, I think it's still early to tell what really the impacts will be from any new legislation. But you can certainly see an area where perhaps there's more Americans that are underinsured or uninsured and they end up in hospitals, emergency rooms and really straining capacity. And then, of course, perhaps those hospitals won't be able to recoup reimbursement from underinsured or uninsured patients. So it's definitely a concern.

當然，珍妮。很高興收到你的來信，這是一個很好的問題。所以，我認為現在判斷任何新立法究竟會產生什麼影響還為時過早。但你絕對可以看到，在某些地區，可能有許多美國人醫療保險不足或沒有醫療保險，他們最終會去醫院、急診室，導致醫療資源嚴重緊張。當然，那樣的話，這些醫院可能就無法從保險不足或沒有保險的病人那裡收回費用了。所以這確實令人擔憂。

We spend a lot of time with hospital executives, and I speak to hospital system CEOs very regularly. And I think our core focus is on how we can save them money and be more efficient. That's really always been our focus. We feel like we can help them manage their patient flow, make sure patients are not staying an extra night in the hospital if they don't need to because they couldn't get the medical transportation coordinated. We help with that.

我們花很多時間與醫院高層交流，我經常與醫院系統執行長交談。我認為我們的核心重點在於如何幫助他們省錢並提高效率。這始終是我們關注的重點。我們覺得我們可以幫助他們管理病人流動，確保病人不會因為無法協調醫療運輸而被迫在醫院多住一晚（如果不需要的話）。我們可以提供協助。

Our platform specifically is designed for that. And so we feel like we've gotten receptivity from hospital systems very recently to that.

我們的平台正是為此而設計的。因此，我們感覺最近醫院系統對這種做法的接受度很高。

And then, of course, on the payer and provider side, our whole goal, again, whether it be with hospital systems or payers is we want to help lower their costs and their utilization. And so that transitional care management program I described, when a patient is getting discharged, that is a critical moment in patient engagement. They're leaving the hospital.

當然，在支付方和提供方方面，我們的最終目標，無論是與醫院系統還是支付方合作，都是希望幫助他們降低成本和利用率。因此，我所描述的過渡期護理管理計劃，在病人出院時，是病人參與的關鍵時刻。他們要出院了。

And so we're there bedside often, scheduling follow-up appointment, making sure that we're going to go and see them perhaps in their home to make sure their discharge planning is being taken care of. That is very valuable, and that will help patients stay out of the hospital.

因此，我們經常到病床邊，安排後續預約，確保我們會去他們家探望他們，以確保他們的出院計劃得到妥善安排。這非常有價值，有助於患者避免住院。

And that helps hospitals because hospitals get penalized if patients bounce back within a 30-day window. And so we're helping keep patients from doing that. And it helps the payers because, again, patients are most costly when they're in the hospital.

這對醫院有利，因為如果病人在 30 天內復發，醫院就會受到處罰。因此，我們正在幫助患者避免這種情況發生。而且這對支付方也有好處，因為病人住院期間的醫療費用最高。

So again, we really are excited by what we're building here. We think it is very timely. We think it's incredibly strategic to the health care ecosystem. And really, it's all designed on trying to save the system money, the hospital's money and the payers' money and that we think will be successful with that.

所以，我們真的對我們正在打造的東西感到興奮。我們認為這非常及時。我們認為這對醫療保健生態系統具有極為重要的戰略意義。實際上，這一切都是為了節省系統資金、醫院資金和支付方資金，我們認為這樣做會成功。

Yes, Jenny, what I would add to that is that I can say anecdotally that in the last six months or a year, we've had conversations with hospital systems that we've been in the ambulance business for quite some time, but there are some big hospital systems we've spoken to that we had not really spoken to prior to, let's say, the last 6 or 12 months who are now thinking about precisely that, outsourcing the management of the flow of patients into and out of their facilities, something that they had always done on their own. It's always been a pain point to them, and now they really have to think about being more efficient and getting it off their plate. So we're having -- we have opportunities that I don't think even existed a couple of years ago.

是的，珍妮，我還要補充一點，根據我的經驗，在過去的六個月或一年裡，我們與一些醫院系統進行了交流。我們從事救護車業務已經有一段時間了，但我們最近接觸到了一些大型醫院系統，而在此之前的六個月或十二個月裡，我們並沒有真正與他們接觸過。這些醫院系統現在正在考慮將病人進出院流的管理外包出去，而他們以前一直都是自己管理的。這一直是他們的痛點，現在他們真的需要考慮如何提高效率，把這件事從他們的負擔中解脫出來。所以我們現在擁有——我們擁有一些幾年前根本不存在的機會。

That sounds great. And then for a quick follow-up. Have you seen any impact from the government shutdown? Has that impacted any municipal decision-making at all?

聽起來不錯。然後，還有一個簡短的後續問題。你覺得政府停擺會造成什麼影響嗎？這是否對市政決策產生任何影響？

Yes, absolutely. So we've shared over the past several earnings calls, we've actually emphasized less our work in the population government space. So we've really been focused on the hospital systems, the payers, the providers. SteadyMD is now customer set, it's going to get more and more of our attention, time and resources. And so that's really where our big focus is.

是的，絕對的。因此，在過去幾次財報的電話會議上，我們實際上減少了​​對人口治理領域工作的強調。所以我們一直非常關注醫院系統、支付方和醫療服務提供者。SteadyMD現在已經擁有了客戶群，我們將投入越來越多的關注、時間和資源。所以，這才是我們工作的重點。

And again, I think honestly, it's very early to tell any impact from some of this legislation or policy changes. We don't see it yet. And frankly, a lot of the policy changes kick in later on down the road next year or the year after. So we're really heads down.

而且，說實話，我認為現在判斷這些立法或政策變化會產生什麼影響還為時過早。我們目前還沒有看到。坦白說，很多政策變化要到明年或後年才會生效。所以我們真的埋頭苦幹。

We think our value prop speaks to whatever environment the health care system or policy may be, whatever situation the health care system may be in or whatever policy that there may be an effect because, again, we're there to help save the system money, save hospital systems money, help CMS save money, help our insurance partners save money. And that's really our goal, and we think that will be germane and relevant no matter what going forward here.

我們認為，無論醫療保健系統或政策處於何種環境，無論醫療保健系統處於何種情況，無論政策產生何種影響，我們的價值主張都適用，因為我們始終致力於幫助系統省錢，幫助醫院系統省錢，幫助 CMS 省錢，幫助我們的保險合作夥伴省錢。而這正是我們的目標，我們認為無論未來如何發展，這都將是切合實際且具現實意義的。

Mike Latimore, Northland Capital.

麥克·拉蒂莫爾，北地資本。

This is Aditya, on behalf of Mike Latimore. Could you give some color on how are the bookings in the third quarter? And how much did they grow sequentially?

我是 Aditya，代表 Mike Latimore。能否簡單介紹一下第三季的預訂？它們依序增長了多少？

For which business?

為哪家企業？

Like overall, yes.

總體來說，是的。

I mean, we saw sequential growth in almost all of our businesses. In Transport, we would see, let's say, in the US, and we look at it in terms of the number of trips that we carried. So we saw like a mid-single-digit sequential growth in trip count, which for a quarter-over-quarter number, that's very, very good. We're happy with that. Obviously, our Payer and Provider business lines all showed some growth during the quarter. I think every one of those business lines showed a higher revenue number for Q3 than for Q4.

我的意思是，我們幾乎所有業務都實現了持續成長。在交通運輸領域，比如說在美國，我們會從運輸次數的角度來看這個問題。因此，我們看到出行次數環比增長了中等個位數，對於季度環比而言，這非常非常好。我們對此很滿意。顯然，本季我們的支付方和提供方業務線均有所成長。我認為所有這些業務線第三季的營收都高於第四季。

So in fact, when we look towards 2026, if we would simply take the Q3 results and annualize them, that would already put us in pretty good shape as far as the guidance that we gave. So we definitely saw a pickup in volumes. And I think we mentioned in the release or elsewhere that we did see record volumes. Now granted it wasn't blowing away our previous records, but we did see higher volumes across all of those business lines in Q3 than we had ever seen.

因此，實際上，當我們展望 2026 年時，如果我們簡單地將第三季的結果按年計算，那麼就我們給出的指導而言，情況就已經相當不錯了。所以銷量確實出現了回升。我想我們在新聞稿或其他地方也提到過，銷量確實創下了紀錄。誠然，雖然沒有打破我們之前的記錄，但我們在第三季所有業務線的銷量都比以往任何時候都高。

Got it. And how much cash do you expect to have at the end of the year?

知道了。那麼，你預計年底會有多少現金？

So just using the end of Q3 as a baseline, we had $95 million when you take cash and the restricted cash as well or $73 million, if you just look at the unrestricted cash. We would expect that number to go up net by a few million dollars, assuming that as we expect, we will collect on the remainder of the large migrant-related invoices that are out there, that would be enough to cover any kind of operating loss, and we should be able to squeeze out some operating cash flow on that basis. So we would expect that the number will go up a little bit by the end of Q4.

以第三季末為基準，如果將現金和受限現金都算上，我們有 9,500 萬美元；如果只看非受限現金，則有 7,300 萬美元。我們預計淨收入將增加數百萬美元，假設我們能夠如預期般收回剩餘的大額移民相關應收帳款，這將足以彌補任何營運虧損，並且我們應該能夠在此基礎上擠出一些營運現金流。因此我們預計到第四季末，這個數字會略有上升。

As we've shared, we think that, that number from there starts to go down at the end of Q1, at the end of Q2 before picking up in the back half of the year. But we feel that we would exit 2026 at a number that's about $65 million or higher.

正如我們之前所說，我們認為，這個數字會在第一季末和第二季末開始下降，然後在下半年回升。但我們認為，到 2026 年底，我們的收入將達到 6,500 萬美元或更高。

And there are no further questions at this time. I would now like to turn the call back over to Mr. Lee Bienstock. Please continue.

目前沒有其他問題了。現在我想把電話轉回給李·比恩斯托克先生。請繼續。

Thank you, and thank you all for joining us today. Be well.

謝謝大家，也謝謝各位今天蒞臨現場。祝您健康。

Ladies and gentlemen, this concludes your conference call for today. We thank you very much for your participation. You may now disconnect. Have a great day.

女士們、先生們，今天的電話會議到此結束。非常感謝您的參與。您現在可以斷開連線了。祝你有美好的一天。