DocGo Inc. (DCGO) 2026 Q1 法說會逐字稿

Good afternoon, ladies and gentlemen, and welcome to the DocGo first-quarter earnings conference call. (Operator Instructions) This call is being recorded on Monday, May 11, 2026.

各位女士、先生，下午好，歡迎參加 DocGo 第一季財報電話會議。（接線員指示）本通話於 2026 年 5 月 11 日（星期一）錄音。

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

現在我想把會議交給投資人關係副總裁 Mike Cole。請開始。

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.

謝謝，接線員。在把電話交給管理團隊之前，我想就前瞻性陳述作以下說明。本次電話會議中除歷史事實陳述之外的所有陳述，均屬前瞻性陳述。

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.

「可能」、「將」、「計畫」、「潛力」、「可以」、「目標」、「展望」、「設計」、「預期」、「旨在」、「相信」、「估計」、「預計」、「打算」、「指引」、「信心」、「目標值」、「預測」以及其他類似用語，可能用於識別此類前瞻性陳述。這些前瞻性陳述並非對未來表現的保證，我們亦無法向您保證我們將達成或實現我們的計畫、意圖、成果、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.

前瞻性陳述本質上受到重大風險、不確定性與假設的影響，其中許多超出我們的控制範圍，且可能導致我們的實際結果或成果，或結果或成果的發生時點，與前瞻性陳述中所載內容存在重大差異。

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 the timing of results or outcomes may differ materially from what is expressed or implied by these forward-looking statements.

這些風險、不確定性與假設包括但不限於 DocGo 於 Form 10-K 年報、Form 10-Q 季報、本季財報新聞稿，以及 DocGo 向美國證券交易委員會（SEC）提交的其他報告與聲明中「風險因素」及其他部分所討論者，敬請留意。實際成果與結果或其發生時點，可能與這些前瞻性陳述所明示或暗示者存在重大差異。

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 and 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.

此外，今天的電話會議包含對非 GAAP 財務衡量指標的引用。這些非 GAAP 財務衡量指標與最直接可比的 GAAP 財務衡量指標之調節表，已載於我們的財報新聞稿以及包含該財報新聞稿的 Form 8-K 當前報告中；上述文件已張貼於我們的網站 docgo.com，並已向 SEC 提交。

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. 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.

本通話所含資訊僅截至所討論之日期為準。投資人不應假設相關陳述在日後仍具相關性並持續有效。除法律要求外，我們不承擔更新本通話中任何資訊之義務，以反映本通話日期之後的事件或情況、反映新資訊或反映未預期事件的發生。

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

此刻，我很高興把電話交給 DocGo 執行長 Lee Bienstock 先生。Lee，請開始。

Thank you, Mike, and thank you all for joining us today. We reported a strong top line of $75.6 million in revenue during the first quarter with an adjusted EBITDA loss of $10.2 million. Additionally, we increased our 2026 revenue guidance from a range of $290 million to $310 million to $300 million to $315 million, while leaving our 2026 adjusted EBITDA guidance unchanged at a loss of $5 million to $10 million.

謝謝你，Mike，也謝謝各位今天加入我們。我們第一季營收表現強勁，營收為 7,560 萬美元，調整後 EBITDA 虧損為 1,020 萬美元。此外，我們將 2026 年營收指引由 2.90 億至 3.10 億美元上調至 3.00 億至 3.15 億美元，同時維持 2026 年調整後 EBITDA 指引不變，仍為虧損 500 萬至 1,000 萬美元。

I would like to take a few minutes and break down the revenue and profitability aspects individually. First, a major driver of our strong revenue performance and increased revenue guidance is our virtual care offering, SteadyMD. We noted this upward trend in our last earnings call, and we are pleased to share that this trend has accelerated.

我想花幾分鐘分別說明營收與獲利能力的各個面向。首先，推動我們強勁營收表現並促使我們上調營收指引的一大動能，是我們的虛擬照護產品 SteadyMD。我們在上次財報電話會議中提到這一上升趨勢，很高興與各位分享，這一趨勢已進一步加速。

During the first quarter, SteadyMD generated in excess of $9 million in revenue, beating the previous high set in the fourth quarter of last year by roughly $1 million and completed approximately 1.1 million total visits and lab orders during the period, up 38% when compared to last year.

第一季期間，SteadyMD 產生超過 900 萬美元的營收，較去年第四季創下的前一高點約高出 100 萬美元；並在期間內完成約 110 萬次總就診與檢驗（lab）開單，較去年同期成長 38%。

SteadyMD recently entered into a new contract with a leading online pharmacy to provide virtual care services for weight loss prescriptions and a broad scope of general clinical services, which will fuel continued growth. Second, our mobile phlebotomy offering is performing exceptionally well.

SteadyMD 近期與一家領先的線上藥局簽訂新合約，為減重處方以及廣泛的一般臨床服務提供虛擬照護服務，將推動持續成長。第二，我們的行動採血（mobile phlebotomy）服務表現極為出色。

While their revenue base is smaller, we are now projecting as much as 75% growth for this business in 2026, which is well above our previous expectation, and we anticipate our rate of home visits to increase from 600 per day currently to 900 per day by the end of 2026. We've opened new territories in Upstate New York and Pennsylvania to meet demand for our services, and we are planning to launch services in Florida, which is a new state for us.

雖然其營收基礎較小，但我們目前預估該業務在 2026 年的成長可高達 75%，顯著高於先前預期；並預期到府訪視量將由目前每日 600 次提升至 2026 年底每日 900 次。為滿足服務需求，我們已在紐約州北部與賓夕法尼亞州開設新服務區域，並計畫在佛羅里達州推出服務，這對我們而言是新的州別。

We are expanding our use of technology as well, working with a major national lab to integrate our order intake into their applications to allow doctors to order home visits directly through the lab systems and deploying AI automation for order intake and customer service to help increase our margins. And third, we have signed recent new contracts and expansions with payers and providers for our care gap closure, PCP and transition of care services.

我們也在擴大科技應用，與一家全國性大型檢驗機構合作，將我們的訂單受理整合進其應用程式，使醫師可直接透過檢驗系統下單安排到府訪視；同時部署 AI 自動化以處理訂單受理與客服，協助提升毛利率。第三，我們近期亦與保險支付方與醫療提供者簽署新的合約與擴約，涵蓋照護缺口補足（care gap closure）、基層照護醫師（PCP）以及照護轉銜（transition of care）服務。

We have now surpassed 1.6 million lives assigned to us for care gap services since inception, and we've increased the number of visits completed 46% year-over-year. Also of note, we have begun an aggressive pace of onboarding for PCP and longitudinal care services, and our panel now has over 1,000 patients, the vast majority of which were enrolled in Q1. Our goal is for this business line to break even in late 2026, dramatically lessening the investment level that has been required to launch and grow this business over the last few years. Regarding our medical transportation business, we have recently had several significant renewals in addition to some smaller wins, further solidifying the long-term revenue profile of this business segment.

自成立以來，我們在照護缺口服務方面已累計超過 160 萬名受指派的受保生命（lives），且完成的訪視次數年增 46%。同樣值得一提的是，我們已開始以積極的節奏導入（onboarding）PCP 與縱向/長期照護（longitudinal care）服務，目前我們的病患名單（panel）已超過 1,000 名病患，其中絕大多數於第一季加入。我們的目標是讓此業務線在 2026 年末達到損益兩平，從而大幅降低過去幾年為啟動並擴張該業務所需的投資水準。至於我們的醫療運輸業務，除了一些較小的得標外，我們近期也完成數項重要續約，進一步鞏固該業務分部的長期營收輪廓。

We renewed our contract with one major New York hospital system for an additional year and renewed our contract with another major New York health system for two additional years and added their Staten Island facilities. We signed a contract to provide service for a long-term acute care hospital in Chattanooga, Tennessee, signed contracts to provide medical transportation with several hospice facilities in Wisconsin and signed a new nonemergency patient transport services contract for the Great Western Hospitals NHS Foundation Trust in the United Kingdom.

我們與一家紐約大型醫院系統續約一年，並與另一家紐約大型醫療系統續約兩年，且新增其史泰登島（Staten Island）設施。我們簽署合約，為田納西州查塔努加（Chattanooga）的一家長期急性照護醫院提供服務；與威斯康辛州多家安寧療護（hospice）機構簽署醫療運輸服務合約；並與英國 Great Western Hospitals NHS Foundation Trust 簽署新的非緊急病患運送服務合約。

In addition to what we have factored into our updated revenue guidance, our business development pipeline remains strong and supportive of continued growth with multiple opportunities for medical transportation growth, both in the U.S. and especially in our U.K. operations. Consistent with our approach, we will update guidance accordingly if and when contracts are entered into.

除我們已納入更新後營收指引的內容之外，我們的業務開發管線仍然強勁，並支持持續成長，包含多項醫療運輸成長機會，涵蓋美國以及尤其是我們在英國的營運。依照我們一貫作法，若且當合約正式簽訂，我們將相應更新指引。

Collectively, we cannot be more pleased with the near-term revenue growth opportunities for our consolidated business. Now I'd like to shift gears and break down the gross margin and SG&A lines to provide some color behind our decision to increase revenue expectations while keeping our adjusted EBITDA guidance unchanged. We experienced labor inefficiencies as a result of SteadyMD's exceptional growth.

整體而言，我們對合併後業務在短期內的營收成長機會感到非常滿意。接下來我想轉換主題，拆解毛利率與銷售、一般及行政費用（SG&A）項目，說明我們在上調營收預期的同時，仍維持調整後 EBITDA 指引不變的原因。由於 SteadyMD 的卓越成長，我們出現了人力效率不彰的情況。

As I mentioned previously, we had high expectations for this business in 2026, and those lofty expectations are being exceeded. Their dramatic growth required us to pay increased incentives to our current clinicians to cover shifts while we worked to bridge a hiring gap. As a result, this negatively impacted our consolidated gross margin by approximately 60 basis points.

如我先前所述，我們對該業務在 2026 年抱持很高期待，而這些高期待正被超越。其快速成長使我們在彌補招募缺口期間，必須向現有臨床人員支付更高的激勵以支援排班。因此，這使我們的合併毛利率約下降 60 個基點。

During the first quarter, we leveraged DocGo's recruiting expertise to increase SteadyMD's clinical workforce by over 45%, and we expect this added workforce to help meet pent-up demand for SteadyMD services in the second half of the year. In addition, we saw a significant increase in fuel costs in March, driven by the war in the Middle East.

第一季期間，我們運用 DocGo 的招募專長，將 SteadyMD 的臨床人力擴增超過 45%，並預期新增人力將有助於在下半年滿足 SteadyMD 服務的累積需求。此外，3 月燃料成本顯著上升，主要受中東戰爭影響所致。

We estimate that every $1 increase at the pump cost us about 35 basis points of consolidated gross margin. Our average price paid in March was $3.69 compared to an average cost of $2.93 per gallon in January and February. Average fuel costs in Q2 to date have remained at this elevated level, which we expect to be a continued drag on gross margin over the near term, unlike the temporary narrowing of SteadyMD's margins I just described, which has already corrected in the second quarter so far.

我們估計加油站價格每上升 1 美元，將使合併毛利率約下降 35 個基點。我們 3 月的平均支付價格為 3.69 美元，而 1 月與 2 月每加侖平均成本為 2.93 美元。迄今第二季的平均燃料成本仍維持在此較高水準，我們預期短期內將持續拖累毛利率；不同於我剛才描述的 SteadyMD 毛利率暫時性收窄情況，該情況在第二季迄今已經修正。

And last, if we adjust our operating expenses to exclude depreciation, stock-based compensation and other nonrecurring items, we saw a decrease from $35.7 million in the fourth quarter of last year to $34.1 million in the first quarter of this year. We feel this is the most accurate representation of how our cost-cutting efforts are working their way through our financials.

最後，若我們調整營業費用以排除折舊、以股份為基礎的薪酬以及其他非經常性項目，我們看到該費用由去年第四季的 3,570 萬美元下降至今年第一季的 3,410 萬美元。我們認為這最能準確反映我們的成本削減措施如何逐步反映在財務報表中。

There is undoubtedly a lag in this process, and we are just starting to see the impact from many of the cost cuts made late last year. Our expectation is that we will see an acceleration in this improvement in the coming quarters based on steps that have already been taken and additional cuts already underway in the second quarter.

這個過程無疑存在時間落差，而我們才剛開始看到去年底所做多項成本削減的影響。我們預期在接下來幾季，基於已採取的步驟以及第二季已在進行中的額外削減措施，改善幅度將加速。

In sum, we saw margin headwinds driven by the geopolitical tensions influencing fuel prices and the aggressive pace of operational expansion that was beyond our initial expectations. We believe that these margin constraints are temporary in nature and not reflective of our long-term profitability profile. Our top line is strong and getting even stronger.

總結來說，我們看到利潤率面臨逆風，主要來自地緣政治緊張局勢對燃油價格的影響，以及營運擴張步伐激進、超出我們最初的預期。我們認為這些利潤率限制屬於暫時性，並不反映我們長期的獲利能力輪廓。我們的營收表現強勁，而且還在持續增強。

We achieved record volumes across all major business lines in the first quarter, with U.S. Medical Transportation increasing 17%, health care in the home increasing 46%, mobile phlebotomy increasing 8%, cardiac and remote patient monitoring increasing 13% and virtual care and lab orders increasing 37% year-over-year. Before handing it to Norm, I would also like to briefly address the strategic alternatives process that was announced on March 16 of this year.

第一季我們在所有主要業務線都達成創紀錄的量能：美國醫療運輸年增17%、居家醫療年增46%、行動採血年增8%、心臟與遠距病患監測年增13%，以及虛擬照護與實驗室檢驗訂單年增37%。在交給Norm之前，我也想簡要說明一下我們於今年3月16日宣布的策略替代方案評估流程。

While I'm obviously limited in what I can say, the company's evaluation of strategic alternatives remains ongoing. While there can be no assurance that this process will result in DocGo pursuing any particular transaction or other strategic outcome, we will share further developments as appropriate.

雖然我顯然能說的內容有限，但公司對策略替代方案的評估仍在進行中。雖然無法保證此流程將導致DocGo推進任何特定交易或其他策略結果，但我們會在適當時機分享進一步進展。

Now I will hand it over to Norm to review the financial details.

現在我把時間交給Norm來說明財務細節。

Thank you, Lee, and good afternoon. Total revenue for the first quarter of 2026 was $75.6 million compared to $96 million in the first quarter of 2025. The year-over-year revenue decline was entirely due to the wind down of migrant-related projects.

謝謝你，Lee，大家下午好。2026年第一季總營收為7,560萬美元，對比2025年第一季的9,600萬美元。年對年營收下滑完全是因移民相關專案逐步結束所致。

Removing migrant-related revenues, we saw a revenue increase of 24% year-over-year in Q1. Now this was partially due to the recent acquisition of SteadyMD, which added $9.5 million in revenues in Q1 of this year. Removing the impact of both the migrant-related revenues in the 2025 period and the SteadyMD revenues in the 2026 period and revenues still increased by about 8% year-over-year.

扣除移民相關營收後，我們在第一季的營收年增24%。其中部分原因是近期收購SteadyMD，於今年第一季貢獻了950萬美元營收。若同時剔除2025年期間的移民相關營收影響，以及2026年期間的SteadyMD營收影響，營收仍約年增8%。

Medical transportation services revenue increased to $51.9 million in Q1 of 2026 from $50.8 million in transport revenues that we recorded in the first quarter of 2025 and were the highest quarterly transport revenues in DocGo's history. Revenues were driven higher by gains in both large and small U.S. markets with some of the strongest growth in markets like New York, Texas and Tennessee.

2026年第一季醫療運輸服務營收增至5,190萬美元，高於我們在2025年第一季記錄的5,080萬美元運輸營收，並創下DocGo歷史最高單季運輸營收。營收成長來自美國大型與小型市場的雙重斬獲，其中成長最強勁的一些市場包括紐約、德州與田納西州。

We continue to see increasing demand across most of our markets. Mobile Health revenue for the first quarter of 2026 was $23.6 million, down from $45.2 million in the first quarter of last year, driven again by the wind down of migrant revenues. Non-migrant mobile health revenues more than doubled, driven by increases in care gap closures, remote patient monitoring and mobile phlebotomy and by the inclusion of revenues from SteadyMD, which we acquired during the fourth quarter of 2025.

我們持續看到多數市場的需求增加。2026年第一季行動健康（Mobile Health）營收為2,360萬美元，低於去年第一季的4,520萬美元，主要同樣是因移民相關營收逐步結束所致。非移民行動健康營收成長逾一倍，受惠於照護缺口補足（care gap closures）、遠距病患監測與行動採血的增加，以及納入我們於2025年第四季收購的SteadyMD營收。

Removing the impact of SteadyMD, Mobile Health revenues still increased by about 38% year-over-year. Adjusted EBITDA for the first quarter of 2026 was a negative $10.2 million compared to an adjusted EBITDA of negative $3.9 million in the first quarter of 2025. The adjusted gross margin, which removes the impact of depreciation and amortization and is the measure of margins that we track most closely, was 31.6% in the first quarter of 2026 compared to 32.1% in the first quarter of 2025.

若剔除SteadyMD的影響，行動健康營收仍約年增38%。2026年第一季調整後EBITDA為負1,020萬美元，相較於2025年第一季調整後EBITDA為負390萬美元。調整後毛利率（剔除折舊與攤銷影響，亦為我們最密切追蹤的利潤率指標）在2026年第一季為31.6%，相較於2025年第一季的32.1%。

However, looking at only the revenues from business lines that were active in both periods, thereby removing Migrant revenues of $35 million and gross profits of $12.3 million from the first quarter of 2025 and removing SteadyMD revenues of $9.5 million and gross profits of $2.8 million from the first quarter of 2026, the adjusted gross margins of the underlying business would have been 31.9% in Q1 of 2026, up about 1.5 points from 30.4% in last year's first quarter.

然而，若僅觀察兩個期間皆有運作的業務線之營收（亦即剔除2025年第一季移民營收3,500萬美元與毛利1,230萬美元，並剔除2026年第一季SteadyMD營收950萬美元與毛利280萬美元），則基礎業務的調整後毛利率在2026年第一季將為31.9%，較去年第一季的30.4%提升約1.5個百分點。

During the first quarter of 2026, adjusted gross margins for the Medical Transportation segment were 31.9% compared to 30.8% in Q1 of 2025. Medical Transportation gross margins are still being restrained by higher-than-planned effective hourly wages for field labor. However, we took solid strides toward increasing our field headcount in the first quarter of 2026, and we saw the overtime rate decline in the first quarter of 2026, closer to the sub-10% overtime rates we saw in the first half of 2024.

2026年第一季，醫療運輸部門的調整後毛利率為31.9%，相較於2025年第一季的30.8%。醫療運輸毛利率仍受到現場人力實際每小時工資高於原先規劃的壓抑。不過，我們在2026年第一季在提升現場人力編制方面取得扎實進展，且第一季加班率下降，更接近我們在2024年上半年看到的10%以下加班率水準。

Transport gross margins were also impacted by increased fuel costs, as Lee described earlier. Mobile Health segment adjusted gross margin was 31% versus 30.8% in the first quarter of 2025. SteadyMD gross margins were several points lower than normal, reflecting the aggressive hiring in the first quarter to catch up to the increased demand from large customers.

如Lee先前所述，運輸毛利率也受到燃油成本上升的影響。行動健康部門調整後毛利率為31%，相較於2025年第一季的30.8%。SteadyMD毛利率較正常水準低了數個百分點，反映第一季為追趕大型客戶需求增加而進行的積極招募。

This factor, which is expected to reverse itself starting in Q2, was offset by greater relative contributions from higher-margin service lines within mobile health, such as remote patient monitoring and mobile phlebotomy. While revenue came in well above expectations and gross margins were generally in line, operating expenses came in higher than anticipated.

此因素預期自第二季起將反轉；同時，行動健康內部較高毛利服務線（例如遠距病患監測與行動採血）相對貢獻提高，抵銷了上述影響。雖然營收明顯高於預期且毛利率大致符合預期，但營業費用高於我們的預估。

This is due to the need to ramp up the hiring, onboarding and training of mobile health clinical staff to meet customer demand as well as the fact that our cost-cutting decisions regarding vendor spending and corporate headcount made in late Q4 and into 2026 won't meaningfully impact our income statement until the second quarter.

這是因為我們需要加速招募、到職導入（onboarding）與訓練行動健康臨床人員以滿足客戶需求；此外，我們在第四季末及進入2026年所做的供應商支出與公司人力編制的成本削減決策，要到第二季才會對損益表產生實質影響。

With SteadyMD's recent hiring push behind us, our continued cost-cutting efforts in Q1 and additional savings from the efficiency portfolio initiative that we discussed on last quarter's call and that are anticipated to have a positive impact on our second half 2026 results, we continue to expect sequential declines in SG&A in dollar terms as we go throughout the year.

隨著SteadyMD近期的招募推進已告一段落，加上我們在第一季持續推動的成本削減，以及我們在上季電話會議中討論的效率組合（efficiency portfolio）計畫所帶來的額外節省（預期將對2026年下半年業績產生正面影響），我們仍預期全年SG&A費用金額將呈現逐季下降。

As of March 31, 2026, our total cash and cash equivalents, including restricted cash and investments, came to $59.9 million, down from $68.3 million at the end of 2025. Our cash balance at quarter end was lower than we had expected due to the delay in collecting migrant-related accounts receivable owed by New York City's Department of Housing Preservation and Development, which we had expected to see during the first quarter.

截至2026年3月31日，我們的現金及約當現金總額（包含受限制現金與投資）為5,990萬美元，低於2025年底的6,830萬美元。季末現金餘額低於我們預期，原因是紐約市住房保護與發展局（Department of Housing Preservation and Development）所欠移民相關應收帳款的收款延遲，而我們原本預期第一季可收到。

However, on April 1, the first day of the second quarter, we received approximately $8 million in these receivables, and we are working on collecting the remainder of these receivables. With some further, albeit smaller operating losses in Q2 of 2026 and several growth-related initiatives requiring working capital, we would expect further declines in cash in the near term.

不過，在4月1日（第二季第一天），我們已收到約800萬美元的該等應收款，並正努力收回其餘款項。考量2026年第二季仍可能出現一些（但較小的）營運虧損，以及多項成長相關計畫需要營運資金，我們預期短期內現金仍可能進一步下降。

This could create some working capital pressure, which is expected to ease in the second half of the year, in line with our planned return to profitability. Turning to 2026 for the rest of 2026. As Lee mentioned in his comments earlier, and as we pointed out in our press release, we have updated and increased our revenue guidance for the year based upon what we have seen in the first 4-plus months of the year and the positive volume trends across most of our business lines.

這可能造成一定的營運資金壓力；隨著我們按計畫回到獲利狀態，該壓力預期將在下半年緩解。接著談2026年、也就是2026年剩餘期間的展望。如Lee先前所提，且我們在新聞稿中也指出，我們已根據今年前四個多月的表現，以及多數業務線的正向量能趨勢，更新並上調全年營收指引。

We now see full year revenues in the range of $310 million to $315 million, up from the range of $290 million to $300 million that we shared in mid-March and higher than our initial guidance of $280 million to $300 million. Now this does not include any revenues from migrant-related projects and would represent a 19% to 25% growth over 2025's base revenues.

我們目前預期全年營收介於3.10億至3.15億美元，高於我們在3月中旬分享的2.90億至3.00億美元區間，也高於最初指引的2.80億至3.00億美元。此預估不包含任何移民相關專案營收，並將代表相較2025年基礎營收成長19%至25%。

We continue to anticipate a full year adjusted EBITDA loss in the range of $5 million to $10 million, which is unchanged from our previous guidance. At this point, I'd like to turn the call back over to the operator for the question-and-answer session. Operator, please proceed.

我們仍預期全年調整後EBITDA虧損介於500萬至1,000萬美元，與先前指引一致。接下來我想把電話會議交回給主持人，進行問答環節。主持人，請開始。

(Operator Instructions) Ryan MacDonald with Needham.

（主持人指示）Needham的Ryan MacDonald。

This is Matt Shea on for Ryan. Maybe starting with the SteadyMD business. Nice to see the momentum continuing from last quarter, especially with the new win. Lee, maybe just double-click on this segment. What kind of pipeline are you seeing for new logos versus growth with existing logos?

我是代替Ryan的Matt Shea。或許先從SteadyMD業務談起。很高興看到動能延續自上季，尤其是新增的勝案。Lee，能否再更深入談談這個部門？你們看到的新客戶（new logos）管線，與既有客戶（existing logos）成長的管線，各是什麼樣的情況？

And are you seeing most of this demand from online pharmacies for weight loss or any other customer types worth calling out? And then, Norm, maybe when thinking about the top line guidance, it seems like majority was driven by the SteadyMD weight loss customers, but curious if you can put any finer points on that.

另外，你們看到這些需求多半來自提供減重服務的線上藥局，還是有其他值得特別指出的客戶類型？再來，Norm，談到營收指引時，看起來上調主要是由SteadyMD的減重客戶所帶動，但想請你能否更具體說明其中的貢獻。

Absolutely. Matt, great to hear from you. Really appreciate the question. And on the part of the question relating to the growth and the pipeline of what we're seeing in SteadyMD, as I mentioned in our prepared remarks, we're very, very encouraged and excited about the growth prospects there.

當然可以。Matt，很高興聽到你的聲音。非常感謝這個問題。至於你問題中關於我們在 SteadyMD 看到的成長與管線部分，正如我在事先準備的發言中提到的，我們對那裡的成長前景感到非常、非常受到鼓舞，也非常興奮。

I think the growth is coming from really both avenues, our existing customer base. We continue to grow our capacity and grow our volumes with our existing customer base that we've been working with now for quite some time. And we have been adding new logos pretty consistently over the course of the end of last year and as we head into this year, which is also fueling further growth.

我認為成長主要來自兩個面向：我們既有的客戶基礎。我們持續擴充產能，並在我們合作已久的既有客戶群中提升量能與服務量。同時，從去年底到今年初，我們也相當持續地新增新客戶（new logos），這也進一步推動了成長。

And the big push we made really in the first quarter of this year was to ramp the hiring in order to meet this growth and meet the demand. In terms of the types of customers we're working with, we're really working with -- you mentioned it, the online pharmacies. I mentioned one that we're expanding with quickly. Digital health companies, wellness companies, digital wearable companies as well are all partnering with us as well as your typical labs that you might expect as well.

而我們今年第一季真正做出的重大推進，是加速招募人力，以因應這波成長並滿足需求。就我們合作的客戶類型而言，我們確實在與——你也提到了——線上藥局合作。我也提到過其中一家我們正在快速擴大合作的客戶。此外，數位健康公司、健康管理（wellness）公司、數位穿戴裝置公司也都在與我們合作，當然也包括你所預期的典型實驗室客戶。

So really seeing growth from across that space. Yes, it's weight loss, but it's also general wellness trend as well as sort of the consumerization of health care is really pushing growth for us there. So we're really, really excited about it. The SteadyMD team is a great, great team, a great addition. And as we go through the year here, some of the growth is also going to come from DocGo's in-home visits.

所以我們確實看到整個領域都在成長。是的，包含減重，但也包含更廣泛的健康管理趨勢，以及醫療照護的消費化（consumerization of health care），都在推動我們那邊的成長。因此我們真的非常、非常興奮。SteadyMD 團隊是一支非常、非常優秀的團隊，是很棒的加入。而隨著今年的推進，部分成長也將來自 DocGo 的到府（in-home）訪視。

We really want to drive SteadyMD's telehealth capacity to be a key component of overseeing prescribing treatment planning the visits that are happening in the home with our mobile health clinicians. That's a big, big area of integration for us as we go throughout the year here and will help us also expand our margins for those in-home visits.

我們非常希望把 SteadyMD 的遠距醫療（telehealth）量能，打造為關鍵組成，用於監督開立處方、治療計畫，以及由我們的行動健康臨床人員在家中進行的訪視。這是我們今年推進過程中一個非常、非常重要的整合領域，也將幫助我們提升這些到府訪視的毛利率。

So we're really seeing it across the board, really great addition to the team, really fits nicely into the future of health care, care anywhere vision that we're pursuing, and we couldn't be more excited. Norm?

所以我們真的看到各方面都有進展；這是對團隊非常棒的補強，也非常契合我們正在追求的「隨處照護（care anywhere）」醫療未來願景，我們再興奮不過了。Norm？

Matt, in terms of the top line, I think you're referring to the guidance that we've given where we're going to a range of $300 million to $315 million, so let's say a midpoint of $307.5 million and you compare that to where we were before, which is $290 million to $300 million. So let's take a $295 million midpoint.

Matt，就營收（top line）而言，我想你指的是我們給出的指引（guidance）：我們把區間提高到 3 億美元到 3.15 億美元，取中位數約 3.075 億美元；而你拿來比較的先前指引是 2.9 億美元到 3 億美元，我們取中位數 2.95 億美元。

So we essentially are adding $12 million to the guidance. There are a couple of ways of looking at it. Number one, I would say that when I look at our quarterly results for Q1, the number that we did, which was about $75.5 million, $75.6 million is probably about anywhere from $3 million to $4 million ahead of where we thought we would be. So that gets us off to a good start.

所以我們本質上是把指引上調了 1,200 萬美元。可以從幾個角度來看。第一，我會說，當我看第一季的季度結果，我們做出的數字大約是 7,550 萬美元、7,560 萬美元，可能比我們原先預期高出約 300 萬到 400 萬美元，這讓我們有一個很好的開局。

But when you break it down by the different business entities, so the $12 million or so increase in guidance for the top line midpoint to midpoint, I'd say about $8 million to $9 million of that is probably related to SteadyMD. We necessarily projected it in a somewhat conservative way, right? We only had the company for about a month or two at the time that we made our last guidance, we gave our last guidance, and it's pleasantly surprised us with volumes with that volume growth, as Lee has mentioned.

但如果按不同業務實體拆解來看，這約 1,200 萬美元的指引上調（以中位數對中位數），我會說其中約 800 萬到 900 萬美元可能與 SteadyMD 有關。我們當時的預估必然是偏保守的，對吧？在我們上一次提出指引時，我們擁有那家公司大概才一兩個月；而正如 Lee 提到的，它在服務量與量的成長上帶來了令人驚喜的表現。

But that's only one part of it. The transport business is performing very well. We had a thesis that we've talked about on this call a couple of times, wherein if we had -- we knew we had the demand, we looked at the number of calls and trips that we couldn't take because we didn't have enough personnel. And we knew that if we would add to our headcount, we would add to our field labor that, that would translate into more volume.

但這只是其中一部分。運輸（transport）業務表現也非常好。我們在這通電話中談過幾次一個論點：我們知道需求存在；我們看了那些來電與行程中，因為人手不足而無法承接的數量。我們也知道，如果我們增加人力編制、增加前線勞動力，那就會轉化為更多的服務量。

And that's worked. So, so far, that part is definitely working. So if you think about it that way, then that definitely adds to the growth as well or at least it validates the transport growth we expected. And then you have some of our smaller business lines within mobile health like the mobile phlebotomy business and the CRMS business, remote patient monitoring business, which grew like 20% year-over-year in the first quarter.

而這個策略奏效了。所以到目前為止，那一塊確實在發揮作用。若你用這個角度來看，它也確實帶動了成長，或至少驗證了我們原先預期的運輸成長。再來，你還有一些行動健康（mobile health）中的較小業務線，例如行動採血（mobile phlebotomy）業務與 CRMS 業務、遠距病患監測（remote patient monitoring）業務，第一季年增約 20%。

So again, I would say that the majority of the increase relates to SteadyMD, but we're seeing some solid volume growth, as Lee mentioned in his prepared comments, really across all of our business lines.

所以我會再強調一次：上調的大部分與 SteadyMD 有關，但正如 Lee 在事先準備的評論中提到的，我們確實在所有業務線上都看到一些穩健的量的成長。

Okay. That's great color. I appreciate that from both of you. And then maybe touching on another area that sounded really strong this quarter, again, with being the payer and the care gap closure business, nice to see lives there crossing the, call it, 1.5 million mark. Maybe just first, it's a very dynamic year for the payers.

好的。這些補充很有幫助。我很感謝你們兩位的說明。接著也許談談另一個本季聽起來非常強勁的領域：也就是付款方（payer）與照護缺口補齊（care gap closure）業務；很高興看到那裡的承保人數（lives）突破了——姑且說——150 萬的門檻。也許先問第一個問題：對付款方來說，今年是非常動態的一年。

Any changes in terms of how they're looking to use you for these care gap closures or any services they want you to prioritize more maybe than what had been prioritized in the past? And then second, I think earlier this year at our conference, you had sort of talked about a pipeline of two to four more incremental payers that you could sign on in the first half of this year.

他們在如何使用你們來做這些照護缺口補齊、或希望你們優先提供哪些服務方面，有沒有任何改變？是否有些服務相較過去被更優先看待？第二，我記得今年稍早在我們的會議上，你曾談到上半年可能還有兩到四家新增付款方可望簽約的管線。

I wasn't sure from your prepared remarks if you had brought one or two on maybe this quarter, but maybe just update us on that thinking there, if that's still the right way to think about the incremental payers you're bringing on in the first half and maybe where you're at on that so far?

我不確定從你們的事先準備發言中，是否表示本季已新增一到兩家；但也請更新一下你們目前的看法：上半年新增付款方兩到四家的說法是否仍然適用？以及到目前為止進度如何？

Absolutely. I'm glad you mentioned that. So in terms of what the payers are looking for us to do, I think it's pretty consistent with what we've been seeing as we've built this out really over the last 18 to 24 months, which is really absolutely the care gap service, care gap closure, particularly for patients that are falling through the cracks, drifting, unattached, that continues to be a big need in the market, really no change there, and we've been ramping up our ability and growing -- really growing our volumes year-over-year as we go throughout building up that business.

當然。我很高興你提到這點。就付款方希望我們做什麼而言，我認為這與我們在過去 18 到 24 個月建立這項業務以來所看到的情況相當一致：也就是照護缺口服務、照護缺口補齊，特別是針對那些被漏接、逐漸流失、沒有固定照護連結（unattached）的病患；這仍然是市場上一個很大的需求，基本上沒有改變。我們也在持續提升能力並擴張——在建立這項業務的過程中，我們的服務量年對年持續成長。

I think the other piece that we're really seeing is when we go visit the care gap -- the open care gap patients, we are seeing that a lot of them are just also unattached or don't know who their primary care provider is and a very large percentage, the majority of which that don't have a PCP are opting for us to become their PCP. So those are the services really that we're adding on top of the care gap closure services, and we've continued to do that.

我認為另一個我們真正看到的重點是：當我們去拜訪照護缺口——也就是尚未補齊缺口的病患時，我們發現很多人其實也沒有固定的照護連結，或不知道自己的基層照護醫師（primary care provider, PCP）是誰；而其中相當高的比例——多數——在沒有 PCP 的情況下，會選擇由我們成為他們的 PCP。因此，這些就是我們在照護缺口補齊服務之上所加上的服務內容，而我們也持續在推進。

We saw in the first quarter, it was pretty interesting when we go to see the patients in their homes for care gap and also for PCP services, we're seeing that 60% of the patients we go and visit have two or more chronic conditions. And a big percentage of them have three or more chronic conditions. 20% of them have social needs or risks that are impacting their health outcomes. We also see that 42% of the patients had chronic conditions that had never before been documented.

第一季我們看到一個相當有意思的現象：當我們到病患家中提供照護缺口服務以及 PCP 服務時，我們發現我們拜訪的病患中，有 60% 具有兩種或以上的慢性病；其中很大一部分具有三種或以上的慢性病。另有 20% 有社會需求或風險，正在影響其健康結果。我們也看到有 42% 的病患，其慢性病狀況過去從未被記錄在案。

So these are big drivers for the health plans, and we're able to uncover this, that we're able to meet patients where they're at. And so -- and that goes along with our 50% plus readmission reduction that we're seeing with our longitudinal care patients that we've been working with. So we're really seeing great impact on health outcomes. We're really starting to provide more longitudinal care in addition to the care gap services.

這些都是健康保險計畫（health plans）的重要驅動因素，而我們能夠揭露這些資訊，因為我們能在病患所在之處提供服務。因此——這也與我們在長期照護（longitudinal care）病患上所看到的 50% 以上再入院率降低相呼應，這些病患是我們一直在服務的對象。所以我們確實看到對健康結果帶來很好的影響。除了照護缺口服務之外，我們也開始提供更多長期照護。

And uncovering chronic conditions that had been undocumented before is a big, big benefit to the health plan and of course, to the patient. So that's really what the plans are using us for. That's what we're -- that's the data and the insight that we're providing back to them, and it's proving out to be very, very valuable. And of course, we think we'll be successful and continue to grow the company as we provide more and more value.

而揭露過去未被記錄的慢性病，對健康保險計畫而言是非常、非常大的好處，當然對病患也是。因此，這就是保險計畫使用我們的方式；這也是我們回饋給他們的數據與洞察，而事實證明其價值非常、非常高。當然，我們也相信，隨著我們提供越來越多的價值，我們會成功並持續推動公司成長。

The majority of all of the plans that we work with have told us that they would like to expand with us over the coming year. So again, that's really given us a lot of excitement and optimism and enthusiasm for what we're doing there. On the new logos, I know you mentioned that, Matt, on the new logos, we'll announce them as it makes sense, but we're absolutely on pace to add two to four new logos in the first half of this year.

我們合作的大多數保險計畫都告訴我們，他們希望在未來一年擴大與我們的合作。所以這也再次讓我們對我們在那裡所做的事情感到非常興奮、樂觀與充滿熱情。至於新客戶（new logos），我知道你提到了，Matt；我們會在合適的時機對外宣布，但我們確實按進度在今年上半年新增兩到四個新客戶。

Pito Chickering, Deutsche Bank.

Pito Chickering，德意志銀行。

This is Kieran Ryan on for Pito. Appreciate all the color that you gave there. I guess just stepping back, could you maybe just help us just understand kind of the puts and takes around the reiteration of the EBITDA guidance just as far as kind of how the tailwinds from the really strong outperformance on revenues and with SteadyMD.

我是代替 Pito 出席的 Kieran Ryan。感謝你剛才提供的所有細節。我想先退一步問一下，能否幫我們理解一下，為何在營收端（以及 SteadyMD）表現非常強勁、明顯超預期的順風之下，你們仍重申 EBITDA 指引時，背後各項利多與利空的拉鋸是如何考量的？

Maybe offset by some incremental headwinds on kind of the labor cost and transportation and with SteadyMD and then on the fuel side. Just how should we think about that all kind of balancing out towards the reiterated range?

例如，是否被一些額外的逆風所抵銷，像是人力成本與運輸成本（包含 SteadyMD 相關）以及燃料端的影響。整體而言，我們應該如何看待這些因素如何平衡，最終落在重申的區間內？

It sort of answered the question itself, Kieran. But what's happening is we feel we have some really good momentum on the revenue side as evidenced by the fact that we outperformed our number for Q1 and we raised the guidance for the full year. And the reason why we left the overall EBITDA guidance the same even with a higher revenue expectation is for those reasons that you mentioned, right?

Kieran，你其實已經把問題的答案說出來了。但目前的情況是，我們認為營收端的動能非常好，這也反映在我們第一季的營收表現優於預期，並且我們上調了全年指引。至於為什麼即便提高了營收預期，仍維持整體 EBITDA 指引不變，原因正如你提到的那些因素，對吧？

There'll be a little bit of pressure on gross margins in the transport piece in Q2 because of fuel prices. Lee mentioned that our average gas price was about $3.69 per gallon in March, up from that $2.93 in January and February. That number is currently running at about $4. We don't think that, that's going to last really beyond the second quarter, but that's something that we have to take into account. Granted, we're not as leveraged to fuel prices maybe as we were in the past when we were only an ambulance company.

第二季在運輸業務這一塊，因為燃油價格，毛利率會有一些壓力。Lee 提到，我們 3 月的平均汽油價格約為每加侖 3.69 美元，高於 1 月與 2 月的 2.93 美元。目前大約在 4 美元左右。我們不認為這種情況會持續到第二季之後，但這仍是我們必須納入考量的因素。當然，我們對燃油價格的敏感度可能不像過去那麼高，因為以前我們只是一家救護車公司。

But it still will have an impact and could have an impact for us of maybe 1/3 of a point to 0.5 point in gross margin, which will obviously have an impact on -- will offset some of the gain that we would have from having higher margins than were originally projecting. On the operating expense side, so some of the stuff that Lee mentioned relates to SteadyMD.

但它仍然會產生影響，可能會讓我們的毛利率下降約 0.33 個百分點到 0.5 個百分點，這顯然會造成影響——會抵銷一部分原本因毛利率高於最初預估而帶來的增益。在營業費用方面，Lee 提到的一些內容與 SteadyMD 有關。

I did say in my comments that our -- there's been a lag in our cost cutting or in the way that, that sort of flows its way through to our income statement. So we expect to pick up some benefit there in Q2, but we're starting at a somewhat higher point. So we just want to build in a little bit of conservatism as far as that goes as well if operating expenses continue to run a little bit hot compared to where we expected things.

我在發言中也提到，我們的——成本削減在反映到損益表上存在一些滯後。因此我們預期第二季會開始看到一些效益，但我們是從相對較高的基準點起步。所以在這方面我們也希望納入一些保守性，以防營業費用持續比我們預期的還要偏高。

Got it. That's helpful. And then I think you had said if we adjust both SteadyMD and the migrant revenues in 1Q '25, mobile health growth was 38% in the quarter. And I see you're kind of grouping some business lines in together, Health Care at Any Address, which seems to account for the most of the dollars in mobile health.

了解，這很有幫助。接著我想你有提到，如果我們在 2025 年第一季把 SteadyMD 與移民相關收入調整掉，行動醫療（mobile health）在該季的成長是 38%。我也看到你們把一些業務線歸在一起，稱為「Health Care at Any Address」，看起來它占了行動醫療的大部分金額。

Can you just help us kind of understand what -- which business lines are driving the most growth on a dollar basis ex SteadyMD because there's obviously some really strong percentage growth rates there that are all contributing, but just so we can understand that a bit better.

能否幫我們理解一下，在排除 SteadyMD 之後，哪些業務線在金額（美元）貢獻上推動了最多的成長？因為顯然有一些非常強的百分比成長率都在貢獻，但我們想更清楚地理解其結構。

Yes. So I think on a dollar basis, you're seeing our patient monitoring business have really strong growth year-over-year, also really strong profitability profile as well in that growth. You also see growth in the health care in the home business, our care gap in primary care continues to grow year-over-year, and you're seeing growth in our mobile phlebotomy offering as well.

可以。所以我認為以金額來看，你會看到我們的病患監測（patient monitoring）業務年增非常強勁，而且在成長之下也有非常好的獲利能力輪廓。你也會看到居家醫療（health care in the home）業務的成長；我們在基層醫療的照護缺口（care gap）業務也持續年增；同時我們的行動抽血（mobile phlebotomy）服務也在成長。

So those are the three pieces. And then, of course, SteadyMD, which you mentioned. So those are really the pieces that are growing the fastest. They're starting to integrate with one another, SteadyMD overseeing the DocGo visits in the home, utilizing phlebotomists for the care gap visits in the home, utilizing patient monitoring for patients where it makes sense when we go and visit them in the home.

所以主要是這三塊。當然還有你提到的 SteadyMD。這些確實是成長最快的部分。而且它們開始彼此整合：由 SteadyMD 來監督 DocGo 的居家到訪服務；在居家照護缺口到訪中使用抽血師；以及在我們到府探訪病患時，對適合的病患導入病患監測。

And so that care at any address health care anywhere portfolio, we're really excited to see that growing and one playing and feeding the other is sort of a vision that we have as we go to provide care virtually in person and remotely. And that's the piece that's growing the fastest at the company right now.

因此，這個「care at any address／health care anywhere」的產品組合，我們很興奮看到它持續成長；其中一項業務帶動並回饋另一項業務，這是我們在提供虛擬、到場與遠距照護時的願景。而這也是公司目前成長最快的部分。

Richard Close, Canaccord Genuity.

Richard Close，Canaccord Genuity。

Yes. Maybe just a follow-up to that last question and some of the earlier questions. But just with respect to SteadyMD first, I think coming out of the fourth quarter, you had said something that's like a $25 million to $30 million business and call it, in 2026. So I guess based on the comments on the guidance, is, call it, $34 million to $39 million a good number for SteadyMD now for '26? Why don't we start there?

是的。我想針對上一題以及前面一些問題做個追問。先談 SteadyMD：我記得在第四季結束時，你們曾說這大概是一個 2,500 萬到 3,000 萬美元的業務，放到 2026 年來看。那麼根據你們對指引的評論，現在把 SteadyMD 在 2026 年的規模估在 3,400 萬到 3,900 萬美元，是否是一個合理的數字？我們先從這裡開始。

Yes. Richard, I appreciate it. So I think, as Norm mentioned, SteadyMD did about $9.5 million in the quarter for Q1. Now we do tend to see Q1 and Q4 as the highest levels for SteadyMD sort of as you go in those winter months as you close out the year and start the year.

是的，Richard，謝謝。我想如 Norm 提到的，SteadyMD 在第一季約做了 950 萬美元。一般而言，第一季與第四季通常是 SteadyMD 的高峰，因為在冬季月份、年末收尾與年初開始時，需求會比較高。

But as you're mentioning, that $9.5 million kind of puts them at that $36 million run rate for the year, but understanding that the middle months of the year tend to be a little bit lower on the volume. Now that being said, we are bringing on additional customers. We are onboarding additional customers that will potentially smooth that out as we go throughout the year. But that's basically, as you mentioned, that's the pace they're on as we exit Q1.

但如你所說，這 950 萬美元大致對應到全年約 3,600 萬美元的年化運行率（run rate），不過也要理解一年中間幾個月份的量通常會低一些。即便如此，我們正在導入更多客戶、也在上線更多客戶，這可能會讓全年走勢更平滑一些。總之，正如你提到的，這基本上就是我們在第一季結束時所看到的節奏。

Okay. And then just to be clear, with respect to the, call it, $23.6 million for mobile health, you have the $9.5 million for SteadyMD. There's like absolutely no migrant in any of those numbers or the mobile health for the quarter. That's completely gone, correct?

好的。那再確認一下：關於行動醫療（mobile health）這個 2,360 萬美元，其中 SteadyMD 是 950 萬美元。這些數字裡完全沒有任何移民相關收入，包含該季的行動醫療也完全沒有移民收入，已經完全消失了，對嗎？

That's correct.

沒錯。

Okay. And then maybe back to the question right before me in terms of -- so if we looked at like remote monitoring, if we ex out the mobile SteadyMD from the $23.6 million of total mobile, is remote monitoring the biggest chunk of what's remaining in there?

好的。那回到我前一位的問題：如果我們把 SteadyMD 從行動醫療總額 2,360 萬美元中扣除，遠距監測（remote monitoring）是否是剩餘部分中最大的一塊？

It's the biggest -- Richard, it's the biggest single one. It was a little bit more than $4 million, I'd say, $4.1 million in the quarter. But to give you an idea, the clinical staffing business was about $3.8 million, $3.7 million, $3.8 million. So it was a close second.

Richard，它是最大的——它是最大的單一項。該季大概略高於 400 萬美元，我會說約 410 萬美元。不過給你一個概念，臨床人力配置（clinical staffing）業務約 370 萬到 380 萬美元，大概 370 萬、380 萬左右，所以它是非常接近的第二名。

But yes, it is actually the biggest one, operating at a margin for the quarter of over 60%. Natural margin is probably a little bit lower than that, but it's solidly over 50%. So that really helps the overall margin picture for Mobile Health.

但沒錯，它確實是最大的那一項，而且該季的毛利率超過 60%。其自然毛利率可能會略低一些，但仍穩定在 50% 以上。因此這對行動醫療的整體毛利率表現有很大幫助。

Okay. And we're throwing around a bunch of terms here, but clinical staffing is care gap closure and PCP and that's correct?

好的。我們這裡用了很多術語，但臨床人力配置指的是照護缺口補齊（care gap closure）以及 PCP（基層照護醫師）相關，對嗎？

So the clinical staffing is basically our portion of the business where we support mobile clinics and clinical staffing for our health care partners. So it's essentially programs that we run on behalf of clinical groups like the -- we have groups like radiology groups and so forth that we run staffed clinics for.

臨床人力配置基本上是我們業務中的一部分：為醫療合作夥伴提供行動診所與臨床人力支援。也就是說，我們代表一些臨床團隊運營的專案，例如——我們有像放射科團隊等，我們為其運行並配置人員的診所。

It's a legacy government medical services business that we bought in, I think, back in 2022.

這是一個我們在 2022 年左右收購進來的、較早期的政府醫療服務（government medical services）業務。

Okay. So remote monitoring is $4.1 million, you got staffing at $3.8 million, and then it would be care gap closure or the home, health care in the home and then mobile phlebotomy.

了解。所以遠距監測是 410 萬美元，人力配置是 380 萬美元，接著就是照護缺口補齊或居家——居家醫療（health care in the home），以及行動抽血。

Correct. Yes. And the health care in the home, we -- again, the mobile phlebotomy is one of the service offerings that we do in the home, right? So primary care, care gap closure, mobile phlebotomy. In those scenarios, we're sending a clinician into the home.

正確。是的。而居家醫療方面，我們——再說一次，行動抽血是我們在居家提供的服務項目之一，對吧？所以包含基層醫療、照護缺口補齊、行動抽血。在這些情境下，我們會派遣臨床人員到府。

That's sort of the care in the home service line. We're calling out mobile phlebotomy because it's one of the fastest-growing components of that care in the home business.

這就是居家照護（care in the home）這條服務線。我們特別點出行動抽血，是因為它是居家照護業務中成長最快的組成之一。

So a big growth and a lot of those off of relatively small, but continued progress there. With respect to fuel prices, when you say you would expect some relief there, just maybe on transport, how much is the fixed rate programs versus the lease rate programs as a percentage? How is that trending? And do you get any relief on fuel on those agreements? Or how do we think about that?

所以成長很大，其中很多是從相對較小的基礎上起來，但確實持續在進展。關於燃油價格，你提到預期會有一些緩解，可能是在運輸端。固定費率方案相對於租賃費率方案（lease rate programs）各占百分比大概是多少？趨勢如何？在這些合約下，你們能在燃油方面獲得任何緩解嗎？我們應該如何理解？

On the leased-hour arrangements?

關於按租賃小時計費的安排呢？

Yes.

是的。

No, I don't think there's anything that's built in there. I mean we were talking about it here over the last few weeks. In general, whether it's on the headcount side or the fuel side, we really need to go back on some of our contracts and try to work in some sort of automatic indexed cost adjustment, but it doesn't exist on the vast majority of our contracts.

不，我不認為那裡面有內建任何機制。我的意思是，我們在過去幾週一直在這裡討論。一般來說，不論是人力編制端或燃料端，我們確實需要回頭檢視部分合約，嘗試加入某種自動的指數化成本調整，但在我們絕大多數合約中並不存在。

Where this plays out is that from a lease hour perspective versus fee-for-service, then we kind of look at it and say the fewer trips we have, the better because we're not using up the fuel. But other than that, that's not something really that's under our control.

這在實務上的呈現是：從租賃小時的角度相較於按服務收費（fee-for-service），我們會看一看並說，行程越少越好，因為我們就不會消耗燃料。但除此之外，這並不是我們真正能控制的事情。

Okay. Okay. And then with respect to the cost savings in this -- they're kicking in the second quarter. When do you get like the full sort of the full positive impact from the cost cutting? Is that like midway through the third quarter or actually here in the second quarter?

好的。好的。那接著關於這裡的成本節省——它們會在第二季開始發揮作用。你們何時能看到削減成本帶來的完整、全面的正面影響？是第三季中段左右，還是其實就在第二季？

I would say the full impact would probably be sometime in the third quarter. And I say that thinking about the sort of list we have of the very specific cost-cutting measures. Richard, part of the reason why we saw higher expenses than we would have expected in -- we initially expected in Q1 is typically, what will happen is we will swap out one vendor for another vendor.

我會說完整影響大概會在第三季的某個時點。我這麼說是基於我們手上那份非常具體的成本削減措施清單。Richard，我們在第一季看到的費用高於我們——最初在Q1預期的部分原因是，通常會發生的是我們會把某個供應商換成另一個供應商。

That's lower priced or we will just stop working with a vendor. But it's the kind of thing where you've got a list of vendors and you've got these cost savings that are identified and executed, but there's a lag because I might have a contract with that vendor that goes through the end of March, even though I told them in January that we're not using their services anymore or I told them back in December, I'm not using their services anymore.

那個供應商價格更低，或者我們就停止與某個供應商合作。但這類事情是：你有一份供應商清單，也有已識別並執行的成本節省項目，但會有時間落差，因為我可能與該供應商的合約要到三月底才到期，即使我在一月就告訴他們我們不再使用他們的服務，或我在去年十二月就告訴他們不再使用他們的服務。

And it's the same thing with some of the personnel. As we sort of shift into more of the corporate layer here, where we're trying to take some cost out. What ends up happening is that we'll have situations where someone is told, hey, look, we've identified this position for elimination, but we need you to stick around for another 30 days or 60 days. It sort of gets you into that next quarter.

人員方面也是一樣。當我們逐步轉向更偏公司層級、試圖降低一些成本時，最後會出現的情況是：有人被告知，嘿，你看，我們已經把這個職位列為要取消，但我們需要你再留下30天或60天。這就會把影響推到下一個季度。

And that's why that ends up happening. So knowing what we have executed so far in Q2, and what we have on the calendar to execute between now and the end of Q2, I would say that we're not going to get the full benefit of all of those things during this quarter. But by third quarter, we should get almost all of it.

這就是為什麼會發生這種情況。所以，根據我們在第二季迄今已執行的事項，以及從現在到第二季結束排程要執行的事項，我會說我們不會在本季就拿到所有這些措施的完整效益。但到第三季，我們應該能拿到幾乎全部。

Obviously, in Q4, we'll have whatever took place at the end of Q2 and Q3 hitting the P&L. So if things flow through the way we anticipate and without other things coming up that would cause us to add to our headcount or to take on other vendors that we don't currently have, we would expect that sequential decline in operating expenses as we go into Q2, 3 and 4.

顯然，在第四季，第二季末與第三季發生的事項會反映到損益表（P&L）上。因此，如果事情如我們預期般推進，且沒有其他事情冒出來迫使我們增加人力編制或新增目前沒有的其他供應商，我們預期營運費用會在進入第二、第三與第四季時呈現逐季下降。

Okay. And then good job on collecting. I guess you said $8 million April 1 or something like that.

好的。另外，收款做得不錯。我想你說4月1日左右收了800萬美元之類的？

Yes. (inaudible) mix.

是的。（聽不清）組合。

Okay. How much is still out there? And what's the thought process on when that comes in?

好的。外面還有多少未收？對於何時會收進來的思路是什麼？

Yes. So from HPD, which is the one that we talked about Housing Preservation and Development, there's about, I guess, $13 million left. We are in the process of communicating with them, sending them, in some cases, the very same information that we sent them last time, in some cases, sending it a different way.

是的。所以就HPD而言，也就是我們談到的那個住房保護與發展（Housing Preservation and Development），大概還剩下約1,300萬美元。我們正在與他們溝通，有些情況下是把上次寄給他們的同樣資料再寄一次，有些情況下則是用不同方式寄送。

There's a formal process by which we would go through that. They have now laid out for us exactly what it is that is "missing" in order for us to get paid on those items. And we're gathering that information and are sending it over. I'm going to say -- I mean, look, I look in their payment system, I think there's probably another $1 million or so that will come in maybe in the next couple of weeks. But beyond that, we would expect it to come in over the balance of 2026.

我們會依照一個正式流程來處理。他們現在已經為我們明確列出，為了讓我們就那些項目收到款項，究竟還「缺少」哪些資料。我們正在彙整那些資訊並寄送過去。我會說——我的意思是，你看，我查看他們的付款系統，我認為大概還會有約100萬美元可能在接下來幾週內入帳。但除此之外，我們預期會在2026年剩餘期間陸續收進來。

One thing that we have learned, even though we have now collected 97% of that contract is that it gets really, really difficult to predict the exact timing of when those payments are going to be made. And so we try to err on the side of being conservative. I will point out, when we talk about migrant revenues on the other hand, so there's HPD, but there's also New York City Health and Hospitals, the HERC program that we talked about, all that's been collected, and that was collected on a very timely basis in terms of the stuff that we billed as we came to the last days of those programs in late 2025.

我們學到的一件事是，即便我們現在已收回該合約97%的款項，要精準預測那些付款會在何時支付，仍然變得非常、非常困難。因此我們會傾向保守。另一方面，當我們談到移民相關收入時，也就是除了HPD之外，還有紐約市健康與醫院（New York City Health and Hospitals），以及我們提到的HERC計畫，那些都已全數收款，而且就我們在2025年末那些計畫接近尾聲時所開立的帳單而言，收款時效非常及時。

So I don't think there's anything material that's outstanding on any of those contracts as we sit here, that was all brought in during Q1. So it's really that $13 million or so that's sort of sitting out there that we are working very, very hard to collect.

所以我不認為在我們目前所處的時間點，其他任何合約還有重大未收款；那些都在第一季收進來了。真正還在外面、我們正非常非常努力催收的，就是那約1,300萬美元。

David Larsen, BTIG.

David Larsen，BTIG。

This is Jenny Shen on for Dave. I just wanted to ask more about the weight management program or business within SteadyMD. I think you mentioned in the prepared remarks a new partnership or contract with an online pharmacy.

我是代替Dave的Jenny Shen。我想再多問一些關於SteadyMD內的體重管理計畫或業務。我記得你在事先準備的講稿中提到與一家線上藥局有新的合作或合約。

Can you just speak more about that? Are you partnering with the pharmacy that offers the branded medications? Or are they offering the compounds? And how does that revenue sharing work?

你能再多談談嗎？你們是與提供品牌藥物的藥局合作嗎？還是他們提供的是複方藥（compounds）？收入分成是怎麼運作的？

Yes. So on the revenue, we charge a per visit rate. There's no revenue sharing. It's just we charge our contracted rate, as you mentioned, Jenny.

是的。就收入而言，我們按每次就診收費。沒有收入分成。就是如你所提到的，Jenny，我們收取合約約定的費率。

In terms of your part of the question relating to the weight loss medication, we're working with the branded weight loss medications, the pharmacies that are offering those branded weight loss options and we are the clinical visit as part of that prescription as part of that prescribing process.

至於你問題中關於減重藥物的部分，我們合作的是品牌減重藥物，也就是提供那些品牌減重選項的藥局，而我們在開立處方、處方流程中提供臨床就診服務。

So that's really what's driving that growth there. Of course, we're seeing, obviously, in the marketplace, a big tailwind and growth in that space, and we are participating in that.

所以那就是推動那邊成長的主要因素。當然，我們也看到市場上在那個領域有很強的順風與成長，我們也正在參與其中。

Okay. Perfect. And then can you remind us how much of revenue do you expect the payer business to contribute in 2026? And how much is SteadyMD do you think?

好的，完美。那你能提醒我們，2026年你們預期付款方（payer）業務會貢獻多少收入嗎？你覺得SteadyMD會是多少？

Absolutely. So as we mentioned, we updated the guidance to $300 million to $315 million for the year. And we expect, again, as we shared on the last earnings call, we expect about $85 million to $100 million to come from the Mobile Health segment and then about $210 million to come, $215 million to come from the Medical Transportation segment for the remainder of the year.

當然可以。如我們提到的，我們把全年指引更新為3億至3.15億美元。我們預期——同樣如我們在上次財報電話會議分享的——約8,500萬至1億美元將來自行動健康（Mobile Health）部門，另外約2.10億至2.15億美元將來自醫療運輸（Medical Transportation）部門，作為今年剩餘期間的預期。

SteadyMD, as was mentioned, I think Richard asked about it specifically. Again, SteadyMD exited Q1 at a $9.5 million quarter. And so they're contributing roughly that $35 million, $36 million as we go throughout the year in our projections.

至於SteadyMD，如先前提到的，我想Richard也特別問到。再次說明，SteadyMD在第一季結束時單季為950萬美元。因此在我們的預測中，他們全年大約貢獻3,500萬到3,600萬美元。

And that concludes your question-and-answer session. I would like to turn it back to Lee Bienstock for closing remarks.

以上結束問答環節。我想把時間交回給Lee Bienstock作結語。

Thank you so much. Appreciate everybody joining us and looking forward to speaking with you again soon. Have a great evening.

非常感謝。感謝大家參與，也期待很快再次與各位交流。祝各位晚安。

Thank you. Ladies and gentlemen, this concludes today's conference call. Thank you all for joining. You may now disconnect.

謝謝。各位女士先生，今天的電話會議到此結束。感謝各位參與。您現在可以掛線。