奎斯特診斷 (DGX) 2026 Q1 法說會逐字稿

Welcome to the Quest Diagnostics first quarter 2026 conference call. At the request of the company, this call is being recorded. The entire contents of this call, including the presentation and question-and-answer session that will follow are the copyrighted property of Quest Diagnostics with all rights reserved.

歡迎參加 Quest Diagnostics 2026 年第一季電話會議。應公司要求，本次電話會議將被錄音。本次電話會議的全部內容（包括簡報以及隨後的問答環節）均為 Quest Diagnostics 之受著作權保護的財產，保留一切權利。

Any redistribution, retransmission or rebroadcast of this call in any form without written consent of Quest Diagnostics is strictly prohibited. Now I'd like to turn the conference over to Dan Haemmerle, Interim Vice President of Investor Relations for Quest Diagnostics. Please go ahead.

未經 Quest Diagnostics 書面同意，以任何形式對本次電話會議進行任何再分發、再傳輸或再廣播，均嚴格禁止。現在我想把會議交給 Quest Diagnostics 投資人關係代理副總裁 Dan Haemmerle。請開始。

Thank you, and good morning. I'm joined by Jim Davis, our Chairman, Chief Executive Officer and President; and Sam Samad, our Chief Financial Officer. During this call, we may make forward-looking statements and will discuss non-GAAP measures. We provide a reconciliation of non-GAAP measures to comparable GAAP measures in the tables to our earnings press release. Actual results may differ materially from those projected.

謝謝，大家早安。與我一同出席的有：我們的董事長、執行長兼總裁 Jim Davis；以及財務長 Sam Samad。在本次電話會議中，我們可能會作出前瞻性陳述，並將討論非 GAAP 指標。我們在財報新聞稿的表格中提供非 GAAP 指標與可比 GAAP 指標的調節表。實際結果可能與預測有重大差異。

Risks and uncertainties that may affect Quest Diagnostics future results include, but are not limited to, those described in our most recent annual report on Form 10-K and subsequently quarterly filed reports on Form 10-Q and current reports on Form 8-K.

可能影響 Quest Diagnostics 未來業績的風險與不確定性包括但不限於：我們最近一期 Form 10-K 年報，以及其後提交的 Form 10-Q 季報與 Form 8-K 即時報告中所述者。

For this call, references to reported EPS refer to reported diluted EPS and references to adjusted EPS refer to adjusted diluted EPS. Growth rates associated with our long-term outlook projections, including consolidated revenue growth, revenue growth from acquisitions, organic revenue growth and adjusted earnings growth are compound annual growth rates. Now here's Jim Davis.

在本次電話會議中，提及的「報告 EPS」係指報告稀釋每股盈餘；提及的「調整後 EPS」係指調整後稀釋每股盈餘。與我們長期展望預測相關的成長率（包括合併營收成長、併購帶來的營收成長、有機營收成長以及調整後盈餘成長）均為複合年成長率。接下來請 Jim Davis。

Thanks, Dan, and good morning, everyone. Our strong first quarter performance reflects a focused business, delivering innovative solutions that meet our customers' evolving needs for lab insights. During the first quarter, we grew revenues over 9%, almost entirely from organic revenue growth on broad-based demand for our clinical innovations, expansion into new clinical areas and collaborations with elite health care and consumer health organizations.

謝謝 Dan，大家早安。我們第一季的強勁表現反映出我們聚焦的業務，持續提供創新解決方案，以滿足客戶對實驗室洞察不斷演進的需求。第一季我們營收成長超過 9%，幾乎全部來自有機營收成長，受惠於市場對我們臨床創新的廣泛需求、拓展至新的臨床領域，以及與頂尖醫療照護與消費者健康機構的合作。

In addition, we grew adjusted diluted earnings per share by approximately 13%, supported by productivity gains from our deployment of automation and AI across our operations both in and outside our labs. Given our strong first quarter momentum and continued strategic focus, we are raising our revenue and EPS guidance for the year.

此外，在我們於實驗室內外的營運全面部署自動化與 AI 所帶來的生產力提升支持下，我們的調整後稀釋每股盈餘成長約 13%。鑑於第一季的強勁動能與持續的策略聚焦，我們上調今年的營收與 EPS 指引。

Now I'll provide more detail on how we executed our strategy across key customer channels and operations during the quarter. Quest operates at the center of health care, delivering solutions that make testing simpler and smarter for our core clinical customers, physicians and hospitals as well as customers in higher-growth areas of consumer health, life sciences and data analytics.

接下來我將更詳細說明本季我們如何在關鍵客戶通路與營運面執行策略。Quest 位於醫療照護的核心，為核心臨床客戶（醫師與醫院）以及成長更快的消費者健康、生命科學與資料分析等領域的客戶，提供讓檢測更簡單、更智慧的解決方案。

In the physician channel, we delivered high single-digit revenue growth in the first quarter on strong demand for our clinical innovations, geographic expansion from greater health plan access and increased volume from our growing business in enterprise accounts. We are also pleased with our growth during the quarter in end-stage renal disease, a new clinical area for us, focused on lab testing for dialysis patients.

在醫師通路方面，第一季在臨床創新強勁需求、因取得更多健康保險計畫而帶來的地理擴張，以及企業客戶（enterprise accounts）業務成長所帶動的量能增加下，我們實現高個位數的營收成長。我們也對本季在末期腎臟病（end-stage renal disease）這一新臨床領域的成長感到滿意，該領域聚焦於透析病患的實驗室檢測。

In addition to volume from serving thousands of dialysis clinics operated by Fresenius Medical Care nationwide, we also added independent dialysis clinics and other providers as clients of our lab and water purity testing.

除了為 Fresenius Medical Care 在全美營運的數千家透析診所提供服務所帶來的檢測量之外，我們也新增了獨立透析診所及其他供應商，成為我們實驗室與水質純度檢測的客戶。

In the hospital channel, we grew revenues at a double-digit rate with the majority of this growth coming from our collaborative lab solutions for Corewell Health, a leading health system in Michigan. Our Co-Lab solutions combine our scale, clinical depth and operational excellence to improve quality and cost efficiencies. Our implementation with Corewell Health is proceeding smoothly.

在醫院通路方面，我們營收以雙位數成長，其中大部分成長來自我們為密西根州領先醫療體系 Corewell Health 提供的協作式實驗室解決方案。我們的 Co-Lab 解決方案結合我們的規模、臨床深度與卓越營運，以提升品質並改善成本效率。我們與 Corewell Health 的導入進展順利。

We are also advancing our joint venture with Corewell Health with plans to open a state-of-the-art lab in Southeast Michigan next year. Hospitals value our flexible solutions that enable them to free up capital while benefiting from our expertise and innovation.

我們也正推進與 Corewell Health 的合資計畫，預計明年在密西根州東南部開設一座最先進的實驗室。醫院重視我們具彈性的解決方案，使其能釋放資本，同時受益於我們的專業與創新。

Our pipeline of potential Co-Lab collaborations as well as potential outreach and independent acquisitions remain strong. In the consumer channel, we deliver solutions that empower people to own their health. Similar to recent quarters, we generated significant revenue growth during the quarter, both from questhealth.com and from our portfolio of top consumer health collaborations. Growth from questhealth.com featured robust double-digit customer repeat rates and notable demand for new solutions such as our Elite health profile and autoimmune and hormone tests.

我們在潛在 Co-Lab 合作，以及潛在外展（outreach）與獨立併購方面的案源管線仍然強勁。在消費者通路方面，我們提供能讓人們掌握自身健康的解決方案。與近幾季相似，本季我們營收顯著成長，成長同時來自 questhealth.com 以及我們一系列頂尖消費者健康合作夥伴。questhealth.com 的成長展現強勁的雙位數回購率，且對我們的新解決方案（例如 Elite 健康檔案，以及自體免疫與荷爾蒙檢測）需求明顯。

Quest is a trusted health care brand with broad reach, which enables us to drive efficient customer acquisition for questhealth.com. In addition, we are the preferred lab engine for top consumer health brands and a key part of our growth this quarter was due to consumers accessing our lab insights within the apps and wearables of our collaborators.

Quest 是具廣泛觸及的可信賴醫療照護品牌，使我們能以高效率為 questhealth.com 取得新客戶。此外，我們是頂尖消費者健康品牌首選的實驗室引擎；而本季成長的一個關鍵因素，是消費者透過合作夥伴的 App 與穿戴式裝置取得我們的實驗室洞察。

Our customer channels are also growing as we continue to deliver advanced diagnostics in five key clinical areas, advanced cardiometabolic and endocrine, autoimmune, brain health, oncology and women's and reproductive health. We delivered double-digit revenue growth across several of these areas in the first quarter. I'll comment briefly on a couple of examples.

隨著我們持續在五大關鍵臨床領域提供先進診斷，我們的客戶通路也在成長：先進心臟代謝與內分泌、自體免疫、腦部健康、腫瘤學，以及女性與生殖健康。第一季我們在其中數個領域實現雙位數營收成長。我將簡要分享幾個例子。

In the areas of brain health, Alzheimer's disease is a progressive dementia that affects over 7 million people in the US and is expected to affect nearly 13 million Americans by 2050. For several quarters, we've spoken about delivering double-digit revenue growth from our AD-Detect blood test for Alzheimer's disease, a trend that continued in the first quarter.

在腦部健康領域，阿茲海默症是一種進行性失智症，在美國影響超過 700 萬人，預計到 2050 年將影響近 1,300 萬名美國人。過去幾季我們一直提到，AD-Detect 阿茲海默症血液檢測帶來雙位數營收成長，而這一趨勢在第一季仍持續。

To understand this growth, consider that until recently, clinicians typically diagnosed Alzheimer's using PET, CT scans, which are costly and inaccessible for many. While these scans are highly accurate at identifying mid- and late-stage disease, they are less sensitive at detecting Alzheimer's in early stages before major impairment has occurred.

要理解這項成長，請想想直到不久前，臨床醫師通常使用 PET、CT 掃描來診斷阿茲海默症，但這些檢查成本高且對許多人而言難以取得。雖然這些掃描在辨識中晚期疾病方面非常準確，但在偵測尚未出現重大功能障礙之前的早期阿茲海默症時，敏感度較低。

Years ago, we recognized the power of blood testing to reveal disease earlier and more affordably so more patients could benefit from the emerging therapies with potential to slow progression sooner. Today, Quest provides a range of tests under the AD-Detect brand, featuring sensitive mass spec tests for amyloid beta and ApoE, a genetic risk marker to complement p-tau217 and p-tau181. We also developed a proprietary algorithm that combines multiple biomarker results to establish Alzheimer's pathology with sensitivity and specificity of 90% or greater.

多年前，我們就認知到血液檢測能更早且更具成本效益地揭示疾病，讓更多病患能及早受益於有望減緩病程進展的新興療法。如今，Quest 以 AD-Detect 品牌提供一系列檢測，包含用於類澱粉 β 與 ApoE（遺傳風險標記）的高靈敏度質譜（mass spec）檢測，以補充 p-tau217 與 p-tau181。我們也開發了專有演算法，結合多項生物標記結果，以 90% 或更高的敏感度與特異度來建立阿茲海默症病理判定。

At the same time, we are seeing that physicians are becoming more confident using blood test to aid diagnosis and guide pharmaceutical treatment decisions often in lieu of imaging. As blood tests are increasingly used both in primary and specialty care, we expect to remain a leading source of diagnostic innovation and insights for managing this disease.

同時，我們也看到醫師對使用血液檢測來協助診斷並引導藥物治療決策的信心正在提升，且往往用以取代影像檢查。隨著血液檢測在基層照護與專科照護中日益普及，我們預期將持續成為管理此疾病之診斷創新與洞察的領先來源。

In other areas, we drove double-digit revenue growth across much of our cardiometabolic and endocrine portfolio, including for tests for Lp(a) and ApoB as well as for kidney, liver and reproductive hormones. New guidelines from the American Heart Association recommend Lp(a) and ApoB testing for the first time, underscoring the clinical value of these important biomarkers.

在其他領域，我們在心臟代謝與內分泌產品組合的多數項目上推動雙位數營收成長，包括 Lp(a) 與 ApoB 檢測，以及腎臟、肝臟與生殖荷爾蒙相關檢測。美國心臟協會的新指引首次建議進行 Lp(a) 與 ApoB 檢測，凸顯這些重要生物標記的臨床價值。

We are also encouraged that the guidelines now recommend screening for high cholesterol at young ages as new research has found dangerous cardiovascular events are increasingly occurring in young adults.

我們也對指引如今建議在年輕時期就進行高膽固醇篩檢感到鼓舞，因為新的研究發現，危險的心血管事件正日益發生在年輕成人身上。

In oncology, we recently announced a research collaboration with City of Hope, a cancer and research treatment organization to study the use of our Haystack MRD test to aid recurrence monitoring and treatment decisions in clinical trial participants with solid tumor cancers across 14 US sites.

在腫瘤學領域，我們近期宣布與 City of Hope（癌症研究與治療機構）展開研究合作，研究在美國 14 個據點的實體腫瘤臨床試驗參與者中，使用我們的 Haystack MRD 檢測，以協助復發監測與治療決策。

In addition to driving top-line growth through innovation and collaborations, our focus on operational excellence aims to improve productivity as well as quality and the patient experiences.

除了透過創新與合作推動營收成長之外，我們對營運卓越的聚焦也旨在提升生產力、品質以及病患體驗。

Through our Invigorate program, we expect to continue to deliver 3% in annual cost savings and productivity improvements. We have spoken in the past about our growing use of AI and automation in our labs and while that continues to be a major focus, in the first quarter, we stepped up our deployment of these technologies in several other areas.

透過我們的 Invigorate 計畫，我們預期將持續實現每年 3% 的成本節省與生產力提升。過去我們曾談到在實驗室中日益增加對 AI 與自動化的運用；雖然這仍是主要重點，但在第一季，我們也加速在其他幾個領域部署這些技術。

As one example, we boosted productivity by 40% in the first quarter among customer service agents that used AI to triage and route customer emails to speed responses. We are also deploying AI to make testing simpler and smarter for everyone, including our patients. Our new Quest AI companion transforms complex biomarker data and reference ranges on test reports into clear, plain language.

例如，在第一季，使用 AI 來分流並轉派客戶電子郵件、以加快回覆速度的客服專員，其生產力提升了 40%。我們也正在部署 AI，讓檢測對所有人（包括病患）而言更簡單、更智慧。我們全新的 Quest AI 夥伴可將檢驗報告中複雜的生物標記資料與參考區間，轉換為清楚、淺白的文字。

By empowering patients with lab insights, our AI tool, which is powered by Google Gemini, can help shift the doctor-patient relationship. To be focused on shared decision-making instead of data gathering, potentially improving care outcomes.

透過以檢驗洞察賦能病患，我們由 Google Gemini 驅動的 AI 工具可協助改變醫病關係。使其更聚焦於共同決策，而非資料蒐集，從而有望改善照護成效。

Patients have engaged Quest AI Companion approximately 350,000 times since we rolled it out to users of our MyQuest app in the first quarter. Lastly, we are scaling the planning and design work for Project Nova, our multi-year initiative to transform our order-to-cash processes and systems and are on track to implement our first wave of solutions in the fall of 2027.

自我們在第一季將 Quest AI 夥伴推出給 MyQuest 應用程式使用者以來，病患與 Quest AI 夥伴的互動次數約達 35 萬次。最後，我們正在擴大 Project Nova 的規劃與設計工作；這是我們為期多年的計畫，旨在轉型我們的接單到收款（order-to-cash）流程與系統，並正按計畫於 2027 年秋季導入第一波解決方案。

And now, Sam will provide more details on our performance and 2026 guidance. Sam.

接下來，Sam 將提供更多關於我們業績表現與 2026 年指引的細節。Sam。

Thanks, Jim. As Jim mentioned, our solid first-quarter results reflect the disciplined execution of our strategy. Consolidated revenues were $2.9 billion, up 9.2% versus the prior year, and consolidated organic revenues grew by 9% in the quarter.

謝謝，Jim。如 Jim 所提到，我們第一季的穩健成果反映了我們對策略的紀律性執行。合併營收為 29 億美元，較去年同期成長 9.2%；本季合併有機營收成長 9%。

Revenues for diagnostic information services were up 9.4% compared to the prior year, reflecting strong organic growth in our physician, hospital, and consumer channels. Our total volume measured by the number of requisitions increased 10.9% versus the first quarter of 2025, with organic volume up by 10.8%.

診斷資訊服務營收較去年同期成長 9.4%，反映我們在醫師、醫院與消費者通路的強勁有機成長。以申請單（requisitions）數量衡量的總檢測量較 2025 年第一季增加 10.9%，其中有機檢測量成長 10.8%。

Fresenius Medical Care and Corewell Health contributed approximately 7% to organic volume growth in the quarter. Our organic volume growth in the quarter was 3.8%, excluding the favorable impact from these two relationships. As expected, Fresenius Medical Care and Corewell Health's business mix impacted total revenue per requisition, which was down 1.3% compared to the prior year.

本季 Fresenius Medical Care 與 Corewell Health 約貢獻了有機檢測量成長的 7%。若排除這兩項合作關係帶來的有利影響，本季有機檢測量成長為 3.8%。如預期，Fresenius Medical Care 與 Corewell Health 的業務組合影響了每份申請單的總營收，較去年同期下降 1.3%。

As a reminder, the business mix from these two collaborations includes a greater proportion of routine tests than most of our clinical testing. Excluding this business mix impact, total revenue per requisition increased by approximately 2.5%. Unit price reimbursement was relatively flat, consistent with our expectations.

提醒一下，這兩項合作的業務組合中，例行檢測的占比高於我們多數臨床檢測。若排除此業務組合影響，每份申請單的總營收約增加 2.5%。單位價格給付（reimbursement）相對持平，符合我們的預期。

Reported operating income in the first quarter was $399 million, or 13.8% of revenues, compared to $346 million, or 13% of revenues last year. On an adjusted basis, operating income was $447 million, or 15.4% of revenues, compared to $406 million, or 15.3% of revenues last year.

第一季報告營業利益為 3.99 億美元，占營收 13.8%，相較去年為 3.46 億美元、占營收 13%。以調整後基礎計算，營業利益為 4.47 億美元，占營收 15.4%，相較去年為 4.06 億美元、占營收 15.3%。

This increase in operating income was primarily due to organic revenue growth and increased productivity, partially offset by the impact of wage increases and, to a lesser extent, weather. Reported EPS was $2.24 in the quarter, compared to $1.94 a year ago.

營業利益的增加主要來自有機營收成長與生產力提升，但部分被薪資上調的影響所抵銷，且在較小程度上也受到天候因素影響。本季報告每股盈餘（EPS）為 2.24 美元，去年同期為 1.94 美元。

Adjusted EPS was $2.50 versus $2.21 a year ago. Adjusted EPS grew in the first quarter versus the prior year, largely due to organic revenue growth, increased productivity, and lower interest expense, partially offset by the impact of wage increases and weather.

調整後 EPS 為 2.50 美元，去年同期為 2.21 美元。第一季調整後 EPS 較去年同期成長，主要來自有機營收成長、生產力提升與利息費用降低，但部分被薪資上調與天候因素的影響所抵銷。

Cash from operations was $278 million in the first quarter versus $314 million in the prior year. Cash from operations was lower than a year ago due to the timing of operating receipts and disbursements and higher bonus payments in the current period versus a year ago, partially offset by an increase in operating income.

第一季營運活動現金流為 2.78 億美元，去年同期為 3.14 億美元。營運活動現金流較去年同期下降，原因在於營運收付款時點，以及本期獎金支付高於去年同期；但部分被營業利益增加所抵銷。

Turning now to our updated full-year 2026 guidance. Given the solid performance in the first quarter, we are raising our full-year revenue and EPS estimates. We now expect revenues to be between $11.78 billion and $11.9 billion, a growth rate of 6.8% to 7.8%. Reported to EPS to be in a range of $9.58 to $9.78. And adjusted EPS in a range of $10.63 to $10.83.

接著說明我們更新後的 2026 全年指引。鑑於第一季表現穩健，我們上調全年營收與 EPS 預估。我們目前預期營收介於 117.8 億至 119.0 億美元，成長率為 6.8% 至 7.8%。報告 EPS 預期介於 9.58 至 9.78 美元；調整後 EPS 預期介於 10.63 至 10.83 美元。

Cash from operations to be approximately $1.75 billion, capital expenditures to be approximately $550 million, share count and interest expense to be consistent with 2025, and our 2026 guidance reflects the following considerations.

營運活動現金流預期約 17.5 億美元，資本支出預期約 5.5 億美元；股數與利息費用預期與 2025 年一致；而我們的 2026 年指引反映以下考量。

Our revenue guide does not include any contribution from prospective M&A. Operating margin is expected to expand versus the prior year. With that, I will now turn it back to Jim.

我們的營收指引未納入任何潛在併購（M&A）的貢獻。預期營業利益率將較去年擴張。接下來我把時間交還給 Jim。

Thanks, Sam. We are very pleased with our start to the year. More than ever, people are turning to our lab insights to illuminate their path to better health.

謝謝，Sam。我們對今年的開局感到非常滿意。前所未有地，更多人正依賴我們的實驗室洞察，照亮他們邁向更健康的道路。

In summary, our first-quarter results reflect a strong, focused business delivering innovative diagnostic solutions to meet our customers evolving needs for Lab Insights. We grew the topline on broad-based demand for our clinical innovations, expansion into new clinical areas, and collaborations with elite healthcare and consumer health organizations.

總結來說，我們第一季的成果反映出一家強勁且聚焦的企業，提供創新的診斷解決方案，以滿足客戶對 Lab Insights 不斷演進的需求。我們的營收成長來自對臨床創新的廣泛需求、拓展至新的臨床領域，以及與頂尖醫療與消費者健康機構的合作。

We also grew the bottom line with productivity benefits from automation and AI. Given our first quarter momentum, we are raising our guidance for the full year. I'd like to thank each of my nearly 57,000 Quest colleagues for living our purpose every day, working together to create a healthier world, one life at a time.

我們也透過自動化與 AI 帶來的生產力效益，推動獲利成長。基於第一季的動能，我們上調全年指引。我要感謝我們近 57,000 位 Quest 同仁每天實踐我們的使命，攜手合作，一次一個生命，創造更健康的世界。

Your passion and commitment are the engine that empowers Quest to deliver diagnostic insights that improve health and transform lives. Now we'd be happy to take your questions. Operator.

你們的熱情與承諾，是驅動 Quest 提供可改善健康並改變生命之診斷洞察的引擎。現在我們很樂意回答各位的問題。接線員。

(Operator Instructions)

（接線員指示）

Michael Cherny, Leerink Partners.

Michael Cherny，Leerink Partners。

Good morning. Thanks for taking the question. Congrats on a nice quarter. If it's possible to unpack the organic volume dynamics a bit, clearly that was a standout, especially against the broader macro backdrop. How should we think about the impact of mix, the impact of commercial activities on your part? And if you can you just reaffirm the same expected contribution from Corewell and Fresenius relative to what was embedded in your guidance to start the year?

早安。謝謝讓我提問。恭喜本季表現亮眼。如果可以的話，想請你們更深入拆解一下有機檢測量的變化動能；這顯然是突出的表現，尤其是在更廣泛的總體環境背景之下。我們應該如何看待組合（mix）的影響，以及你們商業活動所帶來的影響？另外，你們能否再次確認 Corewell 與 Fresenius 的預期貢獻，是否與你們年初指引中所納入的假設一致？

Yeah, sure, Michael, and good morning. Hey, this is Sam. So let me just start with some of the facts about Q1 that we talked about in the prepared remarks. Organic volume growth was 10.8% in the quarter. Total volume growth was 10.9%.

好的，當然可以，Michael，早安。嗨，我是 Sam。那我先從我們在事先準備的講稿中提到的第一季（Q1）一些事實開始說起。本季有機量（organic volume）成長為 10.8%。總量成長為 10.9%。

So the contribution to volume from Fresenius and Corewell was about 7%. And so if you exclude those from organic volume growth, the organic volume growth excluding those two was 3.8%. The revenue per requisition in total was down 1.3%. If you exclude the impact of Corewell and Fresenius, it was actually up 2.5%, so a solid revenue per requisition.

因此，Fresenius 和 Corewell 對量的貢獻約為 7%。所以如果把這兩者從有機量成長中排除，排除這兩者後的有機量成長為 3.8%。整體每份檢驗申請（requisition）的營收下降 1.3%。若排除 Corewell 與 Fresenius 的影響，實際上是上升 2.5%，因此每份申請的營收表現穩健。

If you look at the impacts within that revenue per requisition, the excluding Corewell and Fresenius impact, if you look at what's driving that 2.5%, which is a really strong revenue per req, I would say test per requisition was really the key driver. We continue to see a step up in terms of the number of tests per requisition. This is being driven by a lot of the things that we have shared over the course of last year and this year, more advanced diagnostics testing, more early.

如果看每份申請營收中的影響因素，在排除 Corewell 與 Fresenius 的影響後，來看推動這 2.5%（也就是非常強勁的每份申請營收）的原因，我會說「每份申請的檢測項目數（tests per requisition）」是最關鍵的驅動因素。我們持續看到每份申請的檢測數量在提升。這是由我們在去年與今年一路分享的許多因素所帶動：更進階的診斷檢測、更多的早期

Detection options and screening options, our consumer business contributing to it as well. So we continue to expect that that test per req continues to be solid and has benefited Q1 ref per req significantly. Now, I think your other question was, how should we think about the balance of the year?

偵測選項與篩檢選項，我們的消費者業務也有貢獻。因此我們仍預期每份申請的檢測數將持續穩健，並在第一季顯著帶動每份申請營收（rev per req）。那我想你另一個問題是：我們應該如何看待今年其餘期間的走勢？

As we think about Q2 to Q4, we're looking at continued growth in terms of organic utilization, a continued. The impact, I would say, on revenues from Fresenius, we said it was about a $250 million impact for the year in terms of revenue growth impact from Corewell. So that's, I think, what you should be thinking about in terms of the impact of Corewell. And Fresenius would be an additional roughly, let's call it between $80 million and $100 million on top of that. So between those two, it's about a 3.3% increase to our revenue.

在看第二季到第四季（Q2 到 Q4）時，我們預期有機使用量（organic utilization）將持續成長、持續。至於 Fresenius 對營收的影響，我們先前提到 Corewell 對全年營收成長的影響約為 2.5 億美元。所以我想這就是你在思考 Corewell 影響時應該納入的數字。而 Fresenius 另外大約再增加約 8,000 萬到 1 億美元，我們就說大概落在這個區間。因此兩者合計，約使我們的營收增加 3.3%。

That's embedded in the guide, and we expect an impact on volume. I would say it's somewhat consistent with what you saw in Q1 but still expect very strong utilization as we go forward and expect strong revenue per requisition, excluding the impact of those two businesses. And Jim had a couple of comments there.

這些都已反映在我們的財測指引（guide）中，我們也預期會對量帶來影響。我會說這與你在第一季看到的情況大致一致，但我們仍預期未來使用量會非常強勁，且在排除這兩項業務影響後，每份申請營收也會維持強勁。Jim 也有幾點補充。

Yeah, hey, Mike, the mix impact has really benefited our business from an organic revenue standpoint, and specifically, our commitment to consumer health and wellness and these partnerships in the wellness industry have really. Helped us nicely.

對，嗨 Mike，從有機營收的角度來看，組合（mix）效應確實讓我們的業務受益，特別是我們對消費者健康與福祉的投入，以及在健康產業的這些合作夥伴關係，確實。對我們有很好的幫助。

There's really two things there. It's both the absolute test per req, which has a big impact, mixes us up from a test per req standpoint, and then the advanced types of tests that are being ordered on these panels, from advanced cardiovascular tests to autoimmune testing to hormone testing.

這裡其實有兩件事。一是每份申請的絕對檢測數（test per req），它影響很大，從每份申請檢測數的角度改善了我們的組合；二是這些檢測組合（panels）中被開立的進階檢測類型，從進階心血管檢測到自體免疫檢測，再到荷爾蒙檢測。

And then the last thing, and this comes mostly from our physician channel, both neurologists and primary care physicians. As I mentioned in the script, our Alzheimer's book of testing more than doubled year over year. So we're really seeing nice lift from our Alzheimer's set of tests. All of those things together, Mike, is what's really driving this nice organic test mix.

最後一點，這主要來自我們的醫師通路，包括神經科醫師與基層照護醫師。如我在講稿中提到的，我們阿茲海默症相關檢測的業務量年增超過一倍。所以我們確實看到阿茲海默症這一組檢測帶來很不錯的拉升。Mike，以上這些加總起來，就是推動這個漂亮的有機檢測組合改善的主因。

Elizabeth Anderson, Evercore ISI.

Elizabeth Anderson，Evercore ISI。

Hi, guys. Thanks so much for the question. I guess on just a couple of things on a short-term basis, can you talk about sort of any embedded, like, weather and sort of flu expectations for the short-term in the quarter? And then if we think about going forward for the rest of the year. Can you talk about sort of any other expectations in terms of puts or takes on timing for the quarter? Thank you so much for your help, in particular in regards to margins on that second part of the question. Thank you.

嗨，各位。非常感謝讓我提問。我想就短期的幾件事來問一下，你們能否談談本季在指引中隱含的因素，例如天氣，以及對流感的預期？另外，如果我們往前看今年剩下的時間。你們能否談談在季度時間點上，還有哪些可能的正面或負面因素（puts or takes）會影響節奏？非常感謝你們的協助，特別是關於第二部分問題中的利潤率（margins）。謝謝。

Yeah, Liz, on the weather, I'll take that first, and Sam can comment on the second part. If we look at it on a year-over-year basis, it was like a $9 million revenue impact on seven operating income. So but that's on a year-over-year basis. So now, we know in January it was a rough month.

好的，Liz，關於天氣我先回答，Sam 再補充第二部分。如果以年對年來看，天氣對營收的影響大約是 900 萬美元，對營業利益也是。不過那是以年對年口徑來看。我們也知道 1 月確實是比較艱難的一個月。

We had some weather in February, but honestly, what we did see in March is that the people who cancelled appointments during those bad weather events, about 70% of them made appointments and came back to class. So the follow-on from canceled appointments was really good, and that only comes from us. Emailing out the patients, texting patients, and really trying to encourage patients to come back from missed visits.

2 月也有一些天氣因素，但老實說，我們在 3 月看到的是：在那些惡劣天氣事件中取消預約的人，大約有 70% 重新預約並回來完成檢測。所以取消預約後的回補情況非常好，而這完全是因為我們。透過寄送電子郵件給病患、傳簡訊給病患，並且積極鼓勵病患回來補上錯過的就診。

Yeah, and with regards to the weather, as Jim said, so we had some impact on the quarter, some negative impact year over year, but a good recovery in the last month of the quarter. Now, I think the second part of your question, Elizabeth, was on the go forward, what should we expect?

對，至於天氣，如 Jim 所說，本季確實有一些影響，年對年是負面影響，但在本季最後一個月回補得不錯。那我想你第二部分的問題，Elizabeth，是關於往後，我們應該預期什麼？

If you think about at least from a year-over-year compare, we are expecting in the second-half of the year, this year, that we're going to have some negative weather, which we usually have. Usually in the summer, we'll have the hurricane season and some negative weather.

如果至少從年對年的比較來看，我們預期今年下半年會有一些負面的天氣影響，這通常都會發生。通常在夏季會有颶風季，並帶來一些不利天氣。

So that's embedded in our guide expectation. And if you compare it to last year was actually a very mild weather season in the summer from, I think we've virtually had no to, very little to no hurricanes. In the summer of last year. So there is some embedded expectation of some more negative weather in the next, let's call it, in the summer versus what we saw.

所以這已經反映在我們的財測指引預期中。而若與去年相比，去年夏季其實是非常溫和的天氣季，我想我們幾乎沒有，或是只有非常少到幾乎沒有颶風。在去年的夏季。因此，我們的指引中確實隱含了：接下來（我們就說）今年夏季相較於去年，會有更多不利天氣的預期。

And in terms of, the cadence over the next three quarters, I think you should expect that similar cadence to last year to some extent with maybe more of a contribution in the first half than what you saw last year than in the second half. So I would call it. Just over 49% of our revenue and EPS in the first half, just over 50% in the second half. So that's kind of a cadence to think about also, to give you more precision on how to think about revenue and EPS.

至於未來三個季度的節奏（cadence），我認為你應該在某種程度上預期與去年相近的節奏，但上半年貢獻可能會比去年更高一些、相對於下半年。所以我會說。我們上半年大約略高於 49% 的營收與 EPS，下半年略高於 50%。因此這也是一個可用來思考營收與 EPS 的節奏，讓你更精準地掌握。

Patrick Donnelly, Citi.

Patrick Donnelly，花旗（Citi）。

Hey, thanks guys. Maybe similar, Sam, on some of the moving pieces on the cost. Can you just talk about the Project Nova piece, how the investments are progressing there? Wondering if potentially higher expenses tied to some of the macro conflicts caused you to move those investments around at all. I think it was $0.25 dilution. Is that still the right way to think about it? And again, where those investments are kind of heading and when we see the fruit of those would be helpful. Thank you, guys.

嗨，謝謝各位。Sam，可能也是類似的問題，關於成本端的一些變動因素。你能否談談 Project Nova 這一塊，相關投資目前的進展如何？我想了解是否因為一些宏觀層面的衝突導致費用可能更高，讓你們在某種程度上調整了這些投資的配置？我記得是每股盈餘稀釋（dilution）0.25 美元。這仍然是正確的理解方式嗎？另外，這些投資大致會走向哪裡，以及我們何時能看到成果，若能說明會很有幫助。謝謝各位。

Yeah,Thanks, Patrick. So let me break down some of the impacts that you mentioned. Yes, Nova expectations are still $0.25 for the year, as we shared last quarter. In terms of the cadence of those expenses, slightly changed from my comments on the Q4 call.

是的，謝謝你，Patrick。那我來拆解一下你提到的一些影響。是的，Nova 全年的預期仍然是 0.25 美元，正如我們在上一季分享的。就這些費用發生的節奏而言，與我在 Q4 電話會議上的評論相比，略有變化。

I think we're expecting now more of those expenses to happen in the second half of the year than in the first half of the year. We had some expenses in Q1. That's going to ramp in Q2. And I'd say we're going to see probably more than 60% of those expenses be in the second half of the year. So that's one portion in terms of just thinking about the cadence of the year.

我想我們現在預期，這些費用會有更多發生在下半年，而不是上半年。我們在 Q1 有一些費用。這在 Q2 會加速增加。而且我會說，我們可能會看到超過 60% 的這些費用落在下半年。所以，這是就年度節奏思考的一個部分。

I think it goes back to also the question that Elizabeth asked. And then if you think about the macro, I mean, listen, we're impacted by, obviously, fuel costs. We have a fleet of transportation vehicles. We have a fleet of planes. We have some fuel expenses that were going to be impacted by the higher fuel costs.

我想這也回到 Elizabeth 問的問題。然後如果你看宏觀面，我是說，聽著，我們顯然會受到燃料成本的影響。我們有一支運輸車隊。我們有一支飛機機隊。我們有一些燃料費用會受到較高燃料成本的影響。

That, I will size it for you as somewhere in the $7 million to $10 million range, and it's embedded in our guidance. Our expectation is that fuel costs will continue to be elevated somewhere at the $4 per gallon and above. And that embedded in guidance is somewhere in the $7 million to $10 million of fuel cost that, again, will impact the next three quarters. So we've sized it. We've included it's not that significant, but it's still somewhere between $0.05 to $0.07 of EPS.

我可以幫你量化，大約在 700 萬到 1,000 萬美元的區間，而且已經包含在我們的指引中。我們預期燃料成本將持續維持在高檔，大約每加侖 4 美元以上。而指引中所內含的燃料成本約為 700 萬到 1,000 萬美元，同樣會影響接下來三個季度。所以我們已經量化了。我們也已經納入；它不是非常重大，但仍約相當於每股盈餘（EPS）0.05 到 0.07 美元。

Ann Hynes, Mizuho Securities.

Ann Hynes，瑞穗證券。

Good morning. Thank you for the question. Just on the organic volume front, was there anything that came in better or worse than your expectations? And maybe just on the ACA, I know the subsidies ran out in December. Did you see any meaningful impact versus what's embedded in your guidance in Q1?

早安。謝謝讓我提問。就有機量（organic volume）而言，有沒有什麼表現優於或劣於你們預期的地方？另外關於 ACA，我知道補貼在 12 月就到期了。你們在 Q1 看到的實質影響，與你們指引中所內含的假設相比，有沒有任何顯著差異？

We didn't, Ann, on the ACA subsidies. I think it's too early to tell. As we've said in the past as well, we can't tell 100% with every requisition, is it an ACA req or not. Not all the commercial plans code the reqs that way. But we think about 60% of our reqs, we know discrete are ACA.

Ann，我們在 ACA 補貼方面沒有看到。我想現在判斷還太早。如同我們過去也說過的，我們無法對每一張檢驗申請（requisition）100% 判斷它是不是 ACA 的申請。並非所有商業保險方案都會用那種方式為申請編碼。但我們認為大約 60% 的申請，我們可以明確知道是 ACA。

And so based on that, we're not seeing any impact to date. On the organic growth, it was strong across the board. I mean our hospital reference business had up 3%. It was very strong. Our Co-Lab business, obviously, with Corewell was up significantly double-digit growth.

因此基於這點，我們目前沒有看到任何影響。至於有機成長，各方面都很強。我的意思是，我們的醫院參考實驗室（hospital reference）業務成長了 3%。表現非常強勁。我們的 Co-Lab 業務，顯然在 Corewell 的帶動下，出現顯著的雙位數成長。

Our physician business organically was high single digits as we indicated on the call. So it's broad-based. And then obviously, the contribution from all the consumer health in both our direct channel plus our partnerships were strong, strong double-digit growth in that area. So it was pretty broad-based and across all segments that we serve.

我們的醫師端業務在有機成長上是高個位數，如同我們在電話會議中所提到的。所以是廣泛性的。然後很明顯地，消費者健康（consumer health）在我們的直營通路以及合作夥伴通路的貢獻都很強，在那個領域是強勁的雙位數成長。所以相當廣泛，涵蓋我們服務的所有區隔。

And just one clarification, Ann, on the ACA to add to Jim's comments, we have built in, in our guide still the expectation that we do see a 30 basis point impact to revenues as a result of ACA disenrollments or higher subsidies. The enrollments have been good in Q1. We just need to validate that actually the enrollments lead to utilization and some people don't drop off. So we kept the assumption in our guide of 30 basis point impact. But to Jim's comment, we haven't seen really that negative impact in Q1. Thank you.

Ann，再補充一點釐清 ACA 的部分，延續 Jim 的評論：我們在指引中仍然納入預期，因 ACA 退保（disenrollments）或較高補貼所造成的影響，營收會有 30 個基點的影響。Q1 的投保情況一直不錯。我們只是需要驗證這些投保實際上會帶來使用量（utilization），以及有些人不會中途退出。所以我們在指引中保留了 30 個基點影響的假設。但如同 Jim 所說，我們在 Q1 其實沒有看到那種負面影響。謝謝。

Jack Meehan, Nephron.

Jack Meehan，Nephron。

Morning, guys. I wanted to ask you about PAMA. So the survey kicks off in 10 days or so. How is your prep work in terms of participating in that? And then just your latest thoughts on how you think the Medicare rates for 2027 will shake out that whole process? Thank you.

早安，各位。我想問一下 PAMA。調查大概 10 天左右就要開始了。你們在參與這件事的準備工作進展如何？另外，談談你們最新的看法：你們認為 2027 年的 Medicare 費率在整個流程中最後會如何定案？謝謝。

Yeah. Hey, Jack, so we're ready. Obviously, we submitted last time. We're going to submit this time. That's the law and we're going to abide by the law and submit the data after May 1, of this year. I think the period is open until -- basically until the end of July. As you know, Medicare actually this year provided some guidance as to what labs need to submit.

是的。嗨，Jack，我們已經準備好了。顯然我們上次有提交。這次我們也會提交。這是法律規定，我們會遵守法律，並在今年 5 月 1 日之後提交資料。我想期間會開放到——基本上到 7 月底。如你所知，Medicare 今年其實也提供了一些指引，說明哪些實驗室需要提交。

So anybody that makes more than $25,000 a year from a revenue standpoint from Medicare requisitions is supposed to submit -- that would really say there's over 2,600 hospital labs that are going to need to submit. Now whether that happens or not, we can't tell.

所以，任何一年在 Medicare 檢驗申請（requisition）方面的營收超過 25,000 美元者，都應該提交——這實際上意味著有超過 2,600 家醫院實驗室需要提交。至於是否真的會發生，我們無法判斷。

We'll have to wait and see. CMS also came out again and said, if you don't submit, there's potential fines of upwards of $10,000 per day to those that don't submit data. Now they didn't collect those fines last time. So again, it remains to be seen. At the same time, we're going to drive the RESULTS Act as fast and furious as we can.

我們只能拭目以待。CMS 也再次表示，如果不提交，可能會對未提交資料者處以每天最高 10,000 美元的罰款。不過他們上次並沒有實際徵收那些罰款。所以同樣地，仍有待觀察。同時，我們會盡可能以最快、最強力的方式推動 RESULTS Act。

There's a few things that still have to be completed in order for the bill to get through this year. Number one, there has to be a tech assessment done. CMS does that. That is underway. And then second is the CBO scoring.

要讓法案在今年通過，仍有幾件事必須完成。第一，必須完成技術評估（tech assessment）。這由 CMS 進行。目前正在進行中。第二是 CBO 的預算評分（scoring）。

We think that process is underway as well. There's over 80 cosponsors for the bill. There was a hearing already this year in the health subcommittee of Energy and Commerce. It was a good hearing, very positive. So we're hopeful.

我們認為那個流程也正在進行。該法案已有超過 80 位共同提案人（cosponsors）。今年在眾議院能源與商業委員會（Energy and Commerce）的健康小組委員會已經舉行過一次聽證會。那是一場很好的聽證會，整體非常正面。所以我們抱持希望。

But we're also mindful of the fact that there's summer vacations coming up and then obviously, elections. And so there's a lot to get done before the end of this year, especially with those two things coming up. Now in terms of rates for 2027, I think it's too early to speculate. If RESULTS Act gets done, it would keep rates as is for 2027. If the RESULTS Act does not get done, and we rely on this data collection process.

但我們也清楚，接下來有暑期休會，然後顯然還有選舉。因此在今年年底前要完成很多事情，尤其是在這兩件事即將到來的情況下。至於 2027 年的費率，我認為現在推測還太早。如果 RESULTS Act 通過，它會讓 2027 年的費率維持不變。如果 RESULTS Act 沒有通過，而我們仰賴這個資料蒐集流程。

If everybody submits, Jack, we're hopeful that the data will come out and show that our rates should actually go up. If you think about it this way, the last time there was a data submission, there were probably two companies that submitted over 80% of the data. And so the two companies probably -- and we're one of them and our nearest competitor is the second one, we probably have at best 17% to 20% share of the Medicare market, right?

如果大家都提交資料，Jack，我們希望資料出來後會顯示我們的費率其實應該上調。如果你這樣想，上一次有資料提交時，可能只有兩家公司提交了超過 80% 的資料。因此那兩家公司可能——我們是其中一家，而我們最接近的競爭對手是第二家——我們在 Medicare 市場的占有率充其量大概只有 17% 到 20%，對吧？

We were disproportionately lower in that portion of our business than in other segments because it's any willing provider. So when only two providers submit -- basically two providers submit 80% of the data and you have less than 20% of the market, it's obviously going to lead to a very skewed data set.

在我們的這部分業務中，我們的占比相對於其他分部不成比例地更低，因為這是「任何願意提供服務的提供者」（any willing provider）。所以當只有兩家提供者提交——基本上兩家提供者提交了 80% 的資料，而你在市場上的占比不到 20% 時，顯然會導致資料集非常偏斜。

So we're hopeful that the other 80% submit. We know that, that other 80% is paid 2x to 3x Medicare rates by most health plans. And you put all that together, Jack, and it should indicate a price increase.

所以我們希望其餘的 80% 也能提交。我們知道，那另外的 80% 在大多數健康保險計畫下拿到的支付是 Medicare 費率的 2 倍到 3 倍。把這些放在一起看，Jack，應該會顯示價格上升。

Luke Sergott, Barclays.

Luke Sergott，Barclays。

Hi, guys. This is Anna Kruszenski on for Luke. We were hoping to hear more about the consumer business and how that momentum has been building with your recent partnerships. And we saw that Function Health acquired a mobile lab testing company during the quarter. So just any color on how you're thinking about that potentially impacting volumes to Quest. Thank you.

嗨，各位。我是代 Luke 出席的 Anna Kruszenski。我們希望多聽一些關於消費者業務，以及你們近期合作夥伴關係如何帶動這股動能的內容。我們也看到 Function Health 在本季收購了一家行動檢測（mobile lab testing）公司。所以想請你們分享一下，你們如何看待這可能對 Quest 的檢測量帶來的影響。謝謝。

Yeah, So our consumer business, again, we think of it in two segments: our own questhealth.com, our direct-to-consumer business, that grew very nicely in the quarter, somewhere -- let's just call it somewhere between -- in the high 20s. And then all of our partnerships. We have value-added resellers that we provide lab testing to. These include two of the wearable companies that we've talked about in the past.

好的。我們的消費者業務，我們同樣把它分成兩個部分：我們自有的 questhealth.com，也就是我們的直接面向消費者（direct-to-consumer）業務，本季成長非常不錯，大概——就說在接近 30% 的高 20% 區間。以及我們所有的合作夥伴關係。我們有增值型經銷商（value-added resellers），我們為他們提供實驗室檢測服務。其中包括我們過去談過的兩家穿戴式裝置公司。

And I would just say that the growth in that combined non-Quest Direct is even stronger than our own direct channel in the quarter. Yes, Function Health did acquire Getlabs. We think that's a real positive for Function Health.

我想說的是，本季這個合併後的「非 Quest Direct」部分的成長甚至比我們自有的直營通路更強。是的，Function Health 的確收購了 Getlabs。我們認為這對 Function Health 是非常正面的。

There's many parts of the country where even though we have 2,000 patient service centers to conduct blood draws and urine collections, there's parts of the country where we simply don't have some of the coverage, and that includes areas in the upper Midwest, the Great Plains. We also know that there's a segment of customers that would prefer a home draw.

全國有許多地區，即使我們有 2,000 個病患服務中心（patient service centers）可進行抽血與尿液採集，但仍有一些地方我們就是無法完全覆蓋，包括上中西部（upper Midwest）與大平原（Great Plains）地區。我們也知道，有一部分客戶會偏好到府採檢（home draw）。

And so Function having this capability now, Getlabs will acquire the specimens, bring them to our Quest PSC or have them transported to directly and we'll continue to do that lab testing. So we think it's a positive.

因此 Function 現在具備這項能力後，Getlabs 會採集檢體，把它們送到我們的 Quest PSC，或安排直接運送，而我們將持續進行那些實驗室檢測。所以我們認為這是正面的。

And the one addition I'd make to Jim's comments is the growth that we're seeing from some of the collaborations that we have, the wellness companies that we're partnering with is broad-based. We're seeing a lot of growth from different players and a broad ecosystem that we're very encouraged about.

我想在 Jim 的評論上補充一點：我們從一些合作案、以及我們正在合作的健康管理（wellness）公司所看到的成長，是全面性的。我們看到來自不同參與者的大量成長，以及一個廣泛的生態系，我們對此非常受到鼓舞。

Eric Coldwell, Baird.

Eric Coldwell，Baird。

Thanks very much. A couple of weeks ago, we had this odd day in the market where labs were getting hidden on a Friday afternoon, I think it was. And apparently, there were rumblings or rumors going around about some impact from the CMS CRUSH RFI. I don't think that's a big deal, but I'd love you to put that in perspective and maybe talk through what you see happening in the government in terms of various fraud, waste and abuse initiatives and then your exposure to any tests that are in question and what potential impacts, positive or negative may come out of this in the future? Thanks very much.

非常感謝。幾週前，市場上出現了一個奇怪的交易日，我記得是在週五下午，實驗室類股被拋售。顯然，市場上有一些關於 CMS CRUSH RFI 可能帶來影響的風聲或傳聞。我不認為那是什麼大事，但我希望你們能把它放在脈絡中說明一下，並談談你們看到政府在各種打擊詐欺、浪費與濫用（fraud, waste and abuse）倡議方面的動向，以及你們對任何被質疑檢測項目的曝險，還有未來可能產生的正面或負面影響？非常感謝。

Yeah, Thanks, Eric. And we're glad you don't think it has an impact because we don't think it does either. But just for those who may not have heard of CRUSH, it stands for Comprehensive Regulations to Uncover Suspicious Health Care. And first of all, I want to say we applaud the government's efforts to crack down on any fraud waste or abuse.

好的，謝謝你，Eric。我們也很高興你不認為會有影響，因為我們也不覺得會。不過，對於可能沒聽過 CRUSH 的人，它代表 Comprehensive Regulations to Uncover Suspicious Health Care（揭露可疑醫療行為的綜合性法規）。首先我要說，我們支持政府打擊任何詐欺、浪費或濫用的努力。

So certainly applaud those efforts. The second thing I'd say is if you look at the test, first of all, it came out of an OIG report, right? There was an OIG report that looked at 2024 Medicare lab spending, and the report noted that lab spending was up 5%. And as you know, Medicare enrollees are probably flat to down. So why would it be going up 5% if pricing stayed flat across the industry.

所以我們當然支持這些努力。第二點我要說的是，如果你看這件事的起源，首先它是出自 OIG 報告，對吧？有一份 OIG 報告檢視了 2024 年 Medicare 的實驗室支出，報告指出實驗室支出增加了 5%。而如你所知，Medicare 參保人數大概持平到下降。所以如果全產業的定價維持不變，支出為什麼會增加 5%？

And what the report noted is that there were 10 tests that drove the majority of the increase, okay? Now 7 of those 10 tests were PLA codes, meaning they're very proprietary tests to individual laboratories, okay? We had nothing in those categories, okay? The other three categories were genetic or molecular-based tests. And when we look at our billing or our revenue from those tests, it was de minimis, okay?

報告指出，有 10 項檢測推動了大部分的增幅，好嗎？其中 10 項裡有 7 項是 PLA 代碼，意思是它們是各家實驗室非常專有的檢測，好嗎？我們在那些類別裡完全沒有業務，好嗎？另外三個類別是基因或分子（genetic or molecular-based）檢測。而當我們看我們在那些檢測上的請款或營收時，金額微不足道（de minimis），好嗎？

So it really, really wasn't a factor at all. So we don't put Quest in the bucket of driving that 5% increase in Medicare spend. Now the last thing I'd say about the report, and we all ought to be concerned about this. If you looked at that report, it did show that routine and wellness tests that are critical to preventative health and wellness, critical to making the country healthy again, those test categories were actually down.

所以這真的、真的完全不是因素。因此我們不會把 Quest 歸類為推動 Medicare 支出增加 5% 的那一方。最後我想說的是，關於這份報告，我們都應該關注這點。如果你看那份報告，它確實顯示：對預防保健與健康管理至關重要的例行與健康檢測（routine and wellness tests）——對讓國家再次更健康至關重要——那些檢測類別反而是下降的。

And what I'm talking about is basic CBC panels, CMP panels, those panels and information that really illuminate chronic care conditions, progress towards those conditions or people that aren't making progress.

我指的是基本的 CBC（全血球計數）檢測組合、CMP（綜合代謝檢測）組合，這些檢測組合與資訊能真正揭示慢性照護狀況、這些狀況的進展，或哪些人沒有改善。

And those are absolutely the kinds of tests that we want to see growing across the Medicare population in order to make sure that people's chronic conditions aren't worsening and become a bigger cost and health burden to the country. So in summary, Eric, we don't think it's an issue and thank you for asking the question.

而這些絕對是我們希望在 Medicare 人口中看到成長的檢測類型，以確保人們的慢性病狀況不會惡化，進而成為對國家更大的成本與健康負擔。總結來說，Eric，我們不認為這是個問題，也謝謝你提出這個問題。

Erin Wright, Morgan Stanley.

Erin Wright，Morgan Stanley。

Great, thanks. On consumer, I have a follow-up. I understand there's a broad range of types of partnerships that you're engaged in and the economics may vary. But can you speak to the overall margin profile outside of the Quest Direct business? And how should we think about the pipeline of future partnerships. Do you have -- are you talking with several different types of platforms from a wellness or wearable standpoint.

好的，謝謝。關於消費者業務，我有個追問。我理解你們參與的合作型態範圍很廣，經濟條件也可能不同。但你能否談談 Quest Direct 業務以外的整體毛利結構（margin profile）？以及我們應該如何看待未來合作夥伴的管線。你們是否——正在與多種不同類型的平台洽談，例如健康管理或穿戴式裝置方面？

And then a follow-up, just a broader question. You gave some interesting stats on AI and automation. And just how do we think about your targets or your goals on that front from an efficiency gain standpoint and what you can leverage from an AI use case? Thanks.

然後再追問一個更廣泛的問題。你們分享了一些關於 AI 與自動化的有趣數據。那麼，從效率提升的角度，我們該如何看待你們在這方面的目標或方向，以及你們能從 AI 的應用情境中槓桿出什麼？謝謝。

Yeah, hi, good morning, So this is Sam. I'll take the first question around the margin profile, and then I'll hand it over to Jim, who'll talk about the pipeline and AI. I'll keep it simple. I mean the margin on these deals, both in terms of the deals and collaborations that we have, whether they're wearables collaborations, whether they're wellness companies, but also the margin profile on the questhealth.com business is on par, if not slightly better than our overall enterprise average. These are tests that are out of pocket at least on questhealth.com.

是的，嗨，早安，所以我是 Sam。我先回答第一個關於毛利結構的問題，接著我會交給 Jim，他會談管線以及 AI。我會講得簡單一點。我的意思是，這些交易的毛利，不論是我們所做的交易與合作——不管是穿戴式裝置的合作、不管是健康管理公司——另外，questhealth.com 業務的毛利結構也與我們整體企業平均相當，甚至略好一些。這些是在 questhealth.com 上至少屬於自費的檢測。

And then it's a client bill business with the wellness companies that we engage with. It's all cash pay. So there's no denials. There's no patient concessions. So it's clean business in terms of just at least the complexity or the lack thereof and it provides a really good margin profile for us.

然後，與我們合作的健康管理公司那邊，這是一個向客戶開立帳單的業務。全部都是現金支付。所以不會有拒付。也不會有病患讓利。因此就複雜度而言——或者說缺乏複雜度——這是一門很乾淨的生意，並且為我們帶來非常好的毛利結構。

Yeah, so Erin, yes, we continue to pursue other partnerships. It's part of our goal. As we've said before, we're trying to empower people to own their own health. We want people to be the CEO of their own health care.

是的，所以 Erin，是的，我們持續尋求其他合作夥伴。這是我們目標的一部分。如同我們之前說過的，我們希望賦能人們掌握自己的健康。我們希望每個人都能成為自己醫療照護的 CEO。

And there's -- if we find other partnerships out there that meet our brand criteria that are in line with the mission of our company, then we'll certainly support it. And there's others out there that we continue to talk to. So we're encouraged by the growth in both our direct channel as well as the growth that we're getting through these partnerships.

而且——如果我們在外部找到其他符合我們品牌標準、並且與公司使命一致的合作夥伴，我們當然會支持。我們也仍在與其他一些對象持續洽談。因此，我們對於直營通路的成長，以及透過這些合作夥伴所帶來的成長，都感到受到鼓舞。

In terms of AI and automation, certainly, we continue, I would say, 60%, 70% of our efforts are in the four walls of our laboratory because that's where still opportunity exists. Anytime we see somebody looking through a microscope, we ask the question, is what you're looking at?

在 AI 與自動化方面，當然，我們持續推進；我會說我們 60%、70% 的努力都在實驗室的「四面牆」之內，因為那裡仍然存在機會。只要我們看到有人在顯微鏡下觀察，我們就會問一個問題：你正在看的是什麼？

Can we digitize that image? If you can digitize an image, you can apply algorithms to that image. And if you can apply algorithms to that image, it can assist whoever is reading that image and make a higher quality diagnosis as well as improve the productivity.

我們能不能把那個影像數位化？如果你能把影像數位化，你就能把演算法套用到那個影像上。而如果你能把演算法套用到那個影像上，它就能協助閱讀該影像的人，做出更高品質的診斷，同時也提升生產力。

So there are still plenty of areas in our laboratory where we have laboratory technicians or MDs looking at data or looking at slides or looking at pathology, and we know there's ways to automate that. We've made tremendous progress in cytology.

所以在我們的實驗室裡，仍有很多領域是由檢驗技術人員或醫師（MD）在看數據、看玻片、看病理，我們知道有方法可以把這些自動化。我們在細胞學方面已取得巨大的進展。

We've made great progress in microbiology, hematology, and there's still other areas for us to go. Outside of the laboratory, as I mentioned in the script, we've deployed some tools in our call centers. Our call centers are a big part of our operations.

我們在微生物學、血液學方面也取得很大進展，而且還有其他領域可以繼續推進。在實驗室之外，如同我在講稿中提到的，我們已在客服中心部署了一些工具。我們的客服中心是營運中很重要的一部分。

So anything we can do to improve the productivity of the call centers as well as e-mails and text messages that come into the company, we're certainly going to drive that. The last thing I mentioned is we did put that Quest AI assistant out on our MyQuest application.

因此，任何能提升客服中心生產力的事情——以及公司收到的電子郵件與簡訊——我們都一定會推動。我最後提到的是，我們確實已在 MyQuest 應用程式上推出 Quest AI 助理。

This empowers people to now ask questions about the lab results that we've just provided to you. And we were pleasantly surprised by the use of that AI tool for people trying to decipher what all of these 40, 50, 60 analytes could possibly mean. We think it's a great way to educate patients so that patients can have more proactive discussions with their clinicians, and we think it's a win-win for the industry.

這讓人們現在可以就我們剛提供給你的檢驗結果提出問題。而且我們對於這個 AI 工具的使用情況感到驚喜，因為人們試著解讀這些 40、50、60 個分析物可能代表什麼。我們認為這是教育病患的一個很好的方式，讓病患能與臨床醫師進行更主動的討論；我們也認為這對產業而言是雙贏。

Kevin Caliendo, UBS.

Kevin Caliendo，瑞銀（UBS）。

Thanks, and thanks for taking my question. Sam, if I'm taking your comments correctly, it sounds like the north of 49% comment for one -- for the first half of the year is pretty consistent with what you said before. But then you also commented that you're pushing maybe more of the Project Nova expenses to the second half. There's some higher fuel costs that are going to be impacting the second half of the year. So within your guidance, what's the offset that makes the second half a little bit better?

謝謝，也謝謝你們回答我的問題。Sam，如果我正確理解你的評論，聽起來你提到上半年「高於 49%」的說法，與你之前說的相當一致。但你也提到，你們可能把更多 Project Nova 的費用推到下半年。另外，下半年還會有一些較高的燃料成本帶來影響。所以在你們的指引之內，什麼因素抵消了這些影響，讓下半年看起來會好一些？

And then just one quick follow-up to Eric's question on CRUSH. Part of the proposal talked about prior authorizations and looking at that. And can you discuss that aspect of it, which isn't necessarily just on the molecular test, but I don't know if they're talking more broadly about how prior authorizations might be handled and if there's anything we should think about with regards to that part of the proposal? Thanks, guys.

然後再快速追問一個關於 Eric 對 CRUSH 的問題。提案的一部分談到事前授權（prior authorizations）並要檢視這一塊。你們能否談談這個面向？這不一定只針對分子檢測，但我不確定他們是否在更廣泛地討論事前授權將如何處理，以及就提案這部分而言，有沒有什麼我們需要留意的？謝謝各位。

Yeah, thanks, Kevin. So let me start with the second half, first half comment. I would say some of the fuel costs that I mentioned, I mean they basically start now, right? So it's not like just the second half that you have to phase those across.

是的，謝謝你，Kevin。那我先從下半年、上半年的評論開始。我想我提到的一些燃料成本，其實基本上現在就開始了，對吧？所以不是只有下半年才需要把那些成本分攤進去。

And again, I don't want to make too much of them because it's $7 million to $10 million of additional fuel costs. It's not that significant, but I was just giving it for completeness and to give a full view as to EPS. But they do start now, and they impact Q2 and they impact the second half. Nova steps up in the second quarter. But obviously, the first half, because it's -- because Q1 was lower in terms of Nova spend, the second half is going to be over 60% of the Nova expenses, but it does step up in the second quarter.

而且再次強調，我不想把它講得太嚴重，因為額外燃料成本大約是 700 萬到 1,000 萬美元。這並不是那麼重大，但我只是為了完整性、以及讓大家對 EPS 有更全面的視角才提出。但它們確實現在就開始，會影響第二季，也會影響下半年。Nova 在第二季會增加。但顯然，上半年因為——因為第一季的 Nova 支出較低——所以下半年會占 Nova 費用的 60% 以上，但它確實在第二季就開始上升。

In terms of why we see the contribution being over 50% in the second half, I mean, I think it's really primarily the margin profile across, again, those two partnerships, those two important partnerships that we have, Corewell and Fresenius, that margin profile improves in the second half, notably for Fresenius as that business ramps.

至於為什麼我們認為下半年的貢獻會超過 50%，我想主要還是整體毛利結構——再次強調——我們的兩個合作夥伴、兩個重要合作夥伴 Corewell 和 Fresenius；這個毛利結構在下半年會改善，尤其是 Fresenius，因為該業務隨著放量而提升。

I've said before that, that business a year in starts to approach the average enterprise margin. It's just the ramp up. There's some ramp-up costs that initially impact us. So I think you start to see some improvement in the margin profile of those businesses and then just the normal seasonality of the business with the strength of utilization. So that's really what I'd point to.

我之前說過，那個業務在運作一年後會開始接近企業平均毛利。這只是放量的過程。一開始有一些放量成本會先影響我們。所以我認為你會開始看到這些業務的毛利結構有所改善，然後再加上業務的正常季節性——使用量走強。所以我主要會指向這些因素。

Yeah, and then, Kevin, in terms of your questions on CRUSH, again, I'll remind you that there were 10 tests that contributed to the vast majority of the growth in the spend 7 of those 10 tests, we have no participation in and 3 of those 10 tests, it's de minimis. So it really Quest was not a driver of those increased costs. In terms of pre-authorization, CMS did put out a request for information, a response.

是的，然後，Kevin，關於你對 CRUSH 的問題，再次提醒你，有 10 項檢測貢獻了支出成長的絕大部分；其中 10 項裡有 7 項我們完全沒有參與，另外 10 項中的 3 項，我們的參與也微不足道（de minimis）。所以實際上，Quest 並不是那些成本增加的驅動因素。至於事前授權，CMS 的確發布了一份資訊徵詢（request for information），一份回應。

They asked people to comment on the CRUSH initiative. Our trade association did that. I can tell you that pre-authorization is not something we would ask for. But rather, I think what's appropriate is CMS ought to require some type of certificate of accreditation for the labs that are performing these higher complexity tests.

他們請大家就 CRUSH 倡議提出意見。我們的產業公會也這麼做了。我可以告訴各位，事前授權並不是我們會要求的。相反地，我認為較合適的是，CMS 應該要求對執行這些較高複雜度檢測的實驗室提供某種認證證書。

That's a way to ensure that those labs that are producing these tests and some of these tests are absolutely necessary in health care today that you know they're being done by certified labs with good quality and a commitment to science, technology and excellence.

這是一種確保方式，確保那些在生產這些檢測的實驗室——而其中一些檢測在當今醫療照護中絕對必要——你知道，它們是由經過認證、品質良好，並且致力於科學、技術與卓越的實驗室來執行。

Andrew Brackmann, William Blair.

Andrew Brackmann，William Blair。

Hi, guys. Thanks for taking the question, and good morning. Jim, I want to ask on the advanced diagnostics strength and all the color that you gave on that business. Can you maybe just sort of talk about any specific investments that are going to those areas in 2026 or in 2027?

嗨，各位。謝謝讓我提問，早安。Jim，我想就先進診斷業務的強勁表現，以及你對該業務提供的所有補充說明提個問題。你能否談談在 2026 年或 2027 年，會有哪些具體投資投入到那些領域？

Just sort of anything to call out with respect to maybe specific clinical trials in some of those areas or sales team increases. I really just sort of want to get a sense of the opportunities that might exist there to maybe further accelerate that growth. Thanks.

例如在那些領域中，是否有任何值得特別指出的特定臨床試驗，或是銷售團隊的擴編。我主要是想了解那裡可能存在的機會，是否能進一步加速成長。謝謝。

Yeah, Thanks, Andrew. Yes, again, some of these advanced diagnostics tests were certainly a strong contributor to the mix that we saw in the quarter in the organic rev per req increase of 2.5% that Sam cited. But the biggest area again is brain health. As I indicated, the business more than doubled from Q1 of last year to Q1 of this year.

好的，謝謝你，Andrew。是的，再次強調，這些先進診斷檢測確實是本季我們看到的組合（mix）中的重要貢獻者之一，並推動 Sam 提到的每份檢驗申請（req）有機營收成長 2.5%。但最大的領域仍然是腦部健康。如我所指出，該業務從去年第一季到今年第一季成長超過一倍。

We are committed to the space. There are other biomarkers that we are investing in and doing research on in addition to the [AB 42/40], in addition to the ApoE, NFL. And then commercially, we procure the p-tau181 and 217 assays. But there's other biomarkers we're working on we're in constant discussions with the therapy makers who are collaborating with us on looking at different biomarkers that help identify the disease at the earliest possible point.

我們致力於這個領域。除了 [AB 42/40]、ApoE、NFL 之外，我們也在投資並研究其他生物標記。而在商業化方面，我們提供 p-tau181 與 217 的檢測。但我們也在開發其他生物標記；我們持續與療法開發商討論並合作，研究不同的生物標記，以協助在最早可能的時間點辨識疾病。

We continue to invest in advanced cardiometabolic testing in various biomarkers, one specifically in the HDL arena that goes beyond just the basic HDL test. And then obviously, I'd be remiss if I didn't talk about Haystack, we continue to invest in the space. We've made progress quarter-over-quarter.

我們持續投資於先進的心臟代謝檢測，涵蓋各種生物標記，其中一項特別是在 HDL 領域，超越僅做基本 HDL 檢測。另外，當然，如果我不提 Haystack 就說不過去了，我們持續投資這個領域。我們在每一季相較上一季都有進展。

As we discussed in the script, we have a great partnership now with City of Hope, which is a leading cancer treatment detection and treatment center on the West Coast. And there's all types of clinical partnerships that we have there. We've discussed a few in the past, Rutgers and MGH. So we continue to invest in that area and continue to make progress.

如同我們在講稿中提到的，我們現在與 City of Hope 建立了很好的合作夥伴關係；它是西岸領先的癌症偵測與治療中心。我們在那裡有各式各樣的臨床合作。過去我們也談過幾個，例如 Rutgers 與 MGH。因此我們持續投資該領域並持續取得進展。

Yeah, And Andrew, maybe to add to Jim's comments, a healthy portion of our $550 million capital investment goes towards our esoteric labs to drive capacity upgrades given the growth that we're seeing in that business, in that advanced diagnostics business.

是的，Andrew，或許補充 Jim 的評論，我們 5.5 億美元資本投資中有相當一部分投入到我們的特殊檢驗（esoteric）實驗室，用於因應我們在該業務、也就是先進診斷業務所看到的成長而進行產能升級。

So I don't want to -- I'd be remiss if I didn't mention that as well because in addition to the investments that Jim talked about, which are more on the business side that we do have a significant portion of capital investments going towards those tests as well.

所以我也不想——如果我不提這點就說不過去了，因為除了 Jim 談到的、較偏業務面的投資之外，我們也有相當大一部分資本投資同樣投入到這些檢測上。

Tycho Peterson, Jefferies.

Tycho Peterson，Jefferies。

Hi, Tim. This is Noah on for Tycho. I wanted to ask a few on oncology. I believe the partnership with Guardant for Shield went live one month ago. If you could speak to early adoption there. And then just on Haystack, what should we be expecting in terms of the phasing of EPS contribution throughout the year and kind of getting to breakeven? Thanks.

嗨，Tim。我是 Noah，代 Tycho 提問。我想問幾個關於腫瘤學的問題。我相信與 Guardant 就 Shield 的合作在一個月前上線。你能談談目前的早期採用情況嗎？另外關於 Haystack，今年 EPS 貢獻在全年各期間的節奏（phasing）以及何時達到損益兩平，我們應該如何預期？謝謝。

Yeah, thanks, Noah. Yes, we announced a partnership to distribute -- do blood collections for the Guardant colon cancer CRC test. And so it started in the quarter. We are listing the test on our test menu so that Quest physicians can order that test and patients, regardless if it came from a Quest physician or another physician, patients can bring that requisition to a Quest PSC and we'll draw the blood and send this specimen on to Guardant's lab.

好的，謝謝你，Noah。是的，我們宣布了一項合作夥伴關係，負責 Guardant 結腸癌 CRC 檢測的通路分銷——以及抽血採集。因此本季已開始。我們正在把該檢測列入我們的檢測目錄，讓 Quest 的醫師可以開立該檢測；而病患不論是由 Quest 醫師或其他醫師開立，都可以把檢驗單帶到 Quest 的 PSC，我們會抽血並將檢體送到 Guardant 的實驗室。

I would say it's early. We just got going in the middle part of the quarter. So I can't make a comment yet on the volumes, but it's certainly starting to take hold. On the Haystack margin profile, Sam, I'll ask you to comment on that.

我會說目前還很早。我們是在本季中段才開始推動。所以我還無法對量能做出評論，但確實正在開始成形。至於 Haystack 的毛利結構，Sam，我請你來評論。

Yeah, thanks, Noah. So Haystack, listen, we're making some really good progress on the test with regards to the order experience, the commercial, both ramp in terms of resources and the uptake in terms of tests ordered. I think oncologists are starting to recognize just the impressive profile of the test with its low limits of detection. Making good progress on the reimbursement front.

好的，謝謝你，Noah。關於 Haystack，聽著，我們在檢測方面取得了非常好的進展，包括下單體驗、商業化推進——無論是資源配置的擴張，或是檢測訂單量的提升。我認為腫瘤科醫師開始認知到這項檢測令人印象深刻的特性，尤其是其極低的檢出極限。在給付（reimbursement）方面也取得良好進展。

We have submitted to [MolDX], the technical assessment to get Medicare Advantage reimbursement. We have PLA codes now that are basically priced a $3,900 baseline and an $800 monitoring reimbursed price. So we're making really good progress. It's early days to talk about EPS ramp in terms of the dilution or the improvement over the course of the year. We'll provide updates as we go.

我們已向 [MolDX] 提交技術評估，以取得 Medicare Advantage 的給付。我們現在也有 PLA 代碼，基本上定價為 3,900 美元的基準價格，以及 800 美元的監測給付價格。所以我們進展非常好。至於 EPS 的爬坡——不論是稀釋或是全年逐步改善——現在談還太早。我們會在推進過程中提供更新。

Again, it's a test, and we have many tests in our portfolio, both in terms of AD, advanced diagnostics and routine tests. So I don't want to be overly focused on just one test. But we -- obviously, it's an important business for us, and we're making good progress on it.

再說一次，這是一項檢測，而我們的產品組合中有很多檢測，包含 AD（先進診斷）與常規檢測。所以我不想把焦點過度放在單一檢測上。但我們——顯然，這對我們而言是一項重要業務，我們也正在取得良好進展。

Lisa Gill, JPMorgan.

Lisa Gill，JPMorgan。

Thanks very much and good morning. I just was wondering the current M&A environment. I appreciate that there's nothing in your guidance for '26. But are you seeing anything different? Are you seeing any incremental opportunities in the market?

非常感謝，早安。我想請教目前的併購（M&A）環境。我理解你們對 '26 的指引中沒有納入任何併購。但你們是否看到任何不同之處？你們是否在市場上看到任何額外的機會？

I heard your comments earlier around hospitals and their need to submit their rates. Is that changing any of their views around the potential for reimbursement cuts for Medicare going forward? So just anything on an update on the M&A side would be helpful. Thank you.

我也聽到你先前提到醫院需要申報其費率的評論。這是否改變了他們對未來 Medicare 可能削減給付的看法？所以，若能提供任何關於併購面向的最新情況都會很有幫助。謝謝。

Yeah, thanks, Lisa. The M&A funnel is good. We have a mix of various health system outreach types of deals that are there. And there's not a ton, as you know, of remaining independent labs across the country, but there's still some out there, and we still take a look and sometimes they proactively come to us.

好的，謝謝你，Lisa。併購案源（funnel）狀況良好。我們目前有各種不同類型的醫療體系外展（outreach）交易在評估中。而且如你所知，全國剩下的獨立實驗室已不多，但仍然有一些，我們仍會評估，有時他們也會主動找上我們。

I don't think that the Medicare reimbursement changes are affecting a hospital's view of their outreach business. You got to remember, in general, Medicare is our best payer here at Quest Diagnostics. And in general, it's the worst payer for a health system.

我不認為 Medicare（聯邦醫療保險）的報銷變動正在影響醫院對其外展業務的看法。你得記得，一般而言，在 Quest Diagnostics 這裡，Medicare 是我們最好的付款方。而一般而言，對醫療體系來說，它卻是最差的付款方。

So if the worst payer goes down a little bit in pricing, I don't think that affects your viewpoint on outreach. What I do think affects their viewpoint on outreach is the commercial view of the lab market in the lab industry.

所以如果最差的付款方在定價上小幅下調，我不認為那會影響你對外展的觀點。我認為真正影響他們對外展看法的，是商業保險對檢驗市場與檢驗產業的看法。

And I think you got a lot of really smart health plans that are starting to wake up and say, "Hey, why am I paying these health system labs 200% to 300% of what we pay two of the leading independents across the country." And furthermore, that 200% to 300% price premium that they get, it affects patients.

而且我認為你會看到很多非常聰明的健康保險計畫開始醒悟並說：「嘿，為什麼我付給這些醫療體系的檢驗室的費用，是我們付給全國兩家領先獨立檢驗機構的 200% 到 300%？」此外，他們拿到的這個 200% 到 300% 的價格溢價，會影響病患。

It affects co-pays. It affects co-deductibles. It affects employers who are paying for this health care. And so there's nothing easier to get a quick hit, a quick win from an employer standpoint, from a patient standpoint is to normalize these rates.

它會影響自付額（co-pay）。它會影響共同負擔的免賠額（co-deductible）。它會影響為這些醫療照護買單的雇主。因此，從雇主角度、從病患角度來看，最容易取得快速成效、快速勝利的做法，就是把這些費率正常化。

And we strongly advocate that health plans ought to pay all labs the same amount of money for outreach work. It doesn't do anyone any good to penalize patients and penalize employers who are paying for the majority of the health care cost in this country to reimburse some labs 200% to 300% of what the 2 leading independents are getting paid.

我們強烈主張，健康保險計畫在外展業務上應該對所有檢驗室支付相同的金額。讓病患受罰、讓支付本國大部分醫療成本的雇主受罰，去補償某些檢驗室拿到相當於兩家領先獨立機構 200% 到 300% 的報銷，對任何人都沒有好處。

David Westenberg, Piper Sandler.

David Westenberg，Piper Sandler。

Hi, thanks for taking my question. So I wanted to talk about the convergence of multiple factors, AI, wearables, consumer-initiated testing. Just given the fact that these AI wearables, et cetera, and consummation tested gamify longitudinal testing, it seems like there would be an increase in longitudinal testing. So am I thinking about this the right way? And how should we think about test per patient right now and where it could go in the next 5 to 10 years? Are you monitoring test per patient right now?

嗨，謝謝讓我提問。我想談談多重因素的匯聚：AI、穿戴式裝置、消費者主動發起的檢測。考量到這些 AI 穿戴式裝置等等，以及消費者檢測把長期追蹤檢測遊戲化，看起來長期追蹤檢測應該會增加。所以我這樣想對嗎？以及我們現在應該如何看待每位病患的檢測次數（test per patient），以及未來 5 到 10 年可能走向何處？你們目前有在監測每位病患的檢測次數嗎？

And is it trending indeed the right way? And maybe one of the things that I might want to look at is something like are the Function Health people, for example, also doing their annual labs? And is that increasing? I mean where is the momentum going with this? Thank you.

而它確實正朝正確方向趨勢發展嗎？另外我可能想看的其中一件事是，例如 Function Health 的人是否也在做他們的年度檢驗？而那是否正在增加？我的意思是，這股動能正往哪裡走？謝謝。

Yeah, so that's a great question, David. Look, we continue to think that this convergence of consumer health, wellness, wearables and AI are going to have a profound impact on how people think about their health care going forward. I don't think the physical of today where you go see a doctor, they do a physical in the office, they order labs generally after they've done the physical and then the information flows back to the physician, back to the patient and maybe somebody calls the patient and says, here's a few things that are out of range and here's what you should do about it.

是的，David，這是個很好的問題。你看，我們仍然認為，消費者健康、健康管理（wellness）、穿戴式裝置與 AI 的這種匯聚，將對人們未來如何看待自身醫療照護產生深遠影響。我不認為今天的健康檢查（physical）——你去看醫生、醫生在診間做檢查、通常在做完檢查後才開立檢驗，然後資訊回到醫師、回到病患，也許有人打電話給病患說有幾項超出範圍以及你該怎麼做——會是未來的樣子。

I honestly think that the future, the physical of the future is going to be really before you ever see the doctor, you're going to download your wearable information. You're going to get your lab work done ahead of time. And all that information is going to be fed into an AI engine and it's going to provide you the patient with a report. It's going to provide the physician with a report.

我真心認為，未來的健康檢查會是：在你見到醫生之前，你就會先下載你的穿戴式裝置資訊。你會提前把檢驗做完。而所有這些資訊都會被輸入到一個 AI 引擎中，並提供給你——病患——一份報告。也會提供給醫師一份報告。

And then when you actually go and see the physician, the physical exam itself is informed by all of that information. And then it becomes more of a discussion between you and the physician on the things that you really need to work on from a biometric standpoint, sleep, diet, heart rate variability, blood pressure, stress, the things that you really need to work on to improve your biomarkers.

然後當你真的去看醫師時，實際的理學檢查本身會以所有這些資訊為依據。接著，它會更像是你與醫師之間的討論，聚焦在你從生物測量（biometric）的角度真正需要改善的事情：睡眠、飲食、心率變異度、血壓、壓力——那些你確實需要努力、以改善你的生物標記（biomarkers）的事項。

This linkage between biomarkers and biometrics is so incredibly important. Just this past March, I believe it was March 13, there was a really interesting article written in Nature, some work that Google Health did. It was a study between us, Google Health and Fitbit that really highlighted the linkage between biometrics and biomarkers and the use of artificial intelligence to actually calculate some of these biomarkers in between lab tests.

生物標記與生物測量之間的連結極其重要。就在今年 3 月，我記得是 3 月 13 日，《Nature》上有一篇非常有趣的文章，介紹 Google Health 所做的一些工作。那是一項由我們、Google Health 與 Fitbit 共同進行的研究，清楚凸顯了生物測量與生物標記之間的連結，以及運用人工智慧在兩次實驗室檢驗之間實際計算其中一些生物標記。

So what we're actually seeing is, I think, this trend that you check your biomarkers, combine it with your wearable data, combine it with artificial intelligence, it's just making people more and more conscious of their -- of what's going on inside their body.

所以我們實際看到的是，我認為有這樣的趨勢：你檢測你的生物標記，把它與你的穿戴式資料結合，再與人工智慧結合，這只會讓人們越來越意識到——他們身體內部正在發生什麼。

And then I think as you indicated, we're likely to see an increased trend of consumers continuing to test certain biomarkers to check to make sure that the things that they're working on, the things they're trying to optimize are actually improving.

然後我認為如你所說，我們很可能會看到消費者持續檢測某些生物標記的趨勢增加，以確認他們正在努力的事情、他們試圖最佳化的事情，確實正在改善。

Okay. Operator, I think that wraps up today's call. I want to thank everyone for joining our call today. We certainly appreciate your continued support. Have a great day, everyone, and good health to all of you.

好的。接線員，我想今天的電話會議就到這裡。我要感謝各位今天加入我們的電話會議。我們非常感謝各位持續的支持。祝大家有美好的一天，也祝各位身體健康。

Thank you for participating in the Quest Diagnostics first quarter 2026 conference call. A transcript of prepared remarks on this call will be posted later today on Quest Diagnostics' website at www.questdiagnostics.com. (Operator Instructions)

感謝您參與 Quest Diagnostics 2026 年第一季電話會議。本次電話會議的預先準備發言逐字稿將於今日稍晚發布於 Quest Diagnostics 的網站 www.questdiagnostics.com。 （接線員指示）