Labcorp Holdings Inc (LH) 2024 Q2 法說會逐字稿

Good day and thank you for standing by. Welcome to the Labcorp Holdings Inc., second-quarter 2024 conference call. (Operator Instructions)

您好，感謝您的支持。歡迎參加 Labcorp Holdings Inc. 2024 年第二季電話會議。（操作員指示）

Again. Please be advised that today's conference is being recorded. I would now like to hand the conference over to your speaker today, Christin O'Donnell, Vice President of Investor Relations. Please go ahead.

再次。請注意，今天的會議正在錄音。現在，我想將會議交給今天的發言人、投資者關係副總裁克里斯汀·奧唐納 (Christin O'Donnell)。請繼續。

Thank you, operator. Good morning, and welcome to Labcorp's second-quarter 2024 conference call. As detailed in today's press release, there will be a replay of this conference call available. With me today are Adam Schechter, Chairman and Chief Executive Officer, and Glenn Eisenberg, Executive Vice President and Chief Financial Officer.

謝謝您，接線生。早上好，歡迎參加 Labcorp 2024 年第二季電話會議。正如今天的新聞稿中所詳述的，將會提供本次電話會議的重播。今天與我一起的還有董事長兼執行長亞當謝克特 (Adam Schechter) 和執行副總裁兼財務長格倫艾森伯格 (Glenn Eisenberg)。

This morning in the Investor Relations section of our website at www.labcorp.com. We posted both our press release and an investor relations presentation with additional information on our business operations, which include a reconciliation of the non-GAAP financial measures to the most comparable GAAP financial measures, both of which are discussed during today's call.

今天上午，我們在公司網站 www.labcorp.com 的「投資者關係」板塊發布了新聞稿和投資者關係演示文稿，其中包含了更多關於我們業務運營的信息，其中包括非公認會計準則 (Non-GAAP) 財務指標與最具可比性的公認會計準則 (GAAP) 財務指標的對賬表，這兩項內容都將在今天的電話會議上進行討論。

Additionally, we are making forward looking statements. These forward looking statements include, but are not limited to statements with respect to the estimated 2024 guidance and related assumptions, the spinoff of Fortrea Holdings Inc., the impact of various factors on the company's businesses, operating and financial results, cash flows and or financial condition, including the COVID-19 pandemic and global economic and market conditions, future business strategies, expected savings, benefits and synergies from the LaunchPad initiative and from acquisitions and other strategic transactions and partnerships, the completed holding company reorganization and opportunities for future growth. Each of the forward-looking statements is subject to change based upon various factors, many of which are beyond our control. More information is included in our most recent annual report on Form 10-K and subsequent quarterly reports on Form 10-Q and in the company's other filings with the SEC.

此外，我們也做出前瞻性陳述。這些前瞻性陳述包括但不限於有關 2024 年預計指引和相關假設、Fortrea Holdings Inc. 的分拆、各種因素對公司業務、經營和財務業績、現金流和/或財務狀況的影響的陳述，包括 COVID-19 疫情和全球經濟和市場狀況、未來業務戰略、LaunchPad 計劃以及收購和其他預期交易和合作夥伴關係每個前瞻性陳述都可能因各種因素而發生變化，其中許多因素是我們無法控制的。更多資訊包含在我們最近的 10-K 表年度報告和隨後的 10-Q 表季度報告以及公司向美國證券交易委員會提交的其他文件中。

We have no obligation to provide any updates to these forward-looking statements, even if our expectations change.

即使我們的預期發生變化，我們也沒有義務對這些前瞻性陳述提供任何更新。

Now I'll turn the call over to Adam Schecter.

現在我將電話轉給 Adam Schecter。

Thank you, Christin, and good morning, everyone. It's really a pleasure to be here with you today. We look forward to sharing our strong results for the quarter, our updated 2024 outlook and progress on our strategy.

謝謝你，克里斯汀，大家早安。今天能和大家在一起我感到非常高興。我們期待分享本季的強勁業績、最新的 2024 年展望以及策略進展。

Let's turn now to our financial results. In the second quarter, revenue totaled $3.2 billion. Adjusted earnings per share was $3.94 and free cash flow from continuing operations was $433 million. Enterprise revenue increased 6% compared to the second-quarter of 2023.

現在讓我們來看看我們的財務結果。第二季度，營收總計32億美元。調整後每股收益為 3.94 美元，持續經營產生的自由現金流為 4.33 億美元。企業營收與 2023 年第二季相比成長了 6%。

And diagnostics revenue was up 8%, driven by strong organic growth and acquisitions, central laboratories growth was strong at 9%, partially offset by decline in early development of 15%, resulting in biopharma laboratory services up 1%.

診斷收入成長 8%，受強勁的有機成長和收購推動，中央實驗室成長強勁，達到 9%，但早期開發下降 15% 部分抵消了這一成長，導致生物製藥實驗室服務成長 1%。

The book-to-bill for early development was strong with higher orders and lower cancellations, and we expect the business to be back to growth towards the end of the year.

早期開發的訂單出貨比表現強勁，訂單量增加，取消量減少，我們預計業務將在年底恢復成長。

Adjusted EPS were up 15% and enterprise margins were up slightly. Margins in biopharma increased while margins in diagnostics were flat, which reflects the impact of a cyber event that affected a large partner. We continue to execute well on our strategic priorities through the following.

調整後的每股盈餘上漲 15%，企業利潤率略有上升。生物製藥行業的利潤率增加，而診斷行業的利潤率則持平，這反映了網路事件對大型合作夥伴的影響。我們透過以下方式繼續良好地執行我們的策略重點。

Being a partner of choice for health systems and regional local laboratories, harnessing science and innovation to develop and launch new tests in important therapeutic areas and by utilizing data and technology to bring important services and capabilities to our customers.

作為醫療系統和區域本地實驗室的首選合作夥伴，利用科學和創新在重要治療領域開發和推出新的測試，並利用數據和技術為我們的客戶帶來重要的服務和能力。

We are confident in the success of Labcorp in the months and quarters ahead with strong growth in diagnostics and biopharma laboratory services. Glenn will provide more details on our results and 2024 outlook in just a moment.

我們對 Labcorp 在未來幾個月和幾個季度的成功充滿信心，診斷和生物製藥實驗室服務將強勁成長。格倫稍後將提供有關我們的業績和 2024 年展望的更多詳細資訊。

The 2024 outlook reflects the anticipated close of Invitae next week.

2024 年的展望反映了 Invitae 預計下週結束。

In the second quarter, Labcorp continued to advance in our strategic growth areas. First, we continued to maintain a leadership position as a partner of choice for health systems and regional local laboratories. Following the quarter end, Labcorp entered into a comprehensive strategic collaboration with Naples Comprehensive Health Care located in Florida. To manage its inpatient lab operations and to serve as the primary lab later this summer.

第二季度，Labcorp 在策略成長領域持續取得進展。首先，我們繼續保持作為衛生系統和區域地方實驗室首選合作夥伴的領導地位。本季結束後，Labcorp 與位於佛羅裡達州的那不勒斯綜合醫療保健中心建立了全面的策略合作關係。管理住院實驗室運作並在今年夏天晚些時候作為主要實驗室。

We're also on track to close the previously announced acquisition of select assets of Bio-Reference health diagnostics business by the end of the third quarter, we continue to have a very strong business development pipeline, and we look forward to sharing more of those details in the future.

我們還有望在第三季末完成之前宣布的對 Bio-Reference 健康診斷業務部分資產的收購，我們繼續擁有非常強大的業務發展管道，我們期待在未來分享更多細節。

We also announced the acquisition of select assets of Invitae, a leading medical genetics company. We're excited about Invitae’s complementary cutting edge science, genetic testing solutions and technology, which aligns strategically with our focus on specialty testing and oncology.

我們也宣布收購領先的醫學遺傳學公司 Invitae 的部分資產。我們對 Invitae 互補的尖端科學、基因檢測解決方案和技術感到非常興奮，這與我們對專業檢測和腫瘤學的關注在策略上一致。

Together, we will work with our customers to utilize genetic insights to develop new treatments and to deliver personalized care in oncology and select rare diseases.

我們將與客戶攜手合作，利用基因見解開發新的治療方法，並在腫瘤學和某些罕見疾病領域提供個人化治療。

Upon closing the transaction, we anticipate the first 12 months will provide revenue of $275 million to $300 million, and the 1st year will be dilutive by approximately 3%. We've included $120 million of revenue in 2024 and the vast majority of dilution in 2024, we expect it to be accretive for 2025 with top-line growth of more than 10% per year.

交易完成後，我們預計前 12 個月將帶來 2.75 億至 3 億美元的收入，第一年將攤薄約 3%。我們已將 2024 年的收入和絕大部分稀釋計入 2024 年，我們預計 2025 年的收入將增加，年收入成長率將超過 10%。

We have a very strong integration team in place with members from both Labcorp and Invitae. We will move quickly and thoughtfully to reduce costs without impacting the great science and great customer experience that Invitae provides today.

我們擁有一支非常強大的整合團隊，成員來自 Labcorp 和 Invitae。我們將迅速而周到地採取行動來降低成本，同時又不影響 Invitae 目前提供的偉大科學和卓越的客戶體驗。

Also, we anticipate Invitae will benefit from the full scale and breadth of Labcorp's platform as the global leader in laboratory services. We have great respect for Invitae’s capabilities and team, and we look forward to welcoming our new colleagues to Labcorp.

此外，我們預計 Invitae 將受益於 Labcorp 作為實驗室服務全球領導者的平台的全面規模和廣度。我們非常尊重 Invitae 的能力和團隊，並期待歡迎新同事加入 Labcorp。

As we advance our growth strategy, we continue to make great strides in expanding our testing solutions. In April, Labcorp received FDA approval as a humanitarian use device for its companion diagnostic to determine patient eligibility for treatment with Pfizer's gene therapy for hemophilia B, this is expected to expand LabCorp's leadership in precision medicine and gene therapy.

隨著我們推進成長策略，我們在擴展測試解決方案方面繼續取得長足進步。今年4月，Labcorp獲得FDA批准，作為人道主義用途設備，用於其伴隨診斷，以確定患者是否有資格接受輝瑞公司針對血友病B的基因療法治療，這有望擴大LabCorp在精準醫療和基因治療領域的領導地位。

We introduced the first trimester screening test to assess preeclampsia risk during pregnancy. It is the only test of its kind available in the United States, available for order by physicians for their patients, including those with a low to average risk for preeclampsia or first-time pregnancies. Roughly one in 25 pregnancies in the United States is affected by the condition.

我們引入了妊娠早期篩檢測試來評估妊娠期間子癇前症的風險。這是美國唯一可用的此類測試，醫生可以為患者進行測試，包括患有子癇前症或首次懷孕風險較低或中等的患者。在美國，大約每 25 例懷孕中就有 1 例受到這種疾病的影響。

And with this test, Labcorp is the only lab that can detect preeclampsia risk across all trimesters of pregnancy. We announced several new strategic service offerings with our precision oncology portfolio, extending our leadership in oncology.

透過這項測試，Labcorp 成為唯一能夠在懷孕各個階段檢測子癇前症風險的實驗室。我們宣布了精準腫瘤學產品組合中的幾項新策略服務，擴大了我們在腫瘤學領域的領導地位。

Our comprehensive genomic profiling service Labcorp tissue complete is now available through our laboratory network centers in Geneva and Shanghai to support global clinical trials. We've also added OmniSeq Insight circulating tumor DNA to our portfolio of comprehensive genomic profiling services. Together, these solutions support customers as they advance our therapeutic development programs.

我們全面的基因組分析服務 Labcorp tissue complete 現已透過我們位於日內瓦和上海的實驗室網路中心提供，以支援全球臨床試驗。我們也將 OmniSeq Insight 循環腫瘤 DNA 加入我們的綜合基因組分析服務組合中。這些解決方案共同支持客戶推進我們的治療開發計劃。

Lastly, we continue to expand Labcorp OnDemand, our consumer initiated testing offering with the launch of several new tests in May and June, including standard drug complete drug, comprehensive testosterone HIV and complete heart health.

最後，我們繼續擴展 Labcorp OnDemand（我們的消費者發起的測試服務），並於 5 月和 6 月推出了幾項新測試，包括標準藥物完整藥物、綜合睪固酮 HIV 和完整心臟健康。

We also continue to focus on creating easy to use digital technology solutions for our customers. In the quarter, we launched a suite of solutions referred to as global trial Connect aimed at increasing the speed and efficiency of clinical trials. The solution differentiates Labcorp in the market and has been well received by our customers.

我們也將繼續致力於為客戶創造易於使用的數位技術解決方案。本季度，我們推出了一套稱為全球試驗連結的解決方案，旨在提高臨床試驗的速度和效率。該解決方案使 Labcorp 在市場上脫穎而出，並受到了客戶的一致好評。

In closing, I'd like to thank our team of more than 65,000 employees around the world. Together, we are focused on our customers, achieving our financial commitments and making meaningful progress on our strategy. We have strong momentum and significant growth opportunities ahead of us.

最後，我要感謝我們遍佈全球的 65,000 多名員工團隊。我們共同關注客戶，履行財務承諾，並在我們的策略上取得有意義的進展。我們擁有強勁的發展動能和巨大的成長機會。

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

說完這些，我將把電話轉給格倫。

Thank you, Adam. I'm going to start my comments with a review of our second quarter results, followed by a discussion of our performance in each segment and conclude with an update on our full year guidance. For reference, we've also included additional business information that can be found in our supplemental deck on our Investor Relations website.

謝謝你，亞當。我首先將回顧我們的第二季業績，然後討論我們在每個部門的表現，最後更新我們的全年指引。作為參考，我們還提供了其他業務信息，可在我們投資者關係網站的補充資料中找到。

Revenue for the quarter was $3.2 billion, an increase of 6.2% compared to last year, primarily due to organic base business growth and the impact from acquisitions, partially offset by lower COVID testing and foreign exchange.

本季營收為 32 億美元，比去年成長 6.2%，主要由於有機基礎業務成長和收購的影響，但被 COVID 檢測和外匯的減少部分抵消。

The base business grew 6.9% compared to the base business last year, driven primarily by organic growth of 4.5%. Operating income for the quarter was $295 million or 9.2% of revenue or 14.9% on an adjusted basis during the quarter, we had $100 million of restructuring charges and special items, primarily related to acquisitions and LaunchPad initiatives.

與去年同期相比，基礎業務成長了 6.9%，主要得益於 4.5% 的有機成長。本季營業收入為 2.95 億美元，佔營收的 9.2%，或按調整後計算的 14.9%，我們有 1 億美元的重組費用和特殊項目，主要與收購和 LaunchPad 計劃有關。

In addition, we had $23 million of expense for the transition service agreements related to the spin-off from Fortrea, with the corresponding income recorded in other income. Excluding these items and amortization of $62 million, adjusted operating income in the quarter was $480 million or 14.9% of revenue compared to $448 million or 14.8% last year.

此外，我們還花了 2300 萬美元用於與 Fortrea 分拆相關的過渡服務協議，相應的收入記錄在其他收入中。不包括這些項目和 6,200 萬美元的攤銷，本季調整後的營業收入為 4.8 億美元，佔營收的 14.9%，而去年同期為 4.48 億美元，佔營收的 14.8%。

The increase in operating income and margin was due to the benefit of demand and LaunchPad savings that were partially offset by higher personnel expenses. Our LaunchPad initiative continues to be on track to deliver $100 million to $125 million of savings this year, consistent with our long-term target.

營業收入和利潤率的增加是由於需求和 LaunchPad 節省的好處，但被更高的人事費用部分抵消。我們的 LaunchPad 計劃將繼續按計劃在今年節省 1 億至 1.25 億美元，這與我們的長期目標一致。

The adjusted tax rate for the quarter was 23% compared to 23.9% last year. The lower adjusted tax rate was primarily due to the geographic mix of earnings and additional R&D tax credits. We continue to expect the full year adjusted tax rate to be approximately 23%.

本季調整後的稅率為 23%，而去年同期為 23.9%。調整後的稅率較低主要是由於收益的地域組合和額外的研發稅收抵免。我們繼續預計全年調整後的稅率約為23%。

Net earnings from continuing operations for the quarter were $206 million, or $2.43 per diluted share. Adjusted EPS were $3.94 in the quarter, up 15% from last year. Operating cash flow from continuing operations was $561 million in the quarter compared to $162 million a year ago.

本季持續經營淨利為 2.06 億美元，即每股攤薄收益 2.43 美元。本季調整後每股收益為 3.94 美元，較去年同期成長 15%。本季來自持續經營業務的經營現金流為 5.61 億美元，去年同期為 1.62 億美元。

The increase in cash flow was due to a cash earnings and working capital. Capital expenditures totaled $128 million in the quarter or 4% of revenue. This compares to $103 million or 3.4% in the prior year for the full year, we continue to expect capital expenditures to be approximately 3.5% of revenue.

現金流的增加是由於現金收益和營運資金。本季資本支出總計 1.28 億美元，佔營收的 4%。相較於去年全年的 1.03 億美元或 3.4%，我們繼續預期資本支出將佔收入的約 3.5%。

Free cash flow from continuing operations for the quarter was $433 million. During the quarter, the company invested $34 million in acquisitions, paid out $60 million in dividends and repurchased $100 million of stock. The Board of Directors has approved an increase in its share repurchase authorization by $1 billion to a total of $1.4 billion.

本季持續經營產生的自由現金流為 4.33 億美元。本季度，該公司投資了 3,400 萬美元用於收購，支付了 6,000 萬美元的股息，並回購了價值 1 億美元的股票。董事會已批准將股票回購授權增加 10 億美元，達到總額 14 億美元。

At quarter end, we had $265 million in cash. While debt was $5.1 billion, our leverage was 2.4 times gross debt to trailing 12 months adjusted EBITDA. We have $2 billion of debt maturing over the next 12 months, and we expect to refinance it later this year.

截至季末，我們擁有 2.65 億美元現金。雖然債務為 51 億美元，但我們的槓桿率是總債務與過去 12 個月調整後 EBITDA 的 2.4 倍。我們有 20 億美元的債務將在未來 12 個月內到期，我們預計將在今年稍後進行再融資。

Now I'll review our segment performance. Beginning with diagnostics laboratories. Revenue for the quarter was $2.5 billion, an increase of 7.9% compared to last year with organic growth of 4.7% and acquisitions net of divestitures contributing 3.2%, partially offset by foreign currency translation of 0.1%.

現在我將回顧我們的分部表現。從診斷實驗室開始。本季營收為 25 億美元，較去年同期成長 7.9%，其中有機成長 4.7%，扣除資產剝離後的收購貢獻 3.2%，但外幣折算 0.1% 的影響部分抵銷了這一成長。

The base business grew 8.9% compared to the base business last year, driven primarily by organic growth of 5.7%. Total volume increased 5.7% compared to last year. Base business volume grew 6.3% compared to the base business last year as organic volume increased 3.5%, while acquisitions contributed 2.9%.

與去年同期相比，基礎業務成長了 8.9%，主要得益於 5.7% 的有機成長。總銷量比去年同期成長了5.7%。與去年基礎業務相比，基礎業務量成長了 6.3%，其中有機業務量成長了 3.5%，而收購貢獻了 2.9%。

Price mix increased 2.1% versus last year due to an organic base business increase that was partially offset by lower COVID testing. Base business organic price mix was up 2.2% compared to the base business last year. Diagnostics adjusted operating income for the quarter was $442 million or 17.5% of revenue compared to $410 million or 17.5% last year.

由於有機基礎業務的成長，價格組合較去年同期上漲了 2.1%，但部分被 COVID 檢測的減少所抵消。與去年的基礎業務相比，基礎業務有機價格組合上漲了 2.2%。本季診斷調整後的營業收入為 4.42 億美元，佔營收的 17.5%，去年同期為 4.1 億美元，佔營收的 17.5%。

Adjusted operating income was up due to organic demand, acquisitions and LaunchPad savings, partially offset by higher personnel costs. Operating margins were flat, but would have been up approximately 20 basis points were not for the impact of the cyber event that affected a large partner.

調整後的營業收入因有機需求、收購和 LaunchPad 節省而增加，但被人員成本的增加部分抵消。營業利益率持平，但若非受大型合作夥伴遭遇的網路事件影響，利潤率將上升約 20 個基點。

Now I'll review the segment performance in Biopharma Laboratory Services, revenue for the quarter was $707 million, an increase of 1.1% compared to last year due to an increase in organic revenue of 1.2%, partially offset by foreign currency translation of 0.1%.

現在我來回顧一下生物製藥實驗室服務部門的表現，本季營收為 7.07 億美元，比去年同期成長 1.1%，原因是有機收入成長了 1.2%，但外幣折算增加了 0.1%，部分抵銷了這一成長。

The revenue growth was driven by continued strength in central labs, which was up 9%, while early development was down 15% due to the higher-than-normal cancellations and lower orders in prior periods. However, we did see a sequential improvement in early development gross orders and cancellations, which we expect will lead to higher revenues in the second half of the year and deliver year-over-year growth beginning in the fourth quarter.

營收成長主要得益於中央實驗室的持續強勁成長（成長了 9%），而早期開發則因前期取消量高於正常水平且訂單量較低而下降了 15%。然而，我們確實看到早期開發總訂單量和取消量環比改善，我們預計這將帶來下半年收入的增加，並從第四季度開始實現同比增長。

Biopharma adjusted operating income for the quarter was $107 million or 15.2% of revenue compared to $105 million or 15% last year. Adjusted operating income and margin increased due to organic growth and LaunchPad savings, partially offset by higher personnel costs.

本季生物製藥調整後營業收入為 1.07 億美元，佔營收的 15.2%，去年同期為 1.05 億美元，佔營收的 15%。調整後的營業收入和利潤率因有機成長和 LaunchPad 節省而增加，但被更高的人員成本部分抵消。

We ended the quarter with a backlog of $7.9 billion and we expect approximately $2.5 billion of this backlog to convert into revenue over the next 12 months. Trailing 12 months book-to-bill held at 1.0 compared to last quarter. It is expected to increase in the second half.

本季結束時，我們的積壓訂單為 79 億美元，我們預計其中約 25 億美元將在未來 12 個月內轉化為營收。與上一季相比，過去 12 個月的訂單出貨比維持在 1.0。預計下半年還會增加。

Now I'll discuss our updated 2024 full year guidance, which assumes foreign exchange rates effective as of June 30, 2024, for the remainder of the year. The enterprise guidance also includes the impact from currently anticipated capital allocation with free cash flow targeted for acquisition, share repurchases and dividends.

現在，我將討論我們更新後的 2024 年全年指引，該指引假設今年剩餘時間的外匯匯率以 2024 年 6 月 30 日為準。企業指引還包括目前預期的資本配置的影響，其中自由現金流用於收購、股票回購和股利。

The acquisition of select assets of Invitae, which is expected to close next week is now included in our guidance for 2024. For the remainder of the year, we expect Invitae to add approximately $120 million in revenue and lower adjusted earnings per share by approximately $0.4 and reduced cash flow by approximately $150 million, primarily due to one-time costs related to retention, severance and integration, as well as an increase in working capital.

預計下週將完成對 Invitae 部分資產的收購，該收購現已納入我們的 2024 年預期。在今年剩餘時間內，我們預計 Invitae 的收入將增加約 1.2 億美元，調整後每股收益將減少約 0.4 美元，現金流將減少約 1.5 億美元，這主要是由於與保留、遣散和整合相關的一次性成本，以及營運資本的增加。

We expect enterprise revenue to grow 6.4% to 7.5% compared to 2023 versus prior guidance. We are increasing the midpoint 135 basis points with Invitae contributing approximately 100 basis points of the growth.

我們預計企業收入將比 2023 年成長 6.4% 至 7.5%，高於先前的預期。我們將中間點提高 135 個基點，其中 Invitae 貢獻了約 100 個基點的成長。

We continue to perform well in Diagnostics, we expect diagnostics revenue to be up 6.9% to 7.9% compared to 2023. This is an increase at the midpoint from our prior guidance of 200 basis points due to stronger base business demand and Invitae, which is expected to contribute around 130 basis points of the growth.

我們在診斷領域持續表現良好，預計診斷收入將比 2023 年成長 6.9% 至 7.9%。這比我們先前預測的 200 個基點有所增加，原因是基礎業務需求增強，而 Invitae 預計將貢獻約 130 個基點的成長。

We expect biopharma revenue to grow 3.7% to 5% compared to 2023. The decrease at the midpoint from our prior guidance of 35 basis points is due to early development, partially offset by continued strength in central labs. We expect early development to have a slower recovery than previously anticipated, but with year-over-year growth still expected to begin in the fourth quarter.

我們預計生物製藥收入將比 2023 年成長 3.7% 至 5%。中間點較我們先前預測的 35 個基點有所下降，這是由於早期開發所致，但被中央實驗室的持續實力所部分抵消。我們預計早期開發的復甦速度將比之前預期的要慢，但預計第四季仍將開始實現同比成長。

We expect enterprise margins to be flat versus the prior year, despite the negative impact from Invitae of approximately 40 basis points. Diagnostics margins are now expected to be down due to the inclusion of Invitae of approximately 60 basis points.

儘管 Invitae 帶來了約 40 個基點的負面影響，但我們預計企業利潤率將與去年持平。由於納入 Invitae，診斷利潤率預計將下降約 60 個基點。

We continue to expect margins in biopharma to be up year over year. Our guidance range for adjusted EPS is $14.30 to $14.90. We have decreased the midpoint of guidance by $0.3, driven by the expected dilution from Invitae of approximately $0.4, partially offset by a $0.1 increase in the underlying business.

我們繼續預計生物製藥行業的利潤率將逐年上升。我們對調整後每股盈餘的預期範圍為14.30美元至14.90美元。我們將預期中位數下調了0.3美元，原因是Invitae預計將攤薄約0.4美元，但基礎業務0.1美元的成長部分抵消了這一影響。

The free cash flow guidance range is now $850 million to $1 billion and includes approximately $150 million of the cash use from Invitae, which is primarily due to one-time costs, excluding Invitae, the free cash flow guidance ranges unchanged from prior guidance.

自由現金流指引範圍目前為 8.5 億美元至 10 億美元，其中包括來自 Invitae 的約 1.5 億美元現金使用，這主要是由於一次性成本，若不包括 Invitae，自由現金流指導範圍與之前的指導相比保持不變。

In summary, Labcorp is well positioned for profitable growth, both organically as well as through acquisitions. We're excited about the acquisition of Invitae from both the strategic and financial perspective. Strategically, this strengthens our position in key long-term specialty testing growth areas of oncology and select rare diseases from a financial perspective, while it's dilutive in 2024, we expect it to be accretive in 2025 and deliver a very attractive return on investment as we profitably grow the business.

總而言之，Labcorp 已做好充分準備，能夠透過內部成長和收購實現獲利成長。從策略和財務角度來看，我們對收購 Invitae 感到非常興奮。從策略上講，從財務角度來看，這加強了我們在腫瘤學和選擇性罕見疾病等關鍵長期專業檢測成長領域的地位，雖然它在 2024 年會被稀釋，但我們預計它將在 2025 年實現增值，並隨著我們業務的盈利增長帶來非常有吸引力的投資回報。

In addition, Labcorp continues to generate strong free cash flow that will be used for acquisitions while returning capital to shareholders through our dividend and share repurchase program.

此外，Labcorp 繼續產生強勁的自由現金流，用於收購，同時透過我們的股利和股票回購計畫向股東返還資本。

Operator, we'll now take questions.

接線員，我們現在來回答問題。

Thank you. (Operator Instructions)

謝謝。（操作員指示）

Michael Cherny, Leerink Partners. Your line is open.

Leerink Partners 的 Michael Cherny。您的線路已開通。

Good morning. And thank you for taking the question. I have two questions and one just to make things easier. First, just can you give a little more color on what you're seeing in terms of the new awards and early development and how we should that we should think about at least from a category disease state perspective where that should translate on into the better growth the back half of the year.

早安.感謝您回答這個問題。我有兩個問題，其中一個只是為了讓事情變得更容易。首先，您能否更詳細地介紹一下您在新獎項和早期發展方面看到的情況，以及我們應該如何至少從類別疾病狀態的角度來思考，這將轉化為下半年更好的成長。

And then just quickly on the detailed accretion estimate for '25, I think that's a little faster than anticipated. Can you just give us some of the qualitative dynamics behind what you're doing to get that to be such a strong EPS contributor next year?

然後快速看一下 25 年的詳細吸積估計，我認為這比預期的要快一些。您能否向我們介紹您正在採取的一些定性動力措施，以使其成為明年如此強大的 EPS 貢獻者？

Yeah, sure. So first of all, if you look at the business in terms of Biopharma Laboratory Services, we had very strong growth in our central laboratories of about 9% and Early Development declined 15%. Both of those businesses are leaders in their respective markets.

是的，當然。首先，如果從生物製藥實驗室服務的角度來看業務，我們的中央實驗室實現了約 9% 的強勁成長，而早期開發則下降了 15%。這兩家企業都是各自市場的領導者。

We believe we reached the trough for early development, and that's based upon the cancellations that we've spoke about in the past, if you look at the book-to-bill for the quarter was strong and it was strong for several reasons

我們認為我們已經達到了早期開發的低谷，這是基於我們過去談到的取消情況，如果你看一下本季度的訂單出貨比，就會發現它表現強勁，而且強勁的原因有幾個

Number one, because the orders were strong. But importantly, number two, because there were significantly less cancellations than what we've seen in prior quarters. So that's what gives us the confidence for the improved performance that we expect in the early development as we go throughout the year.

第一，因為訂單量很大。但重要的是，第二點，取消的數量比前幾季少得多。因此，這讓我們對全年早期開發中預期的業績改善充滿信心。

With regard to the Invitae accretion 2025, we've said from the beginning that we were going to use calendar months because we didn't know the exact timing of closing, and we said it would be dilutive in the first 12 months and accretive in the second 12 months.

關於 Invitae 2025 年的增值，我們從一開始就說過，我們將使用日曆月，因為我們不知道確切的結束時間，並且我們說過它將在前 12 個月內被稀釋，在後 12 個月內增值。

It's closing a bit faster than we originally anticipated, which is good because we'll be able to move quicker. That's why you see a bit more dilution in 2024 than you may have anticipated. But that's also why it becomes accretive in 2025.

它關閉的速度比我們最初預期的要快一些，這很好，因為我們可以行動得更快。這就是為什麼你會看到 2024 年的稀釋程度比你預期的要大一些。但這也是它在 2025 年實現增值的原因。

Great. Thanks so much.

偉大的。非常感謝。

Thank you.

謝謝。

Andrew Brackmann, William Blair. Your line is open.

安德魯布拉克曼、威廉布萊爾。您的線路已開通。

Good morning Adam, Glenn and Christin. Maybe just sticking on in video for a minute, Adam, in your prepared remarks, I think you said that you expected to benefit from your breadth and scale. So anything that you can share about customer or account overlap there, which sort of drives that confidence? Just trying to get a sense of that opportunity.

早安，亞當、格倫和克莉絲汀。亞當，也許只是在影片中停留一分鐘，在你準備好的發言中，我想你說過你希望從你的廣度和規模中受益。那麼，您可以分享有關客戶或帳戶重疊的任何信息，哪些信息可以增強這種信心？只是想了解這個機會。

Yeah, absolutely. It's exciting time and we've spent a lot of time with our colleagues that will be coming out from Invitae. And first and foremost, the sales organization is very excited. They're excited because they now have a broader portfolio of products. It's one thing to go into an office and talk about inherited cancers. It's another thing to say, but you can also test for all the other things that you may want to test that patient for.

是的，絕對是如此。這是令人興奮的時刻，我們花了很多時間與來自 Invitae 的同事們在一起。首先，銷售部門非常興奮。他們很興奮，因為他們現在擁有更廣泛的產品組合。走進辦公室談論遺傳性癌症是一回事。這是另一回事，但您也可以測試您可能想要對該患者進行的所有其他測試。

And ultimately, we're going to trying to bring that all together. So the physician can order directly through one tool and get whatever they need for the patients. So the sales organization is very excited about the breadth of what they bring into those customers.

最終，我們將努力將所有這些整合在一起。因此，醫生可以透過一個工具直接訂購並為患者提供所需的一切。因此，銷售組織對於他們為這些客戶帶來的服務廣度感到非常興奮。

In addition to that, we have such strong partnerships abroad at Labcorp, we're hoping to be able to use those partnerships and have discussions with them about our new offering through Invitae. So although we've not built in significant upside for the future with the new customers, we may be able to bring additional tests to. We believe that this market is going to grow significantly faster than other markets that we compete in.

除此之外，我們在 Labcorp 海外擁有如此強大的合作夥伴關係，我們希望能夠利用這些合作夥伴關係，並透過 Invitae 與他們討論我們的新產品。因此，儘管我們還沒有為新客戶的未來帶來顯著的優勢，但我們可能能夠帶來額外的測試。我們相信，這個市場的成長速度將比我們競爭的其他市場快得多。

And we believe that there'll be more than 10% growth in this market versus other markets as we go forward. So we think it's a very exciting opportunity as we go forward. We're excited about welcoming the new colleagues. They're excited about being part of Labcorp, and we're going to move extraordinarily fast, but thoughtful.

我們相信，隨著我們的發展，這個市場相對於其他市場將實現 10% 以上的成長。因此我們認為這是我們未來發展的非常令人興奮的機會。我們非常高興地歡迎新同事。他們很高興成為 Labcorp 的一部分，我們將以極快的速度、深思熟慮的方式採取行動。

Perfect. And then, Glenn, maybe one for you on the balance sheet and thanks for the reminder, on the $2 billion maturing here over the next 12 months, anything that you can share and as it relates to your expectations for the potential rate increases there or even any other alternatives that might be out there to potentially lower, that increase? Thank you.

完美的。然後，格倫，也許您在資產負債表上有一個問題，感謝您的提醒，關於未來 12 個月內到期的 20 億美元，您可以分享什麼，以及它與您對潛在利率增加的預期有關，或者是否有任何其他可能降低利率增加的替代方案？謝謝。

Yeah, Andrew, yeah, it's our expectation that we will refinance all of the debt. We're not going to look to pay it down. We have around $1 billion to do between now and the end of the year, starting actually in September and then $1 billion that's due in February.

是的，安德魯，是的，我們期望為所有債務進行再融資。我們不會尋求償還。從現在到年底，我們大約有 10 億美元要做，實際上是從 9 月開始，然後 2 月要完成 10 億美元。

We expect to refinance all of that this year. Obviously, the markets have improved nicely. So we'll have that done for modeling purposes, if you wanted to look at kind of the net interest expense line, we will refinance obviously at a slightly higher rate than what's maturing our net interest expense this year directionally will come in at around $210 million.

我們預計今年將完成所有融資。顯然，市場已經良好改善。因此，為了建模的目的，我們會這樣做，如果您想看淨利息支出線，我們顯然會以略高於到期利率的利率進行再融資，今年我們的淨利息支出方向將達到約 2.1 億美元。

And then obviously once that's annualized for next year, that will tick up to maybe around $240 million. Again, we'll see ultimately when we go to the markets. But right now, the markets look pretty attractive.

那麼顯然，一旦以明年的年化計算，這個數字將會上升到約 2.4 億美元。再說了，當我們進入市場時，我們最終就會看到結果。但目前，市場看起來相當有吸引力。

Perfect. I'll leave it there. Thanks, guys.

完美的。我就把它留在那裡。謝謝大家。

Thank you.

謝謝。

Eric Coldwell, Baird. Your line is open.

埃里克·科德威爾，貝爾德。您的線路已開通。

Good morning, guys. Thank you. So two questions. First one is I should be pretty quick here on early development positive to hear about the of the order flow and the lower cancels. And I can see your revenue guidance for the fourth quarter. If you're expecting growth that one is pretty easy to get to. But I am curious on what is the ramp or the phasing of the ramp from 2Q to 4Q? Is it split the difference between [213] plus in the fourth quarter and what you did here in the second quarter or is it more of a hockey stick into the fourth?

大家早安。謝謝。所以有兩個問題。首先，我應該很快在這裡聽到有關早期發展和較低取消情況的消息。我可以看到您對第四季度的收入預測。如果您期待成長，那麼實現這一目標相當容易。但我很好奇從 2Q 到 4Q 的斜坡或斜坡階段是什麼？這是第四節 [213] 加分與第二節之間的差距嗎？還是說第四節的差距更大？

Maybe just, I don't know if you can parse out your revenue expectation between early development and central lab for the full year, that might be another way of doing this. And then I'll come back on my second. Thanks.

也許只是，我不知道您是否可以分析出早期開發和中央實驗室之間全年的收入預期，這可能是另一種做法。然後我會回來繼續我的第二件事。謝謝。

Eric. It's Glenn. I'll take a first cut, but overall, again, we feel good about how we're positioned now within the biopharma growth in Central Lab, clearly has had a very strong first half, and we expect that to continue. And what's interesting is the growth rate that we had in the first half benefited a little bit based upon the comp we had a year ago given some softness in the investigator sites with some labor constraints, but a solid first half, and we expect a more normalized growth rate within the central lab in the second half.

埃里克。是格倫。我會先做初步了解，但總體而言，我們對目前在中央實驗室生物製藥成長中所處的位置感到滿意，顯然上半年表現非常強勁，我們預計這種情況將持續下去。有趣的是，由於研究人員站點存在一些疲軟情況和勞動力限制，我們上半年的成長率與去年同期相比略有提高，但上半年表現穩健，我們預計下半年中央實驗室的成長率將更加正常化。

The flip side is within ED. Again, we are seeing a little bit of a slower recovery, but based upon in Adam's remarks with a stronger order book in the quarter with cancellations coming back down to more normal, we feel confident that we'll see sequential improvement in revenues of ED in both the third and the fourth have not kind of a hockey stick, but a continued progression, but that in the fourth quarter, we'll now start to see favorable comps year on year.

另一面是在 ED 內。再次，我們看到復甦速度稍微慢了一些，但根據亞當的評論，本季度訂單量增加，取消訂單量恢復正常，我們有信心看到 ED 收入在第三季度和第四季度連續改善，這不是曲棍球棒式的增長，而是持續的進步，但在第四季度，我們將開始看到同比有利的業績。

So an improved outlook in the third, but still down year on year for ED, but in the fourth and improve revenues with positive comps.

因此，第三季的前景有所改善，但 ED 的同比收入仍有所下降，但第四季的收入將因積極的同比數據而有所提高。

Okay, great. And then just a quick one. I almost am reluctant to bring it up since you didn't bring it up, but your competitor had a bit about an update on the employer market, drug testing and well-being testing for employers you did not call that out today, but I am curious if you could give any additional comments on your business there, maybe a little bit of sizing data and what you're seeing in those respective markets on the employer side?

好的，太好了。然後就簡單說一下。由於您沒有提起，所以我幾乎不願意提起，但您的競爭對手對雇主市場、藥物測試和雇主健康測試的更新有一些了解，而您今天沒有提到這些，但我很好奇您是否可以對您在那裡的業務提供任何額外的評論，也許可以提供一些規模數據以及您在雇主方面在這些相應市場中看到的情況？

Yes, Eric, we've seen a decrease in employer side, but it's not that big or material to us. That was something we would call out, but there's no doubt that you're seeing as some employers haven't fully come back to work and they don't have events that they used to have for wellness.

是的，艾瑞克，我們看到雇主方面的人數減少，但對我們來說並不是那麼大或重要。這是我們想呼籲的，但毫無疑問，你會看到一些雇主還沒有完全恢復工作，他們也沒有像以前那樣舉辦健康活動。

Sometimes they're not doing the vaccinations that they used to do and office spaces, but it's less than 5% of our business. So it's not material to us.

有時他們不再像以前那樣接種疫苗，也不再提供辦公空間，但這只占我們業務的不到 5%。所以這對我們來說並不重要。

Okay. Thank you very much.

好的。非常感謝。

Thank you.

謝謝。

Elizabeth Anderson, Evercore ISI. Your line is open.

伊麗莎白·安德森，Evercore ISI。您的線路已開通。

Good morning. Thanks so much for the question. I have one question about sort of each part of your business. But if we think about the quarter, maybe it may be slightly different than some of your internal assumptions and you kind of flowed through the core non Invitae EPS by $0.1 for the full year guidance.

早安.非常感謝您的提問。我對您業務的每個部分都有一個問題。但如果我們考慮一下季度，也許它可能與您的一些內部假設略有不同，並且您將核心非 Invitae EPS 流入了 0.1 美元作為全年指導。

Can you talk about sort of the factors? Maybe is there like a little bit of conservatism. Obviously, there's like the CrowdStrike and stuff in the third quarter. So just sort of your confidence maybe on that versus the guidance raise. And then secondarily, obviously, nice to see the early development business improving. Can you comment on pricing in early development and any kind of shifts you've seen in that over the last quarter or so?

您能談談這些因素嗎？也許有一點保守主義。顯然，第三季有類似 CrowdStrike 之類的產品。因此，您可能對此有信心，而不是提高指導價。其次，顯然，很高興看到早期開發業務有所改善。您能否評論一下早期開發的定價以及過去一個季度左右您看到的任何變化？

Yeah, and I'll take the second question first, and I'll ask Glenn to comment a bit about the first question. It's good to see the orders coming back and the cancellations being reduced in early development. That's what's giving us confidence in revenue growth as we go throughout the year.

是的，我先回答第二個問題，然後請 Glenn 對第一個問題發表一些評論。很高興看到訂單回升，並且早期開發中取消的數量有所減少。這就是讓我們對全年收入成長充滿信心的原因。

I would say the biggest difference in pricing that we've seen is the price of NHP's. They were much more expensive last year than they are this year when the price went up. That was largely passed through to the customers. So we weren't making margin on that business now that the price is lower, it actually helps with the margin a bit, but that's the biggest difference.

我想說，我們看到的最大的定價差異是 NHP 的價格。去年它們的價格比今年上漲時貴得多。這在很大程度上被轉嫁給了客戶。因此，現在價格較低，我們在該業務上沒有賺取利潤，這實際上對利潤有一點幫助，但這是最大的區別。

(multiple speakers) So early development pricing ex NHP's is sort of stable. Is that what you're saying? Just to make sure I understood. Thanks.

（多位發言者）因此，NHP 的早期開發定價較穩定。你是這個意思嗎？只是為了確保我理解了。謝謝。

I would say relatively stable and it's always under pressure. There's always pressure there, but I'd say continued pressure relatively stable.

我想說的是相對穩定，但總是處於壓力之下。那裡總是有壓力，但我認為持續的壓力相對穩定。

Great, thank you.

太好了，謝謝。

Then on the on the first part. So when you look at again, excluding Invitae the underlying business, we've increased the outlook at the top line. So overall, at the midpoint, we're up around 135 basis points, 100 of it from Invitae.

然後繼續第一部分。因此，當您再次查看排除 Invitae 的基礎業務時，我們提高了營收前景。因此總體而言，從中間點來看，我們上漲了約 135 個基點，其中 100 個來自 Invitae。

So the underlying business is up both upon the performance in the second quarter as well as an improved outlook for the remainder of the year. The growth, as we commented earlier. And the outlook improvement is an increase in our outlook for diagnostics organically for Central Labs organically and partially offset by a little lower outlook within the early development business.

因此，基礎業務將隨著第二季業績以及今年剩餘時間前景的改善而成長。正如我們之前評論的那樣，這是增長。前景的改善是我們對中央實驗室診斷前景的有機成長，但被早期開發業務中略低的前景所部分抵消。

But the strength of the higher top line growth is obviously what's translating down to the bottom line, which causes us to have the underlying business, excluding Invitae. where we would have increased the midpoint of our EPS guidance range by $0.1.

但更高的營收成長力道顯然會轉化為利潤，這導致我們擁有不包括 Invitae 在內的基礎業務。我們將 EPS 指導範圍的中點提高 0.1 美元。

Got it. Thank you.

知道了。謝謝。

Thank you.

謝謝。

Jack Meehan. Nephron Research. Your line is open.

傑克·米漢。腎元研究。您的線路已開通。

Morning, Jack.

早上好，傑克。

Good morning. So on the follow up on the Invitae deal, so with the transaction at the close, how are you feeling about integration and retention of the business. Obviously, they went bankrupt. So and your revenue assumptions here are unchanged. I just wanted to hear your confidence around potential leakage that might have taken place over the last few months, just your views on that?

早安.那麼，在 Invitae 交易的後續跟進中，隨著交易的結束，您對業務的整合和保留有何感想？顯然，他們破產了。因此，您的收入假設保持不變。我只是想聽聽您對過去幾個月可能發生的潛在洩漏的看法，您對此有何看法？

Sure, Jack. First of all, when we first made the announcement, we very quickly put an integration team together of very competent qualified people across all parts of Labcorp, and we match them with equally competent people across all parts of Invitae.

當然，傑克。首先，當我們第一次宣布這一消息時，我們很快就組建了一支整合團隊，其中有來自 Labcorp 各個部門的非常有能力的合格人員，並且我們將他們與來自 Invitae 各個部門的同樣有能力的人員進行匹配。

So we've had an integration team that has been working really hard to ensure that we have a very smooth transition. I feel very good about the work that they've done as we look at their monthly sales are relatively stable and we feel good about the way in which they've managed their business through what I would say, some pretty difficult turmoil and their team has done, I think, an extraordinary job of trying to hang on to customers and hang onto business.

因此，我們有一個整合團隊，一直在努力確保我們能夠順利過渡。我對他們所做的工作感到非常滿意，因為我們看到他們的每月銷售額相對穩定，我們對他們在相當困難的動盪時期管理業務的方式感到滿意，我認為他們的團隊在努力留住客戶和維持業務方面做得非常出色。

So the question I'm asking the integration team is where do we see upside? What else can we go after with the new portfolio that they'll have the increased relationships and partnerships that we have. So I'm actually I'm less concerned about the leakage and a more focused on where the growth opportunities are.

所以我想問整合團隊的問題是，我們在哪裡看到了好處？我們也能利用新的投資組合來追求什麼，以便他們能夠與我們建立更多的關係和夥伴關係。因此，我實際上並不太擔心洩漏，而更關注成長機會在哪裡。

Awesome, I'm sorry if I missed this, but maybe for Glenn, just was wondering if it was possible to call out the magnitude of the impact of the Ascension cyber event that took place during the quarter and just any issue related to CrowdStrike in July? Thanks.

太棒了，如果我錯過了這一點我很抱歉，但也許對於 Glenn 來說，只是想知道是否有可能指出本季度發生的 Ascension 網路事件的影響程度以及 7 月份與 CrowdStrike 相關的任何問題？謝謝。

Hey, Jack. So on our partner that had a cyber event, again, did not affect Labcorp, but did affect our partner. We commented that it was around a 20 basis points headwind during the quarter from the margin of diagnostics, some that's roughly around $5 million of, call it operating income that would have been foregone a little bit of some timing delay in cash as well.

嘿，傑克。因此，我們的合作夥伴遭遇的網路事件並沒有影響 Labcorp，但卻影響了我們的合作夥伴。我們評論說，本季診斷利潤率面臨約 20 個基點的阻力，約為 500 萬美元，可以說是營業收入，也會因現金的一些時間延遲而被放棄。

That will get that just delayed from the second quarter to the third, but obviously, we had a very strong free cash flow number overall for the quarter. In any event, we didn't comment on the CrowdStrike or frankly, even the hurricane impact in our results, but obviously, it happened after the second quarter.

這將使這一數字從第二季度推遲到第三季度，但顯然，本季我們的整體自由現金流非常強勁。無論如何，我們沒有對 CrowdStrike 或坦率地說颶風對我們業績的影響發表評論，但顯然，它發生在第二季度之後。

So when you think about the magnitude of those, you're also looking probably around a $0.05 a share impact to earnings. So when you look at the change in our guide, other than Invitae where we took the underlying business guide up $0.1, that's even after absorbing the impact from that's IT outage event and the weather impact often.

因此，當您考慮這些影響的規模時，您可能還會發現每股盈餘受到約 0.05 美元的影響。因此，當您查看我們的指南中的變更時，除了 Invitae 之外，我們將基礎業務指南提高了 0.1 美元，這甚至是在吸收了 IT 中斷事件和天氣影響之後的結果。

Awesome, thanks.

太棒了，謝謝。

Thank you.

謝謝。

Kevin Caliendo, UBS. Your line is open.

瑞銀的 Kevin Caliendo。您的線路已開通。

Good morning, Kevin.

早安，凱文。

Good morning, guys. Thanks for taking my question. The diagnostic revenue req, the mix, the organic growth in general was better than we had modelled, I'm just wondering if you can talk through if there's any changing dynamics or anything that was surprising there that was if there's something happening in the market that's affecting mix in a positive way for you guys taking share? Or are you seeing volumes coming from a different place because they have been strong, the revenue [req] was better. I just would love to understand what's actually happening in the marketplace there?

大家早安。感謝您回答我的問題。診斷收入要求、組合、有機成長總體上比我們模擬的要好，我只是想知道您是否可以談談是否存在任何變化的動態或任何令人驚訝的事情，即市場上是否發生了某些事情，對您們的份額產生了積極的影響？或者您是否看到交易量來自其他地方，因為它們一直很強勁，收入[req]更好。我只是想了解那裡的市場到底發生了什麼事？

Sure. Kevin, so if you look at the revenue was $2.5 billion for diagnostics and it's increased by about 8%. If you break down 8%, it was about 6% up from volume and price mix was up about 2%. So as we stated, it was very good, strong performance. I think there's a couple of things that are driving it.

當然。凱文，如果你看一下診斷收入，你會發現它是 25 億美元，成長了約 8%。如果細分為 8%，則成交量上漲了約 6%，價格組合上漲了約 2%。正如我們所說的，它的表現非常好，非常強勁。我認為有幾件事推動了這一進程。

First of all, it's the team has done a really good job executing in the marketplace. Number two, the hospital and local regional laboratory deals that we're doing. They're very good deals in themselves, but there is certainly some spillover that occurs in the geographies that are surrounding those areas.

首先，該團隊在市場上的表現非常出色。第二，我們正在與醫院和當地區域實驗室進行交易。這些交易本身非常好，但肯定會對週邊地區產生一些溢出效應。

We are seeing continued strength in the number of tests per accession, which is helpful. And we continue to see a slight shift in mix when it comes to specialty testing or esoteric testing versus routine testing. I think all of those things together are giving us the uplift that we're seeing. And as we look at the rest of the year, we expect to see continued strength of about the same type of momentum.

我們看到每個種質的測試數量持續增加，這是有幫助的。當談到專業測試或深奧測試與常規測試時，我們繼續看到組合略有變化。我認為所有這些因素共同為我們帶來了我們所看到的振奮。展望今年剩餘時間，我們預計同樣的勢頭將持續下去。

Is this specialty test and the additional test per req is that Labcorp specific? Like are you guys increasing your capabilities to be able to do that? Or is it something that's just happening in the marketplace, and that's the way the market's moving and you guys are benefiting from it.

這是專業測試嗎？每個要求的附加測試都是 Labcorp 特有的嗎？例如，你們是否正在提升自己的能力來做到這一點？或者這只是市場上發生的事情，這就是市場的發展方式，而你們從中受益。

We've talked about the importance of tests in four areas, specifically women's health, oncology, neurology and auto immune disease. And we've been really focused on launching new tests in those areas, ensuring that we're having discussions with opinion leaders. We've increased our scientific wherewithal in the marketplace in those areas.

我們討論了四個領域的測試的重要性，具體來說是婦女健康、腫瘤學、神經病學和自體免疫疾病。我們一直致力於在這些領域推出新的測試，確保與意見領袖進行討論。我們已經增加了在這些領域的市場上的科學實力。

And those areas, the reason we're focused on is they grow faster than the other parts of diagnostic testing. Now when you run 650 million tests a year, even if you're seeing a shift in mix, it's hard to see that in market share and you can do the math on what your market share point is. But we're certainly starting to see some growth in those specialty areas. And I think it's partially due to the market, and it's also partially due to our focus.

我們之所以關注這些領域，是因為它們比診斷測試的其他部分發展得更快。現在，當您每年進行 6.5 億次測試時，即使您看到產品組合發生了變化，也很難在市場份額中看到這一點，您可以計算出您的市場份額點是多少。但我們確實開始看到這些專業領域的一些成長。我認為這部分是由於市場，也部分是由於我們的關注。

Yeah. So Kevin, just to kind of reinforce what Adam had said that when you look at the volume growth that we're now experiencing, and again, organically, our base business was up 3.5% obviously, it's higher than what our historical growth is. And we attribute that in part, as Adam said, to some of the share growth around the hospital outreach labs that we've acquired as we penetrate those markets even stronger than maybe they had as well.

是的。因此，凱文，只是為了強調亞當所說的話，當你看到我們現在正在經歷的銷售成長時，再一次，從有機角度來看，我們的基礎業務顯然增長了 3.5%，這高於我們的歷史增長率。正如亞當所說，我們將這部分歸因於我們在醫院外展實驗室周圍的一些份額增長，因為我們對這些市場的滲透甚至比他們曾經的更強。

But overall, we look at the comps now to 2019, the CAGRs are stronger than historical averages. So where last year we saw some of that improved growth rates, really more a function of a softer comp year over year. We actually think now we're comping to a more normal period a year ago and that the growth rates are now more sustainable.

但總體而言，我們看看現在到 2019 年的比較情況，複合年增長率高於歷史平均。因此，去年我們看到成長率有所提高，但實際上更多的是由於同比增速較弱。我們實際上認為，現在與一年前更正常的時期相比，成長率更可持續。

And as Adam said, as we give our guidance and what's implied is that we will continue to see, we expect that strong level of volume growth, but also favorable mix along the lines that Adam had commented on.

正如亞當所說，正如我們給出的指導以及我們將繼續看到的，我們預計銷量將強勁增長，而且正如亞當所評論的那樣，組合也將呈現有利的勢頭。

That's helpful. Can I ask a quick follow-up to that is that the LaunchPad savings you talked about are hitting targets. And one thing I think investors look to see with the higher organic growth is an expectation that margins can expand.

這很有幫助。我可以快速問一下，您談論的 LaunchPad 節省是否達到了目標。我認為投資者希望看到更高的有機成長率，從而預期利潤率能夠擴大。

I'm just wondering, is LaunchPad able to keep up with the other inflationary pressures around labor wages, turn that kind of thing? And is that gotten better, worse, different? Any color on that would be super helpful.

我只是想知道，LaunchPad 是否能夠跟上勞動薪資方面的其他通膨壓力，諸如此類的事情？情況變好了、變壞了、還是有所不同了？任何顏色都會非常有幫助。

Yeah, overall, we continue to be very pleased with the launch pad activities. We talk about around $100 million to $125 million per year of savings. We comment that that's what we look to do to help offset the inflationary expenses primarily related to personnel, which would fall within that call it $100 million to $125 million level. So we are able to offset that.

是的，總的來說，我們對發射台活動感到非常滿意。我們談論的是每年節省約 1 億至 1.25 億美元。我們評論說，這就是我們希望做的事情，以幫助抵消主要與人員有關的通膨費用，這將在 1 億美元至 1.25 億美元的水平之間。所以我們能夠抵消這一點。

We do normally expect to see good leverage on the incremental volume and revenues that we have. And obviously, you saw in the case of biopharma, good leverage on modest top line growth with margins that were up benefiting from LaunchPad and even within diagnostics, while margins were flat during the quarter, we commented about the cyber event.

我們通常確實期望看到我們擁有的增量數量和收入能夠發揮良好的槓桿作用。顯然，您可以看到，在生物製藥領域，由於 LaunchPad 的推動，適度的營收成長帶來了良好的槓桿作用，利潤率也隨之上升，甚至在診斷領域，儘管本季利潤率持平，但我們對網路事件發表了評論。

We're still dealing with a little bit of a headwind from lower COVID as well. But as we think about the full year, the leverage ideally we'd leverage at around a gross profit margin for the business that we're approaching that level for the full year.

我們仍在應對 COVID 較低帶來的一些阻力。但當我們考慮全年時，理想情況下，我們會利用大約業務毛利率作為槓桿，而我們全年都會接近這個水平。

When you take out the unusual items or the discrete items that could be a headwind so that we think, as Adam commented earlier, the business is performing well from a top line standpoint and from an operational standpoint.

當你取出不尋常的項目或可能成為阻力的離散項目時，我們認為，正如亞當之前評論的那樣，從頂線角度和運營角度來看，業務表現良好。

Thank you guys so much.

非常感謝你們。

Thank you.

謝謝。

Lisa Gill, J.P. Morgan. Your line is open.

摩根大通的麗莎吉爾。您的線路已開通。

Good morning, Lisa.

早安，麗莎。

Good morning. Thank you for taking my question. Just quickly, can you maybe just comment on the LDT rule came out since you last reported, any impact, how are you thinking about that for your business. I understand that the industry overall is and in some way, disputing it. But I just want to hear your thoughts around it.

早安.感謝您回答我的問題。簡單說一下，您能否評論一下自您上次報告以來 LDT 規則的出台，有什麼影響，您如何看待這對您的業務的影響。我了解整個行業在某種程度上對此存在爭議。但我只是想聽聽你對此的看法。

Yeah, absolutely, Lisa. So we continue to believe that the right path forward is to improvements to and to enact the ballot at frankly. And that was legislation that was developed specifically for laboratory diagnostics, including LDTs that had broad bipartisan support. And we think that's the right way for, as you said, our trade organization and feel they did file a lawsuit and they're challenging the FDA's final rule and we're supportive of ACLA doing that.

是的，當然，麗莎。因此，我們仍然相信，正確的前進道路是改進並坦率地頒布選票。這是專門為實驗室診斷（包括獲得兩黨廣泛支持的 LDT）制定的立法。正如您所說，我們認為這對我們的貿易組織來說是正確的方式，我們認為他們確實提起了訴訟，並且正在挑戰 FDA 的最終規定，我們支持 ACLA 這樣做。

In the meantime, of course, we're going to be prepared to adhere to the LDL, the LDT. ruling. And when you look at the science. We do the vast majority of that science. And when we submit all most, if not all of our LDTs to New York State already.

當然，同時，我們將準備遵守 LDL、LDT 的裁決。當你觀察科學的時候。我們完成了絕大部分的科學研究。我們已經將大部分（如果不是全部） LDT 提交給紐約州。

But at the same time, there's some things that we have to be prepared for in terms of monitoring and reporting requirements and so forth. And we have a team in place that will ensure that we're ready for that to occur as soon as the LDT rule is final.

但同時，我們必須在監測和報告要求等方面做好一些準備。我們已經組建了一支團隊，確保在 LDT 規則最終確定後立即做好準備。

At the same time, it's not going to have a significant impact to our revenue or to our expenses. I think the bigger impact is going to be to patients. And these LDTs upfront, you're typically for people with rare diseases or a smaller patient populations. And the question is, will the FDA and even have the ability to approve these quick enough so that all patients have access to these important tests as quickly as possible.

同時，它不會對我們的收入或支出產生重大影響。我認為對患者的影響更大。這些 LDT 通常針對患有罕見疾病的人或較少的患者群體。問題是，FDA 是否有能力足夠快地批准這些測試，以便所有患者都能盡快接受這些重要的測試。

So to me, it's more of a patient access and important for patients than it is any type of impact to Labcorp, frankly.

所以對我來說，坦白說，這更多的是一種患者訪問方式，對患者來說比對 Labcorp 的任何類型的影響都重要。

Adam, just as I think about DC and any updated thoughts from your side on either PAMA or SALSA the opportunity for SALSA to find the path?

亞當，正如我所想，關於 DC 以及您對 PAMA 或 SALSA 有什麼最新想法，SALSA 是否有機會找到道路？

Yeah, so we continue to strongly support the SALSA legislation that I've been saying this for, I think four years now, and it has strong bipartisan support. And I've been saying that for four years now. So it's kind of remarkable to me that is not passed yet, and it continues to have strong support.

是的，所以我們繼續大力支持 SALSA 立法，我已經說了四年了，而且它得到了兩黨的大力支持。我已經這麼說四年了。因此，對我來說，這項法案尚未通過卻繼續得到強有力的支持，這有點令人驚訝。

We continue to be very supportive of it ourselves, but it's really hard to know if it will be passed again this year, even though we're going to trying to push for it to be passed. What I would say is that if it is not passed this year, I do believe that there's a likelihood that it will be delayed again.

我們自己仍然非常支持它，但很難知道它今年是否會再次通過，儘管我們會努力推動它的通過。我想說的是，如果今年不能通過，我相信它很有可能再次被推遲。

And if it's delayed again, that would be $80 million that we would not see as a downside next year. And a lot of that would fall to the bottom line. So let's wait to see how the year plays out. When we give guidance in February next year, we'll know what's happened and where we are. But in the meantime, we're going to continue to push the SALSA as best we can.

如果再次推遲，那 8000 萬美元的損失我們明年也不會看作是損失。其中很多都會落入底線。那麼，讓我們拭目以待，看看今年的情況如何。當我們明年二月給出指導時，我們就會知道發生了什麼以及我們處於什麼位置。但同時，我們將繼續盡最大努力推廣 SALSA。

Great. Thanks for the comment.

偉大的。感謝您的評論。

Sure. Thank you.

當然。謝謝。

Thank you.

謝謝。

Erin Wright, Morgan Stanley. Your line is open.

摩根士丹利的艾琳·賴特。您的線路已開通。

Yeah, hi, good morning. So I'm going to be really early with this question, but just as we head into 2025, excluding Invitae, some of the dynamics there. Can you just point us to some of the key headwinds tailwinds that you're thinking about or that we should be thinking about heading into 2025. And it sounds like you remain a little bit more confident on the underlying utilization trends and mix dynamics as you head into 2025, how sustainable those can be and I guess I'm mostly speaking to the diagnostic segment, but I guess also in biopharma as well, if there's anything to call out there?

是的，你好，早安。所以我會很早就提出這個問題，但就在我們進入 2025 年之際，除了 Invitae 之外，那裡還有一些動態。您能否指出您正在考慮的或我們應該考慮的 2025 年面臨的一些主要不利因素和順風因素？聽起來，您對 2025 年的潛在利用趨勢和混合動態仍然更有信心，這些趨勢和動態的可持續性如何，我想我主要談論的是診斷領域，但我想也談論的是生物製藥領域，如果有什麼需要注意的呢？

So what I'd say are in is that we're obviously not giving 2025 guidance today. But as I look at the trends and I look at the things that I am considering as we go into 2025. The market dynamics continue to be strong. And what's interesting about the diagnostics business in particular is that regardless of Republican President and Democratic presidential, recession, non-recessions, the business is very durable and has shown its durability over time. So I feel very good about our diagnostics business.

所以我想說的是，我們今天顯然不會給 2025 年的指引。但當我觀察趨勢並考慮進入 2025 年時我正在考慮的事情時。市場活力持續強勁。診斷業務尤其有趣的是，無論總統是共和黨還是民主黨，無論是經濟衰退還是非經濟衰退，該業務都非常持久，並且隨著時間的推移已經顯示出其持久性。所以我對我們的診斷業務感到非常滿意。

The underlying performance, I would say the biggest headwind, slash tailwind is going to be what we just talked about, which is does PAMA occur or does it not occur?

就根本表現而言，我想說最大的逆風和順風就是我們剛才談到的，即 PAMA 是否會發生？

I think about the Biopharma Laboratory Businesses, we have momentum. We have strength. I feel good about our orders and our order book as we go into the end of this year. And I expect that our book-to-bill is going to continue to improve even from where it is today, which is strong as we go through the rest of this year.

我認為生物製藥實驗室業務有發展動能。我們有力量。隨著今年年底的到來，我對我們的訂單和訂單簿感到滿意。我預計我們的訂單出貨比將會繼續改善，甚至比現在的水平還要好，這一水平在今年剩餘時間內將保持強勁。

And that would bode well as we go into 2025. And again, the biggest headwinds tailwinds. There is just what happens with the smaller biotech companies in the marketplace as well as pharma and what they decide to do based on their environment.

這將對我們進入 2025 年起到良好的預兆。再次強調，最大的逆風也是順風。這就是市場上規模較小的生技公司和製藥公司所發生的事情，以及它們根據所處環境做出的決定。

Okay, great. Thank you.

好的，太好了。謝謝。

Thank you.

謝謝。

Michael Ryskin, Bank of America. Your line is open.

美國銀行的邁克爾·里斯金（Michael Ryskin）。您的線路已開通。

Good morning. This is John Kim on for Mike. Speaking of the small biotechs and pharma, has has there been any improvement in the client mix or sorry, not the improvement, but rather a shift in the client mix, I think you're talking about are getting the mid-sized pharma’s as well.

早安.我是約翰金 (John Kim)，代替麥克 (Mike)。說到小型生物技術公司和製藥公司，客戶結構是否有所改善，或者抱歉，不是改善，而是客戶結構的變化，我認為您說的是中型製藥公司也是如此。

And I guess is that why there is a confidence in that the early development business growing further in the second half? I know you mentioned that cancellations have lowered, the bookings are improving, but also just interested to know there's been any change there.

我想這就是為什麼人們對早期開發業務在下半年會進一步成長充滿信心的原因嗎？我知道您提到取消率已經降低，預訂量正在提高，但我也想知道那裡有什麼變化。

Yeah, so if you look at the mix of business is very different mix. If you look at the central laboratory business versus the early development business, I'm just going to give you some rough numbers assume it's about 70% larger pharma, large biotech in central laboratory and maybe 30% of the small biotech.

是的，如果你看一下業務組合，你會發現它們非常不同。如果您將中央實驗室業務與早期開發業務進行比較，我只能給您一些粗略的數字，假設大型製藥公司約佔 70%，中央實驗室中的大型生物技術公司約佔 30%，小型生物技術公司約佔 30%。

It's the opposite. When you look at early development, the vast majority is in the smaller early biotechnology companies less than the big pharma. We'd like to see that mix shift over time. But I don't want to see the shift mix because the small pharma comes down so far and so fast, we haven't seen a lot more orders necessarily from large pharma, but we've actually seen that the smaller biotech market seems to be doing a bit better as we look at the improvement in book-to-bill for the quarter.

事實恰恰相反。當你觀察早期開發時，你會發現絕大多數都是在規模較小的早期生技公司，而不是大型製藥公司。我們希望看到這種組合隨著時間的推移而改變。但我不想看到這種轉變，因為小型製藥公司的訂單下降得如此之快，我們並沒有看到大型製藥公司必然會有更多的訂單，但我們實際上看到，較小的生物技術市場似乎表現得更好一些，因為我們看到本季度訂單出貨比的改善。

Got it. Thank you for that. And then in terms of margins, I hear you on your top line doing well and the team is executing well. What about in terms of the employee turnover has the labor cost inflation tracked within expectation?

知道了。謝謝你。就利潤率而言，我聽說您的營業收入表現良好，團隊執行力也很好。那麼從員工流動率來看，勞動成本通膨是否符合預期？

Yeah. So again, overall we feel good about the margins that we're having today. We talked about the big drivers of it being from top line growth in our launch pad. But the headwinds obviously continue to be personnel costs. That's half of our cost structure.

是的。所以，總的來說，我們對今天的利潤率感到滿意。我們討論了其主要驅動力，即來自我們發射台的營收成長。但人力成本顯然仍是最大的障礙。這是我們成本結構的一半。

The labor market has improved. We assume roughly 3% plus or minus cost inflation, if you will, for personnel costs, which again, LaunchPad is helping offset overall for the biopharma business, our attrition rates, are where we would expect it to be the labor count for diagnostics. It's improved a lot. It's probably still a little bit higher than call it pre-pandemic levels.

勞動市場已經改善。我們假設人員成本的成本通膨約為 3% 左右，如果您願意的話，LaunchPad 再次幫助抵消了生物製藥業務的整體成本通膨，我們的人員流失率是我們預期的診斷勞動力數量。已經改善很多了。它可能仍比疫情前的水平略高一些。

But in a lot of areas now it's more normalized. So it's really only in certain select areas that we see a little bit more turnover than normal. But overall, we feel positive on the labor situation.

但現在在很多地區，這種情況已經更正常化了。因此，實際上只有在某些特定區域，我們的營業額才會比正常情況略高一些。但總體而言，我們對勞動力狀況感到樂觀。

Appreciate it.

非常感謝。

Thank you.

謝謝。

Stephanie Davis, Barclays. Your line is open.

巴克萊銀行的史蒂芬妮戴維斯。您的線路已開通。

Good morning, Stephanie.

早安，史蒂芬妮。

Good morning, thank you for taking my question and congrats on the quarter. We have seen M&A compared to bigger part of your large competitors growth algorithm. And Glenn, you even called out in your prepared remarks, the acquisitions are going to be a priority for free cash flow.

早安，感謝您回答我的問題，並祝賀本季取得的成績。我們已經看到，與大型競爭對手的成長演算法相比，併購佔了更大比例。格倫，你甚至在準備好的發言中指出，收購將成為自由現金流的優先事項。

So what has changed in the deal environment that causing this acceleration? How should we think about the sustainability of this dynamic and given the incredibly different profile of Invitae compared to some of your more recent deals, how should we think about what you're looking for in the M&A pipeline? I know that’s a many parter. Thank you, again.

那麼交易環境發生了哪些變化導致這種加速呢？我們該如何看待這種動態的可持續性？鑑於 Invitae 與您最近的一些交易相比有著截然不同的概況，我們應該如何看待您在併購管道中尋找什麼？我知道那有很多。再次感謝您。

Sure. So certainly when we look at the environment I'm going to start off first with the hospitals, local regional laboratories. I think during COVID, they realized quickly, particularly the hospital systems that the laboratories weren't necessarily fully up-to-date with their equipment that the cost for capital was very expensive and high, and they realized that they could take that money and use it for other things in a hospital versus running a laboratory.

當然。因此，當我們觀察環境時，我會先從醫院、當地區域實驗室開始。我認為在 COVID 期間，他們很快就意識到，特別是醫院系統，實驗室的設備不一定完全是最新的，資本成本非常昂貴且高昂，他們意識到他們可以把這筆錢用於醫院的其他事情，而不是運營實驗室。

Historically, I think people were worried, you know, could Labcorp run their laboratory without having an impact to the patient care or the physician's getting the test as quickly as they wanted to. But when you do as many deals as we've done recently, there's so much proof that we can do these extraordinarily well.

從歷史上看，我認為人們擔心 Labcorp 能否在不影響患者護理或醫生以他們想要的速度進行測試的情況下運行他們的實驗室。但是，當你像我們最近一樣完成很多交易時，就會有足夠的證據證明我們可以做得非常好。

And then we can actually run the hospital laboratories extraordinarily well without interrupting patient care, actually giving them better data analytics, better tools, better equipment. And I think that's kind of reached a plateau where most hospital systems don't argue anymore on that point.

然後，我們實際上可以在不中斷患者護理的情況下非常好地運行醫院實驗室，實際上為他們提供更好的數據分析、更好的工具、更好的設備。我認為這已經達到了一個穩定狀態，大多數醫院系統不再爭論這一點。

They also appreciate getting some capital and they can use our capital by selling a laboratory or the selling the outreach business to us. And I think that they look to do that. I would say that as hospital systems were struggling more right after COVID, I think they were looking to move quicker than they are today. But at the same time today, our pipeline remains very, very strong for those hospital deals.

他們也很高興獲得一些資本，他們可以透過向我們出售實驗室或外展業務來使用我們的資本。我認為他們正在努力做到這一點。我想說的是，由於新冠疫情爆發後醫院系統面臨更大的困難，我認為他們希望比現在更快採取行動。但同時，我們在醫院交易方面的管道仍然非常強大。

The local regional laboratories, I think, are struggling a bit after COVID. And therefore, there's an opportunity there that we'll continue to look after I would say Invitae is not our typical deal. Our typical deal, we want to be accretive in the 1st year return this cost of capital in two or three years and be something that we readily integrate all the time.

我認為，在新冠疫情之後，當地的區域實驗室遇到了一些困難。因此，這是一個我們將繼續關注的機會，但我想說，Invitae 不是我們的典型交易。我們的典型交易是，我們希望在第一年實現增值，在兩到三年內收回資本成本，並隨時整合。

Invitae, I feel good about our ability to integrate it, but obviously it wasn't accretive in the 1st year, it would be accretive in the 2nd year. That was a strategic decision for us because we believe inherited cancer area and the other areas that they're working on in terms of smaller disease areas will grow so much faster in the future, and we've already begun to focus on those areas.

Invitae，我對我們的整合能力感到滿意，但顯然它在第一年並沒有增值，但第二年就會增值。這對我們來說是一個策略性決策，因為我們相信遺傳性癌症領域以及他們正在研究的其他較小疾病領域在未來將會發展得更快，我們已經開始關注這些領域。

We believe that this could be an important add to our portfolio and I think of it more as a strategic acquisition than the routine acquisitions that we typically do.

我們相信，這對我們的投資組合來說是一個重要的補充，我認為這更像是策略性收購，而不是我們通常進行的常規收購。

Yeah, Stephanie, the only thing I would add to that is what And as Adam said, the predominance of the dollars that we invest are in the more traditional deals, hospital systems, independent labs, even specialty tests, but the oncology ones I think we've done now maybe three transactions that in the 1st year, if you will, more dilutive, but all specialty oncology focus, but even from that from a financial return. So after meeting the strategic focus.

是的，史蒂芬妮，我唯一想補充的是，正如亞當所說，我們投資的資金主要集中在更傳統的交易中，醫院系統、獨立實驗室，甚至是專業測試，但我認為我們現在已經完成了腫瘤學方面的交易，在第一年，如果你願意的話，可能會有三筆交易，但所有專業腫瘤學重點都是如此，但即使從財務回報來看也是如此。所以滿足了戰略重點之後。

All of those deals, including Invitae have a very attractive long-term financial profile. These businesses tend to grow. I think we commented at a double digit top line growth rate versus our call it mid-single digit for our underlying business.

包括 Invitae 在內的所有這些交易都具有非常有吸引力的長期財務狀況。這些企業有成長的趨勢。我認為，我們評論的營收成長率是兩位數，而我們稱之為基礎業務的中等個位數成長率。

So we think while it's near term dilutive, it's a very attractive profile longer term, having said that you should continue to expect that the majority of the deals we do fit within the ones that Adam commented about that would even be accretive initially fully burdened by our incremental borrowing costs, the deals will be accretive to earnings and cash in year one.

因此，我們認為，雖然它在短期內具有稀釋作用，但從長期來看，它是一個非常有吸引力的選擇，話雖如此，你應該繼續期待，我們所做的大多數交易都符合亞當所評論的那些交易，這些交易最初甚至會在我們增量借貸成本的完全負擔下實現增值，這些交易將在第一年增加收益和現金。

So shifting gears a bit then to more of the hospital business. I know you've given some color on the immediate margin and cash flow impacts of the Ascension cyber attack. But have you thought about any follow-on impact to that business such as and volumes flipping to another player in the region or maybe the need to shore up some of their offerings.

因此，我們將稍微轉變方向，並且更專注於醫院業務。我知道您已經對 Ascension 網路攻擊對直接利潤和現金流的影響進行了一些說明。但是您是否考慮過對該業務的任何後續影響，例如，交易量轉向該地區的其他參與者，或者可能需要鞏固他們的一些產品。

No I feel good about where we are. They're a great partner. We work side-by-side with them. We work side-by-side with them through their through cyber events. So I feel good about our business there, and I think that they'll be continued success.

不，我對我們現在的狀況感到滿意。他們是一個很好的合作夥伴。我們與他們並肩工作。我們透過網路事件與他們並肩合作。所以我對我們在那裡的業務感到滿意，我認為他們會繼續取得成功。

Awesome, Thanks so much.

太棒了，非常感謝。

Yeah. Thank you.

是的。謝謝。

Patrick Donnelly, Citi. Your line is open.

花旗銀行的 Patrick Donnelly。您的線路已開通。

Good morning, Patrick.

早上好，派崔克。

Hi, I was wondering in terms of the utilization trends, how you guys are thinking about the rest of the year or how things trended throughout the quarter, maybe June and July as well? It was helpful to hear about the employer testing piece, I'm just curious how things trended during the quarter and then the expectations for the rest of the year on utilization?

你好，我想知道就利用率趨勢而言，你們對今年剩餘時間或整個季度的趨勢有何看法，也許還有六月和七月？聽到有關雇主測試部分的消息很有幫助，我只是好奇本季的情況如何，以及對今年剩餘時間利用率的預期如何？

Hey, Patrick, on. So obviously for the quarter, we feel very good. We commented a little bit earlier that when you think about it from an organic standpoint, our volume base to base business was up 3.5%. And again, Adam went through kind of some of the reasons why we feel like we've seen some improved growth there and share that's actually been pretty consistent in that volume growth, supplemented if you will by a favorable mix as we're growing our esoteric business and the benefit of some of those hospital deals or TSAs as well as the test per accession.

嘿，派崔克，上。因此顯然，對於本季而言，我們感覺非常好。我們之前曾評論說，從有機角度來看，我們的基數業務量增加了 3.5%。再次，亞當詳細闡述了為什麼我們感覺我們看到了那裡的增長有所改善，並且份額實際上在數量增長方面相當穩定，如果你願意的話，隨著我們深奧的業務的增長，再加上有利的組合，以及一些醫院交易或 TSA 以及每次接入測試的好處。

When you look at the implied outlook for the year, you get to that Diagnostics revenues are still looking from a top line at around 9%. So obviously in the second half, we expect to see continued growth with now Invitae and part of that guidance for diagnostics, you're still looking at an implied, call it organic growth in the second half of around 5% and then 4% aided by M&A.

當您查看今年的隱含前景時，您會發現診斷收入仍將從頂線增加 9% 左右。因此，顯然在下半年，我們預計 Invitae 將繼續成長，並且根據診斷指南的部分內容，您仍然可以看到隱含的成長，即下半年的自然成長約為 5%，然後在併購的幫助下達到 4%。

And of that 5%, we continue to expect to see a similar mix with utilization being the higher part of that growth. So we are kind of averaging call it maybe a trend of three to one from the benefit of organic volume versus the favourability from mix that age there. So we do expect this trend in utilization to continue.

在這 5% 中，我們預計仍將出現類似的組合，其中利用率將成為成長的較高部分。因此，我們將其平均化，稱其為有機量優勢與混合年齡優勢之比為三比一的趨勢。因此我們確實預期這種利用趨勢將會持續下去。

Okay. That's helpful. And then, Glenn, maybe one for you. Just you talked a little bit about the margins and LaunchPad. Can you just talk about, obviously a few moving pieces as we work our way through 2H and into '25. Can you just talk about the puts and takes there with the dilution LaunchPad piece again, labor sounds like it's maybe plateaued and it's stable, but just the cadence for the rest of the year and then again, the right jumping off point into next year? Thank you.

好的。這很有幫助。那麼，格倫，也許有一個適合你。您剛才談到了利潤和 LaunchPad。您能否簡單談談，在我們經歷 2H 並進入 '25 的過程中，顯然存在的一些變動？您能否再次談論稀釋 LaunchPad 部分的利弊，勞動力聽起來可能已經趨於穩定，但這只是今年剩餘時間的節奏，然後是明年的正確起點？謝謝。

Sure. Just again from an overall standpoint on margins for the year, as you think about Labcorp, we've now commented all in, including the impact of Invitae, our margin should be flat this year by year over year and that the impact of that detail will be around 40 basis points.

當然。再次從全年利潤率的整體角度來看，當您想到 Labcorp 時，我們現在已經對所有內容進行了評論，包括 Invitae 的影響，我們的利潤率今年應該與去年同期持平，並且該細節的影響將在 40 個基點左右。

So forgetting even other headwinds we expected for the company to see a nice 40 basis points-plus on margin improvement. When you look at diagnostics, we commented that prior to Invitae today that margins for the year would be flat to slightly up even absorbing the impact of less COVID business, if you will, obviously with now Invitae, it will have around a 60 basis points headwind to diagnostics. So expect that in the second half of the year.

因此，即使忽略其他不利因素，我們預計該公司的利潤率仍將提高 40 個基點以上。當您查看診斷時，我們評論說，在今天的 Invitae 之前，即使吸收了較少的 COVID 業務的影響，今年的利潤率也將持平或略有上升，如果您願意的話，顯然現在有了 Invitae，它將在診斷方面面臨約 60 個基點的逆風。預計今年下半年就會出現這種情況。

Diagnostics margins will be down year over year. Again, excluding Invitae, second half margins in diagnostics would have been up year over year. So positive leverage within the diagnostics business. And again, we've commented that the margins within the biopharma side, our expectation for the year is for margins to be up and that the margins in the second half for biopharma will be higher than what it is for the first half.

診斷利潤率將逐年下降。同樣，如果不包括 Invitae，診斷業務下半年的利潤率將同比增長。因此診斷業務中存在積極的槓桿作用。我們再次評論說，對於生物製藥領域的利潤率，我們預計今年的利潤率將會上升，下半年生物製藥的利潤率將高於上半年。

Year over year, there will be some differences, but overall assume a higher second half margin profile for BLS and then the first half. So again, we feel we're getting good top line. We feel we're leveraging it well. LaunchPad is an integral part of helping our margins help offset some of those inflationary costs. And obviously, we're adding on top of that, just the near term dilutive impact from Invitae.

與去年同期相比，會有一些差異，但總體而言，BLS 下半年的利潤率會更高，然後上半年也會更高。因此，我們再次感覺到我們獲得了良好的營收。我們覺得我們很好地利用了它。LaunchPad 是幫助我們的利潤抵銷部分通膨成本的一個重要組成部分。顯然，我們在此基礎上又增加了 Invitae 的短期稀釋影響。

When you think about 2025. The only thing I'll comment really on the detail is that assuming the close later on or call it next week, even within Invitae, yeah, we'll still have the headwind in the first half with margin impact being negative from and be paid in the first and second quarters.

當你想到 2025 年。我真正要評論的唯一細節是，假設稍後收盤或下週收盤，即使在 Invitae 內部，是的，我們在上半年仍然會面臨逆風，利潤率影響為負，並將在第一季和第二季支付。

But what's interesting is, as you move to it, once it's annualized, you'll obviously start to see favorable contributions from margin from Invitae because we're now comping off of positive and growing margins versus the first half of this year with negative margins.

但有趣的是，當你轉向它時，一旦它按年化，你顯然會開始看到來自 Invitae 的利潤率的有利貢獻，因為我們現在的利潤率是正的和不斷增長的，而今年上半年的利潤率是負的。

Very helpful. Thank you.

非常有幫助。謝謝。

Thank you. This concludes the question-and-answer session. At this time, I'd like to hand it back to Adam Schecter for closing remarks.

謝謝。問答環節到此結束。現在，我想將發言權交還給亞當謝克特 (Adam Schecter)，請他作最後發言。

Thank you and thanks, everybody, for joining us today. We're going to continue to focus on our customers, our business shareholders, employees as we move forward, and we look forward to sharing our progress with you next quarter. Have a great day.

謝謝大家今天加入我們。我們將繼續關注我們的客戶、我們的企業股東和員工，我們期待下個季度與您分享我們的進展。祝你有美好的一天。

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

今天的電話會議到此結束。感謝您的參與，您現在可以斷開連接了。