Labcorp Holdings Inc (LH) 2024 Q3 法說會逐字稿

Good day. And thank you for standing by. Welcome to the Q3 2024 Labcorp Holdings earnings conference call. (Operator Instructions) Please be advised that today's conference is being recorded.

再會。感謝您的支持。歡迎參加 Labcorp Holdings 2024 年第三季財報電話會議。（操作員指示）請注意，今天的會議正在錄製中。

I would now like to hand the conference over to your first speaker today, Christin O'Donnell, Vice President of Investor Relations. Please go ahead.

現在我想將會議交給今天的第一位發言人，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 third-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.

謝謝運營商。早上好，歡迎參加 Labcorp 2024 年第三季電話會議。正如今天的新聞稿中詳細介紹的那樣，將會重播本次電話會議。今天與我在一起的有董事長兼執行長 Adam Schechter；艾森伯格（Glenn Eisenberg），執行副總裁兼財務長。

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 and 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.

今天早上，我們網站 www.labcorp.com 的投資者關係部分。我們發布了新聞稿和投資者關係演示文稿，其中包含有關我們業務和運營的更多信息，其中包括非公認會計原則財務指標與最具可比性的公認會計原則財務指標的調節，這兩項指標都在今天的電話會議中進行了討論。

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 the 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.

此外，我們正在做出前瞻性陳述。這些前瞻性聲明包括但不限於有關預計 2024 年指引和相關假設、Fortrea Holdings Inc 的分拆、各種因素對公司業務、營運和財務業績、現金流量和/或財務狀況，包括COVID-19 大流行以及全球經濟和市場狀況、未來業務策略、LaunchPad 計劃以及收購和其他策略交易和合作夥伴關係的預期節省、效益和協同效應、已完成的控股公司重組以及未來成長的機會。

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 report on Form 10-Q, and in the company's other filings with the SEC. We have no obligation to provide any updates to these forward-looking statements even if our expectations change.

每項前瞻性陳述都可能因各種因素而改變，其中許多因素是我們無法控制的。更多資訊包含在我們最新的 10-K 表年度報告和隨後的 10-Q 表格季度報告以及公司向 SEC 提交的其他文件中。即使我們的期望發生變化，我們也沒有義務對這些前瞻性陳述進行任何更新。

Now, I'll turn the call over to Adam Schechter.

現在，我將把電話轉給 Adam Schechter。

Thank you, Christin, and good morning, everyone. Thank you for joining us as we review our third-quarter financial performance and progress against our strategy.

謝謝克里斯汀，大家早安。感謝您加入我們，我們將根據我們的策略審查第三季的財務業績和進展。

Before discussing our results, we'd like to acknowledge the communities across the Southeast and Mid Atlantic, including our home state of North Carolina, which continue to face the devastating effects of hurricanes, Helene and Milton.

在討論我們的結果之前，我們要感謝東南部和大西洋中部的社區，包括我們的家鄉北卡羅來納州，這些社區繼續面臨颶風海倫和米爾頓的破壞性影響。

Our thoughts are with those impacted, including our employees and residents of those communities across several states who are grappling with a long recovery ahead. We continue to support relief and recovery efforts as a member of the American Red Cross Disaster Response program.

我們的心與受影響的人同在，包括我們的員工和幾個州社區的居民，他們正在努力應對未來的長期復甦。身為美國紅十字會救災計畫的成員，我們繼續支持救災和復原工作。

Turning to our results for the quarter, we continued to perform very well across both Diagnostics Laboratories and Biopharma laboratory services. Our results reflect strong growth in diagnostics and central laboratories, driven by strong volume and core performance, and by advancements in science, technology, and innovation.

談到本季的業績，我們在診斷實驗室和生物製藥實驗室服務方面繼續表現出色。我們的結果反映出診斷和中心實驗室的強勁成長，這得益於強勁的數量和核心性能以及科學、技術和創新的進步。

Let's start by reviewing our financial results. Revenue in the quarter was $3.3 billion, an increase of 7% compared to the third quarter of 2023. Diagnostics continues to deliver strong revenue growth up 9%, driven by organic growth of 5%, while Biopharma laboratory services revenue grew approximately 3%, driven by strong growth in central labs of 9%, partially offset by the expected decline of 11% in early development.

讓我們先回顧一下我們的財務表現。該季度營收為 33 億美元，較 2023 年第三季成長 7%。在5% 的有機成長的推動下，診斷業務收入繼續強勁增長9%，而在中心實驗室9% 的強勁增長的推動下，生物製藥實驗室服務收入增長了約3%，部分被2019 年11 % 的預期下降所抵消。

We continue to expect early development to show year-over-year growth in the fourth quarter. The trailing 12 month book to bill was 1.02. We expect the book to bill to grow sequentially quarter-over-quarter in the fourth quarter, but it's overlapping with a very strong fourth quarter last year. Overall, the book to bill remains healthy for continued growth.

我們繼續預計第四季度的早期開發將實現同比增長。過去 12 個月的帳面結算率為 1.02。我們預計第四季度該書的營收將環比成長，但這與去年非常強勁的第四季重疊。整體而言，訂單量保持健康，有利於持續成長。

Adjusted EPS of $3.50 was up 4% year over year. Enterprise margins were down 40 basis points due to the impact of Invitae. We expect to finish the year with solid growth across both diagnostics and Biopharma laboratory services. Glenn will provide more details on our results in just a moment.

調整後每股收益為 3.50 美元，年增 4%。受 Invitae 影響，企業利潤率下降 40 個基點。我們預計診斷和生物製藥實驗室服務將在今年結束時穩健成長。格倫稍後將提供有關我們結果的更多詳細資訊。

We continue to execute well on our strategic priorities by being a partner of choice for health systems and regional local laboratories, by harnessing science and innovation to expand our leadership in important therapeutic areas, and by utilizing data and technology to bring important services and capabilities to our customers.

我們繼續良好地執行我們的策略重點，成為衛生系統和區域當地實驗室的首選合作夥伴，利用科學和創新來擴大我們在重要治療領域的領導地位，並利用數據和技術為全球帶來重要的服務和能力。

In the third quarter, Labcorp continued to advance in these strategic growth areas. First, we maintain a leadership position as a partner of choice for health systems. During the third quarter, we announced an agreement to acquire select operating assets of Ballad Health outreach lab services.

第三季度，Labcorp 繼續在這些策略成長領域取得進展。首先，我們作為衛生系統的首選合作夥伴保持著領導地位。第三季度，我們宣布達成協議，收購 Ballad Health 外展實驗室服務的部分營運資產。

Ballad Health expands our comprehensive laboratory and testing capabilities to rural communities in Tennessee, Virginia, North Carolina and Kentucky. We also entered into a strategic collaboration with Naples Comprehensive Healthcare in Southwest Florida, to manage the daily operations of its in-patient laboratory operations.

Ballad Health 將我們的綜合實驗室和測試能力擴展到田納西州、維吉尼亞州、北卡羅來納州和肯塔基州的農村社區。我們還與佛羅裡達州西南部的那不勒斯綜合醫療保健公司建立了策略合作關係，以管理其住院實驗室營運的日常營運。

Turning to regional local laboratories, we signed a new agreement to acquire select assets of LabWorks, an independent clinical laboratory located in Alabama. And we closed the previously announced acquisition of select assets of BioReference Health laboratory testing business.

至於區域性當地實驗室，我們簽署了一項新協議，收購位於阿拉巴馬州的獨立臨床實驗室 LabWorks 的部分資產。我們完成了先前宣布的對 BioReference Health 實驗室檢測業務精選資產的收購。

We continue to have a strong business development pipeline and we look forward to sharing more of those details in the future. We also made several notable advances in science, technology and innovation in the quarter, through strategic acquisitions, investments, and new product launches.

我們繼續擁有強大的業務開發管道，並期待將來分享更多這些細節。本季度，我們也透過策略性收購、投資和新產品發布，在科學、技術和創新方面取得了一些顯著進展。

First, we completed the acquisition of select assets of Invitae during the quarter. Performance was in line with our expectations, and we continue to expect it to be slightly accretive to earnings for 2025, with top line growth of approximately 10%.

首先，我們在本季完成了 Invitae 部分資產的收購。業績符合我們的預期，我們繼續預計 2025 年的獲利將略有成長，營收成長約 10%。

We are excited about Invitae's complementary cutting edge science, their genetic testing solutions, and technology, which align strategically with Labcorp's focus on specialty medicine and oncology.

我們對 Invitae 互補的尖端科學、基因檢測解決方案和技術感到興奮，這些解決方案與 Labcorp 對專業醫學和腫瘤學的關注策略一致。

The acquisition extends our leadership in specialty testing capabilities, and our ability to utilize genetic data to improve clinical trials and treatment regimens in oncology and select rare diseases. By integrating in Invitae's genetic testing technology with Labcorp's specialty testing capabilities, we can offer a more complete set of insights for each patient from testing to diagnosis to treatment.

此次收購擴大了我們在專業測試能力方面的領先地位，以及我們利用遺傳數據改進腫瘤學和選擇罕見疾病的臨床試驗和治療方案的能力。透過將 Invitae 的基因檢測技術與 Labcorp 的專業檢測能力相結合，我們可以為每位患者提供從檢測到診斷再到治療的更完整的見解。

The integration is on track with our financial goals, without impacting the great science and customer experience that Invitae provides today. In July, we announced an expanded collaboration with Ultima Genomics to utilize the sequencing solution and technology to explore new whole genome sequencing clinical applications, including MRD in patients with early stage solid tumor cancers.

此次整合正在實現我們的財務目標，不會影響 Invitae 當今提供的偉大科學和客戶體驗。7 月，我們宣布擴大與 Ultima Genomics 的合作，利用定序解決方案和技術探索新的全基因組定序臨床應用，包括早期實體瘤患者的 MRD。

In August, Labcorp received De Novo marketing authorization from the FDA for our PGDX elio plasma focused Dx. The industry's only kitted, pan solid tumor, liquid biopsy test. This test enables laboratories to perform genomic profiling when tissue is limited or unavailable.

8 月，Labcorp 的 PGDX elio 血漿聚焦 Dx 獲得了 FDA 的 De Novo 行銷授權。業界唯一配套的泛實體瘤液體切片測試。該測試使實驗室能夠在組織有限或不可用時進行基因組分析。

Labcorp has an industry leading, comprehensive oncology testing menu, and we are uniquely positioned as the only company offering FDA authorized kitted solutions for both tissue and liquid based solid tumor testing.

Labcorp 擁有業界領先、全面的腫瘤學測試菜單，我們是唯一一家為組織和液體實體瘤測試提供 FDA 授權套件解決方案的公司，具有獨特的地位。

We also continue to expand our Labcorp on-demand offerings with additional consumer initiated test in July and August including syphilis and luteinizing hormone tests.

我們也持續擴大 Labcorp 的按需產品範圍，在 7 月和 8 月增加由消費者發起的測試，包括梅毒和黃體生成素測試。

Subsequent to the quarter end, we announced an exclusive agreement with NOWDiagnostics to distribute the first over the counter point of care syphilis blood test, granted marketing authorization by the FDA. We plan to make the test available to providers by the end of 2024 and directly to patients, through Labcorp on-demand in 2025.

季度末後，我們宣布與 NOWDiagnostics 達成獨家協議，分銷第一個非處方梅毒血液檢測，並獲得 FDA 的營銷授權。我們計劃在 2024 年底前向提供者提供該測試，並在 2025 年透過 Labcorp 按需直接向患者提供該測試。

In the quarter, we also made improvements to our customer experience using data and technology to bring important services and capabilities to our customers. We introduced a new order tracking experience for our diagnostic customers, giving the majority of providers real time visibility of test order status.

在本季度，我們也利用數據和技術改善了客戶體驗，為客戶帶來重要的服務和功能。我們為診斷客戶引入了新的訂單追蹤體驗，為大多數提供者提供了測試訂單狀態的即時可見性。

This new capability offers comprehensive sample tracking, enhancing providers ability to manage patient care effectively, with clear up to date information on all test orders.

這項新功能提供全面的樣本跟踪，增強提供者有效管理患者護理的能力，並提供有關所有測試訂單的清晰的最新資訊。

Ovia Health by Labcorp announced the expansion of its women health solutions to include a personalized comprehensive postpartum experience. This 12 month program is designed to help women manage multiple aspects of the postpartum period through personalized recovery modes, symptom tracking, and alerts, and mental health support.

Ovia Health by Labcorp 宣布擴展其女性健康解決方案，納入個人化綜合產後體驗。這個為期 12 個月的計劃旨在透過個人化恢復模式、症狀追蹤和警報以及心理健康支持，幫助女性管理產後的多個方面。

I am proud of our accomplishments, and how we operate as an organization. We recently earned Ethisphere's Compliance Leader Verification, which recognizes organizations with an outstanding commitment to achieving a best-in-class ethics and compliance program. Ethics and integrity are at the heart of everything we do, and integral to our mission to improve health and improve lives.

我為我們的成就以及我們作為一個組織的運作方式感到自豪。我們最近獲得了 Ethisphere 的合規領導者認證，該認證旨在表彰那些致力於實現一流道德與合規計畫的組織。道德和誠信是我們所做一切的核心，也是我們改善健康和改善生活的使命不可或缺的一部分。

We are also proud to be named a best place to work for disability inclusion, after earning the top score of 100 on the 2024 Disability Equality Index. In the quarter, Congress delayed the implementation of PAMA, removing a potential $80 million revenue headwind in 2025.

在 2024 年殘障平等指數中獲得 100 分的最高分後，我們還很榮幸被評為殘障包容性最佳工作場所。本季度，國會推遲了 PAMA 的實施，消除了 2025 年潛在的 8,000 萬美元收入阻力。

While we are pleased with this further delay, we continue to work closely with our trade association to seek a permanent fix to PAMA, as there's bipartisan recognition that long term reform is needed.

雖然我們對進一步的拖延感到高興，但我們將繼續與我們的行業協會密切合作，尋求對 PAMA 的永久修復，因為兩黨都認識到需要進行長期改革。

In conclusion, we continue to execute well on our short term financial commitments, while also making progress on our longer term strategy. I am confident in our growth opportunities, and we remain on track to achieve our longer term outlook.

總之，我們繼續良好地履行我們的短期財務承諾，同時在我們的長期策略上取得進展。我對我們的成長機會充滿信心，我們仍然有望實現我們的長期前景。

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

這樣，我就把電話轉給格倫。

Thank you, Adam. I'm going to start my comments with a review of our third 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。我將首先回顧我們第三季的業績，然後討論我們在每個細分市場的表現，最後更新我們的全年指導。作為參考，我們還提供了其他業務信息，您可以在投資者關係網站的補充資料中找到這些信息。

Revenue for the quarter was $3.3 billion, an increase of 7.4% compared to last year, primarily due to organic base business growth, and the impact from acquisitions. The base business grew 8% compared to the base business last year, driven primarily by organic growth of 4.8%.

該季度營收為 33 億美元，較去年增長 7.4%，主要得益於有機基礎業務成長以及收購的影響。與去年的基礎業務相比，基礎業務成長了 8%，這主要由 4.8% 的有機成長所推動。

Operating income for the quarter was $254 million or 7.7% of revenue or 13.4% on an adjusted basis. During the quarter, we had $105 million of restructuring charges and special items, primarily related to acquisitions and LaunchPad initiatives.

該季度營業收入為 2.54 億美元，佔營收的 7.7%，調整後為 13.4%。本季度，我們有 1.05 億美元的重組費用和特殊項目，主要與收購和 LaunchPad 計劃相關。

In addition, we had $18 million of expense for the transition service agreements related to the spinoff of Fortrea, with the corresponding income recorded in other income. Excluding these items and amortization of $64 million, adjusted operating income in the quarter was $441 million or 13.4% of revenue compared to $424 million or 13.9% last year.

此外，我們還有 1,800 萬美元用於與 Fortrea 分拆相關的過渡服務協議費用，相應的收入記錄在其他收入中。排除這些項目和 6,400 萬美元的攤銷，本季調整後的營業收入為 4.41 億美元，佔營收的 13.4%，而去年為 4.24 億美元，佔營收的 13.9%。

The increase in adjusted operating income was primarily due to organic demand and LaunchPad savings, partially offset by higher personnel costs and the loss from Invitae. The 40 basis point decline in adjusted operating margin was due to Invitae. Excluding Invitae as well as the impact from weather and days, margins would have been up approximately 120 basis points.

調整後營業收入的增加主要是由於有機需求和 LaunchPad 節省，但部分被較高的人員成本和 Invitae 的損失所抵消。調整後營業利潤率下降 40 個基點是 Invitae 造成的。排除 Invitae 以及天氣和日子的影響，利潤率將上漲約 120 個基點。

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. The adjusted tax rate for the quarter was 22.8% compared to 24% last year. The lower adjusted tax rate was primarily due to the geographic mix of earnings. We continue to expect the full year adjusted tax rate to be approximately 23%.

我們的 LaunchPad 計劃今年將繼續實現 1 億至 1.25 億美元的節省，這與我們的長期目標一致。本季調整後稅率為 22.8%，去年為 24%。調整後稅率較低主要是由於收入的地理分佈。我們繼續預計全年調整後稅率約為 23%。

Net earnings from continuing operations for the quarter were $170 million or $2 per diluted share. Adjusted EPS were $3.50 in the quarter, up 4% from last year. Operating cash flow from continuing operations was $277 million in the quarter, which included an expected use of cash from Invitae compared to $276 million a year ago.

本季持續經營業務淨利為 1.7 億美元，即攤薄後每股收益 2 美元。本季調整後每股收益為 3.50 美元，較去年增長 4%。本季持續經營業務產生的營運現金流為 2.77 億美元，其中包括 Invitae 的預期使用現金，而去年同期為 2.76 億美元。

Capital expenditures totaled $116 million in the quarter or 3.5% of revenue. This compares to $105 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.

本季資本支出總計 1.16 億美元，佔營收的 3.5%。相比之下，上一年增長了 1.05 億美元，即 3.4%。我們繼續預計全年資本支出將佔收入的 3.5% 左右。

Free cash flow from continuing operations for the quarter was $162 million. During the quarter, the company invested $458 million in acquisitions, paid out $61 million in dividends, and repurchased $75 million of stock. At quarter end, we had $1.5 billion in cash, while debt was $6.8 billion. These higher balances are due to the pre-funding of maturing debt.

本季持續經營業務產生的自由現金流為 1.62 億美元。本季度，該公司投資了 4.58 億美元進行收購，支付了 6,100 萬美元的股息，並回購了 7,500 萬美元的股票。截至季末，我們擁有 15 億美元現金，而債務為 68 億美元。這些較高的餘額是由於到期債務的預先融資。

During the quarter, the company raised $2 billion of long term notes to pre-fund $2 billion of maturing debt. The company expects to use cash to pay down the remaining $1.4 billion of debt maturing over the next four months. Our current debt leverage is 2.4 times net debt to trailing 12 months adjusted EBITDA.

本季度，該公司籌集了 20 億美元的長期票據，為 20 億美元的到期債務預先融資。該公司預計將使用現金償還未來四個月內到期的剩餘 14 億美元債務。我們目前的債務槓桿是過去 12 個月調整後 EBITDA 淨債務的 2.4 倍。

Now review our segment performance beginning with Diagnostics Laboratories. Revenue for the quarter was $2.6 billion, an increase of 8.9% compared to last year, with organic growth of 5%, and acquisitions net of divestitures contributing 4%.

現在從診斷實驗室開始回顧我們的細分市場表現。該季度營收為 26 億美元，較去年增長 8.9%，有機增長 5%，扣除資產剝離後的收購貢獻了 4%。

The base business grew 9.8% compared to the base business last year, driven primarily by organic growth of 5.8%. Total volume increased 5.1% compared to last year. Base business volume grew 5.6% compared to the base business last year as organic volume increased 2.7%, which was negatively impacted by approximately 40 basis points from weather, while acquisitions contributed 2.9%.

與去年的基礎業務相比，基礎業務成長了 9.8%，這主要由 5.8% 的有機成長所推動。總成交量較去年增加5.1%。與去年的基礎業務相比，基礎業務量成長了 5.6%，其中有機業務量成長了 2.7%，受到天氣影響約 40 個基點的負面影響，而收購貢獻了 2.9%。

Price mix increased 3.8% versus last year due to organic based business growth and acquisitions that was partially offset by lower COVID testing. Base business organic price mix was up 3% compared to the base business last year, due to mix as we benefited from lab management agreements and increase in tests per session, and esoteric testing growing faster than routine.

由於有機業務成長和收購，價格組合比去年增長了 3.8%，但部分被新冠病毒檢測下降所抵消。與去年的基礎業務相比，基礎業務的有機價格組合上漲了 3%，這是由於我們受益於實驗室管理協議和每次測試的增加以及深奧測試的增長速度快於常規而實現的混合。

Diagnostics adjusted operating income for the quarter was $387 million or 15.2% of revenue compared to $386 million or 16.5% last year. Adjusted operating margin was down 130 basis points due to Invitae and the unfavorable impacts of days and weather. Excluding these items, margins would have been up around 80 basis points as the benefit of organic demand and LaunchPad savings was partially offset by higher personnel costs.

Diagnostics 本季調整後營業收入為 3.87 億美元，佔營收的 15.2%，去年為 3.86 億美元，佔營收的 16.5%。由於 Invitae 以及天氣和天氣的不利影響，調整後的營業利潤率下降了 130 個基點。排除這些項目，利潤率將上升約 80 個基點，因為有機需求和 LaunchPad 節省的收益被較高的人員成本部分抵消。

Now I’ll review the segment performance of Biopharma laboratory services. Revenue for the quarter was $738 million, an increase of 2.6% compared to last year, due to an increase in organic revenue of 2%, and foreign currency translation of 0.6%.

現在我將回顧生物製藥實驗室服務的細分市場表現。該季度營收為 7.38 億美元，較去年增長 2.6%，原因是有機收入增長 2%，外幣折算增長 0.6%。

The revenue growth was driven by continued strength in central labs which was up 9%, while early development was down 11%, primarily due to higher than normal cancellations in prior periods. However, early development revenue increased sequentially from the second quarter, and we continue to expect it to grow year-over-year beginning in the fourth quarter.

收入成長是由中央實驗室的持續強勁推動的，中心實驗室增長了 9%，而早期開發下降了 11%，主要是由於前期取消數量高於正常水平。然而，早期開發收入較第二季環比增長，我們繼續預計從第四季度開始將同比增長。

Biopharma adjusted operating income for the quarter was $121 million or 16.4% of revenue compared to $109 million or 15.2% last year. Adjusted operating income and margin increased due to organic demand and LaunchPad savings partially offset by higher personnel costs.

生物製藥本季調整後營業收入為 1.21 億美元，佔營收的 16.4%，而去年為 1.09 億美元，佔營收的 15.2%。由於有機需求和 LaunchPad 節省，調整後的營業收入和利潤率增加，部分被較高的人員成本所抵消。

We ended the quarter with a backlog of $8.1 billion, and we expect approximately $2.6 billion of this backlog to convert into revenue over the next 12 months. The trailing 12 month book to bill was 1.02.

本季末，我們的積壓訂單達到 81 億美元，我們預計其中約 26 億美元將在未來 12 個月內轉化為營收。過去 12 個月的帳面結算率為 1.02。

Now I'll discuss our updated 2024 full year guidance, which assumes foreign exchange rates effective as of September 30, 2024, for the remainder of the year. The enterprise guidance also includes the impact from currently anticipated capital allocation including acquisitions, share purchases, and dividends.

現在我將討論我們更新的 2024 年全年指引，該指引假設外匯匯率自 2024 年 9 月 30 日起在今年剩餘時間內生效。企業指引也包括目前預期資本配置的影響，包括收購、股票購買和股利。

We expect enterprise revenue to grow 6.6% to 7.3% compared to 2023 versus prior guidance the midpoint is unchanged as a benefit of 20 basis points for foreign currency is being offset by a negative 20 basis points from weather.

我們預計，與 2023 年相比，企業收入將成長 6.6% 至 7.3%，而先前指導的中位數不變，因為外幣上漲 20 個基點的好處被天氣造成的 20 個基點的負成長所抵消。

We continue to perform well in diagnostics with revenue expected to be up 7.2% to 7.8% compared to 2023. This is an increase at the midpoint from our prior guidance of 10 basis points due to the improved outlook within diagnostics.

我們在診斷領域持續表現良好，營收預計比 2023 年成長 7.2% 至 7.8%。由於診斷前景的改善，這比我們先前指導的 10 個基點的中點有所增加。

The acquisition of select assets of BioReference that was previously only included in the enterprise guidance until the transaction closed is benefiting diagnostics growth by 30 basis points. This is being offset by the unfavorable impact from weather of 30 basis points.

收購 BioReference 的精選資產（先前在交易完成之前僅包含在企業指南中）有利於診斷業務成長 30 個基點。這被天氣造成的 30 個基點的不利影響所抵消。

We expect Biopharma revenue to grow 4.7% to 5.6% compared to 2023. The midpoint of our guidance increased 80 basis points due to the favorable impact from foreign currency of 100 basis points, partially offset by a slower recovery in early development of 20 basis points.

我們預計生物製藥收入將比 2023 年成長 4.7% 至 5.6%。由於外幣有利影響 100 個基點，我們的指導中點上調了 80 個基點，部分被早期發展緩慢復甦 20 個基點所抵消。

We continue to expect early development to grow revenue year-over-year beginning in the fourth quarter. We expect enterprise margins to be slightly down year-over-year with diagnostics margins constrained by a Invitae and weather, we expect Biopharma margins to be up year-over-year.

我們仍然預計早期開發將從第四季度開始實現收入同比增長。我們預計企業利潤率將同比略有下降，診斷利潤率受到邀請和天氣的限制，我們預計生物製藥利潤率將同比上升。

Our guidance range for adjusted EPS is $14.30 to $14.70. We have decreased the midpoint of guidance by $0.10 due to the estimated impact from weather of $0.15. Our free cash flow guidance range is $850 million to $980 million.

我們調整後每股收益的指導範圍為 14.30 美元至 14.70 美元。由於預計天氣影響為 0.15 美元，我們將指導中點降低了 0.10 美元。我們的自由現金流指引範圍為 8.5 億至 9.8 億美元。

In summary, we expect to drive continued profitable growth and strong free cash flow generation that'll be used for acquisitions that support our strategy and supplement our organic growth while also returning capital to shareholders through our share repurchase program and dividends.

總而言之，我們預計將推動持續的獲利成長和強勁的自由現金流生成，這些現金流將用於支持我們的策略和補充我們的有機成長的收購，同時透過我們的股票回購計劃和股息向股東返還資本。

Operator, we will now take questions.

接線員，我們現在開始提問。

(Operator Instructions) Ann Hynes, Mizuho.

（操作員指示）Ann Hynes，Mizuho。

Good morning Ann.

早安，安。

Good morning. Just heading into 2025, is there any specific headwinds and tailwinds that you would like to call out? And then secondly, I'm sure you're seeing some of the late stage public traded peers have not done really well this quarter.

早安.即將進入 2025 年，您有什麼具體的逆風和順風需要指出嗎？其次，我確信您會看到一些後期公開交易的同業本季表現不佳。

Revenue growth is declining or I should say decelerating. But it seems like the opposite is happening to your central lab. How should we think about the impact of what's happening with some of your customers from a timing perspective? Do you expect that to impact revenue? Is there a lag 6 months, 12 months, how should we view it in the future? Thanks.

收入成長正在下降，或者我應該說是減速。但你們的中心實驗室似乎發生了相反的情況。我們應該如何從時間角度考慮您的一些客戶所發生的事情的影響？您預計這會影響收入嗎？是否有6個月、12個月的滯後，未來我們該如何看待？謝謝。

Sure. I'll start with 2025. And so, first of all, I feel great about the momentum that we have in both our diagnostics and central laboratory business. And we expect early development is going to go in the fourth quarter and will grow as we go into 2025.

當然。我將從 2025 年開始。因此，首先，我對我們在診斷和中心實驗室業務方面的發展勢頭感到非常高興。我們預計早期開發將在第四季度進行，並將在進入 2025 年時繼續成長。

We're not giving any 2025 guidance today. But as you look at our longer term guidance where we have organic revenue growth of 3.5% to 5.5% plus another 1.5% to 2.5% growth for inorganic growth, we remain on track. And we're going to be entering 2025 with real momentum and strength.

我們今天不會給任何 2025 年指引。但當你看看我們的長期指引時，我們的有機收入成長為 3.5% 至 5.5%，加上無機成長另外 1.5% 至 2.5%，我們仍處於正軌。我們將以真正的動力和力量進入 2025 年。

As I think about the central laboratory business, it continues to perform very well. Central laboratory had very strong growth year-over-year of 9%. I would say that that's based off of an easy compare last year because as you recall, last year, there was a lot of sites that didn't have the ability to enroll patients, they had staffing issues and so forth.

當我想到中心實驗室業務時，它仍然表現良好。中心實驗室年增率非常強勁，達到 9%。我想說，這是基於去年的簡單比較，因為正如您所記得的那樣，去年，有很多網站沒有能力招募患者，他們有人員配備問題等等。

But as we look forward into the future, and I look at the longer term guidance for BLS, I expect central labs will be consistent with that guidance and show continued growth. If you look at the central lab books, we have solid orders, we have good consistent win rates, and we are a leader in that field. And in that field, the majority of our business is with larger pharma. It's much less with the smaller biotechnology companies.

但當我們展望未來時，我著眼於 BLS 的長期指導，我預計中心實驗室將與該指導保持一致，並顯示出持續成長。如果你看一下中心實驗室的書，我們有穩定的訂單，我們有良好的一致勝率，而且我們是該領域的領導者。在這個領域，我們的大部分業務都是與大型製藥公司合作。規模較小的生物技術公司的情況要少得多。

Great. Thank you.

偉大的。謝謝。

Lisa Gill, JPMorgan.

麗莎·吉爾，摩根大通。

Morning, Lisa.

早安，麗莎。

Good morning, Adam, and Glenn. Just wanted to follow up on Invitae and the margin progression. So you talked about the impact in the quarter. As I think about going into '25, like how should I think about one that margin progression?

早安，亞當和格倫。只是想跟進 Invitae 和利潤進展。所以您談到了本季的影響。當我考慮進入 25 年時，我應該如何考慮利潤率進展？

And then secondly, is there anything to call out when you think about the mix in the diagnostics business? And we look at the price per rec coming in much better than what we had anticipated in our model.

其次，當您考慮診斷業務的組合時，有什麼值得指出的嗎？我們發現每筆記錄的價格比我們在模型中預期的要好得多。

Yeah, so let me start first with Invitae. So we continue to be really excited about their science, their genetic testing solutions and technology that they have. And it really aligns with us strategically. The integration is going extremely well. We're on track with all the integration metrics that we have in place.

是的，讓我先從 Invitae 開始。因此，我們仍然對他們的科學、基因檢測解決方案和技術感到非常興奮。它在戰略上確實與我們保持一致。整合進展非常順利。我們正在按照現有的所有整合指標步入正軌。

If you look at the financial metrics, we're performing as we expected based upon what we provided in guidance last quarter. And as you look at this year, we expect that there'll be an impact of about 40 basis points negative.

如果您查看財務指標，您會發現我們的表現符合我們上季度指引中提供的預期。從今年的情況來看，我們預計將會產生約 40 個基點的負面影響。

But as we go into next year, we expect Invitae to be slightly accretive. So you can assume if it's negative in the first two quarters of the launch and it's slightly accretive for the full year that it'll take us a little bit of time as we go through the year before you see that accretion occur.

但隨著明年的到來，我們預計 Invitae 會略有成長。因此，您可以假設，如果在發布的前兩個季度為負值，並且全年略有增加，那麼我們需要一些時間才能看到增加發生。

But overall, we remain very bullish about that acquisition, and the revenue growth will be about 10% as we think about next year as well. And then in terms of mix, I'll ask Glenn to provide some comments.

但總體而言，我們仍然非常看好這次收購，預計明年的營收成長將在 10% 左右。然後在混合方面，我會請格倫提供一些評論。

First just also just wrapping up on the Invitae as well. As Adam commented that yeah, we would expect margin improvement sequentially going forward. So each quarter that we have it once we integrate the business, it'll improve. We'll still show negative comps on margin year-on-year through the first half of next year, just until it annualizes.

首先也結束了 Invitae。正如 Adam 所說，是的，我們預計未來利潤率將繼續改善。因此，一旦我們整合業務，每個季度我們都會得到改善。到明年上半年，我們仍將按年顯示負的利潤率，直到年度化。

And then Lisa, once it's annualized, you'd expect to see then margin improvement or be a tail wind to margins beginning in the second half of next year.

然後，麗莎，一旦按年化，您預計會看到利潤率改善，或從明年下半年開始成為利潤率的順風車。

With the price mix, we actually had a good top line growth within diagnostics overall. If you looked at our base business organically, we grew around 6% and that was pretty evenly split between utilization, volume was up around 2.7%. And even that was constrained by weather of around 40 basis points.

透過價格組合，我們實際上在診斷領域整體實現了良好的營收成長。如果你有機地觀察我們的基本業務，我們成長了約 6%，並且利用率之間的分配相當均勻，銷量成長了約 2.7%。即使如此，也受到天氣影響約 40 個基點。

But to your earlier comment, the mix impact, we were up around 3%. And really what drove that this quarter more than anything was the in-house lab management agreements, which we continue to do and we treat that as price mix.

但根據您先前的評論，混合影響，我們上漲了 3% 左右。真正推動本季業績成長的是內部實驗室管理協議，我們將繼續這樣做，並將其視為價格組合。

But we've also seen a steady increase in our test per session, which we've seen over time that continues to progress. And we continue to see growth in more of our esoteric business growing faster than our routine. So really the combination of those three things is what drew -- what drove the favorable mix throughout this quarter.

但我們也看到每次會話的測試量穩定增加，而且隨著時間的推移，這種情況還在持續進步。我們繼續看到更多深奧業務的成長速度比我們的日常業務成長得更快。因此，這三件事的結合才是真正吸引人的因素——推動了整個季度的有利組合。

Great. Thank you.

偉大的。謝謝。

Michael Cherny, Leerink Partners.

邁克爾·切爾尼，Leerink Partners。

Good morning, Michael.

早上好，麥可。

Morning everyone. Thank you so much for taking the question. Maybe just to come at the margin question a different way. I know it's hard because moving pieces, especially stuff that would say is that out of your control, obviously in Invitae.

大家早安。非常感謝您提出這個問題。也許只是為了以不同的方式提出邊緣問題。我知道這很難，因為移動部分，尤其是那些超出你控制範圍的東西，顯然在 Invitae 中。

But as you think about the savings that you've been able to generate on the cost side, as you think about where you've landed, I think I heard 120 basis points of underlying margin expansion your view in Invitae, weather, days, et cetera.

但是，當您考慮在成本方面能夠節省的成本時，當您考慮自己的目標時，我想我聽到了 120 個基點的基礎利潤擴張，您對 Invitae、天氣、天數的看法，等等。

Where do you think have been the most successful sources of margin expansion? How do we think about the pull through on what still remains an elevated revenue growth level on incremental pull through versus restructuring? And I guess to Lisa’s question a little bit, how do we think about the cost cutting impact above and beyond the Invitae playing forward into '25 both within LaunchPad and outside?

您認為利潤擴張最成功的來源在哪裡？我們如何看待增量拉動與重組之間仍保持較高收入成長水準的拉力？我想，對於 Lisa 的問題，我們如何看待 Invitae 之外的成本削減影響，無論是在 LaunchPad 內部還是外部，都將持續到 25 年？

Yeah, so hey Michael, I'll take a first cut of it that Adam you may want to add as well. But we actually do feel very good about the underlying performance of the company. And to your point, we have a bunch of headwinds that we've identified that we call obviously would be more non-operational, the strategic acquisition that we did with Invitae, the impact of weather in this quarter.

是的，所以嘿邁克爾，我將剪下第一部分，亞當你可能也想添加。但我們實際上對公司的基本業績確實感覺非常好。就你的觀點而言，我們面臨著一系列不利因素，我們已經發現這些不利因素顯然會更具非營運性，我們對 Invitae 進行的策略性收購以及本季天氣的影響。

And actually, we also have a quarter impact in the fourth quarter from just days. So kind of timing related. And so that gets to that 120 basis point expansion that you commented about. But the underlying business when we take those out and also we obviously still have a little bit of a headwind from COVID testing that's now leveled off, but still year-over-year, it's a negative impact.

實際上，我們在短短幾天內也對第四季產生了季度影響。與時間相關。這樣就達到了您所評論的 120 個基點的擴張。但當我們把這些去掉時，我們的基礎業務顯然仍然受到新冠病毒檢測帶來的一些阻力，現在已經趨於平穩，但與去年同期相比，這仍然是一個負面影響。

But the underlying business we're benefiting from the top line growth, we're benefiting from our LaunchPad initiatives. We're still on track to $100 million to $125 million of our LaunchPad savings. So as we think about operating leverage, ideally we target kind of around a gross margin.

但我們的基礎業務正受益於營收成長，我們正受益於我們的 LaunchPad 計畫。我們仍有望透過 LaunchPad 節省 1 億至 1.25 億美元。因此，當我們考慮營運槓桿時，理想情況下我們的目標是圍繞毛利率。

When you kind of peel out the unusual items if you will or the headwinds that we had, we're operating in the high 20s, and frankly a little stronger even in the third quarter, but we're kind of in the ballpark of our gross margin. So we think underlying our business, where we need to be.

當你剔除不尋常的項目（如果你願意的話）或我們遇到的逆風時，我們的運營水平在20 多歲左右，坦率地說，即使在第三季度，我們的表現也更強一些，但我們的業績處於我們的大致範圍內。因此，我們思考我們業務的根本，我們需要做的事情。

What's interesting as well is a lot of the headwinds that we're having this year in 2024 will become tailwinds to our margins next year. So we still expect our underlying performance to be good. But then when you think about Invitae, when you think about days, obviously, if we would have normal weather, all those three headwinds that we had this year will become tailwinds to margins next year.

同樣有趣的是，我們今年在 2024 年遇到的許多不利因素將成為明年我們利潤率的有利因素。所以我們仍然預計我們的基本表現會很好。但當你想到 Invitae 時，當你想到日子時，顯然，如果我們天氣正常，那麼我們今年遇到的所有這三個逆風都將成為明年利潤率的順風。

And the only thing I would add to that is when we talk about LaunchPad, it really is continuous improvement. And we know as we go into the future, we're going to have to continually find ways to reduce costs to improve margins.

我唯一要補充的是，當我們談論 LaunchPad 時，它確實是持續改進。我們知道，當我們走向未來時，我們將不得不不斷尋找降低成本以提高利潤的方法。

And I think with all the work that we're doing with technology, with some of the work that we're doing with artificial intelligence, we see other opportunities now above and beyond what we've talked about in the past to continue to find ways to reduce costs moving forward. So that's just something that's built into our DNA as a company, and we're going to continue to find ways to reduce costs where we can.

我認為，透過我們在技術方面所做的所有工作，透過我們在人工智慧方面所做的一些工作，我們現在看到了超出我們過去討論過的其他機會，可以繼續尋找進一步降低成本的方法。因此，這已經融入了我們公司的 DNA，我們將繼續尋找盡可能降低成本的方法。

Great. Thank you.

偉大的。謝謝。

Patrick Donnelly, Citi.

派崔克唐納利，花旗銀行。

Morning, Patrick.

早上好，派崔克。

Hey guys, good morning. Thanks for taking the questions. I want to just ask them on the diagnostics business. Just the core utilization trends you guys are seeing obviously again the weather impact moves things around a little bit, but what you're seeing there.

嘿夥計們，早安。感謝您提出問題。我想問他們有關診斷業務的問題。你們所看到的核心利用率趨勢顯然再次受到天氣影響而發生了一些變化，但你們所看到的卻是如此。

And just the expectations going forward, certainly looking eyes are turning towards '25 as we talked a little bit about here. Any reason why you would kind of be inside that [LRP] as you think about the utilization rate and heading into next year.

正如我們在這裡討論的那樣，人們對未來的期望肯定會轉向 25 年。當您考慮利用率並進入明年時，您會處於[LRP]內的任何原因。

Yeah Patrick, as you look at utilization rates, we certainly see an acceleration in health care overall. And the question is with what hospitals have seen in other parts of health care, will that continue? I would expect at some point that will slow down a bit to more historic levels.

是的，帕特里克，當你看看利用率時，我們確實看到了醫療保健整體的加速發展。問題是醫院在醫療保健的其他方面看到了什麼，這種情況會持續下去嗎？我預計在某個時候，這一速度會放緩至歷史水平。

But at the same time with our business, I believe we're seeing share increases, in particular as we do more of these hospital deals and the local regional laboratory deals. So when you look at our longer term guidance for diagnostics, we expect organic revenue growth of 2.5% to 4.5%.

但在我們的業務發展的同時，我相信我們的份額正在增加，特別是當我們進行更多的醫院交易和當地區域實驗室交易時。因此，當您查看我們對診斷的長期指導時，我們預計有機收入成長率為 2.5% 至 4.5%。

And then on top of that inorganic, which we've actually increased our longer term inorganic growth expectations, historically, it was 1% to 2%, now we have it at 1.5% to 2.5%. So when you look at those numbers, it would tell you that we expect continued strong momentum as we move forward with the business.

除此之外，我們實際上提高了長期無機成長預期，歷史上為 1% 至 2%，現在為 1.5% 至 2.5%。因此，當您查看這些數字時，它會告訴您，隨著我們業務的發展，我們預計將繼續保持強勁的勢頭。

Great. Thank you guys.

偉大的。謝謝你們。

Erin Wright, Morgan Stanley.

艾琳·賴特，摩根士丹利。

Good morning Erin.

早安，艾琳。

Good morning. You spoke to some of the pricing dynamics and ASPs. But I guess how would you characterize just underlying kind of current payer relationships and the pricing environment around those? And I think you have a new blues relationship, I guess anything else to call out or what does that add for you, or anything else to call out from a payer relationship standpoint? Thanks.

早安.您談到了一些定價動態和平均售價。但我想你會如何描述當前付款人關係的潛在類型以及圍繞這些關係的定價環境？我認為你有一種新的憂鬱關係，我想還有什麼需要指出的，或者這會給你帶來什麼，或者從付款人關係的角度來看還有什麼需要指出的嗎？謝謝。

Yeah, sure. No, we continue to feel very good about our managed care discussions, and the contracts that we've negotiated. We're very confident that the renewals that we've secured are in good terms. And if you look across everything we've done this year, we believe as we move forward, net net, we're neutral to slightly positive, which historically that has not been the case.

是的，當然。不，我們仍然對我們的管理式醫療討論以及我們談判的合約感到非常滿意。我們非常有信心，我們所獲得的續約條件良好。如果你看看我們今年所做的一切，我們相信，隨著我們向前邁進，淨淨，我們是中性到略微積極的，但歷史上情況並非如此。

So I feel great about the different managed care discussions that we've had this year. Our position as we go into 2025 is strong. I don't see any major contracts that I'm concerned about. So I think that the momentum will continue.

因此，我對今年我們進行的不同管理式醫療討論感到非常高興。進入 2025 年，我們的地位十分穩固。我沒有看到任何我擔心的重大合約。所以我認為這種勢頭將會持續下去。

Great. And then on early development, I guess, can you parse out a little bit more how you're thinking about the quarterly progression from here just given some of the lumpiness across kind of that business? I guess how are you thinking about the longer term performance across early development? Has anything changed in terms of your long term goals? And then how you get to kind of that fourth quarter ramp? Thanks.

偉大的。然後，在早期開發方面，我想，考慮到該業務的一些不穩定因素，您能否更多地分析您如何看待從這裡開始的季度進展？我想您如何看待早期開發的長期績效？您的長期目標有什麼改變嗎？那麼你如何才能實現第四季的成長呢？謝謝。

Yeah. So I'll give some comments and I'll ask for Glenn to jump in as well. If you look at our early development business, we certainly saw a sequential positive growth in terms of revenue. We saw less of a decline in third quarter as a percent that we saw in second quarter.

是的。所以我會發表一些評論，並請格倫也加入進來。如果你看看我們的早期開發業務，我們確實看到了收入的連續正成長。我們看到第三季的下降幅度小於第二季。

As we move into fourth quarter, we have good insight to the studies are underway, it's not like we have to get new studies to understand what fourth quarter is going to look like. Based upon what we see today, we expect that there will be growth in early development in the fourth quarter.

當我們進入第四季度時，我們對正在進行的研究有了很好的了解，我們不需要進行新的研究來了解第四季度的情況。根據我們今天看到的情況，我們預計第四季度的早期開發將會成長。

Now to be fair, it's off of a relatively easy comparison versus fourth quarter of last year. And as we go into next year and the book to build continues to build, and the cancellations continue to hold, then we would expect to see growth as well, but also based upon an easier compare because this year it continued to struggle for several quarters.

公平地說，與去年第四季相比，這是一個相對簡單的比較。隨著我們進入明年，要寫的書籍繼續增加，取消的情況繼續存在，那麼我們預計也會看到成長，但也是基於更容易的比較，因為今年它繼續掙扎了幾個季度。

So over time, we continue to have good expectations for that business. We are a leader in that field. I believe that the biotechnology companies with interest rates should continue to do well. And over time that business has had some cyclical ups and downs. But over time, it's a very good business.

因此，隨著時間的推移，我們繼續對該業務抱持良好的期望。我們是該領域的領導者。我認為有利率的生技公司應該會繼續表現良好。隨著時間的推移，該業務出現了一些週期性的起伏。但隨著時間的推移，這是一個非常好的生意。

Yeah, the only thing I'd add as you think about even just the segment, the implied guide for the fourth quarter is revenue growth of call it 9.5%. So obviously a lot stronger around 6 points higher than what we had for the first nine months.

是的，我唯一要補充的是，即使只是考慮這個細分市場，第四季度的隱含指導就是收入成長，即 9.5%。很明顯，比前 9 個月的水平高出約 6 個百分點。

Currency is around 2 points of that. But the underlying 4% really the strong improvement is being driven off of early development. You would have seen that on a call it the nine months, we're down around 11% in early development business. But we expect positive year-over-year growth in the fourth quarter.

貨幣大約是2個點。但潛在的 4% 確實是早期開發推動的強勁改進。您可能已經看到，在這 9 個月裡，我們的早期開發業務下降了約 11%。但我們預計第四季將實現年比正成長。

And as Adam said, we have a soft comp in the fourth quarter. But more importantly, we saw sequential growth in ED in the third quarter from the second. We expect to see sequential growth again in the fourth quarter.

正如亞當所說，我們在第四季有一個軟補償。但更重要的是，我們看到第三季 ED 比第二季連續成長。我們預計第四季將再次出現環比成長。

Obviously given the time of year with the fourth quarter, we're effectively now executing on our backlog, where this has been a business a little bit more difficult to forecast because of the short nature of the studies, so you count on the new business coming in to turn into revenues in the same quarter.

顯然，考慮到一年中第四季度的時間，我們現在正在有效地執行我們的積壓工作，由於研究的時間較短，因此這項業務有點難以預測，因此您可以指望新業務並在同一季度轉化為收入。

So we feel pretty good about the outlook, the growth. And as Adam said, in the long term for Biopharma, we're looking kind of at the midpoint of our growth rate of 6%. So we're already there and doing well within central lab.

因此，我們對前景和成長感到非常滿意。正如 Adam 所說，從長遠來看，生物製藥公司的成長率將達到 6% 的中點。所以我們已經在那裡並且在中心實驗室中表現良好。

ED obviously is now going to be positive, and you would expect given the lower comps there to be even a little bit higher growth rates over the next couple of years coming from ED, including from the margins, again, one of the benefits of the tailwinds, as we think about '25 is with that top line growth. We will also get a positive margin improvement there as well.

ED 顯然現在將是積極的，考慮到較低的比較，您預計未來幾年 ED 的增長率會更高一點，包括利潤率，這也是 ED 的好處之一正如我們所認為的，25 年的順風順水就是收入的成長。我們也將在那裡獲得積極的利潤率改善。

Okay, great. Thank you.

好的，太好了。謝謝。

David Westenberg, Piper Sandler.

大衛‧韋斯特伯格，派珀‧桑德勒。

Morning, David.

早安，大衛。

Hey, good morning and thank you for taking the question. So, just another one on the LRP and as we look into next year. I mean, it sounds like you have a lot of favor of favorable things in the environment. You raise your inorganic outlook because of lab acquisitions (inaudible) PAMA looks like it's on hold for next year.

嘿，早上好，謝謝你提出問題。因此，這只是 LRP 上的另一個內容，也是我們明年的展望。我的意思是，聽起來你對環境中有利的事物有很多青睞。您提高了無機前景，因為實驗室收購（聽不清楚）PAMA 看起來明年會被擱置。

Biotech funding is at least not getting worse. Is there anything else to flag in the industry or Labcorp specific, that would might be of surprise into the LRP. And then can you just remind us the factors associated with the high end and the low end of the LRP? Because it definitely, it seems like all the macro factors are working kind of in the favor. Thank you.

生物技術資金至少沒有變得更糟。產業或 Labcorp 特定領域是否還有其他需要標記的內容，可能會讓 LRP 感到驚訝。那麼您能否提醒我們一下與LRP的高端和低端相關的因素？因為確實如此，似乎所有宏觀因素都在發揮作用。謝謝。

Yeah. So again, without giving specific 2025 guidance today, which we'll give in February of next year. We have momentum, and you can feel the momentum you've seen over the past few quarters. Diagnostic business continues to perform well, both organically and inorganically. Central laboratories performing well, and ED will be back to growth.

是的。同樣，今天沒有給出具體的 2025 年指導，我們將在明年 2 月給出。我們有動力，你可以感受到過去幾季所看到的動力。診斷業務無論是有機或無機，都持續表現良好。中心實驗室表現良好，ED 將恢復成長。

As I think about PAMA, we still have an impact of PAMA in the longer term guidance, and we just pushed it out a year, there's another year. So if PAMA were to be pushed out again, obviously, that would have a positive impact on our longer term guidance.

正如我對 PAMA 的看法，我們在長期指導中仍然有 PAMA 的影響，我們只是將其推遲了一年，還有一年。因此，如果 PAMA 再次被推出，顯然將對我們的長期指導產生積極影響。

But until such a point that I'm confident that there won't be an impact of PAMA in 2026. We continue to keep it in our longer term guidance and model. We continue to watch the broader trends, the utilization rates, the business development that we're doing, and the trends remain strong. So barring surprises, we remain confident as we look at the momentum we have.

但到目前為止，我有信心 PAMA 不會在 2026 年產生影響。我們繼續將其保留在我們的長期指導和模型中。我們繼續關注更廣泛的趨勢、利用率、我們正在進行的業務發展，並且趨勢仍然強勁。因此，除非出現意外，我們在審視目前的勢頭時仍然充滿信心。

Yeah. No, I would agree. The other thing is you look at normally the upside ranges and the downside obviously is demand driven to get to the upside or maybe some unforeseen headwinds. And as Adam said, where we sit today and as Adam said, we'll comment more about '25 which would be the second year into our long term ranges if you will, we feel very good about the ranges.

是的。不，我同意。另一件事是，你通常會看到上行區間，而下行區間顯然是需求驅動的，或者可能是一些不可預見的阻力。正如亞當所說，我們今天坐在那裡，正如亞當所說，我們將更多地評論'25，如果你願意的話，這將是我們長期範圍的第二年，我們對這些範圍感覺非常好。

Just even from a just a general profile of kind of that mid-single digit top line growth, organically margin improvement, capital allocation that will help fuel top line growth for acquisitions as well as strong cash for free cash flow to get to a double digit earnings per share kind of growth profile.

即使從整體來看，中個位數的營收成長、有機利潤率的提高、資本配置將有助於推動收購的營收成長，以及強勁的現金使自由現金流達到兩位數每股收益類型的成長概況。

So we feel very good and even with some of the headwinds tailwinds. As Adam said, we get the benefit from PAMA being delayed, but still within the range from a margin profile and revenue. And the flip side is on Invitae, a strategic deal we did, but that would be call it dilutive to the margins if you will relative to our general profile that we would put in there. So overall net net, we feel pretty good about the ranges that we have.

所以我們感覺非常好，即使有一些逆風和順風。正如 Adam 所說，我們從 PAMA 延期中獲益，但仍處於利潤率和收入的範圍內。另一方面是 Invitae，這是我們所做的一項策略性交易，但如果你相對於我們在那裡放置的整體資料，這將被稱為稀釋利潤。因此，總體而言，我們對現有的範圍感覺非常好。

Thank you so much.

太感謝了。

Jack Meehan, Nephron Research.

傑克·米漢，腎單位研究。

Good morning, Jack.

早上好，傑克。

Good morning. Wanted to start with in Invitae. For Glenn, within the M&A, contribution in the quarter, can you just call out how much of the sales came from in Invitae? I penciled in $45 million, is that a good bogey? And then for Adam, the hereditary market is pretty competitive, just any perspectives in the early days of the deal, how any share shifts are going? Thank you.

早安.想從 Invitae 開始。對於 Glenn，在本季的併購貢獻中，您能否指出有多少銷售額來自 Invitae？我下注了 4500 萬美元，這是一個好柏忌嗎？然後對 Adam 來說，遺傳市場競爭相當激烈，從交易初期的任何角度來看，股份轉移進展如何？謝謝。

Yeah, I'll take Jack the first one on Invitae, and Adam I think mentioned it in his opening comments. We're pretty much in line with expectations. So we originally said that for the year we'd pick up around 120-ish of revenues and it would be weighted kind of 50%, 70% between the third and the fourth.

是的，我將在 Invitae 上選擇 Jack 第一個，我認為 Adam 在他的開場評論中提到了這一點。我們幾乎符合預期。因此，我們最初表示，今年我們將獲得約 120 左右的收入，並且在第三和第四季之間加權為 50%、70%。

So your number for the third is in line with what our expectation is. But across the board for Invitae, we feel very good about the integration that's going on, what was expected and continue to drive to get that to be obviously positive from an earnings and revenue and a margin standpoint next year.

所以你的第三個數字符合我們的預期。但就 Invitae 的整體而言，我們對正在進行的整合感到非常滿意，這是預期的，並繼續推動從明年的利潤、收入和利潤率的角度來看，實現明顯積極的目標。

And Jack, with regard to the hereditary market, we've been competing in that market for quite some time. Invitae was an additional way for us to be a larger competitor in that market. So we know it, well, we know how to compete in it. We know how to win in it. It's still early days frankly, when you look at revenue, but so far so good, and our customers seem to be pleased.

傑克，關於遺傳市場，我們已經在該市場競爭相當長一段時間了。Invitae 是我們在該市場成為更大競爭對手的另一種方式。所以我們知道，我們知道如何參與競爭。我們知道如何贏得勝利。坦白說，當你看看收入時，現在還處於早期階段，但到目前為止一切都很好，我們的客戶似乎很滿意。

They now have Labcorp testing capabilities available to them. We're continuing to work on the customer experience. So it could become much easier for the customers over time to order directly all the tests that they might want for a patient that was for women's health or for oncology.

他們現在擁有 Labcorp 測試能力。我們將繼續致力於客戶體驗。因此，隨著時間的推移，客戶可以更輕鬆地直接訂購他們可能想要為女性健康或腫瘤學患者進行的所有測試。

So I think over time, we're going to continue to do very well. The 10% growth that we expect in revenue is almost what the market is growing. So my hope is over time we'll be able to accelerate that. But in the meantime, we're basically saying we're going to grow at about the market rate.

所以我認為隨著時間的推移，我們將繼續做得很好。我們預期營收成長 10% 幾乎就是市場的成長速度。所以我希望隨著時間的推移我們能夠加速這一進程。但同時，我們基本上是說我們將以市場速度成長。

Awesome. One follow up for Glenn, just with all the debt refinancing underway. Could you just share like, I'm sorry if I missed this in the opening remarks, what your forecast was for interest expense this year? And is there any color you can share on what the moving parts would suggest number might be for 2025? Thank you.

驚人的。格倫的一項後續行動正在進行中，所有債務再融資正在進行中。您能否分享一下，如果我在開場白中錯過了這一點，我很抱歉，您對今年利息支出的預測是多少？您是否可以分享一下移動部件所暗示的 2025 年數字可能是什麼顏色？謝謝。

Yeah, Jack. And I think on our last call when we knew we were going through the financings at that time, we kind of talked just in line of around [$210 million] of interest expense for this year growing to [$240 million]. We did all of our financing and we actually feel good about. Where we came out, we raised the $2 billion of debt. We actually had a book -- an order book of over $8.5 billion.

是的，傑克。我認為，在我們最後一次電話會議上，當我們知道當時我們正在進行融資時，我們談到的今年利息支出約為 [2.1 億美元]，增長至[2.4億美元]。我們完成了所有的融資，而且我們實際上感覺很好。我們出來時籌集了 20 億美元的債務。我們實際上有一本書——超過 85 億美元的訂單。

So we were able to get tighter pricing, and we hit the market a good time. So directionally assume that we're coming in a little bit better on the interest expense this year. And therefore, and next, obviously, the bulk of it will be annualized for next year, but the year-over-year change should be comparable, but the overall, the absolute number should be a little bit favorable to what we shared before.

因此，我們能夠獲得更嚴格的定價，並且我們進入市場的時機很好。因此，直接假設我們今年的利息支出會好一些。因此，接下來，很明顯，其中大部分將在明年進行年度化，但同比變化應該是可比的，但總體而言，絕對數字應該比我們之前分享的要好一些。

Got it. Thank you.

知道了。謝謝。

Pito Chickering, Deutsche Bank.

皮托·奇克林，德意志銀行。

Morning, Pito.

早上好，皮托。

Hey, good morning guys. Thanks for taking my question. If I could ask a managed care a question slightly different than Erin's. A competitor this week is talking about expanding a deal with a large national payer in three states, where it looks like you had an exclusive deal, and then losing a state where it looks like you won. So looking at the total volumes with managed care for 2025, will they be headwinds or tailwinds with the contract movements that's occurring for next year.

嘿，早上好，夥計們。感謝您提出我的問題。如果我可以問管理式醫療機構一個與艾琳的問題稍有不同的問題。本週，一位競爭對手正在談論在三個州擴大與一家大型國家付款人的交易，在這些州看起來你有獨家交易，然後失去了一個看起來你贏了的州。因此，看看 2025 年管理式醫療的總量，它們對明年的合約變動來說是逆風還是順風。

Yeah. No. So Pito, as you look across all of our contracts that we've negotiated as we went through this year, net net, I think it looks really good. And in fact, it's going to be neutral slightly positive for us. If you look at areas in general, I prefer non-exclusive contracts overall.

是的。不。因此，皮托，當你查看我們今年談判的所有合約時，淨淨，我認為它看起來非常好。事實上，這對我們來說是中性的，略帶正面的。如果你從總體上看，我總體上更喜歡非排他性合約。

And I've been saying that for five years now because I think when you have exclusive contracts that managed organizations, it just leads to price erosion every three or four years. Where if you have open contracts, I think you can compete in the marketplace, and we compete very well in the marketplace.

我已經這麼說了五年了，因為我認為當你擁有管理組織的獨家合約時，它只會導致每三四年一次的價格侵蝕。如果你有開放式合同，我認為你可以在市場上競爭，而且我們在市場上競爭得很好。

And when exclusive contracts open up, typically the rate structures change as well. So there's not significant downside in many ways in that case also. So I feel very good about our managed care position. I feel very good about the momentum that we have in managed care as we go into next year.

當獨家合約開放時，費率結構通常也會發生變化。因此，在這種情況下，在許多方面也沒有顯著的缺點。所以我對我們的管理式醫療的地位感到非常滿意。進入明年，我對我們在管理式醫療方面的勢頭感到非常滿意。

Okay, great. Thanks so much.

好的，太好了。非常感謝。

Andrew Brackmann, William Blair.

安德魯·布拉克曼，威廉·布萊爾。

Hi guys. Good morning. Thanks for taking the questions. Hey, Adam. Adam, maybe just following up on your comments related to the oncology offering. You know, you guys have expanded that portfolio nicely over the last few years.

嗨，大家好。早安.感謝您提出問題。嘿，亞當。Adam，也許只是跟進您對腫瘤產品的評論。您知道，在過去幾年中，你們已經很好地擴展了該產品組合。

So can you maybe just sort of talk about the trends you saw this quarter, and those advanced cancer tests and just how are you sort of thinking about future growth there over the coming quarters and years? Thanks.

那麼，您能否談談本季看到的趨勢，以及那些先進的癌症測試，以及您如何看待未來幾季和幾年的未來成長？謝謝。

Yeah. No, thank you, Andrew. And if you look at oncology, I mean, we really do have a very broad menu of oncology offerings, whether it be the basic testing and routine testing that you need for oncologists, or it be the more esoteric testing, whether it be liquid biopsy, solid tumors, we continue to have a very strong broad portfolio.

是的。不，謝謝你，安德魯。如果你看看腫瘤學，我的意思是，我們確實擁有非常廣泛的腫瘤學產品菜單，無論是腫瘤學家所需的基本測試和常規測試，還是更深奧的測試，無論是液體活檢、實體瘤，我們繼續擁有非常強大、廣泛的產品組合。

When I think about oncology, I don't look at any one test as the answer to how we're doing. I look across all of the oncology business that we have. And if you look across our business, we're seeing that business grow faster than our underlying routine testing business. And in general, esoteric testing is growing faster.

當我思考腫瘤學時，我不會將任何一項測試視為我們表現如何的答案。我審視了我們所有的腫瘤學業務。如果你縱觀我們的業務，我們會發現該業務的成長速度快於我們的基礎例行測試業務。總的來說，深奧的測試成長得更快。

And I think what you want to make sure of is that when you offer a very high esoteric oncology test. A physician has the ability to order all the other tests that they may want. And when you put yourself in a physician's shoes and you say, do I want to go to multiple different ordering systems to order all the different tests that I might need for an oncology patient?

我認為你想要確定的是，當你提供非常高深奧的腫瘤學測試時。醫生有能力安排他們可能想要的所有其他測試。當您站在醫生的立場時，您會說，我是否想要使用多個不同的訂購系統來為腫瘤患者訂購可能需要的所有不同測試？

Or do I want to have one system and get one report with all the results on it versus getting multiple reports across different systems? I think the advantage that we have over time is the full portfolio of oncology offerings.

或者我想要擁有一個系統並獲得一份包含所有結果的報告，而不是跨不同系統獲得多個報告？我認為隨著時間的推移，我們擁有的優勢是完整的腫瘤產品組合。

So what I look at is not only the individual offerings that we have, but how do we do across the entire portfolio including routine tests that you would do for oncology patients like white blood cell counts and so forth. So overall, it's a very good franchise for us. I expect it to grow faster than the overall underlying rate of diagnostics, and it'll continue to be an area of focus.

因此，我關注的不僅是我們擁有的個別產品，而是我們如何在整個產品組合中進行工作，包括為腫瘤患者進行的常規測試，例如白血球計數等。總的來說，這對我們來說是一個非常好的特許經營權。我預計它的成長速度將快於診斷的整體基本速度，並且它將繼續成為人們關注的領域。

Okay, thanks guys.

好的，謝謝大家。

Kevin Caliendo, UBS.

凱文‧卡里恩多，瑞銀集團。

Good morning, Kevin.

早安，凱文。

Good morning guys. Thanks for getting me in and I appreciate it. I just wanted to make clear up a couple of things that I have questions on. The 80 basis points margin that you called out for diagnostics, X weather and Invitae, that's a fantastic number. Wasn't there also a negative impact from calendar and sort of payroll days and the like as well, like with the margin have actually been better like like-for-like.

早安，夥計們。感謝您讓我加入，我很感激。我只是想澄清一些我有疑問的事情。您為診斷、X 天氣和 Invitae 提出的 80 個基點的利潤率，這是一個了不起的數字。日曆和工資發放日等是否也有負面影響，就像利潤率實際上更好一樣。

Yeah, no, Kevin. When we gave the 80 basis point improvement, excluding we did include the days. So Invitae and weather and days combined for call it 210 basis point headwind. So we would have been up 80, but that's still absorbing, call it 30 basis point impact from COVID as well.

是的，不，凱文。當我們給出 80 個基點的改進時，我們確實包括了天數。因此，Invitae 與天氣和天數相結合，將其稱為 210 個基點的逆風。因此，我們本來應該要上漲 80 個基點，但這仍然很吸引人，也可以稱之為新冠疫情影響 30 個基點。

But that's why when we talk about the underlying improvement in our margins. We feel good about how the businesses performing, and we just have these headwinds that again next year will hopefully turn to tailwinds.

但這就是為什麼當我們談論利潤率的根本改善時。我們對業務表現感到滿意，但我們只是面臨這些逆風，明年預計將再次轉變為順風。

Well that was sort of my first follow up was fourth quarter we should have a little bit of this. And then next year can you sort of quantify what the calendar, at least in the -- and the payroll might be, like in terms of a positive, is it a couple days? Is it like -- how should we think about that?

嗯，這是我在第四季的第一次跟進，我們應該有一些這樣的內容。然後明年你能量化一下日曆，至少在——以及工資單上可能會是什麼樣子，就像積極的方面一樣，是幾天嗎？是不是──我們該如何思考這個問題？

So we had the big impact this year was we had two days of unfavorable payroll. Next year we'll have one day of favorable payroll. So again, it'll be a positive year over year in 2025.

因此，今年我們受到的重大影響是我們有兩天的薪水不利。明年我們將迎來薪資優渥的一天。再說一次，2025 年將會是個積極的一年。

Great. Okay. That's super helpful. And I just one thing on Invitae I wanted to clarify. I understand that there's accretion. Is that an absolute dollars, meaning next year, if Invitae was just the standalone, it would actually be [AOI] positive or is the accretion just on a year over year basis versus the dilution that you're seeing in the third and fourth quarters? I mean like a positive.

偉大的。好的。這非常有幫助。關於 Invitae，我只想澄清一件事。我知道有累積。這是絕對的美元嗎，意味著明年，如果 Invitae 只是獨立的，它實際上會 [AOI] 為正值，或者只是逐年增加，而不是你在第三季度和第四季度看到的稀釋？我的意思是積極的。

Yeah. No, Kevin, when we say that Invitae will be accretive in 2025 that's on a standalone business, fully funded, fully burdened with the cost for the acquisition. So slightly accretive last year where it's or next year where it's diluted this year.

是的。不，凱文，當我們說 Invitae 將在 2025 年實現增值時，這是一個獨立的業務，資金充足，完全承擔收購成本。去年略有成長，而明年則有所稀釋。

When we talk about margins, similarly, we expect to have obviously positive margins generating positive earnings. So in the first half of the year, margins will still be even though let's say they're positive, they'll still be a headwind to overall margins. They're not back up to diagnostics margins in the first half.

同樣，當我們談論利潤率時，我們預計明顯的正利潤率會產生正收益。因此，在今年上半年，即使我們說利潤率是正面的，但它們仍將是整體利潤率的阻力。上半年他們的診斷利潤還沒恢復。

But then once we get into the second half of the year, they'll start to be positive for diagnostics year over year because we'll be comping to negative margins where now they're positive margins, but accretive to earnings in absolute terms.

但是，一旦進入今年下半年，診斷業務將開始逐年出現積極變化，因為我們將面臨負利潤，而現在它們是正利潤，但絕對會增加收益。

Perfect. That's great. And one last quick one. LaunchPad versus inflationary pressures, I know there was a period of time when LaunchPad wasn't necessarily able to keep up. Was it able to keep up in 3Q? Do you anticipate LaunchPad hitting its targets being at least being able to offset the wage and inflationary pressures?

完美的。那太棒了。最後一個快點。LaunchPad 與通膨壓力相比，我知道有一段時間 LaunchPad 不一定能夠跟上。第三季能跟上嗎？您預計 LaunchPad 達到目標至少能夠抵銷薪資和通膨壓力嗎？

Yeah, we've actually been tracking pretty good. That $100 million to $125 million a year of LaunchPad savings is comparable to kind of a 3%, a little bit over 3%, call it merit increase. This year again, personnel costs were higher in part because of the days. But when you take out days, you just focus on the merit. LaunchPad does track and help offset those costs.

是的，我們實際上一直在追蹤得很好。LaunchPad 每年節省的 1 億至 1.25 億美元相當於 3%，略高於 3%，稱為績效成長。今年，人員成本再次上漲，部分原因是這些日子。但當你抽出幾天時間時，你只會專注於優點。LaunchPad 確實追蹤並幫助抵消這些成本。

Guys, thanks so much, super helpful.

夥計們，非常感謝，非常有幫助。

Elizabeth Anderson, Evercore ISI.

伊麗莎白·安德森，Evercore ISI。

Morning Elizabeth.

早上好，伊莉莎白。

Hi, good morning. Thanks for the question. I had a question about your consumer business, obviously that continues to show some nice momentum. Can you talk about sort of your expectations for that as we sort of round out this part of the year and sort of where we should think about that from sort of a margin contribution perspective.

嗨，早安。謝謝你的提問。我有一個關於你們的消費者業務的問題，顯然該業務繼續顯示出一些良好的勢頭。當我們結束今年的這一部分時，您能否談談您對此的期望，以及我們應該從利潤貢獻的角度來考慮這一點。

Yes. So if you look at our consumer business, I'll focus on Labcorp on demand. We continue to add testing options on the on-demand system. So we announced two new ones in the quarter with luteinizing hormones as well as syphilis. And we launched a couple tests last quarter and we're going to continue to look for new tests to bring into that platform.

是的。因此，如果你看看我們的消費者業務，我會專注於 Labcorp on Demand。我們繼續在按需系統上新增測試選項。因此，我們在本季度宣布了兩種針對黃體生成激素和梅毒的新藥物。我們上季啟動了一些測試，我們將繼續尋找新的測試來引入該平台。

We don't break out the revenue for on-demand because it's still not of a material amount that makes sense for us to break out. But the growth rate of that business is pretty substantial. And if it does reach a point or when it does reach a point where we think it's worthwhile to model and to provide for your models, we'll break it out at that time. But we're going to continue to add test, it continues to grow well, it's just not a critical mass yet.

我們沒有公佈點播的收入，因為它對我們來說還沒有達到實質的意義。但該業務的成長率相當可觀。如果它確實達到了某個點，或者當它確實達到了我們認為值得建模並為您的模型提供的點時，我們將在那時將其突破。但我們將繼續添加測試，它繼續增長良好，只是還沒有達到臨界質量。

Okay. And then just from a margin perspective, is that -- is it sort of like -- how do we think about those margins like vis-a-vis the corporate average, I know, as you said, it's still small but (multiple speakers)

好的。然後，從利潤率的角度來看，是不是有點像——我們如何看待這些利潤率，比如相對於企業平均水平，我知道，正如你所說，它仍然很小，但是（多個發言者）

And again, it's kind of like that, Elizabeth, given the size of it relative to the big business we have, it doesn't round really on the margins. Obviously, we're making investments in that part of the business that will help fuel the growth, but you won't really see the impact on the margin.

再說一遍，伊麗莎白，考慮到它相對於我們擁有的大企業的規模，它並沒有真正的邊緣化。顯然，我們正在對這部分業務進行投資，這將有助於推動成長，但你不會真正看到對利潤率的影響。

Got it, perfect. Thank you very much.

明白了，完美。非常感謝。

Eric Coldwell, Baird.

埃里克·科德威爾，貝爾德。

Morning, Eric. Eric?

早安，埃里克。艾瑞克？

Eric, your line is open. If you're muted, please unmute.

艾瑞克，你的線路已開通。如果您已靜音，請取消靜音。

Can you hear me now?

現在你能聽到我說話嗎？

Hear you now.

現在聽你說。

Good morning Eric.

早安，埃里克。

Hey, good morning guys. Sorry about that. So if you'll allow me to squeeze in two quick ones. First, just street's a little bit focused on your relationship with Walgreens. I don't think you've mentioned that on this call, but obviously Walgreens is closing a number of stores over the next few years, and I think you have about 400 units in those stores today. So just any comments on that and where that relationship is.

嘿，早上好，夥計們。對此感到抱歉。所以請容許我快速塞進兩個。首先，Just Street 稍微關註一下您與沃爾格林的關係。我認為您在這次電話會議中沒有提到這一點，但顯然沃爾格林將在未來幾年內關閉許多商店，我認為這些商店目前約有 400 家商店。所以只是對此以及這種關係的任何評論。

And then second on the employer testing related business, I know you've been reluctant to really highlight some of these kind of nitpicky things that are smaller, but that's obviously been a headwind, and I think masking some of even better growth.

其次，關於雇主測試相關業務，我知道您一直不願意真正強調一些較小的挑剔的事情，但這顯然是一種阻力，而且我認為掩蓋了一些更好的增長。

But when will those comps possibly normalize. When do you think you get to more of a basal rate in the employer testing facing businesses, and might that also be a favorable comp for 2025?

但這些比較什麼時候才能正常化。您認為什麼時候您可以在企業導向的雇主測驗中達到更多的基本比率，這可能也是 2025 年有利的補償？

Okay. So let me start with the Walgreens question first. I mean, we continue to have a good relationship with Walgreens. We started a relationship back in 2017, and it continues to be a very good discussion between our teams. Obviously, they're making some strategic decisions. The good news for us is that we've increased our capabilities at our standalone service centers.

好的。讓我先從沃爾格林的問題開始。我的意思是，我們繼續與沃爾格林保持著良好的關係。我們早在 2017 年就開始了合作關係，我們的團隊之間仍然進行了很好的討論。顯然，他們正在做出一些戰略決策。對我們來說，好消息是我們提升了獨立服務中心的能力。

So if you look at the technology, we've added the ability for people to check in the ability for people to check in remotely. We've done a lot of the NPS scores of our standalone PSCs, have actually increased over time and they continue to increase. So at this point, we do have about 400 PSCs service centers in Walgreens.

因此，如果你看看這項技術，我們增加了人們遠端簽到的能力。我們已經對獨立 PSC 進行了許多 NPS 評分，實際上隨著時間的推移有所增加，並且還在繼續增加。所以目前，我們在沃爾格林確實有大約 400 個 PSC 服務中心。

We expect that many of those, if not all of those will continue as they make their decisions. If we have to stand up from standalone PSCs, it's not a problem for us to do it, We know how to do it, we do that all the time.

我們預計，其中許多（如果不是全部）將在做出決定時繼續下去。如果我們必須從獨立的 PSC 中脫穎而出，那麼我們做到這一點不是問題，我們知道如何做到這一點，我們一直這樣做。

With regard to employer testing for us, it's still a relatively small part of our business. We do continue to see strain in that business and the comps are still difficult but it's so small. It's not worth for us to break it out. In terms of overlapping, it's hard to say, Eric, it's hard to say what the bottom could be on that, to be honest. But I don't think it'll add much positive or negative as we think about 2025.

至於我們的雇主測試，它仍然只占我們業務的一小部分。我們確實繼續看到該業務的壓力，並且競爭仍然很困難，但規模很小。不值得我們去打破它。就重疊而言，很難說，埃里克，說實話，很難說底部是什麼。但我認為，當我們考慮 2025 年時，它不會帶來太多正面或負面的影響。

Yeah. I'd agree that it's definitely, when you think about the strength of our organic demand and volume this year, that's with the headwind of employer services. So again, it speaks to it's not a big headwind. But similarly, as we go next year, even though we would hope and expect to see improvement there, you're not going to see a big tailwind from that as well.

是的。我同意，當你考慮今年我們的有機需求和數量的強度時，這肯定是雇主服務的逆風。再次強調，這並不是一個很大的阻力。但同樣，隨著我們明年的發展，儘管我們希望並期望看到那裡的改善，但你也不會看到很大的推動力。

I'm not overly worried about the Walgreens situation, but if I could just ask, would it not make sense that perhaps you're in some of their better and higher traffic stores, i.e. those less likely to be facing closures.

我並不太擔心沃爾格林的情況，但如果我可以問一下，也許你在他們的一些更好、客流量更大的商店，即那些不太可能面臨關閉的商店，這難道沒有意義嗎？

So you know, when we work with them to decide the stores that we choose. We do choose stores that are mutually beneficial to them and to us. So areas where they see a lot of volume stores where they know that if they have a service center there, they'll get even more volume in a high volume store.

所以你知道，當我們與他們合作決定我們選擇的商店時。我們確實選擇對他們和我們都有利的商店。因此，他們在看到大量商店的地區知道，如果在那裡設有服務中心，他們將在大容量商店中獲得更多的銷售。

So when we first choose those and chose the 400, we were very deliberate. We worked very closely with them to strategically choose those stores. That's why I feel pretty about where we are with them.

所以當我們第一次選擇這些並選擇400時，我們是經過深思熟慮的。我們與他們密切合作，策略性地選擇這些商店。這就是為什麼我對我們和他們在一起的處境感覺很好。

And also Eric, from that to the extent it would be a store would be impacted where we would have a patient service center. We'll have the opportunity to find another store with them to go into that. We're not that could be in close proximity, or we'll also have the option of just setting up a patient service center in that location that would be outside of where they are. But to your point, it's -- we're not expecting many to be impacted, but frankly, we just don't know yet. And once we do, we'll adapt from it.

還有艾瑞克（Eric），從這一點來看，我們擁有病患服務中心的商店將會受到影響。我們將有機會與他們一起尋找另一家商店。我們不可能就在附近，或者我們也可以選擇在他們所在的地方以外的地方設立一個病人服務中心。但就你的觀點而言，我們預計不會有很多人受到影響，但坦白說，我們還不知道。一旦我們這樣做了，我們就會從中適應。

Perfect. Well, thanks for being a ray of sunshine in a tough health care services world. Good job.

完美的。好吧，感謝您成為艱難的醫療保健服務世界中的一縷陽光。好工作。

Stephanie Davis, Barclays.

史蒂芬妮戴維斯，巴克萊銀行。

Morning, Stephanie.

早安，史蒂芬妮。

Good morning. Thank you for taking my question guys. I was hoping we could dig into BLS again. There's been some noise in the market around pricing from some of your peers. So I was hoping just given the upside, you would comment on what you're seeing in pricing, maybe why it differentiates. And any further color you can give around some of the metrics around orders and cancellations. Thank you.

早安.謝謝你們回答我的問題。我希望我們能再次深入探討 BLS。市場上一些同業的定價存在一些噪音。所以我希望只要考慮到好處，您就可以評論一下您在定價中看到的情況，也許是為什麼它與眾不同。您可以為訂單和取消的一些指標提供任何進一步的顏色。謝謝。

Sure. So let me start with the second question first. So if you look at our trailing 12 month book to bill is a 1.02. That's with the quarter being at a 0.96. So we had a relatively easy compare versus the same quarter last year. The book to bill remains healthy for our both businesses. We have a good consistent win rates. We have solid orders across the businesses.

當然。那我先從第二個問題開始。因此，如果您查看我們過去 12 個月的帳面成本比，結果是 1.02。該季度的比率為 0.96。因此，我們與去年同一季度進行了相對簡單的比較。對於我們兩家公司來說，帳單仍然保持健康。我們有良好的穩定勝率。我們各業務部門都有穩定的訂單。

So I feel good as I look into the future for those businesses. The thing I would say is the quarterly book to bill changes. So it was an easy compare this quarter versus last quarter. In fourth quarter, we expect to have sequential growth versus this quarter in dollars and also in terms of the book to bill for the quarter.

因此，當我展望這些企業的未來時，我感覺很好。我要說的是季度帳簿的變化。因此，可以輕鬆地將本季與上季進行比較。在第四季度，我們預計與本季相比，以美元計算以及本季的帳單量將較上季成長。

But it's going to be a very rough comparator versus fourth quarter of last year. Then if you look at the first quarter of this year versus 2025 it'll be a much easier comparison. So what I would say is overall, the book to bill remains healthy. But you do see fluctuations quarter over quarter, and that's going to continue for the next couple of quarters and moving forward.

但這將是與去年第四季的一個非常粗略的比較。然後，如果你將今年第一季與 2025 年相比，就會更容易進行比較。所以我想說的是，總的來說，這本書的帳單仍然很健康。但你確實會看到季度與季度之間的波動，而這種情況將在接下來的幾個季度中持續下去並繼續向前發展。

With regard to pricing, I'll start with our early development business. In general, when capacity is not fully utilized, you see some pricing pressure, we see some pricing pressure. But at the same time because the price of NHPs have come down pretty significantly, and the NHP prices don't impact us because it was just a pass through for us.

關於定價，我將從我們的早期開發業務開始。一般來說，當產能沒有充分利用時，你會看到一些定價壓力，我們也會看到一些定價壓力。但同時因為NHP的價格已經大幅下降，NHP的價格不會影響我們，因為這對我們來說只是一個過渡。

Our customers are seeing a price decrease just based upon the cost of the NHPs, which I think helps us with some of the pressure that they're feeling. And in central laboratories, we continue to have some longer term contracts over time, we have lots of long term agreements.

我們的客戶看到價格因 NHP 的成本而下降，我認為這有助於我們緩解他們感受到的一些壓力。在中心實驗室，隨著時間的推移，我們繼續簽訂一些長期合同，我們有很多長期協議。

So there's always going to be pricing pressure there, and we're going to always look for ways to reduce costs as we face those pressures. But overall, net net, the momentum in central lab is very strong and we expect the early development business to be back to growth next quarter.

因此，那裡總是存在定價壓力，當我們面臨這些壓力時，我們將始終尋找降低成本的方法。但總體而言，中央實驗室的勢頭非常強勁，我們預計早期開發業務將在下個季度恢復成長。

Thank you.

謝謝。

Michael Ryskin, Bank of America.

麥可‧萊斯金，美國銀行。

Good morning.

早安.

Hey, good morning. This is John Kim for Michael. So Invitae seems to be progressing well. So looking ahead, you've talked about the M&A contribution to still be 1.5% to 2.5% here. Where will your priorities lie? Is there perhaps like any geographical exposure that you would want to increase?

嘿，早安。這是邁克爾的約翰金。因此，Invitae 似乎進展順利。因此，展望未來，您在這裡談到併購貢獻仍為 1.5% 至 2.5%。你的優先事項會在哪裡？您是否希望增加任何地理曝光？

Yeah. Hi John. What I would say is we continue to have a very deep business development pipeline. The vast majority of it is in hospital and health systems, local and regional laboratories. And that's where our focus is when it comes to deals.

是的。嗨約翰。我想說的是，我們仍然擁有非常深入的業務開發管道。其中絕大多數位於醫院和衛生系統、當地和區域實驗室。這就是我們在交易方面的重點。

We're looking for things that are accretive in the first year, return our cost of capital in two or three years that we know how to integrate really, really well. What I'd say is something like in Invitae is not typical. We don't typically do a deal that would be diluted in the first year. Those are not the types of deals that we would typically be interested in.

我們正在尋找那些在第一年就能增值、在兩三年內收回資本成本的東西，而且我們知道如何真正整合得很好。我想說的是 Invitae 中的內容並不典型。我們通常不會進行第一年就會被稀釋的交易。這些不是我們通常感興趣的交易類型。

If it's strategically aligned and a one-off, we'll consider it. But in general, what we're really looking for are those hospital, regional, local laboratories.

如果它在戰略上是一致的並且是一次性的，我們會考慮它。但總的來說，我們真正在尋找的是那些醫院、地區、當地的實驗室。

Got it, understood. And then also great to hear that the launch rate -- LaunchPad savings are on track to offset the wage inflation. But wanted to ask how the front line work over turnover rate has been like.

明白了，明白了。然後也很高興聽到啟動率 - LaunchPad 節省的資金有望抵消薪資上漲。但想問一線工作人員流動率怎麼樣。

Yeah, again, the LaunchPad is being very effective in helping offset the wage rate. We have seen improved call it attrition, especially within our Biopharma side, kind of back to normal levels of pre-pandemic. We've seen nice progress within the diagnostic side of our business.

是的，LaunchPad 在幫助抵消工資率方面非常有效。我們已經看到了所謂的人員流失的改善，特別是在我們的生物製藥方面，有點回到了大流行前的正常水平。我們已經看到我們業務的診斷方面取得了良好的進展。

But to your point in select areas, especially the front line workers, it is more competitive. They have a lot of other choices to try to find a higher hourly wages at different industries, even not necessarily just what we do here. So we continue to work hard on making it a good inclusive experience.

但就你的觀點而言，在某些領域，尤其是第一線工人，競爭更具競爭力。他們有很多其他選擇來嘗試在不同行業找到更高的時薪，甚至不一定只是我們在這裡所做的。因此，我們繼續努力，使其成為一種良好的包容性體驗。

We're focused on our teams. Obviously, the longer we keep people working for us, the more loyalty and the more likely they stay. So overall, it's being managed. It is part of the overall increase in the labor environment costs, but we continue to make progress on it.

我們專注於我們的團隊。顯然，我們讓員工為我們工作的時間越長，他們的忠誠度就越高，他們留下來的可能性就越大。所以總的來說，它正在被管理。這是勞動力環境成本整體增加的一部分，但我們在這方面不斷取得進展。

Got it. Appreciate that.

知道了。很欣賞這一點。

Brian Tanquilut, Jefferies.

布萊恩·坦奎魯特，傑弗里斯。

Good morning, Brian.

早安，布萊恩。

Hey guys, this is Megan on for Brian. Thanks for taking the question at the end here. Can you guys just speak to your M&A pipeline? You guys obviously had a lot of deals over the last year. We'd like to just know kind of if you have any visibility of what that's going to look like into 2025.

嘿夥計們，這是布萊恩的梅根。感謝您在最後提出問題。你們能談談你們的併購管道嗎？去年你們顯然做了很多交易。我們只是想知道您是否了解 2025 年的情況。

Yeah. Hi Megan. So we continue to be very optimistic about our pipeline of deals, particularly in a hospital, local, regional laboratory businesses. And if you look at what we've said, it's going to happen in our longer term outlook, we've actually increased the revenue growth that's going to come from the acquisition strategy that we have.

是的。嗨梅根。因此，我們仍然對我們的交易管道非常樂觀，特別是在醫院、當地、區域實驗室業務方面。如果你看看我們所說的，這將在我們的長期前景中發生，我們實際上已經增加了來自我們的收購策略的收入成長。

So we expect historically, the inorganic growth to be 1% to 2%. We've actually raised that in our longer term guidance where it's now going to be 1.5% to 2.5%. Historically, it was 1% to 2%, now it's 1.5% to 2.5%. I think that just shows our confidence in the pipeline of deals that we have. It's impossible to predict the exact timing, but I look forward to talking about those in the future.

因此，從歷史上看，我們預計無機成長率為 1% 至 2%。實際上，我們已經在長期指導中提高了這一比例，現在為 1.5% 至 2.5%。歷史上是1%到2%，現在是1.5%到2.5%。我認為這正好顯示了我們對現有交易的信心。無法預測確切的時間，但我期待將來談論這些。

Thank you.

謝謝。

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

謝謝。問答環節到此結束。現在，我想請 Adam Schechter 做結束語。

Thank you everybody for joining us today. And I hope you see we continue to advance our mission to improve health and improve lives, and we look forward to updating you on our fourth quarter and full year 2024 financial results as we get into the New Year. I look forward to seeing you all soon. Thank you.

感謝大家今天加入我們。我希望您看到我們繼續推進我們改善健康和改善生活的使命，我們期待在新年到來之際向您通報我們第四季度和 2024 年全年的最新財務業績。我期待很快見到大家。謝謝。

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。