Labcorp Holdings Inc (LH) 2025 Q1 法說會逐字稿

Good day, and thank you for standing by. Welcome to the Q1 2025 Labcorp Holdings earnings conference call. (Operator Instructions) 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.

您好，感謝您的支持。歡迎參加 Labcorp Holdings 2025 年第一季財報電話會議。（操作員指示）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 first-quarter 2025 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 Julia Wang, Executive Vice President and Chief Financial Officer.

謝謝您，接線生。早安，歡迎參加 LabCorp 2025 年第一季電話會議。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 Adam Schechter 和執行副總裁兼財務長 Julia Wang。

This morning in the investor relations section of our website at www.labcorp.com, we posted both our press release and 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. Please see the use of adjusted measures section in our press release and investor relations presentation for more information regarding our use of non-GAAP financial measures.

今天早上，我們在我們網站 www.labcorp.com 的投資者關係部分發布了新聞稿和投資者關係介紹，其中包含有關我們業務和運營的更多信息，包括非 GAAP 財務指標與最可比 GAAP 財務指標的對賬，這兩項內容均在今天的電話會議上進行了討論。有關我們使用非 GAAP 財務指標的更多信息，請參閱我們的新聞稿和投資者關係介紹中的調整指標使用部分。

Additionally, we are making forward-looking statements. These forward-looking statements include, but are not limited to statements with respect to the estimated 2025 guidance and the related assumptions, the projected impact of various factors on the company's businesses, operating and financial results, cash flows and or financial conditions, including global economic and market conditions, future business strategies, expected savings, benefits, and synergies from the launch pad initiative, and from acquisitions and other strategic transactions and partnerships, the completed holding company reorganization and opportunities for future growth.

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 2025 年預計指引和相關假設的陳述、各種因素對公司業務、經營和財務業績、現金流和/或財務狀況的預計影響，包括全球經濟和市場狀況、未來業務戰略、預期節省、收益和來自發射台計劃的協同效應，以及來自收購和其他戰略交易和合作夥伴關係、已完成的控股公司陳述和未來增長機會的控制。

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

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 表年度報告和後續 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。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進行任何更新。

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

現在我將電話轉給亞當謝克特 (Adam Schechter)。

Thank you, Christin, and good morning, everyone. We appreciate you joining us today to discuss our first quarter 2025 financial results and progress towards advancing our strategic priorities. Performance in the first quarter was solid, with 5% revenue growth or 6% on a constant currency basis across the enterprise.

謝謝你，克里斯汀，大家早安。感謝您今天加入我們，討論我們 2025 年第一季的財務表現以及推進我們策略重點的進展。第一季業績表現穩健，整個企業的營收成長了 5%，以固定匯率計算成長了 6%。

The performance was driven by 6% growth in our Diagnostics Laboratories business where there was a strong rebound in volume in March after impact from weather in January and February. Our strong managed care access and our peer contracts continue to serve us well in the marketplace.

這一業績得益於我們診斷實驗室業務 6% 的增長，在經歷了 1 月和 2 月的天氣影響後，3 月份該業務的銷量出現強勁反彈。我們強大的管理式醫療服務以及同業合約繼續在市場上為我們帶來良好的服務。

Adjusting for Invitae and weather, the margin in a Diagnostics business improved 50 basis points. Invitae continues to perform very well and remains on track to achieve 10% revenue growth and to be slightly accretive to earnings for the full year. Our Biopharma Laboratory Services Segment grew 3%, excluding currency.

根據 Invitae 和天氣因素進行調整後，診斷業務的利潤率提高了 50 個基點。Invitae 繼續表現良好，預計將實現 10% 的收入成長，並略微增加全年收益。剔除貨幣因素，我們的生物製藥實驗室服務部門成長了 3%。

Margin for BLS was strong, improving 80 basis points, and the quarter book-to-bill was also strong at 1.13, with a trailing 12 months of 1.07. Adjusted earnings per share of $3.84 were up 4% year-over-year. It is certainly a very dynamic environment and our team is closely evaluating the ongoing shifts in the macroeconomic and regulatory landscapes. We are pleased with the outcome of the court's decision in the challenge of the LDT rule.

BLS利潤率強勁，提升了80個基點，本季訂單出貨比也表現強勁，達到1.13，過去12個月的訂單出貨比為1.07。調整後每股收益為3.84美元，較去年同期成長4%。這無疑是一個非常動態的環境，我們的團隊正在密切評估宏觀經濟和監管環境的持續變化。我們對法院對 LDT 規則挑戰的裁決結果感到滿意。

We believe it's in the best interests of bringing new innovative tests to patients as quickly as possible. We are also contingency planning for various tariffs and regulatory scenarios. We have developed duplicative, flexible supply chains, and we're in communications with our customers and suppliers.

我們相信，盡快為患者帶來新的創新測試符合最佳利益。我們也針對各種關稅和監管情況制定應急計劃。我們已經開發了重複的、靈活的供應鏈，並且正在與我們的客戶和供應商保持溝通。

While we do anticipate some impact, our guidance range includes what we believe to be the most likely scenarios at this time. The essential nature of our work has enabled us to be successful through many different economic cycles over time, and we will continue to focus on serving the needs of our customers and driving growth, all while delivering value for shareholders as we advance our mission to improve health and to improve lives.

雖然我們確實預期會產生一些影響，但我們的指導範圍包括我們認為目前最有可能發生的情況。我們工作的本質使我們能夠在許多不同的經濟週期中取得成功，我們將繼續專注於滿足客戶的需求並推動成長，同時在推進改善健康和改善生活的使命的同時為股東創造價值。

Based upon our performance and outlook, we have reaffirmed our revenue and free cash flow guidance while increasing the midpoint of our EPS guidance by $0.05 per share, with implied growth at the midpoint of approximately 10% for the year.

根據我們的業績和展望，我們重申了收入和自由現金流指引，同時將每股盈餘指引的中點提高 0.05 美元/股，預計全年中點成長率約為 10%。

We also continue to expect margin expansion in each segment for the full year. Julia will provide more details on our results and the 2025 outlook in just a moment. We continue to execute well on the strategic priorities of being a partner of choice for health systems and regional local laboratories by launching new tests in important high growth therapeutic areas and by harnessing science, innovation, and advanced technology to bring valuable services and capabilities to our customers while improving operational efficiency.

我們也預計全年各部門的利潤率將擴大。朱莉婭稍後將提供有關我們的結果和 2025 年展望的更多詳細資訊。我們繼續出色地執行成為醫療系統和區域本地實驗室首選合作夥伴的戰略重點，透過在重要的高成長治療領域推出新的測試，並利用科學、創新和先進技術為我們的客戶提供有價值的服務和能力，同時提高營運效率。

In the first quarter, Labcorp became the partner of choice for several health systems and regional local labs. These partnerships enable us to accelerate growth and to expand into important geographies and therapeutic areas.

第一季度，Labcorp 成為多家醫療系統和地區本地實驗室的首選合作夥伴。這些合作使我們能夠加速成長並擴展到重要的地區和治療領域。

In January, we announced a strategic collaboration with New Jersey-based Inspira Health to manage the operations of the health systems hospital laboratories and to serve as the primary lab for the physician network. In March, we announced an agreement to acquire select assets of Bioreference Health, oncology and related clinical testing services. This transaction will extend our leadership in oncology.

今年 1 月，我們宣布與位於新澤西的 Inspira Health 建立策略合作關係，以管理醫療系統醫院實驗室的運作並作為醫生網路的主要實驗室。三月份，我們宣布了一項協議，收購 Bioreference Health 的部分資產，包括腫瘤學和相關臨床檢測服務。此次交易將擴大我們在腫瘤學領域的領導地位。

We also completed the acquisition of select assets of North Mississippi Health Services, ambulatory outreach laboratory business and we became a referral lab for its seven hospitals and clinical laboratories. Looking ahead, we have a strong business development pipeline, and we look forward to sharing additional growth opportunities with you in the coming quarters.

我們也完成了對北密西西比衛生服務中心部分資產、門診外展實驗室業務的收購，並成為其七家醫院和臨床實驗室的轉診實驗室。展望未來，我們擁有強大的業務發展管道，我們期待在未來幾季與您分享更多的成長機會。

We also continue to incorporate the power of science of innovation and advanced technology across the organization. We are focused on bringing new tests into four strategic areas: oncology, women's health, autoimmune disease and neurology. These areas have significant unmet needs for patients and are expected to grow up to 3 times faster than other therapeutic areas and they are proving to do so. Having the latest innovative test in these areas enables us to successfully capture more volume across testing for those patients.

我們也將繼續在整個組織中融入創新科學和先進技術的力量。我們致力於將新的測試引入四個策略領域：腫瘤學、婦女健康、自體免疫疾病和神經病學。這些領域對於患者來說有著巨大的未滿足需求，預計其成長速度將比其他治療領域快 3 倍，而且事實證明確實如此。在這些領域採用最新的創新測試使我們能夠成功地為這些患者捕獲更多的測試量。

For example, in the quarter, we introduced Labcorp Plasma Complete, a groundbreaking liquid biopsy test to aid in personalized cancer treatment decisions. This advancement significantly expands Labcorp's extensive ecology portfolio. We made significant strides, bringing Invitae's genetic testing solutions to our customers by launching patient affordability and access tools by introducing two additional genetic risk panel tests. Labcorp OnDemand launched several new consumer initiatives tests including electrolytes, GGT, Hepatitis A and total testosterone for women.

例如，在本季度，我們推出了 Labcorp Plasma Complete，這是一項突破性的液體活檢測試，可幫助制定個人化的癌症治療決策。這項進步大大擴展了 Labcorp 廣泛的生態產品組合。我們取得了重大進展，透過推出兩項額外的基因風險面板測試，推出了患者可負擔性和可訪問工具，為我們的客戶提供了 Invitae 的基因檢測解決方案。Labcorp OnDemand 推出了幾項新的消費者計畫測試，包括針對女性的電解質、GGT、甲型肝炎和總睪固酮。

Subsequent to the quarter, we introduced HPV and STI self-collection options in Labcorp patient service centers and physician offices. These solutions help overcome barriers to essential health screening by providing convenient private testing options. And in April, we launched our pTau Beta Amyloid ratio test, a powerful new blood-based biomarker test to aid in the diagnosis of Alzheimer's disease.

本季之後，我們在 Labcorp 病患服務中心和醫生辦公室推出了 HPV 和 STI 自我收集選項。這些解決方案透過提供便利的私人測試選項，幫助克服基本健康篩檢的障礙。今年 4 月，我們推出了 pTau Beta 澱粉樣蛋白比率測試，這是一種強大的新型血液生物標記測試，可幫助診斷阿茲海默症。

This first of its kind immunoassay further expands our leading portfolio for Alzheimer's disease and dementia. Launching test in these important areas will enable us to outpace the growth in the overall market over time.

這種首創的免疫測定法進一步擴展了我們在阿茲海默症和失智症方面的領先產品組合。在這些重要領域進行測試將使我們能夠隨著時間的推移超越整體市場的成長。

We're also using AI and technology to enhance our customer experience and to bring forward new operational efficiencies to improve our margins. For example, earlier this month, Labcorp received a modern healthcare 2025 Innovators Award for Labcorp Diagnostic Assistant, a digital solution integrated into electronic health records that supports providers with real-time access to comprehensive laboratory data, instants and self-service capabilities.

我們也利用人工智慧和技術來增強客戶體驗，並提高新的營運效率以提高我們的利潤率。例如，本月早些時候，Labcorp 因其診斷助理 (Labcorp Diagnostic Assistant) 獲得了現代醫療保健 2025 創新者獎，這是一種整合到電子健康記錄中的數位解決方案，支援提供者即時存取全面的實驗室數據、即時資訊和自助服務功能。

This award recognizes us as a leader in driving innovation that improved care and achieves measurable results. We also launched eClaim Assist a next-generation digital platform that introduces smarter workflows to improve efficiencies in billing, payer alignment and denials. We will continue to find operational efficiencies and through technology in all aspects of our business.

該獎項認可了我們在推動創新、改善護理並取得可衡量成果方面的領先地位。我們還推出了下一代數位平台 eClaim Assist，該平台引入了更聰明的工作流程，以提高計費、付款人協調和拒絕的效率。我們將繼續在業務的各個方面尋求營運效率並利用技術。

Lastly, we released the Labcorp Corporate Responsibility Report which highlights our significant progress in key areas such as reduced water withdrawal and improved fuel efficiency. We invite you to review the report on our Investor Relations website.

最後，我們發布了 Labcorp 企業責任報告，重點介紹了我們在減少取水量和提高燃油效率等關鍵領域的重大進展。我們邀請您查看我們投資者關係網站上的報告。

In summary, our business continues to perform well, and we are making strong progress against our strategy. We believe that Labcorp will continue to be successful and will lead the way with our relentless focus on science, innovation and advanced technology. We remain committed to providing value to our customers and our shareholders alike.

總而言之，我們的業務繼續表現良好，並且我們正在按照我們的策略取得重大進展。我們相信，憑藉對科學、創新和先進技術的不懈關注，Labcorp 將繼續取得成功並引領潮流。我們始終致力於為客戶和股東提供價值。

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

說完這些，我將把電話轉給茱莉亞。

Thank you, Adam. Let me start with a review of our Q1 financials. Revenue for the quarter was $3.3 billion, an increase of 5.3% compared to last year, driven by organic growth of 2.1% and the impact from net acquisitions of 3.7%, partially offset by foreign currency translation of 0.5%. Operating income for the quarter was $326 million or 9.7% of revenue, which is 14% on an adjusted basis.

謝謝你，亞當。首先讓我回顧一下我們的第一季財務狀況。本季營收為 33 億美元，較去年同期成長 5.3%，主要得益於 2.1% 的有機成長和 3.7% 的淨收購影響，但 0.5% 的外幣折算影響部分抵銷了這一成長。本季營業收入為 3.26 億美元，佔營收的 9.7%，調整後為 14%。

During the quarter, we had $73 million of restructuring charges and special items, primarily related to acquisitions and LaunchPad savings. Excluding these items and amortization of $70 million, adjusted operating income in the quarter was $469 million or 14% of revenue compared to $453 million or 14.3% of revenue last year.

本季度，我們有 7,300 萬美元的重組費用和特殊項目，主要與收購和 LaunchPad 節省有關。不包括這些項目和 7,000 萬美元的攤銷，本季調整後的營業收入為 4.69 億美元，佔營收的 14%，而去年同期為 4.53 億美元，佔營收的 14.3%。

The increase in adjusted operating income was primarily due to demand and LaunchPad savings, partially offset by higher personnel costs. The 20 basis point decline in adjusted operating margin included headwinds from Invitae and the weather, excluding which enterprise margins would have been up 60 basis points.

調整後營業收入的成長主要歸因於需求和 LaunchPad 節省，但被更高的人員成本部分抵消。調整後的營業利潤率下降了 20 個基點，其中包括來自 Invitae 和天氣的不利因素，如果不考慮這些因素，企業利潤率將上升 60 個基點。

The adjusted tax rate for the quarter was 22.5% compared to 23% last year. We continue to expect our adjusted tax rate for full year 2025 to be approximately 23%. Net earnings for the quarter were $213 million, or $2.62 per diluted share. Adjusted EPS were $3.84 in the quarter, up 4% from last year. Operating cash flow was $19 million in the quarter compared to a use of $30 million a year ago.

本季調整後的稅率為 22.5%，去年同期為 23%。我們繼續預計 2025 年全年調整後的稅率約為 23%。本季淨收益為 2.13 億美元，即每股收益 2.62 美元。本季調整後每股收益為 3.84 美元，較去年同期成長 4%。本季經營現金流為 1,900 萬美元，去年同期為 3,000 萬美元。

The increase in cash flow was primarily due to the timing of working capital. Capital expenditures totaled $126 million in the quarter. For the full year, we continue to expect cash flow expenditures to be approximately 3.8% revenue. Free cash flow for the quarter was a use of $108 million compared to a use of $164 million last year. The first quarter is typically the company's lowest quarter for free cash flow.

現金流的增加主要歸因於營運資本的時機。本季資本支出總計 1.26 億美元。就全年而言，我們繼續預期現金流支出約為收入的 3.8%。本季自由現金流為 1.08 億美元，去年同期為 1.64 億美元。第一季通常是公司自由現金流最低的季度。

We continue to expect free cash flow for the full year to be $1.1 billion to $1.25 billion. During the quarter, the company invested $211 million in acquisitions and partnerships and paid out $62 million in dividends. At quarter end, we had $369 million in cash, while total debt was $5.6 billion. Our debt leverage as of quarter end was 2.5 times, gross debt to trailing 12-month adjusted EBITDA at the low end of our targeted leverage of 2.5 times to 3 times.

我們繼續預計全年自由現金流為 11 億美元至 12.5 億美元。本季度，該公司在收購和合作方面投資了 2.11 億美元，並支付了 6,200 萬美元的股息。截至本季末，我們擁有 3.69 億美元現金，而總債務為 56 億美元。截至季末，我們的債務槓桿率為 2.5 倍，總債務與過去 12 個月調整後的 EBITDA 比率處於我們目標槓桿率 2.5 倍至 3 倍的低端。

Now I will review our segment performance, beginning with Diagnostics Laboratories. Revenue for the quarter was $2.6 billion, an increase of 6% compared to last year, with organic growth of 1.6% and net acquisitions of 4.7%, partially offset by foreign currency translation of 0.3%.

現在我將回顧我們各部門的表現，從診斷實驗室開始。本季營收為 26 億美元，較去年同期成長 6%，其中有機成長 1.6%，淨收購成長 4.7%，但外幣折算 0.3% 的部分影響被抵銷。

Organic growth was impacted by approximately 190 basis points from weather and one fewer revenue days, which is timing related within the year. Total volume increased 3% compared to last year as organic volume contributed 0.9%, while acquisitions net of divestitures contributed 2.1%. Organic volume also includes the negative impact from weather and one fewer revenue day.

有機成長受到天氣影響約 190 個基點，且收入天數減少一天，這與一年內的時間有關。總銷量與去年相比增長了 3%，其中有機銷量貢獻了 0.9%，而扣除資產剝離後的收購貢獻了 2.1%。有機銷售量還包括天氣的負面影響和收入日減少一天。

Price mix increased 3% versus last year due to organic growth of 0.7% and acquisitions net of divestitures of 2.6%, partially offset by foreign currency translation of 0.3%. Organic price mix was up due to mix as we benefited from an increase in test per accession and lab management agreement. Diagnostics adjusted operating income for the quarter was $428 million, or 16.3% of revenue compared to $418 million or 16.9% of revenue last year. Adjusted operating margin was down 60 basis points due to Invitae and weather. Excluding these items, adjusted operating margin would have been up approximately 50 basis points.

由於有機成長 0.7% 和扣除資產剝離後的收購成長 2.6%，價格組合較去年同期上漲 3%，但外幣折算 0.3% 部分抵銷了這一成長。由於我們受益於每次接入測試和實驗室管理協議的增加，有機價格組合也隨之上漲。本季診斷調整後的營業收入為 4.28 億美元，佔營收的 16.3%，去年同期為 4.18 億美元，佔營收的 16.9%。由於 Invitae 和天氣原因，調整後的營業利潤率下降了 60 個基點。除去這些項目，調整後的營業利潤率將上升約 50 個基點。

As the benefit of organic demand and LaunchPad savings was partially offset by higher personnel costs. Invitae remains on track to be slightly accretive for full year 2025. Now I will review the segment performance of Biopharma Laboratory Services or BLS.

由於有機需求和 LaunchPad 節省帶來的好處被更高的人員成本部分抵消。Invitae 仍有望在 2025 年全年實現小幅增值。現在我將回顧一下生物製藥實驗室服務（BLS）的部門表現。

Revenue for the quarter was $721 million, an increase of 1.5% compared to last year due to an increase in organic revenue of 2.6%, partially offset by foreign currency translation of 1.1%. Excluding currency, early development revenue growth was approximately 5%, while Central Labs revenue growth was approximately 2%.

本季營收為 7.21 億美元，較去年同期成長 1.5%，原因是有機收入成長 2.6%，但外幣折算成長 1.1% 部分抵銷了這一成長。不計貨幣因素，早期開發收入成長約 5%，而中央實驗室收入成長約 2%。

As expected, the Central Labs growth rate was low in Q1 2025 as we had a large amount of COVID vaccine and therapeutic revenue in Q1 of 2024. Our segment quarterly book-to-bill was strong at 1.13, bringing the trailing 12-month book-to-bill to 1.07.

正如預期的那樣，由於我們在 2024 年第一季獲得了大量 COVID 疫苗和治療收入，因此中央實驗室在 2025 年第一季的成長率較低。我們部門季度訂單出貨比強勁，達到 1.13，使得過去 12 個月的訂單出貨比達到 1.07。

BLS adjusted opening income for the quarter was $107 million or 14.8% of revenue compared to $100 million or 14.1% of revenue last year. Adjusted operating income margin increased due to organic demand and LaunchPad savings, partially offset by higher personnel costs. We ended the quarter with a backlog of $8.2 billion, and we expect approximately $2.6 billion of this backlog to convert into revenue over the next 12 months.

BLS 本季調整後的開盤營收為 1.07 億美元，佔營收的 14.8%，去年同期為 1 億美元，佔營收的 14.1%。調整後的營業利潤率因有機需求和 LaunchPad 節省而增加，但被更高的人員成本部分抵消。本季結束時，我們的積壓訂單為 82 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。

Now I will discuss our updated 2025 to full year guidance, which assumes foreign exchange rates effected as of March 31, 2025, for the remainder of the year. The enterprise guidance only includes the impact from currently anticipated capital allocation, utilizing free cash flow for acquisitions, share repurchases and dividends.

現在，我將討論我們更新後的 2025 年全年指引，該指引假設今年剩餘時間的外匯匯率以 2025 年 3 月 31 日為準。企業指引僅包括目前預期的資本配置、利用自由現金流進行收購、股票回購和股利的影響。

We are operating in a dynamic macro environment, and there are a series of regulatory developments that we continue to monitor closely. Our guidance has taken into account various scenarios of the ever-changing tariff and regulatory landscape.

我們處於動態的宏觀環境中，並且我們將繼續密切關註一系列監管發展。我們的指導考慮了不斷變化的關稅和監管環境的各種情景。

Based on what we believe to be the most likely scenario at this time and the resilience of our businesses, we are reaffirming our enterprise revenue and free cash flow guidance while raising the midpoint of adjusted EPS.

根據我們認為目前最有可能發生的情況以及我們業務的彈性，我們重申企業收入和自由現金流指引，同時提高調整後每股收益的中點。

Enterprise revenue growth guidance remains 6.7% to 8% compared to 2024. Diagnostics continues to perform well. Consistent with prior guidance, we expect Diagnostics revenue to be up 6.5% to 7.7% compared to 2024. We still expect BLS revenue to grow 3% to 5% compared to 2024.

與 2024 年相比，企業營收成長預期仍為 6.7% 至 8%。診斷持續表現良好。與先前的指導一致，我們預計診斷收入將比 2024 年增長 6.5% 至 7.7%。我們仍預期 BLS 收入將比 2024 年成長 3% 至 5%。

This includes the negative impact of 30 basis points from foreign currency. Prior guidance included a negative impact of 140 basis points. We continue to expect enterprise margins to be up with margin improvement in both Diagnostics and BLS in 2025 versus 2024, driven by top line growth and LaunchPad savings.

其中包括外幣帶來的30個基點的負面影響。先前的指導包括140個基點的負面影響。我們繼續預計，受營收成長和 LaunchPad 成本節省的推動，2025 年企業利潤率將與 2024 年相比有所提高，診斷和 BLS 的利潤率也將提高。

Our guidance range for adjusted EPS is $15.70 to $16.40 with an implied growth rate at the midpoint of 10%. As compared to prior guidance, we have narrowed the range and raised the midpoint by $0.05. Our free cash flow guidance range is $1.1 billion to $1.25 billion, all changed from prior guidance. And due to normal seasonality, we expect it to be weighted towards second half of the year.

我們對調整後每股盈餘的預期範圍為 15.70 美元至 16.40 美元，隱含成長率為中間值 10%。與先前的指引相比，我們縮小了區間，並將中間值上調了0.05美元。我們的自由現金流指引區間為11億美元至12.5億美元，均與先前的指引有所調整。由於正常的季節性，我們預計其影響將集中在下半年。

In summary, we had a solid first quarter with a dynamic macro environment. We expect to drive continued profitable growth and strong free capital generation that will 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，我們第一季表現穩健，宏觀環境充滿活力。我們期望推動持續的獲利成長和強勁的自由資本生成，這些將用於支持我們策略和補充我們有機成長的收購，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，我們現在來回答問題。

(Operator Instructions)

（操作員指示）

Michael Cherny, Leering Partners.

Michael Cherny，Leering Partners。

Good morning, Michael.

早上好，麥可。

Morning Adam, thank you so much for taking the question. Maybe just, I'll just have one here, and it ties to the BLS segment on both Central Lab and early development. Obviously, there's a lot of noise and volatility tied to the changing administration, tied to changes of the FDA. As you progress through the quarter and as you think about what's embedded in your guidance now, how much variability versus what you'd expect to be normalized demand is incorporated there?

早上好，亞當，非常感謝您回答這個問題。也許只是，我在這裡只舉一個，它與中央實驗室和早期開發的 BLS 部分有關。顯然，政府的更迭和 FDA 的變化帶來了許多噪音和波動。隨著本季的進展，當您思考現在的指導中包含的內容時，與您預期的正常化需求相比，其中包含了多少變化？

And are you seeing any feedback on either Central Lab or early development, any pushback relative to awards to starts based on the uncertainty that's clearly been created by the current administration?

您是否看到有關中央實驗室或早期開發的任何反饋，以及基於現任政府顯然造成的不確定性而對啟動獎勵的任何阻力？

Yeah, no, thank you for the question, Michael. And what I'd start off with, if you look at the BLS business, we had about 3% growth overall and it was about 2% in CLS and about 5% in early development. And what we saw was continued strength in the book-to-bill. So the book-to-bill actually was 1.13 for the quarter and the trailing 12 months increased to 1.07. So we feel good about where we are right now.

是的，不，謝謝你的提問，麥可。首先，如果你看 BLS 業務，我們整體的成長速度約為 3%，其中 CLS 的成長速度約為 2%，早期開發的成長速度約為 5%。我們看到訂單出貨比持續強勁。因此，本季的訂單出貨比實際上為1.13，過去12個月則上升至1.07。因此，我們對目前的狀況感到滿意。

When you look at the range that we gave for the revenue, we gave 3% to 5%, which with a midpoint of 4%. You could have said, well, with exchange, why did you not increase the range? The reason we didn't increase the range is because there is some unknowns in the landscape to which you acknowledge and brought up.

當你查看我們給出的收入範圍時，我們給出了 3% 到 5% 的範圍，中間值為 4%。您可能會說，好吧，既然進行了交換，為什麼不增加範圍呢？我們沒有增加範圍的原因是因為您所承認和提出的領域中存在一些未知數。

So we wanted to give ourselves room within the range. If foreign exchange stayed right where it is today, and we didn't see any additional impact from some of the things in the macro environment, we'd end up at the high end of the range, the highest end. If we see some of these other things like a delay in study starts due to getting regulatory information in a timely way, well, then that could bring us more towards the midpoint of the range or maybe below the midpoint of the range.

因此，我們希望在這個範圍內留出空間。如果外匯匯率維持在今天的水平，並且我們沒有看到宏觀環境中某些因素的任何額外影響，那麼我們最終將處於該範圍的高端，即最高端。如果我們看到其他一些事情，例如由於及時獲得監管資訊而導致研究開始延遲，那麼這可能會使我們更接近範圍的中點，或者可能低於範圍的中點。

So we feel like with the range that we gave, it takes into account the various different things that could occur within the landscape with the midpoint data, what we think is most likely. So I really believe that we have room within the range for things that could occur. As we sit here today, we have not seen study delays. We have not seen studies that have not progressed. We saw one larger cancellation for COVID trial in our book-to-bill.

因此，我們覺得，我們給出的範圍已經考慮到了景觀中可能發生的各種不同的事情，以及中點數據，我們認為最有可能發生的事情。因此，我真的相信，我們有足夠的空間來應對可能發生的事情。今天我們坐在這裡，沒有看到學習延誤的情況。我們還沒有看到沒有進展的研究。我們在訂單出貨比中看到一次較大的 COVID 試驗取消事件。

But you can see from our strength of our book-to-bill, we more than overcame that one trial. But other than that, it seems to be steady as we go at the moment. But we'll continue to monitor it. It is a very fast-moving environment, but I feel good about where we are and what the range is.

但從我們的訂單出貨比來看，我們不僅克服了這項考驗，還取得了豐碩的成果。但除此之外，目前一切似乎都很穩定。但我們會繼續監控。這是一個快速變化的環境，但我對我們所處的位置和範圍感到滿意。

Thank you.

謝謝。

Ann Hynes, Mizuho.

安‧海因斯 (Ann Hynes)，瑞穗。

Morning Ann.

早安，安。

Hi, good morning. So yeah, you were saying that you have tariffs now embedded in guidance, which I don't believe was an original guidance. Can you let us know how much tariffs now are embedded in guidance? And I assume that implies the underlying operations are doing better than your initial expectations?

嗨，早安。是的，您說現在的指導中已經包含了關稅，但我不認為這是最初的指導。您能否告訴我們現在指導價包含了多少關稅？我認為這意味著基礎營運表現比您最初的預期要好？

Yeah, thanks, Ann. So as I think about the tariffs, first, I'd say we are well positioned, and we expect to continue to deliver on the commitments that we put forward. First and foremost, we've built duplicative and flexible supply chains that I think really helps and improves our resiliency. There will be some impact from the tariffs, but our guidance range includes what we think are the most likely scenarios, but just to give some context in.

是的，謝謝，安。因此，當我考慮關稅時，首先，我想說我們已做好準備，並且我們期望繼續履行我們提出的承諾。首先，我們建立了重複且靈活的供應鏈，我認為這確實有助於提高我們的彈性。關稅會產生一些影響，但我們的指導範圍包括我們認為最有可能發生的情況，但只是提供一些背景資訊。

So the vast majority of our vendor spend is from US companies where we're not the importer of record. If you look at our contractual arrangements with secured pricing represents more than 80% of our spend. Many of these deals are multiyear contracts. So some of them come up every year for renewal. We're going to work on our supplier community, we're going to negotiate hard. And accordingly, if you look at like items that we buy directly from countries like China, they're mostly like plastics, consumables, supply, stuff like that.

因此，我們的供應商支出絕大部分來自美國公司，而我們並不是這些公司的記錄進口商。如果你看一下我們的合約安排，其中固定定價占我們支​​出的 80% 以上。其中許多交易都是多年期合約。因此，其中一些每年都會進行更新。我們將致力於與我們的供應商社群合作，我們將進行艱苦的談判。因此，如果你看看我們直接從中國等國家購買的物品，它們大多是塑膠、消耗品、供應品之類的東西。

But it's minimal today and we are looking to shift to more favorable countries as best we can. And I think we have a pretty good path forward for that. If you look at Biopharma and you look at Central Labs in particular, there is some impact from kits moving in and out of the United States. But a lot of that is transportation and a lot of those costs can be typically put through pass-throughs, which is going to help us manage it.

但目前這種情況很少見，我們正盡可能地轉向更有利的國家。我認為我們已經為此做好了很好的準備。如果你看一下生物製藥產業，特別是中央實驗室，你會發現試劑盒進出美國會產生一些影響。但其中很大一部分是運輸成本，許多成本通常可以透過轉嫁來承擔，這將有助於我們管理它。

So as I look at the range of different possibilities within what we think are most likely scenarios through continued expense focus, continued focus on our operations, we think we'll be able to offset the impact from the tariffs. And that's why we felt comfortable with the guidance that we gave for revenue of 6.7% to 8% with a midpoint of 7.5% and holding to that. And we feel comfortable and actually raised the bottom end of our adjusted EPS based upon that strength.

因此，當我透過持續關注費用、持續關注我們的營運來審視我們認為最有可能出現的各種情況時，我們認為我們將能夠抵消關稅的影響。這就是為什麼我們對給出的收入成長指引感到滿意，即 6.7% 至 8%，中間值為 7.5%，並保持這一水準。我們感到很放心，實際上，基於這一優勢，我們提高了調整後每股收益的底線。

Great thanks.

非常感謝。

Thank you.

謝謝。

Erin Wright, Morgan Stanley.

摩根士丹利的艾琳·賴特。

Good morning, Erin

早安，艾琳

Good morning. Could you break down a little bit in terms of your expectations on underlying organic growth across the Diagnostics business for the balance of the year? How much is from acquisitions versus organic? And has anything changed in terms of your expectations there in terms of underlying utilization trends? And if I could also ask more of a housekeeping one, but how did that weather impact of $0.10, you previously alluded to actually shake out relative to your expectations? Thanks.

早安.您能否稍微解釋一下今年剩餘時間診斷業務基本有機成長的預期？有多少是來自收購，有多少是來自有機成長？就潛在利用趨勢而言，您的預期有什麼改變嗎？而且如果我還可以問一個更家務的問題，但是您之前提到的 0.10 美元的天氣影響實際上與您的預期相比如何？謝謝。

Yeah, no thanks, Erin. So in general, we still expect about half to come from organic and inorganic. If you look at the first quarter, organic growth was 1.6%. But if you just adjusted for weather and the revenue day, it would have been 3.5%. And therefore, I think it would be more of what you would expect typically. I don't know, Julia, if you want to provide some additional context there.

是的，不用了，艾琳。因此，總的來說，我們仍然預計大約一半來自有機和無機。如果你看一下第一季度，有機成長率為 1.6%。但如果僅根據天氣和收入日進行調整，則該比率將達到 3.5%。因此，我認為它會更符合你的預期。朱莉婭，我不知道你是否想提供一些額外的背景資訊。

Absolutely. Good morning, Erin. So we were pleased with our results for the Diagnostics business in the first quarter. As you've seen in our release, we grew revenue about 6% in the quarter versus a year ago, which was supported by strong volume growth of 3% and scalable price mix impact of 3%. As Adam just shared, if you were to neutralize the unfavorable impact of additional weather as well as the one less revenue day, the organic revenue in the quarter would have grown about 3.5%.

絕對地。早安，艾琳。因此，我們對第一季診斷業務的業績感到滿意。正如您在我們的新聞稿中看到的，與去年同期相比，本季度我們的收入增長了約 6%，這得益於 3% 的強勁銷量增長和 3% 的可擴展價格組合影響。正如亞當剛才分享的那樣，如果能夠抵消額外天氣以及減少一天的收入日的不利影響，本季的有機收入將增加約 3.5%。

It was in line with our historical trends as well as our expectation going forward for 2025. If you just anchor ourselves the organic revenue growth reported in the quarter of 1.6%. Organic volume was 0.9% of growth once again, that was impacted by one less revenue day and weather. The organic price mix was up 0.7% primarily due to higher test per accession and increased lab management agreements.

這符合我們的歷史趨勢以及我們對 2025 年的預期。如果您只是錨定我們自己，那麼本季度報告的有機收入成長率為 1.6%。有機銷量再次增長 0.9%，這是受到收入日減少和天氣的影響。有機價格組合上漲了 0.7%，主要是由於每次測試的增加和實驗室管理協議的增加。

If you neutralize the impact of weather as well as the one less revenue day, the volume to price mix growth contribution would be approximately 3:1 ratio, once again in line with our historical trend. Now looking forward, we are pleased about the trajectory of Invitae integration, once again as Adam shared in the prepared remarks, we continue to expect that business to be slightly accretive in earnings for full year 2025, and we have reaffirmed the revenue guidance for the full year for Diagnostics to be between 6.5% to 7.7%.

如果消除天氣影響以及減少一天的收入日，成交量與價格組合成長的貢獻將約為 3：1，這再次符合我們的歷史趨勢。現在展望未來，我們對 Invitae 整合的軌跡感到滿意，正如 Adam 在準備好的發言中再次分享的那樣，我們繼續預計該業務在 2025 年全年的收益將略有增長，並且我們重申了診斷業務全年收入預期在 6.5% 至 7.7% 之間。

And we look forward to expanding the margin for the business as well versus 2024, which will contribute to our expectation that we will not to expect the enterprise margin for 2025 versus 2024 as well.

我們期待與 2024 年相比擴大業務利潤率，這將有助於我們預期 2025 年的企業利潤率不會與 2024 年持平。

Great. And if I could have a follow-up on the policy front and regulatory front, we obviously got the LDT favorable rule there. But on PAMA versus PAMA reform, what are your latest thoughts in terms of timing and magnitude? Obviously, this is a degree of positive from the original PAMA methodology. But how big of a difference will that be?

偉大的。如果我可以跟進政策方面和監管方面的情況，我們顯然已經獲得了 LDT 有利規則。但是，對於 PAMA 與 PAMA 改革，您在時間和幅度方面有何最新想法？顯然，這與最初的 PAMA 方法論相比具有一定程度的正面意義。但差別會有多大呢？

Yeah, so Erin, first of all, we were very pleased with the court ruling regarding LDTs. As I said before, it wasn't a significant impact to us in terms of revenue or expense because we were doing a lot of the work by submitting to New York State already. But I felt that would really impact innovation in getting test patients as quickly as possible. I think that we ended up in a good place there, and I think it will enable us to meet patients needs in the marketplace.

是的，艾琳，首先，我們對法院關於 LDT 的裁決非常滿意。正如我之前所說，這對我們的收入或支出沒有重大影響，因為我們已經透過向紐約州提交申請做了很多工作。但我認為這將真正影響盡快獲得測試患者的創新。我認為我們最終取得了良好的成績，並且我認為這將使我們能夠滿足市場上患者的需求。

As I look at PAMA, I mean, for the last five years, we've been trying to get legislation in place that makes more sense than the current legislation. And we export from Republicans and Democrats, and we've had that for five years now. But unfortunately, we haven't gotten legislation through, which has led to each year a delay.

當我看著 PAMA 時，我的意思是，在過去的五年裡，我們一直在努力製定比現行立法更有意義的立法。我們從共和黨和民主黨輸出，這種情況已經持續了五年。但不幸的是，我們還沒有通過立法，這導致每年的延誤。

We'll work with our trade group, ACLA, to continue to see there's better legislation that can be passed, we'll continue to work hard to see if that can be done. At the same time, we'll try to find ways to look for additional delays. But I continue to put in our base case that each year, the next year, PAMA will come so I assume in January of next year, there will be an impact from PAMA that, that impact would be around $100 million for the full year, and we'll build a plan that makes us successful despite that.

我們將與我們的貿易集團 ACLA 合作，繼續尋找可以通過的更好的立法，我們將繼續努力看看是否能夠做到這一點。同時，我們會想辦法尋找額外的延遲。但我繼續把我們的基本情況放在每年、明年，PAMA 都會到來，所以我假設明年 1 月，PAMA 將產生影響，全年的影響將在 1 億美元左右，儘管如此，我們仍將制定一個讓我們取得成功的計劃。

If you look at our three-year guidance that we provided a bit ago, that included an impact from PAMA. So we have always anticipated that in our base case that it will be coming and planning around that. So we'll continue to do so, but we'll do everything in our means to get better legislation pass or to get another delay.

如果您看一下我們之前提供的三年指導，您會發現其中包括 PAMA 的影響。因此，我們始終預期它將會在我們的基本情況下到來，並圍繞它進行規劃。因此，我們會繼續這樣做，但我們會盡一切努力讓更好的立法獲得通過或再次推遲。

Okay, great. Thank you.

好的，太好了。謝謝。

Thank you.

謝謝。

Elizabeth Anderson, Evercore ISI.

伊麗莎白·安德森，Evercore ISI。

Morning, Elizabeth.

早上好，伊莉莎白。

Good morning, Adam. Thanks so much for the question. I noticed you guys mentioned a couple of times higher personnel costs in the quarter. And I just wanted to clarify, is that something that you're sort of seeing overall? Or was that specifically a function of the revenue sort of cost and cost day impact in the quarter? And any one timers just to point out on the 2Q that you would call out right now? Thank you.

早安，亞當。非常感謝您的提問。我注意到你們提到本季人員成本增加了幾倍。我只是想澄清一下，這是您總體上看到的情況嗎？或者這是否具體是本季收入成本和成本日影響的函數？有沒有人能指出您現在要在第二季提出的問題？謝謝。

Yeah, no thanks, Elizabeth. So when we talk about higher personnel costs, it's just the inflation of personnel, which we expect every year to be 3% to 3.5%. And we work hard with our LaunchPad initiative to offset that. So nothing other than what would be typical in the normal range of higher personnel costs due to inflation.

是的，不用了，伊莉莎白。因此，當我們談論更高的人事成本時，這只是人事通貨膨脹，我們預計每年的通貨膨脹率為 3% 至 3.5%。我們正努力透過 LaunchPad 計劃來彌補這一缺陷。因此，這只不過是由於通貨膨脹導致的正常範圍內的人員成本上升而已。

Okay, that's super helpful. And any onetime items you would call out so far, particularly impacting the 2Q outlook? Or so far, that seems to be on track. Okay, perfect.

好的，這非常有幫助。到目前為止，您認為有哪些一次性事件會對第二季的前景產生特別大的影響？或者到目前為止，一切似乎都很順利。好的，完美。

It was on track, nothing to call out.

一切進展順利，沒有什麼好關注的。

Great, thanks.

太好了，謝謝。

And our Diagnostic volume continues to perform well into April, which continues the strength of what we saw in March. So we are very encouraged by that.

我們的診斷量在四月持續表現良好，延續了三月的強勁表現。因此我們對此感到非常鼓舞。

Okay, great. Thank you.

好的，太好了。謝謝。

Lisa Gill, JPMorgan.

摩根大通的麗莎吉爾。

Good morning, Lisa.

早安，麗莎。

Hi, good morning, Adam and Julia. Thanks for taking my question. Adam, I just want to go back to your earlier comments when we think about potential changes on the FDA side. There's been some talk on the early development side of the business around animal testing. Can you maybe just remind us in early development, how much of the business is today with animal testing and if that were to change what the potential impact would be?

嗨，早上好，亞當和朱莉婭。感謝您回答我的問題。亞當，當我們考慮 FDA 方面的潛在變化時，我只是想回到你之前的評論。關於動物試驗業務的早期發展方面已經有一些討論。您能否提醒我們，在早期開發中，目前有多少業務涉及動物測試，如果這種情況發生變化，潛在的影響是什麼？

Yeah, so I'll start with some context, Lisa, and then I'll provide some additional information. So as we look at non-animal testing, we've always said that as soon as the market can move to that, will be very supportive. In fact, we have about 90 PhDs or MDs are working all day every day to try to find non-animal models to move forward with.

是的，所以我會先介紹一些背景，麗莎，然後我會提供一些額外的資訊。因此，當我們考慮非動物試驗時，我們總是說，只要市場能夠轉向這一點，就會給予大力支持。事實上，我們有大約 90 名博士或醫學博士每天都在努力尋找非動物模型來推進這項研究。

As we think about, that will become a bigger business over time, and we want to be part of that business over time. Of course, we'll continue to work with regulators, and we're committed to complying with all regulatory compliance guidelines in the research that we conduct. There's currently no full replacement for animal models and research and development that we're aware of.

正如我們所想，隨著時間的推移，這將成為一項更大的業務，我們希望隨著時間的推移成為該業務的一部分。當然，我們將繼續與監管機構合作，並致力於在進行的研究中遵守所有監管合規指南。據我們所知，目前還沒有任何方法可以完全取代動物模型和研究與開發。

But we're going to continue to work to find ways to do that. So there's no doubt that any new guidance would have to be implemented over time, of which we'll collaborate and work with the folks over time. When you look specifically about the animal testing that they were looking at impacting the monoclonal antibodies in the beginning that's roughly 10% to 15% of our total revenue so it's not a big piece of our BLS business. And I think for other parts to move to non-animal models is just going to take a lot longer.

但我們將繼續努力尋找實現這一目標的方法。因此毫無疑問，任何新的指導都必須隨著時間的推移而實施，我們將與大家合作。當你具體研究他們最初研究的動物試驗對單株抗體的影響時，你會發現這大約占我們總收入的 10% 到 15%，所以它不是我們 BLS 業務的很大一部分。我認為其他部分轉向非動物模型還需要更長的時間。

So I would summarize it to say we don't expect any significant impact this year. We're going to work on non-animal models with regulators as soon as they're ready, we're ready. We want to be part of that business into the future. And if monoclonal antibodies were the first place to move, then it would not be that big of an impact of our total business.

所以我想總結一下，我們預計今年不會有任何重大影響。一旦監管機構準備就緒，我們就會與監管機構合作研究非動物模型，我們已經準備好了。我們希望未來能夠成為該業務的一部分。如果單株抗體是第一個轉移的領域，那麼對我們的整體業務的影響就不會那麼大。

So just so I understand it. So is the 10% to 15% of the operating profit of BLS? And so if I think about it for the total enterprise, it would be single digit right? Is that the way to think about it?

就這樣我理解了。那麼BLS的營業利潤的10%到15%是嗎？所以如果我從整個企業的角度考慮的話，這個數字應該是一位數，對嗎？是這樣思考的嗎？

Well, so that's revenue and operating profits will be less than that. And then it will be very small, very, very small in terms of the total revenue for the company.

那麼，收入和營業利潤就會少於這個數字。那麼，就公司的總收入而言，這個數字將會非常小，非常小。

Perfect. Thank you so much.

完美的。太感謝了。

Sure.

當然。

Thank you.

謝謝。

Jack Meehan, Nephron Research.

傑克·米漢（Jack Meehan），腎元研究。

Good morning, Jack.

早上好，傑克。

Good morning. Hope you're doing well. I wanted to follow up on your comments around Invitae traction toward getting to accretive slightly accretive for the year. In the quarter, I think the math you laid out implied between in Invitae and weather, it was about a $30 million EBIT impact to the Dx segment. I was wondering could Invitae being around $20 million?

早安.希望你一切都好。我想跟進您關於 Invitae 牽引力的評論，以實現今年的略微增值。在本季度，我認為您列出的數學計算表明，Invitae 和天氣對 Dx 部門的息稅前利潤影響約為 3000 萬美元。我想知道 Invitae 的估值是否會達到 2000 萬美元左右？

And then maybe just talk about like how do you get that to be a positive number later in the year?

然後也許只是談論如何在今年晚些時候將其變為正數？

Yeah, so I think it's such less enough, but I'll have Julia talk about that specifically. I just want to give some context to Invitae. The integration is going very well. In fact, that argue is going better than what I had even anticipated. And we continue to make a lot of progress. As we think about the full year, we still expect the revenue growth is going to be over 10%.

是的，所以我認為這還不夠，但我會讓茱莉亞具體談談這個問題。我只是想介紹一下 Invitae 的背景。整合進展非常順利。事實上，這場爭論比我預期的還要好。我們繼續取得很大進展。展望全年，我們仍預期營收成長將超過 10%。

And we've said that we believe women's health, autoimmune disease, oncology and neurology represents opportunities to have outpaced growth as the overall diagnostic market. We believe that this is a piece of that. And this is another proof point to show that when you're in women's health or oncology, you can get faster growth. So I feel very good about the revenue, I feel very good about the integration.

我們說過，我們相信女性健康、自體免疫疾病、腫瘤學和神經病學代表著超過整體診斷市場成長的機會。我們相信這是其中的一部分。這是另一個證明點，表明當你從事婦女健康或腫瘤學時，你可以獲得更快的成長。所以我對收入感到非常滿意，對整合也感到非常滿意。

We remain on track to have Invitae accretive for the full year. And when you look at the way in which we've gone after the expenses, we've been very methodical. We've taken the best of the best approach. We take the best science, the best customer interactions either Labcorp or Invitae and then we apply it across the organization.

我們仍有望實現 Invitae 全年增值。如果你看一下我們處理費用的方式，你會發現我們非常有條理。我們採取了最佳方法。我們採用最好的科學、最好的客戶互動（無論是 Labcorp 還是 Invitae），然後將其應用於整個組織。

So it's taken us a little bit longer to get the cost out than we typically would see but it's going very well, and now I'm confident to reiterate that we believe it will be accretive for the full year.

因此，我們花費的時間比通常情況下要長一些，但進展非常順利，現在我有信心重申，我們相信它將在全年實現增值。

Yeah. The only additional comment I would add is as it relates to the Invitae impact in the quarter. So what we shared was if you look at our enterprise AOI in the quarter, you saw a 20 basis point decline versus a year ago and the major drivers were a combination of Invitae and weather. When you exclude those two items, the enterprise margins would have been up about 60 basis points.

是的。我唯一想補充的評論是與本季的 Invitae 影響有關。因此，我們所分享的是，如果您查看本季的企業 AOI，您會發現與一年前相比下降了 20 個基點，主要驅動因素是 Invitae 和天氣的結合。如果排除這兩項，企業利潤率將上升約 60 個基點。

Now as Adam reiterated earlier, our expectations as we progress throughout 2025, you'll start seeing Invitae shifting from a loss to an application, particularly in the second half, so much that for the full year, we expect Invitae to be slightly accretive. That's the impact of Invitae.

正如亞當之前重申的那樣，我們預計，隨著 2025 年的進展，您將開始看到 Invitae 從虧損轉為應用，尤其是在下半年，以至於就全年而言，我們預計 Invitae 會略有增值。這就是 Invitae 的影響。

Okay, thank you. And then maybe as a follow up just on lab M&A, how do you -- how would you characterize the environment right now? And you have leverage at 2.5 times, you're integrating a lot of deals you've done over the last year? Just how should we expect kind of the pace of activity throughout the rest of the year? Thank you.

好的，謝謝。然後也許作為對實驗室併購的後續關注，您如何描述當前的環境？你們的槓桿率為 2.5 倍，你們整合了去年完成的許多交易嗎？我們該如何預期今年剩餘時間的活動節奏？謝謝。

I would say the pipeline remains very strong. And I would say with some tariff implications to hospital systems as well as some of the other things they could be facing in the macroeconomic landscape, we're actually seeing more outreach to us to actually have discussions.

我想說這條管道仍然非常強勁。我想說的是，由於關稅對醫院系統的影響以及他們在宏觀經濟形勢下可能面臨的其他一些問題，我們實際上看到了更多與我們進行實際討論的外聯活動。

As you recall, some of these discussions take a very long time. Some of them go in a shorter time than others. But over time, the pipeline looks really good. And I would expect we'll have more to share with you as we go through each quarter this year.

大家應該還記得，其中一些討論持續了很久。其中一些所花的時間比其他的要短。但隨著時間的推移，這條管道看起來確實很好。我希望隨著今年每季的到來，我們能有更多內容與大家分享。

Okay, thank you guys.

好的，謝謝大家。

Thank you.

謝謝。

Luke Sergott, Barclays.

巴克萊銀行的盧克‧塞戈特 (Luke Sergott)。

Morning Luke.

早上好，盧克。

Good morning. Thank you. I just wanted to dig in a little bit on the Diagnostic operating margin expansion, just kind of laid out there from Invitae. But I was hoping you can dig in there a little bit on kind of the puts and takes or bucket out the individual components for what's driving that OMX for the year.

早安.謝謝。我只是想深入了解診斷營業利潤率的擴張，就像 Invitae 所闡述的那樣。但我希望您能深入研究今年推動 OMX 走勢的因素，或列出各個組成部分。

So you talked a little bit about Invitae, but if you could talk about like how the recent M&A contributes, maybe some of the tariffs or tariff offsets, the core improvements from the eClaims, your pricing mix, just kind of the underlying assumptions based on that OMX assumption?

所以您談到了 Invitae，但您是否可以談談最近的併購如何貢獻，也許是一些關稅或關稅抵消，eClaims 的核心改進，您的定價組合，只是基於 OMX 假設的一些基本假設？

Yes, so I'll start with if you look at the operating margin for Diagnostics, it was down 60 basis points. That was due to Invitae and weather. If you adjust for that, it would have been up 50 basis points. We still expect margins to actually be up this year versus last year when you look across the year. So that tells you we see strength in the Diagnostic business margins as we go through the year.

是的，首先，如果你看診斷業務的營業利潤率，你會發現它下降了 60 個基點。這是由於 Invitae 和天氣的原因。如果對此進行調整，它將上漲 50 個基點。從全年來看，我們仍然預計今年的利潤率實際上會比去年上升。所以這說明我們看到診斷業務利潤率在今年有所增強。

A lot of that is the overlap of Invitae once we overlap that, and it becomes accretive, it actually helps us with the margins overall. The second thing is we continue to focus on our LaunchPad initiatives where we take out between [$100 million to $125 million], and a lot of that still comes out of the Diagnostic business. So we continue to see benefit there. And we're continuing to see some benefit from mix in terms of esoteric testing as well. All those things give us a reason that we expect the margins to increase and get better as we go through the year.

其中許多是與 Invitae 重疊的，一旦我們將其重疊，它就會不斷累積，實際上有助於我們提高整體利潤。第二件事是我們繼續專注於我們的 LaunchPad 計劃，我們在這方面的投資在 [1 億到 1.25 億美元之間]，其中很大一部分仍然來自診斷業務。因此我們繼續看到那裡的利益。並且，我們在深奧測試方面也繼續看到混合帶來的一些好處。所有這些都讓我們有理由相信，隨著時間的推移，利潤率將會上升並且變得更好。

Great. And then just a follow-up here and go back to the BLS booking strength. There's the overhang or the thought from pharma tariffs coming on that get initiated another round of restructuring. Just interested in what you guys are hearing from your various customer bases across biotech, large pharma? How they're thinking about the tariff? And if there's -- you think that there's more pipeline rationalize or R&D cuts that are still -- that could be on the come?

偉大的。然後只是這裡的後續內容並回到 BLS 預訂實力。有擔憂或擔心即將上調的藥品關稅將引發新一輪的重組。我只是想知道你們從生技、大型製藥等各個客戶群聽到了什麼？他們對於關稅有何看法？如果有——您認為還會有更多的管道合理化或研發削減——這可能會發生嗎？

So as I look at that, I look at our Central Laboratory business first. And I look at our Central Laboratory, most of that is Phase II, Phase III trials. And I think that's the last phase pharma would ever go to reduce cost because the Phase II, Phase III is the future growth of future pipeline. So I feel good about the pipeline as I look at the CLS and I look at the book-to-bill. We continue to have good RFPs in early development.

因此，當我考慮這個問題時，我首先會考慮我們的中央實驗室業務。我查看了我們的中央實驗室，其中大部分處於第二階段、第三階段試驗。我認為這是製藥公司降低成本的最後一個階段，因為第二階段、第三階段是未來管道的成長。因此，當我查看 CLS 和訂單出貨比時，我對通路感到很滿意。我們在早期開發中繼續收到良好的 RFP。

Our win rate continues to do well, and the book-to-bill continues to look good. But that's an area we'll have to continue to watch closely because I think that could be impacted more by some of the things that you mentioned over time. But we have and we continue to work towards getting a larger mix of business and early development from mid-to-larger-size pharma. And I think as we shift that mix, it will serve us well over time as well.

我們的贏單率持續表現良好，訂單出貨比也持續表現良好。但這是我們必須繼續密切關注的領域，因為我認為隨著時間的推移，它可能會受到您提到的一些事情的更大影響。但我們已經並將繼續努力從中型和大型製藥公司獲得更大的業務組合和早期開發。我認為，隨著我們改變這種組合，隨著時間的推移，它也會為我們帶來良好的服務。

Great, thanks.

太好了，謝謝。

Thank you.

謝謝。

Kevin Caliendo, UBS.

瑞銀的 Kevin Caliendo。

Good Morning Kevin.

早安，凱文。

Morning, Adam. Good morning, Julia. Thanks for taking my question. I want to talk a little bit about the margin and Diagnostics again, just a little bit further. I know you've touched on it a bit here. If we think about the first quarter, 60 basis points net of Invitae being better, 60 basis points in Invitae net of weather. Is the weather number a net number or just the number for the quarter? Because presumably, there was weather in 1Q '24 as well, right?

早安，亞當。早上好，朱莉婭。感謝您回答我的問題。我想再稍微談一下利潤和診斷，再進一步。我知道您在這裡已經稍微談及了這一點。如果我們考慮第一季度，扣除 Invitae 因素後，業績會好轉 60 個基點，扣除天氣因素後，Invitae 業績會好轉 60 個基點。天氣數字是淨數字還是只是該季度的數字？因為據推測，24 年第一季也有天氣狀況，對嗎？

It's a net number, yeah, it's a net number, Kevin.

這是一個淨號碼，是的，這是一個淨號碼，凱文。

Yes, fantastic. That's super helpful. So then if I think about what's going on and the fact that March -- the strength in March goes into April, as Julia mentioned. And we think about the improvement in margin year-over-year for 2Q because I don't think there was any weather comp or anything else in 2Q.

是的，太棒了。這非常有幫助。所以，如果我思考一下正在發生的事情以及三月的事實——三月的力量將延續到四月份，正如朱莉婭所提到的那樣。我們認為第二季的利潤率同比有所提高，因為我認為第二季度沒有受到天氣或其他因素的影響。

Should we be thinking about a year-over-year margin improvement within Invitae getting a little bit better, that maybe you could is that 60 basis points sort of the baseline on a year-over-year basis that we'd be thinking about for 2Q? And is that like a progression over the year? Is that how we should think about it net-net?

我們是否應該考慮 Invitae 的年比利潤率改善會更好一些，也許您可以認為 60 個基點是我們考慮的第二季年比利潤率基線？這是否像是一年來的進步？我們應該這樣思考這個問題嗎？

Yeah, so thank you for the question. We don't guide to the quarter. But directionally, your thought process is reasonable. Typically, you see Q2 being a strong quarter definitely from a pipeline standpoint.

是的，謝謝你的提問。我們不指導季度。但從方向來看，你的思考過程是合理的。通常，從通路角度來看，第二季肯定是個強勁的季度。

And then to your point, as we continue to make progress towards shifting Invitae to be accretive. Obviously, that would have the overall margin for the Diagnostics business in particular. So the thought process once again is reasonable.

然後回到您的觀點，我們將繼續努力使 Invitae 實現增值。顯然，這將對診斷業務的整體利潤產生重大影響。所以這個思考過程又是合理的。

Fantastic. Thank you very much.

極好的。非常感謝。

Thank you.

謝謝。

Michael Ryskin, Bank of America.

美國銀行的邁克爾·里斯金（Michael Ryskin）。

Morning, Michael.

早上好，麥可。

Morning, thanks for the question, Adam. I just want to go back to your BLS comments earlier a little bit, the reduction in FX headwind sort of absorbing that given some of the macro uncertainty and that certainly makes sense. But just you haven't seen anything yet, obviously. You talked about the strong book-to-bill in the first quarter. It doesn't see outside of that COVID contract that you called out that you've seen any weakness. Sort of how did you approach that resetting guide?

早安，謝謝你的提問，亞當。我只是想稍微回顧一下您之前對 BLS 的評論，外匯逆風的減少在某種程度上吸收了一些宏觀不確定性，這當然是有道理的。但顯然你還沒看到任何東西。您談到了第一季強勁的訂單出貨比。除了您所說的 COVID 合約之外，沒有發現任何弱點。您是如何處理重置指南的？

Is there anything that's come up in conversations with customers? And I guess sort of what are you monitoring as you go through the year to assess the health of that end market? Is it -- is it the evolution of tariffs? Is it something on the policy front? Is it biotech funding?

與顧客交談時有發生什麼事嗎？我想問一下，您在這一年中會關注哪些方面來評估終端市場的健康狀況？這是關稅的演變嗎？這是政策方面的事嗎？這是生技融資嗎？

Just sort of walk us through what you see as the leading indicators there?

請向我們介紹一下您認為的領先指標是什麼？

Yeah, no, thanks for the question, and I want to provide some context to the BLS business, in particular, with the Central Laboratory business. So we had expected the first quarter would be the lowest growth rate when we compared to the remainder of the year. And the reason that was is because we saw strength in the first quarter of last year.

是的，不，感謝您的提問，我想提供一些有關 BLS 業務的背景信息，特別是中央實驗室業務。因此，我們預計第一季的成長率與今年剩餘時間相比將是最低的。原因在於我們看到了去年第一季的強勁表現。

If you go back to the first quarter of 2023, we saw -- or 2024, we saw some real strength. Within that strength was about $18 million of COVID vaccine and therapeutic graph. That was about the same, frankly, as the first quarter of 2023. So first quarter 2024 was about the same as first quarter 2023. In 2025, we had virtually zero COVID related work.

如果回顧 2023 年第一季度，我們看到——或者 2024 年，我們看到了一些真正的實力。其中約有 1800 萬美元是 COVID 疫苗和治療圖。坦白說，這與 2023 年第一季的情況大致相同。因此，2024 年第一季與 2023 年第一季大致相同。2025 年，我們幾乎沒有任何與 COVID 相關的工作。

So it's not a big delta when you compare that to the broader CLS business, but it gives you a sense of the underlying growth rate and impact. So as I look at the BLS business, the first quarter, we expected to be the toughest compared to last year. As I look at the rest of the year, we continue to expect business to grow better, and that's why we feel confident in the 3% to 5% guidance range.

因此，與更廣泛的 CLS 業務相比，差異並不大，但它可以讓您了解潛在的成長率和影響。因此，當我回顧 BLS 業務時，我們預計第一季與去年相比將是最艱難的。展望今年剩餘時間，我們仍然預計業務將會更好成長，這就是我們對 3% 至 5% 的指導範圍充滿信心的原因。

The reason we didn't raise that range based upon current ForEx is for multiple reasons that we can see post and pulse. What I'm looking for is do the trial start on time that we expect the trial to start. They have up until now.

我們沒有根據當前外匯市場提高該範圍的原因有很多，我們可以看到後期和脈搏。我所期望的是試驗是否能以我們預期的時間開始。直到現在他們仍然如此。

But we've heard some noise about how fast people are getting regulatory input to some of their trials. And we want to make sure that the trial start at times to get the input that they need in order to start those trials in time. So we're going to watch that very carefully. We'll watch the impact of tariffs. And do people change where they're running some of these trials in different parts of the world is that we have to make some adjustments.

但我們聽到一些關於人們對其部分試驗獲取監管意見的速度有多快的議論。我們希望確保試驗能夠按時開始，以獲得他們所需的輸入，以便及時開始這些試驗。所以我們會非常仔細地觀察這一點。我們將關注關稅的影響。人們是否會改變在世界不同地區進行這些試驗的地點，我們必須做一些調整。

So we'll watch that as well. And then we'll continue to watch our early development business where up until now, the signs are strong. But we're going to watch that for biotech funding and so forth. So the reason we didn't change the range is because I believe that if ForEx dig where it was today and everything continues to go well, we'd be at the highest end of that range.

因此我們也會關注這一點。然後我們將繼續關注我們的早期開發業務，到目前為止，跡象強勁。但我們將專注於生物技術融資等。因此，我們沒有改變範圍的原因是因為我相信，如果 ForEx 挖掘今天的水平並且一切繼續順利進行，我們將處於該範圍的最高端。

If things get a little bumpy in terms of timing of trial starts, I don't think it's going to impact whether the trials go on or not, but it could impact the timing, well, then it could bring you back more towards the midpoint. Foreign exchange could change. We've seen it be very dynamic in the marketplace. So we don't want to make a change based upon ForEx that we've seen kind of bumping up and down so fast in the marketplace.

如果試驗開始時間方面出現一些問題，我認為這不會影響試驗是否進行，但可能會影響時間，那麼它可能會讓你回到中點。外匯匯率可能會發生變化。我們看到它在市場上非常活躍。因此，我們不想根據市場上出現的快速波動的外匯價格做出改變。

So for all those reasons, we felt confident to confirm the 3% to 5% guidance range with the 4% midpoint.

因此，基於所有這些原因，我們有信心以 4% 為中點確認 3% 至 5% 的指導範圍。

Okay. That's really helpful. I appreciate that color just a quick follow up on that. Any change in your expectations on pricing, or have you had any early conversations on, maybe customers being a little bit more price sensitive?

好的。這真的很有幫助。我很欣賞這種顏色，只是對此進行了快速的跟進。您對定價的預期有任何變化嗎？或者您是否進行過任何早期對話，也許客戶對價格更加敏感？

You know what we can -- the customers are always going to be price sensitive. I think with some of the issues that everybody is facing, we're all more price sensitive than we are today. We're being harder on our suppliers than we typically can. And I would expect that our customers will be hard on us as well. But with all of that said, as we sit here today, most of our business is a backlog-driven business with study is already under contract and so forth.

您知道我們能做什麼—客戶總是對價格敏感。我認為，對於每個人都面臨的一些問題，我們對價格的敏感度都比現在更高。我們對供應商的要求比以往更加嚴格。我也預料到我們的客戶也會對我們很嚴格。但儘管如此，當我們今天坐在這裡時，我們的大部分業務都是積壓驅動的業務，研究已經簽訂了合約等等。

So I feel pretty good about where we are as we go through this year. And then we'll continue to look for ways to reduce costs and offset any pressure that we face. And that's why I feel confident not only in the guidance that we provided, but the fact that we expect that margins will improve this year in both the Biopharma Laboratory business and Diagnostic business versus last year because we'll continue to find ways to offset any of those pricing headwinds with additional cost reductions and other things.

所以我對於我們今年的進展感到非常滿意。然後我們將繼續尋找降低成本和抵消我們面臨的任何壓力的方法。這就是為什麼我不僅對我們所提供的指導充滿信心，而且我們預計今年生物製藥實驗室業務和診斷業務的利潤率都將比去年有所提高，因為我們將繼續尋找方法，通過進一步降低成本和其他方式來抵消任何定價阻力。

Great, thank you. Thanks.

太好了，謝謝。謝謝。

Thank you.

謝謝。

Patrick Donnelly, Citi.

花旗銀行的 Patrick Donnelly。

Hi Patrick, good morning.

你好，派崔克，早安。

Hey Adam, how are you? Thanks for taking the question. Maybe one, I know you just talked about BLS pricing a little bit. On the lab side, can you talk about the conversations there? I know pricing has been a little bit more firm on your guys side. Do the tariffs change anything? Are you guys having different pricing conversations we're going to pass anything on? Just curious what those conversations have looked like recently.

嘿，亞當，你好嗎？感謝您回答這個問題。也許是一個，我知道您剛才談到了 BLS 定價。在實驗室方面，您能談談那裡的對話嗎？我知道你們的定價已經比較穩定了。關稅會改變什麼嗎？你們是否正在進行不同的定價對話，我們會傳遞任何東西嗎？只是好奇最近這些對話是什麼樣的。

Yeah, so a lot of our business is contracted, but every year, the new contracts that open up. Most of the contracts are multiyear contracts in the Diagnostic business. But even the ones that are opening up, we're still having a very good constructive dialogue price has been relatively flat for us. What we're looking for is to improve our volume, which we've seen organic volume growth, and we're going to continue to focus on that volume growth.

是的，我們的許多業務都是簽訂了合約的，但每年都會有新的合約簽訂。診斷業務中的大多數合約都是多年期合約。但即使是那些正在開放的國家，我們仍然擁有非常好的建設性對話，價格對我們來說相對穩定。我們希望提高銷量，我們已經看到了有機銷量的成長，我們將繼續關注銷量的成長。

But I would say we have very good payer access. We have very good managed care access. We have very constructive dialogues with the payers. So as I sit here today, I feel very good about where we are and the discussions that we're having and the strength of the business overall.

但我想說，我們擁有非常好的付款人訪問權限。我們有非常好的管理式醫療服務。我們與付款人進行了非常建設性的對話。所以今天我坐在這裡，我對我們目前的狀況、我們正在進行的討論以及整體業務的實力感到非常滿意。

Okay, and then just a quick follow up on Mike's question there on the kind of pacing of BLS. I know Central Lab, basically a backlog business as you look at this year. So in terms of your answer, it sounds like it's just a matter of when these trials take off. They're all in the backlog, do some of them slip or not is going to be the delta in terms of the guidance range. Is that the right way to think about it?

好的，然後我們來快速回答 Mike 關於 BLS 節奏的問題。我知道中央實驗室今年基本上就是一個積壓業務。所以就您的回答而言，這聽起來只是這些試驗何時開始的問題。它們都處於積壓狀態，其中是否有一些會下滑，這將是指導範圍方面的增量。這是正確的思考方式嗎？

That's a big part of what we're watching. Like I said, there was one trial that was canceled. It was a COVID-related trial. But that's in our book-to-bill. And you can see the strength of our book-to-bill would have been even stronger if that didn't get delayed. So I think COVID trials, we've seen a little bit different than other trials to be frank, but we don't have many of those in our book-to-bill any longer.

這是我們正在關注的很大一部分。正如我所說，有一項試驗被取消了。這是一次與新冠病毒相關的試驗。但那是在我們的訂單出貨比中。您可以看到，如果沒有延遲，我們的訂單出貨比將會更加強勁。因此，我認為，坦白說，我們看到的 COVID 試驗與其他試驗略有不同，但我們的訂單出貨比中已經沒有太多這樣的試驗了。

It's all non-COVID related work. So the question to me is more of a timing issue. Do the sponsors get the information they need from the regulatory agencies in order to feel comfortable that their protocols will suffice in order to get approval of the product. It's not whether they'll get the comments, it's how quickly and will it be on time. At this point, we've not seen any issues, but it's something we'll watch.

這些都是與 COVID 無關的工作。所以對我來說這個問題更多的是一個時間問題。申辦者是否從監管機構獲得了他們需要的信息，以便確信他們的協議足以獲得產品批准。問題不在於他們是否會收到評論，而是他們收到評論的速度有多快以及是否準時。目前，我們還沒有發現任何問題，但我們會繼續關注。

Understood. Thank you, guys.

明白了。謝謝你們。

Thank you.

謝謝。

Eric Coldwell, Baird.

埃里克·科德威爾，貝爾德。

Good morning, Eric.

早安，埃里克。

Thanks. Good morning. Just a couple of clarifications or add-ons here to other Q&A that's happened. On the Central Lab COVID comp in Q1, are there additional COVID comps throughout 2025 that we should be aware of?

謝謝。早安.這裡僅針對其他問答做出一些澄清或補充。關於第一季的中央實驗室 COVID 比較，我們是否應該注意 2025 年全年的其他 COVID 比較？

Yeah, no, that's a great question, Kevin. I'm sorry, Eric. And I want to start off, Eric, by saying that when I think about the COVID vaccine-related works, in general, it's not a big number. It's about $18 million, we did $18 million last year, we did $18 million in the first quarter of the year before.

是的，不，這是一個很好的問題，凱文。對不起，埃里克。艾瑞克，首先我想說，當我想到與 COVID 疫苗相關的工作時，總體而言，這不是一個很大的數字。大約是 1800 萬美元，去年我們的收入是 1800 萬美元，前年第一季我們的收入也是 1800 萬美元。

This year, we did virtually 0. So it's just in the context of the growth rate we thought it was good to point that out. But in terms of $18 million on a base of $500 million-some odd, it's not a huge number. As I look at the rest of this year, if I assume I have 0 for the rest of this year, I had about $18 million for the whole rest of last year. So it was $18 million in the first quarter last year, and then the next three quarters was $18 million.

今年我們幾乎沒做任何事。因此，我們認為在成長率的背景下指出這一點是件好事。但就 5 億美元（有些奇怪）的基數而言，1800 萬美元並不是一個巨大的數字。當我回顧今年剩餘時間時，如果我假設今年剩餘時間我的收入為 0 美元，那麼去年全年剩餘時間我的收入約為 1800 萬美元。去年第一季是 1800 萬美元，接下來的三個季度也是 1800 萬美元。

So you figure for the rest of this year, it is 0 versus $18 million spread out over three quarters last year, just to give you that context.

因此，您可以計算今年剩餘時間的支出為 0 美元，而去年三個季度的支出為 1800 萬美元，這只是為您提供背景資訊。

Perfect. That's helpful. And then I know you've mentioned a few times the COVID cancel and Central Lab, and you've talked about the book-to-bill would have actually been better absent that, of course, would you care to quantify that cancellation?

完美的。這很有幫助。然後我知道您已經多次提到了 COVID 取消和中央實驗室，並且您還談到如果沒有這些，訂單到出貨比實際上會更好，當然，您願意量化取消的情況嗎？

So we don't typically give numbers, but I would say it was larger slightly larger than about $100 million. So just to give you a round number of where it was about.

因此我們通常不會給出數字，但我想說它比 1 億美元略大。所以我只是給你一個大概的數字。

So a very strong book-to-bill, excluding that?

那麼，除了這一點之外，訂單出貨比非常強勁嗎？

Yes.

是的。

Yeah, okay. And then last one. You've done a lot of discussion on tariffs and how you're planning to offset and absorb them, which is very encouraging. I am curious if you'd be willing to give us a ballpark gross estimate of what kind of headwind you need to absorb? Is it a 1% enterprise revenue kind of impact 2%, something less than that? I'm just trying to get a sense on how much you actually think you need to observe at this point?

嗯，好的。然後是最後一個。你們就關稅以及計劃如何抵消和吸收關稅進行了大量討論，這非常令人鼓舞。我很好奇，您是否願意給我們一個大致的估計，即您需要吸收什麼樣的逆風？這會對企業收入產生 1% 或 2% 左右的影響，還是更低？我只是想知道您認為此時您實際上需要觀察多少？

Yes. So I don't want to give a specific number because we have a whole range of scenarios, to be honest with you. And what I've done with my team, if I looked at the low end, I've looked at the high end of kind of the most likely scenarios. And we know it's crazy scenarios that could take you down a path of one or the other that we don't think are likely. But within that likely scenario, what we're doing is planning for the worst of the most likely scenarios, and I'm hoping for the best, and it gives me a little bit of breathing room.

是的。所以說實話，我不想給出一個具體的數字，因為我們有各種各樣的情況。我和我的團隊所做的就是，如果我看一下最有可能的情況的低端，那麼我就會看一下最有可能出現的情況的高端。我們知道，這些瘋狂的場景可能會讓你走上一條我們認為不太可能發生的路。但在這種可能的情況下，我們正在為最可能出現的情況中的最壞情況做計劃，我希望得到最好的結果，這給了我一點喘息的空間。

So what I would tell you versus others in other industries, ours is a relatively small impact because when you think about 80% of our spend being under contract and you think about the majority of our spend coming from the US, you can get to a number that's relatively manageable under all those scenarios.

因此，我想告訴你們，與其他行業相比，我們的影響相對較小，因為當你考慮到我們 80% 的支出都是合約支出，並且我們的大部分支出來自美國時，你就可以獲得一個在所有這些情況下都相對可控的數字。

Very good, thanks again. I appreciate it.

非常好，再次感謝。我很感激。

Sure, thanks, sir.

當然，謝謝，先生。

Thank you.

謝謝。

Pito Chickering, Deutsche Bank.

皮托·奇克林，德意志銀行。

Morning Peter. Hi there.

早安，彼得。你好呀。

Hi there. You've got a Kieran Ryan on for Peter. Thanks for our questions. I don't have much left here, but I know the -- I know it's still pretty limited visibility, but I was just wondering if you have any thoughts or comments around any potential impacts to your business from some of the changes to Medicaid or ACA exchange subsidies that are being discussed? I know Medicaid and Medicare are only, I think, 10% of your Diagnostic revenues are not very large, but any comments you have would be helpful. Thank you.

你好呀。你讓 Kieran Ryan 來扮演 Peter。感謝我們的提問。我這裡沒有太多剩餘的信息，但我知道——我知道它的可見性仍然非常有限，但我只是想知道您是否對正在討論的醫療補助或 ACA 交換補貼的一些變化對您的業務可能產生的影響有任何想法或評論？我知道醫療補助和醫療保險只佔您們診斷收入的 10%，我認為不是很大，但你們的任何意見都會有所幫助。謝謝。

Yeah, what I would say is that it's together, they're about 10%. As I think about the business there, we've seen switching between so many different parts of the healthcare system would it be Medicare to manage Medicaid to Medicare. And we've seen lots of movement under those scenarios, we continue to do well. What worry would be if there was a significant number of uninsured people that had to pay out of their pocket.

是的，我想說的是，它們加起來大約是 10%。當我思考那裡的業務時，我們已經看到醫療保健系統的許多不同部分之間在轉換，即由醫療保險來管理醫療補助和醫療保險。在這些情況下，我們看到了很多動向，我們繼續表現得很好。如果有大量沒有保險的人必須自掏腰包，那才令人擔憂。

Now I don't think that's likely. I don't think that would be tenable for the states, not for the federal government. But that's where I'd be more worried than seeing a shift between Medicaid, Medicare, Managed Medicaid or going into private plans. So I think all those other things are manageable, and they have different pushes or pulls. Some may have more test recessions. I mean you have a higher price per test.

現在我認為這不太可能。我認為這對各州來說是站不住腳的，對聯邦政府來說也是如此。但我更擔心的是醫療補助、醫療保險、管理式醫療補助或私人計劃之間的轉變。所以我認為所有其他事情都是可控的，並且它們有不同的推動力或拉力。有些國家可能會經歷更多測試性衰退。我的意思是每次測試的價格都更高。

So I think the pushes and pulls offset themselves to some degree. As long as people have insurance coverage, I think that in those scenarios, we do really well.

所以我認為推拉作用在某種程度上會相互抵消。只要人們有保險，我認為在這種情況下我們就能做得很好。

Thank you.

謝謝。

Thank you. This concludes the question-and-answer session. I would now like to turn it back to Adam Schechter for closing remarks.

謝謝。問答環節到此結束。現在我想請亞當謝克特 (Adam Schechter) 作最後發言。

Well, thank you all for joining us today. We look forward to discussing the business with you in the future. Hopefully, you walk away realizing that our Diagnostic business remains very strong. Our BLS business remains strong as well and that we are committed to our patients and to our shareholders alike. I hope you have a great day, and we'll talk to you all soon.

好吧，感謝大家今天加入我們。我們期待將來與您洽談業務。希望您離開時能夠意識到我們的診斷業務仍然非常強勁。我們的 BLS 業務依然強勁，我們致力於服務我們的患者和股東。祝您有個愉快的一天，我們很快就會與您交談。

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。