Labcorp Holdings Inc (LH) 2025 Q2 法說會逐字稿

Good day, and thank you for standing by. Welcome to the Q2 2025 LabCorp Holdings earnings conference call. (Operator Instructions) Please be advised that today's conference is being recorded. I would like to hand the conference over to your speaker today, Christian O'Donnell, Vice President of Investor Relations, please go ahead.

您好，感謝您的支持。歡迎參加 2025 年第二季 LabCorp Holdings 收益電話會議。（操作員指示）請注意，今天的會議正在錄音。我想將會議交給今天的發言人，投資者關係副總裁克里斯蒂安·奧唐納 (Christian O'Donnell)，請繼續。

Thank you, operator. Good morning and welcome to LabCorp's second 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 年第二季電話會議，正如今天的新聞稿中詳細介紹的那樣，今天與我一起提供本次電話會議重播的還有董事長兼首席執行官 Adam Schechter 和執行副總裁兼首席財務官 Julia Wang。

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 were discussed during today's call. Please see the use of adjusted measures section in our press release and investors relations presentation for more information regarding our use of non-GAAP financial measures.

今天早上，我們在公司網站 www.labcorp.com 的投資者關係板塊發布了新聞稿和投資者關係演示文稿，其中包含有關我們業務和運營的更多信息，其中包括非公認會計準則 (Non-GAAP) 財務指標與最具可比性的公認會計準則 (GAAP) 財務會議上均有討論。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 for the estimated 2025 guidance and the related assumptions, the projected impact of various factors on the company's businesses, operating in financial results, cash flows, and or financial condition, including 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、收益和來自啟動板計劃以及收購和其他戰略交易和合作夥伴關係的協同效應、已完成的控股公司以及未來增長機會。

Each of the forward-looking statements is subject to change based upon various factors, many of which are beyond in our most in 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根據各種因素而發生變化，其中許多因素超出了我們在 10-K 表年度報告和 10-Q 表後續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所述的範圍。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 second quarter financial results and progress on our strategy. During the quarter, we delivered double-digit top line growth and solid margin expansion. Our financial results reflect continued strength of our Diagnostics Laboratories business and momentum in our Biopharma Laboratory Services business. Enterprise revenue reached $3.5 billion, representing 10% growth versus last year.

謝謝你，克里斯汀，大家早安。感謝您今天加入我們討論我們的第二季財務業績和策略進展。本季度，我們的營業收入實現了兩位數成長，利潤率也穩定提升。我們的財務表現反映了診斷實驗室業務的持續強勁以及生物製藥實驗室服務業務的發展勢頭。企業營收達到 35 億美元，比去年成長 10%。

Diagnostics revenue grew 9%, reaching $2.7 billion, driven equally by organic growth and acquisitions. Margin improved slightly, including the impact of Invitae. And Invitae continues to perform very well and remains on track.

診斷收入成長 9%，達到 27 億美元，主要得益於有機成長和收購。利潤率略有提高，包括 Invitae 的影響。Invitae 繼續表現良好並保持正軌。

BLS delivered strong revenue performance and grew 11% or 8% constant currency to $785 million, while margins improved 50 basis points. Central Laboratories grew 8% or 4% constant currency and early development grew 20% or 18% constant currency. Importantly, the quarterly book to bill was strong at 1.18, with a trailing12-month of 1.11.

BLS 的營收表現強勁，成長 11%（以固定匯率計算為 8%），達到 7.85 億美元，利潤率提高了 50 個基點。中央實驗室增長了 8% 或以固定匯率計算增長了 4%，早期開發增長了 20% 或以固定匯率計算增長了 18%。重要的是，季度訂單出貨比強勁，達到 1.18，過去 12 個月為 1.11。

Enterprise margin improved 20 basis points and adjusted earnings per share of $4.35 grew 10% year over year. Based upon our performance year to date, and our expectations for the second half of the year, we are raising our enterprise guidance. Julia will provide more details on our results and full year 2025 outlook in just a moment. But first, I'll highlight how our strategy is continuing to enable our growth and our leadership in the industry.

企業利潤率提高了 20 個基點，調整後每股收益為 4.35 美元，年增 10%。根據我們今年迄今的業績以及對下半年的預期，我們正在提高企業指導。朱莉婭稍後將提供有關我們的業績和 2025 年全年展望的更多詳細資訊。但首先，我要強調的是，我們的策略如何繼續促進我們的成長和在產業中的領導地位。

First, in our Diagnostics Laboratories segment, one of our objectives is to be the partner of choice, for health systems and regional local laboratories. By focusing on these customers, we've expanded our presence in hospitals. We've strengthened customer relationships and we've brought in patient access in key geographies, which helps improve patient outcomes and also accelerate growth.

首先，在我們的診斷實驗室部門，我們的目標之一是成為衛生系統和區域本地實驗室的首選合作夥伴。透過關注這些客戶，我們擴大了在醫院的業務。我們加強了客戶關係，並在主要地區引入了患者訪問，這有助於改善患者的治療效果並加速成長。

Through technology solutions, such as Labcorp Diagnostic Assistant, we've been able to provide data and analytics and important insights to our customers. Many of these customers are thought leaders in specialty areas and our collaboration with them mutually benefits our collective scientific expertise.

透過 Labcorp Diagnostic Assistant 等技術解決方案，我們能夠為客戶提供數據、分析和重要見解。許多客戶都是專業領域的思想領袖，我們與他們的合作使我們的集體科學專業知識受益。

In the quarter, we announced acquisitions and partnerships with several health systems and regional local laboratories, including acquiring key clinical and anatomic pathology assets from Incyte Diagnostics in the Pacific Northwest. Extending our long-term agreement with UHealth, the University of Miami Health System, to serve as their preferred laboratory partner, progressing our acquisition of select oncology and clinical testing assets for BioReference health.

本季度，我們宣布與多家醫療系統和區域本地實驗室進行收購和合作，包括從太平洋西北地區的 Incyte Diagnostics 收購關鍵的臨床和解剖病理學資產。延長我們與邁阿密大學健康系統 UHealth 的長期協議，成為其首選實驗室合作夥伴，推進我們為 BioReference 健康收購精選腫瘤學和臨床測試資產。

The transaction is on track to close in the second half of 2025. And subsequent to quarter end, we announced an agreement to acquire select assets of the outreach business from community health systems across 13 states. CHS is one of the largest health care companies in the United States. Looking ahead, we have a strong deal pipeline, and we look forward to sharing our progress in the coming quarters.

該交易預計將於 2025 年下半年完成。在季度末之後，我們宣布了一項協議，將從 13 個州的社區健康系統收購外展業務的部分資產。CHS 是美國最大的醫療保健公司之一。展望未來，我們擁有強大的交易管道，我們期待在未來幾季分享我們的進展。

Second, we continue to launch new and innovative tests in our specialty focus areas, including oncology, women's health, neurology and autoimmune diseases. This focus has helped to accelerate our growth in those categories as well as across our core testing portfolio as physicians utilize our broad test menu to meet the comprehensive needs of these patients.

其次，我們繼續在我們的專業重點領域推出新的創新測試，包括腫瘤學、婦女健康、神經病學和自體免疫疾病。隨著醫生利用我們廣泛的測試菜單來滿足這些患者的綜合需求，這一重點有助於加速我們在這些類別以及核心測試組合中的成長。

We have leading expertise, both scientifically and in the marketplace in these areas, which also complements our BLS business. We partnered with many pharmaceutical and biotechnology companies as they develop novel therapeutics as well as products which require companion diagnostics.

我們在這些領域擁有科學和市場領先的專業知識，這也補充了我們的 BLS 業務。我們與許多製藥和生物技術公司合作，開發新型療法以及需要伴隨診斷的產品。

In the second quarter, we made important progress, launching innovative tests in specialty areas and introducing new capabilities to our customers. We expanded our oncology portfolio with new solutions for cancer detection, diagnosis and monitoring. Key launches include expansion of our MRD portfolio through Labcorp's Plasma Detect, a liquid biopsy test that assesses colon cancer recurrence risk, and PGDX elio plasma focus Dx, the first and only FDA-authorized pan-solid tumor liquid biopsy test for targeted treatment guidance.

第二季度，我們取得了重要進展，在專業領域啟動了創新測試，並向客戶推出了新功能。我們透過癌症檢測、診斷和監測的新解決方案擴展了我們的腫瘤學產品組合。主要發布包括透過 Labcorp 的 Plasma Detect（評估結腸癌復發風險的液體活檢測試）和 PGDX elio Plasma Focus Dx（第一個也是唯一一個獲得 FDA 授權的用於靶向治療指導的全實體腫瘤液體活檢測試）擴展我們的 MRD 產品組合。

We continue to advance our leading position in Alzheimer's disease and plan to offer Fujirebio's FDA-cleared biomarker test, that aids in diagnosing the disease in the coming weeks. We also expanded our consumer offerings. We launched several consumer-initiated tests to Labcorp on-demand, including tests that measure an individual's cortisol and leptin levels. We also introduced a new and improved Ovia app, providing women with a single platform to support their health journey.

我們繼續推進我們在阿茲海默症領域的領先地位，並計劃在未來幾週內提供 Fujirebio 經 FDA 批准的生物標記測試，以幫助診斷疾病。我們也擴大了消費者產品範圍。我們根據消費者需求向 Labcorp 推出了幾項由消費者發起的測試，包括測量個人皮質醇和瘦素水平的測試。我們還推出了全新改進的 Ovia 應用程序，為女性提供一個支持她們健康之旅的單一平台。

We introduced Labcorp Whole Health Solutions for functional medicine, integrative medicine and primary care practices. The solution offers specialized test panels, and a test menu of more than 1,000 scientifically got biomarkers for cardiometabolic health, hormones, micronutrients, longevity and wellness.

我們為功能醫學、整合醫學和初級保健實踐引入了 Labcorp 整體健康解決方案。該解決方案提供專門的測試面板，以及超過 1,000 種科學獲得的心臟代謝健康、激素、微量營養素、長壽和健康的生物標誌物的測試菜單。

Finally, our Central Laboratory business added digital pathology capabilities, including advanced image scanning to preserve critical sample data and AI-powered solutions to provide analysis on large data sets instantly. These enhancements complement our existing global anatomic pathology capabilities, our full-service tissue-based testing and our companion diagnostic development across cancer, mass and other diseases.

最後，我們的中央實驗室業務增加了數位病理學功能，包括用於保存關鍵樣本數據的高級影像掃描和用於立即對大型數據集進行分析的人工智慧解決方案。這些增強功能補充了我們現有的全球解剖病理學能力、我們的全方位組織檢測以及我們在癌症、腫塊和其他疾病方面的伴隨診斷開發。

And third, we are focused on enhancing customer and employee experiences and leveraging technology to drive ongoing operational and process efficiencies. We're using digital technologies and AI to drive improvements in areas such as Net Promoter Score, our LaunchPad initiatives and margins. We expect to see continued benefits as we incorporate technology across our business.

第三，我們專注於提升客戶和員工體驗，並利用科技推動持續的營運和流程效率。我們正在利用數位技術和人工智慧來推動淨推薦值、LaunchPad 計劃和利潤率等領域的改進。隨著我們將技術融入到我們的業務中，我們期望看到持續的收益。

To summarize, we delivered very strong results in the quarter and continued to make significant progress on our strategy. We remain committed to delivering sustained value to our customers, our employees and our shareholders.

總而言之，我們在本季度取得了非常強勁的業績，並繼續在我們的策略上取得重大進展。我們始終致力於為我們的客戶、員工和股東提供持續的價值。

With that, I'll turn the call over to Julia to discuss our financial results, and 2025 outlook in further detail.

接下來，我將把電話轉給朱莉婭，進一步討論我們的財務表現和 2025 年展望。

Thank you, Adam. As Adam just shared in the opening remarks, we delivered strong underlying performance from both segments in the quarter as we have continued to win in the marketplace and execute against our strategy. The strong quarter, combined with favorable foreign exchange rate, enables us to raise our full year guidance.

謝謝你，亞當。正如亞當在開場白中所說，由於我們繼續在市場上獲勝並執行我們的策略，我們在本季度的兩個部門都取得了強勁的基礎業績。本季表現強勁，加上有利的外匯匯率，使我們能夠提高全年業績預期。

Now let me start with a review of our Q2 financials. Revenue for the quarter was $3.5 million, an increase of 9.5% compared to last year, driven by organic growth of 5.4%, the impact from acquisitions of 3.5% and foreign currency translation of 0.6%. Operating income for the quarter was $395 million or 11.2% of revenue, which is 15.1% on an adjusted basis.

現在讓我開始回顧我們的第二季財務狀況。本季營收為 350 萬美元，較去年同期成長 9.5%，其中有機成長 5.4%，收購影響 3.5%，外幣折算影響 0.6%。本季營業收入為 3.95 億美元，佔營收的 11.2%，調整後為 15.1%。

During the quarter, we had $69 million of restructuring charges and special items, primarily related to acquisitions and nonpatent initiatives. Excluding these items and amortization of $68 million, adjusted operating income in the quarter was $532 million or 15.1% of revenue compared to $480 million or 14.9% of revenue last year.

本季度，我們有 6,900 萬美元的重組費用和特殊項目，主要與收購和非專利計劃有關。不包括這些項目和 6,800 萬美元的攤銷，本季調整後的營業收入為 5.32 億美元，佔營收的 15.1%，而去年同期為 4.8 億美元，佔營收的 14.9%。

The increase in adjusted operating income was due to organic demand as we leveraged well on our revenue growth. Our LaunchPad initiatives continues to be on track in the quarter, which offset typical increases in personnel costs. Despite a 30 basis points headwind from Invitae, adjusted operating margin increased 20 basis points.

調整後營業收入的成長是由於我們充分利用了收入成長所帶來的有機需求。我們的 LaunchPad 計劃在本季繼續順利進行，抵銷了人員成本的典型成長。儘管受到來自 Invitae 30 個基點的阻力，調整後的營業利潤率仍增加了 20 個基點。

The adjusted tax rate for the quarter was 23.1% 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 $238 million or $2.84 per diluted share. Adjusted EPS was $4.35 in the quarter, up 10.4% from last year, as we leveraged well our revenue growth. Operating cash flow was $621 million in the quarter compared to $561 million a year ago.

本季調整後的稅率為 23.1%，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 2.38 億美元，即每股 2.84 美元。由於我們充分利用了營收成長，本季調整後每股收益為 4.35 美元，較去年同期成長 10.4%。本季經營現金流為 6.21 億美元，去年同期為 5.61 億美元。

Capital expenditures totaled $78 million in the quarter. For the full year, we continue to expect CapEx expenditures to be approximately 3.8% of revenue. Free cash flow for the quarter was $543 million compared to $433 million last year. This $110 million increase in free cash flow was driven by higher earnings and the timing of capital expenditures.

本季資本支出總計 7800 萬美元。就全年而言，我們繼續預期資本支出將佔收入的約 3.8%。本季自由現金流為 5.43 億美元，去年同期為 4.33 億美元。自由現金流增加 1.1 億美元，是由收益增加和資本支出時機所推動的。

During the quarter, the company invested $25 million in acquisitions and partnerships, paid out $16 million in dividends and repurchased $200 million of stock. At quarter end, we had $647 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 range of 2.5 times to 3 times.

本季度，該公司投資了 2,500 萬美元用於收購和合作，支付了 1,600 萬美元的股息，並回購了價值 2 億美元的股票。截至本季末，我們擁有 6.47 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總債務的 2.5 倍，而過去 12 個月調整後的 EBITDA 則處於我們目標槓桿率範圍 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 $2.7 million, an increase of 8.9% compared to last year, with organic growth of 4.5% and acquisitions of 4.5%, partially offset by foreign currency translation of 0.1%. Total volume increased 4.9% compared to last year, with organic volume contributing 3.4%, as we continued to execute our strategy and drive strong demand. Acquisitions contributed 1.5%.

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 270 萬美元，較去年同期成長 8.9%，其中有機成長 4.5%，收購成長 4.5%，但外幣折算 0.1% 的部分影響被抵銷。由於我們繼續執行策略並推動強勁需求，總銷量與去年相比增長了 4.9%，其中有機銷量貢獻了 3.4%。收購貢獻了1.5%。

Price mix increased 4% versus last year due to organic growth of 1.1% and acquisitions of 3%, partially offset by foreign currency translation of 0.1%. Organic price mix was up due to (inaudible) as we benefited from an increase in tax procession and lab management agreements. Diagnostics adjusted operating income for the quarter was $483 million or 17.6% of revenue compared to $442 million or 17.5% of revenue last year.

由於有機成長 1.1% 和收購成長 3%，價格組合較去年同期上漲 4%，但外幣折算 0.1% 的部分抵銷了這一影響。有機價格組合上漲是由於（聽不清楚）我們受益於稅務處理和實驗室管理協議的增加。本季診斷調整後的營業收入為 4.83 億美元，佔營收的 17.6%，去年同期為 4.42 億美元，佔營收的 17.5%。

Adjusted operating margin was up 10 basis points. We continue to be pleased with the progress,we are making in Invitae, which will annualize next quarter. Invitae remains on track to achieve 10% revenue growth and to be slightly accretive for full year 2025. Excluding the impact of Invitae, margins would have been up approximately 50 basis points.

調整後的營業利益率上升了10個基點。我們對 Invitae 所取得的進展感到非常滿意，該公司將於下個季度實現年度化。Invitae 仍有望實現 10% 的營收成長，並在 2025 年全年實現小幅成長。如果不計 Invitae 的影響，利潤率將上升約 50 個基點。

Now I will review the segment performance of Biopharma Laboratory Services of BLS. Revenue for the quarter was $785 million, an increase of 11% compared to last year, due to an increase in organic revenue of 7.8% and foreign currency translation of 3.2%. In constant currency, Central Labs revenue was up approximately 4%, while early development was up approximately 18%.

現在我將回顧 BLS 生物製藥實驗室服務部門的表現。本季營收為 7.85 億美元，較去年同期成長 11%，原因是有機收入成長 7.8%，外幣折算成長 3.2%。以固定匯率計算，中央實驗室的收入增長了約 4%，而早期開發的收入增長了約 18%。

The growth in early development was primarily driven by a relatively easy compared to prior year as well as timing of study starts. We still expect both businesses to grow in the mid-single digits on a constant currency basis for the full year, with early development facing more challenging year over year comparisons particularly in the fourth quarter.

早期發展的成長主要是因為與前幾年相比，學習開始的時間相對容易。我們仍然預計，以固定匯率計算，這兩項業務全年都將實現中等個位數成長，但早期開發將面臨更具挑戰性的同比成長，尤其是在第四季。

BLS adjusted operating income for the quarter was $123 million or 15.7% of revenue compared to $107 million or 15.2% of revenue last year. Adjusted operating income and margin increased, primarily driven by organic demand and operating efficiencies. We ended the quarter with a backlog of $8.7 billion, and we expect approximately $2.7 billion of this backlog to convert into revenue over the next 12 months.

BLS 本季調整後的營業收入為 1.23 億美元，佔營收的 15.7%，而去年同期為 1.07 億美元，佔營收的 15.2%。調整後的營業收入和利潤率增加，主要受有機需求和營運效率的推動。本季結束時，我們的積壓訂單為 87 億美元，我們預計其中約 27 億美元將在未來 12 個月內轉化為營收。

Our segment quarterly book to bill was strong at 1.18, bringing the trailing 12 month book to bill to 1.11. The (inaudible) was driven by several large star deal awards in Central Labs. Now I will discuss our updated 2025 full year guidance, which assume foreign exchange rates effective as of June 30, 2025, for the remainder of the year.

我們部門季度訂單出貨比表現強勁，達到1.18，過去12個月訂單出貨比達到1.11。 （聽不清楚）主要得益於中央實驗室獲得的幾筆大型明星交易。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 6 月 30 日為準。

The enterprise guidance also includes the impact from currently anticipated capital allocation, utilizing free cash flow for acquisitions, share repurchases and dividends. Our guidance has taken into account various scenarios as the macro and regulatory landscape continues to evolve. We are raising guidance for enterprise revenue, adjusted EPS and free cash flow, primarily driven by currency as well as the underlying strength of our businesses.

企業指引也包括目前預期的資本配置的影響，利用自由現金流進行收購、股票回購和股利。隨著宏觀和監管環境的不斷發展，我們的指導已經考慮了各種情況。我們正在提高企業收入、調整後每股盈餘和自由現金流的預期，這主要受到貨幣以及我們業務的潛在實力的推動。

We raised the 2025 enterprise revenue guidance by 70 basis points at the midpoint and narrowed the growth range to 7.5% to 8.6%, when compared to 2024. Diagnostics continues to execute well in the marketplace. We raised Diagnostics revenue guidance by 40 basis points at the midpoint and narrowed the growth range to 7% to 8%.

我們將 2025 年企業收入預期中位數上調了 70 個基點，並將成長區間縮小至 7.5% 至 8.6%（與 2024 年相比）。診斷產品在市場上繼續表現良好。我們將診斷業務收入預期中位數上調了 40 個基點，並將成長範圍縮小至 7% 至 8%。

In BLS, we increased the midpoint by 280 basis points due to the favourable impact of foreign currency and narrowed the growth range to 6.1% to 7.5%. We continue to expect full year enterprise margins to increase, with margins improving in both Diagnostics and BLS in 2025 versus 2024. For Diagnostics, we expect margin expansion in the second half of the year versus prior year. For BLS, we expect margins to be stronger in second half than first half, [albeit] overlapping a stronger prior year comparison.

在 BLS，由於外幣的有利影響，我們將中間點提高了 280 個基點，並將成長區間縮小至 6.1% 至 7.5%。我們繼續預計全年企業利潤率將會提高，2025 年診斷和 BLS 的利潤率都將比 2024 年有所提高。對於診斷業務，我們預計今年下半年的利潤率將比去年同期擴大。對於 BLS 來說，我們預計下半年的利潤率將高於上半年，[儘管]與去年同期的利潤率有所重疊。

Our guidance range for adjusted EPS is $16.05 to $16.50, with an implied growth rate at the midpoint of 12%. As compared to our prior guidance, we have narrowed the range and raised the midpoint by approximately $0.23, benefiting from both currency and strengthening our underlying businesses.

我們對調整後每股盈餘的預期範圍為 16.05 美元至 16.50 美元，隱含成長率為中間值 12%。與我們先前的指導相比，我們縮小了範圍並將中間點提高了約 0.23 美元，這既得益於貨幣，也加強了我們的基礎業務。

Our free cash flow guidance range is $1.125 million to $1.275 million. We raised the midpoint by $25 million versus prior guidance. And due to normal seasonality, we expect to generate the majority of free cash flow in the second half of the year.

我們的自由現金流指導範圍是 112.5 萬美元至 127.5 萬美元。與先前的指導相比，我們將中間點提高了 2500 萬美元。由於正常的季節性，我們預計大部分自由現金流將在下半年產生。

In closing, we continue to be encouraged by the strong performance across both business segments this quarter. The results reflect the effective execution of our strategy, the resilience of our operations and the dedication of our teams across the organization. As we look ahead, we remain confident in our ability to deliver sustainable growth and long-term value for our shareholders. Operator, we will now take questions.

最後，我們繼續對本季兩個業務部門的強勁表現感到鼓舞。結果反映了我們策略的有效執行、我們營運的彈性以及整個組織團隊的奉獻精神。展望未來，我們仍有信心為股東實現永續成長和長期價值。接線員，我們現在來回答問題。

(Operator Instructions) Michael Cherny, Leerink Partners.

（操作員指示）Michael Cherny，Leerink Partners。

Good morning, everyone. Congrats on a nice quarter. Maybe if I could just dive in a little bit on the volume dynamics and mix. I mean it seems like everything is fairly broad-based at them. Is there anywhere that you think you're pushing harder relative to customer base, payer mix, test type, that could be more of -- call it, an offensive approach to growth?

大家早安。恭喜本季取得良好業績。也許我可以稍微深入研究一下音量動態和混音。我的意思是，看起來他們的一切都相當廣泛。您認為在客戶群、付款人組合、測試類型方面您在哪些方面做得更努力，可以稱之為一種進攻性的成長方式嗎？

I'm just trying to parse through what exactly is going on in terms of driving the stability of growth this year, given that I know there's a number of potential moving pieces on the regulatory side, that has been a big question for volumes for next year and beyond. So if we can parse those two pieces together, that would be great.

我只是試著分析今年在推動成長穩定性方面究竟發生了什麼，因為我知道監管方面存在許多潛在的變動因素，這對於明年及以後的銷售來說是一個大問題。所以如果我們能將這兩個部分放在一起分析，那就太好了。

Yes, will do. And first of all, we appreciate the congratulations. It was a very strong quarter. And we saw the strength across both the Diagnostics and the BLS business, which gives us a lot of momentum for the second half of the year as we go into next year. Specific to your question on Diagnostics, the revenue was $2.7 billion, about 10% growth. But I think that the important thing is to look at the volume and where the growth came from. So about half of the 9% growth came from organic growth, and about the other half, 4.5% came from acquisitions.

是的，我會的。首先，我們感謝您的祝賀。這是一個非常強勁的季度。我們看到了診斷和 BLS 業務的強勁表現，這為我們進入明年下半年提供了巨大的動力。具體到您關於診斷的問題，收入為 27 億美元，成長約 10%。但我認為重要的是看數量以及增長來自哪裡。因此，9% 的成長中約有一半來自有機成長，另一半（4.5%）來自收購。

So then I look separately at what was volume. Overall, volume was up about 5%, and then price mix was up 4%. And then take it to organic volume. If you look at organic volume, it was up about 3.5%. And I think that shows the strength of the underlying growth that we have. Historically, that growth was 1% to 2%. So I do think we're seeing some accelerated growth.

因此，我單獨看一下體積是多少。總體而言，交易量上漲了約 5%，價格組合上漲了 4%。然後將其轉化為有機體積。如果你看一下有機交易量，它上漲了約 3.5%。我認為這體現了我們潛在的成長實力。從歷史上看，這一增長率為1%至2%。所以我確實認為我們正在看到一些加速成長。

I think the accelerated growth is coming from several areas. One is the hospital, regional local laboratory deals that we're doing are serving us well. It expands access in the hospitals and the surrounding geographies. But I think when you win those hospital deals, the access in those geographies works to your benefit and you actually gain share.

我認為加速成長來自幾個方面。一是我們正在進行的醫院、區域本地實驗室交易對我們很有幫助。它擴大了醫院和周邊地區的覆蓋範圍。但我認為，當你贏得這些醫院交易時，這些地區的權利將對你有利，你實際上也會獲得市場份額。

The second thing is the focus on our specialty products in the areas of oncology, on neurology, autoimmune disease and neurology. Those areas are growing 3 times to 4 times faster than the overall diagnostic market. And by focusing on those areas, you not only do well in those areas, but typically, those patients have more severe disease. And with more severe disease, physicians typically look for more tests in order to understand the diseases. So therefore, the routine test that we do actually grow faster when you have a focus on the specialty areas.

第二件事是專注於腫瘤學、神經病學、自體免疫疾病和神經病學領域的特色產品。這些領域的成長速度比整體診斷市場快3倍到4倍。透過關注這些領域，您不僅可以在這些領域做得很好，而且通常這些患者的病情會更嚴重。對於更嚴重的疾病，醫生通常會進行更多的檢查以了解疾病。因此，當你專注於專業領域時，我們進行的常規測試實際上會成長得更快。

And I think those two things are helping us accelerate our growth faster than you would expect, which gives me a lot of -- gives us a lot of momentum going into 2026.

我認為這兩件事正在幫助我們以超出預期的速度加速成長，這給了我們很大的動力，讓我們能夠邁向 2026 年。

Ann Hynes, Mizuho.

安‧海因斯 (Ann Hynes)，瑞穗。

Good morning and thank you. I just want to ask about the legislative and regulatory outlook. Obviously, there's a lot of changes coming over the next few years. Maybe how we should think about PAMA going into 2026? Do you think the risk has increased of those cuts coming back?

早安，謝謝。我只是想問一下立法和監管前景。顯然，未來幾年將會發生很多變化。也許我們應該如何思考 PAMA 走向 2026 年？您是否認為再次削減保單的風險增加？

And just on the legislative front, as time goes by, it probably seems clear that the [HCLA] subsidies are not being extended. How do you think those enhanced subsidies have positively impacted your business? And how should we view the risk in 2026?

就立法方面而言，隨著時間的推移，似乎很明顯 [HCLA] 補貼不會延長。您認為這些增加的補貼對您的業務有何正面影響？而我們又該如何看待2026年的風險呢？

And just on the Medicaid side, can you remind us what Labcorp was Medicaid exposure, and how changes to enrolment over the next few years could impact you? Thanks.

就醫療補助方面而言，您能否提醒我們 Labcorp 對醫療補助的了解程度如何，以及未來幾年註冊的變化會對您產生什麼影響？謝謝。

Yes, So let me start overall with how I think about the momentum we're going into the year next year with. And I think that the strength that you see in the quarter is going to serve us well.

是的，那麼讓我先從總體上談談我對我們明年的發展勢頭的看法。我認為本季所展現出的強勁勢頭將為我們提供良好的服務。

As I look at the legislative changes and you look at the one beautiful [bill], you look at PAMA and so forth, I look at them individually. So let me start with PAMA. PAMA, we're continuing to work with HCLA, the trade organization, to try to get legislation approved, that actually would be more as to what they were trying to achieve with PAMA in the first place. And we're going to continue to work on a legislative solution.

當我審視立法變化時，你會看到一項漂亮的法案，你會看到 PAMA 等等，我會逐一審視它們。那麼讓我先從 PAMA 開始。PAMA，我們將繼續與貿易組織 HCLA 合作，爭取立法批准，這實際上更符合他們最初試圖透過 PAMA 實現的目標。我們將繼續致力於立法解決方案。

If that doesn't happen, we'll continue to seek ways, to see if it can be delayed again so that we can get appropriate legislation approved, of which we have very strong support from both Democrats and Republicans. If the delay doesn't occur, then we could also work to see, is there a way to ensure that the appropriate data is available to help calculate PAMA in a way which it was intended be calculated, meaning that you need more data than just some of the laboratories.

如果這種情況沒有發生，我們將繼續尋找方法，看看是否可以再次推遲，以便我們能夠獲得適當的立法批准，我們得到了民主黨和共和黨的大力支持。如果沒有發生延遲，那麼我們還可以研究是否有辦法確保有適當的數據來幫助以預期的方式計算 PAMA，這意味著您需要的數據不僅僅是一些實驗室的數據。

You need a lot of the hospital laboratories to get all the data you need. All three of those things are things that we'll be working on as we go through this year. In my base case, I've always said, assume PAMA comes next year, and I've said that for the last probably five years now. And we build our base case that it's coming because we don't know if any of these other strategies will actually occur.

您需要大量的醫院實驗室來獲取所需的所有數據。這三件事都是我們今年要努力完成的事。在我的基本情況下，我總是說，假設 PAMA 明年到來，而且我大概已經這麼說了五年了。我們建立基本情況來預測它的到來，因為我們不知道這些其他策略是否真的會發生。

If PAMA does come next year, it will be about $100 million impact, top and bottom line, of which we've worked hard to offset as much of that as we possibly could through things like LaunchPad and even going further than what we've done with LaunchPad.

如果 PAMA 明年真的到來，那麼它將帶來約 1 億美元的影響，包括頂線和底線，其中我們已經盡力透過 LaunchPad 之類的項目來抵消盡可能多的影響，甚至比 LaunchPad 所做的還要進一步。

Separate and distinct from that, when I think about other legislation, I would say in broad terms, we see some tailwinds than we see some headwinds. But if you look at it all together and you look to all the different scenarios, for our business, we think it's manageable. First of all, if you look at lab testing, it's a very small fraction of US health care spend, but it's an essential tool and it's used in almost every health care decision. So people realize the importance of laboratory testing.

與此不同，當我考慮其他立法時，我會從廣義上說，我們看到一些順風，而不是一些逆風。但如果把所有情況綜合起來考慮，並考慮所有不同的情況，我們認為對於我們的業務而言，這是可控的。首先，如果你看一下實驗室測試，它只占美國醫療保健支出的一小部分，但它是一種必不可少的工具，幾乎在每一個醫療保健決策中都會使用它。因此人們認識到實驗室測試的重要性。

If you think about the legislation, I think it's going to be harder in some of our customers like hospitals. And it could have hospitals work with us faster and want to do even more deals with us in terms of outreach business and also running the hospital laboratories. In addition to that, if you look at the health care exchange and expiration of the tax credits, there could be a negative impact, and we've measured that to be as high as 30 basis points.

如果你考慮立法，我認為對於我們的一些客戶（例如醫院）來說，情況會變得更加困難。這可以讓醫院更快地與我們合作，並希望在外展業務和運營醫院實驗室方面與我們達成更多交易。除此之外，如果你看看醫療保健交易和稅收抵免的到期情況，可能會產生負面影響，我們計算出這種影響高達 30 個基點。

If you look at Medicaid, I don't think anything is going to really happen until 2028. And the key is going to be do people find insurance through other ways through states or spouses that might have insurance. To me, the key is if people have insurance, we find ways to be successful. When there's a very large group of people that could become uninsured, that's where we get concerned. I don't think that's likely.

如果你看看醫療補助計劃，我認為直到 2028 年才會真正發生任何事情。關鍵在於人們是否透過其他方式（例如可能有保險的州或配偶）找到保險。對我來說，關鍵在於如果人們有保險，我們就能找到成功的方法。當一大群人可能失去保險時，我們就會感到擔憂。我認為這不太可能。

I don't think it's very likely in the United States that you'll have a very big group of people automatically become uninsured in a specific period of time. So net-net, boiling it all down, PAMA put aside, we'll do everything we can to either change the legislation delay or offset as much as we can. The other legislative things are manageable when you look at the impact net-net.

我認為，在美國，不太可能出現一大群人在特定時期內自動失去保險的情況。因此，總而言之，撇開 PAMA 不談，我們將盡一切努力改變立法延遲或盡可能地抵消。當你從影響淨值來看時，其他立法事宜都是可控的。

The only thing I would add is we do not expect the one big, beautiful bill to have a material impact on our overall effective tax rate. We continue to expect our tax rate to be approximately 23% for four years, 2025 and beyond.

我唯一想補充的是，我們不希望這項美麗的法案對我們的整體有效稅率產生實質影響。我們預計，2025 年及以後四年內我們的稅率將維持在 23% 左右。

Kevin Caliendo, UBS.

瑞銀的 Kevin Caliendo。

Good morning, congrats. Really, really impressive performance, guys. Can I ask about the Community Health deal a little bit? We didn't get a lot of details from you around it. I understand it's not going to close till 4Q, and so the impact this year isn't great.

早安，恭喜。夥計們，表現真的非常令人印象深刻。我可以問一下社區健康協議的問題嗎？我們沒有從您那裡獲得有關此事的許多詳細資訊。據我所知，它要到第四季才會結束，所以今年的影響不會很大。

But from an absolute size perspective, $195 million is meaningful. Is this deal expected to be accretive in the first 12 months? Can you talk a little bit about maybe the mix of the business or the profitability of that? Does it need to be repriced? As much detail as you can provide because obviously, it's going to be a somewhat interesting piece of the bridge when we think about 2026.

但從絕對規模來看，1.95億美元是有意義的。這筆交易預計會在前 12 個月內產生增值嗎？您能否稍微談談業務組合或獲利能力？需要重新定價嗎？請提供盡可能多的細節，因為顯然，當我們想到 2026 年時，它將成為橋樑中一個有趣的部分。

Yeah, no, absolutely. Kevin. First thing I'd say is that if you recall, we actually increased the range that we thought that inorganic growth would happen. It used to be 1% to 2%, now we say 1.5% to 2.5%. A lot of that is incorporated because of the hospital deals that we're doing, of which this is one.

是的，絕對不是。凱文。我想說的第一件事是，如果你還記得的話，我們實際上擴大了我們認為無機成長會發生的範圍。以前是1%到2%，現在我們說是1.5%到2.5%。其中許多都是因為我們正在進行的醫院交易而納入的，這是其中之一。

If I look at the deal and the hospital deals, our bar is high. We want them to be accretive in the first year, return our cost of capital in a couple of years, and be something that we know how to do and integrate with a good partner we can work with. And I would say CHS deal, it meets all those criteria.

如果我看一下這筆交易和醫院交易，我們的標準很高。我們希望它們在第一年就實現增值，在幾年內收回我們的資本成本，並且成為我們知道如何做並且能夠與優秀的合作夥伴合作的事情。我想說 CHS 交易符合所有這些標準。

Obviously, it's going to depend on how fast we can close and so forth to see what the impact will be, but we're going to try to work with them to close as quickly as we possibly can. As you said, we paid $195 million of cash, and I think it's going to prove to be another really good hospital deal for us.

顯然，這將取決於我們能多快完成等等，看看會產生什麼影響，但我們將嘗試與他們合作，盡快完成。正如您所說，我們支付了 1.95 億美元現金，我認為這對我們來說將是另一筆非常好的醫院交易。

It's the outreach business, which is typically the higher margin business. It's the hospital laboratory when we run those laboratories that you have a lower margin, albeit a high return on cost of capital business. So this is outreach, which actually is better for margins.

這是外展業務，通常是利潤率較高的業務。當我們經營醫院實驗室時，儘管資本成本回報率很高，但利潤率較低。所以這是外展，實際上對利潤率更有利。

Patrick Donnelly, Citi.

花旗銀行的 Patrick Donnelly。

Good morning, thanks for taking up the question. Maybe one on the BLS segment, nice performance there, and nice to see the bookings pick up as well. Can you just talk about what you saw in the quarter? I guess, both Central Labs and then particularly the early development business, looked like it picked up a little bit of momentum as the quarter went.

早安，感謝您提出這個問題。也許是 BLS 領域的一個，那裡的表現不錯，很高興看到預訂量也在回升。您能談談本季看到的情況嗎？我想，隨著本季的進展，中央實驗室以及早期開發業務似乎都獲得了一些發展動能。

Obviously, you've heard from the CRO group this week, quite positive in terms of some of those trends. So are you -- did you see improvement as the quarter went? Can you just talk about some of those customer conversations? I know if we rewind (technical difficulty), there's a lot of concern about this business. It seems like it's turning the corner a bit. So we'd love to pull the curtain back a little bit there.

顯然，您本週從 CRO 小組那裡聽說，就某些趨勢而言，他們的看法相當積極。那麼，隨著本季的進展，您是否看到了改善？能談談一些與客戶的對話嗎？我知道如果我們倒回去（技術難題），就會有很多人擔心這個生意。看起來好像有點轉彎了。因此，我們想將窗簾稍微拉開一點。

And what you saw as the quarter went and then again, expectations going forward just given the bookings. Thank you.

隨著本季的進展，以及根據預訂量對未來的預期，您會看到什麼。謝謝。

Sure. So I'll start off with the BLS revenue was 11% increase year over year. It was 8% if you look at constant currency. And we had good growth for both businesses. We had 8% or 4% constant currency for our Central Labs and 20 or 18 for ED. But let me break that apart for you and then I want to talk about the book to bill.

當然。首先我要說的是，BLS 的營收年增了 11%。如果以固定匯率計算，這個數字是 8%。我們的兩項業務都取得了良好的成長。我們的中央實驗室有 8% 或 4% 的固定貨幣，ED 有 20% 或 18% 的固定貨幣。但讓我先為您分解一下，然後我想談談這本書的帳單。

If you look at the ED, it was a relatively easy compare to the prior year, which accelerate the growth. If you look at fourth quarter of this year, it's going to be a much more difficult compare for ED than the second quarter was.

如果你看 ED，你會發現與前一年相比，這相對容易，從而加速了成長。如果你看今年第四季度，你會發現 ED 的處境比第二季度困難得多。

The other thing is when studies start, you tend to get a [bonus] of payment at the start of the study. So we had some additional study starts in the quarter. But putting all that aside, ED is back to growth, and we expect it to grow for the full year in the mid-single digits, which is a good place for us to be.

另一件事是，當學習開始時，你往往會在學習開始時獲得一筆[獎金]。因此我們在本季開始了一些額外的研究。但拋開所有這些不談，ED 已經恢復成長，我們預計全年成長率將達到中等個位數，這對我們來說是一個好成績。

And if you look at ED, what I look at is our number of RFPs that come in, which remain consistent. I look at our win rate, which remains consistent. And the thing that I look at most carefully now is whether the trials start on time. And that's something we're going to continue to look at very closely. But when I look at the second quarter, the win rate, the RFPs and the timing of studies looked good.

如果你看一下 ED，我所看到的是我們收到的 RFP 數量，這些數量保持一致。我看了看我們的勝率，它保持穩定。我現在最關注的事情是試驗是否按時開始。我們將繼續密切關注此事。但當我看第二季度時，中標率、RFP 和研究時機看起來都很好。

If I look at Central Laboratory, that's where I focus a lot on book to bill. If you look at the whole business, BLS, the book to bill was very strong, and it was at 1.1 if you look at the trailing 12-month book to bill, which is a very good place to be. I've always said, you have to be above 1, we're at 1.1.

如果我看一下中央實驗室，我會非常注意訂單到出貨的情況。如果你看一下整個業務，BLS，訂單出貨比非常強勁，如果你看一下過去 12 個月的訂單出貨比，則為 1.1，這是一個非常好的水平。我一直說，你必須高於 1，我們現在是 1.1。

That was driven by a couple of large trials that we won in the central laboratories. The good thing about large trials are they give you fuel for a longer period of time. So I feel really good about the book to bill that we posted. And I think it gives us momentum when you think about the Central Laboratory business moving into the future.

這是由我們在中央實驗室贏得的幾次大型試驗所推動的。大型試驗的好處是它們可以為你提供更長的燃料。所以我對我們發布的書單感到非常滿意。我認為，當您考慮中央實驗室業務的未來發展時，這會給我們帶來動力。

Lisa Gill, JPMorgan.

摩根大通的麗莎吉爾。

Good morning Adam and Julia. Adam, can you maybe just discuss anything on the horizon around managed care contracting? Do you have any large contracts that are up renewal going into '26? Any changes around how you're contracting with managed care?

早上好，亞當和茱莉亞。亞當，您能否討論一下有關管理式醫療承包的任何未來發展趨勢？您是否有 26 年即將續約的大合約？您與管理式醫療簽訂合約的方式有什麼改變嗎？

Yes. So as I look at our managed care contracts, they typically vary length anywhere from three years to five years. So each year, we're renewing maybe 20%, 25% of our contracts. We continue to see unit price relatively flat, which is a good place to be. I'm confident that we've got the renewals that we need for this year, and I feel good. Those are secured, the reasonable terms and reasonable rates, they're supportive of our near long-term guidance.

是的。因此，當我查看我們的管理式醫療合約時，它們的長度通常從三年到五年不等。因此，我們每年大概會續約 20% 到 25% 的合約。我們繼續看到單價相對平穩，這是一個好的狀態。我相信我們已經獲得了今年所需的更新，我感覺很好。這些都是有保障的，合理的條款和合理的利率，它們支持我們的近期長期指導。

And as I look into the future, I feel confident that we have very good relationships. And one of the things, that helps is the hospital deals that you do actually causes the rates to go down for the payers. And I think the more hospital deals we do, the more we're able to talk to payers about the benefit that we're providing to them above and beyond just talking about the cost of our individual tests. So I think that has served us well in those discussions, but I feel very good about our position.

展望未來，我堅信我們之間的關係會非常好。其中有幫助的一點是，你們與醫院達成的交易實際上會降低付款人的費用。我認為，我們與醫院達成的交易越多，我們就越有能力與付款人談論我們為他們提供的福利，而不僅僅是談論我們各個測試的成本。所以我認為這對我們在討論中很有幫助，但我對我們的立場感到非常滿意。

Jack Meehan, Nephron Research.

傑克·米漢（Jack Meehan），腎元研究。

Good morning, Adam, good morning, Julia. So we're almost at the one-year anniversary, the Invitae deal, I wanted to hear just how you feel like revenue is tracking there? How competitive dynamics are in the market? And then finally, just confidence in getting the business profitable?

早安，亞當，早安，茱莉亞。我們與 Invitae 的交易已經快要一周年了，我想聽聽您覺得該筆交易的收入情況如何？市場競爭動態如何？最後，您對企業獲利有信心嗎？

So I am very confident in our position with Invitae. That integration is going extremely well. I'm confident in the revenue growth of 10% yearly, and I'm also confident in it being slightly accretive for the full year. The team is doing a great job. We've improved the customer experience. The customers are excited. So everything is right on track, and I feel very good about where we are in the position. It's a great add to the offerings that we had for both women's health and specialty areas.

因此，我對我們在 Invitae 的地位非常有信心。此次整合進展非常順利。我對每年 10% 的收入成長充滿信心，我也對全年收入略有成長充滿信心。該團隊表現出色。我們改善了客戶體驗。顧客們很興奮。所以一切都在按計劃進行，我對我們目前的狀況感到非常滿意。這對於我們在女性健康和專業領域所提供的服務來說是一個很大的補充。

And our sales reps are excited to have it as part of us, but also the physicians are excited that we now have that offering as part of Labcorp.

我們的銷售代表很高興它成為我們的一部分，醫生們也很高興我們現在將服務作為 Labcorp 的一部分。

Hi Jack, maybe I can provide some additional color as it relates to margin overall, inclusive of Invitae. [lesser] then we are very encouraged by our strong performance in the second quarter, whereby we grew top line by almost double digits, with 20 basis points of margin expansion, despite a 30 basis points headwind from Invitae. This enterprise margin expansion in the quarter was actually supported by the improvements in both business segments.

嗨，傑克，也許我可以提供一些額外的信息，因為它與包括 Invitae 在內的整體利潤率有關。 [較少] 那麼我們對第二季度的強勁表現感到非常鼓舞，儘管受到來自 Invitae 30 個基點的阻力，我們的營收仍增長了近兩位數，利潤率增長了 20 個基點。本季企業利潤率的擴大實際上是受到兩個業務部門改善的支持。

Given the first half results, we actually expect to drive margin expansion in the second half at a level that will enable us to deliver full year margin ratio growth once then supported by both segments. So when you think about the cadence for Diagnostics, we tend to see the margins being the highest in the second quarter, and then sequentially moderating in Q3 versus Q2 and then Q4 versus Q3.

鑑於上半年的業績，我們實際上預計下半年的利潤率將擴大到一定水平，一旦得到兩個部門的支持，我們將能夠實現全年利潤率的成長。因此，當您考慮診斷的節奏時，我們傾向於看到利潤率在第二季最高，然後在第三季相對於第二季、第四季相對於第三季依序下降。

For the BLS segment, we also expect margins to be up in the second half versus prior year. However, not necessarily at the pace that we saw in Q1 or Q2 considering we have a significant margin progress throughout last year. So overall, I would say that as an organization, we are highly focused on continuing to deliver strong top line growth, while driving margin expansion through operating efficiency.

對於 BLS 部門，我們也預計下半年的利潤率將比去年同期有所上升。然而，考慮到我們去年全年的利潤率取得了顯著的成長，我們不一定能達到第一季或第二季的速度。所以總的來說，我想說，作為一個組織，我們高度專注於繼續實現強勁的收入成長，同時透過營運效率推動利潤率擴張。

Elizabeth Anderson, Evercore ISI.

伊麗莎白·安德森，Evercore ISI。

Good morning, thanks for taking up the questions and congrats. I was wondering if you could maybe expand a little bit more on your BLS commentary? If you have any comments on sort of biotech versus pharma or sort of pockets of strength that you're seeing in general? So obviously, with the book-to-bill, I imagine, it's decently widespread.

早安，感謝您回答問題並表示祝賀。我想知道您是否可以進一步闡述您的 BLS 評論？您對生物技術與製藥業的對比，或者您整體上看到的哪些領域具有優勢，有何評論？顯然，我認為，透過訂單出貨比，這種模式已經相當普及了。

And then two, I was wondering -- if you can just remind us, as we think about the impact of FX on the business, I think we called it out -- you guys called it, obviously, very clearly on the revenue line, but just sort of remind us as we go down the P&L, how we think about the change in FX on the EPS line? Thank you very much.

其次，我想知道——您能否提醒我們，當我們考慮外匯對業務的影響時，我想我們已經提到過——你們在收入線上顯然非常清楚地提到了這一點，但請提醒我們，當我們查看損益表時，我們如何看待外匯對每股收益的影響？非常感謝。

Yeah, Elizabeth, I'll talk about BLS. I'll ask Julia to talk a little bit about the impact of FX. If you look at BLS, we saw strength in both businesses in the quarter, and we expect both businesses to grow for the full year in the mid-single digits. If I look at CLS, CLS is heavily skewed towards larger pharma later stage trials, Phase III trials. And there, we had a couple of big wins. I feel good about that. And I think under all circumstances, pharma's going to continue to support their Phase III pipelines, and that's a strength for us.

是的，伊麗莎白，我會談論 BLS。我會讓茱莉亞稍微談談 FX 的影響。如果你看一下 BLS，我們會發現本季這兩項業務都表現強勁，我們預計全年這兩項業務的成長率都將達到中等個位數。如果我看一下 CLS，CLS 嚴重偏向大型製藥後期試驗、III 期試驗。在那裡，我們取得了幾次重大勝利。我對此感覺很好。我認為，在任何情況下，製藥公司都將繼續支持其第三階段研發線，這對我們來說是一種優勢。

As I look at our early development, that is mostly smaller biotechnology companies, and we saw a good number of RFPs and win rate there, but that's something we're going to watch very closely to ensure that the funding environment remains favourable to ensure, that they get the information they need to start studies on time as they move forward. So that one, I think we have to watch more closely than the CLS where I feel more confident based upon the later-stage trials in the larger companies.

當我回顧我們早期的發展時，我發現這些公司大多是規模較小的生物技術公司，我們看到了相當數量的 RFP 和中標率，但我們會密切關注，以確保融資環境保持有利，從而確保他們能夠及時獲得開始研究所需的信息。因此，我認為我們必須比 CLS 更密切地關注這一點，基於在較大公司進行的後期試驗，我對此更有信心。

With all that said, ED is back to growth. It's important to note that the fourth quarter is going to be a very tough compare versus fourth quarter of last year. But if you look at the full year, we expect it to grow in the mid-single digits.

綜上所述，ED 已恢復成長。值得注意的是，與去年第四季相比，今年第四季將非常艱難。但如果從全年來看，我們預計其成長率將達到中等個位數。

Hi, Elizabeth, [Schechter] comment a bit on the FX impact. We clearly are operating in a very dynamic FX environment. If you step back and look at the compensation for our businesses, obviously, the Diagnostics side accounts for over 75% of our revenue, but is primarily based in the United States. And the BLS side of the business is where we are more global in our footprint, and therefore, having FX exposure.

你好，伊麗莎白，[Schechter] 對 FX 的影響稍作評論。顯然，我們是在一個非常動態的外匯環境中運作的。如果你回顧我們業務的薪酬，顯然診斷業務占我們收入的 75% 以上，但主要位於美國。在 BLS 業務方面，我們的業務範圍更加全球化，因此具有外匯敞口。

The currencies that we have meaningful exposure to for BLS include Swiss franc and the British pound. If you just look at the Q2 enterprise revenue growth of 9.5% year over year, it did include a favorable currency impact of 60 basis points, due to BLS. And then when you move to look at the full year guide, which is provided as a midpoint, the enterprise revenue guide at 70 basis points, and we are expecting an FX impact based on the rate at the end of Q2 in that magnitude.

我們對 BLS 具有重大投資意義的貨幣包括瑞士法郎和英鎊。如果你只看第二季企業營收年增 9.5%，它確實包括了 BLS 帶來的 60 個基點的有利貨幣影響。然後，當您查看作為中點提供的全年指南時，企業收入指南為 70 個基點，我們預計基於第二季末的匯率將產生如此幅度的外匯影響。

Andrew Brackmann, William Blair.

安德魯布拉克曼、威廉布萊爾。

Hi Adam (technical difficulty) thank you for taking my question -- Maybe just on pricing, I think you called out organic pricing up in the quarter. Can you maybe just peel that back a bit for us just in terms of the key drivers there? And then I guess, how should we think about that trending forward, especially as the mix continues to shift towards those specialty tests?

你好，亞當（技術難題），謝謝你回答我的問題——也許只是關於定價的問題，我想你提到了本季的有機價格上漲。您能否為我們稍微闡述其中的關鍵驅動因素？然後我想，我們應該如何看待未來的趨勢，特別是當組合繼續轉向那些專業測試時？

Okay. So if you look at pricing, I look at a few things. I look at our test per accession and our test per accession continues to show growth. And I think that, that's -- if you go historically, I said that I thought that, that was a post-COVID acceleration because people didn't get diagnosed during COVID. I actually think it's more than that -- I think that there's an aging population. I think there's more severity of disease. So I think people are actually doing more test per accession. We also improved in that lab management.

好的。因此，如果你考慮定價，我會考慮一些事情。我查看了我們每次接入的測試情況，發現每次接入的測試情況持續成長。我認為，如果你回顧歷史，我說過，我認為，那是新冠疫情後的加速，因為人們在新冠疫情期間沒有得到診斷。事實上，我認為情況不止於此——我認為人口正在老化。我認為病情更加嚴重。所以我認為人們實際上對每個接入點做了更多的測試。我們也改進了該實驗室的管理。

The second thing I think that's helping to drive that is the specialty growth. So we are seeing asymptotic continuing increase in our specialty testing vis-a-vis the routine testing. And I think that also helps with the price per accession.

我認為推動這一進程的第二件事是專業化的成長。因此，我們看到專業測試相對於常規測試呈現漸近式持續成長。我認為這也有助於降低每次入藏的價格。

The only thing I would also complement is from a unit price perspective; we continue to see it as relatively flat. And therefore, when you think about the price mix impact, it's really been benefiting from the impact of [mix] as already shared, the key contributors were that are the gradual yet consistent growth in test per accession as well as net management agreements.

我唯一要補充的是，從單價的角度來看，我們仍然認為它相對穩定。因此，當您考慮價格組合的影響時，它確實受益於[組合]的影響，正如已經分享的那樣，關鍵貢獻者是每次接入測試以及淨管理協議的逐步但持續的增長。

Tycho Peterson, Jefferies.

傑富瑞 (Jefferies) 的 Tycho Peterson。

Good morning. Congrats on the quarter. So I just wanted to probe on some of the new content launches, starting with Alzheimer's. Curious how you're sizing the opportunity for pTau 217 beta amyloid and any market development that needs to happen there?

早安.恭喜本季取得佳績。所以我只是想探究一些新發布的內容，從阿茲海默症開始。好奇您如何評估 pTau 217 β 澱粉樣蛋白的機會以及那裡需要進行的任何市場開發？

And then the follow-up is on MRD. With Plasma Detect, how has early adoption been? Any synergies you can point to with PGDx therapy selection? And how do you think about kind of broader menu buildout for MRD?

接下來是 MRD。Plasma Detect 的早期採用如何？您能指出 PGDx 療法選擇有何協同作用嗎？您如何看待 MRD 更廣泛的菜單擴充？

Yeah, absolutely. I think that's a very important question as you think about specialty and where we're going. The first thing I'd say, though -- Tycho, is that when I think about the specialty testing, I don't think about the individual test alone because the patient that gets that test is also going to get a whole host of other tests. So if you have somebody that's going to get an MRD test, they probably going to get CBCs, WDCs, ALTs, ALTs and a whole host of other things to see and measure their organs as well as their minimal residual disease.

是的，絕對是如此。我認為，當您考慮專業性以及我們的發展方向時，這是一個非常重要的問題。不過，我想說的第一件事是——Tycho，當我考慮專科測試時，我不會只考慮單一測試，因為接受該測試的患者還將接受一系列其他測試。因此，如果有人要接受 MRD 測試，他們可能會獲得 CBC、WDC、ALT、ALT 和一大堆其他項目來查看和測量他們的器官以及微小殘留疾病。

So to me, having the broad range of test is as important as having the most important new tests. So we don't break out the new test, because none of them individually do I think is going to be that meaningful to change kind of the trajectory or be that material. But when you look at it as a whole, I think it actually is very material.

因此對我來說，進行廣泛的測試與進行最重要的新測試同樣重要。所以我們不會進行新的測試，因為我認為單獨的測試都不會對改變軌跡或成為實質內容產生太大意義。但當你從整體上看時，我認為它實際上非常重要。

Two reasons, one is we are seeing a shift in mix towards specialty testing, but as importantly, the spillover from other tests for those specialty patients. As I think about oncology, I think it's important because oncology testing for precision testing is growing, and it's going to continue to grow, and there's going to be more and more products launched in those areas from pharma. And we continue to look at things like OmniSeq and PGDx and Invitae say, how can we add to that portfolio so we have a full complement of what an oncologist would want.

原因有二，一是我們看到測試組合向專科測試轉變，但同樣重要的是，針對這些專科患者的其他測試也產生了溢出效應。當我思考腫瘤學時，我認為這很重要，因為精準檢測的腫瘤學檢測正在成長，並且將繼續成長，而且製藥公司在這些領域推出的產品也會越來越多。我們將繼續研究 OmniSeq、PGDx 和 Invitae 等產品，看看如何擴充該產品組合，從而全面滿足腫瘤學家的需求。

In addition to that, we're open for licensing other tests, to bringing other tests that others have developed to market because once again, it's not about the individual test. It's about having the broadest a range of tests. And I would say the same thing for Alzheimer's disease.

除此之外，我們還願意授權其他測試，將其他人開發的其他測試推向市場，因為這與單一測試無關。這是為了進行最廣泛的測試。對於阿茲海默症，我也有同樣的看法。

David Westenberg, Piper Sandler.

大衛‧韋斯滕伯格、派珀‧桑德勒。

Good morning, Adam, thanks for taking the question and congrats, particularly impressive in that operating leverage. I wanted to jump on some of Tycho's question, but focus on the oncology section. You launched a few new products, you're getting CGP liquid, MRD, et cetera. How do you see that market shaking out over the next few years? I mean currently, liquid and CGP, NGS tend to be fairly oligopolistic.

早安，亞當，感謝您回答這個問題，恭喜您，尤其是在經營槓桿方面表現得非常出色。我想回答 Tycho 的一些問題，但重點是腫瘤學部分。您推出了一些新產品，包括 CGP 液體、MRD 等等。您認為未來幾年該市場會如何發展？我的意思是，目前，液體和CGP、NGS往往是相當寡占的。

Do you see that market evolving to something where your reach, your breadth might have a bigger impact? Is that markets become a little bit more commoditized? Maybe that's not the best word there, but any way you can think about how that shakes up.

您是否認為該市場正在發展到您的影響力和廣度可能產生更大影響的程度？市場是否變得更商品化了？也許這不是最好的詞語，但無論如何你可以思考這會帶來怎樣的影響。

And then I just wanted a clarification. You mentioned 3% to 4% -- I mean, sorry, 4 times esoteric growth versus a regular test growth. Is that -- has that been accelerating of late? Or is that just the constant steady state, just sort of clarification. Thank you

然後我只是想澄清一下。您提到了 3% 到 4%——抱歉，我的意思是，深奧增長與常規測試增長相比是 4 倍。這是──最近這種趨勢有加速嗎？或者這只是恆定的穩定狀態，只是一種澄清。謝謝

Thank you. Yeah, So the 3% to 4% was for the esoteric in four areas I mentioned oncology, neurology, autoimmune and women's health. And that's been for quite some time now. So those areas have just been growing faster than the other diagnostic underlying diagnostic area 3 times to 4 times.

謝謝。是的，3% 到 4% 是關於我提到的四個領域的深奧知識，即腫瘤學、神經病學、自體免疫和婦女健康。這種情況已經持續了相當長一段時間了。因此這些區域的成長速度比其他診斷基礎區域快 3 倍到 4 倍。

With regard to oncology and MRD, I think you want a full portfolio. I want tissue capabilities, but also in liquid capabilities. When I think about liquid capabilities, there's three things I think about. One is screening and the ability to screen patients for cancer. I think that is going to be important, but it's going to take a very long time to develop that market and to gain reimbursement, and I think it will be very large trials and take some time.

關於腫瘤學和 MRD，我認為您想要一個完整的產品組合。我想要組織能力，也想要液體能力。當我思考液體能力時，我會想到三件事。一是篩檢和篩檢癌症患者的能力。我認為這很重要，但開發市場和獲得報銷需要很長時間，而且我認為這將是非常大規模的試驗，需要一些時間。

Then I think about therapy selection. And that's an area that we are heavily invested in, that we're going to be a leader in because I think that as physicians are thinking about what therapy they want to use, having both tissue as well as liquid could be very helpful there.

然後我考慮選擇治療方法。這是我們投入大量資金的領域，我們將成為該領域的領導者，因為我認為，當醫生考慮他們想要使用什麼療法時，同時擁有組織和液體可能會非常有幫助。

And then I think about minimal residual disease after their cancer has been treated, they're deemed cured, how do you monitor them over time. That one, I think, will be reimbursed over time, particularly as we have the data to support that we can actually identify those early that have recurrence, and we'd like to be a leader there.

然後，我會考慮癌症治療後殘留的微小疾病，如果認為他們已經治愈，那麼如何進行長期監測。我認為，隨著時間的推移，這一點將得到補償，特別是因為我們有數據支持，我們實際上可以早期識別出復發的患者，我們希望成為該領域的領導者。

So I want to be a leader in therapy selection. I want to be a leader in the minimal residual disease. I'm going to be more of a follower, when it comes to screening, because it's going to take so long and it's going to take a lot of money to develop over time. But when you put it all together, if you were an oncologist, then you can come to one laboratory to get your tissue, your liquid and all the other tests that you might need for your oncology patients versus having to go to two labs or three labs, different reports, different ordering systems, not have as convenient sites for blood collection and turnarounds.

所以我想成為治療選擇的領導者。我想成為微小殘留疾病領域的領導者。在篩選方面，我將會更專注於它，因為它將花費很長時間，並且隨著時間的推移需要花費大量資金來開發。但是當你把所有這些放在一起時，如果你是一名腫瘤科醫生，那麼你可以來到一個實驗室獲取組織、液體以及你可能需要為腫瘤患者進行的所有其他測試，而不必去兩個或三個實驗室，獲取不同的報告，使用不同的訂購系統，而且沒有方便的血液採集和周轉地點。

I think over time, our size, our scale, combined with our scientific expertise, will be a competitive advantage.

我認為隨著時間的推移，我們的規模和範圍加上我們的科學專業知識將成為我們的競爭優勢。

Luke Sergott, Barclays.

巴克萊銀行的盧克‧塞戈特 (Luke Sergott)。

Good morning, thank you for the questions here. I just want to follow up on the BLS strength in the bookings commentary that you guys have been giving and also the RFP. So anything that you can dig in on from like a therapy indication? We've been hearing a lot about metabolic disease from the other CROs. And so I want to know about how the funnel has been filling for you guys. And if there's any like change in the trends from either the therapy regarding like metabolic, et cetera?

早安，感謝您在這裡提問。我只是想跟進一下你們給出的預訂評論中的 BLS 實力以及 RFP。那麼您可以從治療指徵中深入了解什麼嗎？我們從其他 CRO 那裡聽到了很多有關代謝疾病的資訊。所以我想知道你們的漏斗是如何填充的。無論是在治療方面還是代謝等方面，趨勢是否有任何變化？

Or like from biotechs where you're seeing all of a sudden pent-up demand start flowing through from midsized biotech. Or is this coming from the pre-revenue biotech where the funding has just been really tough over the last few years?

或者像生技產業一樣，你會看到被壓抑的需求突然開始從中型生技產業湧入。或者這是否來自於尚未獲利的生技公司，因為過去幾年來，這些公司的資金一直非常緊張？

Yeah. So let me break apart the two businesses, and I'll start with CLS. CLS has been large pharma. With a lot of large pharma, we have either service agreements, MSAs with them and depending on which pharma company and what their pipeline is like, that's where our business goes and we kind of follow the business of our largest customers. So just like you were seeing in the marketplace, as you see more trials that are occurring in certain areas, you can assume that we would be strong in those areas.

是的。因此，讓我將這兩項業務分開，首先從 CLS 開始。CLS 是一家大型製藥公司。我們與許多大型製藥公司簽訂了服務協議或多邊協議 (MSA)，並且根據製藥公司及其產品線的情況，我們的業務會流向這些公司，我們會專注於我們最大客戶的業務。因此，就像您在市場上看到的那樣，當您看到某些領域正在進行更多的試驗時，您可以假設我們在這些領域會很強大。

Obviously, oncology, neurology, metabolic are still the largest and fastest-growing areas for us. If you then go to the early development business, and the Central Lab is more big pharma, big biotech. If you go to our early development business, there, it's mostly smaller companies. That's where you'll see a lot of cell and gene therapies for some certain rare diseases. When it comes to large pharma, a lot of them do their own early development.

顯然，腫瘤學、神經病學、代謝病學仍然是我們最大、成長最快的領域。如果你進入早期開發業務，中央實驗室更多的是大型製藥公司和大型生技公司。如果你去看看我們早期的開發業務，你會發現那裡大多是規模較小的公司。在那裡你會看到很多針對某些罕見疾病的細胞和基因療法。說到大型製藥公司，很多公司都自行進行早期開發。

So it's mostly individual companies and individual compounds or companies that are looking to develop multiple compounds in the same area. There it would be more in the esoteric areas.

因此，主要是個別公司和個別化合物或希望在同一領域開發多種化合物的公司。在深奧的領域會有更多。

Erin Wright, Morgan Stanley.

摩根士丹利的艾琳·賴特。

Thanks for taking the questions. So just more of a bigger picture question just on utilization trends in the Diagnostics segment. And you obviously increased your guidance. You mentioned the strength across utilization. And I just -- we're obviously hearing it from managed care companies and others. But what's embedded in your guidance as we head into the second quarter?

感謝您回答這些問題。因此，這只是一個有關診斷領域的利用率趨勢的更大問題。而且你顯然增加了你的指導。您提到了利用率的強度。我只是——我們顯然從管理式醫療公司和其他公司聽到了這一點。但是，當我們進入第二季時，您的指導中包含了什麼內容？

Is there any normalization in trend or just a continuation of the same? Or are you seeing this accelerate? And then just how durable, you're thinking these trends can be? I mean, excluding some of the policy dynamics that are some unknowns, but like outside of that, like this underlying kind of base utilization strength that we're seeing and the sustainability of that, if you could comment on it. Thanks.

趨勢是否趨於正常化或只是延續趨勢？或者你看到這種情況正在加速嗎？那麼，您認為這些趨勢能夠持續多久呢？我的意思是，排除一些未知的政策動態，但除此之外，就像我們所看到的這種潛在的基礎利用強度及其可持續性，如果您可以對此發表評論的話。謝謝。

Sure. So the volumes continue to be very healthy, and they're tracking in line with our expectations. If you look at the midpoint of the Diagnostics revenue guide is 7.5%, and we assume about half of the revenue growth will come from organic growth and the rest comes from the annualization of our acquisitions.

當然。因此，交易量仍然非常健康，並且符合我們的預期。如果你看診斷收入指南的中點是 7.5%，我們假設大約一半的收入成長將來自有機成長，其餘部分來自我們收購的年化。

If you look at the organic growth, we expect a volume mix contribution of three to one, just like we saw in the second quarter. So three for volume, one for mix. When we think about some of the factors that we think are driving that and that will continue to support the utilization as we go into the future, there's an aging population, there's high rates of disease prevalence, and we continue to see improvements in advanced diagnostics in the specialty testing areas, things like companion diagnostics. So I think those market factors actually support a healthy utilization environment.

如果看一下有機成長，我們預計銷售組合貢獻率為三比一，就像我們在第二季度看到的那樣。因此，三個用於音量，一個用於混合。當我們思考一些我們認為正在推動這一進程並將在未來繼續支持利用率的因素時，我們會發現人口老化、疾病盛行率高，而且我們將繼續看到專業測試領域的高級診斷技術的改進，例如伴隨診斷。所以我認為這些市場因素其實支持了健康的利用環境。

In addition to that, I believe that we will continue to -- kind of continue to get some market share. So not only do I think we'll grow with the market. I think we'll continue with the hospital business and the laboratory business that we're doing to find ways to grow a bit faster than the overall market.

除此之外，我相信我們將繼續——繼續獲得一些市場份額。因此，我不僅認為我們會隨著市場而成長。我認為我們將繼續開展醫院業務和實驗室業務，以找到比整體市場更快成長的方法。

And the one comment I'd like to add is, to Adam's point, we do expect the strong utilization to continue into the second half of the year as part of our guide. That's why when you look at the midpoint of our EPS, we raised the full year guidance by $0.23, it's really driven by the continued strength in the utilization along with other momentum. And when you look at the $0.23 (inaudible) and was actually about one third is driven by operational strength with the other banks coming from FX variability.

我想補充的一點是，正如亞當所說，作為我們指南的一部分，我們確實預計強勁的利用率將持續到今年下半年。這就是為什麼當您查看我們的每股盈餘中點時，我們將全年預期提高了 0.23 美元，這實際上是受到利用率持續強勁以及其他勢頭的推動。當您看到 0.23 美元（聽不清楚）時，實際上約有三分之一是由營運實力驅動的，而其他銀行則來自外匯波動。

Michael Ryskin, Bank of America.

美國銀行的邁克爾·里斯金（Michael Ryskin）。

Great, good morning, thanks for (inaudible) A couple of small questions tying up (inaudible) touched on earlier. I think in one of the very early comments, you provided some color on PAMA and how you see that playing out. Very consistent with what you said in the past. But if you could just expand now that it's a little bit more likely that it's -- or it feels like it's a little more likely like we're going to have to deal with this next year. You talked about some of those offsets via LaunchPad, et cetera.

太好了，早安，謝謝（聽不清楚）我之前提到幾個與（聽不清楚）相關的小問題。我認為在早期的評論中，您對 PAMA 做了一些介紹，並闡述了您對其發展的看法。和你以前說的很一致。但如果你現在可以進一步說明的話，那麼這種可能性就更大了——或者感覺我們明年就必須處理這個問題的可能性更大了。您談到了透過 LaunchPad 等實現的一些抵消。

Could you just sort of quantify that? Help us think through the timing of that. When you'll implement those? How those will be implemented? Just sort of how that should play out in 2026, if this does come back and take effect next year and sort of what the net impact would be?

您能量化一下嗎？幫助我們思考一下這個時機。你什麼時候會實現這些？這些將如何實施？如果這項政策在 2026 年再次生效，那麼它將如何發揮作用？其淨影響是什麼？

And then the other question was going to be, Julia touched a couple of times on the strong margins in the quarter that really shown through. If you could expand on that just a little bit sort of whether it's the cost controls or the volume mix, like how that contributed to the, I think the 50 bps underlying ex Invitae. That would be helpful. Thanks.

然後另一個問題是，茱莉亞幾次談到本季真正顯現出的強勁利潤率。如果您可以稍微詳細說明一下，無論是成本控制還是數量組合，例如這對 Invitae 的貢獻如何，我認為是 50 個基點。那將會很有幫助。謝謝。

Yeah. So Michael, first, I'll start with PAMA. So as I said before, we're going to do everything we can to work with ACLA to get the appropriate legislation through. We'll work with them if that doesn't occur to see if we can get another year of delay. And if that doesn't happen, we'll continue to work with them to see if there's a way to get data more accurately presented or represented through getting more collection of data across the industry.

是的。邁克爾，首先，我將從 PAMA 開始。因此，正如我之前所說，我們將竭盡全力與 ACLA 合作，推動適當的立法通過。如果這種情況不發生，我們將與他們合作，看看是否可以再延長一年。如果沒有發生這種情況，我們將繼續與他們合作，看看是否有辦法透過在整個行業中收集更多數據來更準確地呈現或表示數據。

All those three things would have an impact on what PAMA downside could be if it occurs next year. So it's hard to tell you in each of those scenarios what the impact would be. What I would say is that if none of that works, the impact is $100 million. We won't be able to offset the whole $100 million. We will work to do everything we can to offset as much of that as possible. The key is going to be, we already have committed to $100 million to $125 million in savings due to LaunchPad, which we continue to commit to. This would be in addition to that.

如果明年發生 PAMA 下行事件，以上三件事都會對其造成影響。因此很難告訴你在每種情況下會產生什麼影響。我想說的是，如果這些都不起作用，那麼影響力將達到 1 億美元。我們無法抵銷全部 1 億美元。我們將盡一切努力盡可能地抵消這一影響。關鍵在於，我們已經承諾透過 LaunchPad 節省 1 億至 1.25 億美元，我們將繼續致力於此。這將是對此的補充。

We have things that we're doing right now as we speak, putting in projects for artificial intelligence, looking at ways to drive revenue through a better customer experience, for ways to reduce cost through elimination of duplication and some other roles. So we're working on a lot of things to offset PAMA. If PAMA is not [occurred], it's just going to be more momentum for us. But if it does, we'll do whatever we can to offset as much as possible, and we'll be transparent with what we do as we provide 2026 guidance.

我們現在正在做一些事情，投入人工智慧項目，尋找透過更好的客戶體驗來增加收入的方法，尋找透過消除重複和其他一些角色來降低成本的方法。因此我們正在做很多事情來抵消 PAMA 的影響。如果 PAMA 沒有發生，這對我們來說只會更有動力。但如果確實如此，我們將盡一切努力盡可能地抵消，並且在提供 2026 年指導時，我們將透明地說明我們的工作。

And from a margin perspective, I think the short answer to your question is the contributions are coming from all those sources, specifically speaking, obviously, the revenue growth is absolutely helpful, in addition to the ability to drive operating efficiency through cost management.

從利潤率的角度來看，我認為對你的問題的簡短回答是貢獻來自所有這些來源，具體來說，顯然，除了透過成本管理來提高營運效率的能力之外，收入成長絕對有幫助。

But I also think that heading into the second half, in addition to all those strengths and contributions, the fact that we will be overlapping with Invitae, annualizing in Q3 will enable us to deliver a margin expansion at the level in the second half, that once again will enable us to deliver full year margin expansion, and we are very much looking forward to that expectation.

但我還認為，進入下半年，除了所有這些優勢和貢獻之外，我們將與 Invitae 重疊，在第三季度進行年度化，這將使我們能夠在下半年實現利潤率擴張，再次使我們能夠實現全年利潤率擴張，我們非常期待這一預期。

This concludes our question-and-answer session. I'd like to turn it back to Adam Schechter at this time for closing remarks.

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

Thank you, [Didi]. And thank you, everybody, for joining us today. Hopefully, you see we have momentum, we continue to focus on our strategy and that our strategy is working. We look forward to seeing you all soon and continuing our discussions with you. Have a great day.

謝謝你，【滴滴】感謝大家今天的參與。希望您看到我們有動力，我們繼續專注於我們的策略，並且我們的策略正在發揮作用。我們期待很快見到你們並繼續與你們進行討論。祝你有美好的一天。

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

今天的電話會議到此結束。感謝您的參與，您現在可以斷開連接。