Labcorp Holdings Inc (LH) 2025 Q3 法說會逐字稿

Good day, and thank you for standing by. Welcome to the Q3 2025 Labcorp Holdings earnings conference call. (Operator Instructions) Please be advised that today's conference is being recorded.

您好，感謝您的耐心等待。歡迎參加 Labcorp Holdings 2025 年第三季財報電話會議。（操作人員指示）請注意，今天的會議正在錄音。

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

現在我謹將會議交給今天的主講人，投資者關係副總裁克里斯汀·奧唐納女士。請繼續。

Thank you, operator. Good morning, and welcome to Labcorp's third 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.

謝謝接線生。早上好，歡迎參加 Labcorp 2025 年第三季電話會議。正如今天發布的新聞稿中所述，本次電話會議將提供回放。今天陪同我的是董事長兼執行長亞當·謝克特，以及執行副總裁兼財務長朱莉婭·王。

This morning, in the Investor Relations section of our website at www.labcorp.com, we posted both our press release and an Investor Relations presentation with additional information on our business operations, which include a reconciliation of the non-GAAP financial measures to the most comparable GAAP financial measures. 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.

今天上午，我們在公司網站 www.labcorp.com 的投資者關係版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 財務指標的調節表。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簡報中的「調整後指標的使用」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 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，我們也做了一些前瞻性聲明。這些前瞻性聲明包括但不限於有關 2025 年預期指引及相關假設的聲明、各種因素對公司業務、經營和財務業績、現金流和財務狀況的預期影響（包括全球經濟和市場狀況）、未來業務戰略、LaunchPad 計劃和收購及其他戰略交易和合作帶來的預期節省、收益和協同效應、已完成的控股重組公司以及未來增長機會的聲明。

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.

每一項前瞻性陳述都可能因各種因素而改變，其中許多因素是我們無法控制的。更多資訊請參閱我們最新的 10-K 表格年度報告、隨後的 10-Q 表格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。即使我們的預期發生變化，我們也沒有義務對這些前瞻性聲明進行任何更新。

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

現在我將把電話交給亞當·謝克特。

Thank you, Christin, and good morning, everyone. Thank you for joining us today to discuss our third quarter 2025 financial results and progress on our strategy. During the quarter, we delivered strong revenue growth and margin improvement, leading to double-digit EPS growth. Our financial results reflect continued momentum in our Diagnostic Laboratories and Central Laboratory businesses.

謝謝你，克里斯汀，大家早安。感謝各位今天蒞臨，與我們共同探討我們2025年第三季的財務表現以及策略進展。本季度，我們實現了強勁的營收成長和利潤率提升，從而實現了兩位數的每股收益成長。我們的財務表現反映了診斷實驗室和中心實驗室業務的持續成長動能。

At an enterprise level, revenue increased to $3.6 billion, representing 9% growth compared to last year. Margin for the quarter improved 100 basis points, driven by Diagnostics. Adjusted EPS grew 19%, and we generated strong free cash flow of $281 million.

企業層面，營收成長至 36 億美元，比去年成長 9%。受診斷業務的推動，本季利潤率提高了 100 個基點。調整後每股盈餘成長 19%，我們產生了 2.81 億美元的強勁自由現金流。

Moving to our business segments. Diagnostics revenue increased 8.5%, primarily due to strong organic growth of 6%. Margin improved 110 basis points, driven by strong organic demand in Invitae. Invitae was accretive in the quarter and will be slightly accretive for the full year. BLS revenue increased 8% or 5% constant currency.

接下來進入我們的業務板塊部分。診斷業務收入成長 8.5%，主要得益於 6% 的強勁內生成長。受 Invitae 強勁的內生需求推動，利潤率提高了 110 個基點。Invitae 在本季度實現了盈利增長，預計全年盈利將略有增長。美國勞工統計局（BLS）收入成長了8%，以固定匯率計算成長了5%。

Central Laboratories growth was strong at 10% or 7% constant currency, more than offsetting softness in early development. BLS margin improved 20 basis points and the quarterly book-to-bill was 0.9 with the trailing 12 months remaining strong at 1.09.

中央實驗室的成長強勁，達到 10%（以固定匯率計算為 7%），足以彌補早期研發的疲軟。BLS利潤率提高了20個基點，季度訂單出貨比為0.9，過去12個月保持強勁，為1.09。

In response to the lower-than-anticipated revenue in early development, we are beginning to divest or restructure through site consolidation, approximately $50 million of annual revenue. We will focus these actions on noncore areas, which will result in a more streamlined business and slight improvement to operating income. Julia will provide more details on our results and full year 2025 outlook in just a moment.

由於早期開發階段的收入低於預期，我們開始透過網站整合進行資產剝離或重組，每年約減少 5,000 萬美元的收入。我們將把這些措施集中在非核心領域，這將使業務更加精簡，並略微提高營業收入。Julia稍後將詳細介紹我們的業績和2025年全年展望。

We continue to make progress on our strategy to be the partner of choice for health systems and regional, local laboratories to lead in high-growth therapeutic areas and to use science and technology to accelerate growth, to enhance the customer experience and to improve operational efficiency across our business.

我們將繼續推進我們的策略，成為醫療系統和區域、地方實驗室的首選合作夥伴，引領高成長治療領域，並利用科學技術加速成長，提升客戶體驗，提高我們業務的營運效率。

Starting with health systems and regional/local laboratories, we've added a significant number of strong strategic relationships over the past several years. Through these partnerships and acquisitions, we've expanded our patient and provider network, and we've strengthened our presence in key markets. These partnerships have increased access to our broad test menu. They've improved patient care and have driven efficiencies for our customers.

從醫療系統和區域/地方實驗室開始，我們在過去幾年建立了大量強有力的策略合作關係。透過這些合作與收購，我們擴大了病患和醫療服務提供者網絡，並加強了我們在關鍵市場的地位。這些合作關係增加了人們獲得我們豐富檢測項目的機會。他們改善了患者護理，並提高了我們客戶的效率。

This quarter, we signed an agreement to acquire select clinical laboratory assets of Empire City Laboratories, which serves the New York Tri-State area. We signed an agreement to acquire select assets of Laboratory Alliance of Central New York, a pathology reference laboratory. In parallel, we signed an agreement with Crouse Health to manage their inpatient labs. We expect these transactions to close in the first quarter of 2026.

本季度，我們簽署了一項協議，收購了服務於紐約三州地區的帝國城市實驗室的部分臨床實驗室資產。我們簽署了一項協議，收購紐約州中部實驗室聯盟（一家病理學參考實驗室）的部分資產。同時，我們與克勞斯健康中心簽署了一項協議，負責管理他們的住院實驗室。我們預計這些交易將於 2026 年第一季完成。

We continue to make progress on the acquisition of select assets of the outreach business from Community Health Systems across 13 states, which we expect to close by year-end. We completed our acquisition of select oncology and clinical testing assets from BioReference Health. This acquisition further solidifies Labcorp's position as an industry leader in oncology. We continue to have a very robust pipeline of opportunities, and we look forward to updating you on our progress.

我們正在繼續推動從社區健康系統公​​司收購其在 13 個州的拓展業務部分資產，預計在年底前完成收購。我們已完成對 BioReference Health 部分腫瘤學和臨床檢測資產的收購。此次收購進一步鞏固了Labcorp在腫瘤學領域的產業領先地位。我們持續擁有非常充足的專案機會，期待向您報告我們的進展。

Additionally, we are expanding our business in high-growth specialty areas, including oncology, women's health, neurology, and autoimmune diseases. These are areas where science, clinical need, the use of genetic testing and innovation are accelerating. We are experiencing strong growth across these segments, which also increases demand in our core test menu as physicians rely on Labcorp for comprehensive diagnostic solutions.

此外，我們正在拓展高成長專業領域的業務，包括腫瘤學、女性健康、神經病學和自體免疫疾病。在這些領域中，科學、臨床需求、基因檢測的應用和創新都在加速發展。我們在這些領域都經歷了強勁的成長，這也增加了對我們核心檢測專案的需求，因為醫生們依賴 Labcorp 提供全面的診斷解決方案。

In the quarter, we introduced several innovative testing capabilities. We expanded our leading oncology and genetic testing portfolio. OmniSeq INSIGHT, our comprehensive genomic profiling test for solid tumors in support of therapy selection now evaluates ovarian tumors for HRD. PGDx elio tissue complete used for therapy selection for pan solid tumors became the first and remains the only tissue-based tumor profiling test with CE marking under the European Union's In Vitro Diagnostic Regulation. This enhances our global tissue profiling capabilities in support of clinical trials.

本季度，我們推出了多項創新測試功能。我們擴展了我們領先的腫瘤學和基因檢測產品組合。OmniSeq INSIGHT 是我們用於支持治療選擇的實體腫瘤綜合基因組分析測試，現在也可用於評估卵巢腫瘤的 HRD。PGD​​x elio tissue complete 用於泛實體瘤的治療選擇，成為第一個也是目前唯一一個根據歐盟體外診斷法規獲得 CE 標誌的基於組織的腫瘤分析測試。這將增強我們在全球範圍內進行組織分析的能力，從而支持臨床試驗。

Geneoscopy received FDA approval for a simplified at-home collection method for ColoSense for colorectal cancer screening. As a commercial partner, we will be expanding access to this test to patients and providers. We also expanded access to our Invitae genetic tests through Epic Aura, enabling streamlined ordering and results delivery for Epic customers.

Geneoscopy 的 ColoSense 是一種簡化的居家採集方法，用於大腸癌篩檢，並已獲得 FDA 批准。作為商業合作夥伴，我們將擴大患者和醫療服務提供者獲得此項檢測的機會。我們還透過 Epic Aura 擴大了 Invitae 基因檢測的存取權限，從而簡化了 Epic 客戶的訂購和結果交付流程。

In neurology, where we have one of the most comprehensive test menus in the industry, we expanded our leadership position. We introduced the first blood-based test cleared by the FDA to aid in the diagnosis of Alzheimer's disease in specialty care settings. In early 2026, we're planning to offer the only FDA-cleared blood test to rule out Alzheimer's related amyloid pathology in the primary care setting.

在神經病學領域，我們擁有業內最全面的檢測項目之一，從而擴大了我們的領先地位。我們推出了首個獲得 FDA 批准的血液檢測方法，用於輔助在專科護理機構中診斷阿茲海默症。2026 年初，我們計劃在初級保健機構中提供唯一獲得 FDA 批准的血液檢測，以排除與阿茲海默症相關的澱粉樣蛋白病理。

Separately, we continue to experience strong momentum in our consumer business. In the quarter, we launched several consumer-initiated tests through Labcorp OnDemand, including tests for lead exposure, ApoB for heart health and a panel for healthy aging. Labcorp partnered with Praia Health, a consumer experience platform for health systems to help close care gaps and to deliver better experiences for patients.

此外，我們的消費者業務持續保持強勁成長勢頭。本季度，我們透過 Labcorp OnDemand 推出了幾項消費者自主發起的測試，包括鉛暴露測試、心臟健康 ApoB 測試和健康老化測試。Labcorp 與醫療系統的消費者體驗平台 Praia Health 合作，旨在幫助縮小醫療服務差距，並為患者提供更好的體驗。

Moving now to review our use of science and technology to accelerate growth, to enhance the customer experience and to improve operational efficiency. This quarter, we launched Labcorp Test Finder, a generative AI tool developed with Amazon Web Services to improve test selection for providers and health systems. It allows clinicians to easily search for lab tests using plain language, streamlining decision-making, and improving care.

現在，我們將審視我們如何利用科學技術來加速成長、提升客戶體驗和提高營運效率。本季度，我們推出了 Labcorp Test Finder，這是一款與亞馬遜網路服務 (AWS) 合作開發的生成式人工智慧工具，旨在改善醫療服務提供者和醫療系統的測試選擇。它使臨床醫生能夠使用簡單易懂的語言輕鬆搜尋實驗室檢測項目，從而簡化決策流程，改善醫療服務。

In our core laboratory operations, we're investing in digital and AI capabilities to improve in areas such as pathology, cytology, and microbiology. Through a collaboration with Roche, we are digitalizing pathology workflows using slide scanners to enhance diagnostic speed and scalability. We've also deployed a new FDA-cleared AI platform for digital cytology that enables remote viewing and rapid analysis of cell-based samples, improving turnaround times.

在我們的核心實驗室營運中，我們正在投資數位化和人工智慧能力，以改善病理學、細胞學和微生物學等領域。透過與羅氏的合作，我們正在利用玻片掃描儀實現病理工作流程的數位化，以提高診斷速度和可擴展性。我們還部署了一個新的經 FDA 批准的數位細胞學 AI 平台，該平台能夠遠端查看和快速分析基於細胞的樣本，從而縮短週轉時間。

Finally, we're using AI and automation to accelerate microbiology workflows to reduce turnaround times. These are just a few examples where we are using technology, robotics, and AI. We look forward to discussing others in the future.

最後，我們正在利用人工智慧和自動化來加速微生物學工作流程，以縮短週轉時間。以上僅是我們使用科技、機器人和人工智慧的幾個例子。我們期待未來能討論其他議題。

In summary, we delivered a strong quarter and made meaningful progress on our strategy. We have momentum as we finish 2025 and move into 2026. Our focus remains on driving value for both our customers and shareholders.

總而言之，我們本季業績表現強勁，並在策略方面取得了實質進展。我們在2025年即將結束並邁入2026年之際，勢頭強勁。我們始終致力於為客戶和股東創造價值。

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

接下來，我將把電話交給茱莉亞，讓她更詳細地討論我們的財務表現和 2025 年展望。

Thank you, Adam. Now let me start with a review of our Q3 financials, and my remarks today will focus on our adjusted financial results. Please see our earnings press release and supplemental financial presentation for detail on our GAAP results. Revenue for the quarter was $3.6 billion, an increase of 8.6% compared to last year, driven by organic growth of 6.2%, the impact from acquisitions of 1.7% and the foreign currency translation of 0.7%.

謝謝你，亞當。現在讓我先回顧一下我們第三季的財務狀況，我今天的演講將重點放在我們調整後的財務表現上。有關我們按美國通用會計準則 (GAAP) 計算的業績詳情，請參閱我們的獲利新聞稿和補充財務報表。本季營收為 36 億美元，比去年同期成長 8.6%，其中有機成長 6.2%，收購影響 1.7%，外幣折算影響 0.7%。

Adjusted operating income in the quarter was $513 million or 14.4% of revenue compared to $441 million or 13.4% of revenue last year. The increase in adjusted operating income and operating margin was primarily driven by organic demand, including the strong performance of Invitae. Our LaunchPad initiative continued to be on track in the quarter, which offset typical increases in personnel costs.

本季調整後營業收入為 5.13 億美元，佔營收的 14.4%，去年同期為 4.41 億美元，佔營收的 13.4%。經調整後的營業收入和營業利潤率的成長主要得益於內生需求，包括 Invitae 的強勁表​​現。本季度，我們的 LaunchPad 計劃繼續按計劃進行，抵消了人員成本的正常成長。

The adjusted tax rate for the quarter was 23.3% compared to 22.8% last year. We continue to expect our adjusted tax rate for full year 2025 to be approximately 23%. Adjusted EPS was $4.18 in the quarter, up 19% from last year. Free cash flow for the quarter was $281 million compared to $162 million last year. The $119 million increase in free cash flow was primarily driven by higher cash earnings. For the full year, we expect capital expenditures to be approximately 3.5% of revenue.

本季調整後的稅率為 23.3%，去年同期為 22.8%。我們仍預計 2025 年全年的調整後稅率約為 23%。本季調整後每股收益為 4.18 美元，比去年同期成長 19%。本季自由現金流為 2.81 億美元，去年同期為 1.62 億美元。自由現金流增加 1.19 億美元主要是因為現金收益增加所致。我們預計全年資本支出將佔收入的3.5%左右。

During the quarter, the company invested $268 million in acquisitions and partnerships, paid out $60 million in dividends, and repurchased $25 million of stock. At quarter end, we had $598 million in cash, while total debt was $5.6 billion. Our debt leverage as of quarter end was 2.4 times gross debt to trailing 12-month adjusted EBITDA and slightly under the low end of our targeted leverage range of 2.5 times to 3 times.

本季度，該公司在收購和合作方面投資了 2.68 億美元，支付了 6,000 萬美元的股息，並回購了 2,500 萬美元的股票。截至季末，我們有 5.98 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與過去 12 個月調整後 EBITDA 的 2.4 倍，略低於我們 2.5 倍至 3 倍的目標槓桿率範圍的下限。

Now I will review our segment performance, beginning with Diagnostics Laboratories. Revenue for the quarter was $2.8 billion, an increase of 8.5% compared to last year, with organic growth of 6.3% and acquisitions of 2.2%. Total volume increased 4.7% compared to last year, with organic volume contributing 3.5% as we continued to execute our strategy and drive strong demand.

現在我將回顧我們各個業務板塊的業績，首先從診斷實驗室開始。本季營收為 28 億美元，比去年同期成長 8.5%，其中有機成長 6.3%，收購成長 2.2%。與去年相比，總銷量成長了 4.7%，其中有機銷量成長了 3.5%，這得益於我們繼續執行策略並推動強勁的需求。

Acquisitions contributed 1.2%. Price/mix increased 3.7% versus last year. Organic price/mix was 2.8% as we benefited from mix, primarily due to the annualization of Invitae as well as an increase in test per accession. Acquisitions contributed 1%. Diagnostics adjusted operating income for the quarter was $450 million or 16.3% of revenue compared to $387 million or 15.2% of revenue last year.

收購貢獻了 1.2%。價格/組合較去年增長3.7%。有機價格/混合比例為 2.8%，因為我們從混合比例中受益，這主要是由於 Invitae 的年度化以及每個種質的測試次數增加。收購貢獻了 1%。本季診斷業務調整後營業收入為 4.5 億美元，佔營收的 16.3%，去年同期為 3.87 億美元，佔營收的 15.2%。

Adjusted operating margin was up 110 basis points. Adjusted operating income and operating margin increased, primarily driven by organic demand, including the strong performance of Invitae, coupled with slight favorability from weather year-over-year.

調整後營業利益率上升了110個基點。調整後的營業收入和營業利潤率有所增長，主要得益於內生需求，包括 Invitae 的強勁表​​現，以及同比略微有利的天氣因素。

Now I will review the segment performance of Biopharma Laboratory Services or BLS. Revenue for the quarter was $799 million, an increase of 8.3% compared to last year due to an increase in organic revenue of 5.3% and foreign currency translation of 3%. We continue to perform well in Central Labs. In constant currency, Central Labs revenue was up 7% in the quarter. Early Development revenue was up 1.1%, lower-than-expected due to delayed study starts.

現在我將分析生物製藥實驗室服務（BLS）這項業務部門的表現。本季營收為 7.99 億美元，比去年同期成長 8.3%，這主要得益於有機營收成長 5.3% 和外幣折算成長 3%。我們在中央實驗室的表現依然良好。以固定匯率計算，Central Labs 的營收在本季成長了 7%。由於研究啟動延遲，早期開發收入成長了 1.1%，低於預期。

In response to the lower-than-anticipated revenue in Early Development, we are beginning to divest or restructure through site consolidation, impacting approximately $50 million in annual revenue in noncore areas. We expect these actions to result in a more streamlined business with a slight improvement in operating income.

由於早期開發領域的收入低於預期，我們開始透過場地整合進行資產剝離或重組，這將對非核心領域的年收入造成約 5,000 萬美元的影響。我們預計這些措施將使業務更加精簡，營業收入略有提高。

BLS adjusted operating income for the quarter was $132 million or 16.5% of revenue compared to $121 million or 16.4% of revenue last year. Adjusted operating income grew 9% year-over-year, driven by organic demand. We ended the quarter with a backlog of $8.6 billion, and we expect approximately $2.7 billion of this backlog to convert into revenue over the next 12 months. Our segment quarterly book-to-bill was 0.89. Our trailing 12-month book-to-bill remains strong at 1.09.

BLS調整後的本季營業收入為1.32億美元，佔營收的16.5%，去年同期為1.21億美元，佔營收的16.4%。經調整後的營業收入年增 9%，主要得益於內生性需求的成長。本季末，我們的積壓訂單金額為 86 億美元，預計未來 12 個月內，其中約 27 億美元將轉化為營收。我們部門季度訂單出貨比為 0.89。過去 12 個月的訂單出貨比依然強勁，為 1.09。

Now I will discuss our updated 2025 full year guidance, which assumes foreign exchange rates effective as of September 30, 2025, for the remainder of the year. The enterprise guidance also 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 年全年業績指引，該指引假設 2025 年 9 月 30 日生效的外匯匯率將適用於該年度剩餘時間。企業指引也包括目前預期資本配置的影響，即利用自由現金流進行收購、股票回購和分紅。

Beginning with the segments, Diagnostics continues to execute well in the marketplace. We have maintained the midpoint versus prior guidance and narrowed the growth range to 7.2% to 7.8%, which assumes approximately 4.5% organic revenue growth.

從各個細分市場來看，診斷業務在市場上持續表現良好。我們維持了先前預期的中點，並將成長範圍縮小至 7.2% 至 7.8%，這假設有機收入成長約為 4.5%。

In BLS, we expect to grow 5.7% to 7.1% versus prior year. We have lowered the midpoint by 40 basis points versus prior guidance due to the unfavorable impact of currency. In constant currency, we have maintained the midpoint versus prior guidance as strength in Central Labs is offsetting softness in Early Development.

美國勞工統計局預計，與前一年相比，經濟成長率為 5.7% 至 7.1%。由於匯率的不利影響，我們將中間價較先前的預期下調了 40 個基點。以固定匯率計算，我們維持了先前預期的中點數值，因為中央實驗室的強勁表現抵消了早期研發部門的疲軟。

We continue to expect Central Labs to grow in the mid-single digits for the full year. We now expect Early Development to grow low single digits for the full year, with Q4 presenting the most challenging year-over-year comparison. We updated the 2025 enterprise revenue growth guidance range to 7.4% to 8%. We lowered the midpoint by 40 basis points due to timing of acquisition revenue, which are held at the enterprise and the unfavorable impact from currency.

我們仍然預計中央實驗室全年將實現中等個位數的成長。我們現在預計，全年早期開發業務將實現個位數低成長，其中第四季度年增速將最具挑戰性。我們將 2025 年企業營收成長預期範圍更新為 7.4% 至 8%。由於收購收入的時間表（該收入由企業持有）以及匯率的不利影響，我們將中間值下調了 40 個基點。

We continue to expect full year enterprise margins to increase with margins improving in both Diagnostics and BLS in 2025 versus 2024. Our guidance range for adjusted EPS is $16.15 to $16.50 with an implied growth rate at the midpoint of 12%. As compared to prior guidance, we have narrowed the range and raised the midpoint by approximately $0.05.

我們繼續預計全年企業利潤率將有所提高，2025 年診斷和 BLS 業務的利潤率將比 2024 年有所提高。我們對調整後每股盈餘的預期範圍為 16.15 美元至 16.50 美元，其中點隱含成長率為 12%。與先前的預期相比，我們縮小了預期範圍，並將中點提高了約 0.05 美元。

Our free cash flow guidance range is $1.165 billion to $1.285 billion. We narrowed the range and raised the midpoint by $25 million versus prior guidance, given our strong cash flow generation year-to-date.

我們預計自由現金流範圍為 11.65 億美元至 12.85 億美元。鑑於我們今年迄今強勁的現金流表現，我們縮小了預期範圍，並將中點數值較先前的預期提高了 2500 萬美元。

In closing, our quarterly performance reflects the strong execution of our strategy and the continued efforts of our teams across the organization. As we look ahead, we are confident in our ability to deliver sustainable growth and long-term value for our shareholders. We look forward to updating you in the coming quarters.

總之，本季業績反映了我們策略的有效執行以及公司各團隊的持續努力。展望未來，我們有信心為股東帶來永續成長和長期價值。我們期待在接下來的幾季向您報告最新情況。

Operator, we will now take questions.

操作員，現在開始接受提問。

(Operator Instructions)

（操作說明）

Lisa Gill, JPMorgan.

Lisa Gill，摩根大通。

I just want to better understand when we think about the revenue and the updated guidance around revenue. So Julia, I heard you talk about currency and acquisitions. I'm curious, one, are you seeing an increase in utilization from, for example, the exchange population as people anticipate that they potentially could lose their benefit or it could cost more going into 2026? And then is there a way for you to break down that 40-basis point between currency and acquisitions? And again, is the acquisition just a timing aspect and so we'll see that come through in '26?

我只是想更了解我們在考慮收入以及更新後的收入預期時會如何看待這個問題。茱莉亞，我聽你談過貨幣和收購的事。我很好奇，例如，隨著人們預期他們可能會失去福利或到 2026 年保費可能會上漲，您是否注意到交易所人群的使用率有所上升？那麼，您能否解釋一下貨幣和收購之間這 40 個基點的差異？那麼，這次收購是否只是時間問題，我們會在 2026 年看到結果嗎？

Lisa, I'll start. First, I'd say that $13 million of it was from the foreign exchange, the rest was from the acquisitions, and it's fully timing related. Some of the acquisitions this year closed a little bit later than what we anticipated. So that impacted us just a little bit and then a few fell into next year. But overall, the pipeline remains strong, the acquisitions remain strong. So it's purely timing related.

麗莎，我先來。首先，我認為其中 1,300 萬美元來自外匯交易，其餘部分來自收購，這完全與時機有關。今年的一些收購交易完成時間比我們預期的要晚一些。所以這給我們造成了一點影響，然後還有一些影響推遲到了明年。但整體而言，專案儲備依然強勁，收購活動也依然強勁。所以這純粹是時機問題。

With regard to your question on utilization, I'll first start off by saying we had a very strong quarter when you look at the Diagnostic business. And when you look at the organic volume, it was up 3.5%. And when I think about the volume, we're certainly seeing some uptick, I think, from demographics in the marketplace, from market share that we're gaining.

關於您提出的利用率問題，首先我想說的是，從診斷業務來看，我們本季表現非常強勁。從有機銷量來看，成長了 3.5%。而從銷售來看，我們確實看到了一些成長，我認為這得益於市場人口結構的變化以及我們正在獲得的市場份額。

I don't necessarily believe it's due to people concerned about losing to ACA because doctors can only take so many appointments and I don't -- and they're usually very booked. So it would be hard to get a large number of people into those offices that quickly. So I think we're seeing it more from organic volume increases.

我並不認為這是因為人們擔心會因為《平價醫療法案》(ACA) 而失去工作，因為醫生能接的預約數量有限，而我接的預約數量有限——而且他們的預約通常都很滿。因此，很難在短時間內讓大量人員進入這些辦公室。所以我認為我們更多地是從自然增長的銷售中看到這一點。

Michael Cherny, Leerink Partners.

Michael Cherny，Leerink Partners。

Congrats on a nice quarter. Maybe if I can dig in a little bit on organic price per mix in particular. It's been strong. You had a tough comp this quarter, and yet it still grew nicely. As you think about the behavioral changes that you're making as an organization, how much of it do you feel is proactive versus reactive in terms of what you can push versus what the market is bringing to you as we think about how that builds beyond this year?

恭喜你本季業績出色。或許我可以深入研究每種有機混合物的價格。它一直很強勁。你這季度面臨嚴峻的競爭，但業績依然取得了不錯的成長。當您思考貴組織正在做出的行為改變時，您認為其中有多少是主動的，又有多少是被動的？您認為在主動推動方面，有多少是市場主動提供的，又有多少是被動接受的？我們還要考慮如何在今年之後繼續發展？

Yes. Sure, Michael. I'll give you some context, and I'll ask Julia to jump in and give you some specifics on the price/mix. So when I look at the Diagnostic revenue, it grew 8.5% versus last year. Organically, it was about 6%. When I look at the organic volume, that grew 3.5% and price/mix grew about 2.8%. Some of that was from mix, but also from Invitae. But I'll ask Julia to give you some more specifics about the price/mix.

是的。當然可以，麥可。我先給你介紹一下背景，然後請 Julia 補充一些關於價格/組合的具體資訊。因此，當我查看診斷業務收入時，發現它比去年增長了 8.5%。有機成長約 6%。從有機銷量來看，成長了 3.5%，價格/組合成長了約 2.8%。其中一些來自 mix，一些來自 Invitae。但我會請茱莉亞給你更多關於價格/組合的細節。

Yes. Michael, if you were to break down the impact between unit price and mix, we continue to see unit price being relatively flat. Therefore, the price/mix impact has really been benefiting from mix. And as Adam just shared, in the third quarter, our organic price/mix was up 2.8%. That was driven primarily by increase in tests per session as well as Invitae. Now the impact in Invitae was more pronounced in Q3 due to the timing of the annualization being in the middle of Q3.

是的。Michael，如果你要分析單價和產品組合的影響，我們會發現單價仍然相對穩定。因此，價格/組合影響實際上受益於組合。正如亞當剛才分享的那樣，第三季度我們的有機產品價格/組合上漲了 2.8%。這主要是由於每次測試次數的增加以及 Invitae 的推出。由於年度結算時間在第三季中期，因此 Invitae 在第三季受到的影響更為明顯。

And going into Q4, we expect Invitae to drive continued price/mix favorability, and the impact will somewhat moderate when compared to Q3. And if we step back and look at price/mix in general, over time, we have seen a slight yet consistent growth in test per accession post-COVID era.

進入第四季度，我們預計 Invitae 將繼續推動價格/產品組合的有利性，與第三季度相比，其影響將有所緩和。如果我們退後一步，從整體上看價格/組合，隨著時間的推移，我們看到新冠疫情後每次入院檢測的價格出現了輕微但持續的增長。

Longer term, we continue to believe that the mix growth will be supported by the increase in our partnerships with the large hospitals and the health systems as well as the aging population, the health and wellness trend, the breadth of our test menu as well as our focus on specialty testing.

從長遠來看，我們仍然相信，隨著我們與大型醫院和醫療系統合作的增加，以及人口老化、健康和保健趨勢、我們檢測項目的廣泛性以及我們對專業檢測的關注，業務組合的增長將得到支撐。

And for the full year, you might have seen that in terms of our updated guidance, we maintained the midpoint of Diagnostic revenue guidance of 7.5% and updated the organic revenue growth expectation to 4.5%, whereby the price/mix is going to be a big contributor to that expectation.

至於全年業績，您可能已經注意到，在我們更新的業績指引中，我們維持了診斷業務收入指引的中點值 7.5%，並將有機收入成長預期更新為 4.5%，其中價格/產品組合將是該預期的主要貢獻因素。

Jack Meehan, Nephron Research.

Jack Meehan，腎單位研究。

I was hoping to get a little bit more color on the announcement around the site consolidation in the Early Development business. Can you just talk about what the factors were you're seeing in the market that led you to make this decision? And it sounds like we got the revenue impact. Is it possible to think about -- it sounds like this might be a low margin, just what the earnings impact might be from the decision?

我原本希望能夠更詳細地了解早期開發業務中有關網站整合的公告。您能否談談您在市場上觀察到的哪些因素促使您做出這個決定？聽起來我們已經獲得了收入方面的影響。能否考慮一下——聽起來利潤率可能很低——這項決定會對收益產生什麼影響？

Yes, absolutely. And Jack, I'll start off with giving some additional color, then I'll answer the question specifically. But if you look at the Biopharma Laboratory Services businesses, it performed well. And you saw an 8% increase in revenue or 5% in constant currency, but it was really driven by strength in Central Laboratories, it was up 10%, 7% if you look at constant currency, and it more than offset the weakness that we saw in Early Development.

是的，絕對的。傑克，我先補充一些背景訊息，然後再具體回答你的問題。但如果你看一下生物製藥實驗室服務業務，你會發現它的表現很好。營收成長了 8%，以固定匯率計算成長了 5%，但這實際上是由中央實驗室的強勁表現推動的，其增長了 10%，按固定匯率計算增長了 7%，這足以抵消早期開發部門的疲軟。

Based upon what we're seeing in Early Development, we've decided to look at some noncore areas. We're going to divest certain things there, but we're also going to have some site consolidation. And that will be leading to approximately $50 million of annualized revenue. But without that revenue, we expect to see a slight increase in operating income. So it actually was negatively impacting our accretion. So that will be a positive for us.

根據我們在早期開發階段觀察到的情況，我們決定專注於一些非核心領域。我們將剝離那裡的一些資產，同時也進行一些網站整合。這將帶來約 5000 萬美元的年化收入。但即便沒有這部分收入，我們預計營業收入也會略有成長。所以它實際上對我們的吸積產生了負面影響。那對我們來說是個好消息。

What drove us that decision was we look at three things with the Early Development business. We look at RFPs coming into us, then we look at what's our win rate and then we look at do the trials start on time. If you look at the RFPs and numbers, we're getting about the same number of RFPs that we've gotten in the past. If you look at our win rate, it's about the same. Our market share is stable as it's been in the past.

促使我們做出這個決定的原因是我們專注於早期開發業務的三個面向。我們會查看收到的 RFP，然後查看我們的得標率，再查看試驗是否按時開始。從招標邀請書和相關數據來看，我們收到的招標邀請書數量與過去大致相同。如果看我們的勝率，也差不多。我們的市佔率與以往一樣保持穩定。

The issue that we're seeing is with timing of study starts. They're just not starting in a timely fashion that we would have expected based upon historical timelines. We expected that to start to come back to more normalcy. Unfortunately, it has not. Based upon that, we've decided to streamline the business and to take the actions we talked about today.

我們目前遇到的問題是學習開始時間的安排。他們的開工時間並沒有按照我們根據歷史時間表所預期的那樣及時。我們預計這種情況會逐漸恢復正常。很遺憾，並沒有。基於此，我們決定精簡業務，並採取我們今天討論的措施。

Patrick Donnelly, Citi.

派崔克唐納利，花旗銀行。

Maybe just given that PAMA is a little more topical here heading into year-end. Can you just talk about the expectations there? I know you've talked about the $100 million top line impact. I think during conference season, you were talking about some levels of mitigation efforts, maybe something like $25 million. Can you talk about, I guess, the probability, what you're hearing on PAMA, results, et cetera?

或許是因為在年底之際，PAMA 的話題性更強一些。能談談這方面的預期嗎？我知道你們已經談到了1億美元的營收影響。我認為在會議期間，你們談到了一些緩解措施，可能投入了約 2500 萬美元。能談談機率問題嗎？例如你在PAMA上聽到的消息、結果等等？

And then again, what you're doing on the offset? Are you already kind of getting things in line? Would love just your thoughts on the expectations and then the potential mitigation efforts you guys could do into next year?

那麼，你在場外又在做什麼呢？你已經把事情安排妥當了嗎？很想聽聽您對明年預期情況的看法，以及您可以採取哪些潛在的緩解措施？

Yes, absolutely, Patrick. So we've consistently said that we believe the CMS's execution of PAMA was not accurate, and it shouldn't be implemented in its current form. We've worked really closely with our trade organization, ACLA, to advocate for the RESULTS Act, which would put a freeze on the cuts for a period of time. When you look at that, it has strong bipartisan support.

是的，當然，派崔克。因此，我們一直認為 CMS 對 PAMA 的執行並不準確，不應該以目前的形式實施。我們與產業組織美國公民及移民領袖協會（ACLA）密切合作，倡導《成果法案》（RESULTS Act），該法案將在一段時間內凍結裁員。從這個角度來看，它獲得了強而有力的兩黨支持。

I mean, Democrats, Republicans sponsored the bill. We think that we have very strong support. The question is, with everything that's happening right now and the shutdown and everything else, will we see additional legislation approved by the end of this year. We're going to continue to advocate for it. We have strong support for it, but it's very hard to handicap whether or not that will happen by year-end.

我的意思是，民主黨和共和黨人都提出了這項法案。我們認為我們擁有非常強大的支援。問題是，鑑於目前發生的一切，包括政府停擺等等，我們是否能在今年年底前看到更多立法獲得通過。我們將繼續倡導這項政策。我們對此給予了強有力的支持，但很難預測到年底能否實現。

We also are continuing to work to see if it should be and can be delayed again as it has been for the last number of years. And that's really going to come down to, I believe, the OBO score, which we've not seen a final score. If the OBO score is positive or maybe kind of neutral to slightly negative, I think there's a good chance that it could be delayed again. If it's not, and it goes in a different direction, then I think it will be more difficult with everything else that's going to have to happen by the end of the year.

我們也在繼續努力，看看是否應該以及是否可以像過去幾年那樣再次推遲該專案。我認為，最終結果將取決於 OBO 的評分，但我們還沒有看到最終評分。如果 OBO 評分是正數，或者接近中性甚至略微負數，我認為很有可能再次延期。如果不是這樣，而是朝著另一個方向發展，那麼我認為，考慮到年底前還要完成的其他所有事情，情況會更加困難。

So it's really difficult to predict whether we'll be able to get the results, legislation implemented and get another delay. So therefore, we think the prudent strategy is for us to plan that there will be a $100 million impact on both the top line and bottom line for full year 2026.

因此，我們很難預測能否取得成果、實施立法，以及是否會再次延期。因此，我們認為審慎的策略是，預計 2026 年全年營收和利潤都將受到 1 億美元的影響。

And with that, we are already planning and we have work underway to offset, like you said, approximately $25 million of that impact. And that's in addition to the commitment that we have for LaunchPad, which roughly offsets the cost of inflation. So we're going to do that in addition to.

因此，我們已經在製定計劃並開展工作，以抵消您所說的大約 2500 萬美元的影響。而且，這還不包括我們對 LaunchPad 的投入，這筆投入大致可以抵消通貨膨脹造成的損失。所以，除此之外，我們還要這麼做。

And a lot of that's going to come from the things that we've started to discuss for AI implementation and things that we're doing to increase our efficiency and use AI more effectively. So those things are underway, and we'll provide guidance for 2026 in February, and we'll give you more specifics.

其中許多都將源自於我們已經開始討論的人工智慧實施問題，以及我們正在採取的提高效率和更有效地利用人工智慧的措施。這些工作正在進行中，我們將在2月提供2026年的指導意見，並給予更多細節。

Erin Wright, Morgan Stanley.

艾琳·賴特，摩根士丹利。

Could you speak a little bit to your efforts around the consumer-driven testing, the contribution you're seeing now from that? I know one of your peers was talking about that, the margin profile growth rate of that business. And is it starting to what move the needle in terms of volume or overall revenue growth?

您能否談談您在消費者驅動測試方面所做的努力，以及您目前從中獲得的貢獻？我知道你的一位同業談到這件事，就是那家企業的利潤率成長率。這是否開始對銷售或整體營收成長產生影響？

Yes. So if you look at our consumer business, we continue to have a strong focus on consumerism. We're trying to meet the patients where they are through a whole bunch of different channels. And importantly, I mean, we interact or engage with over 75 million patients through all the different avenues that people come to get Labcorp results or information from Labcorp. So as the consumers are taking a much greater control of their health care, we want to be a resource for them and offer solutions that put them in the driver seat, frankly.

是的。因此，如果你看一下我們的消費者業務，我們會發現我們仍然非常重視消費主義。我們正努力透過各種不同的管道，在病人需要的地方為他們提供服務。更重要的是，我們透過各種不同的管道與超過 7,500 萬名患者互動或接觸，這些人透過這些管道獲取 Labcorp 的檢測結果或資訊。隨著消費者對自己的醫療保健擁有更大的控制權，我們希望成為他們的資源，並提供解決方案，讓他們掌握主動權。

Today, a lot of them engage with us through our on-demand e-commerce platform. We also have the Ovia app where many people interact with us as well. And what we're seeing is a very significant increase in terms of growth rate. There's no doubt about it. It hasn't reached critical mass at the moment for us to pull out the numbers and provide separate numbers, but we're continuing to add new tests. Just this quarter, we added tests for lead exposure, ApoB for heart health and even a panel for healthy aging. And we're going to continue to add new things there.

如今，他們中的許多人透過我們的按需電子商務平台與我們互動。我們也推出了 Ovia 應用，許多人也可以透過應用程式與我們互動。我們看到的是成長率出現了非常顯著的成長。這點毋庸置疑。目前樣本量還沒有達到臨界值，所以我們無法提取數據並提供單獨的數據，但我們正在繼續增加新的測試。光是本季度，我們就新增了鉛暴露檢測、ApoB心臟健康檢測，甚至還有健康老化檢測。我們將繼續在那裡添加新內容。

In addition to that, if you look at Ovia Health, it's a leading app that supports women's health and it guides through all different stages, including pregnancy, postpartum, menopause and a lot more. So these are really important capture points for us. I do believe we're going to continue to see growth in these areas. And as it reaches critical mass, we'll figure out when to start to report it separately.

除此之外，Ovia Health 是一款領先的女性健康應用程序，它指導女性度過所有不同的階段，包括懷孕、產後、更年期等等。所以這些對我們來說是非常重要的抓人點。我相信這些領域將會持續成長。當它達到臨界規模時，我們會考慮何時開始單獨報告。

Andrew Brackmann, William Blair.

安德魯·布拉克曼，威廉·布萊爾。

Maybe I guess, on the Diagnostics segment margin expansion, I think it was 110 basis points in the quarter. Can you maybe pick that apart a bit more for us? And I guess, how should we be thinking about the go forward there and considerations around things like price, Invitae and just underlying improvements there?

我猜，診斷業務部門的利潤率擴張，本季應該是 110 個基點。能再為我們詳細分析一下嗎？那麼，我們該如何考慮未來的發展方向，以及價格、Invitae 和相關基礎改善等方面的考量呢？

Yes. Andrew, let me provide some color on margin. As you can see, we delivered meaningful margin expansion at the enterprise level in the third quarter, up 100 basis points versus prior year, supported by both segments. As we shared before, the year-over-year margin comparison in the second half of this year gets tougher for BLS and gets easier for Diagnostics, given the margin evolution throughout 2024.

是的。安德魯，讓我來補充一些關於頁邊距的顏色。如您所見，在第三季度，我們在企業層面實現了顯著的利潤率成長，比去年同期成長了 100 個基點，這得益於兩個業務部門的共同努力。正如我們之前分享的那樣，考慮到 2024 年全年利潤率的變化，今年下半年 BLS 的同比利潤率比較將變得更加困難，而 Diagnostics 的同比利潤率比較將變得更加容易。

As such, in the third quarter of this year, BLS margin was up 20 basis points, driven by organic demand. Diagnostics had a strong margin improvement of 110 basis points versus prior year, which was primarily driven by organic demand, including strong performance of Invitae. You might recall that Invitae annualized in August of this year and is now fully integrated into our broader business infrastructure.

因此，今年第三季度，BLS 的利潤率上升了 20 個基點，這主要得益於內生需求的成長。診斷業務的利潤率較上年同期大幅提升 110 個基點，這主要得益於內生需求的成長，其中 Invitae 的強勁表​​現尤為突出。您可能還記得，Invitae 已於今年 8 月實現年度化，並已完全融入我們更廣泛的業務基礎設施中。

As you look at the Diagnostics margin in Q3, in addition to Invitae, there were some other puts and takes. For example, the savings from our LaunchPad initiative, coupled with a slight favorability from weather helped us offset typical annual wage increases and mix impact from in-hospital lab management agreements.

從第三季的診斷業務利潤率來看，除了 Invitae 之外，還有一些其他的買賣交易。例如，我們的 LaunchPad 計劃節省的資金，再加上天氣略微有利，幫助我們抵消了典型的年度薪資成長和醫院實驗室管理協議帶來的組合影響。

As we think about Q4 margin for Diagnostics, we expect Invitae to continue to be a tailwind. Sequentially speaking, we expect margins to moderate in Q4 versus Q3, reflecting typical seasonality. Overall, I would say that we expect the full year margin expansion by both segments to support enterprise margin expansion in 2025, which contributes to our expectation of growing adjusted EPS by 12% for the full year at the midpoint of our guidance.

在考慮診斷業務第四季利潤率時，我們預期 Invitae 將繼續成為推動業務成長的利多因素。從季度環比來看，我們預計第四季度利潤率將比第三季度有所放緩，這反映了典型的季節性因素。總體而言，我認為我們預計這兩個業務部門全年利潤率的擴張將支持 2025 年企業利潤率的擴張，這有助於我們實現全年調整後每股收益增長 12% 的預期，這是我們預期的中位數。

Elizabeth Anderson, Evercore ISI.

Elizabeth Anderson，Evercore ISI。

This is Joanna for Elizabeth. So I have a question about '25 guidance. We only have one quarter left, yet the EPS guidance do have a very wide range of $0.35. Like what are the major moving pieces that could swing you towards the high end or the low end of that guidance range?

這是喬安娜給伊莉莎白的。我有一個關於「25 指導」的問題。只剩下最後一個季度了，但每股盈餘預期卻有0.35美元的很大範圍。那麼，有哪些主要因素可能導致預期結果偏向預期範圍的上限或下限呢？

Yes. Thank you for the question. And as I look at the guidance, we've narrowed the ranges in our overall revenue guidance and our Diagnostic guidance. We purposely kept the range in BLS a little bit larger. We didn't adjust it this quarter.

是的。謝謝你的提問。從業績指引來看，我們已經縮小了整體收入指引和診斷業務指引的範圍。我們刻意將BLS的範圍設定得稍微大一些。本季我們沒有進行調整。

And the primary reason is as we're looking to do some of the divestitures and the site consolidation, the timing of what could impact us this quarter is a little bit uncertain. We're moving as fast as we can, but there are certain things that we can only move so fast on. And that's why we've kept that range a bit wider than we typically would.

主要原因是，由於我們正在考慮進行一些資產剝離和站點整合，因此本季可能對我們產生影響的因素的時間安排還不太確定。我們正在盡最大努力加快速度，但有些事情我們只能以這樣的速度前進。所以，我們才把價格範圍定得比通常情況下要寬一些。

Kevin Caliendo, UBS.

瑞銀集團的凱文·卡利恩多。

I'm still a little confused about why the margins weren't maybe a little bit better in 3Q. I'm wondering if there was anything discretionary, but any discretionary spend on top of that, just given this. But my real question is more around '26. If we think about the impact if PAMA comes back, let's say, you said the net impact would be $70 million, $75 million. Given all the other puts and takes that you have with Invitae and some of the other deals that you have, can you still meet your LRP if PAMA comes back?

我仍然有點不明白為什麼第三季的利潤率沒有更好一些。我想知道除了這些之外，還有沒有其他可自由支配的支出。但我真正的問題是關於「26」。如果我們考慮一下 PAMA 回歸的影響，比如說，您說淨影響將是 7000 萬美元，7500 萬美元。考慮到你與 Invitae 之間的所有其他交易以及你與其他一些交易，如果 PAMA 回歸，你還能實現你的 LRP 嗎？

And I know there a chance that you could be updating your LRP at some point next year. But I'm just thinking out loud here, just given sort of where the headwinds and tailwinds are.

我知道您明年某個時候有可能需要更新您的長期規劃。但我只是在自言自語，想想目前面臨的順風逆風狀況。

Yes. So Kevin, first of all, thank you for the question. And there's nothing unusual for the margins. The 110 basis point improvement in Diagnostics, we think, is strong, driven partially by Invitae, but there's also offsets when you think about some of the hospital deals that we do, they typically start off being dilutive to margins and over time, get to the average margin. So there's always some puts and takes to the margins as we think about that.

是的。凱文，首先感謝你的提問。邊距方面也沒有什麼異常之處。我們認為，診斷業務110個基點的改善非常強勁，部分原因是Invitae的推動，但考慮到我們進行的一些醫院交易，也存在一些抵消因素，這些交易通常一開始會稀釋利潤率，但隨著時間的推移，利潤率會達到平均水平。所以，我們在思考這個問題時，總是會有一些邊際的考量和取捨。

We also are on track for our Labcorp -- our LaunchPad initiative, which is taking out a significant amount of cost covering almost all of the inflation that we have from employees. So if you then think about Biopharma Laboratory Services, we also saw an increase in the margin of about 20 basis points. When you put those two together, we thought we had a strong margin improvement of 100 basis points for the quarter.

我們的 Labcorp – 我們的 LaunchPad 計畫也進展順利，該計畫正在大幅削減成本，幾乎可以彌補員工繳納的所有通貨膨脹費用。因此，如果您再考慮生物製藥實驗室服務，我們也看到利潤率提高了約 20 個基點。綜合這兩個因素，我們認為本季利潤率將大幅提高 100 個基點。

As we think about next quarter, we expect to see continued strength, particularly in Diagnostics. It's important to note that this quarter, we overlapped two or three months from the Invitae acquisition. Next quarter, it will be three out of three months. And in addition to that, we'll continue to make progress in the other areas.

展望下一季度，我們預計業務將繼續保持強勁勢頭，尤其是在診斷領域。值得注意的是，本季我們與 Invitae 收購案有兩到三個月的重疊期。下個季度，將連續三個月都是如此。除此之外，我們也將在其他領域繼續取得進展。

BLS will be more difficult because, as you may recall, it was an easier compare in the first half of the year, it's a much more difficult compare in fourth quarter for BLS. But net-net, margins for both businesses, we expect to improve this year versus last year.

BLS 的統計數據會更加困難，因為正如你可能記得的那樣，上半年的基數較小，而第四季的基數則要大得多。但總的來說，我們預計今年兩項業務的利潤率都將比去年有所提高。

It's frankly too early to give specifics about 2026. We're going to provide that guidance in February. But I would say we're working really hard to do everything we can to not only get the LaunchPad, but also additional savings from some of the AI initiatives that we have underway, which would offset as much as we can from the impact of PAMA, which is such both on the top line importantly as well as the bottom line. So it's an impact to both top line and bottom line there.

坦白說，現在談論 2026 年的具體情況還為時過早。我們將在二月提供相關指導。但我想說，我們正在竭盡全力，不僅要爭取 LaunchPad，還要從我們正在進行的一些人工智慧計劃中節省更多資金，這將盡可能抵消 PAMA 的影響，這在營收和利潤方面都非常重要。所以這對公司的營收和利潤都有影響。

Luke Sergott, Barclays.

盧克·塞爾戈特，巴克萊銀行。

This is Anna Krasinski on for Luke. It sounds like the hospital M&A pipeline has reaccelerated given all the macro and policy uncertainty. And just curious if you can talk about whether your deal criteria has changed at all given this larger opportunity set? And would you be willing to take on a lower-margin asset that offers meaningful potential share gains in a particular geography where you're less penetrated?

這裡是安娜·克拉辛斯基，她正在為盧克做報道。鑑於宏觀經濟和政策方面的不確定性，醫院併購活動似乎再次加速。我很好奇，鑑於目前更大的交易機會，您的交易標準是否有所改變？您是否願意收購利潤率較低但潛在市佔率可觀的資產，尤其是在您滲透率較低的特定地區？

Yes. No, thank you for the question. And the hospital pipeline does remain strong, and I expect it to continue to be strong. When I think about the hospital business, I think about three different parts of it. One is running the laboratories in the hospital.

是的。不，謝謝你的提問。醫院的人才輸送管道依然暢通，我預計這種暢通勢頭會繼續保持下去。當我想到醫院業務時，我會想到它的三個不同部分。其中一人在醫院負責實驗室工作。

Those are typically the lowest margin business, but it has a very high return on cost of capital. So we will do that business even though it's a bit lower in margin because it does have a great return on cost of capital.

這些通常是利潤率最低的業務，但資本成本回報率非常高。所以即使利潤率稍低，我們也會做這筆生意，因為它的資本成本報酬率很高。

The second thing we look at is the reference work. So if it's business that they can't do in a hospital lab, well they send it to us as reference. And that's good margin business, about the same as our average margin.

其次，我們要看的是參考文獻。所以，如果他們無法在醫院實驗室完成某些檢測，就會把樣本送到我們這裡當參考。而且這筆生意利潤率很高，跟我們的平均利潤率差不多。

And then the third part is acquiring the outreach business, which also is about the same as our average margin. Most hospitals, when we do all three of those things, it ends up being about the same as our average margin.

第三部分是拓展業務，這部分利潤也與我們的平均利潤率大致相同。大多數醫院，當我們同時做到這三件事時，最終的利潤率與我們的平均利潤率大致相同。

If we were to only do the hospital running of the labs, it would be lower, but that's not typical. Typical, we would do running the labs along with either the reference and/or the outreach business. So net-net, it should be neutral to margins over time.

如果我們只負責醫院的實驗室運營，費用會更低，但這並不常見。通常情況下，我們會經營實驗室，同時進行參考研究和/或推廣業務。所以總的來說，從長遠來看，它對利潤率應該不會產生影響。

Michael Ryskin, Bank of America.

邁克爾·里斯金，美國銀行。

This is Aaron on for Mike. It looks like esoteric testing is growing almost double routine. I guess how are you guys’ prioritizing R&D investments into those more esoteric tests? And then kind of following that line of questioning for Geneoscopy's ColoSense, how are you thinking about your commercialization strategy? And any reimbursement updates that you guys can provide us?

這是亞倫替麥克報道。看來，深奧的測試數量幾乎是常規測試數量的兩倍。我想問你們是如何優先考慮將研發投資投入在那些比較深奧的測試中的？然後，順著這個思路，我們來問問 Geneoscopy 的 ColoSense，你們是如何考慮商業化策略的？你們能否提供任何關於報銷的最新資訊？

Yes. So I'll start with the esoteric business. And we certainly are seeing growth in esoteric business, and it's -- continued asymptotic increases over time. But when you think about 700 million tests that we do in a year, it's hard to move the needle. And typically, esoteric tests are lower in volume overall, but they're very important because when you run the esoteric test, you typically do all the routine tests that come along with it.

是的。那我就先從比較深奧的話題講起吧。我們確實看到神秘學業務在成長，而且隨著時間的推移，這種成長呈現持續漸近線式成長。但想想我們一年要進行 7 億次檢測，很難有所改變。通常來說，特殊檢測的數量總體上較少，但它們非常重要，因為當你進行特殊檢測時，你通常會進行所有相關的常規檢測。

We have been launching many esoteric tests. But importantly, we're focused on oncology, women's health, neurology, and the autoimmune areas. And in those areas, we see growth rates that should be 2 times to 3 times faster than the overall diagnostic market.

我們一直在推出許多深奧的測試。但重要的是，我們專注於腫瘤學、女性健康、神經病學和自體免疫領域。在這些領域，我們看到的成長速度應該是整體診斷市場的 2 到 3 倍。

So it's certainly an area that we want to be competing in. When we think about how to compete, some of those tests we develop ourselves, some of those tests we license or acquire. And we're really focused on what's the best way to get the best test to market as quickly as we can. And to us, it's more about having all the tests that a physician would need for a patient as opposed to developing any one test internally.

所以這當然是我們想要參與競爭的領域。當我們思考如何參與競爭時，有些測驗是我們自己開發的，有些測驗是我們獲得許可或購買的。我們真正關注的是如何以最快的速度將最好的測試結果推向市場。對我們來說，更重要的是擁有醫生為病人進行檢查所需的所有檢查，而不是自行開發任何一項檢查。

So we're really agnostic to developing it ourselves or to acquiring or licensing it.

所以我們對自行開發、收購或授權都持開放態度。

Yujin Park, Baird.

Yujin Park，Baird。

On BLS, can you provide more color on bookings between Central Lab and Early Development? I recognize Central Lab bookings can be more chunky quarter-by-quarter and Early demand -- Development demand environment, as you said, didn't change much, but I wanted to hear your thoughts between the two.

關於 BLS，您能否詳細介紹中央實驗室和早期發展部門之間的預約？我知道中央實驗室的預約量可能會按季度波動，而且早期需求——正如您所說，開發需求環境並沒有太大變化，但我很想聽聽您對這兩者的看法。

Yes. So I'll start off with overall on the book-to-bill, then I'll talk specifically. If you look at the book-to-bill, it was about 0.9 for the quarter, a little bit lower than we typically like. We like to be about 1.0 to 1.05. But if you look at the trailing 12 months, it was a 1.09.

是的。那麼，我先從整體上談談訂單到帳單的轉換率，然後再具體談談。如果看一下訂單出貨比，本季約為 0.9，比我們通常希望的要低一些。我們希望這個數值在 1.0 到 1.05 之間。但如果你看過去 12 個月的數據，你會發現它是 1.09。

And I've always said that you have to be careful looking at any one quarter because there are ups and downs to any one quarter. But over time, the trailing 12 months, that's a better predictor. I would expect the book-to-bill in fourth quarter to be better than it was in the third quarter, if you look at it sequentially, albeit it will be a tough year-over-year compare because last year fourth quarter was very strong as well.

我一直都說，看任何一個季度都要謹慎，因為任何一個季度都會有起伏。但從長遠來看，過去 12 個月的數據是一個更好的預測指標。如果按季度來看，我預期第四季的訂單出貨比會比第三季好，儘管與去年同期相比會比較困難，因為去年第四季的業績也非常強勁。

If I look at the book-to-bill, I feel confident that we're in a very good place. Book-to-bill is a good measurement for the Central Laboratory business, and it remains very strong. I've always said book-to-bill is a little bit more difficult for Early Development business with the primary reason being that many studies in Early Development start and end in the same year. And therefore, there's not a lot of two- or three-year trials that kind of build your book-to-bill over time.

如果我看一下訂單與帳單的比率，我很有信心我們目前的情況非常好。訂單出貨比是衡量中心實驗室業務的一個很好的指標，而且這項指標仍然非常強勁。我一直認為，早期開發業務的訂單到帳單結算會稍微困難一些，主要原因是早期開發領域的許多研究都是在同一年開始和結束的。因此，並沒有很多為期兩三年的試驗項目能夠隨著時間的推移逐步提高你的訂單量和帳單金額。

So you would expect the Early Development book-to-bill to be lower than the Central Laboratory, which it is. But I would say the Central Laboratory is very strong. For the Early Development, I look at the RFPs, the win rate are strong. It's the study starts that are really the issue in Early Development.

因此，早期開發部門的訂單出貨比應該低於中央實驗室，事實確實如此的事實。但我認為中央實驗室實力非常強大。對於早期開發階段，我查看了 RFP，中標率很高。早期發展研究真正的問題在於研究的啟動。

David Westenberg, Piper Sandler.

大衛‧韋斯滕伯格，派珀‧桑德勒。

This is Skye on for Dave. Could you provide some more color on the expected revenue and EPS accretion from the completed and progressing acquisitions for 2025 and if you can, 2026, kind of what are the key integration milestones we should be looking out for and potential synergies expected from these transactions?

這裡是Skye為Dave報道。您能否詳細說明已完成和正在進行的收購對 2025 年和 2026 年的預期收入和每股收益增長？如果可以的話，請說明我們應該關注的關鍵整合里程碑是什麼？這些交易預計會帶來哪些潛在的綜效？

Yes. So I think it's -- if you look at what we've provided, we say typically, we expect the acquisitions to provide 1.5% to 2.5% growth in a given year. And that's what we are projecting in our longer-term guidance, which we continue to expect that type of growth. The pipeline remains strong. It remains good.

是的。所以我認為——如果你看看我們提供的信息，我們通常預計收購將在特定年份帶來 1.5% 到 2.5% 的增長。而這正是我們在長期業績指引中所預測的，我們將繼續期待這種類型的成長。管道狀況依然良好。它依然很好。

We don't give specific operating income or margin for the individual deals. What I would say is, as I look at hospital deals, in general, when you do all three pieces of the business, meaning the reference laboratory work, the in-house laboratory work for the hospital itself as well as the acquisition of the reference -- of the outpatient labs, you tend to have a margin that's about the same as our average margin.

我們不提供具體交易的營業收入或利潤率。我想說的是，就我觀察的醫院交易而言，一般來說，當你把業務的三個部分都做完時，也就是參考實驗室工作、醫院自身的內部實驗室工作以及門診實驗室的收購，你的利潤率往往與我們的平均利潤率大致相同。

Tycho Peterson, Jefferies.

泰科·彼得森，傑富瑞集團。

I want to probe on the Central Lab strengths a bit more. I understand your book-to-bill comments earlier, but can you maybe just talk about the acceleration you saw here in 3Q, a nice step-up from 2Q. Maybe just talk about the durability of what you're seeing now on the Central Lab side.

我想更深入地探究一下中央實驗室的優勢。我理解你之前關於訂單出貨比的評論，但你能不能談談你在第三季看到的加速成長，這比第二季有了很大的進步。或許可以談談你現在在中央實驗室這邊看到的成果的持久性。

Yes. So if you look at our Central Lab business, it remains strong. It had 10% growth on the top line, but it was 7% if you looked at the constant currency growth rate, which is very healthy growth. We expect that it will be in the mid-single-digit growth for the full year. That's typically where you'd expect the Central Laboratory business to grow.

是的。所以，從我們的中央實驗室業務來看，它依然強勁。其營收成長了 10%，但以固定匯率計算的成長率為 7%，這是一個非常健康的成長。我們預計全年成長率將維持在個位數中段水準。通常來說，中央實驗室業務的成長點就在那裡。

We're seeing strong book-to-bill. Last quarter, we announced that we had several large studies that were going to go over multiple years. The more large studies over multiple years you have, the better you are. But overall, I would say that, that business, we expect to continue to grow and to do well as we look for that to offset some of the softness that we're seeing for the Early Development for the rest of the year.

我們看到訂單出貨比表現強勁。上個季度，我們宣布將進行幾項大型研究，這些研究將持續多年。你參與的歷時多年的大型研究越多，你的研究就越出色。但總的來說，我認為這項業務將繼續成長並取得良好業績，我們希望它能抵消今年剩餘時間早期開發業務的一些疲軟態勢。

I show no further questions at this time. I'd like to turn it back to Adam Schechter for closing remarks.

我目前沒有其他問題。我想把時間交還給亞當·謝克特，讓他做總結發言。

Well, thank you, everybody, for joining us today. And I want to just take a moment to recognize our 70,000-person team members around the world. Our employees really are the driving force behind our mission to improve health and improve lives. Hopefully, you see we have momentum based upon our third quarter results going into fourth quarter, and we look forward to sharing our 2026 guidance in February of next year. Thank you all.

謝謝大家今天蒞臨本節目。我想藉此機會感謝我們遍布全球的7萬名團隊成員。我們的員工是我們實現改善健康和提升生活品質這項使命的真正驅動力。希望大家能夠看到，憑藉第三季的業績，我們已保持了進入第四季度的良好勢頭，我們期待在明年二月與大家分享我們對 2026 年的業績展望。謝謝大家。

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。