Labcorp Holdings Inc. (LH) 2026 Q1 法說會逐字稿

Good day, and thank you for standing by. Welcome to the Q1 2026 Labcorp Holdings earnings conference call. (Operator Instructions)

各位早安，感謝您稍候。歡迎參加 Labcorp Holdings 2026 年第一季（Q1 2026）財報電話會議。（接線員指示）

Please be advised that today's conference is being recorded. I would now like to hand the conference over to your first speaker today, Dewey Steadman, Senior Vice President, Investor Relations. Please go ahead.

請注意，今天的會議將進行錄音。現在我想把會議交給今天的第一位講者——投資人關係資深副總裁 Dewey Steadman。請開始。

Thank you, Didi. Good morning, and welcome to Labcorp's first-quarter 2026 financial results webcast. With me today are Adam Schechter, our Chairman and Chief Executive Officer; and Julia Wang, our Executive Vice President and Chief Financial Officer.

謝謝你，Didi。各位早安，歡迎收看 Labcorp 2026 年第一季財務結果網路直播。今天與我一同出席的有：董事長兼執行長 Adam Schechter，以及執行副總裁兼財務長 Julia Wang。

This morning, in the Events section of the Labcorp Investor Relations website at ir.labcorp.com, we posted both our press release and a supplemental financial presentation with additional information on our business and operations. We will also host a replay of this webcast on the IR website for one year.

今天早上，我們已在 Labcorp 投資人關係網站 ir.labcorp.com 的「Events」專區，同步發布新聞稿與補充財務簡報，提供更多關於我們業務與營運的資訊。我們也將在投資人關係網站提供本次網路直播的重播，為期一年。

On today's webcast, we will focus on our adjusted non-GAAP results for the first quarter of 2026, our capital allocation strategy and our updated financial guidance for the full year of 2026. Our GAAP results and reconciliation of the non-GAAP financial measures to the most comparable GAAP financial measures are available in today's earnings release and the supplemental financial presentation. Please see the use of adjusted measures section in the supplemental presentation for more information regarding our use of non-GAAP financial measures.

在今天的網路直播中，我們將聚焦於 2026 年第一季的調整後非 GAAP 結果、資本配置策略，以及更新後的 2026 全年財務指引。我們的 GAAP 結果，以及非 GAAP 財務衡量指標與最可比 GAAP 財務衡量指標之間的調節，均載於今日的財報新聞稿與補充財務簡報中。關於我們使用非 GAAP 財務衡量指標的更多資訊，請參閱補充簡報中的「使用調整後衡量指標」章節。

In today's remarks, the term organic growth excludes the impact from acquisitions, divestitures and currency as well as other strategic actions taken in our early development business. Our remarks will also include forward-looking statements, including, but not limited to, statements about our updated 2026 financial guidance and the assumptions underlying that guidance the expected impact of various factors on our business, operating and financial results, cash flows and financial condition, global economic and market conditions, our future business strategies the expected savings, benefits and synergies from acquisitions, strategic actions and partnerships and our potential opportunity for future growth.

在今天的發言中，「有機成長」一詞不包含併購、處分與匯率影響，以及我們在早期開發業務中採取的其他策略性行動。我們的發言亦將包含前瞻性陳述，包括但不限於：我們更新後的 2026 年財務指引及其所依據的假設、各項因素對我們業務、營運與財務結果、現金流與財務狀況的預期影響、全球經濟與市場狀況、未來業務策略、併購、策略性行動與合作夥伴關係所帶來的預期節省、效益與綜效，以及我們未來成長的潛在機會。

Each of these 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 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.

上述每一項前瞻性陳述均可能因各種因素而改變，其中許多因素超出我們的控制範圍。更多資訊請參閱我們最近一期的 Form 10-K 年度報告、後續的 Form 10-Q 季度報告，以及公司向美國證券交易委員會（SEC）提交的其他文件。即使我們的預期有所改變，我們亦無義務更新任何前瞻性陳述。

Now I'll turn the call over to Labcorp's Chairman and CEO, Adam Schechter. Adam?

現在我將把電話交給 Labcorp 董事長兼執行長 Adam Schechter。Adam？

Thank you, Dewey. Good morning, everyone. We appreciate you joining us to review our first quarter 2026 financial results and progress on our growth strategy. Before we begin, I'd like to officially welcome Dewey Steadman to Labcorp. Dewey joined us in March as Senior Vice President of Investor Relations and is a seasoned Investor Relations and Capital Markets leader across health care and finance.

謝謝你，Dewey。各位早安。感謝各位加入我們，一同檢視 2026 年第一季財務結果以及我們成長策略的進展。在開始之前，我想正式歡迎 Dewey Steadman 加入 Labcorp。Dewey 於 3 月加入我們，擔任投資人關係資深副總裁，並且是在醫療保健與金融領域具備豐富經驗的投資人關係與資本市場領導者。

I'd also like to thank Christin O'Donnell, for our leadership of Investor Relations function, and I wish her well as she takes on an important senior role in finance as part of our precision oncology and health systems division, both of which are strategic to our growth.

我也要感謝 Christin O'Donnell 對投資人關係職能的領導，並祝福她在我們精準腫瘤學與健康系統事業部中，於財務領域擔任一項重要的資深職務；這兩個領域皆為我們成長策略的關鍵。

Turning to our results. We are off to a strong start in 2026 with continued momentum in both our Diagnostics and Central Laboratory businesses and significant progress across our strategic growth priorities. Our businesses remain strong due to our critical role in improving health and improving lives for people around the world. Our financial results were strong in the first quarter. At an enterprise level, revenue reached $3.5 billion, increasing 6%. Margins improved more than 30 basis points and adjusted earnings per share grew 11%.

接著談我們的業績表現。2026 年我們開局強勁，診斷（Diagnostics）與中央實驗室（Central Laboratory）兩大業務持續保持動能，並在各項策略性成長優先事項上取得顯著進展。由於我們在改善全球民眾健康與生活方面扮演關鍵角色，我們的業務依然穩健。第一季財務結果表現強勁：在企業整體層面，營收達 35 億美元，成長 6%。利潤率提升超過 30 個基點，調整後每股盈餘成長 11%。

Looking at our segments. Diagnostics revenue increased 5%. Biopharma Laboratory Services revenue increased 8%, driven by strong growth in Central Labs of 11% or 5% excluding foreign exchange.

從各事業部來看，診斷業務營收成長 5%。生物製藥實驗室服務（Biopharma Laboratory Services, BLS）營收成長 8%，主要由中央實驗室 11% 的強勁成長所帶動；若排除外匯影響，中央實驗室成長為 5%。

And our BLS trailing 12-month book-to-bill remains healthy at 1.04. In the quarter, we advanced our strategic priorities, starting with being a partner of choice for health systems and regional and local laboratories. These partnerships and acquisitions enable us to expand our patient and provider networks, increase access to our broad test portfolio, including leading specialty diagnostics and to drive volume growth.

此外，我們 BLS 過去 12 個月的接單出貨比（book-to-bill）仍維持健康水準，為 1.04。本季我們推進了策略性優先事項，首先是成為健康系統以及區域與在地實驗室的首選合作夥伴。這些合作與併購使我們得以擴大病患與醫療提供者網絡、提升對我們廣泛檢測組合（包含領先的專科診斷）的可及性，並帶動檢測量成長。

We recently announced a nationwide strategic collaboration with Children's Hospital of Philadelphia, to expand access to cutting-edge diagnostics for pediatric patients. By combining CHOP's renowned pediatric research and clinical expertise, with Labcorp's scientific capabilities, and extensive reach with physicians and patients, this partnership will help bring advanced diagnostic tests to more children who need them.

我們近期宣布與費城兒童醫院（Children's Hospital of Philadelphia, CHOP）展開全國性策略合作，以擴大兒科病患取得尖端診斷的機會。透過結合 CHOP 享譽盛名的兒科研究與臨床專業、Labcorp 的科學能力，以及我們對醫師與病患的廣泛觸及，此合作將有助於把先進診斷檢測帶給更多有需要的兒童。

We also completed our acquisition of select assets of Crouse Health Laboratory Alliance of Central New York, a clinical anatomic pathology laboratory. And we executed an agreement with Crouse Health to manage their inpatient laboratories. We remain on track to close our acquisition of select outreach laboratory services across Indiana and Northwest Ohio from Parkview Health in the very near future.

我們也完成收購紐約中部 Crouse Health Laboratory Alliance 的部分資產，該機構為臨床解剖病理實驗室。同時，我們與 Crouse Health 簽署協議，將由我們管理其住院（inpatient）實驗室。我們仍按計畫，預期在不久的將來完成自 Parkview Health 收購其位於印第安納州及俄亥俄州西北部的部分外展（outreach）實驗室服務。

We continue to have an active pipeline of hospitals and regional local laboratory deals to support our long-term growth strategy. Next, we continue to progress on our strategic priority to lead in specialty testing across our key focus areas of oncology, women's health, neurology and autoimmune disease.

我們持續擁有活躍的醫院與區域／在地實驗室交易管線，以支持我們的長期成長策略。接下來，我們也持續推進另一項策略性優先事項：在腫瘤學、女性健康、神經學與自體免疫疾病等關鍵聚焦領域，成為專科檢測的領導者。

These specialty areas are important growth drivers in both Diagnostics and Central laboratories, with significant scientific overlap across the businesses. In fact, Labcorp supported the development of more than 85% of new drugs approved by the FDA last year, including in these important specialty areas.

這些專科領域是診斷業務與中央實驗室的重要成長驅動力，且兩大業務在科學上具有顯著的重疊。事實上，去年 FDA 核准的新藥中，超過 85% 的開發過程都有 Labcorp 的支持，其中也包含這些重要的專科領域。

In the Diagnostic business, we expect these specialty areas to grow 2 to 3 times faster than the broader diagnostics market. In neurology, we experienced double-digit growth, driven by a market-leading portfolio in Alzheimer's testing. Oncology also achieved double-digit growth, supported by the launch of several liquid biopsy tasks and expanded access to MRD solutions over the past year.

在診斷業務方面，我們預期這些專科領域的成長速度將是整體診斷市場的 2 到 3 倍。在神經學領域，我們受惠於阿茲海默症檢測的市場領先產品組合，實現了雙位數成長。腫瘤學亦達成雙位數成長，主要受過去一年推出多項液體活檢檢測，以及擴大 MRD 解決方案可及性所支撐。

Additionally, when providers choose Labcorp for specialty testing, we see them consolidating a greater share of their patients testing needs with Labcorp. As part of our growth in specialty areas, we're collaborating with Illumina to broaden access to advanced genomic testing in oncology, particularly in community care settings.

此外，當醫療提供者選擇 Labcorp 進行專科檢測時，我們也看到他們會將更多病患的檢測需求集中交由 Labcorp 處理。作為我們在專科領域成長的一部分，我們正與 Illumina 合作，以擴大腫瘤學先進基因體檢測的可及性，特別是在社區照護場域。

We expanded nationwide access to the first FDA-approved companion diagnostics that helps identify platinum-resistant ovarian cancer patients who may benefit from Merck's KEYTRUDA, which can reduce the risk of disease progression and improve overall survival. In addition to these specialty areas, we continue to increase our portfolio with test and address pressing clinical needs. Recently, we launched the Labcorp Fentanyl Urine Visual Test, an FDA-cleared rapid screening test that delivers results in just 10 minutes and assesses possible fentanyl exposure for up to 48 hours.

我們已在全美擴大提供首個獲 FDA 核准的伴隨診斷（companion diagnostics），可協助辨識對鉑類治療具抗藥性的卵巢癌病患，這些病患可能受益於默克（Merck）的 KEYTRUDA；該療法可降低疾病惡化風險並提升整體存活率。除上述專科領域外，我們也持續擴充檢測組合以滿足迫切的臨床需求。近期我們推出 Labcorp 芬太尼尿液目視檢測（Labcorp Fentanyl Urine Visual Test），這是一項獲 FDA 核准（cleared）的快速篩檢，可在 10 分鐘內提供結果，並可評估最長達 48 小時內可能的芬太尼暴露。

Moving to Consumer Health, where we continue to deliver double-digit growth. Labcorp OnDemand launched new tests in the quarter for insulin resistance and pancreatic function. We also introduced unique customizable men's and women's health tests, enabling consumers to design panels tailored to their needs.

接著談消費者健康（Consumer Health），我們持續實現雙位數成長。Labcorp OnDemand 本季推出胰島素阻抗與胰臟功能的新檢測。我們也推出獨特的可客製化男性與女性健康檢測，讓消費者能依自身需求設計檢測組合。

We are also expanding how consumers engage with Labcorp through MyLabcorp, our secure mobile app launching in May, when it will be available to tens of millions of customers. MyLabcorp brings an individual test results and health data together with clinical guidance into a personalized experience to help consumers better understand their test results. MyLabcorp's AI assistant will also help simplify appointment scheduling and payments.

我們也正透過 MyLabcorp 擴大消費者與 Labcorp 互動的方式。這是我們的安全行動應用程式，將於 5 月上線，屆時將可供數千萬名客戶使用。MyLabcorp 將個人的檢測結果與健康資料，結合臨床指引，打造個人化體驗，協助消費者更好地理解其檢測結果。MyLabcorp 的 AI 助理也將協助簡化預約安排與付款流程。

Additionally, we continue to make significant progress on our strategic priority to utilize advanced technologies, including AI and robotics to enhance customer experiences and to improve operational efficiency and productivity.

此外，我們在運用先進技術（包括 AI 與機器人）以提升客戶體驗、並改善營運效率與生產力方面，也持續取得重大進展。

Our recent progress includes an expansion of our collaboration with PathAI to deploy an FDA-cleared digital pathology platform across our national anatomic pathology labs and hospital laboratory collaboration. This platform embed AI into everyday clinical decision-making by enabling pathologists to review and manage cases digitally, improve turnaround times and increased consistency of results.

我們近期的進展包括擴大與 PathAI 的合作，在我們全國性的解剖病理實驗室以及醫院實驗室合作項目中部署一套獲 FDA 核准（cleared）的數位病理平台。該平台透過讓病理醫師以數位方式審閱與管理病例，把 AI 嵌入日常臨床決策中，進而改善檢測周轉時間並提升結果一致性。

A new AI-powered real-world data platform being developed in partnership with Amazon Web Services and Datavant to accelerate Alzheimer's research, by combining agentic AI with Labcorp's diagnostics and real-world data, the goal is to improve patient recruitment for clinical trials and ultimately shorten drug development timelines.

我們也正與 Amazon Web Services 與 Datavant 合作開發一個由 AI 驅動的真實世界資料（real-world data）平台，以加速阿茲海默症研究；透過結合代理式 AI（agentic AI）與 Labcorp 的診斷與真實世界資料，目標是改善臨床試驗的病患招募，並最終縮短藥物開發時程。

A strategic collaboration with Optum.ai to apply AI capabilities to streamline laboratory operations, improve efficiency, and enhance the patient and provider experience. providing clear insights to patients about their health, test progress and next steps in care. For physicians, it will help in ordering clinically appropriate tests upfront, reduce administration delays and speed patient access to results. This work builds on a more than 20-year strategic relationship between Optum and Labcorp. This work showcases our culture of innovation and the commitment of our employees.

與 Optum.ai 展開策略性合作，運用 AI 能力以精簡實驗室營運、提升效率，並強化病患與醫療提供者的體驗。為病患提供其健康狀況、檢測進度與後續照護步驟的清楚洞察。對醫師而言，將有助於一開始就開立臨床上適切的檢測、減少行政延誤，並加速病患取得檢測結果。此項工作建立在 Optum 與 Labcorp 超過 20 年的策略夥伴關係之上，也展現我們的創新文化與員工的承諾。

Their impact was recently recognized by Fortune which named Labcorp to the list of most innovative companies for the fourth year in a row, highlighting our track record of scientific product and process innovations. We were also recognized as one of the 2026 World's Most Ethical Companies by Ethisphere, reinforcing our commitment to operate with the highest standards of ethics and integrity.

他們的影響力近期獲《財富》（Fortune）肯定，該雜誌連續第四年將 Labcorp 列入最具創新力公司名單，凸顯我們在科學產品與流程創新方面的長期紀錄。我們亦獲 Ethisphere 評選為 2026 年「全球最具道德企業」之一，進一步強化我們以最高道德與誠信標準營運的承諾。

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

接下來我把電話會議交給 Julia，請她更詳細說明我們的財務結果。

Thank you, Adam. We are off to a strong start in 2026. In the first quarter, enterprise revenue grew 5.8% and enterprise adjusted operating margin expanding more than 30 basis points to 14.4%. The majority of enterprise revenue growth was driven by organic growth in Diagnostics and Central Labs. The increase in adjusted operating margin was primarily driven by organic revenue growth.

謝謝你，Adam。我們在 2026 年有個強勁的開局。第一季，企業營收成長 5.8%，企業調整後營業利益率擴張超過 30 個基點至 14.4%。企業營收成長的大部分來自診斷（Diagnostics）與中央實驗室（Central Labs）的有機成長。調整後營業利益率的提升主要由有機營收成長所帶動。

Adjusted earnings per share grew 10.6% and we generated $71 million in free cash flow. Additionally, we remain active on capital deployment, investing $202 million in acquisitions as well as returning capital to shareholders through $98 million of share repurchases and $61 million of dividends. We ended the quarter with $981 million in cash, $6.3 billion of total debt and $700 million share repurchase authorization outstanding. Our cash balance and debt position included closing on a $750 million term loan, prefunding the retirement of $500 million senior notes in June of this year.

調整後每股盈餘成長 10.6%，我們產生了 7,100 萬美元的自由現金流。此外，我們在資本配置方面仍積極，投資 2.02 億美元於併購，同時透過 9,800 萬美元的庫藏股回購與 6,100 萬美元的股利向股東返還資本。本季末我們持有 9.81 億美元現金、總負債 63 億美元，且尚有 7 億美元的股票回購授權額度未使用。我們的現金餘額與負債部位包含完成一筆 7.5 億美元的定期貸款，用以預先籌資於今年 6 月到期的 5 億美元優先票據之償還。

Moving to the specifics for the quarter. Enterprise revenue was $3.5 billion, up 5.8% from the first quarter of 2025, with 3.1% organic growth, 1.4% growth from net acquisitions and 1.3% from foreign currency translation. Adjusted operating income was $508 million or 14.4% of revenue versus $469 million or 14% of revenue last year. The adjusted tax rate was 21.7%, lower than the 22.5% tax rate last year, driven primarily by benefits associated with equity-based compensation during the quarter. Despite this benefit, we continue to expect our full year adjusted tax rate to be around 23%. Adjusted EPS was $4.25, up 10.6% from last year.

接著說明本季細節。企業營收為 35 億美元，較 2025 年第一季成長 5.8%，其中有機成長 3.1%、淨併購帶來 1.4% 成長、外幣換算帶來 1.3%。調整後營業利益為 5.08 億美元，占營收 14.4%，相較去年為 4.69 億美元、占營收 14%。調整後稅率為 21.7%，低於去年的 22.5%，主要受惠於本季與股權基礎薪酬相關的稅務利益。儘管有此利益，我們仍預期全年調整後稅率約為 23%。調整後每股盈餘為 4.25 美元，較去年成長 10.6%。

Free cash flow was $71 million compared to a use of cash of $108 million last year. The increase in free cash flow was primarily due to higher cash earnings. As a reminder, our first quarter is typically our lowest quarter for free cash flow. We continue to expect free cash flow in the range of $1.24 billion to $1.36 billion for full year 2026. Looking to the segments.

自由現金流為 7,100 萬美元，相較去年為現金流出 1.08 億美元。自由現金流增加主要來自較高的現金獲利。提醒一下，第一季通常是我們自由現金流最低的季度。我們仍預期 2026 全年自由現金流將落在 12.4 億至 13.6 億美元區間。接著看各事業部門。

Diagnostic Laboratories delivered another strong quarter with 5% revenue growth to $2.8 billion. With that, we have 2.9% organic growth, 2% acquisition-driven growth and 0.2% contribution from foreign currency translation. Total volume growth was 2.5%, with 1.1% organic growth and 1.4% acquisition-driven growth. Volume was constrained by the impact from adverse weather, excluding which organic volume growth would have been closer to 2%. Price mix increased 2.6%, with organic price/mix contributing 1.8%, primarily due to an increase in tax provision.

診斷實驗室（Diagnostic Laboratories）再度交出強勁的一季，營收成長 5% 至 28 億美元。其中有機成長 2.9%、併購帶動成長 2%，外幣換算貢獻 0.2%。總檢測量成長 2.5%，其中有機成長 1.1%、併購帶動成長 1.4%。受惡劣天候影響，檢測量受到限制；若排除此影響，有機檢測量成長將更接近 2%。價格/組合提升 2.6%，其中有機價格/組合貢獻 1.8%，主要由於稅負提列增加。

Acquisitions grew 0.6% and foreign currency translation contributed 0.2%. Diagnostics adjusted operating income was $459 million, or 16.6% of segment revenue compared to $428 million or 16.3% of revenue last year. Adjusted operating margin expanded 30 basis points, primarily driven by organic growth, despite the impact from adverse weather. Biopharma Laboratory Services revenue grew to $781 million, up 8.2% compared to last year, which includes a 5.5% benefit from foreign currency translation. We delivered organic growth of 3.7%, partially offset by our Early Development strategic actions of 1%.

併購帶來 0.6% 成長，外幣換算貢獻 0.2%。診斷事業部調整後營業利益為 4.59 億美元，占部門營收 16.6%，相較去年為 4.28 億美元、占營收 16.3%。調整後營業利益率擴張 30 個基點，主要由有機成長帶動，儘管受到惡劣天候影響。生物製藥實驗室服務（Biopharma Laboratory Services）營收成長至 7.81 億美元，較去年成長 8.2%，其中包含外幣換算帶來 5.5% 的助益。我們實現 3.7% 的有機成長，部分被早期開發（Early Development）策略行動的 1% 影響所抵銷。

In organic constant currency, Central Labs revenue grew 4.9% and Early Development revenue grew 0.7%. BLS segment adjusted operating income increased to $121 million or 15.5% of revenue compared to $107 million or 14.8% of revenue last year.

以有機固定匯率計，中央實驗室（Central Labs）營收成長 4.9%，早期開發營收成長 0.7%。BLS 事業部調整後營業利益提升至 1.21 億美元，占營收 15.5%，相較去年為 1.07 億美元、占營收 14.8%。

Adjusted operating margin was up 60 basis points, driven by growth in Central Lab. We continue to make progress on strategic actions in Early Development, which will be largely complete by the end of the second quarter. Our BLS segment ended the quarter with a backlog of $8.6 billion, and we expect approximately $2.7 billion to convert into revenue over the next 12 months.

調整後營業利益率上升 60 個基點，主要由中央實驗室成長所帶動。我們在早期開發的策略行動持續取得進展，預計在第二季末前大致完成。BLS 事業部本季末在手訂單（backlog）為 86 億美元，我們預期未來 12 個月約有 27 億美元將轉為營收。

Our segment quarterly book-to-bill was 0.94 and is expected to improve sequentially in the second quarter versus the first quarter. Our trailing 12-month book-to-bill remains healthy at 1.04. Turning to our expectations for 2026. Our full-year guidance assumes foreign exchange rates as of March 31, 2026. The guidance also reflects our current capital allocation assumptions, including the use of free cash flow for acquisitions, share repurchases and dividends.

本部門季度接單出貨比（book-to-bill）為 0.94，預期第二季將較第一季逐季改善。過去 12 個月的接單出貨比仍維持健康水準，為 1.04。接著談我們對 2026 年的展望。我們的全年指引假設採用截至 2026 年 3 月 31 日的外匯匯率。該指引亦反映我們目前的資本配置假設，包括將自由現金流用於併購、股票回購與股利。

We are raising the midpoint of the enterprise revenue range by approximately $30 million and the midpoint of the EPS range by $0.13. Looking at revenue, we expect enterprise revenue to grow 5% to 6.1%. This includes the tailwind from foreign currency translation of approximately 40 basis points. We expect Diagnostics segment revenue to grow 5.1% to 5.9%. This guidance assumes the majority of revenue growth comes from organic growth.

我們將企業營收區間的中位數上調約 3,000 萬美元，並將 EPS 區間的中位數上調 0.13 美元。就營收而言，我們預期企業營收成長 5% 至 6.1%，其中包含外幣換算約 40 個基點的順風。我們預期診斷事業部營收成長 5.1% 至 5.9%。此指引假設營收成長的大部分來自有機成長。

We expect the BLS segment revenue to grow 3.8% to 5.4%, despite taking corporate state actions in Early Development and the tailwind from foreign currency translation of [150] basis points. For the full year, on an organic constant currency basis, we continue to expect the Central Lab revenue to grow in the mid-single digits and for Early Development revenue to be relatively flat, with the second half being stronger than the first half.

我們預期 BLS 事業部營收成長 3.8% 至 5.4%，儘管在早期開發採取公司層級的州別行動（corporate state actions），且外幣換算帶來 [150] 個基點的順風。就全年而言，以有機固定匯率計，我們仍預期中央實驗室營收將以中個位數成長，早期開發營收則大致持平，且下半年將強於上半年。

We continue to expect enterprise margin expansion with margins improving in both Diagnostics and BLS in 2026 versus 2025. BLS margin is expected to expand more than Diagnostics, reflecting continued strong top line growth in Central Labs and operating efficiencies in Early Development as we streamline the business. As an enterprise, we continue to benefit from our large hedging initiative, which remains on track.

我們仍預期企業利益率擴張，且 2026 年相較 2025 年，診斷與 BLS 的利益率皆將改善。BLS 利益率預期擴張幅度將高於診斷，反映中央實驗室持續強勁的營收成長，以及我們精簡業務所帶來的早期開發營運效率提升。就企業整體而言，我們持續受惠於大型避險計畫，且該計畫仍按進度推進。

Our adjusted EPS guidance range is $17.70 to $18.35 with an implied growth rate at the midpoint of approximately 10%. As compared to product finance, we have narrowed the range and reached the midpoint by $0.13. Our free cash flow guidance range remains $1.24 billion to $1.36 billion, weighted towards the second half of the year. And we continue to expect capital expenditures to be approximately 4% revenue as well as investing in a new strategic facility to support long-term growth in our Central Labs services operations.

我們的調整後 EPS 指引區間為 17.70 至 18.35 美元，以中位數推算的成長率約為 10%。相較於先前提供的財務指引，我們已縮小區間，並將中位數上調 0.13 美元。我們的自由現金流指引區間仍為 12.4 億至 13.6 億美元，且將偏重於下半年。我們也仍預期資本支出約為營收的 4%，並投資一座新的策略性設施，以支持中央實驗室服務營運的長期成長。

We expect to continue delivering profitable growth and strong free cash flow and drive disciplined capital deployment across acquisitions that support our strategy and complement organic growth, while also returning capital to shareholders through share repurchases and dividends, we remain confident in our ability to deliver durable growth and long-term value for our shareholders.

我們預期將持續實現具獲利性的成長與強勁的自由現金流，並在支持我們策略、且能補強有機成長的併購上推動嚴謹的資本配置；同時也透過股票回購與股利向股東返還資本。我們對於交付穩健成長與為股東創造長期價值的能力仍充滿信心。

Now I'd like to turn the call back over to Adam for closing remarks.

現在我想把電話會議交回 Adam，請他做結語。

Thank you, Julia. I'm pleased to announce that we'll be holding an Investor Day in New York City on September 10. We'll share more details as we get closer to the day. In summary, we had a very strong quarter. Our performance is the result of disciplined execution of our strategy which positions us to deliver long-term sustainable growth, margin expansion and value for our customers and shareholders.

謝謝你，Julia。我很高興宣布，我們將於 9 月 10 日在紐約市舉辦投資人日（Investor Day）。隨著日期接近，我們會分享更多細節。總結來說，我們本季表現非常強勁。我們的成果來自於對策略的嚴謹執行，使我們得以為客戶與股東帶來長期、可持續的成長、利益率擴張與價值。

Ultimately, our performance is a result of our employees' commitment, compassion and innovation which continue to accelerate our mission to improve health and improve lives around the world. We'll now take questions.

歸根結底，我們的績效來自員工的投入、關懷與創新，這些持續加速我們在全球改善健康、改善生活的使命。接下來我們開始提問。

(Operator Instructions) Lisa Gill, JPMorgan.

（接線員指示）Lisa Gill，摩根大通。

Adam and Julia. I just want to go back here to the first quarter. Can you discuss the impact of weather in the quarter? And then thoughts around the ACA exchange and potential changes that are coming about there. I believe that you put a number around that previously.

Adam 和 Julia。我想回到第一季。你們能談談本季天氣因素的影響嗎？另外也想聽聽你們對 ACA 交易所（exchange）以及可能出現的變動的看法。我記得你們之前曾對此給過一個數字。

And so should I just think that -- what did we see in the first quarter, if we didn't see anything? Are you still expecting that there could be some headwinds from those volumes as we move towards the rest of the calendar year?

所以我是否可以這樣理解——第一季我們看到的是什麼？如果其實沒看到什麼影響，那麼隨著今年剩餘時間推進，你們是否仍預期這些量能會帶來一些逆風？

Yes. Thanks for the question, Lisa. So if you look at weather in the first quarter, we estimate it was about a $15 million impact for the quarter. In general, if you look at that, it would impact the diagnostic business, obviously, more so than the central laboratory business. We would expect that the organic volume growth would have been approximately 2% if it wasn't for the impact of weather.

是的，謝謝你的問題，Lisa。就第一季的天氣而言，我們估計對本季的影響約為 1,500 萬美元。整體來看，這顯然對診斷業務的影響會大於中央實驗室業務。若沒有天氣影響，我們預期有機量能成長大約會是 2%。

Yes. Lisa, in terms of your question, as it relates to the ACA impact, previously, we provided an estimate of 30 basis points to the Diagnostic volume this year. Now the impact that we saw in the first quarter was really immaterial, although it is perhaps too early to be able to draw any form of conclusion.

是的，Lisa，關於你提到的 ACA 影響，我們先前提供的估計是今年對診斷量能影響約 30 個基點。第一季我們看到的影響其實不顯著，不過也可能還太早，尚不足以下任何結論。

As we know, the year-to-date enrollment is slightly better than expectations. What we do continue to monitor is if they enrolled participants are indeed paying the premium, and equally importantly, if that has been translating into the testing utilization by this insured group.

如我們所知，年初至今的投保人數略優於預期。我們持續監測的是：已投保的參與者是否確實在繳交保費；同樣重要的是，這是否已轉化為這群受保族群的檢測使用量。

Now at this point, we continue to believe that the 30 basis point volume impact is a good estimate to work with, which is reflected in our full year revenue guidance for Diagnostics for 2026.

就目前而言，我們仍認為 30 個基點的量能影響是一個合理的估計，並已反映在我們對 2026 年診斷業務的全年營收指引中。

Jack Meehan, Nephron Research.

Jack Meehan，Nephron Research。

I wanted to ask you about one of the big policy questions we've been getting at the moment, which is the new one that's related to the CRUSH initiative. Adam, what do you think this means for Labcorp in the lab industry broadly speaking? And is it possible you can share any color around any exposure, some of the codes that have been highlighted.

我想問一個我們目前收到的重大政策問題，也就是與 CRUSH 計畫相關的新議題。Adam，你認為這對 Labcorp 以及更廣泛的實驗室產業意味著什麼？另外，你是否能分享一些細節，例如對某些被點名的代碼（codes）是否有任何曝險？

Yes. Thanks, Jack. So if you look at CRUSH, what CMS is attempting to do is to reduce fraud, to reduce waste and to reduce abuse. The process has been going on, frankly, for several months now. And we're supportive of any initiative that can create a level playing field within the industry and support what's right for patients.

是的，謝謝你，Jack。就 CRUSH 而言，CMS 試圖做的是降低詐欺、降低浪費並降低濫用。坦白說，這個流程已經進行了好幾個月。我們支持任何能在產業內建立公平競爭環境、並支持對病患最有利之作法的倡議。

I mean nobody wants there to be abuse in the system. Health care costs are high, and we've got to find ways collectively to reduce those. And a good way to do it is to reduce any type of waste, fraud and abuse.

我的意思是，沒有人希望系統中存在濫用。醫療成本很高，我們必須共同找到降低成本的方法，而一個好的方式就是減少任何形式的浪費、詐欺與濫用。

Now we worked with our trade organization, ACLA, we submitted a comment letter in March, and the letter encourages CMS to kind of be thoughtful in their efforts so that they can avoid unintended consequences, such as impeding Medicare patient access to medically necessary laboratory testing to prevent them from potentially punishing legitimate providers.

我們與產業公會 ACLA 合作，並在 3 月提交了一封意見函。該函鼓勵 CMS 在推動相關工作時要審慎，以避免非預期後果，例如阻礙 Medicare 病患取得醫療上必要的實驗室檢測，或可能誤傷合法的服務提供者。

So when I think about it, it makes sense to try to reduce the fraud and abuse, but we have to find the appropriate way to do that and not getting away of what we're really trying to do, which is to improve patients' health and lives.

因此在我看來，嘗試降低詐欺與濫用是合理的，但我們必須找到適當的方式來做，不能妨礙我們真正想達成的目標——也就是改善病患的健康與生活。

Michael Cherny, Leerink Partners.

Michael Cherny，Leerink Partners。

Maybe if I can go back to the volume side on DX. Obviously, you mentioned some of the mix dynamics on test per requisition. As you think about the trajectory and what's embedded in guidance, what are the moving pieces that you see around that number against the backdrop of how share is progressing relative to just broader volumes? Any thoughts would be great.

我想回到 DX 的量能面。顯然你提到每張檢驗申請單（requisition）的檢測組合（mix）動態。當你思考趨勢以及指引中所隱含的假設時，你認為在那個數字上有哪些變動因素？在市占進展相對於整體量能的背景下，你怎麼看？任何想法都很有幫助。

Sure. And let me give some context, and I'll answer the question directly. So if you look at Diagnostics revenue, we had a 5% increase over last year. It reached $2.8 billion. If you look at the organic growth, it was about 3%.

當然。我先提供一些背景，然後直接回答你的問題。若看診斷營收，我們較去年成長 5%，達到 28 億美元。若看有機成長，大約是 3%。

Acquisitions were about 2%, and there's just about slight, slight impact in foreign currency. So if you go to volume growth, it was 2.5%. And was organic growth. That would have been higher, about 2% if it wasn't for the weather. And about 1.4% was acquisition-driven.

併購貢獻約 2%，外匯影響則非常、非常小。再看量能成長，為 2.5%，且屬於有機成長。若沒有天氣影響，這個數字本來會更高，約多 2%。另外約 1.4% 是由併購帶動。

If you look at the price mix, there was a good increase of 2.6% with organic price/mix being about 1.8% of that. As I think about it, you are seeing substantial growth in the specialty areas like neurology, oncology, autoimmune disease and other areas that we're focused on. In those areas, you tend to see less successions but more test per accession and a higher price per test, particularly in areas like oncology. So I feel good about where we are. I feel like we've got momentum as we move into the second quarter and the rest of the year.

若看價格/組合（price mix），成長不錯，為 2.6%，其中有機價格/組合約占 1.8%。從我的角度來看，你會看到我們聚焦的專科領域（如神經科、腫瘤、自體免疫疾病等）有顯著成長。在這些領域，通常檢體件數（accessions）較少，但每件檢體的檢測數（test per accession）較多、每項檢測的價格也較高，尤其是在腫瘤等領域。因此我對目前的狀況感到樂觀。我覺得我們在進入第二季以及今年剩餘時間時具備動能。

I feel good about the mix of the business that we're seeing. We're focused on the higher-margin business where we can continue to get good volume but also at a good price and good margin. And I think that's why you're seeing such good improvement in our margins as well. So net-net, I feel confident in the guidance that we've provided, and I feel good about the momentum to get there.

我對目前看到的業務組合感到滿意。我們聚焦於較高毛利的業務，在那裡我們可以持續取得良好的量能，同時也能維持良好的價格與毛利。我認為這也是你看到我們利潤率改善如此明顯的原因。總結來說，我對我們提供的指引有信心，也對達成目標的動能感到樂觀。

And Michael, maybe to just build on what Adam just shared. If you look at our updated guidance for the diagnostic revenue for full year 2026, the midpoint growth is 5.5% and we continue to expect the majority of that revenue growth to be coming from organically.

Michael，我再補充 Adam 剛才分享的內容。若看我們更新後的 2026 年診斷業務全年營收指引，中位數成長為 5.5%，而我們仍預期其中大部分的營收成長將來自有機成長。

Patrick Donnelly, Citi.

Patrick Donnelly，花旗。

Can you talk a bit more about the bookings trends you're seeing in BLS? If you guys can break down what you see in ED versus Central Lab in the quarter, that would be helpful. And then you commented that quarterly book-to-bill you're expecting to be up sequentially 2Q versus 1Q. Can you just talk about what's driving that confidence? Is that improved conversations with customers recently? And any color there would be helpful.

你能再多談一些你們在 BLS 看到的接單（bookings）趨勢嗎？如果你們能拆解本季在 ED 與 Central Lab 的表現，會很有幫助。另外你提到你們預期第二季相較第一季的季度接單/出貨比（book-to-bill）會呈現季增。你能談談是什麼驅動你們的信心嗎？是最近與客戶的對話有所改善嗎？任何相關細節都很有幫助。

Yes, absolutely. So I feel very good about the progress and the momentum that we have in our BLS business. We had an 8% growth over last year, and it was about 4% from organic revenue. If you kind of look at the two businesses, you see the BLS segments going well, but the Central Labs are actually driving the growth. Central Labs grew 11% or 5% if you look at it on an organic constant currency basis.

是的，當然可以。我對我們 BLS 業務的進展與動能感到非常樂觀。我們較去年成長 8%，其中約 4% 來自有機營收。若看兩個業務，你會看到 BLS 各分項表現良好，但帶動成長的其實是 Central Labs。Central Labs 成長 11%；若以有機、固定匯率口徑來看，成長約 5%。

And then the Early Development business is relatively flat. We still make a lot -- we made a lot of progress on our strategic actions in Early Development, and those will be completed by the end of the second quarter. So I feel good about the momentum. It enabled us to raise the midpoint of the guidance for our BLS segment. As I look at the quarterly book to bill, we had a very strong quarter in fourth quarter last year.

而 Early Development 業務則相對持平。我們在 Early Development 的策略性行動上仍取得了很多進展，並將在第二季末前完成。因此我對動能感到樂觀，這也讓我們得以上調 BLS 分部指引的中位數。若看季度接單/出貨比，我們去年第四季表現非常強勁。

If you look at our trailing 12 months right now, it's at 1.04. The quarter was about 0.96, but we stated that 0.94, but we stated that we expect sequential growth in the second quarter. That's based upon the 0.94 being mostly driven by timing. Some that fell into fourth quarter versus first quarter, some of that fell from first quarter into second quarter. We are having a good RFPs.

若看過去 12 個月，目前為 1.04。本季約為 0.96；我們先前說是 0.94，但我們也表示預期第二季會呈現季增。這主要是因為 0.94 多半是由時點因素所致：有些落在第四季而非第一季，有些則從第一季延後到第二季。我們目前有不錯的 RFP（招標/提案邀請）。

We have a good win rate. And as I look at the rest of the year, I expect to have a book-to-bill that will remain above 1. I've always said you want to have a book-to-bill above one. But then it's also a tale of two cities. If you look at Early Development, you'd expect that book-to-bill to be below 1 because a lot of the business can be gotten and then actually occur within the same year.

我們的得標率也不錯。展望今年剩餘時間，我預期接單/出貨比將維持在 1 以上。我一直說，接單/出貨比最好能高於 1。但同時這也像是「兩個城市的故事」。如果看 Early Development，你會預期其接單/出貨比會低於 1，因為那裡有不少業務可以拿到，並且實際執行也可能在同一年內完成。

The BLS business is typically above a 1.0. If you look at the trailing 12 months, that's what you would see if you looked at the two separate businesses. And the BLS business is mostly longer-term, larger-scale trials. Those trials are continuing to come to RFP, and I feel very good about our ability to win those trials. I have confidence in the book-to-bill as we move through the rest of the year. That's what made me feel confident to raise the midpoint of the BLS guidance.

BLS 業務的 book-to-bill 通常高於 1.0。若看過去 12 個月的數據，當你把兩個獨立業務分開來看時，你會看到的就是這樣。而 BLS 業務多為較長期、較大規模的試驗。這些試驗仍持續進入 RFP（徵求提案）流程，我對我們贏得這些試驗的能力感到非常有把握。隨著我們走完今年剩餘時間，我對 book-to-bill 充滿信心。這也是讓我有信心上調 BLS 指引中位數的原因。

Tycho Peterson, Jefferies.

Tycho Peterson，Jefferies。

Wondering if you could just touch a little bit more on esoteric testing. I think MRD, you obviously expanded the indication portfolio in breast, lung, stage 3 colon. So maybe just touch on the reimbursement pathway there for the different buckets? And then Alzheimer's, I know you did the Roche deal for the primary care market. How are you thinking about that versus specialists?

想請你再多談一點關於較為小眾（esoteric）的檢測。我想 MRD 方面，你們顯然已在乳癌、肺癌、第三期結腸癌擴大了適應症組合。所以能否談談不同類別在那裡的給付（reimbursement）路徑？另外阿茲海默症方面，我知道你們與 Roche 針對基層醫療市場達成合作。你們如何看待基層醫療相較於專科醫師的策略？

Yes. Thanks, Tycho. So as I look at the specialty areas. I feel very good about our momentum. I feel good about our scientific leadership, and I feel good about the trends moving into the future.

是的。謝謝你，Tycho。就我看這些專科領域而言，我對我們的動能感到非常樂觀。我對我們的科學領導地位很有信心，也對未來的趨勢走向感到樂觀。

We focus on four key areas: neurology, oncology, autoimmune disease and women's health. And each of those areas, we're continuing to lead with the types of tests that we're bringing into the marketplace. You specifically mentioned neurology. Neurology is growing, particularly in Alzheimer's disease, all neurologies going, but it's being driven by our success in Alzheimer's disease. We don't yet break out the individual segments, but it's getting to be at a point where at some point, we will break it out because it is growing so quickly.

我們聚焦四個關鍵領域：神經科、腫瘤科、自體免疫疾病與女性健康。在每個領域，我們都持續以我們帶入市場的檢測類型保持領先。你特別提到神經科。神經科正在成長，尤其是阿茲海默症；整體神經相關都在成長，但主要是由我們在阿茲海默症上的成功所帶動。我們目前尚未把各個細分項目單獨揭露，但它成長得非常快，已經快到某個時間點我們會把它拆分揭露。

If you look at the test, we are a leader in that field, in the number of test, the types of tests and our ability to have large scale to bring those tests to a primary care setting. As we mentioned, in oncology, we continue to bring new tests to market. We continue to feel good about our science. When we think about liquid biopsies and solid tumors in oncology and tissue test, we remain a leader. And in those areas, the reimbursement aren't necessarily quite where we'd like them to be at the moment.

如果你看這些檢測，我們在該領域是領導者，無論是檢測數量、檢測類型，或是我們具備大規模能力把這些檢測帶到基層醫療場景。正如我們提到的，在腫瘤科方面，我們持續推出新檢測上市，對我們的科學實力也持續有信心。當我們談到腫瘤科的液體活檢、實體腫瘤以及組織檢測時，我們仍然是領導者。而在這些領域，目前的給付水準不一定完全達到我們希望的程度。

But I think over time, as we collect more data, we run more trials, the reimbursement will get there. But what's important to note is when you win in these areas. Many of these patients require a lot of tests outside of just the specialty tests. So an oncology patient that is being treated for cancer. they get test for their white blood cells, red blood cells coves, their liver, their kidneys.

但我認為隨著時間推進，當我們累積更多數據、進行更多試驗，給付會逐步到位。不過重要的是要注意，當你在這些領域勝出時，許多病患除了專科檢測之外，還需要大量其他檢測。比如正在接受癌症治療的腫瘤病患，他們會做白血球、紅血球等檢測，也會檢查肝臟、腎臟。

So when we tend to win the specialty task, we also tend to get all the other tests that a physician might want for that patient and find appropriate for that patient. So our success in the specialty areas also leads to additional success in the overall marketplace.

因此當我們贏得專科檢測時，往往也會取得醫師可能希望、且認為對該病患合適的所有其他檢測。所以我們在專科領域的成功，也會帶動我們在整體市場的額外成功。

Elizabeth Anderson, Evercore ISI.

Elizabeth Anderson，Evercore ISI。

I was wondering if you could update us on your thoughts about the PAMA survey that starts tomorrow. Are you hearing in terms of hospital participation? And how do you sort of see that impacting potential updates to pay to later in the year for next year? And then also, any updates you have on the RESULTS Act progress?

我想請你更新一下你們對明天開始的 PAMA 調查的看法。你們聽到的醫院參與情況如何？你們如何看待這會如何影響今年稍晚對明年支付（pay）可能的更新？另外，你們對 RESULTS Act 的進展有任何更新嗎？

Absolutely. And obviously, this is something we spend a lot of time thinking about. We spent a lot of time with our trade organization, and we spent a lot of time in Washington talking about the importance of the RESULTS Act. We continue to push the implementation to the results. We think that is the right appropriate best path forward.

當然可以。而且很明顯，這是我們花很多時間思考的事情。我們與產業公會花了很多時間，也花了很多時間在華盛頓溝通 RESULTS Act 的重要性。我們持續推動 RESULTS 的落實與實施。我們認為那是正確且最合適的前進路徑。

Our trade group, ACLA, has been doing a lot of advocacy. And I can tell you, there is an understanding across the Senate, across Congress, that a long-term permanent fix needs to be enacted. In terms of what we're waiting for, for results, we're really waiting for a CBO score, which could give us a sense of the likelihood of approval. We're waiting for CMS to do the technical essence on the bill. So there are several steps that we're still waiting for.

我們的產業團體 ACLA 一直在做大量倡議工作。我可以告訴你，參議院與國會各方都理解，需要制定一個長期、永久性的修正方案。就 RESULTS 而言，我們目前真正等待的是 CBO 評分（score），這能讓我們了解核准的可能性。我們也在等 CMS 對法案進行技術層面的處理。因此仍有幾個步驟尚待完成。

So in the meantime, we continue to make sure that we submit the data according to the law, which we will do. And the impact of PAMA, if the RESULT Act does not go through this year and PAMA actually comes to fruition next year, the impact to Labcorp will be highly dependent upon the number of other laboratories, including hospital laboratories that report their data.

因此在此期間，我們會確保依照法律提交數據，我們也會這麼做。而如果 RESULTS Act 今年未能通過、且 PAMA 明年真的落地，其對 Labcorp 的影響將高度取決於其他實驗室（包括醫院實驗室）回報數據的數量。

The more that report, the lower the impact will be for Labcorp because we are a very high quality but lower cost with broad reach laboratory. So there's a lot of work being done to encourage laboratories in hospitals and other settings to report their data. We just don't have any insight yet as you mentioned, the reporting is just about to begin as to how many people may or may not report the data. But of course, Labcorp will.

回報的越多，對 Labcorp 的影響就越小，因為我們是高品質、但成本較低且覆蓋面廣的實驗室。因此目前正進行大量工作，鼓勵醫院與其他場域的實驗室回報其數據。只是如你所說，回報才正要開始，我們目前還沒有任何洞見能判斷會有多少人回報或不回報。但當然，Labcorp 會回報。

David Westenberg, Piper Sandler.

David Westenberg，Piper Sandler。

So I wanted to talk on the consumer testing environment with Labcorp OnDemand. And of course, you're launching the MyLabcorp in May with the AI assistant. So just given the fact that this has been growing double digits in consumer health, and it is a strategic priority. Could we see some investments from you over the next couple of years and some DTC efforts? And how should we think about the magnitude of that growth and the expenses there? And how should we think about ROI?

我想談談 Labcorp OnDemand 的消費者檢測環境。當然，你們在 5 月推出 MyLabcorp 並搭載 AI 助理。鑑於消費者健康這塊一直以雙位數成長，且是策略優先事項，未來幾年你們是否可能加大投資並做一些 DTC（直接面向消費者）推廣？我們應該如何看待成長幅度與相關費用？以及 ROI 應該怎麼思考？

No, absolutely. It's an important question, and we spend a lot of time looking at the consumer market. As you mentioned, Labcorp OnDemand continues to expand, continues to grow, and it's growing strong double digits. And we continue to bring new tests to marketplace through OnDemand. We now have over 200 biomarkers in categories like men's and women's health and cancer screening, sexual health, longevity, and those are all available as we speak today.

是的，當然。這是個重要問題，我們也花很多時間研究消費者市場。如你所提，Labcorp OnDemand 持續擴張、持續成長，而且是強勁的雙位數成長。我們也持續透過 OnDemand 將新檢測帶入市場。目前我們在男性與女性健康、癌症篩檢、性健康、長壽（longevity）等類別中，已提供超過 200 個生物標記（biomarkers），而且截至目前都已可使用。

We already do some advertising to consumers, particularly through social media and other areas for OnDemand. And I would expect that business to continue to show good strong growth, and we will continue to invest in bringing new products to market and into the appropriate advertising to consumers where it makes sense.

我們已經有做一些面向消費者的廣告投放，特別是透過社群媒體與其他渠道來推廣 OnDemand。我預期該業務會持續展現良好且強勁的成長，我們也會持續投資，把新產品帶入市場，並在合理之處投入適當的消費者廣告。

We also continue to look at the other parts of the consumer business. We've decided at this moment, there are some parts of it that although there is strong volume at the current pricing and not knowing the floor of the pricing that we're not necessarily going to compete at this time. We'll continue to evaluate that.

我們也持續評估消費者業務的其他部分。我們目前的決定是，其中有些部分雖然在現行定價下有很強的量，但在不清楚價格底線（floor）的情況下，我們此刻不一定會參與競爭。我們會持續評估。

But we see so much growth opportunities in the specialty areas, in the areas where there's significant medical unmet need, where we can win scientifically with what we can bring to market with new tests. And in those areas where they have a great reimbursement but also have higher prices and margins that we continue to focus in those areas.

但我們在專科領域看到非常多的成長機會，尤其是在存在顯著未被滿足的醫療需求、且我們能以科學實力取勝、把新檢測帶入市場的領域。在那些領域，給付很理想，同時也有較高的價格與毛利，因此我們會持續聚焦在那些領域。

We continue to focus on the business development pipeline that we have in the hospital deals that we're doing, and we have a very long, broad pipeline of those types of deals. So as I think about the future, I am optimistic about our growth prospects before us and the strategic priorities that we've put in place.

我們也持續聚焦於我們在醫院合作案上的業務開發管線，而這類合作案我們有非常長且廣的管線。因此當我展望未來，我對我們眼前的成長前景，以及我們所建立的策略優先事項感到樂觀。

Michael Ryskin, Bank of America.

Michael Ryskin，美國銀行（Bank of America）。

I want to ask on LaunchPad initiative and just sort of margins throughout the year. Just give us an update on progress there. And you saw 40 bps of margin expansion in the first quarter to two expansion throughout the year, I think, across both segments. Would just love to hear your comments on pacing through the year, ability to take cost versus just top line volume benefits?

我想問 LaunchPad 計畫，以及全年毛利率（margins）的走勢。請給我們更新一下進展。你們第一季看到 40 個基點（bps）的毛利率擴張，而且我記得你們預期全年兩個事業部都會有擴張。很想聽聽你們對全年節奏的看法：是更能靠成本控制，還是主要靠營收端的量增帶來的效益？

Sure. I'll start with giving you a sense of LaunchPad and then I'll ask Julia to talk about the margins. If you look at LaunchPad, we're on track. We continue to make strong progress. And a lot of what we're doing right now is thinking how do we use technology, including artificial intelligence, robotics and computation to help us reduce costs but also to improve the customer experience, things like MyLabcorp that we're launching to help patients understand their lab results better, their health better and so forth.

好的。我先讓你了解一下 LaunchPad 的情況，接著我會請 Julia 來談毛利率。如果看 LaunchPad，我們進度符合預期，並持續取得強勁進展。我們目前做的很多事情，是在思考如何運用科技（包括人工智慧、機器人與運算）來幫助我們降低成本，同時也改善客戶體驗，例如我們即將推出的 MyLabcorp，協助病患更好地理解他們的檢驗結果、更了解自身健康狀況等等。

So as I start to think about AI, think about it in multiple ways. One, what can we do to improve customer experience, what can we do in order to try to drive revenue? The second thing is how do we drive operational efficiency from it? Or how do we change processes? And you've seen us talk about certain things that we're doing with digital pathology and microbiology and things that we're doing in psychology, all these things will help to reduce cost over time.

因此，當我開始思考 AI 時，我會從多個面向來看。第一，我們能做些什麼來改善客戶體驗？我們能做些什麼來嘗試帶動營收？第二是，我們如何藉此提升營運效率？或者我們如何改變流程？你也看到我們談到一些我們正在做的事情，例如數位病理、微生物學，以及我們在心理學方面所做的事情；這些都將有助於隨時間降低成本。

We've talked about things that we're doing with billing using artificial intelligence in order to reduce bad debt. And I think all of those things will help us with things over time. That's a revenue generator. So as I look at the future, a lot of the costs coming out will be driven by technology, and then I'll ask Julia to give you a little more information about the margins.

我們也談到我們在帳單處理上運用人工智慧，以降低壞帳。我認為，隨著時間推進，這些事情都會對我們有所幫助。那是一個營收驅動因素。因此，當我展望未來時，許多成本的下降將由科技所帶動，接著我會請 Julia 再多提供一些關於利潤率的資訊。

Yes. Michael, we are really pleased with our margin progression. Over the past few quarters, we have been disciplined and consistent in driving margin expansion across the entire enterprise, including both segments.

是的。Michael，我們對利潤率的提升進展感到非常滿意。過去幾個季度，我們在推動整個企業（包含兩個事業部門）的利潤率擴張方面，一直保持紀律且一致。

As you can see in the release this morning, in the first quarter, our Diagnostics segment margin was improved by 30 basis points versus prior year, primarily driven by organic growth despite the impact from adverse weather. As we look to the full year 2026, we continue to expect another year of margin improvement in Diagnostics supported by strong revenue growth as well as operating efficiencies, including LaunchPad initiatives that Adam just shared.

如你今早在新聞稿中所見，第一季我們的診斷（Diagnostics）事業部門利潤率較去年同期提升 30 個基點，主要由有機成長所帶動，儘管受到不利天候的影響。展望 2026 全年，我們仍預期診斷事業部門將再迎來一年利潤率改善，並由強勁的營收成長以及營運效率（包括 Adam 剛分享的 LaunchPad 計畫）所支撐。

Now as you move to the BLS segment, in the first quarter, the margin was improved by 60 basis points versus a year ago. And this improvement was primarily benefiting from the strong top line growth in Central Labs which, as you may know, is the more profitable business within the segment. Now on a full year basis, we continue to expect the BLS margin to improve more than that for Diagnostics as we continue to benefit from organic growth in Central Labs and the strategic actions that we are taking in ED.

接著看 BLS 事業部門，第一季利潤率較一年前提升 60 個基點。這項改善主要受惠於中央實驗室（Central Labs）強勁的營收成長；如你所知，中央實驗室是該事業部門中獲利能力較高的業務。以全年來看，我們仍預期 BLS 的利潤率改善幅度將高於診斷事業部門，因為我們將持續受惠於中央實驗室的有機成長，以及我們在 ED 所採取的策略性行動。

All in all, I would say that the margin expansion across the enterprise inclusive of the two operating segments is expected to contribute to the double-digit EPS growth guidance at the midpoint for full year 2023 that we just updated this morning.

總體而言，我會說，包含兩個營運事業部門在內的全公司利潤率擴張，預期將在我們今早更新的 2023 全年每股盈餘（EPS）指引中點所對應的雙位數 EPS 成長中，做出貢獻。

Luke Sergott, Barclays.

Luke Sergott，Barclays。

This is actually Anna Kruszenski on for Luke. I wanted to go back to margins actually. If you could talk about maybe what you have baked in, in terms of potential inflation on fuel costs. And if you have anything baked in on additional weather headwinds for later in the year? And then lastly on that weather point. Curious if you could talk about how -- like what percentage of appointments that had to be canceled you were able to recapture like later in the quarter or in 2Q?

我是代替 Luke 的 Anna Kruszenski。我想回到利潤率的問題。如果可以的話，能否談談你們在模型中納入了哪些假設，例如燃料成本可能的通膨？以及你們是否也把今年稍晚可能出現的額外天候逆風納入？最後也想就天候這點請教：好奇你們能否談談——例如有多少比例因取消而受影響的檢測/就診預約，你們在本季稍後或在第二季又成功回補（recapture）了？

Okay. I'll start with the last one first, and then I'll ask Julia to talk a bit more about the margins. If you look at the weather impact, the way I think about that is approximately 20% to 25% of our business goes through our service centers. And we know who has appointments, we know who has requisitions and we get the vast majority of those patients back over time because we know who they are. But the other 75% goes through physicians' offices, there, we don't necessarily know who has appointments.

好的。我先回答最後一題，然後再請 Julia 多談一些利潤率。如果看天候影響，我的看法是，我們大約有 20% 到 25% 的業務是透過我們的服務中心進行。我們知道哪些人有預約、知道哪些人有檢驗申請單（requisitions），而且隨著時間推進，我們能把其中絕大多數病患再帶回來，因為我們知道他們是誰。但另外 75% 是透過醫師診所進行，在那裡我們不一定知道誰有預約。

We don't necessarily know the doctor's availability to take on those additional patients. So that's a bit harder to go after until those requisitions are available within the system.

我們也不一定知道醫師是否有空檔能接收那些額外的病患。因此，在那些檢驗申請單於系統中可取得之前，這部分要去追回就比較困難。

Yes. Let me start with the fuel cost. So obviously, we've been closely monitoring the situation, and we currently actually expect a minimal impact to our business. Of course, the oil and gas prices have been dynamic. And our diagnostic logistics network does include a fleet of (inaudible) but we have been shifting to hybrid vehicles over time, which helps us mitigate this risk to a certain degree.

是的。我先從燃料成本談起。顯然我們一直密切監控情勢，而目前我們其實預期對業務的影響很小。當然，油氣價格一直在波動。我們的診斷物流網路確實包含一支（聽不清）車隊，但我們已隨時間逐步轉向油電混合車，這在一定程度上有助於降低此風險。

And if you just look at the fuel prices in early April, the estimated AOI impact is approximately $5 million to $10 million this year. We believe this impact is manageable, and we have reflected that in our updated guidance. I think the other question you had is really related to weather assumption for the balance of the year.

如果只看 4 月初的燃料價格，估計今年對 AOI 的影響約為 500 萬到 1,000 萬美元。我們認為這個影響是可控的，並已反映在我們更新後的指引中。我想你另一個問題是關於今年剩餘期間的天候假設。

Now just as a practice, we generally do not bake in explanted assumptions for whether for our forecast simply because it's something a little bit difficult to really project. But with that being said, as you further shared earlier, if you look at our full year revenue guidance for our Diagnostic business segment, we are looking at revenue growth of anywhere between 5.1% to 5.9% with a midpoint of 5.5%.

就慣例而言，我們通常不會在預測中納入明確的天候假設，因為這確實較難預估。不過，如你先前也提到的，如果看我們診斷事業部門的全年營收指引，我們預期營收成長約在 5.1% 到 5.9% 之間，中點為 5.5%。

So I think when you think about certain factors that could potentially move us within that range, weather could be one of the factors. With that being said, of course, we continue to have a very robust M&A pipeline. And to the extent that we continue to make progress in depending upon the timing that could actually be another factor that moves us a little bit towards the high end of the range.

因此，當你思考有哪些因素可能讓我們在這個區間內上下移動時，天候可能是其中之一。話雖如此，當然我們仍有非常強健的併購（M&A）案源管線。若我們持續取得進展，視時點而定，這也可能是讓我們更靠近區間上緣的另一個因素。

So all in all, I would say that at this point in time, we are comfortable with the range that we are providing and we are encouraged to head into the second quarter of this year.

總之，我會說，就目前而言，我們對所提供的區間感到有信心，並且對今年進入第二季感到鼓舞。

Erin Wright, Morgan Stanley.

Erin Wright，Morgan Stanley。

How would you describe the deal pipeline right now? Like what are you seeing in terms of the pipeline, both in terms of acquisitions as well as partnerships, outreach deals otherwise, like given just the landscape that we're in, the uncertainties and see -- are you seeing an acceleration or building pipeline of these types of deals with health systems or otherwise? And how does it maybe compare to this time last year?

你會如何描述目前的交易案源管線？例如你在管線中看到什麼——不論是併購或合作夥伴關係、外拓（outreach）交易或其他類型——在目前這樣的環境與不確定性之下，你是否看到與醫療體系或其他對象的這類交易有加速或管線在擴大？以及相較於去年此時，情況如何？

Yes. Thanks for the question. Our pipeline remains very strong. And I would say it's accelerated versus this time last year. It was strong this time last year.

是的，謝謝你的問題。我們的案源管線仍然非常強勁。我會說，相較於去年此時是加速的；去年此時也很強。

I've spent quite a bit of time talking with different folks in health systems across the country. And I think you're right, they are struggling right now, and they are looking for ways to partner and for ways for us to work with them.

我花了不少時間與全國各地醫療體系的不同人士交流。我想你說得對，他們現在確實很吃力，也在尋找合作方式，以及尋找讓我們能與他們共同運作的方式。

And I don't think that is going to stop anytime soon. In fact, if PAMA is implemented in January, although there will be a short-term impact during the year to us, I think over time, it actually will increase the pipeline of deals because these regional laboratories are under a lot of stress already. These hospital system laboratories are distressed already, and I think that would just make it more difficult.

而我不認為這種情況短期內會停止。事實上，如果 PAMA 在 1 月實施，雖然對我們在當年度會有短期影響，但我認為從長期來看，反而會增加交易案源管線，因為這些區域型實驗室本來就承受很大壓力。這些醫院體系的實驗室也已經處於困境，我認為那只會讓情況更困難。

So stay tuned. I expect we'll have some more deals that we'll be talking about in the future, and I look forward to talking about those.

所以敬請期待。我預期未來我們還會有更多交易可以對外分享，我也期待屆時再與各位談這些內容。

This concludes our question-and-answer session and today's conference call. Thank you for participating, and you may now disconnect.

我們的問答環節與今天的電話會議到此結束。感謝各位參與，現在可以掛線。