Labcorp Holdings Inc. (LH) 2026 Q3 法說會逐字稿

Good day, and thank you for standing by. Welcome to the Q3 2026 Labcorp Holdings earnings conference call. (Operator Instructions) Please be advised that today's conference is being recorded.

大家好，感謝您耐心等候。歡迎參加 Labcorp Holdings 2026 年第三季（Q3）財報電話會議。(接線員指示) 請注意，今日會議將進行錄音。

I would now like to hand the conference over to your first speaker today, Nickolo Russo, VP, Investor Relations. Please go ahead.

現在我想把會議交給今天的第一位講者，投資人關係副總裁 Nickolo Russo。請開始。

Good morning, and welcome to Labcorp's third-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. This morning, in the Events section of the Labcorp Investor Relations website at ir.labcorp.com, we posted both our press release and the supplemental financial presentation with additional information on our business and operations.

各位早安，歡迎收看 Labcorp 2026 年第三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。今天早上，我們已在 Labcorp 投資人關係網站 ir.labcorp.com 的 Events（活動）專區，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。

We will also host a replay of this webcast on the IR website for one year. On today's webcast, we will focus on our adjusted non-GAAP results for the third-quarter of 2026, our capital allocation strategy and our updated financial guidance for the full year 2026. Our GAAP results and a 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.

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。在今天的網路直播中，我們將聚焦於 2026 年第三季的調整後非 GAAP（non-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 財務衡量指標之調節表，均載於今日的財報新聞稿與補充財務簡報中。

Please see the Use of Adjusted Measures section in the supplemental presentation for more information regarding our use of non-GAAP financial measures. In today's remarks, the term organic growth excludes the impact from acquisitions, divestitures and currency as well as other strategic actions taken in the Early Development business.

有關我們使用非 GAAP 財務衡量指標的更多資訊，請參閱補充簡報中的「Use of Adjusted Measures」章節。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，以及在 Early Development 業務中採取的其他策略性行動之影響。

Our remarks will also include forward-looking statements, including, but not limited to, statements about our updated 2026 financial guidance and long-term financial outlook and the related assumptions of each: 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 and other transactions and partnerships; and our potential opportunities for future growth.

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 年財務指引與長期財務展望，以及各項相關假設；各種因素對我們業務、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；我們未來的業務策略；併購及其他交易與合作夥伴關係所預期帶來的節省、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 Forms 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.

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。更多資訊載於我們最新的 Form 10-K 年報及其後的 Form 10-Q 季報，以及公司向美國證券交易委員會（SEC）提交的其他文件中。即使我們的預期有所改變，我們亦無義務更新這些前瞻性陳述。

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

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

Thank you, Nickolo. Good morning, everyone. We appreciate you joining us today to review our third-quarter 2026 results. Labcorp delivered another strong quarter with 7% revenue growth driven by volume, margin expansion across the enterprise and 14.5% EPS growth. Our results reflect disciplined execution as we drive continued momentum in Diagnostics and Biopharma Laboratory Services.

謝謝你，Nickolo。各位早安。感謝各位今天加入我們，一同回顧 2026 年第三季的業績。Labcorp 再次交出強勁的一季：營收在量能帶動下成長 7%，全公司層面毛利率/利潤率擴張，且每股盈餘（EPS）成長 14.5%。我們的成果反映出紀律性的執行力，持續推動 Diagnostics 與 Biopharma Laboratory Services 的動能。

With these strong results, we are increasing our 2026 guidance. Before turning to the specifics of the quarter, I want to briefly address PAMA. We are disappointed by the recent announcement on the proposed fee schedule changes related to PAMA, which is expected to reduce Medicare reimbursement rates for hundreds of laboratory tests beginning in 2027.

在這些強勁成果的支持下，我們上調 2026 年指引。在進入本季細節之前，我想先簡要談談 PAMA。我們對近期關於 PAMA 相關擬議費率表變更的公告感到失望；該變更預期將自 2027 年起下調數百項實驗室檢測的 Medicare 給付費率。

The preliminary fee schedule is not fully representative of the broader commercial laboratory market. The proposed rates rely on data from only 2% of all laboratories paid under Medicare Part B in 2024, and very limited data from physician office laboratories and hospital outreach laboratories. In our view, these payment cuts will threaten patient access to laboratory services, they will negatively impact patient care and innovation, and they will impact the viability of laboratories across the United States.

這份初步費率表並未充分反映更廣泛的商業實驗室市場。擬議費率所依據的資料，僅來自 2024 年在 Medicare Part B 之下獲支付的所有實驗室中的 2%，且來自醫師診所實驗室與醫院外展實驗室的資料非常有限。我們認為，這些給付削減將威脅病患取得實驗室服務的可近性，對病患照護與創新造成負面影響，並影響全美各地實驗室的可行性。

We previously considered PAMA-related reimbursement pressure in developing our '26 to '29 long-term outlook, and we are reaffirming that outlook today. With our strong underlying business momentum, our strong Biopharma Laboratory business and the business development opportunities before us, along with our LaunchPad initiatives, we remain very positive about the future.

我們在制定 2026 至 2029 年長期展望時，先前已將 PAMA 相關的給付壓力納入考量，今天我們重申該展望不變。憑藉我們扎實的基本面動能、強勁的 Biopharma Laboratory 業務，以及眼前的業務開發機會，再加上 LaunchPad 計畫，我們對未來仍然非常樂觀。

Labcorp continues to support the RESULTS Act, a solution with strong bipartisan support that would encourage a sustainable and innovative laboratory diagnostic system in the United States. Now let's turn to our strong financial performance for the third-quarter. Revenue grew 7% to $3.8 billion. AOI margin expanded 60 basis points to 15%, adjusted earnings per share grew 14.5% to $4.78, and free cash flow was $412 million.

Labcorp 持續支持 RESULTS Act；該方案具有強勁的跨黨派支持，將有助於在美國建立可持續且具創新性的實驗室診斷體系。接下來談談我們第三季強勁的財務表現。營收成長 7%，達 38 億美元。AOI 利潤率擴張 60 個基點至 15%；調整後每股盈餘成長 14.5% 至 4.78 美元；自由現金流為 4.12 億美元。

Moving to our segments. Diagnostics revenue increased 6.5% to $2.9 billion. Biopharma Laboratory Services revenue increased 8.5% to $867 million, driven by continued strength in Central Laboratories. Our BLS book-to-bill was 1.13 in the quarter and 1.10 in the trailing 12 months. Julia will talk more about our strong results and increased 2026 guidance in just a moment.

接著看各事業部門。Diagnostics 營收成長 6.5% 至 29 億美元。Biopharma Laboratory Services 營收成長 8.5% 至 8.67 億美元，主要受 Central Laboratories 持續強勁表現帶動。本季我們的 BLS book-to-bill 為 1.13，過去 12 個月（trailing 12 months）為 1.10。Julia 稍後將進一步說明我們的強勁成果與上調後的 2026 年指引。

At our Investor Day, we laid out the next phase of Labcorp's strategy and the priorities we believe will drive attractive growth over the long term, beginning with leading in specialty testing. As new therapies emerge, particularly in high-growth specialty areas like oncology, neurology, autoimmune disease and women's health, Labcorp's testing solutions are integral for drug development, diagnosis, therapy selection and ongoing disease monitoring.

在投資人日（Investor Day）上，我們闡述了 Labcorp 策略的下一階段，以及我們認為將在長期驅動具吸引力成長的優先事項，首先是引領專科檢測（specialty testing）。隨著新療法不斷出現，特別是在腫瘤、神經、免疫自體疾病與女性健康等高成長專科領域，Labcorp 的檢測解決方案在藥物開發、診斷、治療選擇與持續疾病監測方面扮演關鍵角色。

Our specialty testing business continues to grow about three times faster than the broader diagnostics market. Importantly, this growth creates a halo effect for our core laboratory business as physicians often order specialty tests alongside other Labcorp tests for their patients, driving volume growth across both specialty and core diagnostic testing.

我們的專科檢測業務持續以約為整體診斷市場三倍的速度成長。更重要的是，這樣的成長對我們的核心實驗室業務產生「光環效應」（halo effect），因為醫師往往會在為病患開立專科檢測的同時，也一併開立其他 Labcorp 檢測，進而帶動專科與核心診斷檢測兩者的量能成長。

During the quarter, we expanded our leadership position across important high-growth specialty areas. In oncology, we meaningfully advanced precision medicine. We announced FDA approval of a companion diagnostic, supporting patients with advanced melanoma. This approval supports treatment decisions for both patients and providers and demonstrates the capabilities of our PGDx platform, strengthening our position in companion diagnostics.

本季期間，我們在多個重要的高成長專科領域進一步擴大領導地位。在腫瘤領域，我們在精準醫療方面取得顯著進展。我們宣布一項伴隨式診斷（companion diagnostic）獲得 FDA 核准，可支援晚期黑色素瘤病患。此項核准可支援病患與醫療提供者的治療決策，並展現我們 PGDx 平台的能力，強化我們在伴隨式診斷領域的地位。

This platform can support future companion diagnostic opportunities, and we are seeing increased interest from our biopharma clients. We also announced a collaborative clinical study with the Knight Cancer Institute at Oregon Health & Science University, evaluating Labcorp's Plasma Detect Genome MRD test to detect muscle invasive bladder cancer recurrence, a significant clinical challenge despite advances in treatment.

該平台可支援未來更多伴隨式診斷機會，我們也看到生物製藥客戶的興趣提升。我們亦宣布與奧勒岡健康與科學大學（Oregon Health & Science University）的 Knight Cancer Institute 進行合作臨床研究，評估 Labcorp 的 Plasma Detect Genome MRD 檢測，用於偵測肌層浸潤性膀胱癌復發；即使治療有所進步，這仍是一項重大的臨床挑戰。

Moving to neurology. New therapies, blood-based biomarkers and an increasing understanding of neurodegenerative disease are enabling earlier diagnosis, more informed treatment decisions and improved patient care. Labcorp is a leader in this space, and our neurology portfolio spans Alzheimer's disease, Parkinson's disease, ALS, multiple sclerosis, epilepsy, stroke and other neurological conditions.

接著談神經領域。新療法、血液型生物標記（blood-based biomarkers），以及對神經退化性疾病日益加深的理解，正促成更早期的診斷、更有依據的治療決策與更佳的病患照護。Labcorp 是此領域的領導者；我們的神經產品組合涵蓋阿茲海默症、帕金森氏症、ALS（肌萎縮性側索硬化症）、多發性硬化症、癲癇、中風及其他神經相關疾病。

Subsequent to the quarter, we launched an FDA-cleared pTau217 test for Alzheimer's disease available in both primary and specialty care settings. This launch will help bring Alzheimer's testing to clinical practices, enabling earlier and more accessible detection. This test will also strengthen our position in one of the fastest-growing areas of specialty testing.

在本季結束後，我們推出一項通過 FDA 核准清除（FDA-cleared）的阿茲海默症 pTau217 檢測，可在基層與專科照護場域使用。此項推出將有助於把阿茲海默症檢測帶入臨床診所，讓更早期且更可近的偵測成為可能。該檢測也將強化我們在專科檢測中成長最快的領域之一的競爭地位。

Beyond our specialty focus areas, we continue to leverage science and innovation to address many important health care needs. For example, we launched a hepatitis D reflex test to support earlier detection of the most severe form of viral hepatitis. We announced a collaboration with Waters Corporation that positions Labcorp as the first commercial laboratory to offer the FDA-approved BD Onclarity HPV assay across clinician and self-collected screening options, including in-clinic, patient service center and at-home settings.

除了我們的專科重點領域之外，我們持續運用科學與創新來滿足許多重要的醫療保健需求。例如，我們推出了肝炎 D 反射檢測（reflex test），以支援更早偵測最嚴重型態的病毒性肝炎。我們宣布與 Waters Corporation 合作，使 Labcorp 成為首家商業實驗室，能在臨床醫師採檢與自我採檢等多元篩檢選項（包括院內、病患服務中心與居家環境）中提供 FDA 核准的 BD Onclarity HPV 檢測。

Focusing now on the priority of being a partner of choice for health systems and leading pharma. Partnerships and acquisitions expand access to testing capabilities and allow us to bring the benefits of scale, science and operational excellence to customers. During the quarter, we acquired MLM Medical Labs, expanding our global central laboratory capabilities.

接下來聚焦於成為醫療體系與領先製藥公司的首選合作夥伴這一優先事項。合作夥伴關係與併購可擴大檢測能力的可及性，並讓我們將規模、科學與營運卓越的效益帶給客戶。本季我們收購了 MLM Medical Labs，擴展我們的全球中央實驗室能力。

This acquisition establishes Labcorp as the only central laboratory provider with a wholly owned laboratory network across four continents: North America, Europe, Asia and Africa. We also partnered with the National Association of Community Health Centers to strengthen leadership development, support practice improvement and advance community health initiatives across the nation's Community Health Center network.

此項收購使 Labcorp 成為唯一一家在四大洲——北美、歐洲、亞洲與非洲——擁有全資實驗室網路的中央實驗室服務提供者。我們也與全國社區健康中心協會（National Association of Community Health Centers）合作，以強化領導力發展、支持診務改善，並推動全國社區健康中心網路的社區健康倡議。

Subsequent to quarter end, we signed three acquisition agreements, each of which is expected to meet our financial criteria of being accretive to adjusted EPS in the first year and returning the cost of capital by year three. The timing of each of these is subject to regulatory approvals and customary closing conditions. These include an agreement to acquire select assets of BioReference Health's laboratory testing business.

在季度結束後，我們簽署了三項收購協議，預期每一項都將符合我們的財務標準：第一年對調整後每股盈餘（adjusted EPS）具增益（accretive），並在第三年回收資本成本。各項交易的完成時點取決於監管核准及慣常交割條件。其中包括一項協議，將收購 BioReference Health 之實驗室檢測業務的特定資產。

An agreement with Myriad Genetics to acquire their prenatal health testing business, which includes the Prequel, Foresight, SneakPeek and FirstGene tests, and an agreement to acquire Millennium Health, an accredited specialty laboratory with more than 15 years of experience in drug testing and surveillance. We continue to have a strong pipeline of partnership and acquisition opportunities that support our long-term growth strategy. We look forward to discussing those with you in the future.

另有一項與 Myriad Genetics 的協議，將收購其產前健康檢測業務（包含 Prequel、Foresight、SneakPeek 與 FirstGene 檢測），以及一項收購 Millennium Health 的協議；Millennium Health 為通過認證的專科實驗室，在藥物檢測與監測方面擁有超過 15 年經驗。我們仍持續擁有強勁的合作與併購機會管線，以支持我們的長期成長策略。我們期待未來與各位進一步討論。

Moving to personalized health solutions, which encompasses both precision medicine and consumer health. In addition to several new companion diagnostics, we also launched solutions that help consumers better understand, manage and improve their health. In the quarter, Labcorp OnDemand launched our Advanced Health Panel and the Marker by Labcorp Genetic Health Panel.

接著談個人化健康解決方案，涵蓋精準醫療與消費者健康兩大面向。除了多項新的伴隨式診斷（companion diagnostics）之外，我們也推出解決方案，協助消費者更了解、管理並改善自身健康。本季，Labcorp OnDemand 推出了 Advanced Health Panel 與 Marker by Labcorp Genetic Health Panel。

With over 140 panels and tests across many conditions, we provide insights to consumers to understand their health over time. We also announced a collaboration with Thrive Global to launch the Thrive 5 Health Test on Labcorp OnDemand, a test that combines lab results with other health biomarkers to help improve cardiometabolic health.

我們在多種疾病與狀況上提供超過 140 種檢測套組與檢測項目，為消費者提供洞察，以便長期了解自身健康變化。我們也宣布與 Thrive Global 合作，在 Labcorp OnDemand 上推出 Thrive 5 Health Test；該檢測結合實驗室結果與其他健康生物標記，協助改善心臟代謝健康。

In addition to their results, consumers receive personalized educational content and a practical action plan. These examples demonstrate the value of Labcorp's lab testing capabilities to deliver more meaningful insights for consumers. Shaping our future through technology and innovation continues to be a focus of our organization.

除檢測結果外，消費者還可獲得個人化教育內容與可行的行動計畫。這些例子展現了 Labcorp 的實驗室檢測能力在為消費者提供更具意義洞察方面的價值。透過科技與創新塑造我們的未來，仍是本公司的重點。

Our advanced technology solutions include the My Labcorp app, TestFinder and increased automation in our laboratories using robotics, digital pathology solutions to improve customer experiences to enhance productivity and to help transform our business. In the quarter, our Central Laboratory Service business launched the next generation of Labcorp Global Trial Connect, helping pharmaceutical sponsors and investigator sites more effectively navigate growing clinical trial complexity, reinforcing our commitment to delivering differentiated technology-enabled solutions for our customers.

我們的先進科技解決方案包括 My Labcorp 應用程式、TestFinder，以及在實驗室中透過機器人提升自動化程度、運用數位病理解決方案，以改善客戶體驗、提升生產力並協助推動業務轉型。本季，我們的中央實驗室服務業務推出新一代 Labcorp Global Trial Connect，協助製藥贊助商與研究者站點更有效因應日益複雜的臨床試驗，強化我們為客戶提供差異化、科技賦能解決方案的承諾。

The strength of our technology strategy and continued focus on innovation was recognized by Forbes, which named Labcorp to its list of America's Best Employers for Tech Workers.

我們科技策略的實力與對創新的持續投入獲得《富比士》（Forbes）肯定，Labcorp 入選其「美國科技工作者最佳雇主」榜單。

With that, I'll hand it over to Julia to discuss our financials in more detail.

接下來我把時間交給 Julia，請她更詳細說明我們的財務表現。

Thank you, Adam. Our third-quarter results represented strong execution and continued progress against our strategic priorities. Enterprise revenue grew 6.9% versus prior year. Adjusted operating margin expanded 60 basis points, primarily driven by organic revenue growth and operating efficiencies. Adjusted earnings per share grew 14.5%, and we generated $412 million in free cash flow.

謝謝你，Adam。我們第三季的結果展現了強勁的執行力，並持續推進我們的策略優先事項。企業營收較去年同期成長 6.9%。調整後營業利益率擴張 60 個基點，主要由有機營收成長與營運效率提升所帶動。調整後每股盈餘成長 14.5%，我們也創造了 4.12 億美元的自由現金流。

These results demonstrated the earnings leverage in our business as solid organic growth, disciplined execution and productivity improvement translated into margin expansion and double-digit earnings growth. We remained active in capital deployment with $256 million in acquisitions and $58 million in dividends. We ended the third-quarter with $262 million in cash and $5.9 billion in total debt.

這些結果顯示我們業務具備獲利槓桿效應：穩健的有機成長、嚴謹的執行與生產力改善，轉化為利益率擴張與雙位數的獲利成長。我們在資本配置方面仍相當積極，併購支出 2.56 億美元，並發放 5,800 萬美元股利。第三季末，我們持有 2.62 億美元現金，總負債為 59 億美元。

As approved by our Board of Directors, we currently have approximately $1.4 billion remaining under our share repurchase program, providing continued flexibility to return capital to shareholders. Moving to more details on the quarter. Enterprise revenue was $3.8 billion, up 6.9% from the third-quarter of 2025. Organic revenue growth was 5.5%.

依董事會核准，我們目前在股票回購計畫下仍約有 14 億美元的剩餘額度，為我們持續向股東返還資本提供彈性。接著說明本季更多細節。企業營收為 38 億美元，較 2025 年第三季成長 6.9%。有機營收成長為 5.5%。

Net acquisitions contributed 1.5% of growth, partially offset by foreign currency translation of 0.1%. Adjusted operating income was $570 million or 15% of revenue compared to $513 million or 14.4% of revenue last year. The adjusted tax rate was 22.9%, in line with last year. We continue to expect our full year adjusted tax rate to be nearly 23%.

淨併購貢獻 1.5% 的成長，部分被外幣換算影響的 0.1% 所抵銷。調整後營業利益為 5.70 億美元，占營收 15%，相較去年為 5.13 億美元、占營收 14.4%。調整後有效稅率為 22.9%，與去年一致。我們仍預期全年調整後有效稅率將接近 23%。

Adjusted EPS was $4.78, up 14.5% from last year. Free cash flow was $412 million compared to $281 million last year. The increase was primarily driven by the improvement in working capital, partially offset by planned increases in capital expenditures. Our strong cash generation provides continued flexibility to invest in the businesses while maintaining a disciplined approach to capital deployment.

調整後每股盈餘為 4.78 美元，較去年成長 14.5%。自由現金流為 4.12 億美元，去年為 2.81 億美元。增加主要來自營運資金改善，部分被資本支出按計畫增加所抵銷。我們強勁的現金創造能力，讓我們在投資各項業務的同時，仍能維持嚴謹的資本配置紀律並保有彈性。

Turning to our segments. Diagnostics Laboratories continued to perform well. Revenue was $2.9 billion, up 6.5% compared to the prior year. We delivered organic revenue growth of 4.4%, consisting of 3.1% volume growth and 1.3% favorable price/mix, largely driven by higher tests per accession. Acquisitions contributed 2.2% to revenue growth.

接著看各事業部門。診斷實驗室（Diagnostics Laboratories）持續表現良好。營收為 29 億美元，較去年同期成長 6.5%。我們達成 4.4% 的有機營收成長，其中包含 3.1% 的量成長與 1.3% 有利的價格/組合（price/mix），主要由每次收件（accession）檢測數增加所帶動。併購為營收成長貢獻 2.2%。

Diagnostics adjusted operating income was $492 million or 16.7% of segment revenue compared to $450 million or 16.3% of revenue last year. The combination of healthy organic growth and continued operating efficiencies drove 40 basis points of margin expansion in Diagnostics. As Adam mentioned, subsequent to the quarter end, we entered into agreements to acquire select assets of BioReference Health, Myriad Genetics' prenatal health testing business and the Millennium Health.

診斷業務調整後營業利益為 4.92 億美元，占部門營收 16.7%，相較去年為 4.50 億美元、占營收 16.3%。健康的有機成長與持續的營運效率提升相結合，帶動診斷業務利益率擴張 40 個基點。如 Adam 所提，季度結束後，我們已簽訂協議，將收購 BioReference Health 的特定資產、Myriad Genetics 的產前健康檢測業務，以及 Millennium Health。

In addition to being a strong strategic fit, each of these transactions is expected to meet our acquisition financial criteria of being accretive to adjusted EPS in year one and returning cost of capital by year three. As typical with all of our acquisitions, we expect this transaction to become more accretive over time as we fully integrate.

除了在策略上高度契合外，預期這些交易也都將符合我們的併購財務標準：第一年對調整後每股盈餘具增益，並在第三年回收資本成本。如同我們所有併購案的慣例，隨著我們完成整合，我們預期該交易的增益將隨時間提升。

Related to the BioReference Health transaction, we would expect to generate $250 million of revenue in the first 12 months at an adjusted operating margin slightly higher than the Diagnostics segment average, resulting in approximately $0.15 of adjusted EPS, including financing costs. We currently expect a midyear 2027 close, subject to regulatory approvals and customary closing conditions.

就 BioReference Health 交易而言，我們預期在前 12 個月可帶來 2.5 億美元營收，調整後營業利益率略高於診斷部門平均水準，包含融資成本在內，約可貢獻 0.15 美元的調整後每股盈餘。在取得監管核准及符合慣常交割條件的前提下，我們目前預期於 2027 年年中完成交割。

As it relates to the Myriad Genetics transaction, we expect to add approximately $160 million in revenue and to be slightly accretive to adjusted EPS in year one and to reach average Diagnostics segment margins by end of year two once fully integrated. We currently expect an early 2027 close, subject to regulatory approvals and customary closing conditions.

就 Myriad Genetics 交易而言，我們預期將新增約 1.6 億美元營收，並在第一年對調整後 EPS 略具增益（accretive）；在完成整合後，預計於第二年年底達到診斷（Diagnostics）事業部的平均利潤率水準。我們目前預期將於 2027 年初完成交割，但仍須取得監管核准並滿足慣常交割條件。

BLS revenue was $867 million, up 8.5% compared to last year. Organic constant currency revenue growth was 9.6%. The strong organic growth was partially offset by the strategic actions in Early Development of 1.2%, and acquisitions offset the impact of foreign currency translation. Within the BLS segment, on an organic constant currency basis, Central Labs Services delivered strong revenue growth of 11.3% and Early Development grew 5%.

BLS 營收為 8.67 億美元，較去年成長 8.5%。以有機、固定匯率口徑計算的營收成長為 9.6%。強勁的有機成長部分被早期開發（Early Development）業務的策略性行動所抵銷（影響 1.2%），而併購則抵銷了外幣換算的影響。在 BLS 事業部內，以有機、固定匯率口徑計算，中央實驗室服務（Central Labs Services）實現 11.3% 的強勁營收成長，早期開發成長 5%。

The strong growth in Central Labs was essentially driven by a healthy underlying demand, while favorable timing related to study starts in the quarter also contributed. BLS segment adjusted operating income was $159 million or 18.3% of revenue compared to $132 million or 16.5% of revenue last year. Adjusted operating margin expanded 180 basis points, driven by organic growth and operating efficiencies from the strategic actions we have taken in Early Development.

中央實驗室的強勁成長主要由健康的基礎需求所驅動，而本季與研究啟動（study starts）相關的有利時點亦有所貢獻。BLS 事業部調整後營業利益為 1.59 億美元，占營收 18.3%，相較去年為 1.32 億美元，占營收 16.5%。調整後營業利潤率擴張 180 個基點，主要受有機成長以及我們在早期開發採取之策略性行動所帶來的營運效率提升所驅動。

Our BLS segment ended the quarter with a backlog of $8.9 billion. We expect approximately $2.8 billion to convert into revenue over the next 12 months. Quarterly book-to-bill was strong at 1.13, translating into a strong trailing 12-month book-to-bill of 1.10. The combination of robust organic growth, significant margin expansion and healthy book-to-bill reinforces our confidence in the trajectory of BLS.

我們的 BLS 事業部在本季末的在手訂單（backlog）為 89 億美元。我們預期未來 12 個月約有 28 億美元將轉化為營收。單季接單出貨比（book-to-bill）強勁，達 1.13，對應過去 12 個月的接單出貨比為 1.10，同樣強勁。有機成長動能強勁、利潤率顯著擴張以及健康的接單出貨比相結合，進一步強化我們對 BLS 發展軌跡的信心。

Turning to our full year 2026 guidance. Strong year-to-date execution and continued business momentum give us increased confidence in our outlook. As a result, we are raising the midpoint of our 2026 enterprise revenue range and adjusted EPS range by $65 million and $0.18, respectively. The increase in our outlook reflects a stronger underlying business performance, partially constrained by approximately $10 million in incremental foreign currency headwind versus our prior guidance.

接著談我們 2026 全年指引。年初至今的強勁執行力與持續的業務動能，使我們對展望更具信心。因此，我們將 2026 年企業營收區間與調整後 EPS 區間的中位數分別上調 6,500 萬美元與 0.18 美元。本次展望上調反映更強勁的基礎業務表現，但部分受到相較先前指引新增約 1,000 萬美元外匯逆風的限制。

Enterprise revenue is expected to grow 5.9% to 6.7%, which represents a 50 basis point increase at the midpoint. The guidance includes a 30 basis point benefit from foreign currency translation versus a 40 basis point benefit in our prior guidance. Diagnostics segment revenue is expected to grow 5.5% to 6.2%. This is a 20 basis point increase at the midpoint. We continue to expect the majority of the growth to be driven by organic performance.

企業營收預期成長 5.9% 至 6.7%，中位數較先前提高 50 個基點。該指引包含外幣換算帶來 30 個基點的助益，低於先前指引中的 40 個基點助益。診斷（Diagnostics）事業部營收預期成長 5.5% 至 6.2%，中位數提高 20 個基點。我們仍預期大部分成長將由有機表現所驅動。

BLS segment revenue is expected to grow 7.4% to 8.4%. We have raised the midpoint of our BLS revenue guidance by 190 basis points, primarily driven by continued strength in Central Labs. The current guidance includes a 130 basis point foreign currency tailwind compared with a 150 basis point tailwind in our prior guidance.

BLS 事業部營收預期成長 7.4% 至 8.4%。我們將 BLS 營收指引中位數上調 190 個基點，主要由中央實驗室持續強勁所帶動。目前指引包含 130 個基點的外匯順風，相較先前指引為 150 個基點的順風。

For the full year, on an organic constant currency basis, we now expect Central Labs revenue to grow in the high single digits and continue to expect Early Development to grow in the low single digits. We continue to anticipate enterprise margin expansion for full year 2026, driven by both Diagnostics and BLS relative to 2025.

就全年而言，以有機、固定匯率口徑計算，我們目前預期中央實驗室營收將以高個位數成長，並仍預期早期開發以低個位數成長。我們仍預期 2026 全年企業利潤率將擴張，且相較 2025 年，診斷與 BLS 兩大事業部皆將帶動利潤率提升。

At the enterprise level, LaunchPad continues to deliver productivity improvement and remains on track for the $125 million full year savings target. Our adjusted EPS guidance range is $18.30 to $18.70, with an implied growth rate at the midpoint of 12.5%. Our free cash flow guidance range remains $1.24 billion to $1.36 billion. We continue to expect capital expenditures to be nearly 4% of revenue.

在企業層級，LaunchPad 持續帶來生產力改善，並仍按計畫達成全年 1.25 億美元的節省目標。我們的調整後 EPS 指引區間為 18.30 至 18.70 美元，以中位數推算的成長率為 12.5%。自由現金流指引區間維持 12.4 億至 13.6 億美元。我們仍預期資本支出將接近營收的 4%。

Our full year guidance assumes foreign exchange rates as of September 30, 2026. The guidance also reflects our current capital allocation assumptions, including the use of free cash flow for acquisitions, share repurchases and dividends. As we look towards 2027 based on the preliminary fee schedule proposed by CMS, we estimate the impact of PAMA to be approximately $125 million, and we expect to offset a portion of that impact.

我們的全年指引假設外匯匯率以 2026 年 9 月 30 日為基準。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、庫藏股回購與股利發放。展望 2027 年，基於 CMS 提出的初步費率表（fee schedule），我們估計 PAMA 的影響約為 1.25 億美元，且我們預期將抵銷其中一部分影響。

With our underlying business momentum in Diagnostics, strong Biopharma business, business development opportunities and LaunchPad initiatives, we remain very positive about the prospect of 2027, and we look forward to providing 2027 guidance in February.

憑藉診斷業務的基礎動能、強勁的生物製藥（Biopharma）業務、業務開發機會以及 LaunchPad 計畫，我們對 2027 年的前景仍非常正面，並期待在 2 月提供 2027 年指引。

Now I will turn the call back to Adam for closing remarks.

現在我把電話交回給 Adam 作結語。

Thank you, Julia. Let me close with a few takeaways. First, we delivered another excellent quarter with strong revenue growth, margin expansion and double-digit adjusted EPS growth. Second, we are translating the strategy we laid out at Investor Day into execution, strengthening our leadership in specialty testing, expanding strategic partnerships and acquisitions, accelerating personalized health solutions and leveraging technology to improve performance.

謝謝你，Julia。我用幾點重點作結。第一，我們再度交出非常出色的一季，營收強勁成長、利潤率擴張，且調整後 EPS 以雙位數成長。第二，我們正把投資人日（Investor Day）所提出的策略落實為執行：強化我們在專科檢測（specialty testing）的領導地位、擴大策略合作夥伴關係與併購、加速個人化健康解決方案，並運用科技提升績效。

And third, as a result of our performance, we are increasing the midpoint of our full year guidance for revenue and EPS and expect to move into 2027 with solid momentum. We are confident in our strategy. We're encouraged by the opportunities ahead of us. And we are well positioned for continued strong performance moving forward.

第三，基於我們的表現，我們上調全年營收與 EPS 指引的中位數，並預期帶著穩健動能邁入 2027 年。我們對自身策略充滿信心。我們對未來的機會感到振奮。而且我們已做好準備，將在未來持續交出強勁表現。

Operator, we will now take questions.

接線員，我們現在開始提問。

(Operator Instructions) Erin Wright, Morgan Stanley.

（接線員指示）Erin Wright，摩根士丹利。

So I have a question about margins and margin progression into next year and kind of where things land, just given in the context of PAMA in the 75 to 150 basis points of margin expansion over three years that you laid out at the Investor Day, and also looping in sort of the acquisitions that you recently announced, how do you think about that margin cadence, particularly into 2027? Can you expand margins next year? And what are some of those moving pieces on that front if PAMA is implemented and obviously, those deals close?

我想問一個關於利潤率以及明年利潤率走勢、最終落點的問題：在投資人日你們提出三年內利潤率擴張 75 到 150 個基點的 PAMA 背景之下，再加上你們近期宣布的併購案，你們如何看待利潤率的節奏，特別是進入 2027 年？明年能否擴張利潤率？如果 PAMA 落實、且這些交易完成交割，在這方面有哪些變動因素？

Yes. Thank you, Erin, for the question. And the good news is we have a lot to talk about here. We have continued strong momentum in our business. If you look at our Diagnostics business and you look at margins, we've increased our margins for many quarters in a row now. And we expect, if you put PAMA aside, that we will continue to improve those margins as we move into the future.

是的。Erin，謝謝你的提問。好消息是，這裡我們有很多可以談。我們的業務動能持續強勁。如果你看我們的診斷業務並觀察利潤率，我們已經連續多個季度提升利潤率。而且我們預期，若先不考慮 PAMA，隨著我們往前推進，這些利潤率仍將持續改善。

Obviously, we'll wait to see what happens with PAMA and the RESULTS Act. Obviously, the year that PAMA is introduced, we'll do as much as we can to offset PAMA. I think we have four strong levers to do that. The underlying Diagnostics business, the strength in our Biopharma Laboratory business, the LaunchPad initiatives that we'll continue to push really hard, particularly in a PAMA year and also the business development opportunities that we've announced, and we have others before us.

當然，我們會等待看看 PAMA 與 RESULTS Act 的後續發展。顯然，在 PAMA 導入的那一年，我們會盡最大努力去抵銷 PAMA 的影響。我認為我們有四個強而有力的槓桿可以做到：診斷業務本身的基本面、生物製藥實驗室（Biopharma Laboratory）業務的強勁表現、我們將持續大力推進的 LaunchPad 計畫（特別是在 PAMA 年），以及我們已宣布的業務開發機會，且我們還有其他機會在前方。

So all those things will help offset the impact of PAMA. But obviously, the year that PAMA is implemented will be a tougher year than the other years. It will get easier after the PAMA years. It also depends on the timing of the business development. And when we close those deals, we expect each one of them to be accretive in the first year.

因此，這些因素都將有助於抵銷 PAMA 的影響。但顯然，PAMA 實施的那一年會比其他年份更具挑戰。在 PAMA 年之後，情況會變得更容易。這也取決於業務開發的時點。而當我們完成這些交易交割時，我們預期每一筆在第一年都將具增益（accretive）。

So they should be helpful in terms of accretion, but it takes a bit of time before the margins get to our average margins. For example, the Myriad deal, which is a great deal, would not have margins reach our average margins until the end of year two. So it would take a little bit of time for the margins to get there. And it really depends on the exact timing of those deals.

因此，就增厚（accretion）而言，它們應該會有所幫助，但在利潤率提升到我們的平均利潤率之前，仍需要一些時間。例如，Myriad 這筆交易是一筆很好的交易，但其利潤率要到第二年年底才會達到我們的平均利潤率。所以利潤率要走到那裡需要一點時間。而這其實取決於這些交易的確切時點。

For example, for the Myriad deal, we expect it to happen in early 2027. So we'll provide exact guidance in February of next year. But what I'll say is we are confident that we're moving into 2027 with momentum. We reaffirmed our guidance today even after giving what we expect PAMA to be in year one. So it tells you that we're confident in the margin expansion over time.

例如，就 Myriad 這筆交易而言，我們預期會在 2027 年初發生。因此，我們會在明年 2 月提供更精確的指引。但我要說的是，我們有信心在邁入 2027 年時保持動能。即使在今天給出我們預期 PAMA 在第一年的影響之後，我們仍重申了我們的指引。這也說明我們對於利潤率隨時間擴張充滿信心。

Erin, maybe to add a bit more color. As it relates to margin, we're very pleased with the progression we have made as an enterprise. Actually, Q3 represented the sixth consecutive quarter of margin progression across the enterprise, inclusive of the two operating segments. The other fact I would share is that when you step back, look at the fundamental drivers of our margin expansion, it really boils down to strong organic growth for both operating segments, particularly in the leading diagnostic and CLS business is our relentless focus on operating efficiencies through our LaunchPad initiatives.

Erin，我再補充一些背景。就利潤率而言，我們對公司整體所取得的進展感到非常滿意。事實上，第三季（Q3）是公司整體（包含兩個營運部門）連續第六個季度的利潤率改善。另外一點是，當你退一步看、檢視我們利潤率擴張的根本驅動因素，歸根結底在於兩個營運部門都具備強勁的有機成長，特別是在領先的診斷與 CLS 業務；以及我們透過 LaunchPad 計畫對營運效率的持續專注。

And of course, this year, we also benefited from the strategic actions that we have taken in early development. And as Adam also shared just now, when you look at 2027, we really have multiple levers that we can really pull whether through the continued strength in Diagnostics or continued momentum in BLS. But the business development will be another lever in addition to our focus on LaunchPad, which we will be leveraging advanced technologies to help us fundamentally driving the cost out of the system in a sustainable way of working.

當然，今年我們也受益於在早期開發領域所採取的策略性行動。而正如 Adam 剛才分享的，展望 2027 年，我們確實有多個槓桿可以運用——無論是診斷業務的持續強勁，或是 BLS 的持續動能。

So all in all, we are looking forward to wrapping up 2026 with really strength and going into 2027 with momentum. So stay tuned with more guidance coming in February of 2027.

總而言之，我們期待以強勁態勢完成 2026 年，並帶著動能邁入 2027 年。因此，請持續關注，我們將在 2027 年 2 月提供更多指引。

Lisa Gill, JPMorgan.

Lisa Gill，摩根大通（JPMorgan）。

I want to follow up on those comments on the business development side. Adam, you've done four deals here in the last couple of weeks. Can you maybe just talk about what you're seeing currently in the pipeline, number one. Two, we've had some questions from investors about the margin progression for some of these acquisitions because inside of some of the current companies, they're not accretive.

我想就業務開發方面的評論追問一下。Adam，你在過去幾週內做了四筆交易。你能否談談你目前在管線中看到的情況，第一點。第二點，投資人對於其中一些收購案的利潤率推進提出了一些問題，因為在某些目前的公司內部，它們並非增厚（accretive）。

So can you maybe help people to understand is it that you just convert that to the contracts you have with managed care, and that's why you have the visibility around how the margin profile will look for the business development? And then just lastly, anything else you would want to share as we think about an M&A pipeline as we go into '27? Is it increasing? Do you see incremental opportunities? Just how do we think about business development?

所以你能否幫助大家理解：是否因為你們只是把它轉換到你們與管理式醫療（managed care）的合約之下，因此你們能看得見業務開發後的利潤率輪廓會是什麼樣子？最後，當我們思考邁入 2027 年的併購（M&A）管線時，你還有沒有其他想分享的？它是在增加嗎？你看到額外的機會嗎？我們應該如何看待業務開發？

Sure. Thank you, Lisa. So first of all, the pipeline remains strong. And it's interesting. I've been talking about the strong pipeline for some time now. And several people have said, Adam, you keep talking about it, when are these deals going to happen. I think this just shows you can't control the exact timing of deals. But when the pipeline is strong, the deals will come.

好的。謝謝你，Lisa。首先，管線仍然很強勁。而且很有意思的是，我談論強勁的管線已經有一段時間了。也有不少人說，Adam，你一直在講，那這些交易什麼時候會發生？我想這也顯示，你無法控制交易發生的確切時間點。但當管線很強時，交易終究會來。

We have other deals in the pipeline. I'm excited about that pipeline. We expect to have more announcements in the future as we move forward. The pipeline remains strong. The interesting thing about PAMA, where, on the one hand, it has a significant impact to us in one year, I think it also increases the pipeline for business development.

我們在管線中還有其他交易。我對這個管線感到興奮。隨著我們持續推進，未來我們預期會有更多公告。管線依然強勁。關於 PAMA 有趣的一點是：一方面，它在某一年對我們有顯著影響；但我認為它也會增加業務開發的管線。

I think smaller hospital laboratories, regional/local laboratories, they're going to struggle a lot with PAMA, and it really does cause them to rethink about their business. The second question regarding the individual deals and margin expansion. I would say each of these deals are a little bit different. MLM is a deal that was for our central laboratory business. It expands our capabilities.

我認為較小型的醫院實驗室、區域／地方型實驗室，將在 PAMA 之下面臨很大壓力，這確實會促使他們重新思考自身業務。第二個問題是關於個別交易與利潤率擴張。我會說，這些交易各自都有些不同。MLM 是一筆針對我們中央實驗室業務的交易。它擴大了我們的能力。

It gives us a presence in a part of the world where clinical development is very strong. And it's a very separate part of our business that's integrating that deal. If you look at the other three deals, we'll start with the Myriad deal, which I think is a very good deal for us because it's in women's health. It's an area we know well. It brings new tests to us.

它讓我們在臨床開發非常強勁的某個地區建立據點。而整合這筆交易的是我們業務中一個非常獨立的部分。如果你看另外三筆交易，先從 Myriad 這筆交易開始，我認為這對我們是一筆非常好的交易，因為它位於女性健康領域。這是我們非常熟悉的領域。它也為我們帶來新的檢測項目。

The FirstGene, the Prequel, the Foresight, the SneakPeek, they're all good women's health products that we can add to our existing portfolio of products. And we already have sales forces. I think that together, we can reach more patients. We can improve access. We can bring new tests that we don't currently have to the patients that need those tests and the physicians that want those tests.

FirstGene、Prequel、Foresight、SneakPeek，這些都是很好的女性健康產品，我們可以把它們加入到我們既有的產品組合中。而且我們已經有銷售團隊。我認為結合起來，我們可以觸及更多病患。我們可以改善可近性。我們可以把目前我們尚未提供的新檢測，帶給需要這些檢測的病患，以及想要這些檢測的醫師。

So it will actually be a very competitive environment of which we can now compete much more effectively with these tests than before. It will be accretive in the first year. It folds in nicely to a business we know how to run. We've done deals with Myriad before, so we know how to work with them and how to integrate. So it's an exciting opportunity for us.

因此，這實際上會是一個競爭非常激烈的環境，而有了這些檢測，我們現在能比以前更有效地參與競爭。它在第一年就會增厚（accretive）。它也能很自然地併入我們熟悉且知道如何經營的業務。我們以前也和 Myriad 做過交易，所以我們知道如何與他們合作以及如何整合。所以這對我們而言是一個令人振奮的機會。

If you look at the Millennium deal, that's a part of our business that's a separate business unit. We do very well in that business. But this increases our presence in parts of the country that we don't have a presence in or we don't have a strong presence right now. So it's a business we know how to run. It's a business we've been involved in for many years, and it just expands our geographic footprint and enables us to be more competitive, improve access to parts of the country that we don't have as much access to as of today.

如果你看 Millennium 這筆交易，那是我們業務中的一個獨立事業單位。我們在那項業務做得非常好。但這筆交易提升了我們在一些目前沒有據點、或目前據點不夠強的地區的存在感。所以這是一項我們知道如何經營的業務。這也是我們參與多年的業務；而它只是擴大了我們的地理覆蓋範圍，使我們更具競爭力，並改善我們對於目前可近性較低地區的服務可近性。

And if you look at the BioReference deal, we've done two deals with them already. We know how to work with them very well. We've worked with them on integration. So we know how to integrate with them very well. They have presence in parts of the country that we're not as strong. And so, it increases our relevance in parts of the country where we want to increase our presence, increases access, and we know how to work with them to integrate the business well into our existing business.

再看 BioReference 這筆交易，我們之前已經和他們做過兩筆交易。我們非常了解如何與他們合作。我們也曾與他們進行整合合作。因此我們很清楚如何與他們順利整合。他們在一些我們相對不夠強的地區有據點。因此，這提升了我們在希望加強布局地區的相關性，增加可近性，而且我們也知道如何與他們合作，把業務良好地整合進我們既有的業務中。

So the timings, we tried to give you a sense of what those timings were. Myriad, early 2027; BioReference, mid-2027; Millennium, later this year. And then based upon the timing, we would expect that margins would be accretive to earnings in the first year, margins would improve over time.

所以在時程方面，我們試著讓各位對這些時程有個概念。Myriad：2027 年初；BioReference：2027 年中；Millennium：今年稍晚。然後基於這個時程，我們預期第一年利潤率就會對盈餘具增益效果，且利潤率會隨時間推進而改善。

Ann Hynes, Mizuho.

Ann Hynes，瑞穗（Mizuho）。

Staying on that women's health topic. I know we've seen some meaningful changes in cardiovascular screening recommendations from the AHA and the American College of Cardiology. I think in March, they expanded testing for high certain high-risk patients. But yesterday, they really expanded recommendation for women's cardiovascular health.

延續女性健康這個主題。我知道我們看到美國心臟協會（AHA）與美國心臟學會（American College of Cardiology）在心血管篩檢建議上出現一些重要變化。我想在三月，他們擴大了對某些高風險病患的檢測。但昨天，他們確實大幅擴大了對女性心血管健康的建議。

When major organizations like this do change the recommendations, how should we think about the potential impact for you? Do physicians typically change their ordering patterns quickly? Is there like a lag time in adoption time? And just from an insurance perspective, if some of these tests are uncovered, do they usually start covering them because of these organizations' recommendations?

當這類大型組織改變建議時，我們應該如何思考對你們的潛在影響？醫師通常會很快改變其開立檢驗的模式嗎？採用上是否會有一段落後期？另外從保險角度來看，如果其中一些檢測目前不在給付範圍內，這些組織提出建議後，保險通常會開始給付嗎？

Yes. No, thank you, Ann. I think women's cardiovascular health has been something that I've personally been focused on for a long time, and I'm glad to see that it's now being focused on by these additional societies and so forth. It's an underdiagnosed disease, particularly in women. It goes undiagnosed in the way in which it presents itself, cardiovascular disease.

會的。不，謝謝你，Ann。我認為女性心血管健康是我個人長期關注的議題，我也很高興看到現在有更多學會等組織開始聚焦於此。這是一種被低估、診斷不足的疾病，尤其是在女性身上。心血管疾病在其表現方式上，常常因此而未被診斷出來。

And I think there's a lot more that we can do to enhance the health of cardiovascular health of women. So it's nice to see that the societies will move in that direction. I would say many physicians have already moved in that direction, have already begun to screen women for cardiovascular. They teach women how cardiovascular disease presents very differently at times in women versus men.

我認為我們還能做更多事情來提升女性的心血管健康。所以看到各學會朝這個方向推進是件好事。我會說，許多醫師其實已經朝這個方向前進，也已經開始為女性做心血管篩檢。他們也在教育女性：心血管疾病在女性身上的呈現方式，有時與男性非常不同。

And I think that we've seen a movement to actually improve cardiovascular health in women already. Separate and distinct from that, when societies provide recommendations, I do think it's a way for us to reinforce with payers the importance of paying for those tests. I do believe that physicians will tend to prescribe more of those tests faster when they become a core recommendation of a very strong society or a group of highly thought of physicians and thought leaders.

我認為我們已經看到一股改善女性心血管健康的趨勢。另外且不同於此的是，當學會提出建議時，我確實認為這能讓我們向保險支付方強化這些檢測付費的重要性。我也相信，當某項檢測成為非常具權威的學會、或一群備受推崇的醫師與意見領袖所提出的核心建議時，醫師往往會更快、更多地開立這些檢測。

So I do think it's helpful, although when you do 750 million tests per year, it's hard to kind of pull out any type of change like this. I do think that it's for benefit of women. I do think it will help us over time.

所以我確實認為這是有幫助的，雖然當你一年做 7.5 億次檢測時，要把這類變化單獨拉出來觀察其影響其實很難。我確實認為這對女性有益。我也確實認為長期來看會對我們有所幫助。

Eric Coldwell, Baird.

Eric Coldwell，Baird。

Congrats on really nice results and outlook. I'm probably going to deliver my worst question of the quarter here because there's a lot. So we actually like your deals. You've been very clear about the capital deployment. But I have been particularly concerned about the BioReference, the BRL deal because we do have their financials.

恭喜你們交出非常漂亮的結果與展望。我可能要在這一季問出我最糟的一個問題，因為可談的點很多。我們其實喜歡你們的交易。你們在資本配置上也說得非常清楚。但我特別擔心 BioReference，也就是 BRL 這筆交易，因為我們手上有他們的財務資料。

We know the revenue that you expect. I think we have a reasonable estimate on cost of capital, et cetera, et cetera. And it was very hard for me to initially come up with year one accretion on that deal, particularly when the first quarters are typically well below what your exit rate is post synergies. So help me figure out what I'm missing here.

我們知道你們預期的營收。我想我們也能合理估算資本成本等等。但我一開始很難算出這筆交易在第一年就能增益（accretion），尤其是前幾季通常會明顯低於你們在協同效益落地後的退出水準（exit rate）。所以請幫我理解我到底漏掉了什麼。

Is there like a tax benefit driving that $0.15 of accretion because at face value, rough scratch pad on the math, it looks like you're actually guiding to a year one operating margin of something like 22% or 23% to get to $0.15 of accretion. And I'm just -- tell me what I'm missing on this because that's, quite frankly, a lot better than I expected.

是否有像是稅務利益在推動那 0.15 美元的增益？因為就表面來看，我用粗略的草算，感覺你們其實是在指引第一年的營業利益率大概需要 22% 或 23% 才能達到 0.15 美元的增益。我只是——請告訴我我漏了什麼，因為坦白說，這比我預期好很多。

Yes. So once again, BRL is a company that we've worked with. We've done two deals with. So we understand their systems. We understand their cost structure. We understand the way in which they do business very well. And when we looked at the business they're in geographies where we think we can increase access, we can bring our kind of testing capabilities more broadly.

是的。所以再說一次，BRL 是一家我們合作過的公司。我們跟他們做過兩筆交易。所以我們了解他們的系統。我們了解他們的成本結構。我們非常了解他們的營運方式。而當我們看這項業務時，他們所在的地理區域是我們認為可以提升可近性、並把我們的檢測能力更廣泛導入的地方。

And they're in areas, frankly, we're not as strong in where they were strong. Overall, when we gave the revenue estimate, we've included the impact from PAMA, that could be in there. We've included some other things in terms of where the revenue we expect to be in the first year versus what they might have reported before.

而且坦白說，他們在一些我們相對不強、但他們很強的區域。整體而言，當我們給出營收估計時，我們已把 PAMA 的影響納入，這可能已包含在其中。我們也納入了其他一些因素，反映我們預期第一年的營收水準，相較於他們先前可能揭露的數字。

But we also have a very good handle on what their cost structure is and what that would look like in our hands versus in their hands. I don't know, Julia, if there's anything you would add to that.

但我們也非常清楚他們的成本結構，以及在我們手上相較於在他們手上會呈現什麼樣子。我不知道，Julia，你是否要補充？

Yes. I think, Adam --

是的。我想，Adam——

Just Julia, I appreciate any comments you make. I guess I just want to -- I think, if I remember, they have something like 80 service centers. Are you planning to just do like big consolidations here drive all of their volume to your lab in the area? I'm just -- anything you could help us with on the synergy path and the cost path would be helpful to assuage the concerns that at least I had anyway.

Julia，我很感謝你任何補充。我想我只是想——如果我沒記錯，他們大概有 80 個服務中心。你們是否打算做大幅整併，把他們的量都導到你們在當地的實驗室？我只是——任何你們能分享的協同效益路徑與成本路徑，都會有助於消除至少我原本的疑慮。

So over time, when it comes to the service centers, where there's overlap, we'll decide which service center is best to keep. So it could be that we close down some Labcorp service centers. It could be that we close down some BRL. But where there's overlap, we would look, obviously, to have synergies. We also will be able to look at the capacity in their laboratory, the capacity we have in our Raritan laboratory, both of which are close to each other.

所以隨著時間推進，談到服務中心時，若有重疊，我們會決定保留哪一個服務中心最好。因此可能會關閉一些 Labcorp 的服務中心。也可能會關閉一些 BRL 的服務中心。但只要有重疊，我們顯然就會尋求協同效益。我們也會檢視他們實驗室的產能，以及我們在 Raritan 實驗室的產能，兩者距離很近。

And where we were going to expand because of our business development growth opportunities, we might not have to expand in areas that we had before or we'll look to say are there synergies there as well. So it could be a reduction of the expansion that we are planning based upon the number of deals that we've done in this part of the country. So I think that you'll find synergies across the business, Eric. But in addition to that, I just believe when you look at contracting and stuff like that, there's always things that are helpful.

而在我們原本因業務開發成長機會而打算擴充的地方，我們可能不需要像以前那樣擴充，或我們會評估那裡是否也有協同效益。因此，基於我們在這個地區做過的多筆交易，可能會降低我們原先規劃的擴張幅度。所以我認為你會在整個業務中看到協同效益，Eric。除此之外，我也相信在合約議價等方面，總是會有一些有利的地方。

Yes. Eric, I believe Adam has covered the ground. I think the only thing I would say is that, as Adam already said, because we have had this long-term partnership with BioReference with two prior acquisitions already having been successfully integrated and demonstrated our ability to really deliver against our expectation as it relates to return on investment.

是的。Eric，我認為 Adam 已經把重點都涵蓋了。我想我唯一要補充的是，如 Adam 已提到的，因為我們與 BioReference 有長期合作關係，且先前已有兩次收購成功整合，並證明我們確實有能力在投資報酬（ROI）方面達成我們的預期。

So we are feeling very comfortable with the outlook that we put out there as it relates to the first year contribution. And actually, if you step back, look at the few transactions we've just announced subsequent to the quarter end, they are all tuck-in in nature, whereby we have a very proven track record of successfully integrating them into our extensive operating scale and infrastructure and then being able to really drive synergistic value through both growing the top line and also optimizing the cost structure.

因此，對於我們所提出的第一年貢獻展望，我們感到非常有信心。而且如果你退一步看，我們在季末之後宣布的幾筆交易，性質上都是補強型（tuck-in），我們在把它們成功整合進我們龐大的營運規模與基礎設施方面有非常成熟的實績，並且能透過同時推動營收成長與最佳化成本結構，真正創造協同價值。

So we look forward to updating you as we continue to make progress, but we're confident of our ability to really continue to drive acquisitions to contribute 1.5% to 2.5% revenue growth for our overall growth trajectory, but also continue to drive more accretion over time as we fully integrate those transactions.

因此，隨著我們持續取得進展，我們期待能持續向各位更新；我們也對自身能力充滿信心，能夠持續推動併購，為我們整體成長軌跡貢獻1.5%至2.5%的營收成長，同時在我們將這些交易完全整合後，隨時間推進持續帶來更高的增益（accretion）。

And the last thing I would say, Eric, is when you look at our procurement capabilities, you look at our cost based upon scale of what we do, all of that comes into play and is helpful as well.

Eric，我最後想說的是，當你看我們的採購能力、看我們基於規模所形成的成本結構時，這些因素都會發揮作用，也同樣有所助益。

Michael Cherny, Leerink Partners.

Michael Cherny，Leerink Partners。

One just quick housekeeping and then one additional question. First, just on the change in revenue guidance, can you just remind us how much is from M&A in terms of what's built into the update for the year? And then relative to PAMA, Adam, I think we all hear you completely on your view on the RESULTS Act and the logic behind it. That being said, it is a tough environment in DC. Can you just give us a flavor as you think about the offsets for '27, what the organization is starting to do now to prepare for that?

先快速一個例行問題，然後再一個額外問題。首先，關於營收指引的變動，你能否提醒我們，今年更新內容中，來自併購（M&A）所納入的金額大約是多少？另外，關於PAMA，Adam，我想我們都完全理解你對RESULTS法案的看法以及其背後的邏輯。但華府（DC）的環境確實艱難。你能否談談，當你們思考2027年的抵銷措施（offsets）時，組織目前開始做哪些準備？

Yes. Michael, let me start addressing the question as it relates to the guidance raise. I would say that the raise is driven by strength in the organic performance of our businesses. So if I break it down segment by segment, starting with BLS, we raised the midpoint of our guidance by 190 basis points, $59 million on an absolute basis.

好的。Michael，我先回應與上調指引相關的問題。我會說，這次上調主要是由我們各項業務的有機表現（organic performance）強勁所驅動。如果按事業部逐一拆解，先從BLS開始，我們將指引中位數上調了190個基點，折合絕對金額為5,900萬美元。

And in addition to strength in organic performance, particularly in CLS, we also shared in the release that we have about 10 basis points of FX headwind when you look at this guidance versus prior guidance. And that the FX impact was actually offset by expected contribution from the MLM acquisition that we closed in September.

此外，除了有機表現的強勁（尤其是在CLS），我們也在新聞稿中提到，若將本次指引與先前指引相比，約有10個基點的匯率（FX）逆風。而該匯率影響，實際上被我們於9月完成交割的MLM收購案之預期貢獻所抵銷。

And then if you were to move to the Diagnostics segment, we raised the midpoint of our guidance by 20 basis points and $22 million on an absolute basis. I would say there's a little bit expectation about potential revenue contribution from the Millennium Health acquisition, which we expect to close later in this year, but it's very minimal. In the scheme of things, I would really consider that as immaterial.

接著看診斷（Diagnostics）事業部，我們將指引中位數上調了20個基點，折合絕對金額為2,200萬美元。我會說，當中有一點點是對Millennium Health收購案可能帶來的營收貢獻之預期；我們預計在今年稍晚完成交割，但占比非常小。就整體而言，我會認為那是無關緊要（immaterial）的。

So in short, we are raising the midpoint of our guidance for the full year from a revenue perspective by 50 basis points, $65 million. And if you neutralize FX, it would be a raise of 60 basis points and $75 million, all driven by strength in the organic performance of our businesses.

總結來說，從營收角度，我們將全年指引中位數上調了50個基點，折合6,500萬美元。若排除匯率影響（neutralize FX），上調幅度將是60個基點、7,500萬美元；全部都由我們各項業務有機表現的強勁所驅動。

And then regarding PAMA, obviously, we remain disappointed by the recent announcement. But in our base case, we're going to assume that PAMA happens next year that there's a $125 million impact from the traditional Medicaid, Medicare segment. We're still cautiously optimistic about RESULTS. We'll still continue to fight for that. We'll fight for delay if RESULTS doesn't get passed this year.

至於PAMA，顯然我們對近期的公告仍感到失望。但在我們的基本情境（base case）中，我們會假設PAMA明年會發生，且傳統Medicaid、Medicare業務將受到1.25億美元的影響。我們對RESULTS仍保持審慎樂觀，並會持續爭取。如果RESULTS今年未能通過，我們也會爭取延後（delay）。

But in our base case, we want to assume that it does happen next year. So if you look at the four things that we're doing to offset it, one is the underlying diagnostic business is strong, and we will continue to focus on it. The volume looks good. Our strength is there. So the underlying business, we expect to remain strong. The second thing is our BLS business continues to remain strong, and we're going to continue to focus on that to grow that business.

但在我們的基本情境中，我們希望先假設它明年確實會發生。因此，若你看我們用來抵銷影響的四件事：第一，基礎診斷業務本身很強，我們會持續聚焦。量（volume）看起來不錯。我們的優勢仍在。所以我們預期基礎業務將維持強勁。第二，我們的BLS業務也持續強勁，我們會繼續專注於推動該業務成長。

The book-to-bill looks great. So that's another way to offset part of it. Our LaunchPad initiatives, we're accelerating. And we're already focused on that. We have things underway that we're putting in place in fourth-quarter to prepare for first-quarter. We'll give you the exact amount, but you saw at Investor Day, we raised our expectation of what we expect for LaunchPad from prior guidance.

接單出貨比（book-to-bill）看起來非常好。因此，這也是抵銷其中一部分影響的另一種方式。第三，我們正在加速LaunchPad計畫。而且我們已經在聚焦這件事。我們在第四季已著手推進一些措施，以便為第一季做準備。我們會提供確切金額，但你在投資人日（Investor Day）也看到，我們已將LaunchPad的預期相較先前指引上調。

So it's meaningfully higher now than it has been in the past, and we're accelerating our efforts as we speak today. And then the fourth thing is the business development, which you've seen us announce four business development things in the past month or so, and there's more to come. We're continuing to have a very strong pipeline. There's a lot we can do there. You can't accelerate those per se, but we continue to focus on those other opportunities, and I would expect that there's more to come in the not-too-distant future.

因此，現在的水準相較過去明顯更高，而我們也正如同今天所說，持續加速推進。第四是業務開發（business development）。你們已看到我們在過去一個月左右宣布了四項業務開發事項，而且後續還會有更多。我們的案源管線（pipeline）仍非常強勁。我們在那方面能做的事情很多。你無法嚴格意義上去「加速」那些，但我們會持續聚焦其他機會，我也預期在不久的將來會有更多進展。

Luke Sergott, Barclays.

Luke Sergott，Barclays。

I just want to talk on the biopharma services and the demand that you guys are seeing. You had really strong pickup there in bookings. I understand it was a little bit easier comp, but really nice acceleration there. And so your conversion is also kind of picking up as well. Can you just walk through the dynamics where you're seeing the demand?

我想談談你們在生物製藥服務（biopharma services）方面看到的需求。你們在訂單（bookings）上有非常強勁的回升。我理解比較基期（comp）稍微容易一些，但這樣的加速表現仍然很不錯。因此，你們的轉換（conversion）似乎也在回升。你能否說明一下你們看到需求的動態來源？

Is it like any particular indication or therapy? And just give us an overlay of how that visibility into that continuing through the beginning of next year?

是某些特定適應症或療法嗎？另外，也請你們補充一下，對於這股需求延續到明年年初的能見度如何？

Yes. So if you look at the central laboratory business, in particular, it had very strong growth. And in the quarter, the growth was driven by healthy underlying demand. We also had some favorable timing related to study starts in the quarter, but it's mostly the underlying demand. As you look to the book-to-bill, as you said, it is strong.

好的。如果你看中央實驗室（central laboratory）業務，特別是它的成長非常強勁。本季的成長主要由健康的基礎需求（underlying demand）所驅動。我們在本季也有一些與研究啟動（study starts）相關的有利時點因素，但主要仍是基礎需求。至於接單出貨比（book-to-bill），如你所說，確實很強。

And I would say that it's strong in both our central laboratory business, but also in our early development business. In our central laboratory business, it's driven by large pharma. And it's driven by not only oncology and specialty areas where we've seen growth in the past, but we are seeing an increase in cardiometabolic areas. And when you look at the GLP-1s and the number of different trials and types of trials, we are seeing some accelerated opportunities in that area as well.

我會說，這樣的強勁表現同時出現在我們的中央實驗室業務，以及早期開發（early development）業務。在中央實驗室業務方面，主要由大型藥廠（large pharma）所驅動。而且不僅是我們過去已看到成長的腫瘤學（oncology）與專科領域（specialty areas），我們也看到心代謝（cardiometabolic）領域的增加。當你看GLP-1以及各種不同試驗的數量與類型時，我們也在該領域看到一些加速的機會。

When it comes to early development, we're seeing that the funding environment looks pretty good. It's driven by smaller biotechnology companies, but we are trying to change that a bit by getting more large pharma business in that area. And we are beginning to see some early signs of success in doing that. So in summary, both businesses are doing well. The business is driven by Central Laboratories.

至於早期開發，我們看到資金環境（funding environment）看起來相當不錯。目前主要由較小型的生技公司所驅動，但我們正嘗試做一些改變，讓該領域取得更多大型藥廠的業務。而我們也開始看到一些初步成功的跡象。因此總結來說，兩項業務都表現良好。業務主要由中央實驗室所帶動。

Central Laboratories book-to-bill looks really strong. Specialty areas, particularly oncology, continues to grow, but we're also seeing more growth in areas like cardiometabolic.

中央實驗室的接單出貨比看起來非常強勁。專科領域，特別是腫瘤學，仍在成長，但我們也在心代謝等領域看到更多成長。

Great. And then a follow-up on that. I mean, as you look -- the demand continues to pick up. Can you talk about what you're seeing from a capacity expansion in the industry? And if that's -- how tight is that getting? And then obviously, it would bode well from a pricing perspective as we think about the out years.

很好。接著追問一下。我是說，隨著需求持續回升，能否談談你們看到產業在產能擴張（capacity expansion）方面的情況？以及那是否——目前變得有多緊？另外，顯然，從定價（pricing）的角度來看，這對我們思考未來幾年（out years）會是利多。

Yes. So as I look at our capacity, we continue to have plenty of capacity. So we have a very large footprint. We have Central Laboratories now in four continents as wholly-owned subsidiaries, but we also have access to other parts of the world, and we're increasing our access in other parts of the world like, for example, in Latin America.

是的。所以當我檢視我們的產能時，我們仍然擁有充足的產能。因此，我們的佈局規模非常大。我們目前在四大洲設有中央實驗室，並以全資子公司形式營運；同時我們也能觸及全球其他地區，而且我們正在提升在其他地區的觸及能力，例如拉丁美洲。

So our geographic presence, our ability to have these large laboratories gives us capacity for even more growth as we go into the future. So I'm not concerned about our ability to take on new business. In fact, we're looking for as much new business as we can get moving forward.

因此，我們的地理佈局，以及擁有這些大型實驗室的能力，讓我們在未來具備承接更多成長的產能。所以我不擔心我們承接新業務的能力。事實上，展望未來，我們正在尋求盡可能多的新業務。

And Luke, earlier, we shared that we are in the process of building a state-of-the-art lab facility in Indianapolis. Actually, that is in response of anticipated continued strong momentum of growth, particularly for the CLS business. So we're in the middle of that engagement right now, and that is reflected in our capital expenditure for this year and the next couple of years.

Luke，先前我們也分享過，我們正在印第安納波利斯興建一座最先進的實驗室設施。實際上，這是為了因應預期將持續強勁的成長動能，特別是CLS業務。因此我們目前正處於該專案推進中，而這也反映在我們今年以及未來兩三年的資本支出之中。

Tycho Peterson, Jefferies.

Tycho Peterson，Jefferies。

Adam, I want to follow up on the Myriad deal. You are buying the assets after the management team talked about a 60% revenue decline, share loss and payer friction, and that was all before the CLFS rate proposal, which is an additional drag on revenue. So why is now the right time to do that deal? And why are you the right partner to turn around that business?

Adam，我想追問一下Myriad這筆交易。你們是在管理團隊談到營收下滑60%、市占流失以及付款方摩擦之後才收購其資產，而那還是在CLFS費率提案之前；該提案會對營收造成額外拖累。那麼，為什麼現在是做這筆交易的正確時點？以及為什麼你們是能讓這項業務扭轉局面的合適夥伴？

Yes. No, great question, Tycho. And we feel very comfortable and confident in taking over that business. In fact, it's a very strong business for us today, but they have, in particular, the FirstGene test, which we think has tremendous opportunity. So it's newly launched. It's an innovative single-gene NIPT solution. It screens for chromosomal conditions, select single-gene disorders, maternal carrier status and RhC compatibility.

是的。不，這是個很好的問題，Tycho。我們對接手這項業務感到非常安心且有信心。事實上，對我們而言，這今天就是一項非常強的業務；但他們尤其擁有FirstGene檢測，我們認為它有非常巨大的機會。因此它是新近推出的。這是一個創新的單基因NIPT解決方案。它可篩檢染色體狀況、特定單基因疾病、母體帶因者狀態以及RhC相容性。

So it's going to compete really well in the fastest-growing part of the segment where we don't necessarily compete today. So taking our strong existing tests and infrastructure and relationship with customers and our scale. Now combining it, in particular, with this new test, which will compete in a very competitive part of the market, I think bodes well for us to be the right group to launch that and also the right time to launch it because that market is still being defined, and we think we could be a winner ultimately.

因此，它將在該細分市場中成長最快的部分具備很強的競爭力，而我們目前未必在那裡競爭。所以，憑藉我們既有的強勢檢測項目、基礎設施、客戶關係以及規模。現在再把它與這項新檢測結合起來——它將在市場中競爭最激烈的部分參與競爭——我認為這讓我們很有機會成為最適合推動上市的團隊；而且現在也是合適的時點，因為該市場仍在形成中，我們認為最終我們有機會成為贏家。

Okay. That's helpful. And then one quick follow-up on BLS. I appreciate all the momentum and strength you're seeing, especially on the pharma side. I guess as we think about biotech funding getting a little softer here, how do you think about the impact there on early development?

好的。這很有幫助。另外再快速追問一下BLS。我很欣賞你們看到的所有動能與強勁表現，尤其是在製藥端。我想，當我們看到生技資金在這裡稍微轉弱時，你們如何看待其對早期開發的影響？

Yes. So again, the early development business, much smaller, much less important part of our business, but it is performing well right now. We've made some good strategic moves. We're seeing our RFPs strong there. The study starts are strong there. We're trying to kind of switch more of our load to larger pharma, and we're seeing some early signs of success. So I feel good about where we are today.

是的。所以再說一次，早期開發業務規模更小，在我們整體業務中重要性也低得多，但目前表現良好。我們做出了一些很好的策略性調整。我們看到那邊的RFP（提案邀請）很強。研究啟動也很強。我們正嘗試把更多工作量轉向大型製藥公司，而且我們已看到一些早期成功跡象。所以我對我們目前的狀況感到樂觀。

David Westenberg, Piper Sandler.

David Westenberg，Piper Sandler。

So I'm going to ask a question about PAMA. I prepared for a bunch of questions on Myriad and FirstGene and all that, but it seems to be a lot on acquisitions. So I'm going to pivot to PAMA, sorry if the question is bad because I was preparing for something else. But I want to talk about PAMA from kind of a multiyear perspective.

所以我想問一個關於PAMA的問題。我原本準備了一堆關於Myriad、FirstGene之類的問題，但看起來大家都在談併購。所以我打算轉到PAMA，抱歉如果這問題不太好，因為我原本在準備別的。但我想從一個多年期的角度來談談PAMA。

We know the worst part is obviously in year one, which would be 2027, though it does look like a number of tests are above that 15%, which kind of suggests there could be some headwinds into '28 and '29. Can you talk about the strategies both from a Labcorp perspective? And kind of how you anticipate industry might change and the way they're thinking about contracting or discipline or any other approach that the industry and Labcorp, again, is going to take to maybe think about if indeed PAMA is the law of the land? How just the industry might evolve and you evolve in terms of discipline and all that other kind of thing?

我們知道最糟的部分顯然是在第一年，也就是2027年；不過看起來有不少檢測項目超過15%，這某種程度上暗示在2028與2029年可能仍有一些逆風。你能談談從Labcorp角度的策略嗎？以及你如何預期產業可能會改變、他們對合約談判或紀律或其他做法的思維會如何調整；同樣地，產業與Labcorp可能會採取哪些方式來因應——如果PAMA確實成為既定法律的話？也就是說，產業可能如何演變，而你們在紀律等各方面又會如何演變？

Yes. No, thank you for the question. And the majority of the impact is in 2027, the first year. And again, that assumes that PAMA actually happens, which is our base case, but we're still cautiously optimistic about results and/or delay. There are incremental impacts in '28 and '29, but they are meaningfully less than what '27 would be.

是的。不，謝謝你的提問。而影響的大部分會在2027年，也就是第一年。同樣地，這是假設PAMA確實會發生——這是我們的基本情境——但我們對可能的結果和／或延後仍保持審慎樂觀。在2028與2029年會有增量影響，但相較於2027年的影響幅度明顯更小。

And I believe they're manageable and they're within what we should be able to manage in our kind of ongoing running of the business. As I think about over time, we continue to decouple other parts of our contract from referring to the fee schedule, and we'll continue to do that. But I feel like 2027 will be the biggest impact, and we can manage through the outer years.

而我相信這些是可控的，也在我們日常營運管理業務的能力範圍之內。從長期來看，我們會持續讓合約中的其他部分與費率表的連動逐步脫鉤，而我們也會繼續這麼做。但我認為2027年會是影響最大的年份，而在之後幾年我們也能夠管理得當。

Lu Li, Bank of America.

Lu Li，美國銀行。

I guess maybe a question back to kind of like the organic growth and then the price/mix in the quarter. The volume growth seems very good, like very healthy. The price seems to be slightly lower versus 2Q. I wonder if you can talk about kind of like the growth driver within the volume? And then maybe just anything to call out on the price/mix.

我想可能回到有機成長，以及本季的價格／組合（price/mix）。量的成長看起來非常好、很健康。價格似乎相較第二季略低。我想知道你能否談談量成長的驅動因素是什麼？以及在價格／組合方面是否有任何需要特別指出的地方。

Yes. So if you look at the Diagnostics business, it was very strong. We had 6.5% growth over last year. The organic growth was 4.4%. It was 2.2% that came from acquisitions. If you look at the organic growth, 3.1% was organic volume growth, which was very strong, and that's what we would like to see. Organic price/mix growth was 1.3% and it's driven by what we want it to be driven by, which is an increase in tests per accession and we expect tests per accession to continue to increase as we go over time.

是的。所以如果你看診斷業務，它非常強勁。我們較去年成長6.5%。其中有機成長為4.4%，另有2.2%來自併購。如果看有機成長，3.1%來自有機量成長，這非常強，也是我們希望看到的。有機價格／組合成長為1.3%，其驅動因素正是我們希望的——也就是每次收件（accession）的檢測數增加；而且我們預期隨著時間推進，每次收件的檢測數將持續增加。

If you look at any one quarter, I wouldn't look at any trend. You are going to see fluctuations between organic volume and organic price/mix quarter-over-quarter. But over time, we expect them both to be strong.

如果只看單一季度，我不會把它視為任何趨勢。你會看到有機量與有機價格／組合在季度之間出現波動。但從長期來看，我們預期兩者都會維持強勁。

Yes. And Lu, maybe a little bit more considerations. If you look at esoteric revenue as a percentage of our total diagnostic revenue, it was about 38% in the first-quarter of 2024. And in the third-quarter of this year, it went up to 42%. So clearly, you can see the strength of our strategy and the execution. And then when you look at the full year guidance for Diagnostics, at the midpoint, the revenue growth was 5.9%, and we continue to expect the majority to be coming from organic performance. And within that, we expect the volume growth to slightly outpace price/mix variability.

是的。Lu，或許再補充一些考量。如果你看專科檢測（esoteric）營收占我們診斷總營收的比例，2024年第一季約為38%。而在今年第三季，提升到42%。所以你可以清楚看到我們策略的力道與執行成效。另外，若看診斷業務的全年指引，在中位數情境下，營收成長為5.9%，而我們仍預期其中大部分將來自有機表現。而在有機表現之中，我們預期量成長將略高於價格／組合的變動。

Kevin Caliendo, UBS.

Kevin Caliendo，瑞銀。

Really happy about all the color on the deals that you had. It was just interesting to me that there really hasn't been a traditional hospital deal announced. I'm just wondering if this is more your own preference around what's happening in the marketplace and where the opportunity lies? Or is it just the availability of assets that are out there? Or is it just simply people are waiting on PAMA and want to know what the rules are going to be and what the economics look like?

很高興聽到你們對這些交易提供了很多細節與背景。我覺得有意思的是，似乎一直沒有宣布任何傳統的醫院交易。我想請教，這更多是你們自身對市場正在發生的事情以及機會所在的偏好所致嗎？還是因為市面上可供交易的資產供給問題？或者只是大家在等 PAMA，想先知道規則會是什麼、經濟效益會長什麼樣？

Stay tuned. Again, you can't control the timing of deals. The pipeline looks strong. The pipeline looks strong for hospital deals, partnerships, local/regional laboratories. They're just timing things. So I would say that the deal pipeline continues to be strong. I do think if PAMA comes it could get even stronger, but stay tuned and there's a lot that we're working on. It's a strong pipeline.

敬請期待。再說一次，你無法控制交易的時點。我們的案源管線看起來很強。醫院交易、合作夥伴關係、地方/區域性實驗室的案源管線都很強。只是大家在安排時點。所以我會說，交易案源管線仍然很強。我確實認為如果 PAMA 落地，管線可能會更強，但敬請期待，我們正在推進很多工作。這是一條很強的管線。

Elizabeth Anderson, Evercore ISI.

Elizabeth Anderson，Evercore ISI。

What -- maybe a two-parter. Just any updates in your assumptions around the ACA impact on the business? And then two, any reasons why we wouldn't like continue to see the traditional 4Q seasonal step-up in BLS given some of the things you highlighted in one of the earlier questions?

我有兩個問題。第一，關於 ACA 對業務影響的假設，你們有沒有任何更新？第二，鑑於你們在前面某個問題中提到的一些因素，為什麼我們不應該預期 BLS 在第四季仍會出現傳統的季節性上升？

Elizabeth, in terms of the ACA impact, it was a slight headwind of about 30 basis points of diagnostic volume in the third-quarter, which was essentially in line with the second-quarter, and we continue to expect a similar level of impact in the fourth-quarter. Of course, we've already incorporated this into the updated guidance that we just provided this morning.

Elizabeth，就 ACA 的影響而言，第三季對診斷量造成了約 30 個基點的輕微逆風，基本上與第二季一致，我們也仍預期第四季會有類似程度的影響。當然，我們已經把這些因素納入今天早上剛提供的更新指引之中。

It's also important to note that this particular insured population accounts for a very small percentage of our overall diagnostic volume. It's less than 4% to 5% overall speaking. And then in terms of the cadence for the BLS business, I would say that if you look at the release we just shared this morning, we have raised the midpoint of our guidance to the degree that at this moment, we expect on an organic constant currency basis, the CLS business to grow high single digits.

另外也很重要的一點是，這一特定的投保人群在我們整體診斷量中占比非常小。整體而言不到 4% 到 5%。至於 BLS 業務的節奏，我會說，如果你看我們今天早上剛分享的新聞稿，我們已上調指引中位數；以有機、固定匯率口徑來看，目前我們預期 CLS 業務將實現高個位數成長。

And then the ED business to continue to grow in low single digits. So based on the strength and the momentum, we feel good about that guidance, and we look forward to continue to march forward to deliver against that expectation.

同時 ED 業務預期將持續以低個位數成長。因此，基於目前的強勁表現與動能，我們對該指引感到有信心，也期待持續向前推進，以交付並達成這一預期。

Yes, that makes sense. And that would continue in bookings, too, I'm sorry if my question was unclear.

是的，這樣就說得通了。而且這也會延續到訂單（bookings）上，抱歉如果我剛才的問題表達得不夠清楚。

Again, we expect continued strength in bookings, but quarter-over-quarter, it does vary quite a bit. Sometimes things get moved into quarter, sometimes things get moved out of the quarter. And especially with pharma at the end of fourth-quarter, you never know what pharma will be thinking. So the underlying book-to-bill, we expect to remain very strong.

再說一次，我們預期訂單將持續強勁，但按季比較會有相當大的波動。有時候一些事項會被移到本季，有時候會被移出本季。尤其是第四季末的製藥客戶，你永遠不知道製藥端會怎麼想。所以就基本的接單/出貨比（book-to-bill）而言，我們預期仍會非常強勁。

Jack Meehan, Operon Research.

Jack Meehan，Operon Research。

Adam, I was wondering just on the topic of PAMA, can you remind me the actions that you've taken to disconnect the non-Medicare business from the fee schedule? And I just wanted to confirm the $125 million estimate, does that assume any bleed through to other payers? How are you handling that?

Adam，我想就 PAMA 這個話題請教一下，你能否提醒我，你們採取了哪些措施來讓非 Medicare 業務與費用表（fee schedule）脫鉤？另外我想確認一下，1.25 億美元的估算是否假設會外溢到其他付款方？你們是如何處理的？

Yes. No, thank you, Jack. So the $125 million is the traditional Medicare, Medicaid. We've done a lot to try to decouple that over time, and we're going to continue to work on that. But the additional impact to me are things that you just manage within your day-to-day business, and that's what we would expect to do. And you always have some pushes and pulls that you work on. So the $125 million is the traditional Medicare, Medicaid. There is some spillover into other parts of the business. We're going to manage that as we would manage other parts of our business.

是的。不，謝謝你，Jack。所以這 1.25 億美元指的是傳統 Medicare、Medicaid。我們一直做了很多工作，試圖隨時間推進讓它逐步脫鉤，我們也會持續努力。但對我來說，額外的影響屬於你在日常經營中要去管理的事情，而這正是我們預期會做的。而且你總會面臨一些拉扯與消長需要處理。所以這 1.25 億美元是傳統 Medicare、Medicaid。確實會有一些外溢到業務的其他部分。我們會像管理其他業務部分一樣去管理它。

Excellent. If I can squeeze in one more. Any updates on your progress toward launching the MRD test? And have you chosen which sequencer you're planning to launch that on?

很好。如果我可以再問一個。你們在推出 MRD 檢測方面的進展有沒有更新？以及你們是否已選定打算在哪一款定序儀上推出？

So we are continuing to make progress on the MRD test. In fact, we just announced a collaboration with Knight Cancer Institute of Oregon Health System. And that was a clinical study that's evaluating Plasma Detect Genome MRD Ultra, and it's really looking at recurrence for patients with muscle invasive bladder cancer.

我們在 MRD 檢測方面持續取得進展。事實上，我們剛宣布與奧勒岡健康系統（Oregon Health System）的 Knight 癌症研究所展開合作。那是一項臨床研究，正在評估 Plasma Detect Genome MRD Ultra，主要是觀察肌層浸潤性膀胱癌患者的復發情況。

So we're continuing to look across the portfolio of MRD opportunities. This is just another example of us building data in order to support reimbursement over time. I remain very excited about our portfolio of products. And to my knowledge, I don't believe we've finalized working with any one machine yet at this point in time.

因此，我們持續在整個 MRD 機會組合中尋找與評估。這只是我們建立數據、以便隨時間推進來支持報銷（reimbursement）的另一個例子。我仍然對我們的產品組合感到非常興奮。就我所知，截至目前我們還沒有最終確定要與任何單一機台合作。

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

我們的問答環節以及今天的電話會議到此結束。感謝各位參與，現在可以斷線。