Owens & Minor Inc (OMI) 2025 Q2 法說會逐字稿

Thank you for standing by.

感謝您的支持。

My name is Kate and I will be your conference operator today. At this time, I would like to welcome everyone to Owens & Minor reports second-quarter 2025 financial results. (Operator Instructions)

我叫凱特，今天我將擔任您的會議主持人。現在，我歡迎大家閱讀歐文斯和邁納公司 2025 年第二季財務業績報告。（操作員指示）

I would now like to turn the call over to Jackie Marcus, Investor Relations. Please go ahead.

現在我想將電話轉給投資者關係部的 Jackie Marcus。請繼續。

Thank you, operator.

謝謝您，接線生。

Hello, everyone, and welcome to the Owens & Minor second-quarter earnings call. Our comments on the call will be focused on the financial results for the second quarter of 2025 as well as our outlook for 2025, all of which are included in today's press release. The press release, along with the supplemental slides, are posted on the Investor Relations section of our website.

大家好，歡迎參加 Owens & Minor 第二季財報電話會議。我們在電話會議上的評論將集中在 2025 年第二季度的財務業績以及我們對 2025 年的展望上，所有這些都包含在今天的新聞稿中。新聞稿以及補充投影片均發佈在我們網站的投資者關係部分。

Please note that during this call, we will make forward-looking statements that reflect the current views of Owens & Minor about our business, financial performance, and future events. The matters addressed in these statements are subject to risks and uncertainties, which could cause actual results to differ materially from those projected or implied here today.

請注意，在本次電話會議中，我們將做出前瞻性陳述，反映歐文斯和米諾對我們的業務、財務表現和未來事件的當前看法。這些聲明中涉及的事項受風險和不確定性的影響，可能導致實際結果與今天預測或暗示的結果有重大差異。

Our expectations, beliefs, and projections are expressed in good faith, and we believe there is a reasonable basis for that. However, there can be no assurance that our expectations, beliefs, and projections will result or be achieved. Please refer to our SEC filings for a full description of these risks and uncertainties, including the Risk Factors section of our annual report on Form 10-K and quarterly reports on Form 10-Q. Any forward-looking statements that we make on this call or in our earnings press release are as of today, and we undertake no obligation to update these statements as a result of new information or future events except to the extent required by applicable law.

我們的期望、信念和預測都是真誠表達的，我們相信這是有合理依據的。然而，我們無法保證我們的期望、信念和預測會產生或實現。請參閱我們向美國證券交易委員會 (SEC) 提交的文件，以了解這些風險和不確定性的完整描述，包括我們 10-K 表年度報告和 10-Q 表季度報告中的「風險因素」部分。我們在本次電話會議或收益新聞稿中所做的任何前瞻性陳述均截至今日為止，除非適用法律要求，否則我們不承擔因新資訊或未來事件而更新這些陳述的義務。

In our discussion today, we will refer to non-GAAP financial measures and believe they might help investors to better understand our performance or business trends. Information about these measures and reconciliations to the most comparable GAAP financial measures are included in our press release.

在今天的討論中，我們將參考非公認會計準則財務指標，並相信它們可能有助於投資者更了解我們的業績或業務趨勢。我們的新聞稿中包含了有關這些指標以及與最具可比性的 GAAP 財務指標的對帳資訊。

Today, I am joined by Ed Pesicka, Owens & Minor's President and Chief Executive Officer; Jon Leon, the company's Chief Financial Officer; and Perry Bernocchi, the company's Executive Vice President and CEO of Patient Direct.

今天，與我一起出席的還有 Owens & Minor 總裁兼執行長 Ed Pesicka、公司財務長 Jon Leon 以及公司執行副總裁兼 Patient Direct 執行長 Perry Bernocchi。

I will now turn the call over to Ed.

現在我將把電話轉給 Ed。

Thank you, Jackie.

謝謝你，傑基。

Good morning, everyone, and thank you for joining us on the call today. We are in the final stages of our robust process for the divestiture of the Products and Healthcare Services segment, and as a result, have classified this segment as discontinued operations. We are looking forward to concluding the sale of the business and working with the buyer who has the vision and greater flexibility to better support our customers and long-term growth.

大家早安，感謝大家今天參加我們的電話會議。我們正處於產品和醫療保健服務部門剝離的最後階段，因此，我們已將該部門歸類為已停止經營的業務。我們期待完成業務出售，並與具有遠見和更大靈活性的買家合作，以更好地支持我們的客戶和長期成長。

I'm excited about the opportunities ahead as we transition into a focused pure-play patient-direct business. Building on the momentum gained since we entered the patient-direct space eight years ago and supported by favorable demographic trends and meaningful scale, we are confident in our ability to lead as the market continues to evolve.

當我們轉型為專注於純粹的患者直接業務時，我對未來的機會感到興奮。自從八年前進入直接面向患者領域以來，我們一直保持著良好的發展勢頭，並受到人口趨勢和規模效益的支持，因此，隨著市場的不斷發展，我們對自己保持領先地位的能力充滿信心。

For more than 140 years, Owens & Minor has continuously evolved organically and through strategic acquisitions and divestitures. From its origins as a pharmacy to expanding into pharmaceutical distribution, then shifting into medical surgical distribution and manufacturing, and eventually developing a small patient-direct segment, the planned divestiture of our Products and Healthcare Services segment represents the next evolution in Owens & Minor, enabling us to concentrate exclusively on the higher-margin, higher-growth patient-direct segment.

140 多年來，Owens & Minor 透過內部發展以及策略性收購和資產剝離不斷發展。從最初的藥局擴展到藥品分銷，再轉向外科手術分銷和製造，最終發展出一個小型的患者直銷部門，我們計劃剝離產品和醫療保健服務部門，這代表著 Owens & Minor 的下一個發展階段，使我們能夠專注於利潤率更高、增長更快的患者直銷部門。

This transition positions Owens & Minor to capitalize on strong sustainable tailwinds in the home-based care market. Demographic shifts and macroeconomic trends are driving increased demand for home-based healthcare to treat chronic conditions. According to the CDC, as of 2024, approximately 40% of American adults live with at least 1 chronic condition, while 12% manage 5 or more.

這一轉變使 Owens & Minor 能夠利用家庭護理市場強勁的可持續順風。人口結構變化和宏觀經濟趨勢正在推動對治療慢性病的家庭醫療保健的需求增加。根據美國疾病管制與預防中心的數據，截至 2024 年，約有 40% 的美國成年人患有至少一種慢性病，而 12% 的成年人患有 5 種或更多慢性病。

Furthermore, 5 of the top 10 leading causes of death in the United States are linked to preventable or treatable chronic diseases. As healthcare providers seek more effective models, the home has become an essential care setting, supporting longer, healthier lives for patients and unlocking greater efficiency.

此外，美國十大死亡原因中有五種與可預防或可治療的慢性疾病有關。隨著醫療保健提供者尋求更有效的模式，家庭已成為必不可少的護理環境，支持患者更長壽、更健康的生活並提高效率。

Let me now discuss a little more about our continuing operations, Patient Direct. I'm excited about the opportunity ahead as we transition into a focused pure-play patient-direct business. This is a business that delivers essential supplies for home-based care, a business that is a proven, trusted partner to providers, payers, and patients alike.

現在讓我進一步討論我們的持續營運業務「Patient Direct」。當我們轉型為專注於純粹的患者直接業務時，我對未來的機會感到興奮。這是一家為家庭護理提供必需品的企業，是供應商、付款人和患者公認的、值得信賴的合作夥伴。

Since our acquisition in 2017, it has grown from an approximately $450 million in annual revenue and approximately $38 million in EBITDA to a projected revenue between $2.76 billion and $2.82 billion and adjusted EBITDA range of $376 million to $382 million in 2025. Our Patient Direct business is built on a strong culture of disciplined growth, one that never sacrifices returns or patient care standards in the pursuit of expansion. With favorable demographic trends, meaningful scale and leadership position, we are poised for profitable growth as the home-based care market continues to evolve.

自 2017 年收購以來，其年收入已從約 4.5 億美元、EBITDA 約 3,800 萬美元成長至預計 2025 年營收在 27.6 億美元至 28.2 億美元之間，調整後的 EBITDA 範圍為 3.76 億美元至 3.82 億美元。我們的患者直銷業務建立在強大的紀律性成長文化之上，這種文化從不為了追求擴張而犧牲回報或病患照護標準。憑藉良好的人口趨勢、顯著的規模和領導地位，隨著家庭護理市場的不斷發展，我們已準備好實現獲利成長。

At a high level, our long-term strategy for Patient Direct remains firmly intact. We are committed to delivering disciplined growth through both organic initiatives and strategic acquisitions while continuing to expand our EBITDA dollars.

從高層次來看，我們針對 Patient Direct 的長期策略依然堅定不移。我們致力於透過有機措施和策略收購實現穩健成長，同時持續擴大我們的 EBITDA。

In the near term, our priorities include completing the divestiture and focusing on our continuing operations, which includes mitigating stranded costs, reducing debt, advancing IT infrastructure and automation, and executing on initiatives aimed at driving revenue and EBITDA growth. We will build on the momentum and successful efforts over the past year, including improvements in revenue cycle, the Sleep Journey program, category expansion, and addition of the sales force to support both new and existing markets.

短期內，我們的首要任務包括完成資產剝離並專注於我們的持續經營，其中包括降低擱淺成本、減少債務、推進 IT 基礎設施和自動化，以及執行旨在推動收入和 EBITDA 成長的措施。我們將在過去一年的勢頭和成功努力的基礎上再接再厲，包括改善收入周期、睡眠之旅計劃、擴大產品類別以及增加銷售隊伍以支持新市場和現有市場。

On the inorganic front, in June, we announced the termination of our agreement to acquire Rotech. While the outcome was disappointing, the path to obtain regulatory clearance for this merger proved unviable in terms of time, expense, and opportunity. Looking ahead, we will continue to evaluate selective acquisition opportunities that are additive to patient-direct capabilities, aligned with our strategic vision, and help us maintain our leadership position in this evolving market.

在無機方面，6 月份，我們宣布終止收購 Rotech 的協議。雖然結果令人失望，但從時間、費用和機會的角度來看，獲得此合併的監管批准的途徑被證明是不可行的。展望未來，我們將繼續評估選擇性收購機會，這些機會可以增強直接面向患者的能力，符合我們的策略願景，並幫助我們在這個不斷發展的市場中保持領導地位。

Finally, I am pleased to have Perry Bernocchi, our long-term Patient Direct leader, joining us on the call today. Perry has been the architect and operational leader of the success and growth of Patient Direct since Owens & Minor aquired Byram in 2017, a company that Perry has led over the past 20 years. I would also like to thank our teammates who have done a great job in staying focused on serving our customers.

最後，我很高興我們的長期患者直接領導者 Perry Bernocchi 能夠參加今天的電話會議。自 2017 年 Owens & Minor 收購 Byram 以來，Perry 一直是 Patient Direct 成功和發展的設計師和營運領導者，Perry 在過去 20 年一直領導著 Byram 公司。我還要感謝我們的隊友，他們非常專注於為客戶服務。

With that, I will now turn the call over to Jon to discuss our financial performance in the second quarter and our outlook for the rest of the year. Jon.

現在，我將把電話轉給喬恩，討論我們第二季度的財務表現以及今年剩餘時間的展望。喬恩。

Thanks, Ed, and good morning, everyone.

謝謝，艾德，大家早安。

As I'm sure you saw in our press release this morning and as Ed mentioned, the divestiture of the Products and Healthcare Services segment is far enough along that we are now reporting in that segment as discontinued operations. As a result, our reported financials and most of my comments today will speak only to continuing operations, which is made up of our Patient Direct business, certain functional operations, and stranded costs stemming from the plant separation of P&HS.

我相信您在我們今天早上的新聞稿中已經看到，並且正如 Ed 提到的那樣，產品和醫療保健服務部門的剝離已經進行得相當深入，我們現在將該部門報告為已停止的業務。因此，我們報告的財務狀況和我今天的大部分評論都只涉及持續經營，其中包括我們的患者直接業務、某些功能性運營以及因 P&HS 工廠分離而產生的擱淺成本。

Details around the quarter and any discussion of the outlook for the business on this call will cover only non-GAAP financial measures. But I also want to point you to the $80 million in expenses from the termination of the Rotech acquisition and the related $18 million in Rotech-related financing costs, which both occurred in the second quarter.

有關本季度的詳細資訊以及本次電話會議中有關業務前景的任何討論將僅涵蓋非 GAAP 財務指標。但我還想指出的是，終止 Rotech 收購所產生的 8,000 萬美元費用以及與 Rotech 相關的 1,800 萬美元融資成本均發生在第二季。

Each of these items had this own line in our GAAP results but are not included in our non-GAAP adjusted results. Cash cost of these items are included in the GAAP net loss on the statement of cash flows. Importantly, please note that all GAAP to non-GAAP financial recognitions can be found in the press release filed earlier this morning.

這些項目中的每一個在我們的 GAAP 結果中都有自己的行，但不包括在我們的非 GAAP 調整結果中。這些項目的現金成本包含在現金流量表的 GAAP 淨虧損中。重要的是，請注意，所有 GAAP 到非 GAAP 財務確認都可以在今天早上提交的新聞稿中找到。

With the plans of P&HS divestiture, our financial results will take some explanation and getting used to, and requires a reset of expectations, so let's begin to unpack the second-quarter results. Revenue for the quarter was $682 million, an increase of 3.3% versus second quarter of 2024.

隨著 P&HS 剝離計劃的實施，我們的財務結果需要一些解釋和適應，並需要重新設定預期，所以讓我們開始解讀第二季的業績。本季營收為 6.82 億美元，較 2024 年第二季成長 3.3%。

While that is a lower growth rate than we had expected, it is important to note that in order to not disrupt our customers' critical needs during supplier disruptions, we modified customer ordering quantities and our delivery frequency for diabetes supplies throughout the quarter. Absent this headwind, our growth rate in the quarter would have been approximately 4%.

雖然這一成長率低於我們的預期，但值得注意的是，為了在供應商中斷期間不影響客戶的關鍵需求，我們在整個季度修改了客戶訂購數量和糖尿病用品的交貨頻率。如果沒有這個不利因素，我們本季的成長率將達到 4% 左右。

Once again, the sleep category, in particular sleep supplies, led the overall growth rate, and urology and ostomy showed very strong growth. Diabetes was lower than planned in the quarter, as I alluded to, but we expect to see some rebound in the back half of the year, but it will remain below prior year due to the shift from DME to pharmacy. Smaller categories, including the new chest wall oscillation line, performed very well.

睡眠類別，尤其是睡眠用品，再次引領了整體成長率，泌尿科和造口科也表現出非常強勁的成長。正如我所提到的，本季度糖尿病的銷售額低於計劃，但我們預計今年下半年會出現一些反彈，但由於從 DME 轉向藥房，銷售額仍將低於去年同期。包括新的胸壁振盪線在內的較小類別表現非常出色。

As we've previously discussed, the investment we made in 2024 and early '25, and what we refer to as the Sleep Journey, is showing a strong return. For the six months ended June 30, revenue was $1.36 billion, a nearly 4.5% increase over the $1.3 billion earned in the first 6 months of 2024. Again, sleep, ostomy, and urology showed the strongest year-over-year growth.

正如我們之前討論過的，我們在 2024 年和 2025 年初進行的投資，以及我們所謂的“睡眠之旅”，正在獲得強勁的回報。截至 6 月 30 日的六個月，營收為 13.6 億美元，比 2024 年前 6 個月的 13 億美元成長近 4.5%。再次，睡眠、造口和泌尿科顯示出最強勁的同比增長。

For the second quarter, adjusted EBITDA was $96.6 million or 14.2% margin rate compared to $91.1 million or 13.8% margin rate in the second quarter of 2024. The growth in adjusted EBITDA was driven by volume growth and improved collection rate, a margin-favorable product mix, productivity gains, and lower benefit costs. For the year-to-date period, adjusted EBITDA was $192.7 million or 14.2% of revenue compared to $160.3 million or 12.3% of revenue in the prior year driven by the same factors I just described for the second quarter, although volume growth and margins favorable product mix were significantly more impactful for the year-to-date comparison.

第二季度，調整後的 EBITDA 為 9,660 萬美元，利潤率為 14.2%，而 2024 年第二季為 9,110 萬美元，利潤率為 13.8%。調整後 EBITDA 的成長得益於銷售成長、收款率提高、利潤率優惠的產品組合、生產力提高以及福利成本降低。年初至今，調整後的 EBITDA 為 1.927 億美元，佔營收的 14.2%，而去年同期為 1.603 億美元，佔營收的 12.3%，這同樣是受到我剛才描述的第二季因素的影響，不過銷量成長和利潤率有利的產品組合對年初至今的比較影響更大。

Stranded costs impacting adjusted EBITDA included approximately $11 million in the second quarter of 2025 and $14 million in the -- for the year-to-date period, a former corporate cost that will now be absorbed by the Patient Direct business. That compares to stranded cost of $17 million in last year's second quarter and about $28 million in the year-to-date June 2024 period.

影響調整後 EBITDA 的擱淺成本包括 2025 年第二季的約 1,100 萬美元和年初至今的 1,400 萬美元，這是以前的公司成本，現在將由 Patient Direct 業務吸收。相較之下，去年第二季的擱淺成本為 1,700 萬美元，截至 2024 年 6 月的年初至今的擱淺成本約為 2,800 萬美元。

The year-over-year change is largely due to lower compensation and benefit costs in 2025. These stranded costs include a number of functional area costs, including teammate expenses in previously shared third-party agreements, for example.

與去年同期相比的變化主要是由於 2025 年薪酬和福利成本的降低。這些擱淺成本包括許多職能領域成本，例如先前共享的第三方協議中的隊友費用。

Please recognize that should the sale of P&HS be announced shortly, we would expect these stranded costs to rise before falling due to some lost economies of scale and short-term spending on programs to build the proper cost structure for the optimal long-term outcome. Of course, over time, we expect these expenses to decline as a percentage of the overall patient drug business, and plans are being established to relentlessly focus on reducing these expenses, thereby improving profitability.

請注意，如果 P&HS 的出售消息很快就宣布，我們預計這些擱淺成本會先上升，然後下降，這是由於規模經濟的喪失和為建立適當的成本結構以實現最佳長期結果而進行的短期項目支出。當然，隨著時間的推移，我們預計這些費用佔整體患者藥品業務的比例將會下降，並且正在製定計劃，堅持不懈地致力於降低這些費用，從而提高盈利能力。

Interest expense requires a little explanation. In accordance with GAAP, certain qualifying interest expense is reflected in discontinued operations. As a result, interest expense for continuing operations for the second quarter was $26 million compared to $25.6 million in the second quarter of 2024. Despite this presentation, Owens & Minor is responsible for the cash interest obligations of both the continuing and discontinued operations.

利息支出需要一點解釋。根據 GAAP，某些合格利息費用反映在已終止經營業務中。因此，第二季持續經營的利息支出為 2,600 萬美元，而 2024 年第二季為 2,560 萬美元。儘管有這樣的陳述，Owens & Minor 仍對持續經營和終止經營的現金利息義務負責。

Our adjusted effective tax rate for the continuing operations was 32.5% in the second quarter as compared to 28% in the second quarter last year. We now expect our annual adjusted effective tax rate to run between 40 to 45 basis points higher than it previously did due to the impact of permanent differences between book and tax income on an overall lower amount of earnings.

我們第二季持續經營業務的調整後有效稅率為 32.5%，而去年第二季為 28%。我們現在預計，由於帳面收入和稅收收入之間的永久性差異導致整體收益減少，我們的年度調整後有效稅率將比以前高出 40 至 45 個基點。

Adjusted net income for the quarter was $20.5 million or $0.26 per share compared to $19.3 million or $0.25 per share last year. For the 6 months ended June 30, adjusted net income was $43.7 million or $0.55 per share versus $21.9 million or $0.28 per share in the year-ago period.

本季調整後淨收入為 2,050 萬美元，即每股 0.26 美元，去年同期為 1,930 萬美元，即每股 0.25 美元。截至 6 月 30 日的 6 個月，調整後淨收入為 4,370 萬美元或每股 0.55 美元，而去年同期為 2,190 萬美元或每股 0.28 美元。

Now, let me turn to the balance sheet. First, I want to again unequivocally state that when we sell the P&HS business, 100% of the net proceeds will be applied to debt reduction. Further, nothing about the recent strategic announcements changes our target leverage range of 2 to 3 times EBITDA.

現在，讓我來看看資產負債表。首先，我想再次明確聲明，當我們出售 P&HS 業務時，100% 的淨收益將用於減債。此外，最近的策略公告並未改變我們 2 至 3 倍 EBITDA 的目標槓桿範圍。

At June 30, net debt was $1.9 billion. That's an increase of about $126 million since the end of 2024 and an increase of $31 million in the second quarter. That means that absent the unanticipated $100 million in cash paid to terminate the Rotech acquisition, net debt would have only been up about $25 million compared to year-end 2024 and down about $70 million in the second quarter. I'm explaining the net debt change this way to highlight what was a very good cash flow quarter.

截至 6 月 30 日，淨債務為 19 億美元。這意味著自 2024 年底以來增加了約 1.26 億美元，第二季增加了 3,100 萬美元。這意味著，如果沒有支付意外的 1 億美元現金來終止對 Rotech 的收購，淨債務將僅比 2024 年底增加約 2,500 萬美元，而第二季將減少約 7,000 萬美元。我以這種方式解釋淨債務變化是為了強調這是一個非常好的現金流季度。

So moving to cash flow, please note that the statement of cash flow remains on a consolidated basis. I'm pleased that cash provided from operating activity in Q2 was $38 million, completely reversing the cash used in operating activity in Q1. Again, remember that the $100 million of Rotech-related outlays is included in the $38 million of cash provided from operating activity, which obviously would have been significantly higher absent the termination of the Rotech acquisition.

因此，談到現金流量，請注意現金流量表仍然是合併基礎。我很高興第二季經營活動提供的現金為 3,800 萬美元，完全扭轉了第一季營運活動所使用的現金。再次記住，與 Rotech 相關的 1 億美元支出包含在經營活動提供的 3,800 萬美元現金中，如果沒有終止 Rotech 收購，這筆支出顯然會高得多。

This improvement in cash flow was due to a significant working capital reduction of nearly $94 million in the quarter driven by lower P&HS inventory levels compared to the first quarter and improved collection rates as a result of our enhanced revenue cycle operations in Patient Direct. Similar to the Sleep Journey, past and ongoing investments in our already best-in-class patient-direct collection rate continue to pay off.

現金流的改善是由於本季營運資本大幅減少近 9,400 萬美元，這是由於 P&HS 庫存水準與第一季相比有所下降，以及由於我們加強了 Patient Direct 的收入週期營運而提高了收款率。與睡眠之旅類似，我們過去和現在對已經一流的患者直接收集率的投資繼續獲得回報。

The team has been very focused on working to sell the P&HS business and have also been developing our outlook for the newly defined continuing operations for the remainder of 2025. As we think about the performance of continuing operations for the full year of 2025, we expect revenue of between $2.76 billion and $2.82 billion, adjusted net income per share ranging from $1.02 to $1.07, and adjusted EBITDA range of $376 million to $382 million. To assist with modeling, that would mean that through the back half of 2025, revenue is expected to range from $1.40 billion to $1.46 billion, adjusted net income from $0.47 to $0.52 per share, and adjusted EBITDA from $183 million to $189 million.

該團隊一直非常專注於出售 P&HS 業務，並且一直在製定我們對 2025 年剩餘時間新定義的持續經營的展望。當我們考慮 2025 年全年持續經營業績時，我們預計收入在 27.6 億美元至 28.2 億美元之間，調整後每股淨收入在 1.02 美元至 1.07 美元之間，調整後 EBITDA 在 3.76 億美元至 3.82 億美元之間。為了幫助建模，這意味著到 2025 年下半年，預計收入將在 14 億美元至 14.6 億美元之間，調整後淨收入將在每股 0.47 美元至 0.52 美元之間，調整後 EBITDA 將在 1.83 億美元至 1.89 億美元之間。

Also, with the assumption that the sale of the P&H business is announced shortly, we would expect the profit path for the back half of the year to not reflect the typical seasonality of the Patient Direct business. This is due to an anticipated increase of stranded costs as we get closer to the expected close of the divestiture. Essentially, we expect to have to spend money early to save more money later.

此外，假設 P&H 業務的出售消息很快就會公佈，我們預計下半年的利潤走勢將不會反映患者直銷業務的典型季節性。這是因為隨著我們接近預期的資產剝離結束時間，預計擱淺成本將會增加。本質上，我們期望早點花錢，以便以後能存下更多的錢。

Again, this assumes a near-term sale announcement and would only be expected to be a back half of 2025 issue. Please also refer to the guidance presentation with related assumptions that we filed this morning and resides on the Investor Relations section of our website. We do remain very excited about the future of the Patient Direct business and the future opportunity to be a focused pure-play home-based care business.

再次，這假設近期會發布銷售公告，並且預計只會在 2025 年下半年發布。另請參閱我們今天早上提交的包含相關假設的指導性演示文稿，該演示文稿位於我們網站的投資者關係部分。我們確實對 Patient Direct 業務的未來以及未來成為專注於純粹家庭護理業務的機會感到非常興奮。

With that, I'll now turn the call back to Kate for Q&A. Kate.

說完這些，我現在將電話轉回給凱特進行問答。凱特。

(Operator Instructions) Michael Cherny, Leerink Partners.

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

Maybe, Jon, first, on the dynamics of the transaction. Obviously, we don't know exactly the timing, even though things moving along. But as you think about the dynamics of the stranded cost how long do you think that the elevated level tranccosts will take throughout the closure of the transaction? And how quickly can you flip that to some level of leverage on the back end?

也許，喬恩，首先，談談交易的動態。顯然，儘管事情正在進展，但我們並不知道確切的時間。但是當您考慮擱淺成本的動態時，您認為高水準交易成本在整個交易結束時會持續多長時間？您能多快將其轉化為後端的某種程度的槓桿？

Yes, Mike, I think the for way to think about it, first, the number I threw out for Q2, the $11 million is a pretty good near-term annualized run rate. I would expect by the time -- certainly by the time we get let's hypothetically say the deal would close before the end of the year. I would say by the time we get to the back half of '26, we are now seeing a trajectory of those numbers starting to come down.

是的，麥克，我認為首先要考慮的是，我給出的第二季度數字是 1100 萬美元，這是一個相當不錯的近期年化運行率。我希望到那時——當然，假設到那時，這筆交易將在年底前完成。我想說，到 26 年下半年，我們會看到這些數字的軌跡開始下降。

Okay. That's helpful.

好的。這很有幫助。

And then maybe a question on the broader business, in particular, on the diabetes side. You talked about some of the changes in the channel, how should we think about the, call it, medium-term trajectory of the diabetes business? And are you -- what are your considerations?

然後也許會問一個關於更廣泛的業務的問題，特別是糖尿病的問題。您談到了通路的一些變化，我們該如何看待糖尿病業務的中期發展軌跡？您有什麼考慮嗎？

What's built in about any potential changes related to competitive bidding on various different diabetes projects products, CGM, et cetera?

關於各種不同的糖尿病項目產品、CGM 等的競爭性投標，潛在的變化有哪些？

Yes. Certainly, a couple of things to keep in mind. Obviously, for example, Edward has talked about the shift from -- before has been going out for quite some time. That will continue, albeit we think potentially at a slower rate. Keep in mind, we have a fully functioning pharmacy capability.

是的。當然，有幾件事要記住。顯然，例如，愛德華已經談到了從——之前已經出去很長一段時間了。儘管我們認為這種趨勢可能會放緩，但仍會持續下去。請記住，我們擁有功能齊全的藥房能力。

We're seeing growth in that area, but it's a point of emphasis for us as we go forward to get more and more activity through our own pharmacy channel. So we're confident in that will happen over time and competitive bidding, as I'm sure you've heard from some of others, it's very early.

我們看到該領域正在成長，但隨著我們透過自己的藥局管道進行越來越多的活動，這是我們的重點。因此，我們相信，隨著時間的推移和競爭性投標，這種情況將會實現，我相信您已經從其他人那裡聽說了，現在還為時過早。

We don't know what the outlook is. It's right now, as proposed, it may not be the biggest issue in the world. we don't -- we're not terribly exposed to Medicare rates. It's less than 20% of our overall revenue. And it's a little early to call it.

我們不知道前景如何。正如所提議的那樣，現在它可能不是世界上最大的問題。我們不會—我們不會嚴重受到醫療保險費率的影響。這還不到我們總收入的20%。現在下結論還為時過早。

But not everything about the competitive bidding proposal as it's constructed today is a negative. But certainly, there could be future pressure, but it's far too early to call.

但目前製定的競爭性招標方案並非全是負面的。但可以肯定的是，未來可能會有壓力，但現在下結論還為時過早。

Yes. And I think the way we think about competitive bidding is from an impact on pricing, you're really looking out into really not till '28 even 2029. I think the other aspect of it is, as Jon alluded to, if we look at overall, our Byram business and our app business, our combined P&HS it's probably less than 13% of our business that is going to be potentially impacted by that. And then the last thing I'm petite betting is what we're seeing and what we believe to is the scale that we have can help us as we look at competitive bidding as it moves forward.

是的。我認為，我們考慮競爭性投標的方式是從對定價的影響的角度考慮，你真正要考慮的不是 2028 年，甚至是 2029 年。我認為另一方面是，正如喬恩所提到的那樣，如果我們從整體上看，我們的 Byram 業務和我們的應用程式業務，我們的綜合 P&HS，可能只有不到 13% 的業務會受到潛在影響。我最後要說的是，我們看到的和我們相信的是我們擁有的規模可以幫助我們推進競爭性投標。

Kevin Caliendo, UBS.

瑞銀的 Kevin Caliendo。

Hey, guys, thanks for taking my question, or questions. I have 100. I don't know where to start.

嘿，夥計們，謝謝你們回答我的問題。我有100個。我不知道從哪裡開始。

If we think about this transaction that's happening, right, we're trying to look through the balance sheet and some of the items there, the current assets versus current liabilities held for sale, $430 million. You have this classification of a write down a write-down versus classification of $639 million. Is there anything there that we can read through that tells us sort of what the price of this asset might end up looking like or if you can help us think about what kind of multiple you got for this business, either on adjusted EBITDA or adjusted EBIT?

如果我們考慮這筆正在發生的交易，對的，我們正試圖查看資產負債表和其中的一些項目，流動資產與持有待售的流動負債，4.3 億美元。您有這種減記分類，減記分類與 6.39 億美元的分類。那裡有什麼我們可以讀一下的資料，告訴我們這種資產的最終價格是什麼樣的，或者您是否可以幫助我們思考一下您在這項業務上獲得的倍數，無論是調整後的 EBITDA 還是調整後的 EBIT？

For that question, Kevin, is probably not no. You can't read through. It's pretty hard. We're kind of happy with that. And I would tell you, we're still very actively engaged.

對於這個問題，凱文，答案可能不是否定的。你無法讀完。這相當困難。我們對此感到很高興。我想告訴你，我們仍然非常積極地參與。

And what you saw there is the best estimate of the bidding process that we've been through thus far. But we are still in a in a very active process, this is the point.

您在這裡看到的是我們迄今為止經歷過的投標過程的最佳估價。但我們仍處於一個非常活躍的進程中，這就是重點。

We're just trying to remain diligent and thorough as we work with the parties in this process right now.

我們目前只是試圖在與各方合作的過程中保持勤勉和徹底。

Okay, I appreciate that.

好的，我很感激。

And then secondly, one topic that's been driving your stock was sort of perceived loss of a contract for next year, Kaiser. And when we think about the run rate of Patient Direct in the second half of the year, what we're looking at here. How should we sort of annualize that in terms of adjusted EBITDA, try to make an assumption around what happens with Kaiser. Can you still grow do you think, in 2026 in this business?

其次，凱撒，影響您股價的一個因素是預計明年將失去一份合約。當我們考慮下半年 Patient Direct 的運行率時，我們關注的是這裡的情況。我們應該如何根據調整後的 EBITDA 將其年度化，嘗試對 Kaiser 的情況做出假設。您認為到 2026 年，這個產業還能成長嗎？

So let's talk a little bit about it.

那我們就來稍微討論一下吧。

So we think in '25 actually, there will be very limited impact in 2025 as a result of this. And the bulk of the transition will happen in 2026. When you talk about growth, I think the question has to be, as a top line growth or bottom line growth, and because, again, every capitated contract is different. This is really the vast majority of that contractors are really when you separate the rest of it and we have very few other capitated contracts.

因此，我們認為，實際上，在 2025 年，這種影響將非常有限。大部分轉型將在 2026 年發生。當你談到成長時，我認為問題在於，是頂線成長還是底線成長，因為，再說一次，每個按人頭計算的合約都是不同的。當你將其餘部分分開時，這實際上是承包商的絕大多數，而且我們很少有其他按人頭計算的合約。

And I think the way we think about this is being able to use the assets that we have, the equipment that we have, provides us an opportunity to go out and capture other business. And while the top line may not be the same, we think there's an opportunity to drive stronger bottom line on this as we move forward.

我認為我們的想法是，能夠利用我們擁有的資產、設備，為我們提供一個出去獲取其他業務的機會。儘管營收可能有所不同，但我們認為，隨著我們繼續前進，我們有機會實現更強勁的盈利。

John Stansel, JPMorgan.

摩根大通的約翰·斯坦塞爾。

Great. Can you spend a little bit more time talking through the factors on Patient Direct revenue growth in the quarter. I think even backing out the diabetes contribution, 4% will be a bit of a deceleration from recent quarters. anything to think about that as we then kind of progress into the second half? I appreciate it will grow second half or first half, but still kind of in that 4% range for full-year growth.

偉大的。您能否花更多時間談談本季 Patient Direct 營收成長的因素。我認為，即使不考慮糖尿病的影響，4% 的成長速度也比最近幾季有所放緩。當我們進入下半年時，有什麼可以考慮的嗎？我知道下半年或上半年會成長，但全年成長率仍將在 4% 左右。

Just anything to think about on the growth side?

在成長方面還有什麼需要思考的嗎？

Yes, John, it's Jon Leon.

是的，約翰，我是喬恩‧萊昂。

I would -- I think it's fair to say we expect decent growth in the back half, not totally dissimilar to what you just saw in the first half, certainly, diabetes, as I mentioned, we expect some rebound with us having to deal with the supplier disruption. We handled that with -- in a very customer-centric way throughout the second quarter, and that was the right thing to do. despite the impact it had on the top line. As I mentioned, sleep is doing very well, both sleep starts and particularly sleep supplies.

我想——我認為可以公平地說，我們預計下半年會有不錯的增長，與上半年的情況並無太大不同，當然，就糖尿病而言，正如我所提到的，我們預計會出現一些反彈，因為我們必須應對供應商中斷的問題。在整個第二季度，我們以客戶為中心來處理這個問題，這是正確的做法，儘管這對收入產生了影響。正如我所提到的，睡眠狀況很好，包括睡眠開始和睡眠用品。

We expect that to continue throughout the remainder of the year. We still think home respiratory is going to do okay. NIV is going to be a laggard as it has been for a number of quarters now, but oxygen is going to continue to rebound at a slow pace. And as I mentioned, this quarter, ostomy ology will continue to be very strong as double-digit growers for us in twist. And we think we'll do okay in those small categories.

我們預計這種情況將在今年剩餘時間內持續下去。我們仍認為家庭呼​​吸治療將會順利進行。正如過去幾個季度一樣，NIV 將會落後，但氧氣將繼續緩慢反彈。正如我所提到的，本季度，造口將繼續保持強勁成長勢頭，為我們帶來兩位數的成長。我們認為我們在這些小類別中會做得很好。

So I think we're pretty much bullish. I think we'll have a little bit that back up, a downside -- I'm sorry, a little bit of a rebound in diabetes, but it won't be created. But I think if you think about what we've done in the first half, which is about 4.5%, that is not similar to what to expect in the second half.

所以我認為我們非常樂觀。我認為我們會有一些回升，有一個缺點——對不起，糖尿病會有一點反彈，但這不會發生。但我認為，如果你想想我們上半年的表現，也就是 4.5% 左右，這與下半年的期望並不相似。

That and just additional disclosure, when the (inaudible) comes out, we will have category will show the categories out there in a little more detail. So you have a little more visibility to it. And again, year-to-date, we're in the, call it, a single digit in diabetes and continue to see nice growth, as Jon alluded to, with sleep and in some of our other categories.

這只是額外的披露，當（聽不清楚）出來時，我們將有類別，將更詳細地展示其中的類別。這樣你就會對它有更清晰的認識。而且，今年迄今為止，我們在糖尿病方面的收入處於個位數，正如喬恩所提到的那樣，在睡眠和其他一些類別中也繼續看到良好的增長。

So -- and then I think on the diabetes side of it, Jon raised this in the prepared remarks that we do have the shift from DME to pharmacy, and we do have pharmacy. So that way, when we do -- we can maintain that business captured in pharmacy, the top-line revenue is lower, but we have the similar pull-through within that business, so it does affect the top line, but we do have similar pull-through in the diabetes space.

所以 — — 然後我認為在糖尿病方面，喬恩在準備好的評論中提出，我們確實從 DME 轉向了藥房，而且我們確實有藥房。這樣，當我們這樣做時——我們可以保持在藥房的業務，雖然營業收入較低，但我們在該業務中也有類似的拉動，所以它確實會影響營業收入，但我們在糖尿病領域確實有類似的拉動。

Got it.

知道了。

And then just looking at the quarter, $11 million of stranded costs in Q2 '25, $17 million in '24, so most of the delta between the Corona adjusted EBITDA basis seems like it's coming from lower stranded costs. Is anything just to think about their kind of core growth kind of diabetes was kind of weighing down kind of core performance extranet costs? Or anything else you could just highlight?

然後僅看本季度，2025 年第二季度的擱淺成本為 1100 萬美元，2024 年為 1700 萬美元，因此 Corona 調整後的 EBITDA 基礎之間的大部分差額似乎來自較低的擱淺成本。有沒有想過他們的核心成長類型糖尿病會降低核心效能外部網路成本？或者您還能強調什麼嗎？

Yes, it was not a great growth quarter on a stand-alone basis, we expect better in the second half. But you analyzed the strain costs correctly. When you get the continuing ops analysis, there's also a change in allocation of functional costs as well. But a little hard. We appreciate the hard for you guys to cut through all that.

是的，從獨立角度來看這不是一個很好的成長季度，我們預計下半年會更好。但你對應變成本的分析是正確的。當您獲得持續營運分析時，功能成本的分配也會發生變化。但有點難。我們感謝你們為克服這一切所付出的努力。

But the overall growth rate at an EBITDA level on the legacy Patient Direct business before the stranded cost and functional expenses change was still in the mid-single digits, and we would expect something comparable in the back half of the year.

但在擱淺成本和功能費用發生變化之前，傳統 Patient Direct 業務的 EBITDA 水準的整體成長率仍處於中等個位數，我們預計下半年會出現類似的成長。

Daniel Grosslight, Citi.

花旗銀行的丹尼爾‧格羅斯萊特（Daniel Grosslight）。

Just looking at guidance, I don't know if there's a way for you to help bridge new guidance versus old guidance, particularly really I'm looking at a bottom line or EBITDA, it's being reduced by $196 million. Can you just bridge to us that reduction hatches from just no longer including GHS versus stranded costs versus some of these other more fundamental items like the shift from DME to pharmacy in diabetes?

僅從指導角度來看，我不知道是否有辦法幫助您彌合新指導與舊指導之間的差距，特別是我實際上正在看底線或 EBITDA，它減少了 1.96 億美元。您能否向我們簡單介紹一下，減少成本僅僅來自於不再包括 GHS、擱淺成本以及其他一些更基本的項目，例如從 DME 到糖尿病藥房的轉變？

Yes. I mean, I would tell you, the shift from the overall shift from DME to Pharmacy isn't going to be material to the change and we laid out the stranded costs basically telling you to take what we talked about in Q2, we $11 million to roughly annualize that is a good number, though, as we mentioned in my remarks, could increase with the announced sale in the back half of the year. But beyond that, Daniel, I really can't give you too much insight, obviously, into what P&HS would have been and what's included in discontinued ops now. just due to the way the accounting requirements and of course, we're very active in the divestiture process.

是的。我的意思是，我會告訴你，從 DME 到藥房的整體轉變不會對變化產生重大影響，我們列出了擱淺成本，基本上告訴您採用我們在第二季度討論的內容，我們大約 1100 萬美元來大致計算年化成本，這是一個不錯的數字，但是，正如我們在我的評論中提到的那樣，隨著下半年可能宣布的銷售，隨著這個數字可能會宣布的那樣，隨著下半年可能宣布的銷售，隨著這個數字可能會宣布的那樣，隨著下半年的銷售，隨著這個數字可能會增加。但除此之外，丹尼爾，我顯然無法給你太多關於 P&HS 本來是什麼樣子以及現在已停止運營的業務包括哪些內容的見解。只是由於會計要求的方式，當然，我們在資產剝離過程中非常活躍。

Okay. And going back to one of Kevin's questions, just on the discontinued operations. So that $430 million is your best estimate, what is that an estimate of actually? Is that what you're going -- what you think you can get in the sale process?

好的。回到凱文的一個問題，關於停止營運的問題。所以 4.3 億美元是您最好的估計，那實際上這個估計是多少呢？這就是您想要的嗎——您認為您可以在銷售過程中得到什麼？

No. That is not what we think we can get in the -- that's nothing to do with projected valuation of what we're thinking in Yes,that's a yes, that is related to what we think we can get for incident the asset.

不。這不是我們認為我們可以獲得的 - 這與我們所想的預期估值無關是的，是的，這與我們認為我們可以獲得的資產事件有關。

Okay. And sorry, last one from me, just on cash flow, can you maybe just break out what's kind of what the free cash flow conversion of this business looks like when we adjust for all of Knits a little bit difficult now with cash flow, including everything in income statement just including and continuing operations PD. So maybe if you can help us think through just free cash flow conversion and currently on the cash flow statement, how much of that kind of remains once this deal closes?

好的。抱歉，我最後一個問題，僅關於現金流，您能否具體說明一下，當我們調整所有 Knits 時，該業務的自由現金流轉換情況是什麼樣的，現在現金流有點困難，包括損益表中的所有內容，包括持續經營 PD。因此，如果您能幫助我們思考自由現金流轉換，以及目前的現金流量表，那麼這筆交易結束後還剩下多少呢？

Yes.

是的。

So the way -- what we've put out in our assumptions this morning, Daniel, I mean, basically, we're looking at as I guided to $376 million to $382 million of annual EBITDA in the business. That's the Patient Direct business, only stranded functional cost observed. Net CapEx of $135 million to $140 million coming out of that. And then interest from a P&L perspective of $97 million to $100 million and then probably another $30 million to $35 million of discontinued operations.

所以 — — 丹尼爾，我們今天早上提出的假設基本上是，正如我所預測的，我們正在考慮該業務的年度 EBITDA 為 3.76 億美元至 3.82 億美元。這是患者直接業務，僅觀察到擱淺的功能成本。其中淨資本支出為 1.35 億美元至 1.4 億美元。然後從損益表的角度來看，利息為 9,700 萬至 1 億美元，然後可能還有 3,000 萬至 3,500 萬美元的停止經營業務。

interest expense that we would still be paying on a cash basis. So those are the pieces to think about. So you are free cash flow that adds up to, but you're probably in the $60 million, $70 million range.

我們仍將以現金方式支付利息費用。這些都是需要考慮的部分。因此，您的自由現金流加起來可能在 6,000 萬美元、7,000 萬美元左右。

Jay Lewis, Baird.

傑伊·劉易斯，貝爾德。

Hi, thanks for the question.

你好，謝謝你的提問。

I was wondering if you could just add a little bit on the One Big Beautiful Bill. And any expectations you have around the impact that could have on your cash flow or your cash taxes paid in 2025 and 2026?

我想知道您是否可以對《美麗的大鈔》做一點補充。您對這會對您的現金流量或 2025 年和 2026 年支付的現金稅產生什麼影響有何預期？

Yes, Jay, it's Jon Leon.

是的，傑伊，我是喬恩‧萊昂。

So the One Big Beautiful Bill is a net positive for us. We -- so I think the way to think about it it's a continuation of the tax legislation that was put in place in 2017 that was at that time, beneficial to the business. The continuation of that legislation from a tax perspective, we'll continue to benefit the company from a tax to a cash tax basis.

因此，《美麗大法案》對我們來說是件好事。我們 — — 所以我認為，從這個角度來看，這是 2017 年實施的稅收立法的延續，當時這對企業有利。從稅收角度來看，該立法的延續，我們將繼續使公司從稅收轉向現金稅基中受益。

Obviously, -- we got a fair amount of down on the balance sheet. So interest deductibility, 163 helps us out as the some of the attributes to that. So I would refer to the big beauty bill as a net positive on the company financially. Operator, any other questions?

顯然，我們在資產負債表上獲得了相當多的收益。因此，利息扣除 163 可以幫助我們解決其中的一些屬性。因此，我認為巨額美容費用對公司的財務狀況來說是一筆淨利好。接線員，還有其他問題嗎？

(Operator Instructions) Allen Lutz, Bank of America.

（操作員指示）美國銀行艾倫·盧茨。

One for Ed, you talked a little bit about strategic acquisitions and some of the learnings from Rotech, a little bit of excess time and expenses on net. As we think about your pursuit of future acquisitions, I guess it makes sense for us to think that they're likely to be smaller in scope. But as you think about the learnings from Rotech, is there any other considerations or thoughts that you think are important as you look at future potential deals?

給 Ed 一個問題，您談到了策略性收購和從 Rotech 學到的一些知識，以及一些額外的時間和淨費用。當我們考慮你們未來的收購計畫時，我認為收購規模可能會較小，這是有道理的。但是，當您思考從 Rotech 學到的東西時，在考慮未來的潛在交易時，是否還有其他重要的考慮或想法？

I think, Alan, the most important one is what you alluded to there, and Jon talked about it in his prepared remarks, and we're going to continue to focus on paying down that if there are some smaller ones that make sense for us, that can fit within the business, we will look at those and pursue those accordingly. And really, we did do a deep brief afterwards on learning on Rotech the time was a factor on it and several other aspects of it. But I think as we think through this going forward, it will be more focused on those smaller bolt-ons as we focus on getting rid of our stranded cost, increasing our free cash flow, paying down debt. So that way, we can do more of those as we get into the future. The other thing, since I did bring up cash flow, I will add that I know Jon made a comment earlier to on free cash flow.

我認為，艾倫，最重要的一點就是你提到的，喬恩在他準備好的發言中也談到了這一點，我們將繼續專注於償還債務，如果有一些對我們來說有意義的、可以適合我們業務的較小的債務，我們就會考慮這些債務，並相應地進行追償。事實上，我們之後確實對在 Rotech 的學習做了深入的介紹，時間是影響學習的一個因素，還有其他幾個面向。但我認為，當我們考慮這個問題時，我們會更加關注那些較小的附加項目，因為我們專注於擺脫擱淺成本，增加自由現金流，償還債務。這樣，我們就可以在未來做更多這樣的事。另一件事，由於我確實提到了現金流，我要補充一點，我知道喬恩之前對自由現金流發表了評論。

One of the things we will have is potentially some lower patient nation CapEx in the future. As the capitated contract moves away and the equipment comes back, we have the ability to use that equipment versus having to go out and acquire new equipment for page CapEx for startups. So there will be a short-term benefit of that also from a cash flow standpoint.

我們將來可能會遇到的情況之一是患者國家資本支出降低。隨著人頭合約的終止和設備的回歸，我們有能力使用該設備，而不必出去為新創公司購買新的設備作為資本支出。因此，從現金流的角度來看，這也會帶來短期利益。

Thanks, Ed.

謝謝，艾德。

And then one question for Jonathan, it looks like EBITDA margins are expected to step down a little bit in the second half of the year. Are there any stranded costs embedded in there? And then how should we think about if they're not, what is embedded in that step down 2H?

然後問喬納森一個問題，看起來 EBITDA 利潤率預計在今年下半年會略有下降。其中是否有任何擱淺成本？那麼，如果不是的話，我們該如何思考，下行 2H 嵌入了什麼？

Thank you.

謝謝。

Al, that's 100% related to expected increase in stranded costs, assuming that there's an announced P&NH divestiture fairly soon.

Al，這 100% 與預期的擱淺成本增加有關，假設很快宣布 P&NH 資產剝離。

Perfect.

完美的。

So if that doesn't take place in 2025, it's reasonable to assume that that -- the first-half run rate is kind of a good ballpark for where things could be ex those potential stranded costs?

因此，如果這種情況在 2025 年沒有發生，那麼可以合理地假設——上半年的運行率可以很好地反映出那些潛在的擱淺成本的情況？

That's correct.

沒錯。

Great, thank you.

太好了，謝謝。

First, I remember you -- on your prepared remarks, and you said that Q2 is probably representative of what --

首先，我記得你——在你準備好的發言中，你說第二季可能代表了--

Q2, yeah.

Q2，是的。

-- of each quarter.

—— 每季。

Yeah, from a larger perspective, that's right.

是的，從更大的角度來看，這是對的。

Yeah.

是的。

(multiple speakers)

（多位發言者）

Go ahead, operator.

請繼續，接線生。

(multiple speakers) First of all, I want to thank all of our teammates, obviously, for continuing to support our customers, supporting the patients and everything we do. And really, we look forward to continuing to move forward with a singular focus on our Patient Direct business, closing out this transaction and having the business laser-focused as a pure-play Patient Direct business.

（多位講者）首先，我要感謝我們所有的隊友，感謝他們繼續支持我們的客戶、支持患者以及我們所做的一切。實際上，我們期待繼續專注於我們的患者直銷業務，完成此交易，並將該業務集中在純粹的患者直銷業務。

So thank you, everyone.

謝謝大家。

Ladies and gentlemen, that concludes today's call. Thank you all for joining. You may now disconnect.

女士們、先生們，今天的電話會議到此結束。感謝大家的加入。您現在可以斷開連線。