Owens & Minor Inc (OMI) 2025 Q3 法說會逐字稿

Good day, and thank you for standing by. Welcome to Owens & Minor's third quarter 2025 earnings conference call. (Operator Instructions) Please be advised that today's conference is being recorded.

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

I would now like to hand the conference over to your first speaker today, Will Parrish, Vice President, Investor Relations.

現在，我謹將會議交給今天的第一位發言人，投資者關係副總裁威爾·帕里什先生。

Thank you, operator. Good evening, everyone, and welcome to Owens & Minor's third quarter earnings call. Our comments on the call will be focused on the financial results for the third quarter of 2025. The all of which are included in today's press release. The press release, along with the third quarter 2025 supplemental earnings slides are posted on the Investor Relations section of our website.

謝謝接線生。各位晚上好，歡迎參加歐文斯-邁納公司第三季財報電話會議。我們在電話會議上的評論將集中在2025年第三季的財務表現。以上所有內容均包含在今天的新聞稿中。新聞稿以及 2025 年第三季補充收益投影片已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 rejected or implied here today. Our expectations, beliefs, and projections are expressed in good faith, and we believe there is a reasonable basis for them. 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.

請注意，在本次電話會議中，我們將發表一些前瞻性聲明，這些聲明反映了歐文斯-邁納公司目前對我們業務、財務表現和未來事件的看法。這些聲明中所述事項存在風險和不確定性，可能導致實際結果與今天在此否認或暗示的結果有重大差異。我們的期望、信念和預測都是出於善意，我們相信它們有合理的依據。然而，我們無法保證我們的期望、信念和預測會實現或發生。有關這些風險和不確定性的完整描述，請參閱我們向美國證券交易委員會提交的文件，包括我們的 10-K 表格年度報告和 10-Q 表格季度報告中的「風險因素」部分。

Any forward-looking statements that we make on this call or in our earnings press release as 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.

我們在本次電話會議或今日發布的盈利新聞稿中作出的任何前瞻性陳述，除適用法律要求外，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，我們將提及非GAAP財務指標，並認為這些指標可能有助於投資人更了解我們的業績或業務趨勢。有關這些措施的資訊以及與最可比較的 GAAP 財務指標的調整表，請參閱我們的新聞稿。

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 Bernacki, the EVP and CEO of the company's Patient Direct segment.

今天，與我一同出席的有：歐文斯-邁納公司總裁兼執行長艾德‧佩西卡；公司財務長喬恩‧萊昂；以及公司病患直銷部門執行副總裁兼執行長佩里‧伯納基。

I will now turn the call over to Ed. Ed?

現在我把電話轉給艾德。艾德？

Thank you, Will. Good afternoon, everyone, and thank you for joining us on the call today. Earlier this month, we announced a definitive agreement with Platinum Equity to sell our Products & Healthcare Services segment, which includes both the medical distribution and Global Products divisions. Built on a strong foundation, we believe P&HS will be better positioned to compete in today's evolving market under Platinum Equity's private ownership model.

謝謝你，威爾。各位下午好，感謝各位今天參加我們的電話會議。本月初，我們宣布與 Platinum Equity 達成最終協議，出售我們的產品和醫療保健服務部門，其中包括醫療分銷和全球產品部門。我們相信，在Platinum Equity的私有化所有權模式下，P&HS將建立在堅實的基礎上，從而更好地在當今不斷變化的市場中競爭。

We are also excited to be retaining an equity interest in the business due to Platinum's operational expertise and commitment to building on the customer-centric legacy of the business, which will be critical to the future growth of P&HS.

我們也很高興能夠保留對該公司的部分股權，因為 Platinum 擁有豐富的營運經驗，並致力於傳承以客戶為中心的業務傳統，這對 P&HS 的未來發展至關重要。

The Owens & Minor name has long been associated with our P&HS business and thus, will follow that business in the transaction. As we near the close of the transaction, we are excited that we will be rebranding the public entity to better represent our trajectory going forward. So as I think about the future, following the divestiture of a Product and Healthcare services, I am thrilled that we can fully align around a single business.

Owens & Minor 的名稱長期以來一直與我們的 P&HS 業務聯繫在一起，因此，在此次交易中，該業務也將隨之轉移。隨著交易接近尾聲，我們很高興能夠對這家上市公司進行品牌重塑，以更好地反映我們未來的發展方向。因此，在剝離產品和醫療保健服務之後，展望未來，我很高興我們能夠完全圍繞單一業務進行整合。

Our capital allocation, strategic priorities, and execution are no longer split. They are unified around advancing the future of home-based care through Patient Direct. And by retaining our higher-margin patient direct business, we will generate improved and more consistent cash flow. Accordingly, we will prioritize debt repayment in the near term to grow our financial flexibility while investing in technology to lower our cost to serve and improve the customer experience.

我們的資本配置、策略重點和執行不再是分開的。他們團結一致，致力於透過 Patient Direct 推動居家照護的未來發展。透過保留利潤率更高的直接面向患者的業務，我們將產生更好、更穩定的現金流。因此，我們將優先償還近期債務，以增強財務靈活性，同時投資技術以降低服務成本並改善客戶體驗。

Now I would like to begin by sharing some of the opportunities we're seeing in the market and how these trends we're tracking continue to support our business, a business that we have grown and strengthened over time.

現在，我想先分享我們在市場上看到的一些機會，以及我們正在追蹤的這些趨勢如何繼續支持我們的業務，而我們的業務正是隨著時間的推移而不斷發展壯大的。

Beginning with our acquisition of Byram in 2017, we have spent the past eight years firmly establishing ourselves as a leader in the home-based care space. During this time, we have expanded and diversified our payer relationships while broadening our product offering and capabilities. This, combined with our coast-to-coast network gives us the reach and infrastructure to provide support for patients across multiple chronic conditions, including diabetes and sleep apnea. These conditions are not only widespread, they're growing, which creates a tremendous opportunity for us to make a meaningful impact. Over 37 million people in the United States have been diagnosed with diabetes and an estimated 96 million adults aged 18 and older, are living with prediabetes, according to the National Institutes of Health.

自 2017 年收購 Byram 以來，我們在過去八年中穩步確立了自己在居家護理領域的領先地位。在此期間，我們擴大並豐富了與支付方的關係，同時拓展了我們的產品供應和能力。這一點，再加上我們遍布全國的網絡，使我們能夠為患有多種慢性疾病（包括糖尿病和睡眠呼吸中止症）的患者提供支持。這些情況不僅普遍存在，而且還在加劇，這為我們產生有意義的影響創造了巨大的機會。根據美國國立衛生研究院統計，美國有超過 3700 萬人被診斷出患有糖尿病，估計有 9,600 萬 18 歲及以上的成年人患有糖尿病前期。

In order to capture future growth from these tailwinds, we will focus our investments on technology and automation, which will, one, improve the patient's experience; two, allow us to quickly scale our business; three, increase awareness; and four, further reduce our cost to serve.

為了抓住這些有利因素帶來的未來成長機遇，我們將把投資重點放在技術和自動化上，這將：一、改善患者體驗；二、使我們能夠快速擴大業務規模；三、提高知名度；四、進一步降低我們的服務成本。

Another core area for us is sleep apnea, where it is estimated that 85 million adults in the United States have some degree of OSA, with approximately 70 million of those presently undiagnosed or undergoing the diagnosis process. While the use of GLP-1s has increased in recent years, recent studies published by the land expect the use of GLP-1s to reduce the prevalence of OSA by only 4% over the next 25 years.

另一個我們關注的核心領域是睡眠呼吸暫停，據估計，美國有 8,500 萬成年人患有不同程度的阻塞性睡眠呼吸中止症，其中約有 7,000 萬人目前尚未確診或正在接受診斷。雖然近年來 GLP-1 的使用量有所增加，但最近發表的研究預計，在未來 25 年內，GLP-1 的使用只會使 OSA 的盛行率降低 4%。

This is a significant opportunity for us to serve these future patients. It also further demonstrates the value of our preferred provider agreements where new patients are encouraged to begin their lifelong treatment journey with us supporting better health and a better quality of life.

這對我們來說是一個服務未來患者的重要機會。這也進一步證明了我們首選供應商協議的價值，鼓勵新患者與我們一起開始他們的終身治療之旅，從而獲得更好的健康和更高的生活品質。

Earlier this year, CMS proposed rules regarding competitive bidding around home-based healthcare and DME. Since entering the home-based care space, our top priority has always been and will continue to be ensuring patients receive the products and services they need, reliably and on time. While competitive bidding programs have historically raised questions about patient choice and supplier access, we believe our scale, expertise, and the quality of the products we distribute positions us as a standout partner in any environment.

今年早些時候，CMS提出了有關家庭醫療保健和DME競爭性招標的規則。自從進入居家護理領域以來，我們的首要任務始終是確保患者能夠及時、可靠地獲得所需的產品和服務，並將繼續如此。雖然競爭性招標項目歷來都會引發人們對患者選擇和供應商准入的質疑，但我們相信，憑藉我們的規模、專業知識以及我們分銷產品的質量，我們能夠成為任何環境下的傑出合作夥伴。

As we await further guidance from CMS, we are actively collaborating with industry partners and advocacy groups to maintain a strong, transparent dialogue that keeps patient outcomes at the center of the conversation.

在等待 CMS 進一步指導的同時，我們正積極與行業夥伴和倡導團體合作，以保持強有力的、透明的對話，並將患者的治療結果置於對話的中心。

Before I turn the call over to Jon to discuss our third quarter financial performance and our thoughts on the year-end, I would like to close my thoughts today on where we're going in 2026. With the divestiture of Product and Healthcare services expected to close in the first quarter of 2026, we are incredibly excited about the future as a pure-play business in the home-based care space.

在將電話交給 Jon 討論我們第三季的財務表現以及我們對年末的展望之前，我想先談談我們 2026 年的發展方向。隨著產品和醫療保健服務的剝離預計將於 2026 年第一季完成，我們對未來作為專注於家庭護理領域的純粹企業感到無比興奮。

As our business grows organically through our preferred provider agreements such as our recently announced agreement with Optum and an aggressive sales strategy, we are diligently focused on controlling our balance sheet through debt pay down, managing operational cost controls, and lowering the cost to serve and accelerating our cash flow generation.

隨著我們透過與優選供應商的協議（例如我們最近宣布的與 Optum 的協議）以及積極的銷售策略實現業務的有機增長，我們正努力透過償還債務、管理營運成本控制、降低服務成本和加快現金流產生來控制我們的資產負債表。

As we close out 2025 and look forward to 2026, we will begin the next evolution for Owens & Minor, with myself, Jon, and Perry Bernacki, the Executive Vice President of our Patient Direct business, remaining at the home of our organization. I would like to thank all our teammates who have done a great job of staying focused on serving our customers.

2025 年即將結束，2026 年即將到來，我們將開始 Owens & Minor 的下一個發展階段，我和 Jon 以及我們 Patient Direct 業務的執行副總裁 Perry Bernacki 將繼續留在我們公司的總部。我要感謝我們所有的團隊成員，他們一直專注於為客戶提供優質服務，做得非常出色。

With that, I will now turn the call over to John to discuss our financial performance in the third quarter and our outlook for the rest of 2025. Jon?

接下來，我將把電話交給約翰，讓他討論我們第三季的財務表現以及我們對 2025 年剩餘時間的展望。喬恩？

Thanks, Ed. And good afternoon, everyone. We were very excited to announce the signed agreement for the sale of the Products & Healthcare Services segment a few weeks ago. I've had the pleasure of getting to know and working with the Platinum Equity team and absolutely believe they are the right ones for the P&HS business.

謝謝你，埃德。大家下午好。幾週前，我們非常高興地宣布已簽署產品及醫療保健服務部門的出售協議。我很榮幸有機會認識並與 Platinum Equity 團隊合作，我絕對相信他們是 P&HS 業務的最佳人選。

Further, we're extremely excited about our future as a Pure-Play Home-Based Care Company with all the positive attributes that come with it as Ed detailed. We look forward to having a simpler business model and a cleaner investment thesis. We also believe our ability to dedicate investments solely into the subtractive space will lead to much greater results for all stakeholders.

此外，正如 Ed 詳細闡述的那樣，我們對未來作為一家純粹的家庭護理公司所帶來的所有積極優勢感到無比興奮。我們期待擁有更簡單的商業模式和更清晰的投資理念。我們也相信，我們能夠將投資完全投入減材製造領域，這將為所有利害關係人帶來更大的成果。

As you will recall from last quarter, the Products & Healthcare Services segment is being accounted for as an asset held for sale, discontinued operations. So unless stated otherwise, my remarks today will focus solely on the continuing operations, which, as a reminder, is made up of our Patient Direct business and certain functional operations and identified stranded costs from the separation.

如您所知，上個季度產品及醫療保健服務部門已作為待售資產和終止經營業務進行核算。因此，除非另有說明，我今天的演講將僅集中於持續經營業務，提醒一下，持續經營業務包括我們的患者直接業務、某些職能部門的運營以及分拆後確定的擱淺成本。

Also, please note that any discussion about the financial results and outlook for the business will cover only non-GAAP financial measures. You can find GAAP to non-GAAP financial reconciliations in the press release followed a short time ago and residing on our website.

另外，請注意，任何關於公司財務表現和前景的討論都將僅涵蓋非GAAP財務指標。您可以在不久前發布的新聞稿中找到 GAAP 與非 GAAP 財務調整表，該新聞稿已發佈在我們的網站上。

Turning now to the third quarter results. Revenue was $697 million, compared to just under $687 million in the third quarter of last year. Last year, in the third quarter, there was a $6 million onetime revenue benefit from a multiyear claims reprocessing matter. This impacted the growth rate by about 80 basis points. In the quarter, there was decent year-over-year growth in the key categories of sleep therapy, ostomy, and urology.

現在來看第三季業績。營收為 6.97 億美元，去年第三季略低於 6.87 億美元。去年第三季度，由於一項多年索賠重新處理事項，該公司獲得了 600 萬美元的一次性收入收益。這導致成長率下降了約 80 個基點。本季度，睡眠治療、造口術和泌尿科等主要類別均實現了不錯的同比增長。

Diabetes is nearly flat compared to the third quarter of 2024, which showed better year-over-year performance compared to the second quarter. We continue to ramp up efforts to recapture stronger diabetes growth through improved therapy adherence and capturing more customers across our entire ecosystem of both DME and our own pharmacy channel. Overall, we would expect revenue in Q4 to show a similar year-over-year growth rate but be seasonally improved from the third quarter in absolute dollar terms.

與 2024 年第三季相比，糖尿病病例數基本持平，第三季較去年同期表現優於第二季。我們將繼續加大力度，透過提高治療依從性，並在我們整個 DME 生態系統和我們自己的藥房管道中吸引更多客戶，以重新獲得更強勁的糖尿病成長。整體而言，我們預計第四季的營收將呈現類似的年比成長率，但以絕對美元計算，將比第三季有所季節性改善。

For the nine months ended September 30, revenue was nearly $2.1 billion, up 3.4% with last year's Q3 onetime benefit that I just mentioned, having a 30 basis point impact on growth compared to 2024. Similar to the quarter, growth for the year-to-date period was led by sleep therapy, ostomy, and urology as well as smaller categories, including chest wall oscillation, which, although still small, has shown phenomenal growth and demonstrates our ability to successfully expand our therapy portfolio.

截至 9 月 30 日的九個月，營收接近 21 億美元，成長 3.4%。我剛才提到的去年第三季的一次性收益對 2024 年的成長產生了 30 個基點的影響。與上一季類似，今年迄今的成長主要由睡眠治療、造口和泌尿科以及較小的類別（包括胸壁振盪）引領。儘管胸壁振蕩的規模仍然很小，但其成長勢頭驚人，證明了我們有能力成功擴展我們的治療產品組合。

Adjusted EBITDA for the third quarter was $92 million compared to $108 million in last year's third quarter. Here, that same onetime $6 million benefit from last year falls straight through to adjusted EBITDA and hinder reported EBITDA growth by nearly 500 basis points. Additionally, product cost increases and higher health benefit costs were only partly offset by lower general costs such as delivery, outsourcing, and occupancy expenses.

第三季調整後 EBITDA 為 9,200 萬美元，去年同期為 1.08 億美元。在這裡，去年一次性獲得的 600 萬美元收益直接計入調整後的 EBITDA，使報告的 EBITDA 成長放緩了近 500 個基點。此外，產品成本增加和醫療福利成本上升，僅部分被配送、外包和占用費用等一般成本的下降所抵消。

It is important to realize that the third quarter adjusted EBITDA for continuing operations of course, includes the normal adjustments to EBITDA of interest, income taxes, depreciation and amortization and less than $1 million of exit and realignment charges.

需要注意的是，第三季持續經營調整後的 EBITDA 當然包括對 EBITDA 的正常調整，例如利息、所得稅、折舊和攤銷，以及不到 100 萬美元的退出和重組費用。

So the $92 million earned is an appropriate representation of cash earnings before interest and taxes. This return to a higher earnings quality is quite different from what we've been able to report over the past several quarters. There will certainly be periods of time where there are cash adjustments in the adjusted EBITDA figure, but this is an example of what is meant when we refer to a cleaner and simpler investment story as a result of the divestiture.

因此，所獲得的 9,200 萬美元收入能夠適當地代表息稅前的現金收益。這種獲利品質回升與我們過去幾季所報告的情況截然不同。調整後的 EBITDA 數據肯定會在某些時期出現現金調整，但這正是我們所說的，由於資產剝離，投資故事變得更加清晰和簡單。

For the year-to-date period, adjusted EBITDA was $285 million, a reported 6.3% increase compared to $268 million for the nine months ended 2024. On the larger year-to-date adjusted EBITDA amount, last year's third quarter onetime $6 million benefit was an approximate 230 basis point drag on the year-to-date growth rate. Third quarter results include $11 million of stranded costs, which is the same as last year's third quarter and the second quarter of 2025. Year-to-date stranded costs were $25 million versus $39 million for the same period in 2024. We continue to believe the annualized stranded costs from the divestiture will be approximately $40 million.

截至目前，調整後的 EBITDA 為 2.85 億美元，與截至 2024 年 9 月的 2.68 億美元相比，成長了 6.3%。就今年迄今的調整後 EBITDA 金額而言，去年第三季一次性 600 萬美元的收益對今年迄今的成長率造成了約 230 個基點的拖累。第三季業績包括 1,100 萬美元的擱淺成本，與去年第三季和 2025 年第二季相同。今年迄今的擱淺成本為 2,500 萬美元，而 2024 年同期則為 3,900 萬美元。我們仍認為，此次資產剝離造成的年度擱淺成本約為 4,000 萬美元。

Adjusted net income was $0.25 per share, which compares to $0.36 per share in the third quarter of 2024. For the nine months ended September 30, adjusted net income per share was $0.80 versus $0.64 in the same period last year.

調整後每股淨收入為 0.25 美元，而 2024 年第三季為每股 0.36 美元。截至 9 月 30 日的九個月，調整後每股淨收入為 0.80 美元，而去年同期為 0.64 美元。

We are affirming our guidance for 2025 full year of revenue between $2.76 billion and $2.82 billion, adjusted net income between $1.02 and $1.07 per share and adjusted EBITDA between $376 million and $382 million. Based on my earlier comments around fourth quarter revenue, we expect full year revenue to come in towards the bottom of the guidance range.

我們確認對 2025 年全年的業績預期，即營收在 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。根據我先前對第四季營收的評論，我們預計全年營收將接近預期範圍的下限。

On the guidance assumption slide that has been posted to the Investor Relations section of our website, you will notice that the interest expense range has increased as a result of a change in the allocation of these expenses between continuing and discontinued operations. We believe the increase in interest expense will be offset by lower stock compensation expense, and as a result, the EPS guidance range is unchanged.

在已發佈到我們網站投資者關係部分的指導假設幻燈片中，您會注意到，由於持續經營和終止經營之間的利息支出分配發生變化，利息支出範圍有所增加。我們認為利息支出的增加將被股票補償支出的減少所抵消，因此，每股盈餘預期範圍保持不變。

Turning to the balance sheet and cash flow. At September 30, net debt was $2.1 billion. Since year-end 2024, the increase in debt is related to the expenses to exit the previously planned Rotech acquisition, which were paid in June of approximately $100 million. And more recently, cost to remedy a challenging start-up of a new kitting facility for the Products & Healthcare Services segment, which has led to a temporary inventory imbalance. Work needed for that P&HS kitting facility is ongoing. And as a result, the net debt level at the end of this year is expected to be only slightly lower than at September 30.

接下來來看資產負債表和現金流量表。截至9月30日，淨債務為21億美元。自 2024 年底以來，債務增加與退出先前計劃的 Rotech 收購的費用有關，這些費用已於 6 月支付，金額約為 1 億美元。最近，為了解決產品和醫療保健服務部門新建配套設施啟動過程中遇到的挑戰，導致暫時的庫存失衡，需要投入成本。P&HS配套設施的建設工作仍在進行中。因此，預計今年年底的淨債務水準只會比 9 月 30 日略低。

While detrimentally impacting third quarter cash flow, as shown in the consolidated cash flow statement, the overbought inventory from the start-up will benefit customer demand across the P&HS business lines in the coming months and reduces the cash need to be spent over that same time period.

雖然如合併現金流量表所示，新創公司超額購買的庫存會對第三季現金流產生不利影響，但未來幾個月內，P&HS 各業務線的客戶需求將得到滿足，並減少同期現金支出需求。

It's important to recognize that more than 100% of the cash used from operating activity in the three and nine-month ended periods was due to the discontinued operations and that continuing operations, inclusive of stranded costs, generated cash from operating activity. In fact, in measuring levered free cash flow as adjusted EBITDA from continuing operations less CapEx from continuing operations, and less all interest costs across both continuing and discontinued operations. There was $28 million of free cash flow in the third quarter and $78 million through the first nine months of the year.

值得注意的是，截至三個月和九個月期間，經營活動所用現金的 100% 以上是由於終止經營活動造成的，而持續經營活動（包括擱淺成本）產生了經營活動現金。事實上，衡量槓桿自由現金流的方法是：持續經營調整後的 EBITDA 減去持續經營的資本支出，再減去持續經營和終止營運的所有利息成本。第三季自由現金流為 2,800 萬美元，今年前九個月自由現金流為 7,800 萬美元。

Before taking questions, I'd like to say we're very bullish on the outlook for the home-based care business and recognize that it's a very exciting time in the history of Owens & Minor. We look forward to getting on the road, sharing our enthusiasm, and having the market better appreciate the attractiveness of the home-based care space.

在回答問題之前，我想說我們非常看好家庭護理業務的前景，並意識到這是歐文斯和邁納公司歷史上一個非常令人興奮的時刻。我們期待上路，分享我們的熱情，讓市場更能體認到居家照護領域的吸引力。

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

接下來，我將把電話轉回給接線生進行問答環節。操作員？

(Operator Instructions) Michael Cherny, Leerink Partners.

（操作說明）Michael Cherny，Leerink Partners。

This is Dan Clark on for Mike. First one from us. I appreciate all the color you gave on results in 3Q and how you're thinking about the rest of the year. At a high level, how should we think about the durability of these trends going into 2026? And then would love to hear the follow-up just how you're selling into the Optum channel is going thus far?

這裡是丹克拉克，替麥克報道。這是我們的第一份。我很欣賞你對第三季業績的詳細分析，以及你對今年剩餘時間的展望。從宏觀層面來看，我們該如何看待這些趨勢在2026年的持續性？然後，我很想了解一下您目前透過 Optum 管道進行銷售的情況？

This is Ed. I'll start. Selling in the Optum channel, it's new. We're just -- we just recently signed a preferred provider agreement we're tracking where we expect to track on that, but it's going to create more and more opportunities for us as we move forward.

我是艾德，我先來。這款產品在Optum通路銷售，是新品。我們最近剛簽署了一份優選供應商協議，我們正在追蹤協議的進展情況，希望它能為我們帶來更多機會。

Regarding going forward in '26, we haven't published '26 data or information yet. We'll do that when we get closer to -- when we get to -- when we report the full year results for the business.

關於 2026 年的發展計劃，我們尚未公佈 2026 年的數據或資訊。我們將在臨近——或者說，當我們公佈公司全年業績的時候——這樣做。

Yeah. I would just add, Dan, there's really not much secular going on that would change the trends. I'll remind you that we discussed in our 10-Q filed tomorrow morning that there'll be a large customer loss in the continuing operations in 2026 that will impact the full year. But absent that, we expect a fairly strong 2026. As I said, we'll put guidance out with the fourth quarter results.

是的。我只想補充一點，丹，目前並沒有什麼世俗因素會改變這個趨勢。我提醒各位，我們在明天早上提交的 10-Q 文件中討論過，2026 年持續經營業務將出現大量客戶流失，這將對全年業績產生影響。但如果沒有這種情況，我們預計 2026 年經濟將相當強勁。正如我所說，我們將在公佈第四季業績時發布業績指引。

Kevin Caliendo, UBS.

瑞銀集團的凱文·卡利恩多。

I guess it's sort of a follow-up to that in terms of trends. Like how should we be thinking about this company's business or outlook for 2026. Is there anything you can lay out in terms of how the trends are migrating, how we should think about modeling it? Broadly speaking, I know you're not here to provide guidance, but there's obviously so many moving parts and how to think about run rates or anything like that would be super helpful.

我覺得這算是對之前趨勢的一種延續。我們該如何看待這家公司2026年的業務或前景？您能否闡述這些趨勢是如何演變的，以及我們應該如何對其進行建模？總的來說，我知道你不是來提供指導的，但顯然有很多變數，如何考慮運行率之類的東西將會非常有幫助。

And the same around free cash flow for 2025 and maybe how to think about free cash flow trend beyond where we are. I appreciate the color on what the normalized cash flow was this quarter?

同樣的問題也適用於 2025 年的自由現金流，以及我們未來應該如何看待自由現金流的趨勢。我想了解本季的正常化現金流狀況。

Yeah. It's Jon. I'll crack it starting that. So if you think about the trends going forward, the continuing operations, you see, not dissimilar trends on an organic basis, you would normally see. I think we'll have absence the [LV], exiting in one customer, which we have talked about quite a bit. And it's like I say -- I said, there's more detail in our 10-Q, you'll see tomorrow on that.

是的。是喬恩。我打算從那裡開始破解它。所以，如果你考慮未來的發展趨勢和持續的運營，你會發現，在有機基礎上，不會出現通常會出現的截然不同的趨勢。我認為我們會失去 [LV]，也就是失去一位客戶，我們已經討論過很多次了。就像我說的——我說過，我們的 10-Q 文件中有更多細節，你們明天就會看到了。

But absent that, I think we'll have a pretty decent top line growth rate, call it, organically, if you will, after net loss and some margin improvement and cash flow improvement given the absence of that loss of that contract as we've talked about before, that is not a margin attractive, we're necessarily cash flow positive contract that's being lost. So that will certainly improve.

但即便沒有那份合同，我認為我們仍然會有相當不錯的營收成長率，姑且稱之為有機成長吧。在淨虧損、利潤率改善和現金流改善之後，考慮到之前我們討論過的那份合約的損失，利潤率並不理想，我們必然會失去一份現金流為正的合約。所以情況一定會好轉。

From a free cash flow, on a continued off space as I tried to outline in my prepared remarks. I think you expect Q4 to look a lot like Q3 from a continuing off spaces, I think we will have some nice free cash flow. As we go to '26, again, the trend shouldn't necessarily change. We'll be losing the heavy CapEx burden of that one large contract, but we will have stranded cost. So we have to -- we'll begin to actively take out once the divestiture closes.

從自由現金流的角度來看，正如我在準備好的演講稿中試圖概述的那樣，繼續在非傳統領域發展。我認為，鑑於非核心業務持續發展，預計第四季業績將與第三季非常相似，我們將獲得良好的自由現金流。到了 2026 年，這種趨勢未必會改變。我們將擺脫那份大合約帶來的沉重資本支出負擔，但同時也面臨擱淺成本。所以我們必須——一旦資產剝離完成，我們將開始積極撤資。

And as well, there's the start of the other divestiture-related costs that we'll be paying really more so in the back half of 2026. So I wouldn't expect it to be not totally dissimilar to '25, recognizing that we'll have a number of those one-off costs around the divestiture, which we have generally sized that are part of the press release we put out around the divestiture itself.

此外，與資產剝離相關的其他成本也將在 2026 年下半年開始增加，屆時我們將支付更多。因此，我預計它不會與 2025 年的情況完全不同，因為我們意識到，在剝離過程中會產生一些一次性成本，這些成本的規模我們已經在關於剝離本身的新聞稿中進行了大致估算。

That's helpful. If I can ask a quick follow-up. The balance sheet, there's so many moving pieces on here and current debt and timing. I know there's a lot going on here, so it's hard to get a full picture just on this one point in time. But relative post the acquisition -- or post the divestiture, excuse me, and where you sit -- you have obviously talked with your credit agencies and everything else, your lenders.

那很有幫助。如果可以的話，我想問一個後續問題。資產負債表涉及的因素太多，包括目前的債務和時間安排。我知道這裡發生了很多事情，所以僅憑這一點很難了解全貌。但是，在收購之後——或者更準確地說，在剝離之後，以及在你看來——你顯然已經與你的信用機構和其他所有相關方，你的貸款人進行了溝通。

Are there -- is there any risk to covenants or anything that needs to change within those covenants coming out of this, post now that you've announced the deal and everything else is done and you're a month past? Is that all?

現在你們已經宣布了交易，其他一切都已完成，一個月過去了，是否存在任何風險，導致契約條款或需要更改的條款出現問題？就這些嗎？

No, we're good. Not at all. We just actually sent our covenant compliance to lenders and agencies in the last 48 hours. Very comfortable and compliance, and we expect to remain comfortably compliant throughout.

不，我們很好。一點也不。我們實際上是在過去 48 小時內向貸款人和機構發送了我們的契約合規聲明。非常舒適且符合要求，我們預計在整個過程中都能保持舒適的合規狀態。

(Operator Instructions) Daniel Grosslight, Citi.

（操作說明）Daniel Grosslight，花旗銀行。

I was hoping you could provide a little bit more detail on how these preferred vendor agreements work? And as we think about the loss of Kaiser next year, you've mentioned many times that that's not an attractive piece of business from a margin perspective. But how many of these larger preferred vendor agreements do you think you would need to sign to fill that Kaiser hole on the profitability from a profitability standpoint?

我希望您能更詳細地解釋一下這些優選供應商協議是如何運作的？當我們考慮明年失去凱撒醫療集團時，您曾多次提到，從利潤率的角度來看，這並不是一項有吸引力的業務。但從獲利能力的角度來看，你認為需要簽署多少份這樣的大型優選供應商協議才能填補凱撒醫療集團在獲利能力上的缺口？

Yeah, I'll start with that. And then obviously, we'll have Perry add some color onto this too. I mean, I think we did lose the large customer contract. It was a unique contract in that sense. And as Jon talked about it, when we looked at the EBITDA compared to CapEx on it -- It was not a very positive cash flow generating business. So that alone will take very, very little additional revenue to pick up and cover that. And again, not to cover the revenue, but to cover the EBITDA and the cash flow.

好的，我就從這裡開始。當然，我們也會請佩里為這幅畫增添一些色彩。我的意思是，我認為我們確實失去了那份大客戶合約。從這個意義上講，這是一份獨特的合約。正如 Jon 所說，當我們把 EBITDA 與資本支出進行比較時——它並不是一個現金流非常充裕的業務。所以，光是這一項就只需要很少的額外收入就能彌補這部分支出。再次強調，這不是為了彌補收入，而是為了彌補 EBITDA 和現金流。

And then in addition to that, Perry, let me let you add additional color on and what you're seeing and how you're thinking about those preferred provider agreements and the ramp of them.

此外，佩里，我想請你補充一些細節，並說說你對這些優選供應商協議及其推廣情況的看法和想法。

Thanks, Ed. And from a standing of the Optum agreement, it's in its early stages. As I said, we have 450 forward-facing salespeople that are marketing to over 100,000 potential referral sources within Optum. What it does do is give us a preferred position within the Optum close network as Apria and Byram as the leading home care home-based DME provider. So that is a go-to-market strategy from a push and a pull perspective within Optum.

謝謝，埃德。就與Optum的協議而言，它還處於早期階段。正如我所說，我們有 450 名面向客戶的銷售人員，他們正在向 Optum 內部超過 10 萬個潛在的轉診來源進行行銷。它確實使我們 Apria 和 Byram 在 Optum 的緊密網絡中佔據了優先地位，成為領先的家庭護理居家 DME 提供者。這是 Optum 從推式和拉式角度製定的市場進入策略。

Further point, it will take less contracts or less revenue growth to cover the loss of -- the contract that we are losing, given everything that Ed outlined and Jon outlined, it won't take much for us to replace from a margin -- from a gross margin and an EBITDA perspective.

此外，考慮到 Ed 和 Jon 所概述的一切，我們只需要更少的合約或更少的收入成長就能彌補我們失去的合約——從毛利率和 EBITDA 的角度來看，我們不需要太多就能找到替代合約。

Got it. And just as a follow-up, I wanted to dig a little bit more into that issue in P&HS that is weighing on free cash flow. I think you mentioned with the kidney client. Can you just maybe explain that in a little bit more detail and it is a little bit tough to look at your cash flow and balance sheet given cash flows on a consolidated basis and balance sheet is continued and discontinued operations. So maybe if you can help just parse out where in that cash -- cash flow statement that headwind sits.

知道了。作為後續，我想更深入探討 P&HS 中影響自由現金流的問題。我想你之前有提到腎病患者。您能否更詳細地解釋一下？由於現金流量是按合併基礎計算的，而資產負債表是按持續經營和終止經營劃分的，因此查看您的現金流量表和資產負債表有點困難。所以，或許您可以幫忙分析現金流量表中，不利因素具體體現在哪裡。

Yes. So I think there's a couple of things. I know, Jon in his script, he tried to basically parse out as much as the possible he could what the free cash flow looks like a continuing operations basis based on continuing obviously EBITDA, the CapEx as well as consolidated interest in the space. This has to do with -- we are opening up a new kitting facility outside of the US. There's a normal start-up costs associated with that.

是的。所以我覺得有兩件事。我知道，喬恩在他的腳本中，基本上是試圖盡可能詳細地分析自由現金流在持續經營基礎上的情況，這顯然是基於持續經營的 EBITDA、資本支出以及在該領域的合併權益。這與我們在美國境外開設一家新的套件生產設施有關。這其中必然會有一些正常的啟動成本。

And the biggest thing was the over acquiring of inventory to make sure we could make the kits and had it on there for scale. It's something that will work itself out through the next quarter plus but it really is associated with a brand-new start-up of our kitting facility outside of the US to make sure we have the ability to have diversified kitting both in the US and external US for our customers. And the bulk of that will show up in inventory as well as the change in payables we saw in this quarter.

最大的問題是過度採購庫存，以確保我們能夠生產套件，並進行規模化生產。這件事需要在接下來的一個季度或更長時間內才能解決，但這確實與我們在美國境外新建的配套設施有關，以確保我們能夠為美國境內外的客戶提供多樣化的配套服務。其中大部分將體現在庫存以及我們在本季看到的應付帳款變化中。

So Jon, I don't know if you want to add additional.

所以喬恩，我不知道你是否想添加其他內容。

No, it's basically right in my remarks, I mean, what we're doing now is making sure that, that burns off effectively that we serve all the customers' needs and the kitting business and that it has -- that defers other need for other capital across the business, both kitting and otherwise for the rest of the year. So it should burn itself off, but it will take a few months to do so.

不，我剛才說的基本上沒錯，我的意思是，我們現在正在做的是確保有效地滿足所有客戶的需求和套件業務，並且這樣做可以推遲今年剩餘時間整個業務（包括套件業務和其他業務）對其他資金的需求。所以它應該會自行燃燒殆盡，但這需要幾個月的時間。

This concludes the question-and-answer session. I'll turn the call to Ed for closing remarks.

問答環節到此結束。接下來請艾德作總結發言。

Great. Thank you, operator. It's really an exciting period in the history of Owens & Minor. We're incredibly excited about the future as a pure-play supplier in the home-based care. And I look forward to sharing this progress with everyone early next year. So thank you, everyone.

偉大的。謝謝接線生。對歐文斯和邁納公司而言，這真是個令人興奮的時期。我們對未來作為一家專注於居家照護的供應商感到無比興奮。我期待明年年初與大家分享這些進展。所以，謝謝大家。

This concludes today's conference call. Thank you for joining. You may not disconnect.

今天的電話會議到此結束。感謝您的參與。您不得斷開連線。