Option Care Health Inc (OPCH) 2026 Q1 法說會逐字稿

Good day, and thank you for standing by. Welcome to the Option Care Health first-quarter 2026 earnings conference call. (Operator Instructions) Please be advised that today's conference call is being recorded.

各位好，感謝您耐心等候。歡迎參加 Option Care Health 2026 年第一季財報電話會議。（接線員指示）請注意，今天的電話會議將被錄音。

I would now like to hand the conference over to your first speaker today, Nicole Maggio, Senior Vice President of Finance.

現在我想把會議交給今天的第一位講者，財務資深副總裁 Nicole Maggio。

Good morning, and welcome to the Option Care Health first-quarter 2026 earnings conference call. With me today are John Rademacher, President and Chief Executive Officer; and Meenal Sethna, Executive Vice President and Chief Financial Officer. Before we begin, a reminder that today's discussion will include certain forward-looking statements that reflect our current assumptions and expectations.

各位早安，歡迎參加 Option Care Health 2026 年第一季財報電話會議。今天與我一同出席的有總裁兼執行長 John Rademacher，以及執行副總裁兼財務長 Meenal Sethna。在開始之前提醒各位，今天的討論將包含若干前瞻性陳述，反映我們目前的假設與預期。

These forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially from our expectations. We assume no obligation to update any forward-looking statements, except as required by law. We will also use non-GAAP financial measures when talking about the company's performance and financial condition.

這些前瞻性陳述受風險與不確定性影響，可能導致實際結果與我們的預期出現重大差異。除法律要求外，我們不承擔更新任何前瞻性陳述的義務。在談及公司營運表現與財務狀況時，我們也將使用非 GAAP 財務衡量指標。

For more information on the specific risks and uncertainties as well as non-GAAP measures, we encourage you to review the information in today's press release and presentation posted on the Investor Relations portion of our website as well as our Form 10-K filed with the SEC. Additionally, for the Q&A portion of today's call, we ask that you limit questions to one question and one follow-up participant.

如需了解特定風險與不確定性以及非 GAAP 指標的更多資訊，我們建議您查閱今日新聞稿與簡報（已發布於我們網站的投資人關係專區），以及我們向美國證券交易委員會（SEC）提交的 Form 10-K。另外，在今天的問答環節，我們請各位將提問限制為一個問題並可追問一次。

With that, I will turn the call over to John. John?

接下來，我把電話交給 John。John？

Thanks, Nicole. Good morning, and thank you for joining us. We're pleased to share updates on our first-quarter of 2026 today. Before I do this, I want to take a moment to say thank you to the Option Care Health team for managing through a dynamic first-quarter with an unwavering commitment to our mission of transforming health care by improving outcomes, lowering the total cost of care and delivering hope to patients and their families.

謝謝你，Nicole。各位早安，感謝各位加入我們。我們很高興今天與各位分享 2026 年第一季的最新進展。在開始之前，我想先花點時間感謝 Option Care Health 團隊，在充滿變動的第一季中仍堅定不移地投入我們的使命：透過改善療效、降低整體照護成本，並為病患及其家屬帶來希望，以轉型醫療照護。

As the nation's largest independent provider of home and alternate site infusion therapy, our strategy is built on national scale with the patient at the center of everything we do. Our network of home infusion pharmacies and specialty pharmacy centers of excellence that focus on chronic and rare disease therapies along with our comprehensive nursing capabilities uniquely positions us in the marketplace.

作為全美最大的獨立居家與替代照護場域輸注治療服務提供者，我們的策略建立在全國規模之上，並以病患為一切工作的核心。我們的居家輸注藥局網絡與專科藥局卓越中心，聚焦慢性與罕見疾病療法，再加上我們全面的護理能力，使我們在市場上具備獨特定位。

We combine consistent high-quality clinical care with local responsiveness, leveraging our platform of infusion suites and clinics to drive clinical innovation while meeting patients where they want to be. This model helps us deliver reliable, clinically excellent care for hospitals and health systems, specialty physician practices and health plans across the country.

我們結合一貫的高品質臨床照護與在地快速回應，運用我們的輸注套房與診所平台推動臨床創新，同時在病患希望接受照護的地點提供服務。此模式協助我們為全國各地的醫院與醫療體系、專科醫師診所及健康保險計畫提供可靠且臨床卓越的照護。

In an environment of ongoing economic pressures across health care, we are on the right side of the cost curve, partnering to deliver high-quality care at the appropriate cost in settings where patients prefer to receive it. As affirmation of the great work our team does every single day, we continue to receive patient satisfaction scores in the low 90s and Net Promoter Scores in the mid-70s.

在醫療產業持續面臨經濟壓力的環境下，我們站在成本曲線的有利位置，透過合作在病患偏好的照護場域，以適當成本提供高品質照護。為了肯定我們團隊每天的出色工作，我們持續獲得 90 分出頭的病患滿意度分數，以及 70 分中段的淨推薦值（Net Promoter Score）。

Turning to our results. The first-quarter reflected mixed performance for our business. Adjusted EBITDA and adjusted EPS performance were aligned with our expectations, but our revenue growth of 1% did not meet our expectations. We had strong execution across our acute therapy portfolio, a transitional period for our chronic therapy portfolio and continued focus on strategic initiatives that will better position us to win.

接著談我們的業績。第一季反映出我們業務表現好壞參半。調整後 EBITDA 與調整後 EPS 的表現符合我們的預期，但 1% 的營收成長未達我們的預期。我們在急性治療產品組合上執行強勁，慢性治療產品組合處於過渡期，並持續聚焦能讓我們更具勝出優勢的策略性計畫。

On the acute side, our commitment to strengthening our capabilities to transition patients on to service, invest in broadening our referral source relationships and focus on resources driving clinical value realization helped us deliver revenue growth in the high-single digits, well above market growth. As I've mentioned previously, providing these therapies require strong partnerships with hospitals and health systems, are very time-sensitive and demand tight coordination across our expert and clinical resources.

在急性治療方面，我們致力於強化將病患銜接至服務的能力、投資拓展轉介來源關係，並聚焦於推動臨床價值實現的資源，協助我們實現高個位數的營收成長，明顯高於市場成長。如我先前提到，提供這些療法需要與醫院及醫療體系建立強健的合作關係，對時間極為敏感，並要求我們的專家與臨床資源之間進行緊密協調。

This area of service is hyper local, and our teams continue to operate at a very high level and position Option Care Health as the partner of choice. Across our chronic therapies, revenue for the quarter was a slight decline versus last year, reflecting certain industry dynamics that were more challenging than we anticipated.

這項服務高度在地化，我們的團隊持續以非常高的水準運作，並將 Option Care Health 定位為首選合作夥伴。在慢性療法方面，本季營收較去年略為下滑，反映出某些產業動態比我們預期更具挑戰。

Breaking this down across the larger therapeutic categories we serve, we delivered solid growth in our Ig Neuro Portfolio in alignment with our expectations. Across our autoimmune and Chronic Inflammatory Portfolio, which we refer to as CID. We saw a greater reset than anticipated in patient census. Our guidance from earlier this year included a number of assumptions given the multitude of variables impacting shifts in our patient census and therapy mix.

若按我們服務的主要治療類別拆解，我們的 Ig 神經（Ig Neuro）產品組合實現穩健成長，符合我們的預期。在我們的自體免疫與慢性發炎產品組合（我們稱之為 CID）方面，我們看到病患人數（patient census）的重置幅度大於預期。我們今年稍早提供的指引包含若干假設，因為影響病患人數與治療組合變動的變數眾多。

As we discussed on our last earnings call, patient registration activities throughout the first-quarter are a key input in understanding whether results align with our assumptions. We saw a significantly higher volume of patients that had insurance plan, benefit design or formulary management changes, doubling the number of patients requiring benefit reverification and reauthorization versus last year.

如同我們在上次財報電話會議所討論的，第一季期間的病患註冊活動是判斷結果是否符合我們假設的重要輸入。我們看到保險計畫、給付設計或處方集管理發生變更的病患量顯著增加，使得需要重新驗證給付與重新授權的病患數量較去年增加一倍。

This elongated many approval decisions into late March. As we closed out the quarter, therapy transition and patient retention patterned differently than we expected, reducing our patient census more than we anticipated. In addition, the therapy mix of our remaining patient census was less favorable than originally planned.

這使許多核准決策延後至三月下旬。在季度結束之際，治療轉換與病患留存的走勢與我們預期不同，使病患人數下降幅度超出我們的預估。此外，剩餘病患人數的治療組合也不如原先規劃般有利。

As we have previously discussed, given the recurring nature of revenues for patients on chronic therapies, an unfavorable drop in census will take some time to recover. Moving beyond CID, in our other specialty portfolio, we saw slower-than-expected growth of certain therapies. We expanded the breadth of our targeted specialty call points but did not achieve the acceleration we initially expected.

如我們先前所述，鑑於慢性療法病患的營收具有經常性特質，不利的病患人數下滑需要一段時間才能恢復。在 CID 之外，我們在其他專科產品組合中看到部分療法的成長低於預期。我們擴大了目標專科拜訪據點的覆蓋範圍，但未能達到我們最初預期的加速成長。

Across our rare and orphan program portfolio, we were also notified of launch delays or slower ramp for a few of our rare and orphan programs due to regulatory or commercial launch readiness that will impact our growth expectations for later in the year. We remain confident in the strength of our platform to support these clinically complex therapies and the value they will provide despite these delays.

在我們的罕見與孤兒藥計畫產品組合方面，我們也收到通知，部分罕見與孤兒藥計畫因法規或商業上市準備度而出現上市延遲或爬坡較慢的情況，這將影響我們對今年稍晚成長的預期。儘管有這些延遲，我們仍對平台支援這些臨床上高度複雜療法的能力，以及其將帶來的價值充滿信心。

With these forces converging as we exit Q1, we are revising our full year revenue guidance as the industry dynamics are more impactful than anticipated. Meenal will provide additional details in her commentary. In response, we are taking decisive actions to sharpen execution, focus and invest in the most attractive growth opportunities and strengthen our commercial and operational competitiveness.

在第一季結束時上述因素同時匯聚，我們正修訂全年營收指引，因為產業動態的影響程度高於預期。Meenal 將在她的說明中提供更多細節。作為回應，我們正採取果斷行動，以提升執行力與聚焦度，投資於最具吸引力的成長機會，並強化我們的商業與營運競爭力。

We are increasing the strength and size of our commercial team, realigning resources and rebalancing coverage across our top specialty practices and accounts. We continue to focus on operational excellence to further capture therapy level economics and enhance our admission conversion rate while deploying technology designed to ensure a more seamless workflow from referral to start.

我們正在提升並擴大商業團隊的實力與規模，重新調整資源配置，並在我們的主要專科診所與客戶之間重新平衡覆蓋。我們持續聚焦營運卓越，以進一步掌握療法層級的經濟效益並提升收案轉換率，同時部署技術以確保從轉介到開始治療的工作流程更順暢。

And we are refining our go-to-market model to scale efficiently, simplify the provider experience and strengthen our specialty pharmacy offerings for chronic and rare disease. Moving on to our alliances. We continue to foster positive momentum across the relationships with payer and pharma partners. Our relationships with health plans and conveners continue to provide significant value to their members as we partner to rightsize care.

同時，我們也在精進我們的市場進入（go-to-market）模式，以有效率地擴張、簡化醫療提供者的體驗，並強化我們在慢性與罕見疾病方面的專科藥局服務。接著談我們的策略聯盟。我們持續在與支付方與製藥合作夥伴的關係上培養正向動能。我們與健康保險計畫及整合協調方（conveners）的合作關係，持續為其會員帶來顯著價值，因為我們攜手合作以適度調整照護規模。

Our existing site of care initiatives are performing better than expected, and we anticipate this momentum to carry throughout the year. The consistent feedback from the various plan sponsors who have active programs with us is that these initiatives bring real cost savings to the plans and provide increased choice and satisfaction to their members.

我們現有的照護場域（site of care）相關計畫表現優於預期，我們預期這股動能將延續至全年。與我們合作並已啟動計畫的各計畫贊助方（plan sponsors）一致回饋指出，這些計畫能為保險計畫帶來實質的成本節省，並為其會員提供更多選擇與更高滿意度。

Our portfolio breadth of both acute and chronic therapies as well as our ability to provide clinical insights and our quality and cost efficiency make us well aligned with our payer partners to help them lower the total cost of care and reduce waste in the system. We believe our performance positions us well to both capitalize on current programs as well as capture new offerings.

我們在急性與慢性治療領域的廣泛產品組合，以及提供臨床洞察的能力，加上我們在品質與成本效率上的優勢，使我們能與付款方合作夥伴高度契合，協助其降低整體照護成本並減少系統中的浪費。我們相信，我們的表現使我們不僅能把握現有計畫，也能掌握新的服務方案。

Pharma program development also progressed as expected, and we are preparing for new launches later this year. We continue to actively pursue additional opportunities to support pharma partners in commercialization of their new-to-market products, and we believe our unique pharmacy network, nursing excellence and clinical competencies make us a logical choice.

藥廠方案開發亦如預期推進，我們正為今年稍晚的新產品上市做準備。我們持續積極尋求更多機會，支持藥廠夥伴將其新上市產品商業化；我們相信，我們獨特的藥局網路、卓越的護理能力與臨床專業，使我們成為合理的合作首選。

We are also seeing a strong pipeline of infused and injectable drugs to treat clinically complex patients, and we are engaged with pharma manufacturers and innovators who are seeking partners with our capabilities to add to our over 600 therapies already in our portfolio. We believe these opportunities will continue to be an important catalyst to drive our growth.

我們也看到用於治療臨床上高度複雜病患的輸注與注射藥物有強勁的產品管線；我們正與藥品製造商及創新者合作，他們正在尋找具備我們能力的夥伴，以擴充我們現有超過600項治療的產品組合。我們相信，這些機會將持續成為推動我們成長的重要催化劑。

Our ambulatory infusion clinic utilization continues to increase with visits growing 14% year-over-year, driven by commercial and operational collaboration and market access expansion. We are now operating in 28 locations with advanced practitioner capabilities in key markets, and we will continue to drive performance through deeper partnership with local providers.

我們的門診輸注診所使用率持續提升，受商務與營運協作及市場准入擴張帶動，門診就診次數年增14%。我們目前在關鍵市場營運28個據點，並具備進階執業人員（advanced practitioner）能力；我們將持續透過與在地醫療提供者更深度的合作來推動績效。

These trends reinforce our confidence in clinic-based growth as an important complement to our diversified model. And we continue to leverage our entire network of infusion suites, conducting 34% of our nursing visits in one of our suites or clinics during the quarter. We also saw continued traction in our oncology portfolio, a small but growing part of our business.

這些趨勢強化了我們對以診所為基礎的成長作為多元化模式重要補充的信心。我們也持續運用整體輸注治療空間網路，本季有34%的護理到訪是在我們的輸注治療室或診所中進行。我們的腫瘤產品組合亦持續取得進展，雖然目前占比不大，但正逐步成長。

We believe this represents a meaningful opportunity for continued growth as the market dynamics shift and more oncology products move into the infusion clinic and home setting. I want to close by emphasizing that while I am not satisfied with our revenue growth momentum, I do believe our business fundamentals remain intact and solid.

我們相信，隨著市場動態轉變，更多腫瘤產品轉移至輸注診所與居家場景，這將代表一個具意義的持續成長機會。最後我想強調，雖然我對我們的營收成長動能並不滿意，但我確信我們的業務基本面仍然完整且穩健。

We are in an execution-driven organization and are focused on building from this reset through coverage, conversion and enhanced service levels, which we believe will translate into sustainable growth and long-term value creation.

我們是一個以執行為導向的組織，並專注於在此次調整後，透過提升覆蓋、轉換與強化服務水準來重建成長；我們相信這將轉化為可持續的成長與長期價值創造。

And with that, I will turn the call over to Meenal. Meenal?

接下來，我把電話會議交給Meenal。Meenal？

Thanks, John, and good morning, everyone. Our first-quarter revenue was $1.4 billion, up slightly over 1% compared to last year. Our acute revenue growth was in the high single digits and our chronic revenue declined slightly versus last year. Total company revenue growth in the quarter was negatively impacted by approximately 600 basis points due to headwinds within our CID portfolio.

謝謝你，John，各位早安。我們第一季營收為14億美元，較去年小幅成長超過1%。我們的急性業務營收成長為高個位數百分比，而慢性業務營收較去年略為下滑。本季公司整體營收成長受到CID產品組合逆風影響，約拖累600個基點。

As a reminder, our CID portfolio incorporates a number of different therapies, and we still expect the Stelara and related biosimilar subsets of these therapies to represent less than 1% of 2026 company net revenue and gross profit. Gross profit dollars also declined slightly over last year due to the decline in chronic revenue.

提醒一下，我們的CID產品組合涵蓋多種不同療法；我們仍預期，Stelara及其相關生物相似藥（biosimilar）子集合計在2026年公司淨營收與毛利中占比將低於1%。由於慢性業務營收下滑，毛利金額也較去年略為下降。

We had previously estimated that the gross profit dollar headwind related to the CID portfolio would be $25 million to $35 million. With clarity of those CID portfolio resets, we now estimate an approximately $55 million gross profit headwind for the year, which includes the additional patient loss John spoke about earlier.

我們先前估計，與CID產品組合相關的毛利金額逆風將為2,500萬至3,500萬美元。隨著CID產品組合調整的情況更為明朗，我們目前估計全年毛利逆風約為5,500萬美元，其中包含John先前提到的額外病患流失。

SG&A grew 4%, reflecting the wraparound of investments made in 2025, along with ongoing investments in commercial resources to support future growth. Adjusted EBITDA of $105 million was down 6% over prior year, but in line with our expectations as the acute performance and execution on our strategic initiatives offset the dynamics in the chronic portfolio.

SG&A成長4%，反映2025年投資的全年化影響，以及持續投入商務資源以支持未來成長。調整後EBITDA為1.05億美元，較去年下降6%，但符合我們的預期，因急性業務表現及策略計畫的執行抵銷了慢性產品組合的動態影響。

Adjusted EPS of $0.40 was flat with prior year with an uplift of $0.02 from the year-over-year benefit of share repurchases. Operating cash flow for the quarter was a usage of $12 million, in line with our seasonal expectations. first-quarter is typically the lowest quarter in the year due to seasonal patterns and incentive compensation payments.

調整後EPS為0.40美元，與去年持平，其中有0.02美元的提升來自股份回購帶來的年對年效益。本季營運現金流為淨流出1,200萬美元，符合我們對季節性的預期。第一季通常是全年最低的季度，原因在於季節性型態以及獎酬性薪酬的支付。

We saw measurable improvement from our early inventory management initiatives in the quarter, including better supply and demand alignment. We expect to see additional benefits from our working capital initiatives as the year progresses. And we ended the quarter at a net debt to leverage ratio of 2.2 times. During the quarter, we also expanded our revolving credit facility to enhance financial flexibility from $400 million to $850 million.

本季我們的早期庫存管理措施帶來可衡量的改善，包括更佳的供需匹配。我們預期，隨著年度推進，營運資金措施將帶來更多效益。季度末，我們的淨負債對槓桿比率為2.2倍。本季我們也擴大循環信用額度，以提升財務彈性，從4億美元提高至8.5億美元。

This increased capacity better aligns our capital structure to our capital allocation strategy. As a reminder, our capital allocation priorities start with organic investments to drive revenue growth, capacity and optimization of our cost structure. Acquisitions are next, focusing on adjacencies and tuck-ins that align with the breadth of our portfolio.

此次額度提升使我們的資本結構與資本配置策略更為一致。提醒一下，我們的資本配置優先順序首先是有機投資，以推動營收成長、產能提升以及成本結構最佳化。其次是併購，聚焦於與我們產品組合廣度相符的相鄰領域與補強型收購（tuck-ins）。

And our final priority is periodic share buybacks. In the first-quarter, we repurchased over $17 million of our shares. Moving on to our full year forecast. We are adjusting our full year net revenue guidance to a range of $5.675 billion to $5.775 billion. This represents just over 1% growth versus prior year at the midpoint. This incorporates a negative 600 basis point revenue growth headwind higher than the 400-basis point headwind we had previously estimated due to the lower CID patient retention and therapy mix noted earlier.

最後一項優先事項是定期進行股份回購。在第一季，我們回購了超過1,700萬美元的公司股票。接著談全年展望。我們將全年淨營收指引調整至56.75億至57.75億美元。以中位數計算，較去年成長略高於1%。此指引納入了營收成長約600個基點的負面逆風，高於我們先前估計的400個基點，原因在於前述CID病患留存率較低及療法組合變化。

We are maintaining our full year EBITDA and adjusted EPS ranges with our February guidance with projected EBITDA of $480 million to $505 million and adjusted EPS range of $1.82 to $1.92. That corresponds to growth at the midpoint of 5% and 9%, respectively. Our EBITDA guidance range incorporates the forecasted $55 million CID portfolio headwind noted earlier.

我們維持2月所提供的全年EBITDA與調整後EPS區間不變，預估EBITDA為4.8億至5.05億美元，調整後EPS為1.82至1.92美元。以中位數計算，分別對應5%與9%的成長。我們的EBITDA指引區間已納入前述預估的5,500萬美元CID產品組合逆風。

We expect that to be realized evenly through the year. Our EBITDA guidance also reflects reductions in variable operating costs, including variable incentive compensation and other cost management actions. We now expect SG&A growth to remain at or slightly below gross profit growth for the full year 2026. Additionally, for the year, we're maintaining our estimates of net interest expense to be in the range of $50 million to $55 million and a full year tax rate in the range of 26% to 28%.

我們預期該影響將在全年平均反映。我們的EBITDA指引亦反映可變營運成本的降低，包括可變獎酬性薪酬及其他成本管理措施。我們目前預期，2026全年SG&A成長將維持在等同或略低於毛利成長。此外，全年我們維持淨利息費用估計為5,000萬至5,500萬美元，全年稅率估計為26%至28%。

We are adjusting our operating cash flow target to at least $320 million, which incorporates the lower revenue and cash-based EBITDA reduction. I also wanted to provide some color on the second-quarter for modeling purposes. The following assumptions are on a sequential basis, reflecting second-quarter growth over the first-quarter of 2026.

我們將營運現金流目標調整為至少3.2億美元，已納入較低的營收以及以現金為基礎的EBITDA下修。我也想就第二季提供一些建模用的補充說明。以下假設皆以序列（sequential）基礎計算，反映2026年第二季相較第一季的成長。

We expect second-quarter sequential revenue growth in the mid-single digits with EBITDA sequential growth in the high single digits. We anticipate seasonality to be consistent with prior years with sequential growth over the course of the year.

我們預期第二季營收序列成長為中個位數百分比，EBITDA序列成長為高個位數百分比。我們預期季節性將與往年一致，全年將呈現逐季成長。

And with that, I'll turn it over to the operator to open up for questions. Operator?

那麼，接下來我把時間交給接線員，開放提問。接線員？

(Operator Instructions) Lisa Gill, JPMorgan.

(接線員指示) Lisa Gill，摩根大通。

Just two things I just want to try to understand a little bit better. I understand looking at the IQVIA data, what happened with Stelara in the quarter. But can you help me to understand the increase in the headwind versus the initial on the gross profit side? I understand the revenue side, but help me to understand that. And then just secondly, I just wanted to follow up on the benefit reverification that you talked about as far as timing goes and what you saw in the quarter?

我有兩點想更深入了解一下。我理解從 IQVIA 的數據來看，本季 Stelara 發生了什麼。但你們能否協助我理解，相較於最初預期，毛利端的不利因素（headwind）為何會增加？營收端我理解，但請幫我理解毛利端的部分。第二點，我想追問你們提到的福利重新驗證（benefit reverification），就時程而言以及你們在本季看到的情況是什麼？

Is that commercial? Is that some of the changes that we've had, whether it's the ACA or something else? Just want to understand what's happening there and how we'll see that come back around as we go through the other quarters.

那是商業保險（commercial）嗎？是我們所面臨的一些變動的一部分嗎，不論是 ACA 或其他因素？我只是想了解那裡發生了什麼，以及當我們進入接下來幾個季度時，會如何看到它回復。

Yes, Lisa, it's John. I'll start with your second question first, and then I'll turn it to Meenal to talk about the product profit drivers and the headwinds from that perspective. So as we went through the quarter, we called out, and I think everyone is aware that the first-quarter is a really important quarter as you go through the process of turning the calendar and all of the things associated with benefit reverification and authorizations and those types of things.

是的，Lisa，我是 John。我先回答你的第二個問題，然後再請 Meenal 從產品獲利驅動因素與不利因素的角度來說明。所以在本季進行的過程中，我們已指出——我想大家也都知道——第一季在跨年度的過程中非常關鍵，因為會涉及福利重新驗證、授權（authorizations）以及這類事項。

As we had called out in the prepared remarks, we saw a significant increase in the patients that we had on service that either had a switch in health plans, had a benefit design or a formulary change that increased the amount of work we had to do to qualify them and to move them on to service as we went into the new year. And this doubled the amount of patients that were impacted on that.

如同我們在事先準備的發言中提到的，我們看到正在接受服務的病患中，有相當顯著的增加：他們不是更換了健康保險計畫，就是福利設計或處方集（formulary）有所變更，導致我們需要做更多工作來讓他們符合資格，並在新年度開始時讓他們回到服務中。而受影響的病患數量因此增加到原來的兩倍。

We also saw that the payers increased some of the standards that they had set to qualify patients for the enhanced clinical services that were provided and also that influenced some of the product selection that the formulary management moved forward. This elongated that process over the quarter. And many of those determinations and decisions really weren't made until the March time frame as we went through the process and really worked through that bolus of activity.

我們也看到保險支付方提高了其設定的部分標準，用以判定病患是否符合接受加強型臨床服務的資格；同時，這也影響了處方集管理（formulary management）推進的部分產品選擇。這使得整個流程在本季被拉長。而其中許多核定與決策，直到 3 月左右我們在處理並消化那一波大量作業時，才真正做出。

And as we exited the quarter, we saw not only that changes in the portfolio and the census due to the switch out of Stelara, but also the mix of products we had talked about not all biosimilars have the same economic value to us on that as well as not all of the products, and there's about 40 different products in what we categorize as the chronic inflammatory disease have the same profit dynamics.

在我們結束本季時，我們不僅看到因 Stelara 轉出而造成的產品組合與在冊人數（census）變化，也看到我們先前談到的產品組合效應：並非所有生物相似藥對我們而言都有相同的經濟價值；同樣地，在我們歸類為慢性發炎性疾病（chronic inflammatory disease）的約 40 種不同產品中，也不是每一種都有相同的獲利動態。

So as we looked at the -- as we rolled through the end of the quarter and looked where we were exiting, we saw that this was different than how we had originally modeled and planned for it due to these different factors through that process. And so starting with that lower census and then carrying that through the rest of the year is really what is driving a big portion of where the revenue reset is, knowing that it's going to take time for us to fill, knowing that you lose that annuity of a patient that is on census for a chronic condition and carry that forward.

因此，當我們在季末一路檢視到退出本季時的狀況，我們發現由於流程中的這些不同因素，結果與我們原先建模與規劃的情況不同。所以，從較低的在冊人數起步並延續到全年其餘時間，正是營收重新調整（revenue reset）很大一部分的驅動因素；因為我們知道需要時間才能補回，也知道慢性病患一旦在冊就像年金（annuity）般帶來持續性，而一旦流失就會把這個影響帶往後續期間。

So that's what we saw, and it was really pushed towards the back half of the quarter as that increase in volume and the increase of activities associated with all of the changes given this year and the dynamics in Medicare Advantage plans, the IRA implications and the biosimilar switch in a formulary management perspective.

這就是我們所看到的情況，而且主要被推遲到本季後半段才顯現，原因在於今年各項變動帶來的量能增加，以及與這些變動相關的作業活動增加——包括 Medicare Advantage 計畫的動態、IRA 的影響，以及從處方集管理角度的生物相似藥轉換。

And then, Lisa, it's Meenal. So your first question was about the GP headwind and the increase to the $55 million. So just going back a couple -- a few months here, we had originally, as we put forward our assumptions for our full year guide back in January, we had assumed that, that headwind would be $25 million to $35 million, somewhere in the middle there, really with a focus around Stelara, the Stelara IRA and then the biosimilar conversion.

另外，Lisa，我是 Meenal。你的第一個問題是關於毛利（GP）不利因素，以及其增加到 5,500 萬美元的原因。回到幾個——幾個月前，我們在 1 月提出全年指引假設時，原先假設該不利因素會是 2,500 萬到 3,500 萬美元，大約落在中間，主要聚焦在 Stelara、Stelara 的 IRA 影響，以及生物相似藥的轉換。

As John just mentioned, as we've gone through the quarter, through the first-quarter, what we found was there were some significant changes versus what our assumptions were, one, in the patient census itself. but then also therapy mix. So this $55 million now represents. The bigger part of that change is really related to the change in the patient census, where we had assumed a number of Stelara patients converting to some other therapy as part of our portfolio, and that didn't happen. So the loss of that patient is what that is.

如 John 剛才提到的，當我們走過第一季後發現，實際情況相較於我們的假設有一些顯著變化：第一是在冊病患數（patient census）本身；第二是治療組合（therapy mix）。因此，現在的 5,500 萬美元代表——其中變動較大的部分，主要與在冊病患數的變化有關：我們原先假設有一定數量的 Stelara 病患會轉換到我們產品組合中的其他療法，但這並沒有發生。因此，流失該病患所造成的影響，就是這一部分。

And then secondly, with the patients we did retain on census, we saw a slightly unfavorable mix when all is said and done given the multiple therapies out there. I'm sure that one of the next questions will be how do you feel about the $55 million over the course of the year, given the fact that we have this reset in the first-quarter, and we -- it's going to take us a while to build up the census, but we're assuming this particular headwind will pattern out evenly through the rest of the year through the rest of 2026.

第二，對於我們確實留在在冊中的病患，綜合多種療法的情況後，我們看到治療組合略為不利。我相信接下來其中一個問題會是：鑑於第一季出現這次重新調整，而我們需要一段時間才能把在冊人數建立回來，你們對於全年 5,500 萬美元的看法如何；我們的假設是，這項特定的不利因素在 2026 年剩餘期間會以相對平均的方式分布。

And the only thing I would add to that, Lisa, is we now have clarity around how we are -- how the portfolio evolved and how the patient census moved forward. We believe that we have gone through the process of the reverification and reauthorization with the patients as you do at the beginning of the year. And the first-quarter is really that driving force to give us that clarity and now confidence that we will build sequentially moving forward.

Lisa，我唯一想補充的是：我們現在對於產品組合如何演變、以及在冊病患數如何推進，已經有更清楚的掌握。我們相信，我們已完成年初對病患進行的重新驗證與重新授權（reverification and reauthorization）流程。而第一季正是驅動我們取得這種清晰度、並讓我們更有信心未來能逐季回升的關鍵力量。

Pito Chickering, Deutsche Bank.

Pito Chickering，德意志銀行。

On the guidance, you talked about 2Q EBITDA up high single digits. So that's $112 million, $114 million range, which implies a very large ramp-up into the back half of the year. Can you bridge us, one, how we get to the 2Q EBITDA growth of high single digits? And then two, I think just solving into the back half of the year ramp, I'm looking at teens sequential growth in 3Q and 4Q and how we accelerate from, I guess, from 2Q.

關於指引，你提到第二季 EBITDA 會是高個位數成長。也就是大約 1.12 億到 1.14 億美元區間，這意味著下半年會有非常大幅的爬升。你能否幫我們拆解一下：第一，我們如何達到第二季 EBITDA 高個位數成長？第二，如果把下半年的爬升反推回來，我看到第三季與第四季的環比成長大概是十幾個百分點，以及我們如何從第二季開始加速。

So basically, how can you bridge us from 1Q to 2Q growth? And then can you bridge us from the large back half of the year ramp?

也就是說，你能否先幫我們把第一季到第二季的成長做個橋接（bridge）？然後也請幫我們橋接一下下半年大幅爬升的來源？

It's John. Let me start. As I said in my prepared remarks, it was a mixed result, but there were positive aspects of the business. And again, we remain -- we believe that the fundamentals remain intact. When you look at the progress that we've made and really the strength of the results in our acute therapies, which tend to have higher gross profit as well as really good dynamics for us on that.

我是 John。我先開始。如我在事先準備的發言中所說，結果是好壞參半，但業務也有正面面向。而且我們仍然——我們相信基本面仍然完好。當你看我們所取得的進展，尤其是急性療法（acute therapies）結果的強勁表現——這些通常具有較高的毛利，對我們而言也有非常好的動態。

You look at the growth that we saw that was continue to move forward in our IG Neuro portfolio. You look at how we have been partnering with payers on site of care initiatives and that moving better than we had expected, the continued work with our pharma partners and the programs and the pipeline that remains, and we're going to continue to move that forward.

你再看我們在 IG Neuro 產品組合中持續推進的成長。你看我們如何與保險支付方在照護場域（site of care）倡議上合作，而其進展優於我們預期；以及我們與藥廠合作夥伴的持續工作、相關計畫與仍在的產品管線（pipeline），我們也會持續推動。

As well as what we're seeing in the infusion clinic, there is a lot of areas that continue to make really solid progress and continue to drive that growth, which is why you saw the adjusted EBITDA strength that we had in the first-quarter, even though we were going through this reset. So I do want to emphasize that there are really positive things happening in the business and the foundation, and we're going to continue to focus our energy and effort on driving the growth, not only in those areas where we're having success, but then shoring up in these areas where we know we have to accelerate, reaccelerate our growth through that process.

除了我們在輸注診所看到的情況之外，還有許多領域持續取得非常扎實的進展，並持續推動成長；這也是為什麼即使我們正在經歷這次重置，你仍在第一季看到我們調整後 EBITDA 的強勁表現。因此我確實想強調，業務與基礎面上正在發生非常正面的事情；我們將持續把精力與努力放在推動成長上，不僅是在我們已經取得成功的領域，也會在我們知道必須加速、重新加速成長的領域加以補強，透過這個過程來達成。

Sure. And Pito, it's Meenal. I'll add just a few other comments to what John mentioned. Specifically, we wanted to give -- wanted to offer just some ramping thoughts, which is why we provided the second-quarter guidance. As I mentioned in some of my prepared remarks, there's work that we have been doing around some cost reductions.

好的。Pito，我是 Meenal。我再補充幾點 John 提到的內容。具體來說，我們想提供——想分享一些爬坡（ramping）的看法，這也是我們提供第二季指引的原因。如同我在部分事先準備的發言中提到的，我們一直在進行一些成本削減相關的工作。

And so that's some of the carry that goes forward as well as naturally, we, of course, have some variable costs also that are aligned to revenue. So we're doing a little more scrubbing there with some cost down. But importantly, I also want to reiterate what John said, we've got large parts of our business that are doing very, very well, like on the acute side of the house, on the IG neuro side of house within our chronic portfolio.

因此，這些也會有一部分延續到後續期間；當然，我們也有一些與營收連動的變動成本。所以我們也在那部分做更進一步的檢視，推動一些降本。但更重要的是，我也想重申 John 所說的，我們業務中有很大一部分表現非常、非常好，例如急性端（acute）業務，以及我們慢性產品組合中 IG 神經（IG neuro）這一塊。

So we expect to drive some growth through there, which will also help us from an EBITDA perspective as well as gross profit dollars that we're working on also. On your question on the back half of the year, I'll take a step back and also say, look, we have a normal seasonal pattern on top of everything else, which is in any normal year, we tend to see sequential growth starting from the first-quarter, which we've always said is our lowest point up to the fourth quarter, which tends to be our busiest quarter of the year.

因此我們預期會在那裡帶動一些成長，這也會在 EBITDA 以及我們同樣在努力提升的毛利金額（gross profit dollars）方面提供幫助。關於你問到下半年，我先退一步說明：除了其他因素之外，我們還有正常的季節性型態；在任何正常年度，我們通常會從第一季開始看到逐季成長——我們一直說第一季是低點——一路到第四季，而第四季通常是全年最忙的一季。

So there is a natural lift that we have. And then also, John talked about, look, it's going to take us some time to rebuild that census loss that we have. Our expectation is that rebuild starts now, right? We're working on the rebuild starting in the second-quarter, a number of actions that we're taking going forward to move that. So we would expect to get some continued tailwind from our efforts with all the investments that we're making in our commercial resources as well to really drive some additional growth on a sequential basis, Q3 and Q4.

所以我們本來就會有一個自然的拉升。另外，John 也提到，重建我們所流失的人數（census）需要一些時間。我們的預期是重建現在就開始，對吧？我們從第二季開始著手重建，並採取多項後續行動來推動。因此，我們預期在我們所做的一切努力之下——包括對商務資源的各項投資——會帶來一些持續的順風，真正推動第三季與第四季逐季的額外成長。

David MacDonald, Truist.

David MacDonald，Truist。

John, just a quick question. You talked about conversion and that being a little bit lower which I just want to make sure I'm interpreting this right, suggests to me that on the front end, you guys weren't able to kind of muscle through some of the administrative workload just given the heavier design changes and things like that. A, is that correct?

John，我有個簡短問題。你談到轉換率（conversion）稍微偏低；我想確認我是否解讀正確：這讓我覺得在前端，你們因為設計變更更重、以及諸如此類的因素，導致行政工作量增加，所以沒能把流程「硬推」過去。A，這樣理解對嗎？

And then B, in terms of fixing that, is it a matter of kind of adding more resources on the front end? And was it just competitors were processing these folks a little bit more quickly than you guys and you were losing a little bit of share? Just a little bit more detail there would be helpful.

然後 B，就修正這件事而言，是不是在前端增加更多資源就可以？另外是否只是競爭對手處理這些病患的速度比你們快一些，導致你們流失了一點市占？如果能再多一些細節會很有幫助。

Yes, Dave, thanks for the question. What we saw is that elongated process was really part of the -- just the reverification process. I would say, yes, it passed the team, but we're prepared for that. I don't want to make it that it was -- we were not processing them through. What we found was there are some PBMs that have preferred biosimilars.

是的，Dave，謝謝你的問題。我們看到流程拉長，主要是——就是再驗證（reverification）流程的一部分。我會說，是的，這確實讓團隊承受壓力，但我們有做準備。我不想把它說成——我們沒有把他們處理完。我們發現有一些 PBM 有偏好的生物相似藥（biosimilars）。

And so we expect that we lost some of the patients to some of the competitors through that process. The economics are not the same on all of the biosimilars for us. So there are some that just didn't make sense for us to take if that was the preferred route of therapy. And then as I said in my comments, there were higher standards. If you remember, a lot of our patients required additional or enhanced clinical services that wrapped around that.

因此我們預期在這個過程中，有一些病患流向了競爭對手。對我們而言，不同生物相似藥的經濟性並不相同。所以有些情況下，如果偏好的治療路徑是那一種，對我們來說就不太合理去承接。另外如我在評論中提到的，標準也變得更高。如果你記得，我們很多病患需要額外或加強的臨床服務來配套。

And therefore, there were some denials and other aspects where patients no longer qualify based on those higher standards. And so they moved to other forms of administration, whether it's self administration with the products that within that. So that's where we really looked at it. Yes, we're always looking at making certain we have the right staff in place and that we're being responsive as possible in that it took longer this time around given all of the different things associated with it.

因此，出現了一些拒絕（denials）以及其他情況，使得病患在更高標準下不再符合資格。所以他們轉向其他給藥方式，不論是使用其中產品進行自我給藥（self administration）等。這就是我們主要的觀察。是的，我們一直在檢視並確保人力配置正確，並盡可能快速回應；只是這次因為相關的各種因素，確實花了更久的時間。

But I think as we're moving forward and we've gotten through the bolus of activity, I don't see that as being anything that would be -- would hold us back for getting back on and reaccelerating our growth as we're looking to bring on new referrals and new patients into Option Care Health service lines.

但我認為，隨著我們往前推進、也已經度過那一波大量的作業，我不認為這會——會阻礙我們回到正軌並重新加速成長；我們正著眼於引入新的轉介與新病患，進入 Option Care Health 的各條服務線。

And Dave, I just wanted to add one other point to John's is what we were trying to emphasize when we talked about really double the number of patient authorizations and reverifications that we needed to work through, it just took a bit longer, not because of necessarily just us and our resources, but also the multitude of back and forth that had to happen, and it really went into late March this year, which is longer than the typical cycle that we see given a lot of the market dynamics going on with plan changes, I'd say, a lot more dialogue around the verification and prior authorization work.

Dave，我也想在 John 的說法上再補充一點：我們想強調的是，當我們提到需要處理的病患授權與再驗證數量幾乎翻倍時，之所以花更久，不一定只是因為我們或我們的資源，而是因為必須進行大量來回往返的溝通；而且今年一直延續到三月下旬，時間比我們通常看到的週期更長，主要是因為許多市場動態——例如方案（plan）變更——我會說，在驗證與事前授權（prior authorization）工作上有更多對話往來。

Brian Tanquilut, Jefferies.

Brian Tanquilut，Jefferies。

Maybe just to double-click on this, right? I mean these patients need to go somewhere is my guess. I mean they obviously still need the drug. So just curious, like, I mean, back to David's question, how confident are we? I mean, it seems like this is a market share loss situation on one hand. And also curious like your visibility into this given that you did your earnings call in March, and it feels like it's the first time we're hearing about it. So just curious like how can you impart confidence in the investor base to believe that this is an issue that will improve quickly and to have visibility into guidance for the year?

也許再深入追問一下，對吧？我的猜測是，這些病患總得去某個地方。他們顯然仍然需要這個藥。所以我想問的是，回到 David 的問題，我們有多大把握？我的意思是，從某個角度看，這似乎是市占流失的情況。另外也想了解，你們對此的能見度如何；因為你們三月做財報電話會議時，感覺這是我們第一次聽到。所以想問，你們要如何讓投資人有信心，相信這個問題會很快改善，並且對全年指引有足夠能見度？

Yes, Brian. So as we called out, the first-quarter is the busiest quarter for all of the work associated with the benefit reverification and authorization process. And as we exit the quarter, we have gone through the entire patient census as part of that activity associated with it. So to your -- I guess, your question, but again, we reaffirm, yes, we lost those patients to other service providers.

是的，Brian。如同我們指出的，第一季是與福利再驗證與授權流程相關所有工作最繁忙的一季。而在季度結束時，作為這項活動的一部分，我們已經把整個病患人數（patient census）都走過一遍。所以針對你的——我想是你的問題，但再次重申，是的，我們確實在那段期間把那些病患流失給其他服務提供者。

So it was retention loss and those patients went somewhere. As we have talked about before, there is a portion of this where there is self-administration as part of the therapy plan moving forward. And so some of those patients potentially converted over to self-administration. We can continue to try to support them through our specialty pharmacy capability set.

所以這是留存流失，而那些病患去了別的地方。如同我們先前談過的，其中有一部分是作為後續治療計畫的一環而改為自我給藥。因此，部分病患可能轉換為自我給藥。我們可以持續透過我們的專科藥局能力組合來嘗試支援他們。

But there's also opportunities where it just didn't make economic sense for us to hold on to those patients given some of the dynamics with different biosimilars and others through that process. So we expect that they did go somewhere else and they're not on census with us. But we believe we are through the work that's necessary in that first-quarter to get through the entire patient census and understand where that is. And now this is the base that we believe is where we're building on as we move forward.

但也有一些情況是，考量到不同生物相似藥與其他因素在該流程中的一些動態變化，對我們而言繼續留住那些病患在經濟上並不划算。因此我們預期他們確實去了別處，且不再納入我們的在冊病患數。但我們相信，透過第一季所需的工作，我們已完成對全部在冊病患的盤點並了解其去向。而現在，我們認為這就是我們往前推進、持續建立的基礎。

To your comment, when we had the earnings call and as we've called out, a vast number of the patients that we had on service had not gone through that process. If you look at the therapies, many of the patients aren't receiving care for 8 to 12 weeks is their cycle. So many of them had not even gone through the process of their next dose by the time we had and we laid the earnings call.

回應你的評論，當我們進行財報電話會議且如我們所指出的，我們當時服務中的大量病患尚未走完那個流程。如果看治療週期，許多病患的照護週期是每 8 到 12 週一次。因此在我們召開並進行財報電話會議時，很多人甚至還沒走到下一次給藥的流程。

So there was still a lot of unknown. We tried to call out that the first-quarter was going to be something that we were monitoring closely. But at that point in time, we didn't have enough evidence to know where the patient census was going to land. And so that's where, again, as we now have this clarity, as we're exiting the first-quarter, we are bringing forward kind of our new view that is different than the modeling that we've done as we entered into the year.

所以仍有很多未知數。我們嘗試指出第一季將是我們會密切監控的期間。但在當時，我們沒有足夠證據知道在冊病患數最終會落在哪裡。因此，正如我再次強調的，現在當我們在第一季結束之際已更清楚，我們提出一個新的觀點，與我們在年初進入年度時所做的模型推估不同。

And Brian, I just wanted to take a step back and maybe just add some comments. This was a really unique situation across Stelara and one that is -- we expect at this point, this is onetime and it's done, and this gives us clarity going forward. But when we've been -- I know talking about this for a while, with the IRA backdrop, which really drove some significant shifts that we see now in the first-quarter around categories and a lot of different category economics going on.

Brian，我想先退一步，補充一些評論。這是在 Stelara 上非常獨特的情況；我們目前預期這是一次性的、已經結束，並讓我們對未來有更清楚的掌握。但當我們一直在——我知道——談論這件事一段時間時，在 IRA 的背景之下，確實驅動了我們現在在第一季看到的類別面顯著轉移，以及許多不同的類別經濟性變化。

Separately, there were a lot of market shifts that also occurred, right, significant changes in Medicare Advantage plans and memberships and enrollments and transfers. And actually, a large portion of our patient census -- Stelara patient census were skewed towards MA plans as well. So that added to the complexity of this, along with this particular transition also included a large number of biosimilars and other brands. So I would call this a pretty unusual, pretty unique set of circumstances.

另外，市場也發生了許多變化，對吧？Medicare Advantage（MA）計畫在方案與會員數、投保與轉移方面都有重大變動。而且我們的在冊病患中——Stelara 的在冊病患——有很大一部分也偏向 MA 計畫。因此，這增加了複雜度；再加上這次特定的轉換也包含大量生物相似藥與其他品牌。所以我會說這是一組相當不尋常、相當獨特的情況。

We believe at this point that we've had the reset. We have a patient census now we have clarity. And from here, we're going to move forward with the -- starting with the second-quarter sequential growth that I talked about earlier.

我們相信到目前為止已完成重置。我們現在對在冊病患數已有清楚掌握。接下來，我們將往前推進——從我先前提到的第二季逐季成長開始。

Joanna Gajuk, Bank of America.

Joanna Gajuk，美國銀行。

So a couple of follow-ups. Just to confirm, when you're talking about the therapy mix changes and lower patient census, are we still talking about Stelara and therapies sort of in that category? Or are we talking about the sort of impacting some other therapies like ENTYVIO, I guess, which is also big for you?

我有幾個追問。想確認一下，當你們談到治療組合變化與較低的在冊病患數時，我們仍是在談 Stelara 以及該類別中的治療嗎？還是說也影響到其他一些治療，例如 ENTYVIO（我想這對你們也很重要）？

Yes. I mean it's primarily around the shift of the Stelara patient census. Again, as we had outlined, the full chronic inflammatory disease, therapeutic set was in alignment with that. But the vast amount of this is the reset of those Stelara patients as they have transitioned to other products moving forward.

是的。我的意思是，主要是圍繞 Stelara 在冊病患數的轉移。再次強調，如我們所概述，整個慢性發炎性疾病（CID）的治療組合與此是一致的。但其中絕大部分是這些 Stelara 病患在轉換到其他產品後所帶來的重置。

Yes. I think, Joanna, you could think about it this way, right? We had a census of ex Stelara patients, there were multiple different therapy choices that those Stelara patients had, which were when we refer to the CID portfolio, there are a number of different therapies, some of which you mentioned that those patients could go to as well as some other biosimilars as well as potentially staying on Stelara.

是的。Joanna，我想你可以這樣理解，對吧？我們有一個（前）Stelara 病患的在冊數；這些 Stelara 病患有多種不同的治療選擇。當我們提到 CID 產品組合時，裡面有多種不同療法，其中一些就像你提到的，病患也可能轉去使用；此外也可能轉向一些其他生物相似藥，或是可能繼續使用 Stelara。

So that's how we think about it is Stelara patients with a lot of different choices as they were working with their providers and their particular insurance plans.

所以我們的看法是：Stelara 病患在與其醫療提供者以及各自的保險方案合作時，面臨許多不同選擇。

And if I may, a clarification. So I appreciate the answer around the ramp-up you expect. And it sounds like there's some cost savings that allowed you to keep your EBITDA guidance the same even until now this headwind is $20 million or so higher than previously assumed. So is that really the $20 million is the cost savings? Or can you help us kind of break down that offset, that number into buckets?

另外我想釐清一下。我理解你們對預期爬坡的回答。聽起來有一些成本節省，使你們即使在目前這個逆風比先前假設高出約 2,000 萬美元的情況下，仍能維持 EBITDA 指引不變。所以這 2,000 萬美元真的就是成本節省嗎？或者你能否協助我們把這個抵銷拆解成幾個項目（bucket）？

Sure. So I think just for reference, what you're referring to is, back in January we talked about a gross profit headwind of approximately $25 million to $35 million relating to Stelara and the biosimilar conversion. Based on where we are today, we estimate that headwind to be $55 million. And again, in large part because of the patient census and the loss of the patient census and a little bit on the therapy mix.

當然。我想先作為參考，你所指的是：在 1 月時我們談到，與 Stelara 及生物相似藥轉換相關的毛利逆風約為 2,500 萬到 3,500 萬美元。以我們今天的狀況來看，我們估計該逆風為 5,500 萬美元。而且再次強調，主要原因是病患在冊數以及在冊數的流失，另外也有一點來自治療組合。

For us, as we took a step back and looked at this, I don't want us to forget that we had really good momentum across other parts of the business. So when we take a look at the acute side of the business, which was growing in the high single digits, very solid growth across our IG neuro portfolio as well. So part one, to answer your question is we really want to maximize the momentum across areas of the business to really drive some additional gross profit, and we've been successful doing that. I think that's part of it.

就我們而言，當我們退一步檢視這件事時，我不希望大家忘了我們在業務其他部分其實有很好的動能。因此當我們看急性端業務（acute side），其成長在高個位數；我們的 IG 神經（neuro）產品組合也有非常穩健的成長。所以第一點，回答你的問題：我們確實希望把業務各領域的動能最大化，以帶動額外毛利，而我們也成功做到了。我認為這是其中一部分。

Clearly, we are going to have to take a look at cost. We've already been doing that. We've already taken some actions this year, and there's some other things that we will do. That's also net of reinvesting into the business with the additional commercial resources that John spoke about. So we're continuing to do that. And then invariably, we have some -- as we've reduced our revenue guidance.

很明顯地，我們必須檢視成本。我們已經在做了。我們今年已採取一些行動，接下來也還會做其他事情。這也已扣除我們再投資於業務的部分，包括 John 提到的額外商業資源。所以我們會持續這麼做。然後不可避免地，隨著我們下調營收指引，我們也會有一些——

We have some variable costs now that we're going to scrub through and as we reduce some additional variable costs, including, frankly, some incentive compensation that will be reduced. The combination of all that is why we felt comfortable maintaining both our EBITDA and our earnings per share EPS guide.

我們現在有一些變動成本會再仔細檢視；隨著我們進一步降低部分變動成本，包括坦白說，一些激勵性薪酬也會下降。上述各項的組合，就是我們為何有信心維持 EBITDA 與每股盈餘（EPS）指引不變。

Constantine Davides, Citizens.

Constantine Davides，Citizens。

Just a couple of quick ones. Maybe a follow-up on guidance. Can you just talk about maybe some of the assumptions, low end versus high end? Is that purely a function of kind of the revenue brackets you provided? And where is your conviction? Or what would have to happen to get to the higher end of your EBITDA outlook?

我這邊只有幾個簡短的問題。可能先追問一下指引。你們能否談談一些假設，低端相較於高端？這是否純粹取決於你們提供的營收區間？以及你們的把握度在哪裡？或者要達到你們 EBITDA 展望的高端，需要發生什麼情況？

And then second, John, you kind of called out the acute performance still pretty strong in the first-quarter. What are you seeing now that you've kind of lapped that competitor withdrawal? And what's your expectation for growth here as you're seeing it in the second-quarter?

第二個問題，John，你提到第一季急性業務的表現仍然相當強勁。在你們已經度過那家競爭對手退出的比較基期之後，現在你們看到的是什麼？而你們對第二季這塊業務的成長預期為何？

Yes, Constantine, it's John, I'll start and then I'll let Meenal reply to really the first part of your question. On the acute, again, the team continues to perform extremely well. As you called out, I mean, we've lapped some of the competitive closure and continue to see strength in the growth of that business. We believe there still is opportunity.

是的，Constantine，我是 John，我先回答，然後我會讓 Meenal 回覆你問題的第一部分。關於急性業務，再次強調，團隊持續表現得非常出色。如你所說，我們已經度過部分競爭性關閉的比較基期，並持續看到該業務成長的強勁動能。我們相信仍然有機會。

We are deepening our partnerships with health plans or with health systems and hospitals in those local markets. We know this business is one that requires to be very local and very responsive in helping to transition those patients on to care. The investments that we've made into our people, our process, our technology allows us to do that.

我們正在深化與健康保險計畫、或在當地市場的醫療體系與醫院之合作夥伴關係。我們知道這項業務需要非常在地化，並且在協助病患銜接到後續照護時要非常即時回應。我們在人員、流程與科技上的投資，使我們能做到這一點。

Our nursing network is a strength of this enterprise and one that we will continue to rely on as we move forward. So we are extremely confident that we can continue to grow and be that partner of choice given the investments we've made, but also given the way that the team is executing and performing and deepening those relationships.

我們的護理網絡是本企業的一項優勢，我們在未來也會持續仰賴它。因此，我們對於能持續成長並成為首選合作夥伴非常有信心，這來自於我們所做的投資，也來自於團隊的執行與表現，以及關係的深化。

Yes. And Constantine, just your questions on the guidance, I would say, one, first-quarter for us really gave us the clarity that we've been talking about, right? We've had this patient reset. And from here, we're going to grow, we'll grow sequentially throughout the year. I'd say our confidence, we feel good about the guidance that we put out from a revenue perspective.

是的。Constantine，關於你對指引的問題，我會說，第一，第一季確實讓我們獲得了我們一直在談的清晰度，對吧？我們經歷了這次病患重置。從這裡開始，我們將成長，並且在全年會逐季成長。我會說，就營收角度而言，我們對所提出的指引感覺良好、很有信心。

And if you'll -- you probably noticed that we reduced the range of the guidance and that's part of that confidence. I would say what are some of the levers that we have. First of all, at close to a $6 billion revenue, there's always going to be some puts and takes that go on over the course of the year. But our team is very execution oriented.

而且你可能也注意到，我們縮小了指引區間，這也是信心的一部分。至於我們有哪些槓桿可用。首先，在接近 60 億美元的營收規模下，全年過程中總會有一些此消彼長的因素。但我們的團隊非常以執行為導向。

So I would say everybody is on deck, all of our commercial resources and those supporting those commercial resources are on deck to really look at how do we grow? What are the vectors of growth that we have, ones that we've been going after, new ones that we're going after? How do we rebuild that patient census? What are some other areas of growth opportunities that we can add into the pipeline, and I feel good about that.

所以我會說，大家都全力以赴，我們所有的商務資源以及支援這些商務資源的團隊都全員投入，真正去看我們要如何成長？我們有哪些成長向量：既有我們一直在推進的，也有我們正在開拓的新方向？我們要如何重建病患在冊量？還有哪些其他成長機會可以加入管線？我對此感覺良好。

So that's what gives us confidence in the low end -- or sorry, in the high end, but just thinking about a number of variables. And I would say revenue growth for us is the single largest opportunity when you think about fall-through from an EBITDA perspective. So that's our primary growth. But again, we're not going to forget that as needed, we will make adjustments into our cost structure if that's what it takes.

所以，這就是讓我們對高端更有信心的原因——抱歉，是在思考一些變數的前提下，對高端更有信心。而且我會說，當你從 EBITDA 的落袋（fall-through）角度來看，營收成長對我們而言是最大的單一機會。所以這是我們的主要成長驅動。但同樣地，我們不會忽略：如有需要，我們會調整成本結構，如果這是達成目標所必須的。

So I feel confident about both the revenue guide we put forward as well as the EBITDA and the earnings per share guide.

因此，我對我們提出的營收指引，以及 EBITDA 與每股盈餘指引都很有信心。

And the only other thing I'd add is, look, our decisive actions and what we're looking to do to really drive the reacceleration of the business focuses around coverage, conversion and enhanced service levels. And so we have plans in place that we are executing around that, that elevate the commercial execution, that increase the size and strength of our commercial presence to capture more of the market demand.

我另外補充一點：我們果斷採取的行動，以及我們為了真正推動業務再加速所要做的事情，聚焦在覆蓋（coverage）、轉化（conversion）與提升服務水準。因此，我們已經有相應計畫並正在執行，以提升商務執行力、擴大並強化我們的商務佈局，以捕捉更多市場需求。

We're focusing around converting more of the patients that we receive as referrals on to service with us. And we are focused around some of the enhancements in our service capabilities and service levels to not only attract with payers and pharma partners, the strength of that portfolio, but also to continue to execute and be that partner of choice for the providers that are referring patients on to us.

我們聚焦於把我們收到的更多轉介病患轉化為使用我們服務的病患。同時，我們也聚焦於提升服務能力與服務水準，不僅要以該產品組合的優勢吸引付款方與藥廠合作夥伴，也要持續執行到位，成為將病患轉介給我們的醫療提供者之首選合作夥伴。

Erin Wright, Morgan Stanley.

Erin Wright，Morgan Stanley。

This is Michelle on for Erin. So I just wanted to check for this headwind with Stelara and the chronic therapies. So would you still expect now that there's any risk transitioning into 2027, where prior, we thought we would be through this period now that we have this reset census data? And is it possible that throughout the rest of 2026, there would be any other resetting expectations or that it won't sequence kind of the way you're thinking in terms of being relatively stable over the next few quarters in terms of the headwind?

我是代 Erin 發言的 Michelle。我想確認一下 Stelara 與慢性療法帶來的逆風。所以你們現在是否仍預期，轉入 2027 會有任何風險？先前我們以為這段期間應該已經結束了，但現在有了這次重置後的在冊數據。另外，在 2026 年剩餘期間，是否可能還會有任何其他重置預期的情況，或是逆風不會如你們所想的那樣在未來幾季相對穩定地推進？

Sure, Michelle. It's Meenal. So I'll give you the short answer is no, we don't expect additional headwind in 2026 nor any carryover in 2027. As we've been talking about, we feel that Q1 was the reset. We now have clarity and we now know what our patient census is from here. We don't expect any shifts other than normal patient shifts as they're working with their particular provider, but we don't expect anything outsized from that.

當然，Michelle。我是 Meenal。我先給你簡短答案：不會，我們不預期 2026 會有額外逆風，也不預期 2027 會有任何延續影響。如同我們一直在談的，我們認為第一季就是重置。我們現在已經有清晰度，也知道從這裡開始我們的病患在冊量是多少。除了病患在其特定醫療提供者照護下的正常變動之外，我們不預期會有任何異常幅度的變化。

We expect 2026. Our hope is also that this is the last year that we're having to talk about Stelara. And from here, we really want to be able to talk about the other growth vectors and other growth opportunities that we have as we continue to expand our portfolio.

我們預期 2026 年會是如此。我們也希望這會是我們最後一年還需要談 Stelara。從這裡開始，我們真的希望能談論其他成長向量與其他成長機會，因為我們會持續擴展我們的產品組合。

Lucas Romanski, TD Cowen.

Lucas Romanski，TD Cowen。

This is Lucas on for Charles. I want to ask about the strong acute revenue growth you saw in the first-quarter, high single digits above your medium- to long-term target of mid-single digits. Does your '26 guide assume that this high single-digit growth continues throughout the rest of 2026? And then also thinking about the margin profile in the past as well as on this call, you talked about acute having a higher gross margin compared to the chronic portfolio. Can you help us understand how those two categories compare at the EBITDA margin level?

我是代 Charles 發言的 Lucas。我想問第一季你們看到的強勁急性營收成長，達到高個位數，且高於你們中長期目標的中個位數。你們 2026 年指引是否假設這種高個位數成長會在 2026 年剩餘期間持續？另外，考量過去以及本次電話會議中，你們提到急性業務相較於慢性產品組合具有較高的毛利率。你們能否協助我們理解，這兩個類別在 EBITDA 利潤率層級的比較？

Yes. Why don't I -- Lucas, why don't I start with just the acute growth? So we've been -- as both John and I've talked about, we've been very pleased with how well the team has really been driving the growth opportunities that we believe we have in acute. I would say we have lapped the number of the competitive closures that we've been talking about for a while.

是的。Lucas，關於急性成長我先開始回答。如同 John 和我都提到的，我們對團隊在推動我們相信急性業務所具備的成長機會方面的表現感到非常滿意。我會說，我們已經度過了我們談了一段時間的多起競爭對手關閉所帶來的比較基期。

But at the same time, the team has done a great job at really building those even more relationships with referral sources and really driving both additional patient growth, but also clinical value realization opportunities as well. So our -- as we look ahead to the acute side of the business, we feel really good about being able to continue a momentum that is above market growth, which we're doing right now.

但同時，團隊在真正建立與轉介來源之間更多關係方面也做得非常出色，確實帶動了額外的病患成長，同時也帶來臨床價值實現的機會。因此，當我們展望業務的急性端時，我們對於能夠延續目前高於市場成長的動能感到非常有信心。

And I think the team is really executing on all cylinders when we think about that. Beyond that, we haven't gotten into a lot of detail around profit markers between acute and chronic. But I would just say that overall, both parts of the business are important to our portfolio. They really fit together when we think about the value that we provide to all of our stakeholders, the payer communities.

而且我認為，當我們談到這一點時，團隊確實是全方位地在執行。除此之外，我們尚未就急性與慢性之間的獲利指標做太多細節說明。但我想說的是，整體而言，業務的兩個部分對我們的產品組合都很重要。當我們思考我們為所有利害關係人、付款方社群所提供的價值時，它們彼此之間確實是相互契合的。

The pharma communities and frankly, to our patients at different points in time, there may be patients who need both sets of therapies. So we become a real important part of the health care ecosystem to all of our stakeholders. And that's why we really want to ensure that portfolio we have, the therapy mix we have is quite broad.

製藥社群也是如此；坦白說，對於我們的病患而言，在不同時間點，可能會有病患同時需要兩類療法。因此，我們成為醫療照護生態系中對所有利害關係人都非常重要的一環。這也是為什麼我們確實希望確保我們擁有的產品組合、我們的療法組合相當廣泛。

Michael Petusky, Barrington Research.

Michael Petusky，Barrington Research。

So I guess probably this is for Meenal. In terms of what you guys expect from the mix between chronic and acute and sort of putting together what you said about the second half and full year guidance and all the rest. And I know historically, you guys like to talk about gross profit dollars. But to me, it looks like gross margin needs to lift for the remainder of the year sort of to get to your guidance. I mean, is that a fair statement in your view?

所以我想這大概是問 Meenal 的。就你們對慢性與急性之間組合的預期而言，以及把你剛才提到的下半年與全年指引和其他內容整合起來看。我也知道，過去你們一向喜歡談毛利金額（gross profit dollars）。但在我看來，若要達到你們的指引，今年剩餘期間的毛利率似乎需要提升。我的意思是，從你的角度看，這樣的說法公平嗎？

Look, I would say as it comes to both gross profit dollars and margin, we do look at both. So I don't want to minimize one or the other. I think ultimately, right, the dollars are the ones that drop to the bottom line when we think about are we growing our EBITDA, are we growing our earnings per share. But we also do take a look at the margin profiles of the different therapy mixes and the different parts of our business.

你看，我會說就毛利金額與毛利率而言，我們兩者都會看。所以我不想淡化其中任何一個。我認為最終來說，對吧，當我們思考 EBITDA 是否成長、每股盈餘是否成長時，真正落到損益底線的是金額。但我們也會檢視不同療法組合以及業務不同部分的毛利率結構。

So we are focused on both, but ultimately, it's the gross profit dollars. And by the way, we always ensure that the therapies that we are providing are profitable. So that's a key element of what we're doing. The gross profit dollars really allow us to reinvest back into the business as we've talked about the commercial resources and other areas, but the margin is one of the many metrics we keep an eye on.

所以我們兩者都關注，但最終重點是毛利金額。順帶一提，我們一向確保我們提供的療法是有利潤的。所以這是我們正在做的事情中的一個關鍵要素。毛利金額確實讓我們能夠再投資回到業務中，正如我們談過的商業資源與其他領域；但毛利率只是我們關注的眾多指標之一。

Okay. And then just sort of a follow-up in terms of the modeling of this. You alluded to stock comp may be one place that you guys can look to. The last year, 1.5 years or so, including the first-quarter, you guys basically have sort of looked at sort of $40 million on a yearly basis and sort of track to that in the first-quarter. I mean, what might that look like for the remainder of the year? I mean could that go more towards like a run rate of $30 million in terms of stock comp going forward?

好的。接著就建模方面再追問一下。你提到股票薪酬（stock comp）可能是你們可以著手的一個地方。過去一年到一年半左右（包含第一季），你們基本上每年大約是 4,000 萬美元，第一季也大致朝這個水準在走。那今年剩餘期間可能會是什麼樣子？我的意思是，未來股票薪酬是否可能更接近每年 3,000 萬美元的運行率（run rate）？

Yes. And if I misspoke, I apologize. When I was talking earlier about cost reduction opportunities, I was referring to variable cash comp more than anything without getting into a lot of detail. So that's really -- look, if I take a step back, we have lowered our guidance. That was not a decision that we took lightly. And if we don't achieve what we felt was our guidance, there are going to be implications to our variable compensation, but it's more on the cash side. It was not a comment about our stock compensation.

是的。如果我剛才說錯了，我先致歉。我先前談到成本降低機會時，指的主要是變動現金薪酬（variable cash comp），而不是其他項目，且不打算在這裡展開太多細節。所以這其實是——你看，如果我退一步來看，我們已經下調了指引。那不是我們輕率做出的決定。如果我們未能達成我們所設定的指引，變動薪酬會受到影響，但更多是在現金端。那並不是在評論我們的股票薪酬。

Matt Larew, William Blair.

Matt Larew，William Blair。

John, if I think back over the years, I think this is one of the first times probably where you referenced losing some patients to competitors. And I realize there's some idiosyncrasies involving Stelara here that maybe make it an anomaly. But this is also the time, I think, in an industry has always been competitive, where there's been more competitive entrants that have been popping up.

John，如果我回顧這些年，我想這可能是你少數幾次提到有些病患流失到競爭對手那邊。我也理解，這裡有一些與 Stelara 相關的特殊情況，可能使其成為一個例外。但我也覺得，在一個一直都很競爭的產業裡，這也是競爭者進入者更多、陸續冒出的時期。

You've had a number of the larger payer-owned entities that have exited acute and are exclusively focused on chronic. So it does seem like that market may be becoming more competitive. So I'm just curious, as you think about -- you referenced the reset of patient census in March and then the guide and sort of your forward outlook being predicated on building back that census and getting patients back.

你們看到一些由大型付款方擁有的機構已退出急性業務，並且只專注於慢性。所以看起來那個市場可能正在變得更具競爭性。因此我想問的是，當你思考——你提到 3 月病患在冊數（patient census）的重置，然後指引以及你們的前瞻展望是以把在冊數建立回來、把病患帶回來為前提。

You referenced needing to deploy or expand commercial resources. I guess what do you assume about your share going forward or about your ability to get patients back on census? And is it possible, I guess, that the sort of costs for patient acquisition may be higher either temporarily or sustainably going forward given the competitive dynamics?

你提到需要部署或擴充商業資源。我想問你們對未來市占的假設是什麼，或是對你們把病患帶回在冊數的能力有何假設？另外，考量競爭態勢，病患取得成本是否可能在未來（不論是短期或長期）變得更高？

Yes, Matt. So it has always been a competitive environment. As we have called out before, I mean, there's over 800 providers of home infusion and alternate site infusion therapy. So it's -- the competitive dynamics have always been there, and we believe we have a competitive product that we can sell and service in the marketplace. I think what you called out is what we're seeing.

是的，Matt。所以這一直都是一個競爭環境。如同我們之前提過的，居家輸注與替代場域輸注治療的供應商超過 800 家。所以——競爭動態一直都存在，而我們相信我們有具競爭力的產品，能在市場上銷售並提供服務。我想你點出的正是我們所看到的情況。

There's just some very unique circumstances with the Stelara and the IRA that changed this part of our portfolio dramatically, right, as these events happen, both with -- you look at a significant number of patients that change their health plans. You look at benefit design changes and formulary changes with the introduction of all of the biosimilars and some preferred products that are in those formularies for some of the different payers through that process.

Stelara 與 IRA 的確有一些非常獨特的情況，讓我們產品組合中的這一部分發生了劇烈改變；對吧，當這些事件發生時——你會看到有相當多的病患更換他們的健康保險計畫。你也會看到，隨著所有生物相似藥（biosimilars）的導入，以及某些付款方在其處方集（formulary）中納入偏好產品（preferred products），在此過程中出現了給付設計變更與處方集變更。

So I would say this is unique to that situation. I do believe in the strength of the enterprise. I do believe in the strength of the foundation that we have. When you think of a position for being both a national provider, but also being very local in our responsiveness, I think we will continue to be well positioned as we move forward.

所以我會說，這是那個情境所特有的。我相信企業本身的實力。我也相信我們所建立的基礎的強度。當你想到我們既是全國性供應商、同時在回應速度上又非常在地化，我認為我們在往前走的過程中仍會處於有利位置。

This is just one of those situations where there was a shift away from some of the enhanced clinical services that we were providing for the patient cohort. And I think that has been the biggest driver behind the changes that we've seen as well as some of the formulary management aspects that have driven different decisions around what product to move on and how that either remains or moves away from our service model.

這只是其中一種情況：我們為該病患族群所提供的一些加值臨床服務出現了轉移。我認為這一直是我們所看到變化背後最大的驅動因素，另外也包括一些處方集管理（formulary management）面向，促使在「要轉用哪個產品」以及「該產品如何維持或脫離我們的服務模式」上做出不同決策。

Raj Kumar, Stephens.

Raj Kumar，Stephens。

Maybe just some data-related questions here on the kind of chronic growth. You called out the strength in IG and neuro, but you kind of also saw some weakness in some of the other specialties just related to delays of program integration. So it would be helpful just to kind of see how that chronic business grew relative to the kind of high single digit to low double digit that you kind of had at the beginning of the year ex the CID impact.

這裡可能有一些與數據相關的問題，關於慢性成長的情況。你提到 IG 和神經科（neuro）的強勁表現，但你也在其他一些專科看到些許疲弱，主要與方案整合延遲有關。所以如果能更清楚了解，在排除 CID 影響後，慢性業務的成長相對於你們年初所提到的「高個位數到低雙位數」大概是怎麼樣，會很有幫助。

Yes. We -- again, as we had called out, when we take a look at some of the other categories, we were very pleased with the progress that we're making on IG Neuro. That was an area, again, that had really solid growth across a broad spectrum of products within there. We saw across various other specialty products, again, continued strong growth on that.

是的。我們——再次如同我們先前所提到的，當我們檢視其他一些類別時，我們對於 IG Neuro 取得的進展感到非常滿意。那也是一個領域——再次強調——在其中廣泛的產品組合上都呈現非常穩健的成長。我們也看到在其他各類專科產品上，同樣持續維持強勁成長。

What we called out on the other specialty is we had made some shifts in our commercial resources and made some investments in having better coverage across other specialties in order to enhance and to grow through that process. That has not accelerated the way that we had anticipated in the first-quarter. It is one that we are continuing to be focused on and drive forward.

我們在其他專科所提到的是，我們對商業資源做了一些調整，並投入一些資源，以在其他專科上提供更好的覆蓋，藉此在這個過程中強化並推動成長。但在第一季，這並沒有如我們預期般加速。這仍是我們會持續聚焦並推進的一項工作。

But we think that when you look at the breadth of the portfolio that we have, there are still opportunities for us to drive that growth as we move forward. But we were calling out that we had less than expected performance and that, that is an area that we will focus on as we move ahead. I don't believe that the rest of the portfolio is feeling what we felt in the chronic inflammatory. We are still seeing growth in those areas. It's just not at the pace that we had anticipated given some of the investments that we made.

但我們認為，當你看我們所擁有的產品組合廣度時，隨著我們往前推進，仍然有機會帶動成長。不過我們也指出，我們的表現低於預期，而那是我們接下來會重點關注的領域。我不認為產品組合的其他部分正感受到我們在慢性發炎領域所感受到的情況。我們在那些領域仍然看到成長。只是考量到我們所做的一些投資，成長速度沒有達到我們原先預期的水準。

Got it. And then just maybe following up and kind of appreciate all the color on the revenue acceleration efforts. And so as we kind of think about what it means from a capital investment standpoint and then some of the time lines associated with the different pillars, I guess, does that kind of drive still confidence in the overall long-term framework of high single-digit top line growth? And maybe just kind of any color around the conviction around that going forward?

了解。那接著追問一下，也很感謝你們對營收加速措施提供的所有補充說明。因此，當我們思考從資本投資角度的意涵，以及不同支柱所對應的一些時間表時，我想問，這是否仍能支撐你們對整體長期架構——營收年增高個位數——的信心？以及未來對此的信念強度，是否能再補充一些看法？

Yes. Our investments are to reaccelerate growth, right? And we are clear around the mandate. And as Meenal called out, I mean, the organization entirely, not just our commercial team, our entire organization understands the importance of getting us back on a growth trajectory in alignment with those expectations that are set.

是的。我們的投資是為了讓成長重新加速，對吧？而且我們對這項任務的要求非常清楚。正如 Meenal 所提到的，我是說，整個組織——不只是我們的商業團隊——我們整個組織都理解，讓我們回到符合既定期望的成長軌道有多重要。

These investments and -- really our focus on the near term around these three pillars is to drive that acceleration and reacceleration and the focus as we move forward. Again, our belief in the fundamentals of this business, our belief in the foundation that we have, our belief in the clinical value and the clinical realization that we can drive given this platform remains intact.

這些投資，以及——其實我們在短期內對這三大支柱的聚焦——就是為了推動加速與重新加速，並作為我們往前推進的重點。再次強調，我們對這項業務基本面的信念、對我們既有基礎的信心、以及我們相信憑藉這個平台所能帶來的臨床價值與臨床落地能力，仍然不變。

This was a reset based on some of these unique market dynamics. And our belief is that we are going to drive the business and as an execution-minded organization, we are going to be able to get back on that moving forward.

這次是基於一些獨特的市場動態所做的重置。而我們相信，我們將推動業務向前；作為一個以執行為導向的組織，我們將能在未來回到那樣的軌道上。

James Kurek, UBS.

James Kurek，瑞銀（UBS）。

This is James on for AJ. My question is kind of similar to the last one you just answered, maybe just expanding on a little bit about the capital deployment priorities. It sounds like maybe that M&A and share repurchases, will that kind of just be on the back burner for the remainder of the year, more of a 2027 item as you focus on getting back to that stronger revenue growth?

我是 James，代替 AJ 提問。我的問題和你剛剛回答的上一題有點類似，想再延伸問一下資本部署的優先順序。聽起來併購（M&A）和庫藏股回購，是否在今年剩餘時間會先放在次要位置，更多會是 2027 年的事項，因為你們會先專注於回到更強勁的營收成長？

Sure, James. This is Meenal. I'd say the short answer is no, we have priorities, and we're going to continue to focus on all of those. We have been talking a lot on the call and even recently about the organic investments that we're making, but that's also because that's really our first priority is how do we reinvest in the business to grow organically.

當然可以，James。我是 Meenal。我想簡短回答是：不會，我們有優先事項，而且我們會持續聚焦在所有這些事項上。我們在這通電話中以及近期談了很多我們正在進行的有機投資，但那也是因為我們的第一優先確實是：如何再投資於業務，以推動有機成長。

We're absolutely still committed to M&A activity. We've talked about adjacencies and tuck-ins. We have a very active process and an active funnel going on. And you probably saw that we expanded our revolving credit facility. We more than doubled it. And that was in large part to be able to enable us to fairly seamlessly move forward with some nice M&A deals.

我們仍然絕對致力於併購活動。我們談過相鄰領域與補強型（tuck-in）併購。我們有非常活躍的流程與案源管道在進行中。而且你們可能也看到我們擴大了循環信用額度（revolving credit facility）。我們把它增加到原來的兩倍以上。這在很大程度上是為了讓我們能相當順暢地推進一些不錯的併購交易。

So that's why we've expanded that revolver because it gives us quick access to capital when that happens. And then lastly, I've been talking about for several months now that we would continue to focus on periodic share buyback, but that's our third priority. So you're not going to see us in the market all the time with a standard program.

因此我們才擴大這個循環額度，因為一旦機會出現，它能讓我們快速取得資金。最後，我已經談了好幾個月，我們會持續聚焦於不定期的股票回購，但那是我們的第三優先。所以你不會看到我們一直在市場上以標準化的常態計畫進行回購。

But where it makes sense on multiple variables, we'll definitely -- you'll definitely see us in the market buying back shares. So our capital allocation priorities remain intact, organic M&A, periodic share buyback, and there's no change to that.

但在多項變數都合理的情況下，我們一定——你們也一定會看到我們進場回購股票。因此，我們的資本配置優先順序維持不變：有機投資、併購、不定期股票回購，這點沒有改變。

This concludes the question-and-answer session. I would now like to turn it back to John Rademacher for closing remarks.

問答環節到此結束。現在我想把時間交回給 John Rademacher 作結語。

Thanks, Elliot. In closing, we have demonstrated consistently over the years that we are a resilient and agile organization with a team that recognizes the important role we play in serving patients and delivering on our promises. We are moving quickly to develop and execute our near-term recovery plan while we continue to invest in the long-term growth of Option Care Health. The resolve of our team has never been stronger nor have the opportunities been greater. Thank you for joining us this morning. Take care.

謝謝你，Elliot。最後，我們多年來一再證明，我們是一個具韌性且敏捷的組織；我們的團隊也認知到，我們在服務病患並兌現承諾方面扮演著重要角色。我們正快速推動制定並執行短期復甦計畫，同時也持續投資於 Option Care Health 的長期成長。我們團隊的決心從未如此堅定，機會也從未如此之大。感謝各位今天早上參與。保重。

Thank you for your participation in today's conference. This does conclude the program. You may now disconnect.

感謝各位參與今天的會議。本次議程至此結束。您現在可以掛線。