Paysign Inc (PAYS) 2026 Q2 法說會逐字稿

Good afternoon. My name is Kevin. I'll be your conference operator today. At this time, I'd like to welcome everyone to Paysign's second-quarter 2026 earnings conference call.

下午好。我叫 Kevin。今天我將擔任本次電話會議的接線員。此刻，我謹代表公司歡迎各位參加 Paysign 2026 年第二季財報電話會議。

(Operator Instructions) As a reminder: This conference call is being recorded.

(接線員指示) 提醒各位：本次電話會議將被錄音。

The comments on today's call regarding Paysign's financial results will be on a GAAP basis, unless otherwise noted.

除非另有說明，今天電話會議中關於 Paysign 財務結果的評論將以 GAAP 基礎呈現。

Paysign's earnings release was disseminated to the SEC earlier today and can be found in the Investor Relations section of our website, paysign.com, which includes reconciliations of non-GAAP measures to GAAP-reported amounts.

Paysign 的財報新聞稿已於今日稍早提交至 SEC，並可於我們網站 paysign.com 的投資人關係專區查閱，其中包含非 GAAP 指標與 GAAP 申報金額之間的調節表。

Additionally, as set forth in more detail in our earnings release, I'd like to remind everyone that today's call will include forward-looking statements regarding Paysign's future performance. Actual performance could differ materially from these forward-looking statements.

此外，如我們財報新聞稿中更詳細所述，我想提醒各位，今天的電話會議將包含關於 Paysign 未來表現的前瞻性陳述。實際表現可能與這些前瞻性陳述存在重大差異。

Information about the factors that could affect future performance is summarized at the end of Paysign's earnings release and in our recent SEC filings.

可能影響未來表現的因素資訊，已在 Paysign 財報新聞稿末尾以及我們近期的 SEC 申報文件中摘要說明。

Lastly, a replay of the call will be available until November 4, 2026. Please see Paysign's second-quarter 2026 earnings-call announcement for details on how to access the replay.

最後，本次電話會議的重播將提供至 2026 年 11 月 4 日。請參閱 Paysign 2026 年第二季財報電話會議公告，以取得如何收聽重播的詳細資訊。

It is now my pleasure to turn the call over to Mr. Mark Newcomer, President and CEO. Please go ahead.

現在我很榮幸將電話會議交給總裁兼執行長 Mark Newcomer 先生。請開始。

Thank you, Kevin. Good afternoon, everyone. Thank you for joining us for Paysign's second-quarter 2026 earnings call.

謝謝你，Kevin。各位下午好。感謝各位參加 Paysign 2026 年第二季財報電話會議。

I'm Mark Newcomer, President and Chief Executive Officer. I'm joined today by Jeff Baker, our Chief Financial Officer.

我是 Mark Newcomer，總裁兼執行長。今天與我一同出席的還有我們的財務長 Jeff Baker。

Also with us are Matt Turner, our President of Patient Affordability; and Matt Lanford, our Chief Payments Officer, both of whom will be available for Q&A, following our prepared remarks.

另外，與會的還有我們的病患可負擔性（Patient Affordability）總裁 Matt Turner，以及我們的支付長 Matt Lanford；在我們的事先準備發言結束後，兩位都將參與問答。

Earlier today, we reported second-quarter results setting new records for revenue, net income, and adjusted EBITDA. In fact, it was our second consecutive quarter of exceeding our quarterly guidance. As a result, we're raising our outlook for the full year today.

今天稍早，我們公布第二季業績，營收、淨利與調整後 EBITDA 均創下新高紀錄。事實上，這是我們連續第二個季度超越季度財測指引。因此，我們今天上調全年展望。

The momentum we're seeing reflects the strategic decision we made a few years ago to invest in Patient Affordability as a business that could complement Plasma and augment our overall growth trajectory. This quarter is a good example of that work continuing to pay off.

我們所看到的動能，反映了幾年前我們所做的策略性決策：投資病患可負擔性業務，使其能與血漿（Plasma）業務互補，並強化我們整體的成長軌跡。本季正是這些努力持續開花結果的良好例證。

To put the quarter in perspective: Revenue grew 48% year over year to $28.3 million. Net income came in at $6.8 million or $0.11 per fully diluted share, a near fivefold increase, year over year. Gross margin expanded 170 basis points to 63.3%.

為了讓各位更了解本季表現：營收年增 48% 至 2,830 萬美元。淨利為 680 萬美元，或完全稀釋後每股 0.11 美元，年增接近五倍。毛利率擴張 170 個基點至 63.3%。

Jeff will walk you through all the financial results from the quarter. But these numbers clearly demonstrate the progress we are making in the business.

Jeff 將帶各位檢視本季所有財務結果。但這些數字清楚展現我們在業務上所取得的進展。

Patient Affordability delivered another exceptional quarter and remains the company's principal growth engine. Revenue rose 89% year over year to $14.6 million. Claim volume was approximately 54% higher than the second quarter of last year.

病患可負擔性業務再度交出卓越的一季，並仍是公司主要的成長引擎。營收年增 89% 至 1,460 萬美元。理賠量約較去年第二季高出 54%。

Those results reflect the compounding effect of new-program wins, deeper utilization across the existing clients, and the continued expansion of our largest pharmaceutical partnerships.

這些成果反映了多項因素的複利效應：新方案得標、既有客戶更深度的使用，以及我們最大型製藥合作夥伴關係的持續擴張。

We are scaling the business methodically. The combination of strong growth, margin expansion, and positive contribution of margin demonstrates that strategy is working.

我們正有條不紊地擴大業務規模。強勁成長、毛利率擴張，以及毛利貢獻的正向表現，證明這項策略正在奏效。

What's also encouraging is that Plasma is now contributing to that same story. Both lines of business expanded margin this quarter: Patient Affordability compounding, as it matures; and plasma moving past the headwinds that weighed on it for the better part of the last year and a half.

同樣令人振奮的是，血漿業務如今也在為同樣的故事增添助力。本季兩條業務線的毛利率皆有所擴張：病患可負擔性隨著成熟而持續複利成長；血漿業務則正走出過去一年半以來大部分時間所承受的逆風。

That's the balance we've been working toward, a steady cash-generative core, supporting a faster growing high-margin platform.

這正是我們一直努力追求的平衡：一個穩定、能產生現金的核心業務，支撐一個成長更快且高毛利的平台。

Through the first half of 2026, the platform has channeled more than $900 million in financial assistance to patients. For context: We provided close to $1 billion over the whole of 2025. We have already come within reach of that full-year figure in just six months.

在 2026 年上半年，該平台已為病患導入超過 9 億美元的財務援助。作為對照：我們在 2025 全年提供了接近 10 億美元。僅用六個月，我們就已接近該全年數字。

The pace reflects both widening program base and increased utilization within programs that have now been live for a year or more. It shows how central Paysign has become to keeping high-cost therapies within patients' reach.

這樣的速度反映了方案基礎的擴大，以及已上線一年或更久之方案內的使用率提升。這顯示 Paysign 在讓高成本療法仍可負擔、仍在病患可及範圍內方面，已變得至關重要。

Our Dynamic Business Rules technology is a meaningful part of why pharmaceutical partners are consolidating more of their business with us. Over the first half of the year, it shielded clients from more than $300 million in costs that co-pay maximizers and accumulator programs would, otherwise, have diverted.

我們的 Dynamic Business Rules 技術，是製藥合作夥伴將更多業務整合至我們平台的重要原因之一。在上半年期間，它協助客戶避免了超過 3 億美元的成本，這些成本若非如此，原本會被 co-pay maximizers 與 accumulator 計畫所分流。

To frame that, the full-year 2025 total was roughly $325 million. We have nearly matched an entire year of savings in six months. That reflects both the scale of the platform and the continued sharpening of our detection logic.

為了說明其意義，2025 全年總額約為 3.25 億美元。我們在六個月內幾乎就達到一整年的節省金額。這反映了平台規模，以及我們偵測邏輯持續精進的成果。

We launched 13 new programs in the second quarter and exited the quarter with 148 active programs, up from 97 a year ago, in line with our expectations in demonstrating consistent and rapid growth.

我們在第二季推出 13 個新方案，並在季末擁有 148 個活躍方案，高於一年前的 97 個；符合我們對於展現穩定且快速成長的預期。

Launch activity tends to build, as the year progresses. The second quarter was a clear step-up from the insurance-plan year transitions and resets that make the first quarter our most constrained.

隨著年度推進，方案上線活動通常會逐步增加。第二季相較第一季明顯加速；第一季往往最受限，因為保險計畫年度轉換與重置會帶來影響。

The pipeline remains healthy through the balance of 2026 and well into 2027. We expect to match or surpass the 55 net additions we recorded in 2025.

在 2026 年剩餘期間以及延伸至 2027 年，我們的案源管線仍維持健康。我們預期可達到或超越 2025 年所記錄的 55 個淨新增方案。

Between the rising program count, growing utilization, and assistance dollars deployed, the read is consistent: The platform scales cleanly and market demand for our Patient Affordability solutions continues to strengthen.

從方案數量上升、使用率成長到援助資金的投放金額，得到的結論一致：平台可順暢擴展，而市場對我們病患可負擔性解決方案的需求持續增強。

Turning to our Plasma Donor Compensation business, Plasma contributed $13 million in revenue for the quarter, up 21.4% from $10.7 million a year ago. More telling was monthly revenue per center, which reached $7,699, the strongest reading since the third quarter of 2024.

接著談到我們的血漿捐贈者補償（Plasma Donor Compensation）業務，血漿業務本季貢獻 1,300 萬美元營收，較一年前的 1,070 萬美元成長 21.4%。更具指標性的是每中心月營收，達到 7,699 美元，為 2024 年第三季以來最強表現。

That measure reinforces our view that the recent center closures were strategic, with donors moving to nearby centers inside the same network, rather than leaving the system, altogether.

該指標強化了我們的看法：近期的中心關閉屬於策略性調整，捐贈者是轉往同一網路內附近的中心，而非完全離開整個系統。

We finished the quarter providing services to 561 centers, reflecting the 19 center closures that we flagged on last quarter's call, partially offset by seven new additions. The trend leaves us increasingly confident that the headwinds we faced are now largely behind us.

本季結束時，我們為 561 個中心提供服務，反映我們在上季電話會議中提及的 19 個中心關閉，並由新增 7 個中心部分抵銷。這一趨勢讓我們愈發有信心，先前面臨的逆風如今大多已成為過去。

Plasma also remains a dependable source of cash generation. It gives us a natural entry point to broaden adoption of our donor management and engagement software among the collectors we serve.

血漿業務也仍是可靠的現金創造來源。它也為我們提供一個自然的切入點，得以在我們所服務的採集商之間，擴大採用我們的捐贈者管理與互動軟體。

Our life-sciences technology suite, which we bring to market under the Apherion brand, continues to advance through the regulatory review process for our [blood-establishment computer software] or [BECS] donor-management system. We look forward to sharing additional milestones, as that work progresses.

我們以 Apherion 品牌推向市場的生命科學技術套件，正持續推進我們的 [blood-establishment computer software] 或 [BECS] 捐贈者管理系統之法規審查流程。隨著相關工作進展，我們期待分享更多里程碑。

Interest in the Apherion platform remains strong, both domestically and internationally. To support that international demand, we've established [Apherion Technologies Limited], a wholly owned subsidiary domiciled in Ireland, which will anchor our sales, development, and client support as our European hub.

對 Apherion 平台的興趣在國內與國際市場皆持續強勁。為了支援該國際需求，我們已成立 [Apherion Technologies Limited]，這是一家在愛爾蘭設立（domiciled）的全資子公司，將作為我們歐洲樞紐，承擔銷售、開發與客戶支援等職能。

With roughly a third of source plasma collected outside of the United States, much of it by companies that also run US operations, we see substantial international runway for this business. This step positions us to pursue it.

約有三分之一的血漿來源是在美國以外採集，其中多數由同時在美國營運的公司所採集，我們認為此業務在國際市場仍有可觀的成長空間。此舉使我們得以積極把握這一機會。

In summary, the second quarter validated the strategy we have been building towards the past several years. Patient Affordability is scaling. Plasma is steady and cash-generative. And our life-science technology efforts are opening another meaningful avenue for growth.

總結而言，第二季驗證了我們過去數年持續打造的策略方向。Patient Affordability 正在擴大規模。血漿業務穩健且具現金創造能力。而我們在生命科學技術方面的投入，正開啟另一條具意義的成長途徑。

We head into the back half of the year with business accelerating, margins expanding, and a pipeline that reaches into 2027. This is a business that's ramping, not just beating a number.

我們以業務加速、利潤率擴張，以及延伸至 2027 年的案源管線，邁入下半年。這是一門正在爬坡成長的業務，而不只是「超越某個數字」。

We believe Paysign is well-positioned to continue delivering sustainable growth and long-term value for our shareholders, the clients who trust us, and the patients who ultimately benefit from what we build.

我們相信 Paysign 已具備良好定位，能持續為股東、信任我們的客戶，以及最終受益於我們所打造成果的患者，帶來可持續的成長與長期價值。

With that, I'll turn it over to Jeff for additional details on our second-quarter results.

接下來，我把時間交給 Jeff，請他就我們第二季的業績提供更多細節。

Thank you, Mark. Good afternoon, everyone.

謝謝你，Mark。各位下午好。

We delivered another strong quarter. Results in both Plasma and Patient Affordability show the momentum we have been building.

我們再度交出強勁的一季。血漿與 Patient Affordability 兩大業務的表現，都展現了我們一路累積的動能。

We also drove year-over-year margin improvement across the entire income statement, even excluding a one-time non-cash benefit of $990,000 related to the carrying value of the Gamma acquisition earn-out liability.

我們也推動整份損益表的年對年利潤率改善，即使排除一筆一次性、非現金的 99 萬美元利益（與 Gamma 收購案或有對價（earn-out）負債帳面價值相關）。

Our first two quarters of 2026 make two things clear: Our Patient Affordability solutions are resonating with pharmaceutical companies. Our Plasma business has recovered from the high inventory levels that weighed on results throughout 2025.

2026 年前兩季清楚顯示兩點：我們的 Patient Affordability 解決方案正獲得製藥公司共鳴。我們的血漿業務已從 2025 年全年高庫存水位對業績造成的壓力中恢復。

For the second quarter, total revenues increased 48.1% year over year to $28.3 million.

第二季總營收年增 48.1%，達 2,830 萬美元。

Pharma revenue led the way, increasing 88.9% year over year to $14.6 million. That growth was driven by continued program expansion, including 51 net pharma Patient Affordability programs launched over the last 12 months.

製藥（Pharma）營收領先成長，年增 88.9% 至 1,460 萬美元。該成長主要來自方案持續擴張，包括過去 12 個月淨新增上線 51 個製藥 Patient Affordability 方案。

We exited the quarter with 148 active programs. Processed claims increased approximately 54% compared to the second quarter of 2025.

我們在季末共有 148 個活躍方案。處理的理賠（claims）量較 2025 年第二季約增加 54%。

The revenue increase reflected higher monthly management fees; set-up fees; claim-processing fees; customer-service contact-center support; and other billable services, such as Dynamic Business Rules.

營收增加反映了較高的每月管理費、建置費、理賠處理費、客服聯絡中心支援，以及其他可計費服務（例如 Dynamic Business Rules）。

Pharma revenue, again, surpassed Plasma revenue this year, even with the normal seasonal pattern in which claims begin to decline and Plasma donations tend to increase, as we move through the year.

今年製藥營收再次超越血漿營收，即使在正常的季節性型態下，隨著年度推進，理賠量開始下降、而血漿捐贈往往增加。

Plasma revenue increased 21.4% year over year to $13 million. Average monthly revenue per center increased more than 5% to $7,699, up from $7,098 in the second quarter of 2025. The average number of loads per center, again, increased, year over year.

血漿營收年增 21.4% 至 1,300 萬美元。每中心平均月營收增加逾 5% 至 7,699 美元，高於 2025 年第二季的 7,098 美元。每中心平均載運批次（loads）數亦再次年對年增加。

The improvement was driven primarily by stronger utilization at existing centers, rather than footprint expansion, which is an encouraging indicator of underlying donor activity.

此改善主要由既有中心的使用率提升所帶動，而非據點版圖擴張；這是捐贈者活動基本面良好的正向指標。

As Mark noted, we exited the quarter with 561 centers, in line with the expectations we communicated on our first-quarter earnings call. These trends support our view that the 2025 inventory overhang has largely normalized.

如 Mark 所提，我們在季末共有 561 個中心，符合我們在第一季法說會中所溝通的預期。這些趨勢支持我們的看法：2025 年的庫存壓力大致已回歸正常。

Gross profit margin expanded to 63.3% from 61.6% a year ago, reflecting a greater mix of pharma revenue, which carries higher gross margins than our Plasma business.

毛利率由一年前的 61.6% 擴張至 63.3%，反映製藥營收占比提高；製藥業務的毛利率高於我們的血漿業務。

Call-center support, implementation, processing, and commission costs, in the aggregate, grew well below our 48.1% revenue growth, which is what produced the margin expansion and demonstrates the operating leverage inherent in our model.

整體而言，客服中心支援、導入、處理與佣金成本的增幅，遠低於我們 48.1% 的營收成長；這促成了利潤率擴張，並展現我們商業模式內含的營運槓桿。

Total operating expenses were $10.9 million, an increase of 5.5% from $10.3 million in the second quarter of 2025.

總營業費用為 1,090 萬美元，較 2025 年第二季的 1,030 萬美元增加 5.5%。

During the quarter, we recorded a non-recurring non-cash benefit of $990,000 related to the carrying value of the Gamma acquisition earn-out liability.

本季我們認列一筆非經常性、非現金的 99 萬美元利益，與 Gamma 收購案或有對價（earn-out）負債的帳面價值相關。

Excluding this benefit, total operating expenses would have been $11.9 million, an increase of 15.1% over the prior year and well below our 48.1% revenue growth.

若排除此項利益，總營業費用將為 1,190 萬美元，較去年同期增加 15.1%，且遠低於我們 48.1% 的營收成長。

Selling, general, and administrative expenses increased 4.3% to $8.5 million, including stock-based compensation of $1.3 million. Excluding the one-time benefit, selling, general, and administrative expenses would have increased 16.3% to $9.5 million.

銷售、一般及行政費用（SG&A）增加 4.3% 至 850 萬美元，其中包含 130 萬美元的股份基礎給付（stock-based compensation）。若排除該一次性利益，SG&A 將增加 16.3% 至 950 萬美元。

Operating leverage was one of the highlights of the quarter. Excluding the one-time Gamma earn-out benefit, adjusted operating margin, calculated as adjusted operating income divided by revenue, expanded to 21.3% from 7.5% in the second quarter of 2025, an improvement of more than 1,300 basis points.

營運槓桿是本季亮點之一。若排除一次性的 Gamma earn-out 利益，調整後營業利益率（以調整後營業利益除以營收計算）由 2025 年第二季的 7.5% 擴張至 21.3%，改善超過 1,300 個基點。

Put another way: We converted roughly half of our incremental revenue into adjusted operating income, demonstrating the scalability of the platform, as pharma mix increases and Plasma normalizes.

換句話說：我們將約一半的增量營收轉化為調整後營業利益，顯示隨著製藥占比提升與血漿業務正常化，平台具備可擴展性。

Depreciation and amortization increased $200,000 due primarily to the amortization of intangible assets from our Gamma acquisition and the capitalization of new-software development costs.

折舊與攤銷增加 20 萬美元，主要因 Gamma 收購案所取得無形資產的攤銷，以及新軟體開發成本的資本化。

Here are a few other important details for the second quarter:

以下是第二季另外幾項重要細節：

Income before taxes increased to $7.9 million from $2 million in the second quarter of 2025. The company reported an income tax provision of $1.1 million, resulting in an effective tax rate of 14.5% compared to 32.1% in the second quarter of 2025.

稅前淨利由 2025 年第二季的 200 萬美元增加至 790 萬美元。公司認列所得稅費用 110 萬美元，使有效稅率為 14.5%，相較 2025 年第二季的 32.1%。

The lower rate reflects discrete item adjustments primarily related to the increase in our stock price at June 30, 2026, compared to the same period last year, which increased the tax benefit from stock-based compensation, relative to the prior-year period.

較低的稅率反映一次性（discrete item）調整，主要與 2026 年 6 月 30 日我們股價相較去年同期上升有關；這提高了股份基礎給付帶來的稅務利益，相對於去年同期。

GAAP net income for the quarter totaled $6.8 million or $0.11 per fully diluted share, an increase from $1.4 million or $0.02 per fully diluted share in the second quarter of 2025.

本季 GAAP 淨利合計 680 萬美元，或每股完全稀釋後盈餘 0.11 美元，高於 2025 年第二季的 140 萬美元，或每股完全稀釋後盈餘 0.02 美元。

Adjusted EBITDA increased 113% to $9.6 million or $0.16 per fully diluted share compared to $4.5 million or $0.08 per fully diluted share in the second quarter of 2025. Adjusted EBITDA margin expanded to 34% from 23.7% a year ago.

調整後 EBITDA 年增 113% 至 960 萬美元，或每股完全稀釋後 0.16 美元，相較 2025 年第二季的 450 萬美元，或每股完全稀釋後 0.08 美元。調整後 EBITDA 利潤率由一年前的 23.7% 擴張至 34%。

We use adjusted EBITDA, which excludes stock-based compensation and one-time non-cash adjustments, to evaluate core operating performance.

我們使用調整後 EBITDA（排除股份基礎給付與一次性非現金調整）來評估核心營運表現。

The fully diluted share count used in calculating per share amounts was 62 million shares versus 57.9 million shares in the prior-year period.

用於計算每股數值的完全稀釋後股數為 6,200 萬股，去年同期為 5,790 萬股。

We exited the quarter with $27.4 million in unrestricted cash and zero bank debt. Restricted cash increased $5.2 million from the year-end December 31, 2025, to $149 million.

我們在季末持有 2,740 萬美元不受限制現金，且銀行借款為零。受限制現金較 2025 年 12 月 31 日年末增加 520 萬美元，至 1.49 億美元。

The increase was driven primarily by customer-program deposits for Plasma and pharma programs, as well as higher funds on card, which represents balances loaded to cards but not yet spent by cardholders.

增加主要是由血漿與製藥計畫的客戶方案存款所帶動，以及卡片資金（funds on card）增加所致；卡片資金代表已加值到卡片但持卡人尚未消費的餘額。

Before turning to our outlook, I want to note that our second-quarter results, once again, exceeded our guidance across every line of the income statement, primarily driven by strength in our Patient Affordability business.

在談到我們的展望之前，我想指出，我們第二季的結果再次在損益表的每一個項目上都超越了我們的指引，主要受惠於我們「病患可負擔性」業務的強勁表現。

Revenue of $28.3 million exceeded the high end of our $26.2 million to $26.7 million guidance range. Gross margin of 63.3% finished above our guided range of 60% to 62%.

營收2,830萬美元，高於我們2,620萬至2,670萬美元指引區間的上緣。毛利率63.3%也高於我們60%至62%的指引區間。

Adjusted EBITDA of $9.6 million exceeded the high end of our $7.7 million to $8.5 million range. Adjusted net margin of 20.4% exceeded the top of our 13.4% to 15% range.

調整後EBITDA為960萬美元，超過我們770萬至850萬美元區間的上緣。調整後淨利率20.4%也高於我們13.4%至15%區間的上緣。

The outperformance in the first two quarters of the year, combined with the visibility we have in the program launches and seasonal trends, supports our increased full-year outlook.

今年前兩季的優於預期表現，加上我們對方案上線與季節性趨勢的可見度，支持我們上調全年展望。

For full-year 2026, we now expect full-year revenue of $114 million to $117 million, representing 39% to 43% year-over-year growth.

就2026全年而言，我們目前預期全年營收為1.14億至1.17億美元，代表年增39%至43%。

This is an increase of approximately $7 million at the midpoint compared to our prior guidance, primarily driven by stronger-than-expected Patient Affordability business and a recovery in our Plasma business.

相較先前指引，中位數約上調700萬美元，主要由「病患可負擔性」業務強於預期，以及血漿業務復甦所帶動。

With the increase in Patient Affordability revenues driving continued margin expansion and operating leverage, we expect gross profit margins between 62% and 63%, an increase compared to our prior guidance of 60% to 62%.

隨著「病患可負擔性」營收增加帶動毛利率持續擴張與營運槓桿提升，我們預期毛利率介於62%至63%，高於先前60%至62%的指引。

GAAP net income is expected to be in the range of $21.5 million to $23 million or $0.35 to $0.37 per diluted share.

GAAP淨利預期為2,150萬至2,300萬美元，或每股稀釋後盈餘0.35至0.37美元。

Adjusted EBITDA is expected to be in the range of $35 million to $38 million or $0.57 to $0.61 per diluted share.

調整後EBITDA預期為3,500萬至3,800萬美元，或每股稀釋後0.57至0.61美元。

These full-year net income expectations include the non-recurring non-cash Gamma earn-out benefit recorded at the second quarter. Consistent with our adjusted presentation, adjusted EBITDA excludes that benefit.

上述全年淨利預期包含於第二季認列的一次性、非經常性且非現金的Gamma或有對價（earn-out）利益。依我們一致的調整後呈現方式，調整後EBITDA不包含該項利益。

For the third quarter, we expect revenue of $28.5 million to $30 million, a year-over-year increase of 32% to 38.9%, with approximately $300,000 coming from other revenue and the remaining balance being split between the Patient Affordability and Plasma businesses.

就第三季而言，我們預期營收為2,850萬至3,000萬美元，年增32%至38.9%；其中約30萬美元來自其他營收，其餘則由「病患可負擔性」與血漿業務分攤。

Gross margins are expected to be in the range of 61% to 63%, reflecting a greater mix of Plasma revenues.

毛利率預期介於61%至63%，反映血漿營收占比提高。

Our tax rate for the quarter is expected to be 17%. Our GAAP net income is expected to be $5.7 million to $6.0 million or $0.09 to $0.10 per fully diluted share. Adjusted EBITDA is expected to be $9.5 million to $10 million or $0.15 to $0.16 per fully diluted share.

本季稅率預期為17%。GAAP淨利預期為570萬至600萬美元，或每股完全稀釋後盈餘0.09至0.10美元。調整後EBITDA預期為950萬至1,000萬美元，或每股完全稀釋後0.15至0.16美元。

As of today's announcement, we have 157 active Patient Affordability programs and expect to exit the third quarter with 165 to 170 active programs.

截至今日公告，我們共有157個正在運作的「病患可負擔性」方案，並預期第三季末將達到165至170個正在運作的方案。

We also expect our active Plasma center count to slightly increase from the second quarter.

我們也預期正在運作的血漿中心數量將較第二季小幅增加。

As a reminder: Pharma revenue is typically highest in the first half, as claims peak with annual insurance-deductible resets and then, moderate throughout the balance of the year. Plasma revenue, by contrast, is typically softest in the first quarter and builds, as donor activity normalizes, following tax refund season.

提醒一下：製藥營收通常在上半年最高，因為理賠會在年度保險自付額重置後達到高峰，之後在全年剩餘期間趨於溫和。相較之下，血漿營收通常在第一季最疲弱，並會在退稅季過後、捐贈者活動恢復正常時逐步回升。

Both dynamics are fully reflected in our full-year guidance.

上述兩項動態已完整反映在我們的全年指引中。

In short, we are entering the second half of 2026 with stronger program momentum, improved Plasma utilization, higher margins, and a clean balance sheet. Those factors support both our revised guidance and our confidence in the long-term earnings power of the platform.

總之，我們在2026年下半年將以更強的方案動能、更佳的血漿利用率、更高的利潤率，以及乾淨的資產負債表進入。這些因素同時支持我們修訂後的指引，以及我們對該平台長期獲利能力的信心。

That concludes my prepared remarks. With that, I would like to turn the call back over to the operator to begin the question-and-answer session.

以上是我事先準備的發言。接下來，我想把電話交回給接線員，開始問答環節。

Thank you. We'll now be conducting a question-and-answer session.

謝謝。我們現在將進行問答環節。

(Operator Instructions)

(接線員指示)

Gary Prestopino, Barrington Research.

Gary Prestopino，Barrington Research。

Good afternoon, all.

各位下午好。

At this point, Mark, have you contemplated or, even, really measure, on a same store basis, what the revenue growth per program is for programs that you've had in hand for 12 months or so?

Mark，就目前而言，你是否有思考過，甚至實際衡量過，以同店（same store）口徑來看，你們手上已運作約12個月的方案，其每個方案的營收成長是多少？

Yeah. Hey. This is Matt.

有。嗨。我是Matt。

Can you repeat that? Are you talking Plasma? Or are you talking Patient Affordability?

你可以再說一次嗎？你指的是血漿？還是指病患可負擔性？

Patient Affordability, please.

請談病患可負擔性。

You're asking, like, month over month, what it looks like, when it normalizes?

你的意思是像月對月那樣，正常化之後看起來如何嗎？

No. Just to get an idea of -- the programs that you have in hand 12 months, if you look at it, like, on a same-store basis, what's been the, for lack of a better word, organic growth within a program or within your program?

不是。只是想了解一下——你們手上已經運作12個月的方案，如果用同店口徑來看，這些方案內部、或者說在你們方案內的「自然成長」（organic growth）大概是多少？

Yeah. Gary, for the most part, all things being equal, on a year-over-year basis, once it becomes a mature program, you would expect flattish revenue growth.

是的。Gary，大致上在其他條件相同的情況下，以年對年來看，一旦成為成熟方案，你會預期營收成長大致持平。

However, we've been adding in more feature functionality into a program. A program may get an additional indication. There are a number of factors that we'll go into.

不過，我們一直在方案中加入更多功能。某個方案可能會新增適應症。有很多因素，我們之後可以再說明。

We have some programs that we're turning on other services for; that we're now billing for. It's hard to tell you.

我們有一些方案正在啟用其他服務，而我們現在也會就此開立帳單收費。所以很難直接給你一個數字。

If we did nothing -- if we did absolutely nothing -- you would expect -- if there were x number of claims one year, there would be the same number of claims next year.

如果我們什麼都不做——如果我們完全什麼都不做——你會預期——如果某一年有x件理賠，下一年也會是相同的理賠件數。

But we're actually seeing growth in some of our existing programs because we're adding more products and services for those programs.

但我們其實在一些既有方案中看到成長，因為我們為那些方案增加了更多產品與服務。

Right.

了解。

We've got a couple of programs that are getting more indications; meaning, there's other uses for the drug. And so that expands their opportunity. That's what we're seeing, right now.

我們有幾個方案正在取得更多適應症；也就是說，該藥物有其他用途。因此擴大了它們的機會。這就是我們目前看到的情況。

Okay. Just, the bulk of the growth is going to continue to come from adding new programs, that's what I was trying to get at.

好。我想問的是，成長的大宗仍會持續來自新增方案，對吧？

Absolutely.

完全正確。

I think, at one time or another, Jeff, we talked and you said there's between 850 and 900 potential pharmaceutical programs. Is that still a good number?

我記得某個時候，Jeff，我們聊過，你說大概有850到900個潛在的製藥方案。這個數字現在仍然合理嗎？

Yeah. This is Matt.

是的。我是Matt。

It's way higher. I think there's 850 drugs that, currently, have maximizer and accumulator impact. But, if you look at the total number of drugs in market with a co-pay program, you're in the tens of thousands -- pretty much, every branded product, as well as most biosimilars.

其實高得多。我想目前大約有850種藥物會受到maximizer與accumulator的影響。但如果你看的是市場上所有有共付額（co-pay）方案的藥物總數，那是數以萬計——幾乎每一個品牌藥品，以及大多數生物相似藥。

And then, you get into some medical devices, as well. You get into physician-administered or infused products. There's still a tremendous TAM here for us to tap into.

接著，你也會切入一些醫療器材。你會切入由醫師施用或以輸注方式給藥的產品。在這裡我們仍有非常龐大的總可服務市場（TAM）可以去開拓。

We're going back to analogies from a couple of quarters ago: We're still in the first inning here.

回到幾個季度前的比喻：我們現在仍在第一局。

Okay. That's great.

好的。太好了。

And then, just lastly, I know you mentioned something about the Apherion program needing approval but could you just go into that a little bit more; what you're waiting for here before you can launch it into the market?

最後一點，我知道你提到 Apherion 計畫需要核准；你能否再多說一點？在你們能把它推向市場之前，現在還在等什麼？

Yeah. Really, the regulatory process is something we're in the process of going through. I don't have a crystal ball so, anytime, you're in that review process, it is what it is. You just roll with it.

是的。基本上，我們正在走監管流程。我沒有水晶球，所以只要在審查流程中，就只能順其自然。你就照著流程走。

Right.

了解。

I can't really give a date for that at this point in time. But you got to figure that we're going to continue. We're getting lots of interest, internationally and domestically. I expect that to continue.

我目前真的無法給出一個日期。但你可以預期我們會持續推進。我們在國內外都收到很多興趣。我預期這種情況會持續。

We'll definitely give you additional feedback, as it comes down the pipe, on milestones met on that.

一旦有進展、達成里程碑，我們一定會在消息傳來時提供更多回饋。

Okay. It's the FDA that you're waiting for the regulatory approval from, right?

好的。你們是在等 FDA 的監管核准，對吧？

Correct.

沒錯。

Okay. Then, just lastly, the TAM there is pretty big, probably, over $1 billion, worldwide?

好的。最後，那邊的 TAM 應該很大，全球可能超過 10 億美元？

The TAM, for software -- for blood and Plasma software, alone -- globally, today, it's $3.5 billion. The estimates from a third-party research that we looked at thinks that that's going to $7 billion over the next 10 years.

就軟體而言——單就血液與血漿軟體——目前全球 TAM 是 35 億美元。我們參考的第三方研究估計，未來 10 年將成長到 70 億美元。

Okay. Thank you.

好的。謝謝。

That's a large TAM.

那是很大的 TAM。

Yeah. That's great. Thanks.

是的。太好了。謝謝。

Jacob Stephan, Lake Street Capital Markets.

Jacob Stephan，Lake Street Capital Markets。

Hey, guys. Appreciate you taking the questions. Congrats on a really nice quarter here.

嗨，各位。感謝你們回答問題。恭喜這一季表現非常亮眼。

Maybe, just on the Q3 program guide, Q3 implies roughly 20 new additions in the quarter. That's pretty strong, seasonally, just given Q3's usually a lower quarter.

也許先談一下第三季（Q3）的 program 指引：Q3 意味著本季大約新增 20 個項目。考量到季節性，這相當強，因為 Q3 通常是較淡的一季。

But when you factor in that Q4 is typically stronger and correlating that with your over [55] guidance, what are you seeing differently in Q3 that gives you the strong sequential number of additions there?

但如果把 Q4 通常更強的因素納入，並把它與你們超過 [55] 的指引做對照，你們在 Q3 看到了什麼不同之處，讓你們對新增數的季增表現這麼有信心？

I want to push back on something that Q3 is normally not a slow quarter for us. Typically, Q1 is our weakest quarter for new-program launches because of insurance resetting.

我想先反駁一點：Q3 對我們來說通常不是淡季。一般而言，Q1 才是我們新方案上線最弱的一季，因為保險會重置。

I think, if you look at this quarter -- or the first quarter of this year, we only launched a couple of programs. That's really what we expect.

我想如果你看這一季——或今年第一季——我們只上線了幾個方案。那其實就是我們的預期。

As you get into the end of Q1 and move into Q2, we have the asembia conference that we talk about every year. That starts to set the stage for the back half of this year and the first half of next year.

當你進入 Q1 末並邁入 Q2，我們每年都會提到的 asembia 會議就登場了。那會開始為今年下半年與明年上半年鋪陳。

What we're seeing come into Q3, now, is representative of sales work that was begun in Q1, when we were in that launch lull, as well as things that are popping out that we closed up at asembia and were able to get through.

我們現在在 Q3 看到的進展，反映了我們在 Q1（當時也處於上線空窗期）就開始的銷售工作，以及我們在 asembia 談成並順利推進落地的案子。

On the non-portfolio accounts, right -- take the giant top 10 pharmas off the table for a second -- for the smaller pharmas, our sales cycle is still holding around 90 days.

在非投資組合（non-portfolio）客戶方面——先把前十大藥廠這些巨頭暫時拿掉——對於較小型的藥廠，我們的銷售週期仍維持在約 90 天。

As we were planning this stuff in Q2, that obviously -- you take the 90-day framework and it starts to look towards Q3. Jeff already said, we're sitting here talking fifth. We've already done plenty of launches in the last 30 days.

我們在 Q2 規劃這些事情時，顯然——以 90 天的框架來看——時間點就會落在 Q3。Jeff 也已經說了，我們今天坐在這裡是 5 號。過去 30 天我們已經完成了不少上線。

Yeah. I don't think there's necessarily a driver, other than this is just the normal timing that we expect to see these types of deals come through.

是的。我不認為有什麼特別的驅動因素；這就是我們預期這類交易會進來的正常時間節奏。

Q4 always tends to be on par with Q3 because we've got a lot of people that will rush to get programs up and live before Q1, when insurance deductibles and everything else reset and we enter what we call the blizzard, just to where every patient's calling about everything; every pharmacy's calling about everything because they're dealing with insurance deductibles resetting everything else.

Q4 通常會與 Q3 差不多，因為很多人會趕在 Q1 前把方案上線運作；到了 Q1，保險自付額與其他項目重置，我們就進入所謂的「暴風雪期」，也就是每位病患都在打電話問各種事、每家藥局也都在打電話問各種事，因為他們都在處理保險自付額重置等問題。

That's really the push of Q3 and Q4 -- is to get everything done before Q1 because nobody wants to transition a program in Q1.

這就是 Q3 和 Q4 的推力——在 Q1 之前把所有事情做完，因為沒有人想在 Q1 轉換一個方案。

Typically, what you'll see, launch-wise, in Q1 -- and, sometimes, as much, Q2 -- is new programs that are a new-to-market drug, as opposed to -- you would not really see us transitioning very many programs in January, February, just due to resource constraints across the broader industry.

通常你在 Q1——有時甚至到 Q2——看到的上線，多半是新上市藥物的新方案；相對地——由於整個產業的資源限制——你不太會看到我們在 1、2 月轉換很多既有方案。

Jacob, like I said, we sit here today, we exited July with 157 programs so added another nine since the end of the quarter. Look, last year, we added 28 programs in the fourth quarter.

Jacob，就像我說的，我們今天坐在這裡，7 月底時我們有 157 個方案，所以自季末以來又新增了 9 個。你看，去年第四季我們新增了 28 個方案。

The pipeline is extremely strong. We feel good about where we're headed and the number of programs. Added 13 programs in the second quarter; was very solid, as well.

案源管線非常強。我們對前進方向與方案數量感到很有信心。第二季新增了 13 個方案；那也非常扎實。

But, if you look at our guidance, the pipeline is strong and the implementations keep coming. There's no slowdown.

但如果你看我們的指引，管線很強，導入（implementation）也持續進來。沒有放緩。

Got it. Appreciate all the detail there.

了解。感謝你們提供這麼多細節。

Maybe. just one more, a building off of the last analyst question but how does first-year revenue per program compare with your more seasoned base? Do you guys typically land with [DBR]? Or is that an add-on product that gets upsold later?

也許再問一個，延續上一位分析師的問題：第一年的單一方案營收，和你們較成熟的既有客群相比如何？你們通常會以[DBR] 落地嗎？還是那是之後再加購、再向上銷售的附加產品？

We try to launch with DBR. That's our normal go-to.

我們會盡量在上線時就搭配 DBR。那是我們一般的標準做法。

But that's obviously for specialty products that are impacted by maximizers. It's not to say that every product that we have is impacted by maximizers. It's a little bit of a mix.

但那顯然是針對會受到 maximizers 影響的專科產品。並不是說我們所有產品都會受到 maximizers 影響。會有一些組合差異。

I think it's very difficult to answer your other question around what does a program look like. I pulled up some quick metrics, looking at a program that we transitioned back in July of '24.

我認為要回答你另一個問題——一個方案長什麼樣子——其實很難。我快速拉了一些指標，看看我們在 2024 年 7 月轉換的一個方案。

If you were to look at January of '25 versus January of '26, there was about a 15% increase in claims. That has nothing to do with Paysign. That has to do with the fact that that drug received a pediatric indication in Q4 of '25. Going into Q1 of '26, their claim volume is naturally higher.

如果你比較 2025 年 1 月與 2026 年 1 月，理賠申請（claims）大約增加了 15%。那與 Paysign 無關。而是因為該藥在 2025 年第四季獲得了兒科適應症。進入 2026 年第一季後，他們的理賠量自然就更高。

On the reverse side of that is, I have another drug that's maybe doing, say, 7% less in that program year t year but I'm not going to feel it because I actually have the drug that's cannibalizing that product.

反過來說，我還有另一個藥，可能在該方案年度同比少了大概 7%，但我不會有感覺，因為我其實有另一個藥正在侵蝕那個產品的量。

A lot of times, as pharma companies will have a drug start to enter a loss of exclusivity period, they will launch another drug timed. It's for similar indications.

很多時候，當藥廠的某個藥開始進入喪失獨占期時，他們會配合時點推出另一個藥。它用於相似的適應症。

The treatment profile is similar. Adverse events and pharmacovigilance, efficacy -- all that stuff is very similar. But it's a new molecule. They'll launch that product in a way that is designed to cannibalize from the product that's losing exclusivity.

治療特性相近。不良事件與藥物安全監測、療效——這些都非常相似。但它是一個新分子。他們會以一種設計好的方式推出該產品，目的就是從正在失去獨占性的產品那裡「分食」需求。

You can't generalize that and say, this is just how programs work. It's like saying, hey, tell me how much it is for a drug, and you have to account for aspirin, as well as gene therapy.

你不能一概而論地說，方案就是這樣運作的。這就像有人說，嘿，告訴我一個藥要多少錢，而你必須同時把阿斯匹靈以及基因療法都算進去。

Gene therapy is $30 million. Aspirin is sub-$0.01 per pill. When we get into our programs, there is that level of disparity.

基因療法要 3,000 萬美元。阿斯匹靈每顆不到 0.01 美元。當我們談到我們的方案時，就存在這種程度的差異。

We have programs that might do a couple claims a month. I've got programs that might do 30,000 claims a month. There's no way to just give you an average and say, this is what you should look at for a program and this is what they look like, year to year.

我們有些方案可能一個月只有幾筆理賠。我也有些方案可能一個月有 30,000 筆理賠。不可能只給你一個平均值，然後說，這就是你應該用來看一個方案的方式，以及它們年與年之間大概長什麼樣。

You have to really be dialed into the efficacy of the drug, the pipeline of the manufacturer, everything else. Unfortunately, with our contracts, we're just not allowed to disclose our book of business.

你必須非常深入掌握藥物的療效、製造商的產品管線，以及其他所有因素。不幸的是，依照我們的合約，我們就是不被允許揭露我們的客戶組合。

Yeah. No. Makes sense. I appreciate all the detail. Nice quarter, guys.

是的。不。有道理。感謝你提供這麼多細節。各位這一季表現不錯。

Thank you.

謝謝。

Thanks, Jacob.

謝謝你，Jacob。

Thanks.

謝謝。

Peter Heckmann, DA Davidson.

Peter Heckmann，DA Davidson。

Good afternoon. Great to see the good results.

午安。很高興看到這些好結果。

Back to pharma, could you talk about, maybe, how do the manufacturers or the middlemen that work with manufacturers -- how do they procure these? Are there typically requests for proposal? Or is it just on a one-off basis?

回到藥廠這塊，你能談談製造商或與製造商合作的中間商——他們通常是怎麼採購這些（方案/服務）的嗎？一般會有招標（RFP）嗎？還是只是一次性的個案？

But, when you look at that, is there a way to think about your win rates and the -- Paysign, obviously, has great momentum in the business. But this makes me wonder if your win rates really have moved quite a bit higher.

另外，從這個角度看，有沒有一種方式來思考你們的得標率——Paysign 顯然在這個業務上動能很強。但這也讓我在想，你們的得標率是否真的提高了不少。

And then, just thinking about seasonality of wins; just looking at the last couple of years, it doesn't seem that there's any real particular pattern.

再來，談到得標的季節性；看過去幾年，似乎沒有什麼特別明顯的模式。

But, generally, would you expect to win relatively more new programs in the first half or the second half?

但一般而言，你們預期在上半年或下半年會贏得相對更多的新方案嗎？

As far as win ratios -- let me go back to kind of the sales cycle, first, as that was the first question you asked. There is a pretty good mix of [RFPs], [RFIs] versus direct award.

關於得標比例——我先回到你第一個問題，也就是銷售週期。我們的案源中，[RFP]、[RFI] 與直接授標的比例混合得相當平均。

I would say, right now, we're probably in the -- 75% of our wins are coming out of RFPs, RFIs. The remaining 25% is word-of-mouth direct award.

我會說，就目前而言，我們大概有 75% 的得標來自 RFP、RFI。剩下 25% 是口碑帶來的直接授標。

Our RFP win rate is pretty high. I don't have the exact numbers in front of me. I'd have to go back and dig that out. I would say, our RFI, RFP win rate is north of 80%. All right. That was the first question.

我們的 RFP 得標率相當高。我手邊沒有精確數字。我得回去把資料挖出來。我會說，我們的 RFI、RFP 得標率在 80% 以上。好。這是第一個問題。

Now, I lost your second one because I didn't write it down. Sorry. What was the next one?

接著，你的第二個問題我漏掉了，因為我沒有記下來。抱歉。下一個問題是什麼？

Just thinking about any seasonality to the wins. I'm just looking, historically; and just trying to -- I think, last fourth quarter was a great net win quarter. But, in last year, you also had a very strong first quarter.

就是在想得標是否有季節性。我只是看歷史資料，想要——我認為去年第四季淨得標很強。但去年你們第一季也非常強。

Just trying to -- if there's certain conferences or certain timing launch that, generally, we would expect you to add more net new in the first half or the second half -- or it just depends on the year.

我想釐清——是否有某些會議或某些時點的上市節奏，使得一般而言，我們會預期你們在上半年或下半年增加更多淨新增——還是每年都不一定。

Yeah. I think that there is seasonality in the transition wins. But I don't think that's necessarily related to selling. That's more related to what makes sense as to when to actually transition the program.

是的。我認為在「轉換」型得標上確實有季節性。但我不認為那一定跟銷售有關。那更多是跟什麼時候實際轉換方案最合理有關。

There's quite a few programs that we may have known we've won and have been sitting on it for four or five months because the launch date is the middle of the year; because that's what worked for the manufacturer.

有不少方案，我們可能早就知道已經得標，但會先放著四、五個月，因為上市日期在年中；因為那樣對製造商最合適。

I equate it to building a house in Alaska. You don't build it in the wintertime. We don't transition programs in the middle of the blizzard. It knocks out this whole three- or four-month period of the year to where you're just not going to see a lot of transitions.

我把它比喻成在阿拉斯加蓋房子。你不會在冬天蓋。我們也不會在暴風雪正中間去做方案轉換。這會讓一年中有整整三到四個月的期間，你基本上不會看到很多轉換。

But, if you look at our business wins this year, we're about 50/50 on transition programs versus new-to-market, which is why you see some of these programs launching in the first quarter and the second quarter.

但如果你看我們今年贏得的業務，我們在轉換型方案與新上市（new-to-market）之間大約是 50/50，這也是為什麼你會看到有些方案在第一季、第二季就上線。

They're brand new-to-market drugs. We've won those products through RFP or through word-of-mouth. Those trickle in just throughout the year. That's based on the PDUFA dates that they receive from the FDA, as well as their internal launch readiness around those products.

它們是全新上市的藥。我們透過 RFP 或口碑贏得這些產品。這些案子會在全年陸續進來。這取決於它們從 FDA 取得的 PDUFA 日期，以及他們針對這些產品的內部上市準備度。

There's certainly a seasonality to the selling. We do talk about asembia a lot. That conference is critically important to us every year.

銷售本身當然也有季節性。我們常常提到 asembia。那個會議每年對我們都至關重要。

We throw a lot of time, energy, and resources at that conference. We consider it our single largest marketing event for Patient Affordability throughout the year.

我們在那個會議上投入大量時間、精力與資源。我們把它視為全年在「病患可負擔性」領域最大的單一行銷活動。

We attend five to seven other conferences, as well, at various levels to where we may have one or two people; or, some of them, we have 10 or 12 folks show up. It just really depends on the conference and who we think is there that's on our target list.

我們也會參加另外五到七個會議，規模不一；有些可能只派一、兩個人，有些則會有 10 或 12 位同仁出席。這真的取決於會議本身，以及我們認為目標名單上的哪些人會在場。

asembia is in the April to May timeframe. And then, we get into the October, November timeframe with a couple of other conferences that are, typically, in the Philadelphia area or New Jersey area, every year.

asembia 大約在 4 月到 5 月之間。接著到了 10 月、11 月，我們還會參加另外幾個會議，通常每年都在費城地區或新澤西地區舉辦。

And so I would say that's the seasonality into our sell.

所以我會說，這就是我們銷售端的季節性。

One other thing: I'll talk about around win rates because I just thought about this -- is, if you look at last year and all of the new programs that came to market, there's a certain percentage of those that we were never going to be in a position to win, right?

另外一點：我剛想到得標率這件事——如果你看去年所有新上市的方案，當中有一定比例是我們根本不可能有機會贏到的，對吧？

They have exclusivity contracts with their current vendor or something like that. This is going to be a small drug rolling into a massive -- a mammoth -- manufacturer that already has exclusivity with somebody else.

他們與目前的供應商之間有獨家合約或類似的安排。這將是一個小型藥品導入一家規模龐大——可說是巨無霸——且已與其他方簽有獨家合作的製造商。

But we went back and looked at that last year. Out of all the new drugs that came to market, we won over 80% of those RFIs, RFPs that came out.

但我們回頭檢視了去年的情況。在所有上市的新藥中，我們贏得了超過 80% 的 RFI、RFP。

We know our win rate and our conversion rate is very high, overall. If you look at comparing us to the rest of the market, I don't think you see anybody else in the market doing 50-60 program launches a year.

我們知道整體而言，我們的得標率與轉換率都非常高。如果你把我們與市場其他業者相比，我不認為你會看到有人一年能做 50 到 60 個專案上線。

I worked at another service provider prior to coming here. I can tell you we quite certainly did not set up, on average, more than one program a month. I think our growth is certainly leading the industry.

在來這裡之前，我曾在另一家服務供應商工作。我可以告訴你，我們平均確實不可能每月建立超過一個專案。我認為我們的成長無疑正引領整個產業。

That's great. That's very good color.

太好了。這些補充資訊很有幫助。

Jeff, I just had one for you. Forgive me, if I missed it. You have earning season; lots going on here.

Jeff，我有一個問題想問你。如果我漏聽了請見諒。現在是財報季，事情很多。

But, in the last three years, the difference between your EBITDA in the third quarter and the fourth quarter were typically pretty even.

不過，在過去三年，你們第三季與第四季的 EBITDA 差異通常相當接近。

This year, just working through your third quarter and full-year guidance, it appears that third quarter is going to be very strong, from a margin perspective; and then, fourth quarter, not as strong. On an absolute-dollar basis, pretty significant step-down in the fourth quarter.

今年，從你們第三季與全年指引推算，第三季在毛利率/利潤率角度看起來會非常強；而第四季則沒那麼強。以絕對金額來看，第四季有相當明顯的下滑。

Forgive me if I missed it but can you talk about the reasons for that? It appears to be more than just your normal revenue-mix shift back to Plasma.

如果我漏聽了請見諒，但你能談談原因嗎？看起來不只是你們一貫因營收組合回到 Plasma 而造成的變動。

No. It's a fair question.

不會。這是個合理的問題。

And so, if you look last year, we had so many Patient Affordability programs launched in the fourth quarter. It was like drinking out of a fire hose.

所以，如果你看去年，我們在第四季推出了非常多的病患可負擔性（Patient Affordability）方案。那種感覺就像用消防水帶喝水一樣。

This year, hopefully, we're seeing a little bit more in the second quarter; more in the third quarter; some in the fourth quarter so a little bit more evened out throughout the rest of the year. That's going to be part of it.

今年，希望我們在第二季看到一些、第三季更多一些、第四季也有一些，讓全年分布更平均一些。這會是其中一部分原因。

The thing you're going to see in the fourth quarter, also -- and one of the things I've experienced is -- it's a holiday season. Just like anybody else, we have people that take off. That impacts some of the capitalization rates that we would do on a software-development side. I expect it to be lower.

另外你在第四季也會看到——而我過去的經驗是——第四季是節慶假期季。跟其他公司一樣，我們也有人會休假。這會影響我們在軟體開發端所做的資本化比率。我預期會比較低。

My tax rate, which I know it doesn't affect adjusted EBITDA -- but my tax rate's going to be higher in the fourth quarter than the third quarter.

我的稅率——我知道這不影響調整後 EBITDA——但我的稅率在第四季會比第三季高。

But we have a lot of the vestings, the [RSUs] that are coming through. We have more [vesting] in the third quarter than we do the fourth quarter. My deductions go down.

因為有很多歸屬（vesting），那些 [RSUs] 會在那段期間進來。第三季的 [歸屬] 比第四季多。我的扣除額會下降。

Right now, if you look in the fourth quarter, I would expect my income tax rate in the fourth quarter be closer to 27% versus the guidance of 17% in the third quarter.

目前來看，如果看第四季，我預期第四季的所得稅率會更接近 27%，相較於第三季指引的 17%。

Just a number of things. Also, this year, like I said, our pipeline's strong. We are anticipating to hire more account managers to service the Patient Affordability business; hire more claims people, et cetera.

有好幾個因素。另外，今年如我所說，我們的案源（pipeline）很強。我們預期會增聘更多客戶經理來服務病患可負擔性業務；也會增聘更多理賠（claims）人員等等。

We've got to be ready to go in Q1, when the floodgates open. You're just seeing a little bit of that., as well. I could be wrong but, right now, that's my expectations.

我們必須在第一季做好準備，因為到時候需求會大量湧入。你也會看到其中一部分反映在這裡。我可能會判斷錯，但目前這是我的預期。

Yeah. Okay. That's fair. I appreciate it.

了解。好。這樣合理。謝謝你。

Jon Hickman, Ladenburg Thalmann.

Jon Hickman，Ladenburg Thalmann。

Hey. Just a model question for you, guys: Going forward, is 15% year over year a good growth rate for your OpEx?

嗨。我有個模型上的問題想請教各位：往後你們的營業費用（OpEx）年增 15% 會是個不錯的成長率嗎？

Jon, honestly, I don't really look at that. I do a bottoms-up build. I haven't given guidance for next year.

Jon，老實說，我不太用那樣的方式看。我會用由下而上（bottoms-up）的方式建模。我也還沒有提供明年的指引。

But I would expect most of our growth is, from a hiring perspective, coming from Patient Affordability. That will continue, as we add more programs.

但我預期我們大部分的成長，從招募角度來看，會來自病患可負擔性（Patient Affordability）。隨著我們增加更多方案，這會持續下去。

I don't think 15% is unreasonable. It may be a little light but, probably 15% to 20%i-sh isn't crazy.

我不認為 15% 不合理。可能稍微保守一點，但大概 15% 到 20% 左右也不算離譜。

I would look back and say, okay, last year, we added 51 programs. This year, we're on track to add 55 to 60 programs.

我會回頭看：好，去年我們新增了 51 個方案。今年我們可望新增 55 到 60 個方案。

You can see what the OpEx is building; adjust out stock comp and some of the D&A, if you want to look at just SG&A by itself. I think you could probably get some good deduction from those numbers.

你可以看到 OpEx 的累積情況；如果你想只看 SG&A 本身，也可以把股票薪酬以及部分折舊與攤銷（D&A）調整掉。我想你應該可以從那些數字推導出一些不錯的結論。

Okay. And then, could you talk about, like, are you going to be at any conferences or anything in the coming months?

好的。另外，你能談談接下來幾個月你們是否會參加任何研討會或會議之類的活動嗎？

Yeah.

會的。

(inaudible - microphone inaccessible) -- on an Investor Relations point of view.

(聽不清楚 - 麥克風無法收音)——從投資人關係的角度來看。

Yeah. We've got some non-deal roadshows that we're doing. We've got some conferences.

會。我們會進行一些非交易路演（non-deal roadshows）。也會參加一些會議。

The conferences that we're attending is in New York in mid-September. We've got the Lake Street conference. There's also an Oppenheimer conference that we're attending.

我們會參加的會議包括 9 月中在紐約的活動。我們會參加 Lake Street 會議。另外也會參加 Oppenheimer 的會議。

We have a non-deal roadshow going to Boston. We've got the IDEAS Conference in Chicago in August that we're attending.

我們也會去波士頓做一場非交易路演。我們會參加 8 月在芝加哥舉辦的 IDEAS Conference。

We will be on the road quite a bit over the next couple of months.

接下來幾個月我們會相當頻繁地出差。

Okay. Thank you. Nice quarter. Okay.

好的。謝謝。這一季表現不錯。好的。

Thanks, Jon.

謝謝你，Jon。

Thank you. We've reached the end of our question-and-answer session.

謝謝。我們的問答環節到此結束。

Ladies and gentlemen, that does conclude today's teleconference and webcast.

各位女士、先生，今天的電話會議與網路直播到此結束。

You may disconnect your lines at this time. Have a wonderful day.

您現在可以掛斷電話線。祝您有美好的一天。

We thank you for your participation today.

感謝各位今天的參與。