Quipt Home Medical Corp (QIPT) 2024 Q3 法說會逐字稿

Thank you for standing by. This is the conference operator. Welcome to the fiscal third-quarter 2024 results conference call for equipped Quipt Home Corp. (Operator Instructions) The conference is being recorded. (Operator Instructions)

謝謝你的支持。這是會議操作員。歡迎參加配備 Quipt Home Corp. 的 2024 財年第三季業績電話會議。（操作員說明）

We remind you that the remarks today will include forward-looking statements that are subject to important risks and uncertainties. For more information on these risks and uncertainties, please see the Reader Advisory at the bottom of the company's results news release. The company's actual performance could differ materially from these statements.

我們提醒您，今天的言論將包括前瞻性陳述，這些陳述將受到重大風險和不確定性的影響。有關這些風險和不確定性的更多信息，請參閱公司業績新聞稿底部的讀者諮詢。本公司的實際業績可能與這些陳述有重大差異。

At this point, I'd like to turn the call over to Chairman and Chief Executive Officer, Greg Crawford.

現在，我想將電話轉給董事長兼執行長格雷格·克勞福德。

Thank you, operator, and thank you all for joining us today on the call. My name is Greg Crawford, and I'm the Chairman and Chief Executive Officer of Quipt Home Medical. Joining me today is Hardik Mehta, our Chief Financial Officer. Quipt Home Medical is a diversified healthcare services company providing a full spectrum of home medical equipment and services to patients in the home setting across the United States.

謝謝接線員，也謝謝大家今天加入我們的電話會議。我叫 Greg Crawford，是 Quipt Home Medical 的董事長兼執行長。今天加入我的是我們的財務長 Hardik Mehta。Quipt Home Medical 是一家多元化的醫療保健服務公司，為美國各地的家庭患者提供全方位的家庭醫療設備和服務。

At Quipt, our unwavering commitment is to provide clinical excellence through our patient-centric ecosystem, leveraging technology-enabled equipment solutions in conjunction with our specialized clinical respiratory programs to effectively treat patients at home in a way that best suits their needs. Our core go-to-market strategy drives market penetration through providing an end-to-end respiratory care solution with complimentary durable medical equipment products to our key sales touch points, serving as a one-stop shop in the marketplace.

在Quipt，我們堅定不移的承諾是透過以患者為中心的生態系統提供卓越的臨床服務，利用技術支援的設備解決方案與我們專業的臨床呼吸計畫相結合，以最適合患者需求的方式在家中有效治療患者。我們的核心進入市場策略透過向我們的關鍵銷售接觸點提供端到端呼吸護理解決方案和免費的耐用醫療設備產品來推動市場滲透，成為市場上的一站式商店。

At this time, respiratory care accounts for approximately 80% of our product mix, showcasing our ongoing commitment to serving the needs of patients with pulmonary and cardiovascular diseases. With our ongoing dedication to patient care and the scale we are achieving, we are poised to capitalize on the expanding need for respiratory care delivered in the home setting. This need for respiratory care is driven by an aging population, significant COPD target patient group of over 16 million Americans and a significantly underpenetrated sleep apnea market, with OSA impacting 80 million adults across the United States.

目前，呼吸照護產品約占我們產品組合的 80%，這反映了我們對滿足肺病和心血管疾病患者需求的持續承諾。憑藉我們對病患照護的持續奉獻和我們所達到的規模，我們準備充分利用家庭環境中呼吸照護不斷增長的需求。對呼吸照護的需求是由人口老化、超過 1,600 萬美國人的重要 COPD 目標患者群體以及睡眠呼吸中止症市場滲透率顯著不足推動的，其中 OSA 影響了美國 8000 萬成年人。

On this call, we will provide updates on our fiscal third-quarter 2024 performance, provide strategic insights into our core business and our strategic growth roadmap. We reported revenue of $64 million, marking a 6.1% year-over-year increase and adjusted EBITDA margin of 22.3%. This resulted in adjusted EBITDA of $14.2 million, representing growth of 2.7%.

在本次電話會議上，我們將提供 2024 年第三財季業績的最新信息，提供有關我們核心業務和戰略成長路線圖的戰略見解。我們公佈的營收為 6,400 萬美元，年增 6.1%，調整後 EBITDA 利潤率為 22.3%。調整後 EBITDA 達到 1,420 萬美元，成長 2.7%。

We increased revenues to $193.3 million for the nine months ended June 30, 2024, an increase of 21.4% compared to the prior period and generated adjusted EBITDA of $44.5 million, representing 23% of revenue compared to 22.6% for the corresponding period.

截至 2024 年 6 月 30 日的九個月，我們的營收增至 1.933 億美元，較上一期增長 21.4%，調整後 EBITDA 為 4,450 萬美元，佔營收的 23%，而同期為 22.6%。

Our strategy focusing on generating economies of scale and effective cost management enabled the consistency in our margin profile. We are very pleased with the progress made in the fiscal third quarter in the face of the challenges faced year to date. We saw year-over-year organic growth of 3% and flat sequential organic revenue growth in the quarter. This represented a solid sequential improvement from the 2% sequential decline seen in fiscal Q2.

我們的策略專注於產生規模經濟和有效的成本管理，使我們的利潤率保持一致。面對今年迄今面臨的挑戰，我們對第三財季的進展感到非常高興。我們看到本季同比有機成長 3%，有機收入環比成長持平。這與第二財季 2% 的環比下降相比，出現了顯著的環比改善。

We are proud of the improvement given the absorbed impact of the end of the Medicare 75/25 relief as of January 1, which had been providing rate relief for certain geographies, the Change Healthcare cyberattack, and the withdrawal of Medicare Advantage members due to a capitated agreement engaged on with other providers in the industry. We have observed strength in our referral patterns across our product offering in real time, which has helped to mitigate the impact, and we anticipate a return to historic levels of organic growth in time.

鑑於自 1 月 1 日起 Medicare 75/25 減免政策的終止（一直為某些地區提供費率減免）、Change Healthcare 網路攻擊以及 Medicare Advantage 會員因與業內其他供應商簽訂的資本協議。我們即時觀察到我們的產品推薦模式的強度，這有助於減輕影響，我們預計有機成長將及時恢復到歷史水平。

Turning to our sleep business as it relates to the continued emphasis on GLP-1s, we have not seen any negative impact from GLP-1s whatsoever to date. We have seen referral patterns for new device setups remain consistent and replacement supplies very strong. In the quarter, we saw our resupply program perform very well with an increase of $2.2 million or 9%.

談到我們的睡眠業務，因為它與對 GLP-1 的持續重視有關，迄今為止，我們尚未看到 GLP-1 帶來任何負面影響。我們看到新設備設定的推薦模式保持一致，替換供應非常強勁。在本季度，我們的補給計劃表現得非常好，增加了 220 萬美元，即 9%。

Moreover, additional positive data shared from the leading sleep device manufacturer recently involving 811,000 patients showed those with an OSA diagnosis and prescribed the GLP-1 are 10.7% more likely to start PAP therapy compared to those not on GLP-1s. Highlighting their impact on treatment adherence, additionally, data showed more frequent resupply order rates for these patients over 12 and 24 months.

此外，領先的睡眠設備製造商最近分享的涉及811,000 名患者的額外積極數據顯示，與未服用GLP-1 的患者相比，診斷為OSA 並開出GLP-1 處方的患者開始PAP 治療的可能性高出10.7%。此外，數據顯示這些患者在 12 個月和 24 個月內的補給訂單頻率更高，凸顯了它們對治療順從性的影響。

The data shared demonstrates the GLP-1s are having a positive impact on patients both seeking and adhering to positive airway pressure therapy. We think that the availability of these medications for the treatment of obstructive sleep apnea will lead to a rise in the number of cases diagnosed with the illness and a rise in the market demand for PAP therapy.

共享的數據顯示 GLP-1 對尋求和堅持氣道正壓治療的患者產生積極影響。我們認為，這些用於治療阻塞性睡眠呼吸中止症的藥物的出現將導致診斷出該疾病的病例數量增加，以及市場對 PAP 治療的需求增加。

It is important to remember that 80 million adults in the US have OSA, of whom over 20 million have moderate to severe OSA. Furthermore, it's estimated that 85% of the cases of OSA remain undiagnosed and untreated. The total addressable market is extremely large for this segment of patients and allows for multiple treatment modalities. CPAP is also well tolerated with approximately 87% of patients meeting US Medicare criteria for CPAP adherence using modern technology.

重要的是要記住，美國有 8000 萬成年人患有 OSA，其中超過 2000 萬患有中度至重度 OSA。此外，據估計 85% 的 OSA 病例仍未得到診斷和治療。對於這部分患者來說，整個潛在市場非常大，並且允許多種治療方式。CPAP 的耐受性也很好，大約 87% 的患者符合使用現代技術遵守 CPAP 的美國醫療保險標準。

We believe, based on early data, our real-time performance and the positive developments of more motivated patients entering the healthcare system as they work towards their health goals, the introduction of GLP-1s will be complementary, serving as a tailwind for our sleep business over time.

我們相信，根據早期數據、我們的即時表現以及更多積極主動的患者在努力實現健康目標時進入醫療保健系統的積極進展，GLP-1 的引入將起到補充作用，成為我們睡眠的推動力隨著時間的推移，業務。

As it relates to the ongoing CID, known as the civil investigative demand, we continue to make progress providing information and are working diligently to resolve this matter as quickly as possible. At this time, the government has not reached a conclusion that any wrongdoing has occurred. We have effective internal controls around billing and compliance procedures in place and remain confident in our practices.

由於它與正在進行的 CID（即民事調查需求）相關，我們將繼續在提供資訊方面取得進展，並正在努力盡快解決這一問題。目前，政府尚未得出是否存在任何不當行為的結論。我們針對計費和合規程序制定了有效的內部控制，並對我們的實踐保持信心。

In fiscal Q3, we were laser focused on working through the short-term working capital impact of the Change Healthcare cyberattack, ensuring cash collections normalized and the processing of outstanding claims was prioritized. Now as we begin to move on to the other side of this impact, we continue to look at ways to allocate our capital to promote growth and create value.

在第三財季，我們專注於解決 Change Healthcare 網路攻擊對短期營運資金的影響，確保現金收款正常化，並優先處理未決索賠。現在，當我們開始走向這影響的另一面時，我們將繼續尋找分配資本以促進成長和創造價值的方法。

To this effect, we have seen the M&A landscape evolve over recent months, with plenty of strategic opportunities in the marketplace that would fit our stringent mandate. Our pipeline is growing, and we are committed to economically building scale with the flexibility to deploy capital in a thoughtful manner as it relates to synergistic acquisitions at reasonable multiples.

為此，我們看到近幾個月來併購格局不斷變化，市場上出現了大量符合我們嚴格要求的策略機會。我們的管道正在不斷增長，我們致力於以經濟的方式建立規模，並以周到的方式靈活地部署資本，因為這與以合理倍數進行協同收購有關。

Moreover, as it relates to the M&A environment as a whole, we believe the recent sale of one of our larger peers, which is significantly higher than our current trading multiple, underscores how undervalued our company is at this time. Additionally, we anticipate that dislocation will occur in the marketplace from the M&A activity and will lead to organic growth opportunities for us to take advantage of, and we are ready to pick up market share.

此外，由於它與整個併購環境有關，我們認為最近出售了我們一家較大的同行，其價格明顯高於我們當前的交易倍數，這突顯了我們公司目前的價值被低估的程度。此外，我們預計併購活動將導致市場混亂，並將為我們帶來有機成長機會，我們已準備好擴大市場份額。

We will continue managing debt conservatively and leveraging our strong balance sheet, which stands at a conservative 1.5 net leverage, enabling us to pursue strategic initiatives that drive long-term value for our shareholders. As we continue to implement our strategic growth strategy, we are confident in our ability to deliver exceptional patient care, establish strong payer alliances, and achieve consistent and sustained long-term growth.

我們將繼續保守地管理債務，並利用我們強大的資產負債表（保守的淨槓桿率為 1.5），使我們能夠採取為股東帶來長期價值的策略性舉措。隨著我們繼續實施我們的策略性成長策略，我們對提供卓越的患者護理、建立強大的支付者聯盟並實現持續的長期成長的能力充滿信心。

With that commentary, I'd like to hand the call over to Hardik to discuss our fiscal third-quarter 2024 financial results.

在發表上述評論後，我想將電話轉交給 Hardik，討論我們 2024 年第三季的財務表現。

Thanks, Greg. On Wednesday evening, we announced our fiscal third-quarter 2024 financial results representing the three months ended June 30, 2024. Please note that all financial values are in US dollars. Here are some key highlights. The company's customer base increased 9% year over year to 153,223 unique patients served in Q3 2024 up from 140,515 unique patients in Q3 2023.

謝謝，格雷格。週三晚間，我們公佈了截至 2024 年 6 月 30 日止三個月的 2024 年第三財季財務業績。請注意，所有財務價值均以美元為單位。以下是一些關鍵亮點。該公司的客戶群年增 9%，從 2023 年第三季的 140,515 名獨特患者增至 2024 年第三季的 153,223 名獨特患者。

Compared to 547,038 unique setups or deliveries in Q3 2023, the company completed 641,786 unique setups and deliveries in Q3 2024, an increase of 17.3%. This includes 120,118 respiratory resupply setups for the three months ended June 30, 2024, compared to 108,391 for the three months ended June 30, 2023, an increase of 10.8%, which the company credits to its continued use of technology and centralized intake processes.

與 2023 年第三季的 547,038 次獨特設定或交付相比，該公司在 2024 年第三季完成了 641,786 次獨特設定和交付，成長了 17.3%。其中包括截至2024年6月30日止三個月的120,118個呼吸補給裝置，而截至2023年6月30日止三個月的呼吸補給裝置為108,391個，增加了10.8%，該公司將其歸功於其持續使用技術和集中攝入流程。

Revenue for fiscal Q3 2024 was $64 million compared to $60.3 million for fiscal Q3 2023, representing a 6.1% increase in revenue year over year. Organic growth contributed approximately 1.7% or 3% year over year. Revenues for the nine months ended June 30, 2024, increased to $193.3 million, representing an increase of 21.4% from the nine months ended June 30, 2023. Organic growth contributed approximately $8.1 million or 5%.

2024 財年第三季的營收為 6,400 萬美元，而 2023 財年第三季的營收為 6,030 萬美元，營收年增 6.1%。有機成長年貢獻約 1.7% 或 3%。截至2024年6月30日止九個月的營收增至1.933億美元，較截至2023年6月30日止九個月成長21.4%。有機成長貢獻了約 810 萬美元或 5%。

Recurring revenues as of fiscal Q3 2024 continues to be strong and is approximately 82.1% of the total revenue. Adjusted EBITDA for fiscal Q3 2024 was $14.2 million or a 22.3% margin compared to $13.9 million or a 23% margin for Q3 2023. The EBITDA grew by 2.7% year over year. The company generated adjusted EBITDA of $44.5 million for the nine months ended June 30, 2024, a 23.7% increase from the nine months ended June 30, 2023. This represents 23% of revenue for the nine months ended June 30, 2024, an increase from 22.6% for the nine months ended June 30, 2023.

截至 2024 年第三財季，經常性收入持續強勁，約佔總營收的 82.1%。2024 年第三季調整後 EBITDA 為 1,420 萬美元，利潤率為 22.3%，而 2023 年第三季為 1,390 萬美元，利潤率為 23%。EBITDA 年成長 2.7%。截至2024年6月30日止九個月，該公司調整後EBITDA為4,450萬美元，較截至2023年6月30日止九個月成長23.7%。這佔截至2024年6月30日止九個月收入的23%，較截至2023年6月30日止九個月的22.6%有所增加。

Cash flow for continuing operations was $28.6 million for the nine months ended June 30, 2024, compared to $27.3 million for the nine months ended June 30, 2023, an increase of 4.9%. For fiscal Q3 2024, bad debt expenses increased to 5% from 4% due to the direct and indirect effects of the Change Healthcare cybersecurity incident, resulting in a diversion from normal collection efforts.

截至2024年6月30日止九個月的持續經營現金流為2,860萬美元，而截至2023年6月30日止九個月的持續經營現金流為2,730萬美元，成長4.9%。2024 財年第三季度，由於 Change Healthcare 網路安全事件的直接和間接影響，壞帳費用從 4% 增加至 5%，導致正常催收工作分流。

CapEx defined as transfers of rental equipment from serialized inventory to fixed assets when we deploy the equipment on patients was 12.7% for the nine months ended June 30, 2024, in line with historical levels. We experienced higher CapEx for the three months period ending June 30, 2024, due to the purchase of new ventilators to replace the old Trilogy model in our fleet.

截至 2024 年 6 月 30 日的九個月，資本支出定義為當我們為患者部署設備時，租賃設備從序列化庫存轉移到固定資產的比率為 12.7%，與歷史水準一致。截至 2024 年 6 月 30 日的三個月期間，我們的資本支出較高，因為我們購買了新的呼吸器來替換我們機隊中的舊 Trilogy 型號。

Operating expenses for the three months ended June 30, 2024, was 47.8% and increased from 45.4% in the three months ending June 30, 2023. Acquisitions accounted for approximately 900,000 of the increase and 723,000 of professional fees related to CID. The remaining increase was incurred to support organic revenue growth with payroll being the largest component.

截至2024年6月30日止三個月的營運費用為47.8%，高於截至2023年6月30日止三個月的45.4%。收購費用約佔成長的 90 萬美元，以及與 CID 相關的專業費用的 72.3 萬美元。剩餘的成長是為了支持有機收入成長，其中工資是最大的組成部分。

The company reported $14.4 million of cash on hand on June 30, 2024, compared to $14.6 million as of March 31, 2024. The company had total credit availability of $38.1 million as of June 30, 2024, with $17.1 million available on the revolving credit facility, and $21 million available pursuant to the delayed draw term loan facility. The company maintains a conservative balance sheet with a net debt to adjusted EBITDA leverage of 1.5x.

該公司截至 2024 年 6 月 30 日的手頭現金為 1,440 萬美元，截至 2024 年 3 月 31 日為 1,460 萬美元。截至 2024 年 6 月 30 日，該公司的可用信貸總額為 3,810 萬美元，其中循環信貸安排提供 1,710 萬美元，延遲提取定期貸款安排提供 2,100 萬美元。該公司維持保守的資產負債表，淨債務與調整後 EBITDA 槓桿比率為 1.5 倍。

We are pleased with the steady progress made throughout this quarter, and we are confident that our ongoing growth initiatives will translate into sustained long-term value for our shareholders. A key component of our strategy is our prudent approach to capital management, as this allows us to economically scale our business while maintaining efficiency.

我們對本季取得的穩定進展感到高興，並相信我們持續的成長舉措將為股東帶來持續的長期價值。我們策略的關鍵組成部分是我們審慎的資本管理方法，因為這使我們能夠在保持效率的同時經濟地擴展我們的業務。

Our focus is on ensuring that every investment we make is geared towards sustainable growth. Our long-term strategy is built on maximizing the resources we already have in place, including leveraging our strong balance sheet, operational strength, sales capabilities, and the infrastructure we have developed so far. By doing so, we are able to build a more resilient and stable foundation for future growth, margin acceleration, and cash flow generation.

我們的重點是確保我們所做的每項投資都旨在實現永續成長。我們的長期策略建立在最大限度地利用我們現有資源的基礎上，包括利用我們強大的資產負債表、營運實力、銷售能力以及我們迄今為止開發的基礎設施。透過這樣做，我們能夠為未來的成長、利潤加速和現金流的產生奠定更有彈性和穩定的基礎。

We are proud of the efforts of our team in growing our overall revenue year over year and mitigating the temporary headwinds we faced with continued volume growth to produce flat growth sequentially, an improvement from sequential 2.1% decline seen from fiscal Q1 to fiscal Q2. Our priority remains on achieving organic growth target of 8% to 10% on an annualized basis.

我們為我們的團隊所做的努力感到自豪，我們的整體收入逐年增長，並緩解了我們因銷量持續增長而面臨的暫時阻力，實現了環比增長，比第一財季到第二財季的環比下降2.1% 有所改善。我們的首要任務仍然是實現年化 8% 至 10% 的有機成長目標。

Our conservative balance sheet featuring $31.5 million in cash and revolver availability positions us exceptionally well to navigate an environment of higher interest rates and strategically pursue both organic and inorganic growth opportunities with a prudent leverage ratio of 1.5x. We are strategically positioned to utilize a balanced mix of debt and cash, demonstrating our commitment to disciplined growth.

我們保守的資產負債表擁有 3,150 萬美元的現金和左輪手槍可用性，使我們能夠很好地應對利率上升的環境，並以 1.5 倍的審慎槓桿率戰略性地尋求有機和無機增長機會。我們的策略定位是利用債務和現金的平衡組合，反映我們對有序成長的承諾。

As it relates to working capital, we generally do not have any significant seasonal working capital fluctuations. However, during the nine months ended June 30, 2024, the Change Healthcare cybersecurity incident created a reduction in our cash flow and increased our working capital needs. We estimate the working capital impact from Change Healthcare has been approximately $4 million. As we continue collecting outstanding claims, it should mitigate this impact and reduce our higher working capital that we currently have.

由於與營運資金相關，我們通常沒有任何重大的季節性營運資金波動。然而，在截至 2024 年 6 月 30 日的九個月內，Change Healthcare 網路安全事件導致我們的現金流量減少並增加了我們的營運資金需求。我們估計 Change Healthcare 對營運資金的影響約為 400 萬美元。隨著我們繼續收集未決索賠，它應該會減輕這種影響並減少我們目前擁有的較高營運資金。

On a go-forward basis, we continue to anticipate 6% to 8% free cash flow following CapEx and/or lease payments but prior to any payments relating to debt service and acquisitions price payable. We see these as our baseline scenario going forward with the long-term objective of including on this as we continue to expand our business. We are confident in our ability to grow our net cash flow inclusive of our CapEx needs.

展望未來，我們繼續預計，在資本支出和/或租賃付款之後，但在與償債和應付收購價格相關的任何付款之前，自由現金流將達到 6% 至 8%。我們將這些視為我們未來的基準情景，並在我們繼續擴展業務時將其納入長期目標。我們對增加淨現金流量以滿足資本支出需求的能力充滿信心。

Maintaining our capital allocation discipline is crucial to our continued financial success. We will continue to adhere to our strict approach, focusing our investments on creating value by building scale within the business to drive operating leverage. This disciplined strategy ensures we maximize financial flexibility and long-term shareholder value.

維持我們的資本配置紀律對於我們持續財務成功至關重要。我們將繼續堅持嚴格的方法，將投資重點放在透過擴大業務規模來創造價值上，以提高營運槓桿。這種嚴格的策略確保我們最大限度地提高財務靈活性和長期股東價值。

Lastly, as a reminder, this is our last fiscal quarter reporting under International Financial Reporting Standards, also known as IFRS. Starting with our full-year fiscal 2024 results, we will transition to US Generally Accepted Accounting Principles, also known as GAAP. This means starting from our fourth quarter of fiscal 2024 and our audited financials for year ending September 30, 2024, the financial statements will be prepared under US GAAP.

最後，提醒一下，這是我們根據國際財務報告準則（也稱為 IFRS）報告的最後一個財務季度。從 2024 年全年財報開始，我們將過渡到美國公認會計原則（也稱為 GAAP）。這意味著從我們 2024 財年第四季以及截至 2024 年 9 月 30 日的年度經審計的財務報表開始，財務報表將根據美國公認會計準則編制。

It also means that effective October 1, 2024, the company will be subject to the same reporting and disclosure requirements applicable to domestic US companies. And the company will be required to file periodic reports and financial statements with the SEC on Form 10-K and Form 10-Q as applicable, as well as filing current reports on Form 8-K. We are looking forward to this transition as we believe it is important to align our accounting standards with the geography of our operations being all within the United States as well as improving comparability to our peers in the industry.

這也意味著，自 2024 年 10 月 1 日起，該公司將遵守適用於美國國內公司的相同報告和揭露要求。公司將被要求透過表格 10-K 和表格 10-Q（如適用）向 SEC 提交定期報告和財務報表，並透過表格 8-K 提交當前報告。我們期待這一轉變，因為我們相信，使我們的會計標準與我們在美國境內的業務地理位置保持一致以及提高與業內同行的可比性非常重要。

Thank you. And with that update, I will turn the call back to Greg.

謝謝。更新後，我會將電話轉回給格雷格。

Thanks, Hardik. Our strategic focus on leveraging our existing infrastructure and economies of scale has yielded a consistent adjusted EBITDA margin. By demonstrating a sustained and solid margin profile across various operating environments, we have showcased our thoughtful and adaptable capital management approach.

謝謝，哈迪克。我們的策略重點是利用現有基礎設施和規模經濟，從而產生了一致的調整後 EBITDA 利潤率。透過在各種營運環境中展示持續穩定的利潤狀況，我們展示了我們深思熟慮且適應性強的資本管理方法。

Our comprehensive range of end-to-end respiratory solutions coupled with a diverse product mix is pivotal to our sustained success and market expansion. Concentrating on key sales channels such as hospital systems and physician offices drives volume growth, which remains the primary catalyst for our organic growth. This strategy underpins our long-term expansion time and solidifies our market position.

我們全面的端到端呼吸解決方案加上多樣化的產品組合對於我們的持續成功和市場擴張至關重要。專注於醫院系統和醫生辦公室等關鍵銷售管道可推動銷售成長，這仍然是我們有機成長的主要催化劑。這項策略支撐了我們的長期擴張並鞏固了我們的市場地位。

Our investment in creating operational efficiencies is central to our overall strategy. By automating key processes and enhancing our operational infrastructure, we aim to boost productivity, reduce costs, and improve patient outcomes. This focus on efficiency not only supports our long-term organic growth objectives but also ensures we remain competitive and agile in our markets nationwide.

我們對提高營運效率的投資是我們整體策略的核心。透過自動化關鍵流程和增強我們的營運基礎設施，我們的目標是提高生產力、降低成本並改善患者治療效果。這種對效率的關注不僅支持我們的長期有機成長目標，而且確保我們在全國市場上保持競爭力和敏捷性。

Looking at our strategic growth roadmap, we are focused on driving long-term organic growth, enhancing cash flow generation and margins, as well as retaining financial flexibility to seize on emerging opportunities. We are committed to driving long-term organic growth by leveraging our unique market positioning in clinical respiratory care.

縱觀我們的策略成長路線圖，我們專注於推動長期有機成長，提高現金流產生和利潤率，並保持財務靈活性以抓住新興機會。我們致力於利用我們在臨床呼吸護理領域獨特的市場定位來推動長期有機成長。

Our goal of achieving 8% to 10% annualized growth is underpinned by the expanding demand for home-delivered respiratory services. This demand is driven by an aging population, significant prevalence of COPD, and an under-penetrated sleep apnea market.

我們實現 8% 至 10% 年化成長的目標是由不斷擴大的上門呼吸服務需求所支撐的。這項需求是由人口老化、慢性阻塞性肺病（COPD）的高盛行率以及睡眠呼吸中止症市場滲透不足所推動的。

To support this growth, we focus on market expansion and strategic sales initiatives. We continuously explore opportunities to broaden our product portfolio, cross sell our comprehensive product solutions, and penetrate new markets. Our targeted efforts aim to drive volume-based growth through enhanced sales strategies, stronger relationships with healthcare providers and payers, and access to key geographic areas.

為了支持這種成長，我們專注於市場擴張和策略銷售計劃。我們不斷探索擴大產品組合、交叉銷售全面產品解決方案並滲透新市場的機會。我們的目標是透過加強銷售策略、加強與醫療保健提供者和付款人的關係以及進入關鍵地理區域來推動銷售成長。

Recently, we announced the rollout of an expanded offering to include the diabetes market segment featuring continuous glucose monitors, also known as CGMs, and related supplies. This initiative has shown promising early results and represents a significant opportunity to add value to our existing patient base without increasing SG&A expenses.

最近，我們宣布推出一項擴展產品，將糖尿病細分市場納入其中，其中包括連續血糖監測儀（也稱為 CGM）和相關用品。該計劃已顯示出有希望的早期成果，並且是在不增加 SG&A 費用的情況下為我們現有患者群增加價值的重要機會。

By addressing an unmet need, we can leverage our established relationships and deep understanding of patient needs to cross sell new products effectively. This move enhances our product offering and strengthens our position as a comprehensive care provider in the home medical equipment ecosystem.

透過解決未滿足的需求，我們可以利用我們已建立的關係和對患者需求的深刻理解來有效地交叉銷售新產品。此舉增強了我們的產品供應，並鞏固了我們作為家庭醫療設備生態系統中綜合護理提供者的地位。

The diabetes patient population complements our existing patient base well. Clinical research indicates that up to 48% of individuals diagnosed with type 2 diabetes also have sleep apnea, highlighting the synergistic potential of our expanded portfolio. Second, we are committed to achieving economies of scale and continuous margin improvement. By streamlining our operations and optimizing our cost structure as we grow, we aim to enhance our margins and overall cash flow, enabling us to invest in growth initiatives and drive positive cash flow generation.

糖尿病患者群體很好地補充了我們現有的患者群。臨床研究表明，高達 48% 的 2 型糖尿病患者也患有睡眠呼吸暫停，這凸顯了我們擴大的產品組合的協同潛力。其次，我們致力於實現規模經濟和持續提高利潤率。透過在發展過程中精簡營運並優化成本結構，我們的目標是提高利潤率和整體現金流，使我們能夠投資於成長計畫並推動正現金流的產生。

Furthermore, we are dedicated to promoting the long-term adoption of electronic prescribing, also known as e-prescribe, within our industry. Our commitment to the adoption of this technology positions us well to benefit from its numerous advantages, including increased productivity, reduced errors, improved compliance, and better patient outcomes.

此外，我們致力於促進電子處方（也稱為 e-prescribe）在我們行業內的長期採用。我們致力於採用這項技術，使我們能夠從其眾多優勢中受益，包括提高生產力、減少錯誤、提高合規性和更好的患者治療效果。

Our automated resupply platform is another excellent illustration of how we use technology. It not only helps us achieve higher margin recurring revenue and organic growth, but it also offers us significant revenue synergies when we make strategic acquisitions. The resupply program also plays a crucial role in extending a patient life cycle with us as well as driving compliance rates and long-term adherence to therapy, which all benefits the patient.

我們的自動化補給平台是我們如何使用科技的另一個絕佳例證。它不僅幫助我們實現更高的利潤率經常性收入和有機成長，而且在我們進行策略性收購時還為我們提供了顯著的收入協同效應。再供應計畫在延長我們病患的生命週期以及提高依從率和長期堅持治療方面也發揮著至關重要的作用，這一切都對病患有利。

Lastly, we are committed to maintaining a conservative balance sheet to ensure ample flexibility, allowing us to allocate capital towards synergistic acquisition candidates that meet our stringent criteria. Since 2018, we have successfully integrated 19 acquisitions, contributing more than $150 million in revenue. Our disciplined approach to debt management coupled with strategic investments in our operating platform and market expansion will support our long-term objectives of positive net cash generation and modest leverage.

最後，我們致力於維持保守的資產負債表，以確保足夠的靈活性，使我們能夠將資本分配給符合我們嚴格標準的協同收購候選人。自 2018 年以來，我們已成功整合 19 項收購，貢獻了超過 1.5 億美元的收入。我們嚴格的債務管理方法，加上對營運平台和市場擴張的策略性投資，將支持我們實現正淨現金產生和適度槓桿的長期目標。

This strategy enhances our capacity to invest in synergistic acquisition opportunities that bolster our go-to-market strategy centered around our comprehensive end-to-end respiratory offering. On the capital market front, we are actively interacting with investors from the United States and Canada to discuss our long-term growth ambitions and ongoing disconnect in our valuation compared to our fundamentals.

這項策略增強了我們投資協同收購機會的能力，從而支持我們以全面的端到端呼吸產品為中心的進入市場策略。在資本市場方面，我們正在與美國和加拿大的投資者積極互動，討論我們的長期成長目標以及我們的估值與基本面相比持續脫節的情況。

This includes attending various investor conferences and investor roadshows throughout the remainder of 2024. As always, we will continue to work to build our investor audience and overall shareholder base. Importantly, I want to again note the recent announcement of the potential sale of a larger industry peer at a significantly higher multiple than our current market valuation, which we believe does not reflect our overall business fundamentals.

這包括在 2024 年剩餘時間內參加各種投資者會議和投資者路演。一如既往，我們將繼續努力建立我們的投資者群體和整體股東基礎。重要的是，我想再次指出，最近宣布可能以遠高於我們當前市場估值的倍數出售一家較大的行業同行，我們認為這並不能反映我們的整體業務基本面。

Based on historical developments when large M&A take place, we anticipate dislocation to likely occur, and we are very confident in our ability to seize upon this opportunity to further our organic growth initiatives. Looking to the future, our methodical approach to synergistic acquisitions, along with our strategic focus on organic growth, puts us in a strong position for long-term success.

根據大型併購發生時的歷史發展，我們預計可能會出現混亂，並且我們對抓住這一機會進一步推進有機增長計劃的能力充滿信心。展望未來，我們有條不紊的協同收購方法，以及我們對有機成長的策略重點，使我們處於長期成功的有利地位。

Our dedication to developing a robust and scalable company strategy is demonstrated by our capacity to utilize internal resources and operational efficiencies. Our commitment to providing value to our shareholders will not waver as we manage the operational environment and stick to our flexible capital allocation strategy.

我們利用內部資源和營運效率的能力證明了我們致力於制定穩健且可擴展的公司策略。當我們管理營運環境並堅持靈活的資本配置策略時，我們為股東提供價值的承諾不會動搖。

In summary, while fiscal Q3 pose lingering challenges, our sequential improvement from the decline in revenue seen in fiscal Q2 shows the improving trend and the underlying strength of our current market positioning, scaled operational platform, and the resilience of our business model to mitigate the impact. We appreciate the continued support of our investors, and we are extremely well positioned to seize the opportunities for further expansion. Finally, I want to take this chance to thank the entire Quipt team once again for their tireless work and our stakeholders for their continued support.

總之，雖然第三財季帶來了揮之不去的挑戰，但我們從第二財季收入下降的情況來看，我們的連續改善表明了改善趨勢以及我們當前市場定位、規模化營運平台以及我們業務模式的彈性的潛在優勢，以緩解影響。我們感謝投資者的持續支持，我們完全有能力抓住進一步擴張的機會。最後，我想藉此機會再次感謝整個 Quipt 團隊的不懈工作以及我們的利害關係人的持續支持。

(Operator Instructions) Richard Close, Canaccord Genuity.

（操作員說明）Richard Close，Canaccord Genuity。

Great. Thanks for the question. I'm just curious how you're thinking about fourth quarter, the opportunity for sequential growth, given 75/25 and the capitation contracts that were signed last year by competitors.

偉大的。謝謝你的提問。我只是好奇你如何看待第四季度的連續成長機會，考慮到 75/25 和競爭對手去年簽署的按人頭付費合約。

Yes. Thanks, Richard, for the question. We anticipate and are diligently working in that to overcome the challenges in that we face with the decline in the 75/25 and then also the withdrawal of the Med Advantage plans. We are starting to see our volumes grow in that as we get into the back half of the year -- calendar year here.

是的。謝謝理查提出這個問題。我們預計並正在努力克服 75/25 下降以及 Med Advantage 計劃撤回所面臨的挑戰。當我們進入今年下半年（這裡是日曆年）時，我們開始看到我們的銷售量正在成長。

Okay, and maybe as a follow up, obviously good growth metrics on the patients' serviced equipment setups and respiratory resupply. I think there was slight improvement in growth from the second quarter and then what you put up here in the third quarter.

好吧，也許作為後續行動，患者維修設備設定和呼吸補給的成長指標顯然良好。我認為與第二季和第三季相比，成長略有改善。

I'm just curious, if we look at the revenue, it was flat sequentially, but the number of the metrics increased. Is there anything on pricing or -- what would be the reason for that, that the patient metrics and deliveries and all that goes up, but you don't really see that sequential bump in revenue from second quarter?

我只是好奇，如果我們看一下收入，會發現它連續持平，但指標數量卻增加了。定價方面有什麼問題嗎？

Yes, I guess this is -- this is Hardik. And I guess, this, you are seeing the impact of the 75/25 rate cut. You're essentially delivering the same product but doing it at a lower rate. So that is definitely a cumulative impact of that.

是的，我想這是──這是哈迪克。我想，您正在看到 75/25 降息的影響。您本質上是在交付相同的產品，但以較低的速度交付。所以這絕對是其累積的影響。

As far as the capitated insurance that we lost, I think there is -- I would say there is a lot more depression due to that in terms of margins. Sometimes, your cross-selling abilities get impacted when you lose a contract with the referral source. But I would say, most likely -- not most likely. It's mostly contributed towards the fact that there was a rate cut on 75/25, and then some points -- the plans that point towards Medicare reimbursement would also have a similar impact. So that's really the one. (Multiple speakers)

至於我們損失的按人頭保險，我認為——我想說的是，由於利潤率方面的原因，造成了更多的蕭條。有時，當您失去與推薦來源的合約時，您的交叉銷售能力會受到影響。但我想說，最有可能──不是最有可能。這主要是因為 75/25 的利率下調，然後是一些因素——指向醫療保險報銷的計劃也會產生類似的影響。所以這確實是一個。（多位發言者）

Okay, so it's just maybe a little bit more from 70/25 than what occurred in the March quarter?

好的，那麼 70/25 的情況可能比 3 月季度發生的情況多一點？

Yes, I guess. I think the Change Healthcare and everything was happening at the same time, so we kind of tried to take a look at it as a six-month period rather than a three month, which we would have otherwise been taking it. But at this point, the management kind of looks at six months ending June as a more, I guess -- as a period rather for the operating results rather than quarters.

是的，我想。我認為醫療保健變革和一切都是同時發生的，所以我們試圖將其視為六個月而不是三個月，否則我們會採取三個月的時間。但在這一點上，我想，管理層將截至 6 月的六個月視為一個時期，而不是一個季度，而不是一個時期。

Okay. And then my final question, I appreciate the comments on the referral patterns, and obviously, the metrics that I just cited seem to back that up. Greg, as we think about the 8% to 10% organic growth sort of target out there that you've done well on the last, I guess, couple years, is it just a matter of lapping 75/25 and then the Humana shift and then we can pop back up to that level?

好的。然後是我的最後一個問題，我很欣賞關於推薦模式的評論，顯然，我剛才引用的指標似乎支持了這一點。格雷格，當我們考慮 8% 到 10% 的有機增長目標時，你在過去幾年中做得很好，我猜，這只是 75/25 的問題，然後是 Humana 轉變然後我們可以恢復到那個水平嗎？

Yes, absolutely. Most of it in that we've seen has been driven in that by those two factors in that, the 75/25 and the withdrawal of the Humana. So the sales team in that has really had to kind of pivot in that and try to pick up other referrals in that to continue to drive the revenue forward. Then we've also in that have been expanding into continuum areas in that with additional sales coverage in that throughout our territories.

是的，絕對是。我們所看到的大部分都是由這兩個因素驅動的，即 75/25 和 Humana 的撤回。因此，銷售團隊確實必須在這方面進行調整，並嘗試從中獲得其他推薦，以繼續推動收入成長。然後，我們也一直擴展到連續區域，並在整個區域內增加銷售覆蓋範圍。

Okay. Thank you. I'll jump back in the queue.

好的。謝謝。我會跳回到隊列中。

(Operator Instructions) Richard Close, Canaccord Genuity.

（操作員說明）Richard Close，Canaccord Genuity。

Thank you.

謝謝。

Okay, I'll take another one here. With respect to the comments, Greg, in terms of picking up market share with the dislocation that is likely to occur from Owens & Minor and the Rotech deal, do you have any past experience that you can point to in terms of where this has occurred, and you saw some meaningful pickup in certain geographic markets? Just curious there.

好的，我這裡再拿一張。關於評論，Greg，就 Owens & Minor 和 Rotech 交易可能發生的錯位來提高市場份額而言，您是否有任何過去的經驗可以指出發生這種情況的地方，您在某些地理市場上看到了一些有意義的回升嗎？只是好奇那裡。

Yes, absolutely. And then, I mean, just historically over the years when we've seen M&A, we've seen dislocation, especially when there's consolidation. And I'll also in that say that we've been on the flip side of that and have lost business too and had to make up in that kind of post acquisition. But we think that we stand to benefit with -- in that dislocation of that when and if it does happen in the market.

是的，絕對是。然後，我的意思是，從歷史上看，這些年來，當我們看到併購時，我們看到了混亂，特別是當出現整合時。我還要說的是，我們一直處於相反的一面，也失去了業務，必須透過這種收購後的方式來彌補。但我們認為，當這種情況確實發生在市場上時，我們將從中受益。

Okay, that's helpful. And then maybe on the bad debt, just going over that really quickly, I guess it's attributed to change in terms of going up 100 basis points year over year and maybe up slightly here sequentially. What are your guys' thoughts on bad debt? Because obviously, the trend was pretty favorable, moving down below the 5% level previously. So just thoughts on how we should think about bad debt.

好的，這很有幫助。然後也許是壞賬，只是很快地回顧一下，我想這歸因於同比上升 100 個基點的變化，也許是連續略有上升。小夥伴們對於壞帳有什麼看法呢？因為顯然，趨勢相當有利，跌破了之前 5% 的水平。所以只是想一下我們應該如何看待壞帳。

Yes, this is -- I think it's a fair risk given the way the integrity of the Change Healthcare -- I mean, part of us -- I mean, we have to still see some data coming in over the next quarter or so. But we believe maybe we might see the elevated 5% for a quarter or so, but our long-term goal would be to bring it back to where it was. There hasn't been any material change in the overall operations of the business or any kind of reimbursement changes taking place.

是的，這是——我認為考慮到變革醫療保健的完整性——我的意思是，我們的一部分——我的意思是，我們仍然必須看到一些數據在下個季度左右出現。但我們相信，也許我們可能會在一個季度左右看到 5% 的成長，但我們的長期目標是讓它回到原來的水平。公司的整體營運沒有任何重大變化，也沒有發生任何類型的報銷變化。

So hopefully, it's just a matter of going through the next four quarters. Let the data come in in terms of how much we collect on the outstanding AR related to Change Healthcare holdup and go from there. But again, as far as the baseline processes and baseline RCM outcomes, we are not seeing any kind of deviations there.

所以希望這只是接下來四個季度的問題。讓數據以我們收集的與 Change Healthcare 滯留相關的未償 AR 的金額為準，然後從那裡開始。但同樣，就基線流程和基線 RCM 結果而言，我們沒有看到任何偏差。

Okay. Thank you.

好的。謝謝。

Justin Keywood, Stifel.

賈斯汀·基伍德，史蒂菲爾。

Good morning. Thanks for taking my call. Not sure if I missed it, is this a good EBITDA margin level to assume going forward in the near term?

早安.感謝您接聽我的電話。不確定我是否錯過了，這是一個可以在短期內假設的良好 EBITDA 利潤率水平嗎？

I would say 100% or certainly very positively. I mean, if you think about it, if all of our drop from the revenue has flushed into our EBITDA for the most part -- and I mean, despite of that, we have maintained a 22% plus EBITDA margin. So we have to appreciate what operations have done to support any EBITDA margin that we have. Having said that, if you think about it, if we are able to bring back that revenue without having to increase the workforce and the fixed cost, this seems like a very good support for where even the margin should stay.

我會說 100% 或肯定非常積極。我的意思是，如果你想一想，如果我們所有的收入下降大部分都衝進了我們的 EBITDA 中——我的意思是，儘管如此，我們仍然保持了 22% 以上的 EBITDA 利潤率。因此，我們必須了解營運部門為支持我們擁有的 EBITDA 利潤所做的努力。話雖如此，如果你想一想，如果我們能夠在不增加勞動力和固定成本的情況下收回收入，這似乎對利潤率應該保持在什麼水平是一個很好的支持。

Okay. Thank you. And then the comment on the free cash flow conversion target of 6% to 8%, is that something that's achievable in fiscal Q4 or will be more into next year?

好的。謝謝。然後關於 6% 至 8% 的自由現金流轉換目標的評論，這是第四財季可以實現的目標還是明年會實現的目標？

I mean, we did have a couple of quarters where we did hit that. I mean, there's quite a bit of moving parts with CID, like the legal expenses that goes with it, which has impacted the fact that Change Healthcare is still affecting our cash flow a little bit, which will all get ironed out. So I would say between the next two quarters, again, it should all level out. And then what we will see is more of a steady -- that 6% to 8% that -- we've been hoping for it. Or actually, we have achieved it in the last couple quarters.

我的意思是，我們確實有幾個季度做到了這一點。我的意思是，CID 有相當多的變動部分，例如隨之而來的法律費用，這影響了 Change Healthcare 仍然對我們的現金流產生一點影響的事實，這一切都將得到解決。所以我想說，在接下來的兩個季度之間，一切都應該趨於平穩。然後我們將看到更加穩定的成長——6% 到 8%——我們一直希望如此。或者實際上，我們在過去幾個季度已經實現了這一目標。

Okay, that's clear. And then on the large acquisition in the industry of the peer, first, if you have any valuation metrics that you could point to there. And then also for Quipt, if there's a target multiple level that is appropriate to acquire at assuming that the targets are smaller in size.

好的，很清楚了。然後，關於同行產業的大型收購，首先，您是否有任何可以指出的估值指標。然後對於 Quipt 來說，如果存在適合在假設目標尺寸較小的情況下獲得的目標多層。

Yes, so I think that as it relates to the deal that we were referring to in that the multiple was 6.3% times EBITDA according to the press release there, so we don't have any other further information or anything on that, but that's where the multiple in that seemed to be. We think that we can still acquire companies in this 4% to 5% range prior to any synergies, which is where we've historically acquired companies, we'll say, in the $20 million in under space, and that's where we see a lot of opportunity for us in the future. And that will be those tuck-ins.

是的，所以我認為這與我們提到的交易有關，根據那裡的新聞稿，倍數是 EBITDA 的 6.3%，所以我們沒有任何其他進一步的信息或任何相關信息，但那就是其中的倍數似乎在哪裡。我們認為，在產生任何協同效應之前，我們仍然可以收購4% 到5% 範圍內的公司，這是我們歷史上收購公司的地方，我們會說，在2000 萬美元的空間內，這就是我們看到的未來我們有很多機會。這就是那些塞進去的東西。

And then historically in that, we've gotten one to two turns of synergies. So we think ultimately in that it's all about building that long-term value in that. So even if we come out in that, our stock right now is probably trading at less than 3.5x, so we're still going to end up creating long-term value in that, which is our goal.

從歷史上看，我們已經獲得了一到兩次協同效應。因此，我們認為最終的目的是建立長期價值。因此，即使我們做到了這一點，我們的股票目前的交易價格可能還不到 3.5 倍，所以我們最終仍將創造長期價值，這是我們的目標。

What's the potential timing for M&A? Is that something that could occur this calendar year?

併購的潛在時機是什麼？今年可能會發生這種情況嗎？

Yes, we're diligently working the pipeline, and we actually are quite surprised with the pipeline in that we've been able to reinvigorate in that after pivoting around the challenges we faced in the first part of the year in that. So we'll diligently be working on deals and closing them as quick as possible.

是的，我們正在努力開發管道，實際上我們對管道感到非常驚訝，因為在解決了今年上半年我們面臨的挑戰之後，我們能夠重振管道。因此，我們將努力開展交易並儘快完成交易。

And then just one more question. There was a mention of pretty good leverage on the balance sheet at 1.5x. What's the comfort range as far as bringing up that leverage rate still considering somewhat high interest rates?

然後還有一個問題。有人提到資產負債表上的槓桿率非常好，為 1.5 倍。考慮到利率略高，就提高槓桿率而言，舒適範圍是多少？

Yes, so I mean, mathematically, the company can still survive if we went up to 2x easily. So -- I mean, that is with a blink of an eye. I think that comfort comes in. Can it be stretched a little further? It can be. Would we? Maybe, maybe not. So I think there's definitely a way that we can go from that perspective, even though as far as our credit agreement, we can go up to three, but we don't intend to do that.

是的，所以我的意思是，從數學上講，如果我們輕鬆達到 2 倍，公司仍然可以生存。所以——我的意思是，那是一眨眼的功夫。我認為安慰就進來了。可以再拉長一點嗎？可以的。我們會嗎？也許，也許不是。因此，我認為從這個角度來看，我們肯定可以採取一種方式，儘管就我們的信貸協議而言，我們可以達到三個，但我們不打算這樣做。

By the way, one clarification on the free cash flow that you had asked earlier here today, if you look at the free cash flow as defined by the company, it is around 7%. We're still within that 6% to 8% range that we are seeking for yet right now. The quality has come out as strong, but for the year-to-date number, I think we are still in that range. So I just wanted to clarify that.

順便說一句，關於您今天早些時候在這裡詢問的自由現金流的一個澄清，如果您查看公司定義的自由現金流，它約為 7%。我們目前仍在尋求 6% 到 8% 的範圍內。品質已經表現得很強勁，但就今年迄今為止的數字而言，我認為我們仍然處於這個範圍內。所以我只是想澄清這一點。

Thank you for taking my questions.

感謝您回答我的問題。

Thank you, Justin.

謝謝你，賈斯汀。

(Operator Instructions) Stefan Quenneville, Ventum Financial.

（操作員指示）Stefan Quenneville，Ventum Financial。

Hi, guys, and thanks for taking the question. I just have a question on the sort of GLP-1 impact. You said you're not seeing any operational impact on your CPAP starts and all that. Given the GLP-1s are -- if they're being prescribed for sleep apnea, it's being prescribed off the label currently.

嗨，夥計們，感謝您提出問題。我只是對 GLP-1 的影響有疑問。您說過您沒有看到對 CPAP 啟動等操作產生任何影響。鑑於 GLP-1 是——如果它們被用於治療睡眠呼吸暫停，那麼目前它是在標籤外開的。

Are you seeing anything on the insurance side that is requiring patients to start with CPAP first before GLP-1s are being prescribed, just given the typically good results you get with CPAP? And it's obviously a lot less expensive to keep some on CPAP rather than GLP-1s. Or are they reimbursing for both? So just sort of -- are you seeing any trends there from an insurance perspective?

您是否看到保險方面有任何要求患者在開立 GLP-1 處方之前首先開始使用 CPAP 的規定，只是考慮到您使用 CPAP 獲得的通常良好的結果？顯然，使用 CPAP 治療比使用 GLP-1 治療便宜得多。還是兩者都報銷？那麼，從保險的角度來看，您是否看到了任何趨勢？

Yes. That's actually a really good question in that. We're not seeing that trend yet, but we're not pharmacy based either in that but have been asking around to different peers, and that's not been presented yet. I think when you look at the most recent study that was released by the largest device manufacturer in that for CPAP is that the study they had with that 800,000 recipients in it that they have seen a 10% increase in PAP devices being prescribed for a patient that's on GLP-1 versus one that is not.

是的。這實際上是一個非常好的問題。我們還沒有看到這種趨勢，但我們也不是以藥房為基礎的，但我們一直在向不同的同行詢問，但目前還沒有出現。我認為，當您查看最大的 CPAP 設備製造商發布的最新研究時，他們對 800,000 名接受者進行的研究發現，為患者開具的 PAP 設備增加了 10%這是針對GLP-1 的，還是不針對GLP-1 的。

So I think that kind of indicates that this is -- GLP-1 is really driving more people into the healthcare system. And ultimately, they're not just going to take care of their weight problem. They're going to take care of everything that they need to get taken care of in order to live a healthier, happier life.

所以我認為這表明 GLP-1 確實正在推動更多的人進入醫療保健系統。最終，他們不僅僅要解決體重問題。他們將照顧好他們需要照顧的一切，以便過著更健康、更快樂的生活。

Yes, that's it for me. Thanks.

是的，對我來說就是這樣。謝謝。

This concludes today's call question-and-answer session. I'd like to turn the conference back over to Mr. Crawford for any closing remarks.

今天的電話問答環節到此結束。我想將會議轉回給克勞福德先生做總結演講。

Thank you, operator, and thank you all for your participation today. As always, you can find us on the web at quipthomemedical.com, where we will be posting a transcript of this call and also our updated investor deck. On the site, you can also view some of the exciting products and developments discussed on this call. Thank you and have a great day.

謝謝運營商，也謝謝大家今天的參與。像往常一樣，您可以在 quipthomemedical.com 上找到我們，我們將在其中發布本次電話會議的文字記錄以及更新的投資者資料。在該網站上，您還可以查看本次電話會議中討論的一些令人興奮的產品和開發成果。謝謝您，祝您有美好的一天。

This brings to a close today's conference call. You may disconnect your lines. Thank you for participating, and have a pleasant day.

今天的電話會議到此結束。您可以斷開線路。感謝您的參與，祝您有個愉快的一天。