RadNet Inc (RDNT) 2025 Q1 法說會逐字稿

Good day, and welcome to the RadNet, Inc first quarter 2025 financial results conference call. (Operator Instructions) Please note today's event is being recorded.

大家好，歡迎參加 RadNet, Inc 2025 年第一季財務業績電話會議。（操作員指示）請注意，今天的活動正在被記錄。

I would now like to turn the conference over to Mark Stolper, Chief Financial Officer. Please go ahead, sir.

現在，我想將會議交給財務長馬克‧斯托爾珀 (Mark Stolper)。先生，請繼續。

Thank you. Good morning, ladies and gentlemen, and thank you for joining Dr. Howard Berger and me today to discuss RadNet's first quarter 2025 financial results.

謝謝。女士們、先生們，早安，謝謝你們今天與 Howard Berger 博士和我一起討論 RadNet 2025 年第一季的財務表現。

Before we begin today, we'd like to remind everyone of the safe harbor statement under the Private Securities Litigation Reform Act of 1995. This presentation contains forward-looking statements within the meaning of the US Private Securities Litigation Reform Act of 1995.

在今天開始前，我們想提醒大家注意 1995 年《私人證券訴訟改革法案》下的安全港聲明。本簡報包含美國 1995 年私人證券訴訟改革法案所定義的前瞻性陳述。

Specifically statements concerning anticipated future financial and operating performance, RadNet's ability to continue to grow the business by generating patient referrals and contracts with radiology practices, recruiting and retaining technologists, receiving third-party reimbursement for diagnostic imaging services, successfully integrating acquired operations, generating revenue and adjusted EBITDA for the acquired operations as estimated, among others, are forward-looking statements within the meaning of the safe harbor.

具體而言，有關預期未來財務和營運績效的陳述、RadNet 透過產生患者轉診和與放射科診所簽訂合約來繼續發展業務的能力、招聘和留住技術人員、獲得診斷成像服務的第三方報銷、成功整合收購的業務、產生收入以及對收購業務進行調整後的 EBITDA 估計等，都是安全港含義內的前瞻性陳述。

Forward-looking statements are based on management's current preliminary expectations and are subject to risks and uncertainties, which may make RadNet's actual results differ materially from the statements contained herein. These risks and uncertainties include those risks set forth in RadNet's reports filed with the SEC from time to time, including RadNet's annual report on Form 10-K the year ended December 31, 2024.

前瞻性陳述是基於管理階層目前的初步預期，並受風險和不確定性的影響，這可能導致 RadNet 的實際結果與此處包含的陳述有重大差異。這些風險和不確定性包括 RadNet 不時向美國證券交易委員會提交的報告中列出的風險，包括 RadNet 截至 2024 年 12 月 31 日的 10-K 表格年度報告。

Undue reliance should not be placed on forward-looking statements, especially guidance on future financial performance, which speaks only as of the date it is made. RadNet undertakes no obligation to update publicly any forward-looking statements and to reflect new information, events or circumstances after they are made or to reflect the occurrence of unanticipated events.

我們不應過度依賴前瞻性陳述，尤其是有關未來財務表現的指引，因為這些指引僅代表截至其作出之日的觀點。RadNet 不承擔公開更新任何前瞻性聲明以及反映其作出後的新資訊、事件或情況或反映意外事件發生的義務。

And with that, I'd like to turn the call over to Dr. Berger.

現在，我想把電話轉給伯傑醫生。

Thank you, Mark. Good morning, everyone, and thank you for joining us today. On today's call, Mark and I plan to provide you with highlights from our first quarter 2025 results, give you more insight into factors which affected this performance and discuss our future strategy. After our prepared remarks, we will open the call to your questions. I'd like to thank all of you for joining us today and your interest in RadNet and for dedicating a portion of your day to participate in the conference call.

謝謝你，馬克。大家早安，感謝大家今天加入我們。在今天的電話會議上，馬克和我計劃向您提供我們 2025 年第一季業績的亮點，讓您更深入地了解影響這一業績的因素，並討論我們未來的策略。在我們準備好發言之後，我們將開始回答您的問題。我要感謝大家今天的到來以及對 RadNet 的關注，並感謝大家抽出時間參加電話會議。

Let's begin. As we indicated at the end of February, in conjunction with releasing our fourth quarter 2024 financial results and 2025 guidance ranges, the first quarter of 2025, specifically January and February were significantly and negatively impacted by severe weather conditions in the Northeast and Houston, Texas as well as wildfires in Southern California. At the end of February, we estimated this negative impact to be approximately $22 million of revenue and $15 million of EBITDA. This impact was embedded into our 2025 full year guidance levels released at that time.

讓我們開始吧。正如我們在 2 月底發布 2024 年第四季度財務業績和 2025 年指引範圍時所指出的，2025 年第一季度，特別是 1 月和 2 月，受到了美國東北部和德克薩斯州休斯頓惡劣天氣以及南加州野火的嚴重負面影響。截至二月底，我們估計這一負面影響約為 2,200 萬美元的收入和 1,500 萬美元的 EBITDA。這項影響已融入我們當時發布的 2025 年全年指導水準。

While the impact of severe weather conditions and wild, wherein -- Southland fires were as expected, material to the financial results of the first quarter, I was very pleased that the business recovered to levels in March, April and the early part of May that are consistent with the strong growth trends. I am pleased to report that these issues are behind us and that our business is now demonstrating the strong procedural and revenue growth trends consistent with recent performance.

雖然惡劣天氣條件和野火（其中南地大火）對第一季的財務業績產生了重大影響，但我很高興看到業務在 3 月、4 月和 5 月初恢復到與強勁增長趨勢一致的水平。我很高興地報告，這些問題已經過去了，我們的業務現在表現出與近期業績一致的強勁程序和收入成長趨勢。

There were a number of items in the quarter worth knowing. First, we continue to see a gradual shift towards advanced imaging. During this year's first quarter, 26.9% of procedural volume was from advanced imaging compared with 25.7% in last year's first quarter, a difference of 126 basis points. This is both a reflection of overall industry trend as well as the significant capital investment we have made in the last few years in advanced imaging equipment for growth and replacement.

本季有許多事情值得了解。首先，我們繼續看到向先進成像的逐步轉變。今年第一季度，26.9% 的手術量來自高階影像，而去年第一季這一比例為 25.7%，相差 126 個基點。這不僅反映了整個行業趨勢，也反映了我們過去幾年在先進成像設備上為實現成長和更新而進行的大量資本投資。

Also, despite the weather and fire impacts, aggregate PET/CT volumes increased 22.9%, driven by the continued growth of the newer prostate and brain procedures. Because PET/CT typically has performed to identify end-stage cancer or in the case of brain studies to detect plaques correlated with Alzheimer's or dementia, these studies tend to be less selective in nature and were less affected than the rest of our business by the severe winter weather and wildfires. As a result, of the operating strength we saw in March, April and the first part of May, we have adjusted upwards our 2025 revenue and adjusted EBITDA guidance ranges.

此外，儘管受到天氣和火災的影響，但由於新型前列腺和腦部手術的持續增長，PET/CT 總檢查量仍增加了 22.9%。由於 PET/CT 通常用於識別末期癌症，或在腦部研究中用於檢測與阿茲海默症或癡呆症相關的斑塊，因此這些研究往往具有較低的選擇性，並且與我們的其他業務相比，受嚴冬天氣和野火的影響較小。因此，鑑於我們在 3 月、4 月和 5 月初看到的營運實力，我們上調了 2025 年的收入並調整了 EBITDA 指引範圍。

Despite the challenges presented by the severe weather in fires, we advanced important operating and digital health initiatives in the first quarter. First, we continue to implement the TechLive remote technology solution. Radiology Technologies comprise almost 40% of our total employee base. Due to the continuing growth of industry-wide procedural volume, radiology technologists are in high demand and short supply, challenging our ability to expand hours necessary to meet this strong demand in RadNet's local markets and has resulted in rising labor costs.

儘管惡劣天氣和火災帶來了挑戰，我們仍然在第一季推進了重要的營運和數位健康計劃。首先，我們持續實施TechLive遠端技術解決方案。放射技術員工占我們員工總數的近 40%。由於整個行業的程序量持續增長，放射技術人員的需求量很大但供應量卻很短缺，這對我們延長工作時間以滿足 RadNet 當地市場的強勁需求的能力提出了挑戰，並導致勞動力成本上升。

As DeepHealth TechLive remote scanning technology enables technologies to control equipment remotely, enabling them to cover shifts that would otherwise go unstaffed and in a growing number of cases, enabling technologies to control multiple scanners simultaneously. We have installed TechLive on 255 of our almost 400 MRI scanners are in the process of testing TechLive on ultrasound scanners whose effectiveness are highly dependent on the training levels and experience of technologists. We continue to believe this technology will positively impact revenue and lower operating costs.

由於 DeepHealth TechLive 遠端掃描技術使技術能夠遠端控制設備，使它們能夠覆蓋原本無人值守的輪班，並且在越來越多的情況下，使技術能夠同時控制多個掃描儀。我們已經在近 400 台 MRI 掃描儀中的 255 台上安裝了 TechLive，並且正在超音波掃描儀上測試 TechLive，其有效性在很大程度上取決於技術人員的培訓程度和經驗。我們仍然相信這項技術將對收入產生積極影響並降低營運成本。

Second, the EBCD digital DeepHealth AI-powered risk cancer screening program continues to grow. Notably, despite the weather and fire impacts, EBCD adoption increased from almost $3 million in the first quarter of 2024 to slightly over $4 million in the first quarter of 2025, a 33% increase. Currently, we are experiencing a blended adoption rate nationally of over 40%. More cancers are being found earlier across our centers that might otherwise have gone undetected. And at the same time, we are making our radiologists more productive.

其次，EBCD數位DeepHealth人工智慧驅動的風險癌症篩檢計畫持續發展。值得注意的是，儘管受到天氣和火災的影響，EBCD 的採用額仍從 2024 年第一季的近 300 萬美元增加到 2025 年第一季的略高於 400 萬美元，增幅為 33%。目前，全國的混合採用率已超過 40%。我們的中心正在更早發現更多原本可能無法檢測到的癌症。同時，我們正在提高放射科醫生的工作效率。

During the first quarter, we enabled our first third-party EBCD customer, OB/GYN specialist of the Palm Beaches with the technology and interpretive services to offer AI-enhanced breast screening to its patients. OB/GYN specialists services nearly 60,000 women across 10 locations in Southeast Florida and is now offering state-of-the-art mammography and breast cancer screening inclusive of EBCD and expert radiologist interpretation. At the current time, over 50% of the OB/GYN specialist patients are adopting EBCD as part of their mammography screening.

在第一季度，我們為我們的第一位第三方 EBCD 客戶——棕櫚灘的婦產科專家提供了技術和解釋服務，為其患者提供人工智慧增強型乳房篩檢。婦產科專家為佛羅裡達州東南部 10 個地區的近 60,000 名女性提供服務，目前提供最先進的乳房 X 光攝影和乳癌篩檢，包括 EBCD 和專家放射科醫生解釋。目前，超過50%的婦產科專科患者採用EBCD作為乳房X光檢查的一部分。

As part of the collaboration, RadNet's contracted Board-certified breast imaging radiologists are providing interpretation of all mammography and diagnostic screening exams conducted across OB/GYN specialist locations. This point-of-care model is a new growth opportunity for RadNet and DeepHealth's offerings, not just in mammography, but also in the areas of x-ray and ultrasound.

作為合作的一部分，RadNet 簽約的委員會認證的乳房影像放射科醫生將對在婦產科專科門診進行的所有乳房 X 光攝影和診斷篩檢檢查提供解釋。這種即時護理模式為 RadNet 和 DeepHealth 的產品帶來了新的成長機會，不僅在乳房 X 光檢查領域，而且在 X 光和超音波領域。

DeepHealth is working closely with various equipment manufacturers to develop technology that can further enable routine imaging more accessible to patients. Subsequent to the quarter end, on April 15, we announced the acquisition and signing of a definitive agreement of iCAD Inc., a global leader in driving clinically proven AI-powered breast health solutions iCAD's profound breast health suite and then at DeepHealth, AI-powered breast cancer solutions together have the ability to materially expand and improve patient diagnosis and outcomes on a global basis through further enabling accuracy and early detection.

DeepHealth 正在與各設備製造商密切合作，開發能夠進一步讓患者更容易進行常規成像的技術。在本季度結束後，即 4 月 15 日，我們宣布收購 iCAD Inc. 並簽署最終協議，iCAD Inc. 是推動經臨床驗證的 AI 驅動乳房健康解決方案的全球領導者，iCAD 的深度乳房健康套件以及 DeepHealth 的 AI 驅動器解決方案能夠通過進一步提高乳腺癌和早期檢測能力，在全球範圍內實質性地擴展和改善患者的驅動準確結果。

With over 1,500 health care provider locations and facilitating over 8 million annual mammograms in 50 countries, iCAD's installed base and strong sales, engineering and marketing capabilities will provide us with immediate broad and valuable customer relationships and commercialization capabilities that consolidate existing DeepHealth opportunities.

iCAD 在 50 個國家/地區擁有超過 1,500 個醫療保健提供者網點，每年提供超過 800 萬次乳房 X 光檢查，其安裝基礎和強大的銷售、工程和行銷能力將為我們提供廣泛而有價值的客戶關係和商業化能力，鞏固現有的 DeepHealth 機會。

With this business combination, we hope to accelerate our global leadership and in commitment to AI-powered breast cancer screening and position us to further advance population health. The transaction is expected to close in the second quarter or early part of the third quarter of 2025, is subject to approval by iCAD shareholders -- stockholders and other customary closing conditions.

透過此次業務合併，我們希望加速我們的全球領導地位並致力於人工智慧乳癌篩檢，並進一步促進人口健康。該交易預計將於 2025 年第二季或第三季初完成，但需獲得 iCAD 股東（股東）的批准並滿足其他慣例成交條件。

We continue to grow our hospital and health system joint venture business. Currently, 154 of our centers are held within system partnerships. This includes two de novo facilities, which we opened in the first quarter inside of the New Jersey Imaging Network joint venture with the RWJBarnabas Health system. We anticipate both establishing new joint ventures with other health systems as well as expanding existing partnerships during the remainder of 2025.

我們繼續發展醫院和醫療系統合資業務。目前，我們的 154 個中心均與系統合作夥伴建立。其中包括兩家 de novo 設施，我們於第一季在新澤西影像網路與 RWJBarnabas 健康系統合資的企業內開設了這兩家設施。我們預計在 2025 年剩餘時間內與其他醫療系統建立新的合資企業並擴大現有的合作關係。

Health systems continue to seek solutions for long-term strategies around outpatient imaging and have recognized that cost-effective freestanding centers will continue to capture market share from hospitals as payers and patients migrate their site of care to lower-cost, high-quality solutions.

醫療系統繼續尋求圍繞門診影像的長期策略解決方案，並認識到隨著付款人和患者將其護理地點轉移到低成本、高品質的解決方案，具有成本效益的獨立中心將繼續從醫院手中奪取市場份額。

Finally, we continue to have strong liquidity and modest financial leverage. We ended the first quarter with a cash balance of $717 million and a net debt to adjusted EBITDA ratio of slightly more than 1. We have an active pipeline of acquisitions, which we are evaluating both for our core imaging center division as well as for the digital health division, and we are confident we were able to invest our cash balance over time in opportunities that advance RadNet's strategic objectives.

最後，我們持續擁有強勁的流動性和適度的財務槓桿。第一季結束時，我們的現金餘額為 7.17 億美元，淨負債與調整後 EBITDA 比率略高於 1。我們擁有一系列積極的收購計劃，我們正在對我們的核心影像中心部門以及數位健康部門進行評估，並且我們有信心能夠隨著時間的推移將我們的現金餘額投資於推進 RadNet 戰略目標的機會。

At this time, I'd like to turn the call back over to Mark to discuss some of the highlights of our first quarter 2025 performance. When he's finish, I will make some closing remarks.

現在，我想把電話轉回給馬克，討論我們 2025 年第一季業績的一些亮點。當他講完後，我會做一些結束語。

Thank you, Howard. I'm now going to briefly review our first quarter 2025 performance in attempt to highlight what I believe to be some material items. I will also give some further explanation of certain items in our financial statements as well as provide some insight into some of the metrics that drove our first quarter performance.

謝謝你，霍華德。我現在將簡要回顧我們 2025 年第一季的業績，試圖強調我認為的一些重要事項。我也會對財務報表中的某些項目進行進一步解釋，並對推動我們第一季業績的一些指標提供一些見解。

I will also provide an update to 2025 financial guidance levels, which were released in conjunction with our 2024 year-end results in February. In my discussion, I will use the term adjusted EBITDA, which is a non-GAAP financial measure. The company defines adjusted EBITDA as earnings before interest, taxes, depreciation and amortization and excludes losses or gains on the disposal of equipment, other income or loss, loss on debt extinguishments and noncash equity compensation.

我還將更新 2025 年財務指導水平，該水平與我們 2 月份的 2024 年年終業績同時發布。在我的討論中，我將使用調整後的 EBITDA 這個術語，這是一種非 GAAP 財務指標。該公司將調整後的 EBITDA 定義為息稅折舊攤銷前利潤，不包括設備處置損失或收益、其他收入或損失、債務清償損失和非現金股權補償。

Adjusted EBITDA includes equity earnings and unconsolidated operations and subtracts allocations of earnings to noncontrolling interests in subsidiaries and is adjusted for noncash or extraordinary and onetime events taking place during the period. A full quantitative reconciliation of adjusted EBITDA to net income or loss attributable to RadNet, Inc. common shareholders is included in our earnings release. With that said, I'd now like to review our first quarter 2025 results.

調整後的 EBITDA 包括股權收益和非合併運營，並減去分配給子公司非控股權益的收益，並根據期間發生的非現金或非常事件和一次性事件進行調整。我們的收益報告中包含了調整後的 EBITDA 與歸屬於 RadNet, Inc. 普通股股東的淨收入或虧損的完整定量對帳。話雖如此，我現在想回顧一下我們 2025 年第一季的業績。

As Dr. Berger highlighted in his prepared remarks, the first quarter was marked by the severe winter weather conditions in the Northeast and the California wildfires, significantly distorting any meaningful comparison to last year's first quarter results. These extraordinary events were fortunately confined to January and February as our business bounced back nicely in March and revenue and procedure volumes have been strong since.

正如伯傑博士在其準備好的發言中所強調的那樣，第一季的特點是東北部嚴酷的冬季天氣條件和加州的野火，這嚴重扭曲了與去年第一季結果的任何有意義的比較。幸運的是，這些特殊事件僅限於一月和二月，因為我們的業務在三月強勁反彈，此後收入和業務量一直很強勁。

While I won't recap all the financial information that's contained in yesterday's earnings report, here are some of the highlights. For the first quarter of 2025, RadNet reported total company revenue of $471.4 million and adjusted EBITDA of $46.4 million. Revenue increased $39.7 million or 9.2% and adjusted EBITDA decreased $12.1 million or 20.6% as compared with the first quarter of 2024.

雖然我不會重述昨天收益報告中包含的所有財務信息，但以下是一些亮點。2025 年第一季度，RadNet 報告公司總營收為 4.714 億美元，調整後 EBITDA 為 4,640 萬美元。與 2024 年第一季相比，營收增加了 3,970 萬美元，即 9.2%，調整後的 EBITDA 減少了 1,210 萬美元，即 20.6%。

Adding back the estimated $22 million impact from the weather and fires to revenue in the first quarter of 2025, revenue would have increased 14.3% from last year's first quarter. And adding back the estimated $15 million impact from the weather and the fires on adjusted EBITDA for the first quarter of 2025, adjusted EBITDA would have increased 5% from last year's first quarter.

如果將天氣和火災造成的約 2,200 萬美元影響添加到 2025 年第一季的收入中，收入將比去年第一季增長 14.3%。加上天氣和火災對 2025 年第一季調整後 EBITDA 造成的約 1,500 萬美元影響，調整後 EBITDA 將比去年第一季增加 5%。

As a reminder, in general, the first quarter from a seasonality perspective is always our most challenged quarter. Among other things, this is due to increased payroll taxes, the expensing of employee bonuses, the front-loading of our capital expenditure budget and lower health care utilization in general as a result of the annual reset of deductibles.

提醒一下，一般來說，從季節性角度來看，第一季始終是我們面臨的最具挑戰性的季度。除其他因素外，這是由於工資稅增加、員工獎金費用化、資本支出預算的前期投入以及由於每年重新設定免賠額而導致的整體醫療保健利用率下降。

The Digital Health segment reported revenue of $19.2 million and adjusted EBITDA of $3.7 million in the first quarter. Revenue increased $3.6 million or 31.1% and adjusted EBITDA increased $191,000 or 5.4% as compared with the first quarter of 2024. Digital Health growth was driven by 33.3% growth in AI revenue, mainly as a result of the improved adoption of EBCD and 30.1% growth in radiology software, mainly from more intercompany revenue driven by aggregate procedure volume growth in RadNet's core imaging centers.

數位健康部門第一季營收為 1,920 萬美元，調整後 EBITDA 為 370 萬美元。與 2024 年第一季相比，營收增加了 360 萬美元，即 31.1%，調整後的 EBITDA 增加了 191,000 美元，即 5.4%。數位健康業務的成長得益於人工智慧收入 33.3% 的成長，這主要得益於 EBCD 的採用率提高，以及放射學軟體 30.1% 的成長，這主要得益於 RadNet 核心成像中心的總處理量成長所推動的更多公司間收入。

We finished the first quarter of 2025 with a strong cash and liquidity position. At quarter end, we had $717 million of cash on the balance sheet full availability of a $282 million revolving credit facility and a term loan that is priced at SOFR plus 225 basis points reflective of the refinancing transaction we completed last April and the repricing transaction we completed in November.

2025 年第一季結束時，我們擁有強勁的現金和流動性狀況。截至本季末，我們的資產負債表上有 7.17 億美元現金，其中 2.82 億美元為循環信貸額度，定期貸款的定價為 SOFR 加 225 個基點，反映了我們去年 4 月完成的再融資交易和 11 月完成的重新定價交易。

Continued improvement in revenue cycle has kept our DSOs, or days sales outstanding, at 33.3 days, slightly lower than where we were at this time last year. With regards to our financial leverage, as of March 31, 2025, unadjusted for bond and term loan discounts, we had $285.5 million of net debt which is our total debt at par value less our cash balance.

收入週期的持續改善使我們的 DSO（未償銷售額週轉天數）保持在 33.3 天，略低於去年同期的水平。關於我們的財務槓桿，截至 2025 年 3 月 31 日，未經債券和定期貸款折扣調整，我們的淨債務為 2.855 億美元，即我們的面值總債務減去現金餘額。

Note that this debt balance includes RadNet's ownership percentage of New Jersey Imaging Network's net debt of $39.9 million for which RadNet is neither a borrower nor a guarantor. At quarter end, our net debt to adjusted EBITDA leverage ratio was slightly more than 1 times.

請注意，該債務餘額包括 RadNet 在新澤西影像網路淨債務 3,990 萬美元中的所有權百分比，而 RadNet 既不是藉款人也不是擔保人。截至季末，我們的淨負債與調整後 EBITDA 槓桿率略高於 1 倍。

Given the positive trends we experienced in March, April and the first part of May, we elected to increase revenue and adjusted EBITDA guidance ranges for our Imaging Center business. We increased revenue by $10 million at the low and high ends of the guidance ranges and increased adjusted EBITDA by $3 million at both the low and high ends of the range. We also increased our capital expenditure budget guidance ranges by $5 million.

鑑於我們在三月、四月和五月初經歷的積極趨勢，我們選擇增加收入並調整影像中心業務的 EBITDA 指導範圍。我們在指導範圍的低端和高端將收入增加了 1000 萬美元，並在指導範圍的低端和高端將調整後的 EBITDA 增加了 300 萬美元。我們還將資本支出預算指導範圍提高了 500 萬美元。

Otherwise, all guidance ranges for both the imaging center and the digital health segments remain unchanged. With respect to Medicare reimbursement for 2026, there is nothing to report at this time. As is typical each year, we are expecting CMS to release a preliminary rate schedule sometime in June or July. At which time, we will analyze CMS' proposal and our industry's associations and lobbying groups will provide CMS our industry's feedback.

除此之外，影像中心和數位健康部分的所有指導範圍均保持不變。關於 2026 年醫療保險報銷情況，目前尚無任何可報告的資訊。與每年一樣，我們預計 CMS 將在六月或七月的某個時候發布初步費率表。屆時，我們將分析 CMS 的提案，我們行業的協會和遊說團體將向 CMS 提供我們行業的回饋。

At the time of our second quarter financial results call in August, we will be in a position to comment on CMS' proposal and its impact, if any, upon RadNet's future results. I'd now like to turn the call back over to Dr. Berger, who will make some closing remarks.

在 8 月召開第二季財務業績電話會議時，我們將對 CMS 的提議及其對 RadNet 未來業績的影響（如果有的話）發表評論。現在我想將電話轉回給伯傑博士，他將做一些總結發言。

Thank you, Mark. I'd like to take a moment and reminisce of a letter we received from a patient who recently visited one of our New York Genoceadiology locations for her annual screening mammography exam. It reads as follows: A few weeks ago, I had a routine mammogram and sonogram as part of my regular health check up. I was advised to have AI software assists with the exam. The results revealed something that had not been detectable previously.

謝謝你，馬克。我想花點時間回憶一下我們收到的一封信，這封信是一位患者寫的，她最近來到我們位於紐約的一家基因診斷中心進行年度乳房 X 光檢查。內容如下：幾週前，我做了常規乳房 X 光檢查和超音波檢查，作為常規健康檢查的一部分。有人建議我使用人工智慧軟體來輔助考試。研究結果揭示了一些之前無法檢測到的東西。

Following the filings, I completed a biopsy and another of -- in RadNet facilities in New York and the results confirmed a diagnosis of Stage zero breast cancer. Without this software, the cancer might have gone detected until much later. Yesterday, I underwent surgery and I'm relieved to share that the procedure went well, and I am now on the road to recovery.

提交文件後，我在紐約的 RadNet 設施完成了一次活檢和另一次檢查，結果證實了零期乳癌的診斷。如果沒有這個軟體，癌症可能要到很晚才被發現。昨天，我接受了手術，我很高興地告訴大家手術很順利，現在我正在康復的路上。

While this journey has been unexpected and challenging, I am incredibly grateful for the power of EBCD technology. Without it, my diagnosis may have been delayed, possibly leading to more complex treatment. I share my story as a testament to the importance of medical streaming.

雖然這趟旅程是出乎意料且充滿挑戰的，但我非常感謝 EBCD 技術的力量。如果沒有它，我的診斷可能會被延遲，可能會導致更複雜的治療。我分享我的故事來證明醫療串流媒體的重要性。

Early detection saves lives, and I am living proof of that. To anyone reading this, if you have the opportunity to get enhanced tech take it, it could make a difference. This patient's letter highlights several points that I would like to emphasize. First, in the coming years, diagnostic imaging will shift towards earlier detection, preventative maintenance and population health management.

早期發現可以挽救生命，我就是活生生的證明。對於任何讀到這篇文章的人來說，如果你有機會獲得增強的技術，那就抓住它，它可能會帶來改變。這位患者的信中強調了幾點。首先，未來幾年，診斷影像將轉向早期檢測、預防性維護和人口健康管理。

Currently, the vastly of diagnostic imaging is performed on patients who present with symptoms, illness or injury. While there is tremendous value proposition in servicing these individuals, health care can be dramatically improved by screening nonsymptomatic patient populations cost effectively for some of the most common diseases, which are responsible for the rising costs of health care delivery.

目前，大量的診斷影像是針對出現症狀、疾病或受傷的患者進行的。雖然為這些人提供服務具有巨大的價值，但透過以經濟的方式篩選無症狀患者群體中一些最常見的疾病，可以顯著改善醫療保健，而這些疾病是導致醫療保健成本上升的原因。

Breast cancer exemplifies the potential for population health management, where annual screens for women starting at the age of 40 has greatly improved women's health. The same could be true for prostate cancer, lung cancer, colorectal cancer, cardiolatisese and other metabolic conditions if and when widespread diagnostic imaging screening is adopted.

乳癌體現了人口健康管理的潛力，從 40 歲開始對女性進行年度篩檢極大地改善了女性的健康狀況。如果採用廣泛的診斷影像篩檢，攝護腺癌、肺癌、大腸癌、心臟病和其他代謝疾病也可能出現同樣的情況。

RadNet is committed to leading radiology health care in this direction. RadNet's steep health, in addition to powering the EBCD program is already offering AI and curative solutions for prostate and lung Canada screening. Furthermore, we have been expanding the use of cardiac screening in a growing number of RadNet centers through offering coronary CT and geography, which often includes AI-powered blood flow and plaque analysis. Second, technology advances and specifically technology advances and specifically AI will have a transformational impact on the creation and effectiveness of diagnostic imaging based programs.

RadNet 致力於引領放射醫療保健朝這個方向發展。RadNet 的深度健康除了為 EBCD 計劃提供支援外，還為加拿大前列腺和肺癌篩檢提供人工智慧和治療解決方案。此外，我們透過提供冠狀動脈 CT 和地理檢查（通常包括人工智慧血流和斑塊分析）擴大了越來越多的 RadNet 中心的心臟篩檢的使用範圍。其次，技術進步，特別是人工智慧技術進步將對基於診斷成像的程式的創建和有效性產生變革性的影響。

As AI becomes more widely adopted improvements in diagnosis and operational efficiencies will help address labor challenge and make screening programs more affordable and accessible to patients and payers. I will also be instrumental in making radiologists more productive and accurate while helping to ease the shortage of radiologists in an industry where the procedural growth will continue to accelerate.

隨著人工智慧得到越來越廣泛的應用，診斷和操作效率的提高將有助於解決勞動力挑戰，並使篩檢項目更加經濟實惠，患者和付款人也能更容易獲得。我還將幫助提高放射科醫生的工作效率和準確性，同時幫助緩解該行業中放射科醫生的短缺問題，因為該行業的程序成長將繼續加速。

Lastly, we believe third-party payers will begin to offer reimbursement for radiology AI. Hundreds of thousands of RadNet patients like the woman whose letter I just read, have recognized the value of AI and early detection. These patients are passionate and often outspoken. Payers have begun to take notice. And based on upon constructive conversations with them, we are confident that one or more national carriers, other insurers and self-insured employers will offer reimbursement for EBC program as early as year-end.

最後，我們相信第三方付款人將開始為放射學人工智慧提供報銷。成千上萬的 RadNet 患者，就像我剛剛讀到她來信的那位女士一樣，已經認識到人工智慧和早期檢測的價值。這些病人充滿熱情並且經常直言不諱。付款人已經開始注意到這一點。根據與他們的建設性對話，我們相信一家或多家國家承運商、其他保險公司和自保雇主將最早在年底為 EBC 計劃提供報銷。

This reimbursement event and others like it could mode expansion of a new era where radiology becomes more utilized in population health screening programs. I would also be remiss if I didn't mention the continued investment to facilitate these kind of programs that we make in opening nobel centers throughout RadNet.

這次報銷事件和其他類似事件可能開啟一個新時代，讓放射學在人口健康篩檢計畫中得到更廣泛的應用。如果我不提及我們在整個 RadNet 開設諾貝爾中心以促進此類計畫的持續投資，那我就是失職了。

In 2024, we opened up nine centers. In -- by the end of 2025, we will have opened up 11 more new centers and are scheduled to open up an additional levers -- level -- 11 centers excuse me, in 2026. To sum up, RadNet is well situated at the intersection of health care services and technology.

2024年，我們開設了9個中心。到 2025 年底，我們將開設 11 個新中心，並計劃在 2026 年再開設 11 個中心。總而言之，RadNet 在醫療服務和技術的交匯處佔據著有利地位。

RadNet has both; number one, the largest scale and most advanced network of national imaging centers in the United States as well as number two, a digital health division that is advancing operational and clinical software to transform workflow at the centers and corporate levels as well as radiologist interpretation. This tech-enabled and integrated approach is unique in the diagnostic imaging history.

RadNet 兩者兼具；第一，擁有美國最大、最先進的國家影像中心網絡；第二，擁有數位健康部門，正在推進營運和臨床軟體，以改變中心和公司層面的工作流程以及放射科醫生的解釋。這種技術支援和整合的方法在診斷成像史上是獨一無二的。

As we solve operational and clinical challenges in our core imaging center business, through which we have already been deploying DeepHealth technology. In turn, we are addressing the industry's core problems. As a result, RadNet is in a position to benefit both from the efficiencies and bus reductions enabled by detail solutions as well as from selling and licensing these transformational solutions to others. Operator, we are now ready for the question-and-answer portion of the call.

當我們解決核心影像中心業務中的營運和臨床挑戰時，我們已經透過該業務部署了 DeepHealth 技術。反過來，我們正在解決該行業的核心問題。因此，RadNet 既可以從詳細解決方案帶來的效率和公車減少中獲益，也可以從向其他人銷售和授權這些轉型解決方案中獲益。接線員，我們現在準備好進行電話問答部分。

(Operator Instructions) Brian Tanquilut, Jefferies.

（操作員指示） Brian Tanquilut，Jefferies。

Congrats on the quarter. Howard, maybe just on your comment earlier on just the strength that you're seeing across advanced imaging. As we think about -- if you look out to the next three to five years, I mean, how do you think the growth in advanced imaging will hold? And what do you think the drivers would be for that? I mean, I guess, in just the broader context of utilization growth and the sustainability of current volume trends for your business?

恭喜本季取得佳績。霍華德，也許您剛才談到了您在高級成像領域所看到的優勢。當我們思考時——如果你展望未來三到五年，我的意思是，你認為先進成像技術的成長將如何維持？您認為造成這種情況的因素是什麼？我的意思是，我猜，只是在利用率成長的更廣泛背景下以及當前業務量趨勢的可持續性？

Thank you, Brian. We certainly expect these trends to continue. The way that we are addressing the need for greater capacity is to basically utilize tools that are either AI developed or recognizing better ways to manage our business with the new equipment that we've invested in. Both of these tools have had substantial impact in staffing the centers to accommodate the demand that we have.

謝謝你，布萊恩。我們當然希望這些趨勢能夠持續下去。我們滿足更大容量需求的方法基本上是利用人工智慧開發的工具，或利用我們投資的新設備來更好地管理我們的業務。這兩種工具對於中心人員配備以滿足我們的需求都產生了重大影響。

In most of our regions, we have backlogs that are very difficult, given staffing shortages. But as we put the newer equipment in, which has shorter time slots. And as AI itself becomes more efficient, for example, with our TechLive. We expect to capture a lot of that backlog and drive revenue through that. Additionally, AI itself will continue to increased demand.

在我們大多數地區，由於人員短缺，積壓的工作非常困難。但隨著我們引入較新的設備，時間間隔變得更短。隨著人工智慧本身變得更加高效，例如我們的 TechLive。我們希望解決大量積壓訂單並以此推動收入成長。此外，人工智慧本身的需求也將持續增加。

As I mentioned in my remarks, things like our EBCD program, which grew by 1/3 comparing last year's results in the first quarter to this year's will continue not only inside RadNet but outside RadNet as we make this incredibly important tool available to others. That will help be facilitated by our ICAD acquisition and other AI products that we intend to offer for screening.

正如我在演講中提到的那樣，我們的 EBCD 計劃，與去年第一季的結果相比，今年的成長了 1/3，這將不僅在 RadNet 內部繼續，而且在 RadNet 外部繼續，因為我們將這個極其重要的工具提供給其他人。這將有助於我們收購 ICAD 以及我們打算提供用於篩選的其他 AI 產品。

But it's not limited just to breast AI, advanced imaging will continue to grow as newer and newer techniques such as in cardiac imaging and CT angiography maintain an enormously beneficial position for managing health. Cardiovascular disease is the greatest cause of death in the United States and newer tools for treating this with medications once risks are noticed in the patient have changed the entire cardiology business dramatically. So when you add to that, the growth that we're seeing in PET/CT, which has -- which grew by, it was 22%.

但它不僅限於乳房 AI，隨著心臟成像和 CT 血管造影等越來越新的技術在健康管理中保持著極其有益的地位，先進成像將繼續發展。心血管疾病是美國最大的死亡原因，一旦發現患者有風險，就會使用藥物治療的新方法徹底改變了整個心臟病學產業。因此，如果再加上 PET/CT 的成長，其成長率就達到了 22%。

23%.

23%。

Almost 23% in a challenging first quarter to the last year to this year, we expect that growth to continue. I think we are uniquely capable of doing that because of the numerous PET/CT systems that we have across the -- all of our markets and for which we get very specialized leading capabilities to help the referring physicians have confidence in the value of these tools.

與去年同期相比，今年第一季的成長率幾乎達到了 23%，我們預計這一成長趨勢將持續下去。我認為我們具有獨特的能力來做到這一點，因為我們在所有市場都擁有眾多的 PET/CT 系統，並且我們擁有非常專業的領先能力，可以幫助轉診醫生對這些工具的價值充滿信心。

So I see imaging, particularly for advanced imaging, growing at probably an accelerated rate. But I want to lose sight of the fact that routine imaging is growing rapidly also. And that will be a major focus for RadNet in the near future here to help facilitate managing their growth from an operational standpoint and improve the quality of what's done not only in outpatient imaging centers, but the other imaging providers that are not necessarily steeped in radiology as part of their provider responsibilities.

因此，我認為成像，特別是高階成像，可能會以更快的速度成長。但我忽略了一個事實，即常規成像也在快速發展。這將是 RadNet 在不久的將來關注的重點，以幫助從營運的角度促進其發展，並提高不僅在門診影像中心的工作質量，而且也提高其他影像提供者（這些提供者的提供者職責不一定涉及放射學）的工作品質。

No, that makes sense. And then maybe, Mark, just shifting gears a little bit here. As I think about JVs and M&A, just curious what you can share with us in terms of your pipeline and where you think you could take M&A deal flow over the next 12 to 18 months?

不，這很有道理。然後也許，馬克，只是在這裡稍微改變話題。當我考慮合資企業和併購時，我很好奇您能否與我們分享您的管道，以及您認為在未來 12 到 18 個月內您可以將併購交易流程帶到哪裡？

Yes. I'm going to hijack that question, Brian, from Mark since I'm a little bit closer to it than Mark is. The pipeline is very robust. We don't go out looking necessarily for customers. We need customers or clients, potential clients, that recognize the need that they have for radiology solutions. And that includes both operating the opportunities for the demand that they have as well as giving them an education to know how the impact of AI and IT solutions can positively improve the delivery of health care. .

是的。布萊恩，我要從馬克那裡搶先提出這個問題，因為我比馬克更接近這個問題。該管道非常堅固。我們不一定會出去尋找客戶。我們需要客戶或潛在客戶來認識到他們對放射學解決方案的需求。這包括利用機會滿足他們的需求，以及讓他們了解人工智慧和 IT 解決方案的影響如何積極改善醫療保健服務。。

We have gotten a number of calls, which we are having discussions with hospitals that we clearly are doing. I'm happy to say several that we do not that recognize the value proposition that RadNet has transforming their radiology delivery. And I really want to emphasize that because hospitals are having the same kind of problems inside their four walls with radiology staffing both on the physician side as well as the technology side.

我們接到了很多電話，我們正在與醫院進行討論。我很高興地說，我們中的一些人並沒有認識到 RadNet 改變其放射學服務的價值主張。我真的想強調這一點，因為醫院內部的放射科人員配備都存在同樣的問題，無論是醫生方面還是技術方面。

So what we're experiencing in other -- of the outpace imaging centers are experienced in the way of challenging labor demand is the same thing the hospitals are having despite the fact that they offer substantially higher compensation to their employees. So these kind of solutions are the future, and I believe every hospital system at some point, will be adopting some form of IT and AI solutions as a part of their strategy that not only is necessity for them, but probably existential if they're going to continue to try to capture all of the downstream opportunities that screening technologies and AI are capable of delivering.

因此，我們在其他影像中心所經歷的——在勞動力需求方面所面臨的挑戰與醫院所經歷的是一樣的，儘管它們為員工提供了更高的薪酬。所以這些解決方案代表著未來，我相信每個醫院系統在某個時候都會採用某種形式的 IT 和 AI 解決方案作為其策略的一部分，這不僅是他們的必需品，而且如果他們要繼續嘗試抓住篩檢技術和 AI 能夠帶來的所有下游機會，這可能是生存之道。

So I think I've said before in the past, Brian, that I'd like to have all 400 of our centers in joint ventures with hospitals. I think the currently 40% of our centers that we have, almost 160 performing exceptionally well. And I believe it indicate how strong that model is. And when other systems see that and talk to our partners, they quickly determine that RadNet has the tools to help make this heavy lift and transformational requirement.

布萊恩，我想我以前說過，我希望我們的所有 400 個中心都與醫院合資。我認為我們目前擁有的 40% 的中心（幾乎 160 個）表現非常出色。我相信這表明了該模型有多強大。當其他系統看到這一點並與我們的合作夥伴交談時，他們很快就確定 RadNet 擁有幫助實現這一繁重工作和轉型要求的工具。

David Mall, Truist Securities.

Truist Securities 的 David Mall。

This is actually Grayson McAllister on for Dave this morning. Just wanted to follow up on the labor front. I know you guys talked about some improvement in the first quarter, but wanted to check specifically on technologist hiring trends. And last quarter, I think you talked about a $45 million headwind from SVB. I just want to see if we're still on track for that.

今天早上，實際上是由格雷森·麥卡利斯特 (Grayson McAllister) 代替戴夫 (Dave) 發言。只是想跟進勞工方面的狀況。我知道你們談到了第一季的一些改進，但我想特別檢查一下技術人員的招募趨勢。上個季度，我認為您談到了來自矽谷銀行的 4500 萬美元逆風。我只是想看看我們是否仍在朝著這個目標前進。

Okay. Yes, there's about $45 million of additional kind of same center labor cost increases built into our '25 guidance.

好的。是的，我們的 25 年指導中包含了約 4500 萬美元的額外同類中心勞動力成本增加。

Great -- Yes, that's still on track in terms of -- it's still built into our budget. We are seeing some improvement on the hiring side, the availability of technologists, which is our biggest pain point, which is alleviating some of the financial burden that we've been expanding with outside staffing companies. So I think at this point, we're still comfortable with the $45 million of additional labor expenses that we built into the budget.

太好了——是的，就目前情況而言，這仍在計劃之中——它仍然包含在我們的預算中。我們在招聘方面看到了一些改善，技術人員的可用性，這是我們最大的痛點，這減輕了我們與外部人力資源公司合作所帶來的一些財務負擔。因此我認為目前我們對於預算中增加的 4500 萬美元額外勞動力費用仍然感到滿意。

Okay. Also working with labor, obviously, still early in the TechLive rollout. But if you could talk about how the rollout has went so far? And then just any nursing leverage that you've seen through the rollout thus far.

好的。顯然，TechLive 的推出仍處於早期階段，我們仍在與勞動力合作。但您能談談目前的推廣進度如何嗎？然後就是迄今為止您在推廣過程中看到的任何護理槓桿。

As I mentioned, we had 265 of our slightly over 400 MRI centers on tapes, both the East and Coast. And the inception of this by the technologists as the managers in all of these centers has been overwhelmingly positive. There's two reasons for that: one, the oversight by technologists MRI technologies, in particular, that can allow faster and more accurate scan and has already been seen.

正如我所提到的，我們的錄音帶上有 400 多個 MRI 中心中的 265 個，包括東部和沿海地區。所有這些中心的技術人員作為管理人員對此都表現出了極大的積極態度。原因有二：一是技術人員對 MRI 技術的忽視，尤其是該技術可以實現更快、更準確的掃描，並且已經被證實。

And so in some of the centers where the TechLive is operational, we've been able to manage the local MRI from a staffing standpoint, we may not have enough technologies to open for the hours that we want and a tech aid who has been trained on safety and other tools to manage these patients along with the remote tech using TechLive has been instrumental in helping drive the revenue opportunities that MRI somewhat uniquely has for us given the high end and the need to open for more and more capacity.

因此，在 TechLive 運營的一些中心，從人員配備的角度看，我們已經能夠管理當地的 MRI，我們可能沒有足夠的技術來按我們想要的時間開放，而經過安全和其他工具培訓的技術助理可以管理這些患者，同時使用 TechLive 的遠程技術對於幫助推動 MRI 為我們帶來的獨特收入機會發揮了重要作用，因為 MRI越來越高的容量，需要開放 MRI 越來越多的容量。

So what we expect is, over a period of time between now and the end of the year to have all 400 centers on our TechLive. And that will allow us to reduce some of the outside staffing that we have been forced to use now for the last 1.5 years this trend has become really ingrained in the imaging world, if you will, not just for us, but everybody.

因此，我們預計，從現在到今年年底的一段時間內，所有 400 個中心都將出現在我們的 TechLive 上。這將使我們能夠減少過去 1.5 年內被迫使用的一些外部人員，這種趨勢已經在成像領域根深蒂固，如果你願意的話，這不僅對我們而言，對每個人而言都是如此。

So that part of it might help mitigate some of that $45 million but we may not see that until late this year or more likely in 2026. That aside, we are now seeing, I believe, a better environment for hiring, our hiring has been facilitated both by some educational programs that we use to train for our technology staff that we've been doing in conjunction with local organizations for the last year or so.

因此，這部分資金可能有助於緩解 4500 萬美元的部分壓力，但我們可能要到今年年底或更有可能是 2026 年才能看到這一點。除此之外，我相信我們現在看到了更好的招募環境，我們的招募得益於我們用於培訓技術人員的一些教育計劃，這些計劃在過去一年左右一直與當地組織合作。

And we are expanding that to include technologies first in areas like for DEXA scanning, but we're also looking to do that in radiology in MRI. And so the people are gravitating towards programs that will allow us to bring newer employees into the RadNet operations, but also, I believe, with AI and other technology tools that we're using, some of the available technologies out there are starting to prefer job opportunities inside of RadNet.

我們正在擴展這一領域，首先包括 DEXA 掃描等領域的技術，但我們也希望在 MRI 放射學領域實現這一目標。因此，人們開始傾向於那些允許我們為 RadNet 營運引入新員工的項目，我相信，隨著我們正在使用的人工智慧和其他技術工具，一些現有技術開始優先考慮 RadNet 內部的就業機會。

So I believe on both the East and West Coast, we're starting to see somewhat of a loosening of the difficulty that we've had in staffing and I expect that to improve throughout the year, but be a little bit more something that we can quantify as we get past the fourth quarter of this year. So for the current time, I'm very comfortable that we have that built into our 2025 performance but expect all of the tons and method that we're using for staffing and operating our centers will be highly effective in the second half of this year and certainly into 2025.

因此，我相信，無論是在東海岸還是西海​​岸，我們都開始看到人員配備方面的困難有所緩解，我預計這種情況將在全年得到改善，但隨著今年第四季度的到來，我們將能夠量化這種情況。因此，就目前而言，我很放心我們已經將其納入到 2025 年的業績中，但預計我們用於人員配備和運營中心的所有人力和方法將在今年下半年，當然到 2025 年都將非常有效。

I should also say that we're beginning to implement virtually all of the modules for our detailed operating system inside of RadNet centers on a pilot basis. And it will affect everything that we do from our contact centers, scheduling, reimbursement operations, kiosks at our centers for faster and more accurate presentation of the patients for their scans, insurance verification. And we expect to have large parts of this operational by year-end and look forward to giving you more specifics on the impact that, that will have.

我還應該說，我們開始在 RadNet 中心內部試點實施我們詳細作業系統的幾乎所有模組。它將影響我們所做的一切，從聯絡中心、調度、報銷操作到中心的資訊亭，以便更快、更準確地為患者提供掃描和保險驗證。我們預計該專案的大部分工作將在年底前完成，並期待向您提供更多有關其影響的具體資訊。

But again, this is all part of a transformational effort that we are making that I believe will be something that virtually anybody who performs diagnostic imaging procedures, we'll need to have or want to have in one form or another.

但再次強調，這都是我們正在進行的轉型努力的一部分，我相信，幾乎所有執行診斷成像程序的人都需要或希望以某種形式擁有它。

Andrew Mok, Barclays.

巴克萊銀行的 Andrew Mok。

Despite the weather and volume headwinds, revenue still finished 6.5% above consensus. How did revenue perform against your own internal expectations in the quarter? And can you comment on why there wasn't a high conversion on that perceived revenue beat?

儘管面臨天氣和銷售方面的不利因素，但收入仍比預期高出 6.5%。本季的營收與您自己的內部預期相比如何？您能否解釋為什麼感知收入的轉換率不高？

Sure. So if you add back the $22 million of revenue we lost due to the fires and due to the severe winter weather conditions in the Northeast and the Mid-Atlantic, our revenue was strong and was in line with our internal guidance or budget. We did see -- these impacts really were felt in January and February, March, the business bounced back very nicely. We didn't have any weather issues. The displaced populations in Southern California, both in the west side of LA and in the Pasadena, Altadina area.

當然。因此，如果加上因火災以及東北部和大西洋中部地區嚴酷的冬季天氣條件而損失的 2200 萬美元收入，我們的收入仍然很強勁，並且符合我們的內部指導或預算。我們確實看到——這些影響在一月、二月和三月確實有所體現，業務反彈得非常好。我們沒有遇到任何天氣問題。南加州的流離失所者，包括洛杉磯西部以及帕薩迪納、阿爾塔迪納地區。

That stabilized people, began using health care services and utilization looked more normal after that. And we've had a strong April and strong May. So that's what's given us the confidence to increase our budget, both on the revenue and the EBITDA side for the rest of the year. We're seeing really the continuation of the strong trends that we've had up to this first quarter and feel good about the rest of the year.

這使得人們的生活穩定下來，開始使用醫療保健服務，之後利用率看起來也更加正常。我們四月和五月表現強勁。因此，這給了我們信心在今年剩餘時間內增加預算，包括收入和 EBITDA 方面。我們確實看到了第一季強勁趨勢的延續，並對今年剩餘時間的前景感到樂觀。

In terms of the profitability of the first quarter, first quarter is always our most challenged quarter for a number of reasons. First, like other health care services companies, we suffer from the fact that deductibles reset, annual deductibles reset, and there's just less utilization, it's here in the first quarter or the beginning parts of every year with -- in terms of health care. Second is that we've got some expenses in the first quarter that typically we don't have in the rest of the year.

就第一季的獲利能力而言，由於多種原因，第一季始終是我們面臨最具挑戰性的季度。首先，與其他醫療保健服務公司一樣，我們也面臨著免賠額重置、年度免賠額重置的問題，而且利用率較低，這種情況發生在每年第一季或年初——就醫療保健而言。第二，我們在第一季產生了一些支出，而一年中其他時間通常不會產生這些支出。

The acceleration of the payroll taxes that we pay until the highly compensated folks max out. We have challenges related to paying the way we expense our bonuses from the prior year in the first quarter. And then in general, we front-load our CapEx budget so our -- and DSOs lengthened slightly in the first quarter due to the reset of deductibles.

我們支付的工資稅不斷增加，直到高薪人群達到最高限額。我們面臨的挑戰與支付第一季上一年獎金的方式有關。總體而言，我們預先投入了資本支出預算，因此由於免賠額的重新設定，我們的 DSO 在第一季略有延長。

Let me add to Mark's comments. I think some of the growth also is coming from the nine new centers that we opened in 2024. Those de novo centers take some time to ramp up and by 2025. Since they were opening throughout the year, I believe we're seeing some of that impact. And the reason I'm mentioning that is that we're developing 11 more centers here in 2025, of which I believe less than five of them have opened so far, maybe only three have opened so far in 2025.

讓我補充一下馬克的評論。我認為部分成長也來自於我們在 2024 年開設的 9 個新中心。這些新生中心需要一些時間來發展，預計到 2025 年。由於他們全年都在營業，我相信我們會看到一些影響。我之所以提到這一點，是因為我們計劃在 2025 年在此開發另外 11 個中心，我相信其中目前為止開設的中心不到 5 個，到 2025 年可能只有 3 個開設。

So we have eight more centers that will continue or contribute to revenue growth slated for this year and then 11 more for next year, which are in the early stages of development. So that, along with, I think, things like TechLive now being up to 255 locations, whereas I think perhaps last year, we were just in the testing phase of this and maybe it -- only half a dozen. So we're really on TechLive.

因此，我們計劃在今年繼續建造 8 個中心或為收入成長做出貢獻，明年還將建造 11 個中心，這些中心目前處於開發的早期階段。因此，我認為，TechLive 等服務現在已涵蓋 255 個地點，而我認為去年我們可能還處於測試階段，可能只有六個。所以我們確實在 TechLive 上。

So we have ramped that up, and I think that, that has helped significantly to improve our MRI revenue despite the weather conditions and fires that we face.

因此，我們加大了這方面的投入，我認為，儘管我們面臨天氣條件和火災，但這仍然極大地幫助我們提高了 MRI 收入。

And also, again, I'm going to mention the enormous growth and how proud we are about our whole PET/CT program. So I think those are the main drivers for the increased revenue side of this, which should translate into improved performance in the third quarter and then particularly in the -- excuse me, second quarter and then particularly in the third and fourth quarters.

而且，我還要再次提到我們整個 PET/CT 計畫的巨大進步以及我們對此感到多麼自豪。所以我認為這些是營收成長的主要驅動力，這將轉化為第三季業績的改善，特別是第二季度，特別是第三季和第四季。

Right. Maybe just a follow-up on the profitability. I think the revised guidance implies that margins for the balance of the year would be about 16.4% or up about 60 basis points year-over-year. Can you help us understand what's driving that stronger than normal progression and why EBITDA margins for the balance of the year would be up?

正確的。也許只是對獲利能力的後續關注。我認為修訂後的指引意味著今年餘下的利潤率將達到約 16.4%，或同比增長約 60 個基點。您能否幫助我們理解推動這一比正常情況更強勁增長的原因以及為什麼今年餘額的 EBITDA 利潤率會上升？

Yes. I think really, it's two things. One, the growth of advanced imaging, which has higher margins. Also, although we don't talk about it as much, we have very good margins in our mammography program, which is about -- if you take a look at all of the breast work that's done breast imaging work that's done for RadNet, it's about 1/3 of our overall revenue and it's good margin business, particularly as we improve the EBCD adoption.

是的。我認為實際上這是兩件事。一是先進成像業務的成長，其利潤率更高。此外，儘管我們很少談論，但我們的乳房 X 光攝影項目的利潤率非常高，如果你看一下為 RadNet 完成的所有乳房成像工作，它約占我們總收入的 1/3，而且這是利潤率很高的業務，尤其是在我們提高 EBCD 採用率的情況下。

So that's one part of it. And the other part of it is continued implementation of our TechLive and AI programs, which clearly are done with a much lower cost. And those help drive volume and decrease the labor costs. So I think those two things are the primary drivers for improving margins. As we introduce or implement our AI tools through other parts of the business that I described earlier from an operational standpoint, I think that, that will also improve margins, which we might start seeing towards the end of the year, but certainly into 2026.

這是其中的一部分。另一部分是繼續實施我們的 TechLive 和 AI 計劃，這顯然是以更低的成本完成的。這些有助於提高產量並降低勞動成本。所以我認為這兩件事是提高利潤率的主要驅動力。當我們從營運角度透過我之前描述過的其他業務部分引入或實施我們的人工智慧工具時，我認為這也會提高利潤率，我們可能會在今年年底開始看到這一點，但肯定會在 2026 年看到。

Great. Maybe just one last one for me. I think the stock-based compensation number increased meaningfully to $28.5 million in the quarter that's close to last year's full year number. Can you help us understand the significant increase there? Is this the new run rate to consider? Or are there nonrecurring items within that?

偉大的。對我來說也許只是最後一個。我認為本季股票薪資金額大幅增加至 2,850 萬美元，接近去年全年的數字。您能幫助我們了解那裡的顯著成長嗎？這是需要考慮的新運行率嗎？或其中是否存在非經常性項目？

Yes. Part of it was stock that vested that was given in past years and given the increase in the stock price this year relative to last year's first quarter, that added to the expense this year. So we expect for the second, third and fourth quarters, the stock comp to be significantly lower than the first quarter. In addition, we brought on a whole bunch of new technology folks within our digital health division and gave them grants that vest over time, some of which were for bonuses for last year's performance of which are retention programs for the future, and that hit also in the first quarter. So you'll see our stock comp go down. It will be a fraction of where it was in the first quarter for the remainder of the year. .

是的。其中一部分是過去幾年給予的歸屬股票，考慮到今年股價相對於去年第一季有所上漲，這增加了今年的支出。因此，我們預計第二、第三和第四季的股票價格將明顯低於第一季。此外，我們為數位健康部門引進了一大批新技術人員，並給予他們隨著時間推移而歸屬的獎勵，其中一些是去年業績的獎金，一些是未來的留任計劃，這些獎勵也在第一季度產生了效果。因此你會看到我們的股票價格下降。今年剩餘時間的銷售額將只是第一季銷售額的一小部分。。

Larry Solow, CJS Securities.

索洛（Larry Solow），CJS 證券公司。

Great. Just a couple of follow-ups on the Medicare reimbursement, just a couple there. So the -- I guess, EBCD, is that in the cards for -- you mentioned kind of national coverage, is inevitably for getting a Medicare code on the EBCD software that we're moving in that direction. And then the second question, just on Medicare would be in terms of the -- just the general physician fee schedule in CMS for 2026, Mark.

偉大的。這只是關於醫療保險報銷的幾個後續問題，僅此而已。所以 — — 我猜，EBCD 就是 — — 您提到的那種全國覆蓋，不可避免地是為了在 EBCD 軟體上獲得醫療保險代碼，我們正在朝著這個方向發展。然後第二個問題，僅關於醫療保險，將涉及 CMS 2026 年的全科醫生收費表，馬克。

Obviously, you never know with the government, but current belief -- I believe, is that rates as to be held flat or were at least through the physician fee schedule where we were shifting to general practitioners, if I'm not mistaken. Is that correct? .

顯然，你永遠不知道政府會怎麼做，但目前的看法是——我相信，如果我沒記錯的話，費率將保持不變，或者至少透過我們正在轉向全科醫生的醫師收費表。對嗎？。

Yes. So let me answer the second question first on the Medicare fee schedule. Obviously, we don't know what it's going to look like in 2026. Typically, Medicare comes out in the June or July time frame with a proposal and then the industry, lobbying groups and associations, negotiate that with CMS and the final rule comes out in November.

是的。因此，讓我先回答有關醫療保險費用表的第二個問題。顯然，我們不知道 2026 年的情況會是什麼樣子。通常，醫療保險會在六月或七月期間提出提案，然後行業、遊說團體和協會會與醫療保險和醫療補助服務中心 (CMS) 進行談判，最終規則會在十一月出台。

We have been facing some small cuts over the last five years, and that goes back to when CMS substantially increased reimbursement for primary care practices by increasing these codes called the E&M codes of evaluation and management codes. They did it on a budget-neutral basis, meaning that they're taking reimbursement out of all the other specialties to pay for that large reimbursement that occurred almost five years ago.

過去五年來，我們一直面臨著一些小幅削減，這可以追溯到 CMS 通過增加這些稱為評估和管理代碼的 E&M 代碼來大幅增加初級保健實踐的報銷金額的時候。他們在預算中立的基礎上這樣做，這意味著他們從所有其他專業中拿出報銷款來支付近五年前發生的巨額報銷款。

We believe that 2025 is the last year of the phase-in of the pay for of that major reimbursement change five years ago. And so we think that the outlook for Medicare reimbursement in the coming years is stable, if not positive. We hope that we can advocate for reimbursement increases given the fact that the imaging is becoming a bigger part of the health care delivery system, number one.

我們認為，2025 年是五年前那項重大報銷改革逐步實施的最後一年。因此，我們認為未來幾年醫療保險報銷的前景即使不是積極的，也是穩定的。我們希望，鑑於影像在醫療保健體系中所佔比例越來越大，我們能夠倡導增加報銷金額，這是第一點。

And number two, the cost of doing business has changed dramatically over the last half a decade and hopefully that CMS recognizes that. But we don't -- we honestly don't really know or have a really good feeling about it until they come out with their proposal.

第二，過去五年來，經營成本發生了巨大變化，希望 CMS 能意識到這一點。但我們不知道——說實話，在他們提出提案之前，我們真的不知道，也沒有什麼好感。

I'm going to amplify a little bit on that. I think part of your question might have been about whether or not there's still any opportunity in 2025 for mitigation of the cuts that went into place January 1. I'll make two comments on that.

我將對此進行稍微闡述。我認為您的問題的一部分可能是關於 2025 年是否還有機會減輕 1 月 1 日實施的削減措施。對此我發表兩點評論。

Number one, nothing in our forecast includes any changes in Medicare reimbursement for this year whether it would be up or down. I don't see it going down, obviously, because that fee schedule has already been adopted. But in January, there were supposed to be some changes put forth to the Congress to either mitigate the cuts or potentially bring them down to zero or maybe even increase them like you said.

首先，我們的預測不包括今年醫療保險報銷的任何變化，無論是增加還是減少。顯然，我認為費用不會下降，因為該收費標準已經被採用。但在一月份，應該向國會提出一些改變，要么減輕削減，要么可能將其降至零，甚至可能像你說的那樣增加削減。

But the second part of my comment is that prognosticating anything that this government will do on almost any level is a real correction. So I yes. If there is a benefit that will come this year, that will be a positive and you can help us continue to meet or beat our guidance. But there's no expectation that, that's going to happen, and I'll keep my fingers crossed. As far as EBCD adoption for reimbursement by Medicare, I think this is going to be the reverse of what happened when we went from 2D to 3D scanning mammography. And there was a very early adoption by Medicare of the increase for people to providers to implement it because it was such a good technology.

但我評論的第二部分是，預測本屆政府將在幾乎任何層面採取的任何行動都是真正的修正。所以我同意。如果今年能帶來好處，那將是一件好事，您可以幫助我們繼續達到或超越我們的預期。但我並不期望那會發生，我會祈禱一切順利。至於醫療保險採用 EBCD 進行報銷，我認為這將與我們從 2D 掃描乳房 X 光攝影到 3D 掃描乳房 X 光攝影時發生的情況相反。由於這是一項非常好的技術，醫療保險很早就採用了增加人們向提供者實施該措施的措施。

They -- Medicare CMS led that, and then the adoption was by payers, the gradually after that. I see this as a reverse situation. Number one, getting CMS to issue a new code for breast AI is difficult and problematic. While they have issued new codes for other AI tools in the area of cardiac imaging, thyroid imaging, which you'll hear more about from us next quarter and some other tools. But best because of the consequences of this and the ubiquity of it I believe, is going to be a difficult lift.

他們——醫療保險和醫療補助服務中心 (Medicare CMS) 主導了這一進程，然後由付款人逐步採用。我認為這是一個相反的情況。首先，讓 CMS 為乳腺 AI 發布新的程式碼是困難且有問題的。同時，他們也為心臟成像、甲狀腺成像領域的其他 AI 工具發布了新代碼，您將在下個季度從我們這裡聽到更多有關這些工具和其他一些工具的資訊。但我認為，鑑於其後果及其普遍性，這將是一項艱難的任務。

So this may be a situation because of very positive conversations that we're having with commercial payers and other type of payers and self-insurers who see this value. I believe they will adopt it, and we have I think, been very instrumental in establishing a price point, which is comfortable for our patients and probably will translate into something that sets a standard for the industry. But I believe it will come from the nongovernmental side of it this time as opposed to in the past.

因此，這種情況可能是因為我們與商業付款人、其他類型的付款人和看到這一價值的自保人進行了非常積極的對話。我相信他們會採用它，而且我認為我們在製定價格點方面發揮了重要作用，這個價格點讓我們的患者感到舒適，並可能轉化為行業標準。但我相信，與過去不同，這次的動力將來自非政府方面。

Got you. And just a couple on the detail side. So appreciate all the updates on the TechLive. It sounds like that implementation is advancing. And I think you mentioned sort on DeepHealth operating system. You have a pilot in place and it sounds like implementation across your centers has begun. I'm just trying to get a feel for that and sort of target some timeline for that.

明白了。還有一些細節的問題。非常感謝 TechLive 上的所有更新。聽起來實施工作正在推進。我認為您提到了 DeepHealth 作業系統的排序。你們已開始進行試點，聽起來你們的各中心已經開始實施。我只是想對此有個大概的了解，並確定一個時間表。

A timeline for.

時間表。

Implementation of yes, the DeepHealth, yes.

是的，DeepHealth 的實施，是的。

You're talking about the implementation of the full detailed system.

您正在談論完整詳細系統的實施。

Yes.

是的。

Yes, we've begun pilot programs and contact centers, and in scheduling and phone call box to help our patients. It's -- the early results are very promising, but I'm confident that by year-end, most of all of the tools that we have will be in place. While we do that, we obviously have expenses related to the implementation of it and continuing the older systems until we're ready to turn over.

是的，我們已經開始試點計畫和聯絡中心，並在日程安排和電話亭幫助我們的患者。早期結果非常令人鼓舞，但我相信到年底，我們擁有的大部分工具都將到位。在我們這樣做的同時，我們顯然會產生與實施該制度相關的費用，並繼續使用舊系統，直到我們準備好移交為止。

So I think the benefits from that, which I mentioned in some of my other remarks, particularly as they might be reflected in improved margins are more likely to be seen in 2026 than they are in 2025. But I can only mention that we've got 400 centers to implement this in, and it's a heavy lift, but we're up to the task.

因此，我認為由此帶來的好處（我在其他一些評論中提到過）更有可能在 2026 年而不是 2025 年顯現出來，特別是因為它們可能反映在利潤率的提高上。但我只能說，我們有 400 個中心需要實施這項任務，這是一個艱鉅的任務，但我們能夠勝任。

Juan Z, Riley.

胡安 Z，萊利。

This is Brandon Carney on for Juan. First, you previously talked about the recent trends in capitation. Have you gotten any more visibility on the cadence of that trend for the remainder of the year?

這是布蘭登·卡尼 (Brandon Carney) 代替胡安 (Juan) 上場。首先，您之前談到了人頭稅的最新趨勢。您對今年剩餘時間該趨勢的節奏有什麼進一步的了解嗎？

Well, recalibration for us has been pretty stable. We're actually probably decreasing the -- relative to our revenue capitation as a percentage of this. Part of it is, is because the rest of our business in other markets than Southern California is all fee-for-service. But also, there are capitation contracts where we have -- at the term elected to go to fee-for-service because the demand that we have is such that we can and will not take reimbursement that doesn't allow us to continue to invest in our business, both on the equipment and the services side as well now as the AI.

嗯，對於我們來說重新校準已經相當穩定了。實際上，我們可能正在降低相對於我們的收入人頭稅的百分比。部分原因是，我們在南加州以外其他市場的業務都是按服務收費的。但是，我們也簽訂了人頭稅合同，在合同期限內我們選擇按服務收費，因為我們的需求是這樣的，我們不能也不會接受報銷，這不允許我們繼續投資於我們的業務，包括設備、服務方面以及現在的人工智能。

So we haven't lost in your business from the transition away from capitation because those patients are still coming to us that had better reimbursement rates under a fee-for-service program. That being said, we do have more accommodating large capitation groups that have chosen to stay with capitation, but -- which we're benefiting from some significant increases in their capitation rate to make their overall utilization on a fee-for-service basis, more consistent with the rest of our business. So I think capitation is still a very good business, but one that does not necessarily fit into the bigger RadNet model and is more of really a Southern California phenomena.

因此，我們並沒有因為放棄人頭稅制度而損失業務，因為那些在按服務收費計劃下能享受到更好報銷率的患者仍然會來找我們。話雖如此，我們確實有更多願意接受的大型人頭稅集團選擇繼續採用人頭稅，但是——我們受益於他們人頭稅費率的大幅提高，使他們按服務收費的總體利用率與我們的其他業務更加一致。因此我認為人頭稅仍然是一項非常好的業務，但它不一定適合更大的 RadNet 模型，而更像是南加州的現象。

Yes. We benchmark each quarter, all of our contracts against the other payer classes or the other books of business that we have. And if we fall behind where we need to be from a reimbursement standpoint relative to other books of business, we go back to the contracts, particularly when they're at the renewal process. And we've had some challenging discussions over the past couple of years and which has led us to cancel a number of those capitation relationships.

是的。我們每季都會將所有合約與其他付款人類別或我們擁有的其他業務帳簿進行比較。如果相對於其他業務，我們在報銷方面落後於應有的水平，我們就會重新考慮合同，特別是在續約過程中。在過去幾年裡，我們進行了一些具有挑戰性的討論，這導致我們取消了一些人頭稅關係。

And as Dr. Berger said, flip them to fee-for-service, where we get significantly higher rates, it doesn't guarantee us that we do 100% of that patient volume anymore because now the risk is put back on the medical groups and they have the ability to refer that out to anyone that they want. But in the markets in California, obviously, we're the biggest player by far in the state.

正如伯傑博士所說，將其轉變為按服務收費，我們會獲得更高的費率，但這並不能保證我們能為 100% 的患者提供治療，因為現在風險又回到了醫療團隊身上，他們有能力將患者轉介給他們想要的任何人。但在加州市場，顯然我們是該州迄今為止最大的參與者。

There are markets where we do the lion's share of the outpatient or the nonhospital-based imaging, and we're still capturing a lot of that patient volume just a fee-for-service, higher rates. And so my belief is that a number of these contracts will end up coming back to us in a year to from now when they recognize that they were probably financially better off accepting higher capitation rates and shifting the risk and the burden of the utilization to RadNet then to keeping that risk themselves and sending out the business at higher fee-for-service rates. So we've been through a number of these cycles before.

在某些市場中，我們承擔了大部分門診或非醫院影像業務，我們仍然透過按服務收費、更高的費率吸引大量患者。因此，我相信，一年後，當他們意識到接受更高的人頭費率並將風險和使用負擔轉移給 RadNet 比自己承擔風險並以更高的按服務收費率開展業務在財務上更有利時，這些合約中的許多人最終都會回到我們手中。我們之前已經經歷過許多這樣的週期。

And as you can see, it's not impacting our overall revenue. It's just shifting revenue from the capitation portion to the fee-for-service portion.

如您所見，它不會影響我們的整體收入。這只是將收入從人頭稅部分轉移到按服務收費部分。

Got it. That's helpful. And then on the Pet business, can you help us understand the impact of pricing of the radiopharmaceutical imaging agents? If the unit prices of the imaging agents get lower, does it have an overall benefit to RadNet's operation?

知道了。這很有幫助。然後關於寵物業務，您能幫助我們了解放射性藥物造影劑定價的影響嗎？如果成像劑的單價降低，這對 RadNet 的運作是否有整體好處？

Yes. I'll take that. Yes, what you're really asking about is sort of newer esoteric tracers as opposed to FTG, which was the commoditized agent that we use in most of the oncological studies. The new tracers for Alzheimer's and prostate imaging are very expensive. Essentially, the reimbursement for that is on a pass-through basis.

是的。我會接受的。是的，您真正想問的是與 FTG 不同的一種較新的深奧示踪劑，而 FTG 是我們在大多數腫瘤學研究中使用的商品化藥劑。用於阿茲海默症和前列腺成像的新型示蹤劑非常昂貴。本質上，這種補償是採用轉嫁方式的。

So we don't make much money, if at all, in terms of marketing -- marking up the radioactive tracer in that exam. So to the extent that prices go down, and they should go down a time because as the industry does more and more of prostate and these all size Alzheimer imaging, we use this tracer more and more and more competition on the manufacturing side comes into play.

因此，從行銷角度來說，我們賺不到多少錢，或者根本賺不到錢——在檢查中標記放射性示蹤劑。因此，價格下降的程度應該會下降，因為隨著行業對前列腺和各種尺寸的阿茲海默症成像的投入越來越多，我們越來越多地使用這種示踪劑，製造方面的競爭也越來越激烈。

So we do -- these tracers the pricing to come down over time. But for us, there's really no profitability in these tracers.

所以我們這樣做——這些追蹤器的價格會隨著時間的推移而下降。但對我們來說，這些追蹤器其實沒有任何獲利能力。

Got it. Just to follow on that a bit for the growth in the PET/CT business, can you give us any detail on the contribution of the newer scans like Ksenia, Abeta versus the FDG scans that you mentioned? Any color there would be appreciated.

知道了。為了進一步了解 PET/CT 業務的成長情況，您能否向我們詳細介紹 Ksenia、Abeta 等較新的掃描與您提到的 FDG 掃描相比的貢獻？任何顏色都會受到歡迎。

Yes. So in the first quarter of 2025, the prostate and the Alzheimer's studies, the amyloid studies represented about 19% of all of our or capitated -- excuse me, all of our PET/CT business, and that's been growing significantly year-over-year, particularly in the amyloid studies where we're doing over 500 studies now a month.

是的。因此，在 2025 年第一季度，前列腺和阿茲海默症研究、澱粉樣蛋白研究占我們所有 PET/CT 業務的約 19%（對不起，是所有 PET/CT 業務），並且這一數字逐年顯著增長，特別是在澱粉樣蛋白研究中，我們現在每月進行超過 500 項研究。

And those studies really started about a year, 1.5 years ago as the Medicare regional administrator started more frequently allowing for those studies to take place to qualify these patients on some of these newer drug therapies. So it's been a -- and of course, prostate imaging has really been a big driver for us on the PET/CT side.

這些研究實際上開始於大約一年半前，當時醫療保險區域管理員開始更頻繁地進行這些研究，以使這些患者有資格接受一些較新的藥物治療。所以，前列腺影像當然一直是我們 PET/CT 發展的重要推手。

And the two of those combined being about 19% of our business, today is really responsible for the more than 20% growth that we've been seeing quarter-over-quarter in our PET/CT business.

這兩項業務加起來約占我們業務的 19%，如今，這才是我們 PET/CT 業務較上季成長超過 20% 的真正原因。

Thank you. And this concludes our question-and-answer session. I'd like to turn the conference back over to the company for any closing remarks.

謝謝。我們的問答環節到此結束。我想將會議交還給公司，以便發表結束語。

Thank you, Andrea. Again, I would like to take this opportunity to thank all of our shareholders, their continued support and the employees of RadNet for their dedication and hard work. Management will continue its endeavor to be a market leader that provides great services with an appropriate return on investment for all stakeholders. Thank you for your time today, and I look forward to our next call. .

謝謝你，安德里亞。再次，我想藉此機會感謝我們所有的股東、他們的持續支持以及 RadNet 員工的奉獻和辛勤工作。管理層將繼續努力成為市場領導者，為所有利害關係人提供優質服務和適當的投資回報。感謝您今天的寶貴時間，期待我們下次通話。。

Thank you. This concludes today's conference call. We thank you all for attending today's presentation. You may now disconnect your lines, and have a wonderful day.

謝謝。今天的電話會議到此結束。感謝大家參加今天的演講。現在您可以斷開線路，享受美好的一天。