RadNet Inc (RDNT) 2025 Q2 法說會逐字稿

Good day, and welcome to RadNet, Inc. second quarter 2025 financial results conference call. (Operator Instructions) Please note this event is being recorded.

大家好，歡迎參加 RadNet, Inc. 2025 年第二季財務業績電話會議。（操作員指示）請注意，此事件正在被記錄。

I would now like to turn the conference over to Mr. Mark Stolper, Executive Vice President and Chief Financial Officer of RadNet.

現在，我想將會議交給 RadNet 執行副總裁兼財務長 Mark Stolper 先生。

Please go ahead.

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 second quarter 2025 financial results. 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.

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 年第二季的財務表現。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機構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，均屬於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 cause RadNet's actual results to 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 for 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 to reflect new information, events or circumstances after the date they were 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反映其作出之日後的新資訊、事件或情況，或反映意外事件的發生的義務。

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 second 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 your interest in our company and for dedicating a portion of your day to participate in our conference call this morning.

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 年第二季業績的亮點，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。我想感謝大家對我們公司的關注，並感謝大家抽出時間參加我們今天早上的電話會議。

Let's begin. I am very pleased with the performance in the second quarter. After experiencing significant disruption in the business during the first quarter of this year as a result of the California wildfires, and severe winter weather conditions in the Northeast and Houston markets, the second -- in the second quarter, business rebounded, and we achieved record quarterly revenue and adjusted EBITDA. Relative to last year's second quarter, total company revenue increased 8.4% to a quarterly record $498.2 million, and Digital Health segment revenue increased 30.9% to a quarterly record of $20.7 million. Contributing to core imaging center revenue growth, for a variety of factors.

讓我們開始吧。我對第二季的表現非常滿意。今年第一季度，由於加州野火以及東北部和休士頓市場的嚴酷冬季天氣，我們的業務遭受了嚴重干擾。但在第二季度，業務出現反彈，我們實現了創紀錄的季度收入和調整後 EBITDA。與去年第二季相比，公司總營收成長 8.4%，達到季度創紀錄的 4.982 億美元，數位健康部門營收成長 30.9%，達到季度創紀錄的 2,070 萬美元。由於多種因素，促進了核心影像中心收入的成長。

First, industry trends continue to provide tailwinds. Imaging technology advances in equipment, post-processing software, artificial intelligence, contrast materials and nuclear isotopes continue to drive increased utilization of diagnostic imaging within health care in general. Furthermore, within this growing industry, the shift of procedural volumes, away from the more expensive hospital alternatives, to more cost-effective ambulatory freestanding centers continues.

首先，產業趨勢持續帶來順風。設備、後處理軟體、人工智慧、造影材料和核同位素的成像技術進步繼續推動診斷成像在整個醫療保健領域的利用率提高。此外，在這個不斷發展的行業中，手術量正在從更昂貴的醫院轉向更具成本效益的獨立門診中心。

Second, improvement continues in reimbursement rates with commercial and capitated payers that recognize the position RadNet offers as a lower-priced alternative to hospital-based imaging. To this end, we have been successful in receiving rate increases from many of the larger commercial [payers] and several capitated contracts have been converted to higher paying fee-for-service relationships.

其次，商業和按人頭付費者的報銷率持續提高，他們意識到 RadNet 是醫院影像的低價替代方案。為此，我們成功地從許多較大的商業[付款人]那裡獲得了費率上漲，並且一些按人頭計費的合約已轉換為更高報酬的按服務收費關係。

Lastly and perhaps most importantly, the focus has been on driving more advanced imaging procedures. MRI, CT and PET/CT, and increasing advanced imaging capacity through a variety of initiatives. Advanced imaging has a higher per procedure pricing and typically better margins. During the second quarter of this year, advanced imaging as a percentage of total procedures increased to 27.5%, from 26.5% in last year's same quarter, an improvement of 102 basis points. This increase is due in part to initiatives that have been identified within each of these modalities.

最後，也許是最重要的一點，重點是推動更先進的成像程序。MRI、CT 和 PET/CT，並透過各種措施提高先進影像能力。先進的影像技術每次治療的定價更高，而且利潤通常更高。今年第二季度，高階影像佔總手術的比例從去年同期的 26.5% 上升至 27.5%，提高了 102 個基點。這種增長部分歸因於在每種模式中確定的措施。

For example, within MRI, the 9% aggregate and 6.6% same-center growth in the second quarter, as compared with last year's second quarter, is partially the result of capacity created from investments made in MRI software upgrades and operating protocols, which enable shorter scan times. The shorter scan times allow for the scheduling of more patients in the same hours of operation.

例如，在 MRI 領域，與去年第二季相比，第二季整體成長 9%，同中心成長 6.6%，部分原因是對 MRI 軟體升級和操作協議的投資創造了產能，從而縮短了掃描時間。更短的掃描時間允許在相同的手術時間內安排更多的患者。

Within CT, programs have been expanded on both coasts to offer more complex procedures. An example of this is cardiac CT angiography, which is growing rapidly and which, in some cases, are enhanced with reimbursed artificial intelligence-assisted analytics. Within PET/CT, emphasis has been on newer diagnostic and screening offerings for prostate cancer, Alzheimer's disease, dementia and new procedures with leading-edge tumor-specific radioactive tracer.

在康乃狄克州，東西海岸的項目都得到了擴展，以提供更複雜的程序。心臟 CT 血管造影就是一個例子，它正在快速發展，在某些情況下，透過報銷的人工智慧輔助分析得到了增強。在 PET/CT 領域，重點一直放在前列腺癌、阿茲海默症、癡呆症的較新的診斷和篩檢服務以及採用尖端腫瘤特異性放射性追蹤劑的新程序。

PET/CT has been the fastest-growing procedure. This quarter, PET/CT increased 22.4% on an aggregate basis, and 16.2% on a same-center basis as compared with last year's second quarter. The increase in advanced imaging, particularly MRI, has also been driven by the implementation of Tech Live, our remote screening technology recently cleared by the FDA.

PET/CT 是發展最快的檢查方法。本季PET/CT累計較去年第二季成長22.4%，較上季成長16.2%。我們的遠端篩檢技術 Tech Live 的實施也推動了先進成像（尤其是 MRI）的發展，該技術最近已獲得 FDA 批准。

Tech Live is a vendor-agnostic integrated solution, enabling remote scanning of MRI, CT, PET/CT and ultrasound procedures. (inaudible) its tech labor shortages and inflationary wage pressure, Tech Live empowers technologists to scan for multiple locations, enables improved operational efficiency, extends center operating hours and enhances access to complex procedures.

Tech Live 是一種與供應商無關的整合解決方案，可實現 MRI、CT、PET/CT 和超音波程序的遠端掃描。 （聽不清楚）由於技術勞動力短缺和通貨膨脹的工資壓力，Tech Live 使技術人員能夠掃描多個位置，提高營運效率，延長中心運營時間並增強對複雜程序的訪問。

The most significant impact we are experiencing the Tech Live is its ability to expand hours of operation by staffing exam rooms, which previously would have been closed. As an example, in a pilot deployment at 64 locations inside of RadNet's New York area facilities, Tech Live significantly contributed to a 42% decrease in MRI room closures and during the second quarter of 2025, as compared with the same period of 2024.

Tech Live 為我們帶來的最顯著影響是，它能夠透過為考場配備人員來延長營業時間，而以前這些考場都是關閉的。例如，在 RadNet 紐約地區設施內的 64 個地點進行的試點部署中，Tech Live 顯著促進了 MRI 室關閉率下降，與 2024 年同期相比，2025 年第二季的 MRI 室關閉率下降了 42%。

Currently, more than 300 of RadNet's MR, CT, PET/CT, and ultrasound systems are connected with DeepHealth's Tech Live solution, and our targeting to substantially all of RadNet's advanced imaging equipment to be connected with Tech Live in early 2026. The strong revenue growth from all the factors just discussed and in particular, the initiatives driving more advanced imaging, along with cost-effective management, contributed to the record adjusted EBITDA and margin expansion in the quarter.

目前，RadNet 的 300 多個 MR、CT、PET/CT 和超音波系統已與 DeepHealth 的 Tech Live 解決方案相連，我們的目標是到 2026 年初將 RadNet 的幾乎所有先進成像設備都與 Tech Live 相連。剛才討論的所有因素，特別是推動更先進成像的舉措以及成本效益的管理，帶來了強勁的收入增長，促成了本季度創紀錄的調整後 EBITDA 和利潤率擴張。

Adjusted EBITDA during the second quarter of 2025 increased by 12.3% to a quarterly record of $81.2 million, up from $72.3 million in last year's second quarter, and adjusted EBITDA margin increased to 16.3% during the second quarter of 2025, which compares with 15.7% in last year's second quarter, an improvement of almost 60 basis points.

2025 年第二季調整後 EBITDA 成長 12.3%，達到季度最高記錄 8,120 萬美元，高於去年第二季的 7,230 萬美元；2025 年第二季調整後 EBITDA 利潤率成長至 16.3%，而去年第二季為 15.7%，提高了近 60 個基點。

The strong operating results in the second quarter relative to our internal budget resulted in the decision to increase 2025 full year guidance ranges for revenue and adjusted EBITDA. Mark will discuss this in more detail in his prepared remarks. Steady progress also continues in the digital health operating segment. The EBCD DeepHealth, AI-powered breast cancer screening program continues to expand. Currently, we are experiencing a blended adoption rate nationally, approaching 45%, with more cancers being found across RadNet centers, which otherwise might have been detected at a much later date.

相對於我們的內部預算，第二季的強勁經營業績促使我們決定提高 2025 年全年營收和調整後 EBITDA 的指導範圍。馬克將在他的準備好的演講中更詳細地討論這個問題。數位健康營運部門也持續穩步推進。由人工智慧驅動的乳癌篩檢計畫 EBCD DeepHealth 正在不斷擴展。目前，我們在全國範圍內的混合採用率接近 45%，在 RadNet 中心發現了更多的癌症，否則這些癌症可能會在很晚的時候才被發現。

On July 17, the previously announced acquisition of iCAD, a global leader in clinically proven AI-powered breast health solutions was completed iCAD's profound Breast Health Suite, and RadNet's DeepHealth AI-powered screening solutions, together can materially expand and improve patient diagnosis and outcomes on a global basis through further enabling accuracy and early detection.

7 月 17 日，先前宣布的對經過臨床驗證的 AI 驅動乳房健康解決方案全球領導者 iCAD 的收購已完成。 iCAD 的深度乳房健康套件和 RadNet 的 DeepHealth AI 驅動篩檢解決方案相結合，可透過進一步提高準確性和早期檢測能力，在全球範圍內實質地擴展和改善患者的診斷和結果。

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

iCAD 擁有超過 1,500 個醫療保健提供者網點，在 50 個國家/地區提供每年超過 800 萬次乳房 X 光檢查，其安裝基礎和強大的銷售、工程和營銷能力將提供廣泛而有價值的客戶關係和商業化能力，從而可以加速 DeepHealth 的目標實現。

On June 4, the acquisition of CMO Technologies, a global innovator in AI for ultrasound imaging was completed. CMO's initial applications to detect and characterize thyroid naturals and breast lesions in ultrasound imaging, improve diagnostic accuracy and enhance clinical workflows.

6月4日，全球超音波成像人工智慧創新者CMO Technologies的收購完成。CMO 的初步應用是檢測和表徵超音波成像中的甲狀腺自然病變和乳房病變，提高診斷準確性並增強臨床工作流程。

With the inherent complexity of ultrasound imaging and its dependency on the individual capabilities of the technologists and radiologists, the opportunity to improve care through AI is significant. With demand exceeding available appointment lasts for many of the 900 ultrasound units in 326 of our locations, the increase in capacity created by CMOs technology should improve our ability to drive better access and more revenue through RadNet's existing centers.

由於超音波成像本身的複雜性及其對技術人員和放射科醫生個人能力的依賴，透過人工智慧改善護理的機會非常大。由於我們 326 個地點的 900 個超音波裝置中有許多裝置的需求超過了可用的預約時長，CMO 技術帶來的容量增加應該會提高我們透過 RadNet 現有中心推動更好的訪問和增加收入的能力。

Early deployment of CMO's FDA-approved thyroid ultrasound artificial intelligence across 83 of the imaging centers has demonstrated up to 30% reduction in scan time and it is anticipated that CMOs will be fully implemented in the remaining centers by the end of the first quarter of 2026.

CMO 已在 83 個影像中心部署了經 FDA 批准的甲狀腺超音波人工智慧，結果顯示掃描時間減少了 30%，預計到 2026 年第一季末，其餘中心將全面實施 CMO。

Furthermore, our reimbursement code already exists that makes a portion of our approximately 250,000 annual thyroid ultrasound eligible for additional reimbursement. An initiative is ongoing to pursue FDA approval for CMOs next application in breast AI ultrasound, which constitutes over 600,000 of RadNet's approximately 2.7 annually ultrasound exams performed.

此外，我們的報銷代碼已經存在，這使得我們每年約 250,000 次甲狀腺超音波檢查中的一部分有資格獲得額外報銷。目前正在進行一項計劃，以尋求 FDA 批准 CMO 在乳房 AI 超音波的下一個應用，這佔 RadNet 每年進行的約 2.7 次超音波檢查中的 60 萬餘次。

While initial focus will be on the implementation within RadNet, these technologies will also be sold and marketed by the digital health division to third parties as the offerings are further commercialized. Finally, financial liquidity and leverage continues to be carefully managed. As of June 30, 2025, our cash balance was $833 million, and net debt to adjusted EBITDA ratio was 0.96.

雖然最初的重點將放在 RadNet 內部的實施上，但隨著產品進一步商業化，這些技術也將由數位健康部門向第三方出售和行銷。最後，金融流動性和槓桿率繼續受到謹慎管理。截至 2025 年 6 月 30 日，我們的現金餘額為 8.33 億美元，淨負債與調整後 EBITDA 比率為 0.96。

An attractive pipeline of acquisition opportunities are being evaluated for both the core imaging services division and for digital health, and we have confidence in our ability to invest the cash balance over time and opportunities that advance RadNet's strategic objectives. At this time, I'd like to turn the call back over to Mark to discuss some of the highlights of our second quarter 2025 performance.

我們正在針對核心影像服務部門和數位健康領域評估一系列有吸引力的收購機會，我們有信心隨著時間的推移投資現金餘額並抓住機會推進 RadNet 的策略目標。現在，我想把電話轉回給馬克，討論我們 2025 年第二季業績的一些亮點。

When he is finished, I will make some closing remarks.

當他講完後，我會做一些總結發言。

Thank you, Howard. I'm now going to briefly review our second quarter 2025 performance and 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 insights, (inaudible) some of the metrics that drove our second quarter performance.

謝謝你，霍華德。我現在將簡要回顧我們 2025 年第二季的業績，並嘗試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，並提供一些見解，（聽不清楚）一些推動我們第二季業績的指標。

I will also provide an update to 2025 financial guidance levels, which were released in conjunction with our 2024 year-end results in February, and amended following our first quarter financial results in May. In my discussion, I will use the term adjusted EBITDA, which is a non-GAAP financial measure.

我還將更新 2025 年財務指導水平，該水平於 2 月份與我們 2024 年年終業績同時發布，並於 5 月份根據我們第一季財務業績進行了修訂。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。

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.

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 and earnings, and unconsolidated operations, and subtracts allocations of earnings to non-controlling interest in subsidiaries, and is adjusted for non-cash or extraordinary and onetime items taking place during the period.

調整後的 EBITDA 包括股權和收益以及非合併業務，並減去分配給子公司非控制權益的收益，並根據期間發生的非現金或非常和一次性項目進行調整。

A full quantitative reconciliation of adjusted EBITDA to net income or loss attributable to RadNet income and shareholders is included in our earnings release. With that said, I'd now like to review our second quarter 2025 results.

我們的收益報告中包含了調整後的 EBITDA 與歸屬於 RadNet 收入和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 年第二季的業績。

As Dr. Berger highlighted in his remarks, our business bounced back in the second quarter nicely, recovering to more anticipated levels following the California wildfires and severe winter weather conditions in the Northeast that significantly impacted us in the first quarter of this year.

正如伯傑博士在演講中所強調的那樣，我們的業務在第二季度良好反彈，在經歷了今年第一季加州野火和東北部嚴酷的冬季天氣對我們造成重大影響之後，恢復到了更預期的水平。

In the second quarter, we returned to the type of growth we have been demonstrating over the last several years. Our results were highlighted by strong performance and growth in advanced imaging, which is being driven by many of the initiatives that Dr. Berger discussed. Advanced Imaging grew 9% in aggregate, and 6.6% on a same-center basis relative to last year's second quarter.

在第二季度，我們恢復了過去幾年所呈現的成長模式。我們的成果突顯在先進影像領域的強勁表現和成長，這得益於伯傑博士討論的許多舉措。先進影像業務整體成長 9%，與去年第二季相比，同中心成長 6.6%。

PET/CT, which continues to be our fastest-growing modality grew 22.4% in aggregate, and 16.2% on a same-center basis, predominantly on the growth of PSMA and amyloid brain studies. The disproportional growth in advanced imaging relative to routine imaging has been a steady trend and continues to help us absorb the inflationary pressure we and the rest of the industry have been feeling with respect to the availability and rising cost of labor, especially as it pertains to radiology technologists.

PET/CT 仍然是我們成長最快的檢查方式，整體成長了 22.4%，同中心成長了 16.2%，主要得益於 PSMA 和澱粉樣蛋白腦研究的成長。高級成像相對於常規成像的不成比例的增長一直是一個穩定的趨勢，並繼續幫助我們吸收我們和整個行業在勞動力可用性和勞動力成本上升方面感受到的通膨壓力，特別是對於放射技術人員而言。

We believe there is continued opportunities for margin improvement as a result of driving more advanced imaging in our centers, and through the implementation of many of the software tools offered by the Digital Health division.

我們相信，透過在我們的中心推動更先進的成像技術，以及透過實施數位健康部門提供的許多軟體工具，利潤率將繼續提高。

During the quarter, we opened one new facility in New Brunswick, New Jersey and have nine additional facilities that we are targeting to open by the end of the year, which includes three joint venture facilities and six wholly owned locations. These de novo openings will give us the necessary capacity to support the heavy diagnostic imaging demand in our markets and should enable us to continue similar organic growth into the future.

本季度，我們在新澤西州新不倫瑞克開設了一家新工廠，並計劃在年底前開設另外九家工廠，其中包括三家合資工廠和六家全資工廠。這些新的開幕將為我們提供必要的能力來支持我們市場對診斷成像的大量需求，並使我們能夠在未來繼續實現類似的有機成長。

For the second quarter of 2025, RadNet reported total company revenue of $498.2 million and adjusted EBITDA of $81.2 million, both quarterly records. Revenue increased $38.5 million, or 8.4%, and adjusted EBITDA increased $8.9 million, or 12.3%, as compared with the second quarter of 2024. The combination of the strong top line growth and our ability to manage operating costs effectively caused EBITDA margins to improve by 57 basis points relative to last year's second quarter.

2025 年第二季度，RadNet 報告公司總營收為 4.982 億美元，調整後 EBITDA 為 8,120 萬美元，均創下季度紀錄。與 2024 年第二季相比，營收增加了 3,850 萬美元，即 8.4%，調整後 EBITDA 增加了 890 萬美元，即 12.3%。強勁的營收成長和有效管理營運成本的能力相結合，使得 EBITDA 利潤率較去年第二季提高了 57 個基點。

The Digital Health segment reported revenue of $20.7 million, a 30.9% increase from last year's second quarter. Breaking this down further, AI revenue within Digital Health increased 21.6%, from a combination of growing the EBCD program revenue, and through expanded licensing of deep health lung, prostate and neuro solutions, primarily in Europe.

數位健康部門報告的收入為 2,070 萬美元，比去年第二季成長 30.9%。進一步細分，數位健康領域的人工智慧收入成長了 21.6%，這得益於 EBCD 計畫收入的成長，以及深度健康肺、前列腺和神經解決方案授權的擴大，主要在歐洲。

Radiology software revenue within Digital Health grew 36.1% relative to last year's second quarter, from a combination of internal revenue from RadNet's imaging centers adopting further elements of DeepHealth OS, including certain contact center software and Tech Live, as well as from external sales of workflow software solutions.

數位健康部門的放射學軟體收入較去年第二季成長了 36.1%，成長來源包括 RadNet 影像中心採用 DeepHealth OS 的更多元素（包括某些聯絡中心軟體和 Tech Live）產生的內部收入，以及工作流程軟體解決方案的外部銷售收入。

We continue to make important investments in sales, marketing, development, customer support and implementation teams necessary to support anticipated growth over the next 5-years. Despite these investments in infrastructure related operating expenses EBITDA for Digital Health grew 4.1% over last year's second quarter.

我們將繼續對銷售、行銷、開發、客戶支援和實施團隊進行重要投資，以支援未來 5 年的預期成長。儘管在與基礎設施相關的營運費用方面進行了這些投資，但數位健康的 EBITDA 仍比去年第二季成長了 4.1%。

As Dr. Berger mentioned, we finished the second quarter of 2025 with a strong cash and liquidity position. At quarter end, we had $833 million of cash on the balance sheet, full availability of a $282 million 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 last November. Continued improvements in revenue cycle have driven down DSOs, or days sales outstanding, to 32.4 days, slightly lower than where we were at this time last year.

正如伯傑博士所提到的，我們在 2025 年第二季結束時擁有強大的現金和流動性狀況。截至本季末，我們的資產負債表上有 8.33 億美元現金，2.82 億美元的信貸額度可供充分利用，還有一筆以 SOFR 加 225 個基點定價的定期貸款，這反映了我們去年 4 月完成的再融資交易，以及我們去年 11 月完成的重新定價交易。收入週期的持續改善已將 DSO（應收帳款週轉天數）降至 32.4 天，略低於去年同期的水平。

With regards to our financial leverage as of March 31, 2025, unadjusted for bond and term loan discounts, we had $264.6 million of net debt which is our total debt at par value less our cash balance. Note that this debt includes RadNet's ownership percentage of New Jersey Imaging Network's net debt of $36.2 million for which RadNet is neither a borrower nor a guarantor. At quarter end, our net debt to adjusted EBITDA leverage was slightly less than 1 times.

關於我們截至 2025 年 3 月 31 日的財務槓桿，未經債券和定期貸款折扣調整，我們的淨債務為 2.646 億美元，即我們的面值總債務減去現金餘額。請注意，這筆債務包括 RadNet 在新澤西影像網路 3,620 萬美元淨債務中的所有權百分比，而 RadNet 既不是藉款人也不是擔保人。在季度末，我們的淨負債與調整後的 EBITDA 槓桿率略低於 1 倍。

Given the strong second quarter results and the positive trends we continue to experience, we elected to increase revenue and adjusted EBITDA guidance for our Imaging Center business. We increased revenue by $15 million at the low and high ends of the guidance ranges, and increased adjusted EBITDA by $3 million at the low and high end of the ranges.

鑑於第二季的強勁業績和我們持續經歷的正面趨勢，我們選擇增加營收並調整影像中心業務的 EBITDA 指引。我們在指導範圍的低端和高端分別增加了 1500 萬美元的收入，並在指導範圍的低端和高端分別增加了 300 萬美元的調整後 EBITDA。

We also increased our capital expenditure guidance range by $7 million, which is reflective of additional growth investment opportunities we plan to pursue in the second half of the year. Otherwise, all guidance ranges for Imaging Center segment remain unchanged. For Digital Health, we plan to update guidance ranges upon announcing our third quarter results in November.

我們還將資本支出指導範圍提高了 700 萬美元，這反映了我們計劃在下半年尋求的額外成長投資機會。否則，影像中心部分的所有指導範圍保持不變。對於數位健康，我們計劃在 11 月公佈第三季業績時更新指導範圍。

This update will reflect contributions from the iCAD and CMO transactions, and incorporate any other information about the operating segment we have at that time. At that time, we should have a much better sense as to how the integration of iCAD and CMO is progressing as well as each as revenue contribution for the second half of the year.

此更新將反映 iCAD 和 CMO 交易的貢獻，並納入我們當時擁有的任何其他有關營運部門的資訊。屆時，我們應該對 iCAD 和 CMO 的整合進度以及各自對下半年的收入貢獻有更好的了解。

I'll now take a few minutes to give you an update on 2026 anticipated Medicare reimbursement rates. As a reminder, Medicare represents about 23% of our business mix. With respect to Medicare reimbursement, several weeks ago, we received a matrix for proposed rates by CPT code, which is typically part of the physician fee schedule proposal that is released about this time every year.

現在，我將花幾分鐘時間向您介紹 2026 年預計的醫療保險報銷率的最新情況。提醒一下，醫療保險約占我們業務組合的 23%。關於醫療保險報銷，幾週前，我們收到了一份按 CPT 代碼列出的建議費率矩陣，該矩陣通常是每年這個時候發布的醫生費用表提案的一部分。

We have completed an initial analysis and compared those proposed rates to our current 2025 rates, and we volume weighted our analysis using expected 2026 procedure volumes. In the proposed rule, Medicare is proposing increasing the conversion factor in the Medicare fee schedule by 3.3%, from $32.35 to $33.42, along with certain changes to the RVUs, or relative value units, of specific radiology CPT procedure codes, and to the Medicare geographic practice cost indices for gypsies.

我們已經完成了初步分析，並將這些提議的費率與我們目前的 2025 年費率進行了比較，並且我們使用預期的 2026 年程序量對我們的分析進行了加權。在擬議規則中，Medicare 提議將 Medicare 費用表中的轉換係數提高 3.3%，從 32.35 美元提高到 33.42 美元，同時對特定放射學 CPT 程序代碼的 RVUs 或相對價值單位以及吉普賽人的 Medicare 地理實踐成本指數進行某些更改。

Our initial analysis of all these moving parts of the proposal indicates that RadNet on roughly $1.9 billion in revenue will benefit from an approximately $4 million to $5 million Medicare revenue uplift in 2026. We are very pleased that we will likely be getting this modest increase next year after about 5-years of annual cuts to Medicare reimbursement, including in 2025, when we have absorbed and are continuing to absorb about a $7 million to $8 million cut.

我們對提案中所有變動部分的初步分析表明，RadNet 的收入約為 19 億美元，到 2026 年，它將受益於醫療保險收入約 400 萬至 500 萬美元的成長。我們非常高興，在經過大約 5 年的年度醫療保險報銷削減之後，明年我們可能會獲得這一適度的增長，包括 2025 年，屆時我們將吸收並繼續吸收約 700 萬至 800 萬美元的削減。

We hope that this is a recognition from CMS that it must be -- must compensate providers appropriately, and that its reimbursement should be commensurate with the rising cost of providing services. The Medicare physician fee final rule is expected to be released on or about November 1, 2025. And there is no assurance that the final rule will be consistent with this proposal. On our third quarter financial results call in November, we hope to be able to provide more certainty around 2026 Medicare rates.

我們希望這是 CMS 的認可，它必須——必須對提供者進行適當的補償，並且其補償金額應與提供服務的成本上升相稱。醫療保險醫師費用最終規則預計將於 2025 年 11 月 1 日左右發布。並且不能保證最終規則將與該提議一致。在 11 月的第三季財務業績電話會議上，我們希望能夠對 2026 年醫療保險費率提供更多確定性。

I'd now like to turn the call back over to Dr. Berger, who will make some closing remarks.

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. The diagnostic imaging industry has entered a period of transformation. Traditionally, diagnostic imaging has relied primarily on manual processes and labor to complete most aspects of services. The manual nature of the industry has historically leaned heavily on the availability of skilled labor for all clinical aspects of the patient journey, as well as for performing all the requisite non-patient facing support functions, including scheduling, pre-authorization, insurance verification, revenue cycle, coding, just to name a few. More recently, quantum leaps in computing power, machine learning, and artificial intelligence have demonstrated the possibilities for the future of the industry.

謝謝你，馬克。診斷影像產業已進入轉型期。傳統上，診斷影像主要依靠手動流程和勞動力來完成大部分服務。該行業的手動性質歷來嚴重依賴熟練勞動力的可用性，這些勞動力可用於患者旅程的所有臨床方面，以及執行所有必要的非面向患者的支持功能，包括調度、預授權、保險驗證、收入周期、編碼等等。最近，運算能力、機器學習和人工智慧的巨大飛躍展示了該行業未來的可能性。

Having under one roof both the largest scale imaging services business in the United States, and a leading radiology-focused digital health segment that is building innovative workflow and clinical solutions, RadNet is at the nexus of this industry's transformation. Over the past 5-years, RadNet has been investing in both clinical and operational artificial intelligence.

RadNet 既擁有美國最大規模的影像服務業務，又擁有領先的以放射學為重點的數位健康部門，致力於建立創新的工作流程和臨床解決方案，是該產業轉型的中心。在過去的 5 年裡，RadNet 一直在投資臨床和營運人工智慧。

Within clinical, or predictive AI, the focus of our investments and development efforts are in two areas. The first is in the development of interpretive AI solutions focused on population health screening. Today, the diagnostic imaging industry principally performs procedures on patients who are already symptomatic, sick or injured.

在臨床或預測性人工智慧領域，我們的投資和開發重點集中在兩個領域。首先是開發以人口健康篩檢為重點的解釋性人工智慧解決方案。如今，診斷影像產業主要對已經出現症狀、生病或受傷的患者進行治療。

In contrast, the solutions being developed in breast, lung and prostate are designed to lower the cost and increase the effectiveness of diagnostic imaging-based screening tools to detect diseases earlier when better patient outcomes are achievable.

相較之下，正在乳癌、肺癌和攝護腺癌領域開發的解決方案旨在降低成本並提高基於診斷影像的篩檢工具的有效性，以便在能夠獲得更好的患者治療結果時更早發現疾病。

Launching the EBCD AI-powered breast screening program, working with the NHS in the UK to implement the targeted lung health check program, and beginning an MRI-based AI-powered prostate screening program, are examples of what is possible in diagnostic imaging-based population health. The second area of RadNet's clinical AI and technology investment is in AI tools that can make the clinical staff, technologists and radiologists more productive.

啟動 EBCD 人工智慧乳癌篩檢計劃、與英國 NHS 合作實施有針對性的肺部健康檢查計劃以及啟動基於 MRI 的人工智慧前列腺篩檢計劃，都是基於診斷成像的人口健康領域可能實現的目標的例子。RadNet 臨床 AI 和技術投資的第二個領域是可以提高臨床工作人員、技術人員和放射科醫生工作效率的 AI 工具。

Two examples of these are the recent purchase of CMO and the recently FDA-cleared Tech Live solution. In regards to CMO, the technology eliminates certain manual processes of technologists and radiologists in conjunction with commonly performed thyroid and breast ultrasound exam, thereby increasing center-level productivity by reducing scanning times and creating valuable scanning capacity.

其中兩個例子是最近收購 CMO 和最近獲得 FDA 批准的 Tech Live 解決方案。對於 CMO 而言，該技術消除了技術人員和放射科醫生在常見的甲狀腺和乳房超音波檢查中需要進行的某些手動流程，從而透過減少掃描時間並創造寶貴的掃描能力來提高中心級生產力。

Tech Live, as we discussed earlier, reduces exam room closures from insufficient staffing, and allows for the expansion of hours of operations, thereby also helping to create screening capacity -- excuse me, scanning capacity. Within operational or generative AI, the focus has been on developing the detailed OS, a comprehensive end-to-end cloud-native operations and image management solution designed to automate many of the manual functions that are currently performed throughout the diagnostic imaging workflow.

正如我們之前所討論的，Tech Live 減少了由於人員不足而導致的檢查室關閉，並允許延長運營時間，從而也有助於提高篩選能力——對不起，是掃描能力。在操作或生成 AI 領域，重點一直放在開發詳細的作業系統，這是一種全面的端到端雲原生操作和影像管理解決方案，旨在自動執行目前在整個診斷成像工作流程中執行的許多手動功能。

RadNet's performance in the second quarter reflected some of the early benefits from the strategy -- from these strategic technological initiatives and investment in both clinical and operational AI. During the quarter, revenue was enhanced from the clinical investment in screening programs from breast, lung and prostate, and from the early deployment of Tech Live. In addition, costs were reduced and margins were improved from some of the early implementation of certain DeepHealth OS modules at selected RadNet centers.

RadNet 在第二季的表現反映了該策略帶來的一些早期好處——來自這些策略性技術舉措以及對臨床和營運人工智慧的投資。本季度，乳房、肺癌和攝護腺篩檢計畫的臨床投資以及 Tech Live 的早期部署增加了收入。此外，在選定的 RadNet 中心早期實施某些 DeepHealth OS 模組也降低了成本並提高了利潤率。

In the coming quarters, we will continue to expand all of these programs within RadNet centers, and we'll be more actively marketing the Digital Health solutions through external customers, including some of our existing health system joint venture partners, and current customers of our legacy eRAD software solutions. We look forward to updating you on our progress in the coming months.

在接下來的幾個季度中，我們將繼續在 RadNet 中心內擴展所有這些項目，並且我們將更積極地透過外部客戶行銷數位健康解決方案，包括我們現有的一些健康系統合資夥伴以及我們傳統 eRAD 軟體解決方案的現有客戶。我們期待在未來幾個月向您通報我們的進展。

Operator, we are now ready for the question-and-answer portion of the call.

接線員，我們現在準備好進行電話問答部分。

(Operator Instructions)

（操作員指示）

David MacDonald, Truist.

大衛麥克唐納，Truist。

Morning everyone. Just a couple of questions. First, can you guys just talk a little bit about -- once all of this is kind of fully rolled out in 2026 between the capacity you're adding with de novos, with the Tech Lives, and CMO of the world, and also just the improvement in the underlying technology, quicker throughput. Can you give us some sense, or just talk in more detail about either how much incremental capacity you anticipate having, or just the incremental leverage around your in-place labor force?

大家早安。僅有幾個問題。首先，你們能否稍微談談——一旦這一切在 2026 年全面推出，你們將透過 de novos、Tech Lives 和全球 CMO 增加容量，以及底層技術的改進，提高吞吐量。您能否給我們一些信息，或者只是更詳細地談談您預計將擁有多少增量產能，或者只是現有勞動力的增量槓桿？

Good morning, David, thanks for joining us. Well, I think I can perhaps, at this time, answer by example, some of which I gave in our prepared remarks. If we take a look, for example, at our New York market, where we have probably the greatest demand and some of the greatest challenges from a staffing standpoint, we were able to reduce the number of hours that our centers were forced to close -- not close, but certain modalities were unable to have scheduled patients by 40%.

早安，大衛，感謝您加入我們。好吧，我想我現在可以透過例子來回答，其中一些我在我們準備好的發言中已經給出。例如，如果我們看一下紐約市場，從人員配備的角度來看，我們在那裡的需求可能是最大的，並且面臨著一些最大的挑戰，我們能夠將我們的中心被迫關閉的小時數（不是關閉，而是某些模式無法安排患者的時間減少了 40%）。

I'm talking primarily about MRI at this time since that's the most complete, or larger amount of -- the modality with the largest amount of tech-wise adoption. That is a substantial improvement that has created capacity by expanding hours.

我現在主要談論的是 MRI，因為它是最完整、數量最多、技術採用率最高的檢查方式。這是一個重大的進步，透過延長營業時間創造了產能。

And so expanding hours and creating that capacity can only -- you can only realize the benefit if you have the demand for procedures that will allow you to fill those now available slots. That's why we chose to introduce this into the Greater New York city marketplace because of the enormous number of -- the volume of procedures that we do and the demand that we have.

因此，延長工作時間並創造這種能力只能——只有當您對可以填補現有可用時段的程序有需求時，您才能實現利益。這就是為什麼我們選擇將其引入大紐約市場，因為我們處理的程序數量龐大，而且需求龐大。

So I think that's a good measure for us on looking at just the impact of Tech Live, which is primarily one that allows us to open rooms that would otherwise have been closed. And if we use that as a benchmark for what we would anticipate elsewhere. I think that that's a reasonable assumption.

因此，我認為這對我們來說是一個很好的衡量標準，僅從技術直播的影響來看，它主要是讓我們能夠打開原本關閉的房間。如果我們以此作為我們在其他地方預期的基準。我認為這是一個合理的假設。

So that in and of itself was creating 40% improvement in capacity for those centers that had rooms closed. If we were to take a particular day that we might have closed 2-hours, or may have been capable of opening 2 hours more, and being able to do three patients on average per hour, that would be 6-per day. So if you have the demand to fill those slots, I think you can do some of the math to see what the potential improvement there.

因此，這本身就為那些已關閉房間的中心帶來了 40% 的容量提升。如果我們選擇某一天關閉 2 小時，或者可以多開放 2 小時，平均每小時可以接診 3 名患者，那麼每天就是 6 名患者。因此，如果您有填補這些空缺的需求，我認為您可以做一些計算，看看那裡有什麼潛在的改進。

And another example that I'll give you, which is more related to equipment upgrades, we have been able to take some of our MRI scanners and upgrade the software that allows for faster processing of the imaging, and therefore reducing the amount of time that the patient has to spend on the scanner. In our West Coast marketplace, where we did an extensive amount of these upgrades and looked at those centers, we were able to create just through the investment which is relatively nominal.

我再舉一個例子，與設備升級更相關，我們已經能夠使用一些 MRI 掃描儀併升級軟體，以便更快地處理成像，從而減少患者在掃描儀上花費的時間。在我們的西海岸市場，我們進行了大量升級，並考察了這些中心，我們僅透過相對名義上的投資就能夠實現創造。

If you look at the cost of an MRI scan, we're talking about $150,000 to $200,000 for the upgrade, which is all software, versus a price point of closer to $1.5 million for an MRI scanner, we were able to create another four to five scans per day in the same hours of operation. And again, you could do the math and see what kind of potential improvement in revenue that could generate.

如果你看一下 MRI 掃描的成本，我們談論的是升級費用大約為 150,000 到 200,000 美元，這都是軟體費用，而 MRI 掃描儀的價格接近 150 萬美元，我們能夠在相同的操作時間內每天再進行四到五次掃描。再說一次，你可以算一下，看看這能帶來什麼樣的潛在收入成長。

So we think that, that is a very good benchmark for us to use to explain some of the margin improvement. While it's nice to generate more revenue, the goals that we have from what we're already doing, as well as what we have planned which is more difficult to measure at this point until more of the DeepHealth OS system is actually tested, implemented and operationalized, could have the kind of margin improvement that we've already demonstrated and then some. But we're talking about something that is going to take another 12-months to become fully implemented.

因此我們認為，這對我們來說是一個非常好的基準，可以用來解釋利潤率的提高。雖然創造更多收入是件好事，但我們從已經在做的事情中設定的目標以及我們計劃的目標（在 DeepHealth OS 系統的更多部分經過實際測試、實施和操作之前，目前很難衡量）可能會帶來我們已經展示的那種利潤率的提高，甚至更多。但我們正在討論的事情還需要 12 個月才能完全實施。

But suffice it to say, two important things from -- maybe a little longer answer, David, than you expected. But number one is increasing capacity with limited investment is clearly a driver of margin improvement. The other is really completing the process of something that would be transformative for the entire patient journey, which could have even more profound impact once we're able to fully implement it and make certain that the tools give us the results that we anticipate.

但我只想說，有兩件重要的事情——大衛，也許我的回答比你預期的要長。但首先，在有限的投資下提高產能顯然是提高利潤率的驅動力。另一個是真正完成某個能夠改變整個患者旅程的過程，一旦我們能夠完全實施它並確保這些工具為我們帶來預期的結果，它可能會產生更深遠的影響。

And then, guys, there a couple -- go ahead. I'm sorry.

然後，夥計們，那裡有幾個——繼續。對不起。

No, I was going to just add one more thing to Dr. Berger's answer, which is to say that this year in 2025, we are targeting to build 11 facilities, and we've opened two thus far. We've got 9 that are on the docket for the second half of the year to open. And we have 11 projects in the works for additional de novo facilities in 2026. So if you add those two together, you're talking about 22 additional centers on 405 current locations.

不，我只是想在伯傑博士的回答上再補充一點，也就是說，今年，也就是 2025 年，我們的目標是建造 11 個設施，到目前為止我們已經開設了兩個。我們計劃在下半年開展 9 項工作。我們還有 11 個項目正在籌備中，計劃於 2026 年增加 de novo 設施。因此，如果將兩者加在一起，那麼目前在 405 個地點就需要增加 22 個中心。

So that's about a 5% increase in centers, or additional potential capacity to be filled, going forward. So the combination of what we're trying to do within the existing footprint, as well as expanding the existing footprint pretty substantially, I think, should give us the ability to continue to drive similar types of same-center procedure volume growth into the future.

因此，這意味著未來中心數量將增加約 5%，或有額外的潛在容量需要填補。因此，我認為，我們在現有業務範圍內所嘗試做的事情以及大幅擴大現有業務範圍的結合，應該能夠讓我們在未來繼續推動類似類型的同一中心程序量增長。

And then, guys, just a couple of other quick ones. One, can you just give us a sense of initial feedback from the iCAD customer base, how you think about the cross-selling opportunities and just as you start to put the two companies together?

然後，夥計們，還有幾個其他的快速問題。首先，您能否向我們介紹 iCAD 客戶群的初步回饋，您如何看待交叉銷售機會以及您是如何開始將兩家公司合併的？

Well, I think we're a little bit early in that journey, David, given that we just closed and are starting to do a deeper dive into iCAD as of July 17. So we're barely 3-weeks into that process. What we are pleased with is the quality of the sales and marketing team, the engineers and the management team, to help embrace both cross-selling and most importantly, take the iCAD products along with the DeepHealth breast AI products and put them into a more comprehensive offering. So I think it's a little early to give you more specifics other than we're very pleased with what we see so far. And I think I'll be able to make more comments on that at the end of our third quarter financial reporting.

好吧，大衛，我認為我們在這個旅程中還處於早期階段，因為我們剛剛結束，並且從 7 月 17 日起開始深入研究 iCAD。所以我們才剛開始這個過程三週。令我們滿意的是銷售和行銷團隊、工程師和管理團隊的素質，他們幫助實現交叉銷售，最重要的是，將 iCAD 產品與 DeepHealth 乳房 AI 產品結合起來，提供更全面的產品。因此，我認為現在向您提供更多細節還為時過早，但我們對目前看到的情況感到非常滿意。我認為我將能夠在第三季財務報告結束時對此做出更多評論。

Okay. And just last one for me. Just curious, additional conversations, or anything that's been prompted by some of the EBCD reimbursement announcement that you guys put out. Just what you're hearing from other payers in terms of potential further expansion of coverage of that product?

好的。對我來說這只是最後一個。只是好奇，想進行一些額外的對話，或任何由你們發布的 EBCD 報銷公告引發的討論。您從其他付款人那裡聽說了有關該產品覆蓋範圍可能進一步擴大的哪些消息？

Yeah. That's another one of those journeys that we're going to have to be patient with. But I think the announcement that we did at one of our capitated groups has now endorsed and is paying for EBCD for all their membership at no cost to their patients.

是的。這又是一個需要我們耐心等待的旅程。但我認為，我們在其中一個按人頭收費的團體中所做的聲明現在已經得到認可，並將為其所有會員支付 EBCD 費用，而無需為其患者支付任何費用。

Should be some impetus for other payers to recognize that the value proposition that we're talking about is rather profound. And I think putting pressure to have these kind of screening tools, particularly, I think, at what I believe are very modest prices and recognize the opportunity for better outcomes is extraordinary.

應該會給其他付款人帶來一些動力，讓他們認識到我們正在談論的價值主張是相當深刻的。我認為，施加壓力來推出這類篩選工具，特別是我認為價格非常適中，並且認識到獲得更好結果的機會，這是非同尋常的。

And I think we are having conversations with a number of the payers. It's just a matter of time until this becomes fully recognized as the state-of-the-art here in the US, and it's adopted. But I think we're just going to have to go through the efforts of having the consumer, meaning our patients, recognize it ahead of perhaps the payers that are going to adopt it, put pressure themselves on those systems to do the right thing and that is to make good medicine, good business.

我認為我們正在與一些付款人進行對話。這只是時間問題，直到它在美國被完全認可為最先進的技術並被採用。但我認為我們必須努力讓消費者，也就是我們的病人，在付款人採用之前認識到這一點，對這些系統施加壓力，讓他們做正確的事情，那就是製造好的藥物，做好的生意。

Brian Tanquilut, Jefferies.

傑富瑞的布萊恩‧坦奎魯特 (Brian Tanquilut)。

Hi, good morning. Congrats on the quarter. Maybe, Howard, just -- Mark, just to follow up, as I think about some of these acquisitions that you've done, I mean, See-Mode comes up as a technology that supports the other side of the business, right, even though it runs under the Digital Health side. I mean Howard, you talked about the -- what technology is doing to open up capacity.

嗨，早安。恭喜本季取得佳績。也許，霍華德，只是——馬克，只是為了跟進一下，當我想到你所做的一些收購時，我的意思是，See-Mode 作為一種支持業務另一方的技術出現，對吧，即使它在數位健康方面運行。我的意思是，霍華德，你談到了科技如何釋放產能。

So if I'm just trying to say of quantifying these things. I mean, number one, is there -- is this one of the things where there's enough backlog in demand that as long as you add capacity, you feel like you can add the revenue?

所以如果我只是想量化這些事情。我的意思是，第一，這是不是其中之一，因為需求積壓已經夠多，只要增加產能，你就會覺得可以增加收入？

And then when I think of See-Mode, I think in the past, you've said it adds like two scans a day or something like that. And running the math, I mean it's a pretty big number. And if you can walk us through how you're thinking about that and kind of like what kind of margins should we be thinking about what these technology additions add to the business?

然後，當我想到 See-Mode 時，我想到過去您曾說過它每天增加兩次掃描或類似的事情。經過計算，我認為這是一個相當大的數字。您能否向我們介紹一下您對此的看法，以及我們應該考慮這些技術附加能為業務帶來什麼樣的利潤？

Brian, nice talk to you as always. Let me couch that, Brian, using some of the examples that you've given. There's actually three ways that we See-Mode in particular with their thyroid ultrasound AI benefiting us and which really was the decision to acquire See-Mode as opposed to just license it.

布萊恩，一如既往地很高興與您交談。布萊恩，讓我用你給的一些例子來表達這一點。實際上，See-Mode 的甲狀腺超音波 AI 為我們帶來了三種好處，而這正是我們決定收購 See-Mode 而不是僅僅獲得授權的原因。

The first is looking at the radiologists, thyroid ultrasound is perhaps one of the most difficult and consuming from a time standpoint, diagnostic procedure that is done in all of radiology, and it's extraordinarily manually intensive for the radiologists as well as the technologists. We're quite confident that the early results of improved interpretation for the thyroid ultrasound can be reduced perhaps as much by 50%.

首先是放射科醫生，從時間角度來看，甲狀腺超音波檢查可能是所有放射科中最困難、最耗時的診斷程序之一，並且對於放射科醫生和技術人員來說都是極其耗費人力的。我們非常有信心，改進甲狀腺超音波檢查的早期結果解釋可能可以減少 50%。

And that's after a pretty substantial trial that we've done in the initial implementation. So that will create a lot of additional capacity for our radiologies to help manage the turnaround time for reporting, and for us to have to use less outside teleradiology services to satisfy the demand that we have. On the technology side of it, and the equipment side of it, the early reporting is that we can reduce at least 30% of the scan time, which means that the normal amount of time that we -- or the traditional amount of time that we allocate for doing an ultrasound of any kind is about 30 minutes.

這是我們在初始實施過程中進行過相當實質的試驗之後所得出的結論。因此，這將為我們的放射科創造大量額外的能力，以幫助管理報告的周轉時間，並且讓我們不必使用外部遠端放射服務來滿足我們的需求。從技術方面和設備方面來看，早期報告顯示，我們可以減少至少 30% 的掃描時間，這意味著我們進行任何類型的超音波檢查所需的正常時間或傳統時間約為 30 分鐘。

If we can reduce that by 30%, which is what we're showing initially, that's a pretty substantial reduction, and potentially could give us one to two more slots per hour per system. Now again, much like I was describing with MRI, number one, do you have that capacity, meaning the demand to fill the capacity if you create it?

如果我們可以將這一數字減少 30%，正如我們最初展示的那樣，這是一個相當大的減少，並且有可能為我們每個系統每小時增加一到兩個插槽。現在，就像我用 MRI 描述的那樣，第一，您是否擁有這種能力，也就是說，如果您創造了這種能力，是否有需求來填補這種能力？

And number two, will that happen on every ultrasound unit? And the answer to that is probably no, because not every piece of ultrasound equipment that we have functions at that same level of intensity like our busiest centers. But in those busiest -- busier centers, we have -- I'll go back. We have we have over 900 ultrasound in 300 -- and I think the number was 28 centers, and about 30% of those -- 25% or 30% now have the See-Mode. And we're putting those into the centers where we have the biggest challenges.

第二，每個超音波裝置都會發生這種情況嗎？答案很可能是否定的，因為並非我們擁有的每一台超音波設備都能像我們最繁忙的中心那樣以相同的強度運作。但在那些最繁忙的——更繁忙的中心，我們有——我會回去。我們在 300 個中心安裝了超過 900 台超音波檢查機 — — 我認為這個數字是 28 個中心，其中大約 30% — — 25% 或 30% 現在配備了 See-Mode。我們正將這些部署到我們面臨最大挑戰的中心。

So what this will allow us to do in those centers that have the demand, and we have extraordinary demand. Ultrasound has always been one of the most sought after imaging modalities and it's growing perhaps more rapidly than almost any other procedure that we have, is the one that became a major focus for us as we went to the next imaging modality after mammography to try to create improvements in AI.

那麼這將使我們能夠在有需求的中心做些什麼，而且我們的需求量非常大。超音波一直是最受追捧的成像方式之一，它的發展速度可能比我們擁有的幾乎任何其他程序都要快，它成為我們關注的重點，因為我們在乳房 X 光攝影之後轉向下一個成像方式，試圖在人工智能方面做出改進。

So I think we'll have better statistical information on this, Brian, even very modest additional capacity. And again, the issue is creating the capacity and then make certain that you adjust your scheduling to fit (inaudible) that capacity needs with the demand in a particular location. Our teams on both coasts are quite confident that they will be able to do that.

因此，我認為我們將獲得有關此方面的更好的統計信息，布萊恩，即使只是非常適度的額外容量。再次強調，問題在於創造容量，然後確保調整您的計劃以適應（聽不清楚）特定位置的容量需求。我們東西海岸的團隊都非常有信心能夠做到這一點。

But like everything else, there will be a period of adjustment because it's not just build it, now come. It's a matter of kind of integrating it into the entire workflow program to create that kind of success. But the math on the numbers is quite overwhelming.

但就像其他事情一樣，也會有一個調整期，因為它不是現在就建成的。這是一種將其整合到整個工作流程程序中以創造這種成功的問題。但這些數字的數學計算卻相當複雜。

And we think in the long run, not just what RadNet can do, but what this can do for the entire industry will help not only drive this as a sales opportunity, but will enhance our ability overall to externalize commercially our entire platform because all the tools that we want to build on that platform, hopefully will have similar benefits either for the radiologists the technologists or both. So it might be a little bit early for me to give more specifics.

我們認為，從長遠來看，RadNet 不僅能發揮作用，還能為整個產業帶來好處，這不僅有助於推動銷售機會，還能增強我們將整個平台商業化外部化的能力，因為我們希望在該平台上構建的所有工具，都有望為放射科醫生、技術人員或兩者帶來類似的好處。因此，現在給出更多細節可能還為時過早。

I'd rather do that when I feel we've had a better chance to do this. We just completed the See-Mode acquisition on June 1. So after doing some test work, we're now in full deployment to get all of the rest of the either 70% or 75% of our ultrasound scanners upgraded to the See-Mode technology, and it can't happen fast enough. I have often said in the past, if I had -- if I could get enough rooms to put ultrasounds in, we could fill them. Now at least we feel that we don't need more ultrasound systems, and we don't need more techs. We need more capacity on the existing systems.

當我覺得我們有更好的機會做到這一點時，我寧願這樣做。我們剛剛在 6 月 1 日完成了 See-Mode 的收購。因此，在進行一些測試工作之後，我們現在正在全面部署，將其餘 70% 或 75% 的超音波掃描器升級到 See-Mode 技術，而且這一進程還不夠快。我過去經常說，如果我有——如果我能得到足夠的房間來放置超音波，我們就可以填滿它們。現在至少我們覺得我們不需要更多的超音波系統，也不需要更多的技術。我們需要在現有系統上增加更多容量。

And I'll add one other thing to your question about the flow-through and the margin. The flow-through will be very substantial because we're talking about just doing more scans in the same facilities, in the same hours of operations. Because essentially, what See-Mode does is allow for shorter scanning times.

對於您關於流通和利潤的問題，我還想補充一點。由於我們討論的是在相同的設施、相同的運作時間內進行更多的掃描，因此流程將非常龐大。因為本質上，See-Mode 的作用是縮短掃描時間。

And so theoretically, the principal cost that would come from the incremental scans that go through the same centers, in the same business hours, is really the cost of the radiologist read or interpret the incremental scans, which usually runs in the 20%-ish range, give or take, a few points on that revenue. So it's -- as we've always said, the most profitable growth we can have is driving more revenue through the same fixed cost base of centers.

因此，從理論上講，在相同的中心、相同的工作時間內進行的增量掃描的主要成本實際上是放射科醫生讀取或解釋增量掃描的成本，該成本通常在 20% 左右的範圍內，或多或少，佔該收入的幾個點。所以，正如我們一直所說的那樣，我們可以實現的最有利可圖的成長是透過相同的中心固定成本基礎來增加收入。

No, it's awesome. It sounds really good. Mark, maybe as I think about M&A, capital deployment, I know you added, or you tapped a credit facility during the quarter. So your cash balance is pretty -- is even more significant now. Just curious how you're thinking about capital deployment on the M&A front more specifically?

不，這太棒了。聽起來確實不錯。馬克，也許當我考慮併購、資本部署時，我知道您在本季度增加或利用了信貸額度。因此，您的現金餘額現在非常重要。只是好奇您對於併購的資本部署有何具體看法？

And then I know you're building 11 de novo. So just curious how you're thinking about the cost of that, and what the de novo kind of outlook is as we think about the growth algorithm going forward?

然後我知道你正在從頭建造 11 個。所以我很好奇您是如何看待這個成本的，以及當我們考慮未來的成長演算法時，從頭開始的前景是什麼樣的？

Thank you.

謝謝。

Sure. So our pipeline of opportunities has grown, and I think we're more confident today than we have been in past quarters to say that we should be putting some of that capital -- that cash balance to work in the second half of this year.

當然。因此，我們的機會管道已經擴大，我認為我們今天比過去幾季更有信心說，我們應該在今年下半年投入部分資本——現金餘額。

So we're excited about that. I think predominantly, most of that is earmarked towards imaging center, traditional imaging center acquisitions, as well as some new joint venture acquisitions where -- joint venture opportunities where we'll be putting some capital to work. And then there are a couple of Digital Health acquisitions that we are evaluating as well.

所以我們對此感到很興奮。我認為，其中大部分資金主要用於成像中心、傳統成像中心收購以及一些新的合資企業收購——我們將投入一些資金用於合資企業機會。此外，我們也正在評估一些數位健康領域的收購。

So stay tuned. Hopefully, we'll be in a position to talk about some of these things publicly in the coming months. On the acquisition -- on the de novo side, as I mentioned, we're targeting 9 new facility openings by year-end. Hopefully, we can get that done. And then we've got 11 additional facilities that are in various stages of development and construction that should open in 2026.

敬請關注。希望我們能夠在接下來的幾個月中公開討論其中的一些事情。關於收購——從新收購方面來說，正如我所提到的，我們的目標是在年底開設 9 家新工廠。希望我們能夠完成這個目標。我們還有 11 個額外的設施處於不同的開發和建設階段，預計將於 2026 年開放。

And beyond that, it remains to be seen what is the opportunity? We tend to allocate our capital upon the opportunities that exist at the time, whether it's earmarked for M&A, de novos, hospital joint ventures, et cetera. It just so happens that we see a lot of opportunity on the de novo side today where -- to build substantial capacity where we've got a lot of demand in the local markets. Or we're not -- we need points of access to service patient populations that we currently don't have today. We're constantly evaluating and reevaluating what the best use of our capital is.

除此之外，還有什麼機會還有待觀察？我們傾向於根據當時存在的機會來分配我們的資本，無論是用於併購、新創、醫院合資企業等等。碰巧的是，我們今天在新領域看到了許多機會——在當地市場有大量需求的地方建立大量產能。或者我們不是——我們需要為目前還沒有的患者群體提供服務的接入點。我們不斷地評估和重新評估如何最好地利用我們的資本。

John Ransom, Raymond James.

約翰·蘭塞姆、雷蒙·詹姆斯。

Hey, good morning. A couple for me. Mark, as we think about M&A, and I know you haven't announced anything, but just directionally, how should we think about the (inaudible) currently considering in digital assets versus traditional imaging assets?

嘿，早安。對我來說是一對。馬克，當我們考慮併購時，我知道你還沒有宣布任何消息，但從方向上看，我們應該如何考慮（聽不清楚）目前在數位資產與傳統成像資產方面的考慮？

Sure. I think more of the capital is going to be allocated at this point, given what we see and what we have in the pipeline towards the Imaging Center, the traditional services business. There are some acquisitions we are looking at on the Digital Health side. I think most of them are smaller than the iCAD opportunity. So I don't necessarily see us doing something with a lot of our capital towards imaging towards Digital Health at this point.

當然。我認為，考慮到我們所看到的以及我們在影像中心和傳統服務業務方面的計劃，我們將在此時分配更多的資金。我們正在考慮在數位健康領域進行一些收購。我認為其中大多數都比 iCAD 機會小。因此，目前我不認為我們會將大量資金投入數位健康成像領域。

Obviously, that could change if something were to come to the table that's so compelling. But right now, the majority of our pipeline, or actionable pipeline, is on the imaging services side.

顯然，如果出現如此引人注目的成果，情況可能會改變。但目前，我們的大部分管道或可操作管道都在成像服務方面。

Great. Second one for me. Look, Mark, for a state school grad, this digital health story has gotten complicated. So we're still working it, figuring it out. But let's just kind of focus on for now the technology as it exists in your core imaging segment.

偉大的。對我來說是第二個。聽著，馬克，對於公立學校的畢業生來說，這個數位健康故事已經變得複雜了。所以我們仍在努力，尋找答案。但現在我們只關注核心成像領域中現有的技術。

So there are a few things going on, right? There's the conversion to DeepHealth iOS. There's remote tech, which you certainly talked a lot more about this call. I mean there's -- you've got a call center, I know that you spend a lot of money on. But if we were just to dream a little bit and look out a few years, and I'm not asking you for '26 guidance, but just directionally, what kind of margin could all of this unlock when you kind of fully deploy it?

那麼有幾件事正在發生，對嗎？已轉換為 DeepHealth iOS。還有遠端技術，您在這次通話中肯定談論了很多。我的意思是——你有一個呼叫中心，我知道你花了很多錢。但是，如果我們只是稍微夢想一下並展望幾年，我不是在要求您提供 26 年的指導，而只是在方向上，當您完全部署它時，所有這些可以釋放什麼樣的利潤？

Well, I think the best way to answer that question is to look at some of the other radiology software providers, or just SaaS-based software businesses out there that where we think, and we hope, and we aspire to grow our Digital Health software business in the range of 30% per year for many years to come. That doesn't mean that every year might be 30%.

嗯，我認為回答這個問題的最好方式是看看其他一些放射學軟體供應商，或者僅僅是基於 SaaS 的軟體企業，我們認為，我們希望，我們渴望在未來許多年裡，我們的數位健康軟體業務每年增長 30% 左右。這並不意味著每年都會是 30%。

It could be a little lower, a little higher in any given year, but that's the trajectory that we're looking for, for that business. And we think once mature, if you look at other SaaS-based software businesses, we should have EBITDA margins approaching 50% with little capital intensivity certainly as compared to our core Imaging Center business.

在任何一年，它都可能稍微低一點，或者稍微高一點，但這就是我們為該業務尋找的軌跡。我們認為，一旦成熟，如果你看看其他基於 SaaS 的軟體業務，我們的 EBITDA 利潤率應該接近 50%，而且與我們的核心影像中心業務相比，資本密集度較低。

That was a different question than I asked, but I appreciate that color. Now I'm asking like just on the core imaging, once you fully deploy the DeepHealth iOS, once you fully deploy Remote Tech, once you maybe look at some opportunities in your call center, what's the imaging EBITDA margin unlock percentage once you just start using -- once you fully deploy all these tools in the out years. Not with Digital Health segment, along -- what could this do with your core business?

這與我問的問題不同，但我很欣賞那種顏色。現在我想問的是，僅在核心成像方面，一旦您完全部署 DeepHealth iOS，一旦您完全部署 Remote Tech，一旦您可能在呼叫中心看到一些機會，一旦您開始使用 - 一旦您在未來幾年完全部署了所有這些工具，成像 EBITDA 利潤率解鎖百分比是多少。除了數位健康領域之外——這會對您的核心業務產生什麼影響？

Now I understand your question. Yes. I think -- Howard, do you want to take that? Or do you want to me to give a shot at it?

現在我明白你的問題了。是的。我想──霍華德，你想接受這件事嗎？或者你想讓我嘗試一下？

I'll give a shot at it, and then you can amplify on it Mark. You have to, John, look at not how the total would look, but what are the sum of the parts look like that will give you the total savings? And what I mean by that is our platform is a modular platform, and it allows us to look at one function, if you will, at a -- time, multiple if we want, but one at a time, to see what kind of a potential impact going from a more manual labor intense process to a short -- to one that is more tech enabled, if you will, I don't want to just use the word AI, but tech-enabled.

我會嘗試一下，然後你可以進一步闡述，馬克。約翰，你不僅要看總數是多少，還要看各部分的總和是多少，才能為你帶來總節省？我的意思是，我們的平台是一個模組化平台，它允許我們一次查看一個功能，或者多個功能，但一次只查看一個，以查看從更密集的體力勞動的過程到更短的——更技術支援的過程，會產生什麼樣的潛在影響，如果你願意的話，我不想只使用「人工智慧」這個詞，而是「技術支援」。

And for example, in the contact centers, we look at our current typical call handling time. And right now, we measure on a blended basis, the average call in minutes. Obviously, some calls are shorter than others, but even if I were to use 5 minutes as a typical call, and I actually think it's longer than that, if we were able to get a modest 10% reduction on every call that is logged into our contact centers, that improvement is enormous when you consider that we do about 11 million procedures annually.

例如，在聯絡中心，我們會查看目前的典型呼叫處理時間。目前，我們以混合方式測量平均通話時間（以分鐘為單位）。顯然，有些通話比其他通話要短，但即使我將 5 分鐘作為一次典型的通話時間，而我實際上認為通話時間要長於此，如果我們能夠將記錄到我們聯絡中心的每次通話減少 10%，那麼考慮到我們每年要處理大約 1100 萬個程序，這種改進將是巨大的。

But each procedure is associated with multiple calls. Some of those calls are not to schedule a patient but to ask for direction or to give insurance information in order to ask about directions on the closest center. All of those are things that we feel we can have impact on. And if you do simple math, and something that I think is easily achievable, a modest 10% improvement on this, the numbers are just staggering.

但每個過程都與多個呼叫相關。其中一些電話並不是為了安排病人，而是為了詢問方向或提供保險信息，以便詢問最近的中心的方向。我們認為我們可以對所有這些事情產生影響。如果你做簡單的數學計算，你會發現我認為這是很容易實現的，在此基礎上再提高 10%，這個數字是驚人的。

And for us, while it may not necessarily lead to less people we employ, we want to make the people that we do employ that much more productive so that we can grow the volume without the dependency of continuing to have to be challenged with the labor cost, and availability of labor that everybody in the industry is facing.

對我們來說，雖然這不一定會導致我們僱用的人數減少，但我們希望讓我們僱用的員工更有效率，這樣我們就可以增加產量，而不必繼續面臨勞動力成本和勞動力可用性的挑戰，而每個人都在面對這個行業。

So I think we could do some statistics around that. We haven't as yet. But everything that we do now will have either a full, or a partial, component that is addressed by artificial intelligence. And I named a few of those a couple of times in my prepared remarks.

所以我認為我們可以圍繞這一點做一些統計。我們還沒有。但我們現在所做的每件事都會有一部分或全部由人工智慧來處理。我在準備好的發言中多次提到了其中的幾個。

Maybe you can tell, what do you spend on your call center today? What's that cost?

也許您可以問一下，您今天在呼叫中心上花了多少錢？那要花多少錢？

Yeah. Our overall call center cost for the company is north of $60 million a year. That includes the people, the systems, the facility rent, services that we currently use offshore. So it's very substantial.

是的。我們公司呼叫中心的整體成本每年超過 6000 萬美元。其中包括我們目前在海外使用的人員、系統、設施租金和服務。所以它非常重要。

Yeah. I've covered you guys for a long time. I don't think I've ever discussed the cost center. So that's -- maybe I'm the last guy of the party here, but that's pretty interesting. And then lastly, Mark, you've said before putting your centers on DeepHealth iOS as an 8-figure, good guy.

是的。我報道你們已經很久了。我想我從來沒有討論過成本中心。所以——也許我是這裡聚會中最後一個人，但這很有趣。最後，馬克，在將您的中心放在 DeepHealth iOS 上之前，您說過自己是一個收入 8 位數的好人。

I know you're just starting that process. Is the goal still to have all these done by the end of the year? And do you have any -- obviously, 8 figures could be $10 million, or $99 million. So have you thought any more about narrowing that good guy as well?

我知道你才剛開始這個過程。目標還是在年底前完成所有這些嗎？你有任何——顯然，8 位數可能是 1000 萬美元，或 9900 萬美元。那麼，您是否還想過如何縮小那個好人的範圍呢？

Yeah. I mean, it's going to be hard to come up with a number today. I mean we're blazing a new path with some of these details, or Digital Health initiatives. I think we'll have a better feeling as we start -- just like with Tech Live as we start rolling that out, and we begin to pilot now we have a little bit better feeling for that.

是的。我的意思是，今天很難得出一個數字。我的意思是，我們正在透過一些細節或數位健康計劃開闢一條新道路。我認為我們在開始時會有更好的感覺——就像我們開始推出 Tech Live 一樣，現在我們開始試行，我們對此有更好的感覺。

I think we'll -- as we get into our budgeting process towards the end of this year, which starts looking at what 2026 will look like, I think we'll have a better feeling for some of that. But some of these modules aren't going to be being -- aren't being adopted until 2026, or throughout 2026. So even if we were to come up with a big number, it's not going to happen overnight. It's going to be gradual for the next few years.

我認為，隨著我們在今年年底進入預算流程，開始考慮 2026 年的情況，我們會對其中的一些情況有更好的了解。但其中一些模組要到 2026 年或全年才會被採用。因此，即使我們能得出一個很大的數字，也不可能一夜之間實現。未來幾年這將是一個漸進的過程。

Andrew Mok, Barclays.

巴克萊銀行的 Andrew Mok。

Hi, good morning. Just one question for me. Mark, I think you called out a $4 million to $5 million benefit from the physician fee schedule next year. I think this year's rate headwind without the doc fix was $7 million to $8 million, and the headline rate update next year would suggest at least 4% plus and maybe a larger benefit than what you called out. So can you help us understand the items weighing on that benefit when you did the CPT analysis?

嗨，早安。我只有一個問題。馬克，我認為你提到了明年醫生收費標準將帶來 400 萬至 500 萬美元的收益。我認為，今年不計入文件修復的利率逆風為 700 萬至 800 萬美元，而明年的整體利率更新將表明利率至少增加 4% 以上，甚至可能比您所說的還要高。那麼，您能否幫助我們了解在進行 CPT 分析時影響此效益的項目？

Yeah, sure. We always caution every year people to just extrapolate the headline that you might read in news stories, or even CMS when they give their little tables in there because you have to go CPT code by CPT code. You have to then also incorporate the gypsies, or the geographic codes based upon where in the United States you operate. And so it's often that when it looks like a big impact one way or another, traditionally, it's been a cut for us. Our cut is not quite as big as the impact it shows.

是的，當然。我們每年都會提醒人們，只需推斷出您可能在新聞報導中讀到的標題，或者甚至在 CMS 中提供小表格時推斷，因為您必須逐個 CPT 代碼進行查找。然後，您還必須根據您在美國經營的地點加入吉普賽人或地理代碼。因此，當它看起來無論如何都會產生巨大影響時，傳統上，它對我們來說是一種削減。我們的削減幅度並不像其顯示的影響那麼大。

While it's the same thing that's happening next year on the increase, where our increase is not quite as big as what the headline number says. Because even though the conversion factor increased by -- or is increasing by 3.3% next year for non-APM facility-based Medicare fee schedule billers.

雖然明年的成長情況也一樣，但增幅並不像標題數字顯示的那麼大。因為即使轉換係數增加了——或者對於非 APM 設施的醫療保險費用表收費員來說，明年將增加 3.3%。

When you look at the individual CPT codes, they've made a number of adjustments, particularly to the practice expense portion of the procedures where some of these RVUs are going down, and some of these gypsies are going down that therefore, mitigate some of that otherwise headline number benefit to us. So it's -- we've done an exhaustive analysis that we do every year, and we're confident in the 4% to 5% uplift in our reimbursement next year.

當您查看各個 CPT 代碼時，他們做出了許多調整，特別是對程序的實踐費用部分，其中一些 RVU 正在下降，一些吉普賽人正在下降，因此減輕了我們原本的一些數字利益。因此，我們每年都會進行詳盡的分析，並且有信心明年我們的報銷額將增加 4% 至 5%。

Larry Solow, CJS Securities.

索洛（Larry Solow），CJS 證券公司。

Good morning guys. Question just on, Howard gave some really nice detail on the See-Mode kind of the strategy, and it really makes sense. I'm just curious on the -- with iCAD, is the strategy from a high level? Clearly, your exposure to mammography procedures is going up like (inaudible) fold. Is the strategy just to upsell your AI equipment to these customers? Or is it a combination of the profound (inaudible) suite that iCAD brings along with your technologies? Can you just give us a little more color just from a high level there?

大家早安。剛才的問題是，霍華德對 See-Mode 類型的策略給出了一些非常好的細節，而且確實很有道理。我只是好奇──對於 iCAD，策略是從高層次出發的嗎？顯然，您接受乳房 X 光攝影檢查的次數正在倍增。該策略只是為了向這些客戶推銷您的人工智慧設備嗎？還是它是 iCAD 帶來的深厚（聽不清楚）套件與您的技術的結合？您能否從更高的層面為我們提供更多細節？

Sure, Larry. The iCAD products, which is their Profound suite, and the DeepHealth product, which is primarily our Sage Dx platform, or Smart Mammography, are really very different in some respects. And well, what our teams are working on already is how do we blend those into a single set of offerings to both the current RadNet customers, as well as iCAD customers. But I would also like to point out that iCAD also has a couple of other products that they either have, or will be getting, FDA approval that we can add to the existing EBCD program that will expand the value proposition for early breast care detection. So we're still working out some of those details.

當然，拉里。iCAD 產品（即他們的 Profound 套件）和 DeepHealth 產品（主要是我們的 Sage Dx 平台或智慧乳房 X 光攝影）在某些方面確實有很大不同。嗯，我們的團隊正在研究如何將這些功能整合成一套產品，供目前的 RadNet 客戶和 iCAD 客戶使用。但我還想指出，iCAD 還有其他幾款產品已經或即將獲得 FDA 批准，我們可以將這些產品添加到現有的 EBCD 計劃中，從而擴大早期乳房護理檢測的價值主張。所以我們仍在研究其中的一些細節。

And again, this has only been the last 3-weeks that we've been able to speak directly to the various people and departments inside of iCAD. But I think you can expect both customer bases, if you will, that which iCAD brought to the table, and which RadNet is bringing to the table, to be beneficiaries of a more comprehensive solution, not only for the mammography that we're doing here in the United States.

再說一次，這只是過去三週我們能夠直接與 iCAD 內部的各個人員和部門進行交談。但我認為，如果您願意的話，您可以期待 iCAD 和 RadNet 帶來的兩個客戶群都能夠從更全面的解決方案中受益，而不僅僅是我們在美國進行的乳房 X 光攝影。

But iCAD, want to point out, has a substantial number of customers outside the United States, primarily in Europe that we think some of our other products in the DeepHealth program, or just in mammography will gain a lot of traction. So we're very pleased that we've done the iCAD transaction.

但需要指出的是，iCAD 在美國以外擁有大量客戶，主要是在歐洲，我們認為 DeepHealth 計劃中的其他一些產品或僅在乳房 X 光攝影方面將獲得很大的吸引力。因此，我們很高興完成了 iCAD 交易。

And I think the marketplace should be pleased with that, too, because I think putting these two brands together is going to have a far greater impact on the overall value proposition of artificial intelligence and early disease detection.

我認為市場也應該對此感到滿意，因為我認為將這兩個品牌結合在一起將對人工智慧和早期疾病檢測的整體價值主張產生更大的影響。

And I'm specifically using the word disease detection and not breast cancer detection because some of the tools that we're looking at, things like risk assessment and breast arterial calcification are all things that fall into the category of screening, but not necessarily just for breast cancer.

我特意使用了“疾病檢測”這個詞，而不是“乳癌檢測”，因為我們正在研究的一些工具，例如風險評估和乳房動脈鈣化都屬於篩檢類別，但不一定只針對乳癌。

Got you. I appreciate all the color. And Mark, I know you're not ready to give guidance, but just from a high level, I think when you first announced the acquisition, I think you mentioned that there was some spending that you were going to do organically, that you may not have to do now as you acquire iCAD? Is that kind of still -- had a couple of more months at least not under the hood, but at least to plan your own internal strategy, is that still kind of the case?

明白了。我欣賞所有的色彩。馬克，我知道您還沒有準備好給予指導，但從高層來看，我想當您第一次宣布收購時，您提到您將進行一些有機支出，但現在收購 iCAD 後可能不必再這樣做了？還是那樣嗎——至少還有幾個月的時間，不是在幕後，而是至少要規劃自己的內部策略，情況仍然如此嗎？

Yeah. So before we announced iCAD, we had earmarked up to about $20 million of additional infrastructure investments within Digital Health for 2025, which was the reason why we weren't going to -- we weren't anticipating in '25 to see a lot of flow through on the profitability side of that business. With the iCAD acquisition, some of that investment in infrastructure which was earmarked for sales and marketing teams, commercialization teams, deployment, customer support, implementation, that we're getting from the iCAD transaction, and some of the talented team members that have come on board.

是的。因此，在我們宣布 iCAD 之前，我們已經為 2025 年在數位健康領域預留了約 2000 萬美元的額外基礎設施投資，這就是為什麼我們沒有——我們沒有預期在 25 年看到該業務盈利方面出現大量增長的原因。透過收購 iCAD，我們從 iCAD 交易中獲得了一些基礎設施投資，這些投資專門用於銷售和行銷團隊、商業化團隊、部署、客戶支援、實施，以及一些加入的優秀團隊成員。

So I think what we're synthesizing that this quarter and in November when we release our third quarter results, we'll update the guidance for Digital Health, which will incorporate the revenue contributions that we see for the second half of the year from both iCAD and See-Mode, as well as any adjustments that we might make on the profitability side, which will have this benefit that we just talked about as incorporated into the results.

因此，我認為，綜合考慮本季和 11 月份發布的第三季度業績，我們將更新數位健康指南，其中將納入我們看到的下半年 iCAD 和 See-Mode 的收入貢獻，以及我們可能在盈利方面做出的任何調整，這些調整將把我們剛才談到的收益納入業績中。

Yuan Zhi, B. Riley.

袁志，B.萊利。

Thank you for taking our questions and congrats on another strong quarter. With increased utilization mentioned by multiple payers, how did that impact your conversations on [capitated] contracts?

感謝您回答我們的問題，並祝賀您又一個強勁的季度。隨著多家付款人提到利用率增加，這對您關於[按人頭計算]合約的對話有何影響？

I just want to make sure I understand the question. Are you saying -- I just want to make sure I understand the question. Are you asking about with the improved pricing that we're getting from some of the commercial insurance companies, is that affecting our viewpoint or our outlook on capitation?

我只是想確保我理解了這個問題。您的意思是——我只是想確保我理解了這個問題。您是否詢問，一些商業保險公司提供的更優惠價格是否會影響我們對人頭稅的看法或展望？

So my question is the multiple health care insurance companies have mentioned that they have increased utilization, including imaging and diagnostic imaging. I wonder, did they try to hedge those risks by signing more (inaudible) contracts? And how does that impact your conversation of [capitated] contracts?

所以我的問題是，多家醫療保險公司都提到他們已經增加了利用率，包括影像和診斷影像。我想知道，他們是否試圖透過簽署更多（聽不清楚）合約來對沖這些風險？這對您談論的[按人頭計算的]合約有何影響？

Got it. Understand. Well, look, I think we've been in the capitation business for close to 30-years, and we enjoy that business. It's predominantly a book of business that's here in California. We've managed up to almost about 2 million lives at the peak of our capitation. We don't mind taking risk, with taking risk and managing risk appropriately.

知道了。理解。嗯，我想我們從事人頭稅業務已經近 30 年了，而且我們很享受這項業務。這主要是一本加州的商業書。在人均所得的巔峰時期，我們曾救治過約 200 萬人的生命。我們不介意承擔風險，但願意承擔風險並適當管理風險。

We've had the -- these contracts have been very profitable for us over a number of decades. However, as you mentioned, utilization does continue to go up in diagnostic imaging. We see that and feel that within our capitation contracts and upon renewal, we have to make sure that we're getting compensated commensurate with the efforts that and the number of procedures that were contributing to these contracts.

我們已經擁有——這些合約在過去的幾十年中為我們帶來了豐厚的利潤。然而，正如您所提到的，診斷影像的利用率確實持續上升。我們看到並感覺到，在我們的人頭稅合約和續約合約時，我們必須確保我們獲得的報酬與為這些合約做出貢獻的努力和程序數量相稱。

And in situations where we can't -- or we don't feel like we're being paid adequately, and we can't get the increases that I think would allow us to continue these relationships, we flip some of these relationships over to fee-for-service relationships where they're no longer obligated to send us all of these patients like they were when we were capitating for them. But because of our strong position in many of these local markets, we end up seeing most, if not all, of these patients anyway under fee-for-service arrangements where we can get significantly better pricing.

在我們無法——或者我們覺得沒有得到足夠的報酬，並且無法獲得我認為可以讓我們繼續這些關係的增加的情況下，我們會將其中一些關係轉變為按服務收費關係，在這種關係中，他們不再有義務像我們為他們支付人頭費時那樣將所有這些病人送到我們這裡。但由於我們在許多本地市場中佔據強勢地位，我們最終還是會按照按服務收費的安排接待大多數（如果不是全部）患者，從而獲得更優惠的價格。

So what you've seen in our revenue over the last, I'd say, 4- to 6-quarters is that our capitation revenue has come down. But our overall revenue has gone up, and that's because we're taking some -- we're getting increased reimbursement when we flip these contracts to fee-for-service relationships. And the capitation arrangements that we currently still perform are being performed at rates that we think are appropriate given the other books of business that we have.

因此，您可以看到，在過去的 4 到 6 個季度中，我們的人頭稅收入有所下降。但我們的整體收入增加了，這是因為我們將這些合約轉變為按服務收費關係時，我們獲得了更多的報銷。我們目前仍在執行的人頭稅安排，其費率我們認為根據我們擁有的其他業務來看是合適的。

Got it. And then for this remote scanning solution, how quickly do you think you will be able to deploy it outside of the New York facilities? Any regulatory requirement for some (inaudible) in California to operate a machine in New York?

知道了。那麼對於這個遠端掃描解決方案，您認為能夠多快將其部署到紐約設施之外？對於加州的某些人（聽不清楚）在紐約操作機器，有什麼監管要求嗎？

Well, we've actually begun that process already. So we have technologists in Florida that are operating scanners in New York. We have technologists in Arizona that are assisting scanning in California. So we've already gone beyond the New York market.

嗯，實際上我們已經開始了這個過程。因此，我們在佛羅裡達有技術人員在紐約操作掃描器。我們在亞利桑那州的技術人員正在協助加州進行掃描。所以我們已經超越了紐約市場。

I only used the New York market because it's one of the more mature ones, and it's the one where we -- where the demand issues are particularly profound. So we hope to have the -- rest of our MRI fleet enabled with Tech Live by the early part of 2026 in that first quarter. So we're rapidly moving along that path right now.

我只使用紐約市場，因為它是比較成熟的市場之一，而且我們在那裡的需求問題尤其嚴重。因此，我們希望在 2026 年初的第一季度，讓其餘的 MRI 設備都能夠配備 Tech Live。所以我們現在正沿著這條道路快速前進。

We're also -- yeah. I was going to just add one other thing. We're also testing the ability for technologists, or better techs, or more capable techs to control multiple machines at one time, which -- while I don't know that all of our techs have the capabilities of doing this, but it will give us some additional leverage with our labor force and will allow some of our technologists to make more money, and be more productive.

我們也是——是的。我本來想補充一點。我們也正在測試技術人員、更優秀的技術人員或更有能力的技術人員同時控制多台機器的能力，雖然我不知道我們所有的技術人員是否都有能力做到這一點，但它會給我們的勞動力帶來一些額外的槓桿作用，並將使我們的一些技術人員賺更多的錢，提高生產力。

Got it. And one last question from us. Considering the rapid increase of Alzheimer's related imaging, we're our way in terms of the current capacity utilization for PET scan and MRI to have the remaining capacity for more backlogs or for utilization?

知道了。我們還有最後一個問題。考慮到阿茲海默症相關影像的快速成長，就 PET 掃描和 MRI 的當前產能利用率而言，我們該如何讓剩餘產能用於更多積壓或利用？

Yeah. Go ahead, Howard.

是的。繼續吧，霍華德。

I was going to say the answer to that is yes. And it's probable that the increased demand that we're seeing for MRI is, in fact, coming from Alzheimer's. Because once you do the PET/CT and identify a candidate that might be -- or a patient that might be a candidate for a drug treatment, you then wind up doing, I believe it is either three or four MRIs in that first year on the drug treatment.

我想說答案是肯定的。事實上，我們看到的對 MRI 的需求增加很可能來自於阿茲海默症。因為一旦你做了 PET/CT 檢查並確定了可能的候選人——或者可能是藥物治療候選人的患者，那麼你就會在藥物治療的第一年進行三次或四次 MRI 檢查。

So we're getting a double bang for the buck, if you will, that our MRI scanners are getting more challenged by the success that we're having in the amyloid and Alzheimer's program, which has grown dramatically here since the beginning of the year.

因此，如果你願意的話，我們可以獲得雙重收益，我們的 MRI 掃描儀正因我們在澱粉樣蛋白和阿茲海默症計畫上取得的成功而面臨更大的挑戰，該計畫自今年年初以來取得了顯著發展。

And to your question directly on the PET/CT capacity. We have a fair bit of PET/CT capacity. Today, we're running at a run rate if you just multiply the PET/CTs we completed this quarter, times 4, close to about 90,000 scans per year. We're doing that on about 68, or 69 PET machines nationwide, if you assume that they're open 255 workdays. We're talking about doing an average, today, of about 5 PET/CTs per machine per day.

直接回答您關於 PET/CT 容量的問題。我們擁有相當多的 PET/CT 能力。今天，如果將本季完成的 PET/CT 數量乘以 4，我們的運行率接近每年 90,000 次掃描。如果假設它們 255 個工作天都在運行，那麼我們在全國範圍內對大約 68 或 69 台 PET 機器進行了此項工作。我們今天討論的是每台機器每天平均進行約 5 次 PET/CT 檢查。

A very busy PET/CT scanner can do upwards of 15 scans per day. So we have a fair bit of capacity on these PET/CTs to continue to grow. Whether it's PSMA business, the amyloid brain studies, or some of the other tumor-specific, or more complex exams that we're doing with some of these new radioactive tracers.

非常繁忙的 PET/CT 掃描儀每天可以進行 15 次以上的掃描。因此，我們在 PET/CT 的產能還有相當大的空間，可以繼續成長。無論是 PSMA 業務、澱粉樣蛋白腦研究，還是我們正在使用一些新型放射性追蹤劑進行的一些其他腫瘤特異性或更複雜的檢查。

Where we'll run into some capacity issues is around the CT modality because many of -- most all of our PET/CT scanners today do double duty in the sense that when they're not doing the PET/CT work, they're doing traditional CTs. And so to the extent that our PET/CTs get busy and busier, which we hope they will with the PET/CT portion of that, we'll have to offload the CT volume to additional scanners or additional capacity.

我們在 CT 模式方面會遇到一些容量問題，因為當今我們的許多 PET/CT 掃描儀大多都具有雙重功能，當它們不進行 PET/CT 工作時，它們就在進行傳統 CT 檢查。因此，隨著我們的 PET/CT 變得越來越繁忙（我們希望 PET/CT 部分能夠越來越繁忙），我們將不得不將 CT 容量轉移到額外的掃描儀或額外的容量。

Jim Sidoti, Sidoti & Co.

吉姆·西多蒂，西多蒂公司

Good morning and thanks again for taking the time for all the Q&A. Can you give us some sense on how many centers, or what percentage of your 405 centers are now using DeepHealth?

早上好，再次感謝您抽出時間參加所有問答。您能否告訴我們目前有多少個中心正在使用 DeepHealth，或者您 405 個中心中有多少百分比正在使用 DeepHealth？

Well, Jim, nice to hear from you. The centers -- none of the centers are really using the DeepHealth operating system platform with anything more than one or two modules. One of those modules is, for example, Tech Live.

嗯，吉姆，很高興收到你的來信。這些中心－實際上沒有一個中心使用超過一兩個模組的 DeepHealth 作業系統平台。例如，其中一個模組是 Tech Live。

Another module that we're beginning to deploy is our new reporting tools that significantly shortened the interpretation time for our radiologists and move on to an own platform versus the platform that we license right now. And so we also are working on our contact centers, our kiosks and our imaging centers.

我們開始部署的另一個模組是我們的新型報告工具，它顯著縮短了我們的放射科醫生的解釋時間，並轉移到我們自己的平台，而不是我們現在授權的平台。因此，我們也致力於我們的聯絡中心、資訊亭和影像中心。

All of these are in some way being tested, but on a case-by-case basis. So nobody is using the full range of the potential of the DeepHealth OS in the outpatient space, even in RadNet at this point in time, because we're still tweaking some of the algorithms and protocols we used for it. But slowly but surely, every facet of what we do is being tested to improve virtually every component of, as we describe it, the patient journey.

所有這些都在以某種方式進行測試，但請根據具體情況進行。因此，目前沒有人在門診領域充分利用 DeepHealth OS 的潛力，即使在 RadNet 中也是如此，因為我們仍在調整所使用的一些演算法和協議。但緩慢而堅定的是，我們所做的每個方面都在接受測試，以改善我們所描述的患者旅程的幾乎每個組成部分。

Whether it's scheduling, or whether it's the call-ins, whether it's notifying patients of the prep that they might need for a particular exam, directions, a number of things that can be answered by chat bots and not necessarily live people.

無論是安排時間，還是打電話，無論是通知病人某項檢查可能需要的準備工作、指示，很多事情都可以由聊天機器人來回答，而不一定需要真人來回答。

So when I was giving the example, of really the scale that we're talking about is that even a 10% improvement of reducing the call time, given 11 million procedures and probably, I'm just guessing, each procedure has, on average, maybe 3 or 4 calls, that we may be handling in the neighborhood of 40 million to 50 million calls a year.

因此，當我舉出這個例子時，我們真正談論的規模是，即使減少 10% 的呼叫時間，考慮到 1100 萬個程序，並且可能，我只是猜測，每個程序平均有 3 或 4 個呼叫，我們每年可能要處理大約 4000 萬到 5000 萬個呼叫。

And as Mark pointed out, the cost of our contact centers is quite substantial, but they can do additional capacity if we create these kind of efficiency tools.

正如馬克所指出的那樣，我們的聯絡中心的成本相當高，但如果我們創造出這類效率工具，它們可以增加容量。

So how long do you expect it will be before (inaudible) fully implemented in your centers? Are we talking about 12-months, 18-months? How long is expected --

那麼，您預計需要多長時間才能（聽不清楚）在您的中心全面實施？我們談的是 12 個月還是 18 個月？預計多長時間--

Yeah. We're probably talking about towards the end of 2026 to have it fully implemented with all of these tools. So I think 15- to 18-months for all of the centers. There will be some of the centers, and some regions, that will go ahead of others, obviously. But our timetable is to not rush this because it's a heavy lift number one.

是的。我們大概會在 2026 年底前利用所有這些工俱全面實施這項計畫。所以我認為所有中心都需要 15 到 18 個月。顯然，有些中心和地區會領先其他中心和地區。但我們的時間表是不會倉促完成，因為這是一項繁重的工作。

And number two, it is the platform that we think will be a one of a kind in the industry that we're going to get a lot of traction externally for. So we want to make certain that we test this out in an environment at scale that can truly make certain that it achieves all of the operational performance tools that we know are capable.

第二，我們認為這個平台將是業界獨一無二的，我們將為它帶來很大的外部吸引力。因此，我們希望確保在大規模環境中進行測試，以真正確保它能夠實現我們所知的所有操作效能工具。

Okay. And then for the second quarter, what was the same-center volume increase just on an overall procedure basis? I know you called it out for some of the different modalities, but overall, what was the same-center volume increase?

好的。那麼對於第二季度，僅從整體流程來看，同一中心的交易量成長了多少？我知道您提到了一些不同的模式，但總體而言，同一中心的體積增加是多少？

Yeah, so what we started.

是的，所以我們開始了。

Yeah. So what we started doing, Jim, is we started kind of bifurcating the reporting between advanced imaging and routine imaging. And the reason is because we do far more routine imaging by the number of procedure volumes than we do advanced imaging. It's almost a 75-25 in favor of routine and imaging. But really advanced imaging, the 27.5% of the advanced imaging that we do by procedure volume, provides more -- between 60% and 65% of our revenue.

是的。因此，吉姆，我們開始做的是將高階成像和常規成像之間的報告分成兩部分。原因在於，以操作量計算，我們進行的常規成像遠遠多於高階成像。常規和成像的比例幾乎是 75-25。但真正先進的成像，即我們按程序量進行的 27.5% 的先進成像，提供了更多的收入——占我們收入的 60% 到 65%。

So it would be misleading let's say, if advanced imaging, we're expanding very rapidly and routine imaging warrants, the routine would skew the numbers if we did a blended rate. To answer your question, MRI, CT and PET/CT advanced imaging, together increased about 6.6% on a blended basis for those three. MRI itself on a same-center basis was up 6.6%. CT on a blend on a same-center basis was up 5.9%. PET/CT was up 16.2%.

因此，如果說先進成像正在迅速擴張，而常規成像需要，那麼如果我們採用混合率，常規成像就會扭曲數字，這樣就會產生誤導。回答您的問題，MRI、CT 和 PET/CT 先進影像，這三者的綜合成長率約為 6.6%。同一中心的 MRI 本身上漲了 6.6%。同一中心混合的 CT 上漲了 5.9%。PET/CT 上漲了 16.2%。

At routine imaging, which is ultrasound, mamo, X-ray, all other exams, that was only up, I think, about 1.25% -- 1.4%, it was up. So if you blend all of that together, which we're no longer doing because of this distortion, it would be about a 2.7% increase on all procedure volumes.

在常規影像檢查中，包括超音波、乳房X光檢查、X光檢查和所有其他檢查，我認為只上升了約 1.25% - 1.4%。因此，如果將所有這些混合在一起（由於這種扭曲，我們不再這樣做），所有程序量將增加約 2.7%。

Okay. All right. And then the last one for me. When you talked about the iCAD acquisition initially, you indicated they were going to have about 25 or 26 sales reps marketing your DeepHealth. Now that the deal is closed, have you been able to keep all those folks?

好的。好的。對我來說這是最後一個。當您最初談到 iCAD 收購時，您表示他們將安排約 25 或 26 名銷售代表來行銷您的 DeepHealth。現在交易已經完成，你能留住所有這些人嗎？

And is that a good number for us to consider for your DeepHealth sales force?

對於您的 DeepHealth 銷售團隊來說，這個數字值得我們考慮嗎？

Yeah, I think that's a good number for us to go with at this point in time. Again, it's only been about 3 weeks, and we're trying to be as efficient as possible with getting to all of the people. But we think we're going to keep that entire sales force.

是的，我認為就目前而言，這對我們來說是一個不錯的數字。再說一次，這才過了大約三週，我們正試著盡可能地有效率地聯繫到所有人。但我們認為我們將保留整個銷售隊伍。

Yeah, all of those team members have come on board, and we hope, and anticipate, that we'll be able to keep them.

是的，所有團隊成員都已加入我們，我們希望並期待能夠留住他們。

Thank you. This concludes our question-and-answer session. I would like to turn the conference back over to Dr. Howard G. Berger for closing remarks.

謝謝。我們的問答環節到此結束。我想將會議交還給 Howard G. Berger 博士，請他致閉幕詞。

Thank you, operator. I again would like to take the opportunity to thank all of our shareholders for their continued support and, in particular, the employees of RadNet for their dedication and hard work to help having produced these extraordinary results in Q2.

謝謝您，接線生。我再次藉此機會感謝所有股東的持續支持，特別是感謝 RadNet 員工的奉獻和辛勤工作，幫助我們在第二季度取得了非凡的業績。

Management will continue its endeavor to be a market leader that provides great services with an appropriate return on investment for all shareholders. We are looking forward to your next call, and thank you very much for your time today.

管理層將繼續努力成為市場領導者，為所有股東提供優質服務和適當的投資回報。我們期待您的下次來電，非常感謝您今天抽出時間。

Thank you. The conference has now concluded. Thank you for attending today's presentation. You may now disconnect.

謝謝。會議現已結束。感謝您參加今天的演講。您現在可以斷開連線。