Viemed Healthcare Inc (VMD) 2025 Q3 法說會逐字稿

Greetings and welcome to the Viemed Healthcare 3rd quarter 2025 earnings call.

各位好，歡迎參加Viemed Healthcare 2025年第三季財報電話會議。

At this time, all participants are in a listen-only mode. A question-and-answer session will follow a presentation. If anyone should require operator assistance during the conference, please press 0 on your telephone keypad. Please note this conference is being recorded.

目前，所有參與者均處於唯讀模式。演講結束後將進行問答環節。會議期間如有任何需要接線員協助，請按下電話鍵盤上的 0。請注意，本次會議正在錄影。

I will now turn the conference over to our host, Trey Fitzgerald, Chief Financial Officer.

現在我將把會議交給我們的主持人，財務長特雷·菲茨杰拉德。

Thank you. You may begin.

謝謝。你可以開始了。

Thank you. Good morning, everyone, and thanks for joining us today.

謝謝。各位早安，感謝大家今天收看我們的節目。

Please note that our remarks in this conference call may include forward-looking statements under the US federal securities laws or forward-looking information under applicable Canadian securities legislation, which we collectively refer to as forward-looking statements. Such statements reflect the company's current views and intentions with respect to future results or events and are subject to certain risks and uncertainties. Which could cause actual results or events to vary from those indicated in forward-looking statements. Examples of such risk and uncertainties are discussed in our disclosure documents filed with the SEC or the security regulatory authorities in certain provinces of Canada. Because of these risks and uncertainties, investors should not place undue reliance on forward-looking statements. The forward-looking statements made in this conference call are made as of today, and the company undertakes no obligations to update or revise any forward-looking statements except as required by law.

請注意，我們在本次電話會議中的發言可能包括美國聯邦證券法項下的前瞻性陳述或適用加拿大證券法項下的前瞻性信息，我們統稱為前瞻性陳述。此類聲明反映了公司目前對未來業績或事件的看法和意圖，但存在一定的風險和不確定性。這可能導致實際結果或事件與前瞻性聲明中指出的結果或事件有所不同。此類風險和不確定性的例子已在我們的揭露文件中進行了討論，這些文件提交給了美國證券交易委員會或加拿大某些省份的證券監管機構。鑑於這些風險和不確定性，投資者不應過度依賴前瞻性陳述。本次電話會議中所作的前瞻性陳述僅代表截至今日的觀點，除法律要求外，本公司不承擔更新或修改任何前瞻性陳述的義務。

3rd quarter financial supplement and financial news release, as well as the related financial statements are available on the SEC's website. I'll now turn it over to our CEO Casey Hoyt to get things started.

第三季財務補充資料和財務新聞稿以及相關財務報表均可在SEC網站上查閱。現在我將把發言權交給我們的執行長凱西·霍伊特，讓他開始吧。

Okay, thanks, Trey, and good morning, everyone. I'm excited to be here today to discuss another outstanding quarter for VMed, a quarter where we continue to differentiate care, accelerate innovation, and deliver strong results that set the stage for sustained long-term success.

好的，謝謝 Trey，大家早安。今天我很高興來到這裡，與大家討論 VMed 又一個出色的季度。在這個季度裡，我們繼續實現護理差異化，加速創新，並取得了強勁的成果，為持續的長期成功奠定了基礎。

Our team continues to execute at a high level, driving growth across all of our core service lines while expanding the reach and impact of our patient care model.

我們的團隊持續保持高水準的執行力，推動所有核心服務線的成長，同時擴大病患照護模式的覆蓋範圍和影響力。

As of quarter end, our team has grown to 1,386 dedicated employees across the country. This includes the new members of our VMed family who joined us through the acquisition of Leehan's medical equipment.

截至季末，我們的團隊已發展到遍佈全國的 1386 名敬業員工。這其中包括透過收購 Leehan 的醫療設備加入我們 VMed 大家庭的新成員。

Because of Lee Ann's team onboarded early in the quarter, we were able to experience a full quarter of collaboration and integration, which has been incredibly rewarding to watch unfold.

由於 Lee Ann 的團隊在本季初就加入了我們，我們得以經歷一個完整的季度的協作和整合，看著這一切發生，我們感到非常欣慰。

I'm proud of the dedication and teamwork shown by both our existing staff and our new colleagues as they've worked together to align systems, processes, and culture.

我為我們現有員工和新同事所展現的奉獻精神和團隊合作感到自豪，他們共同努力，使系統、流程和文化保持一致。

Their focus and adaptability have ensured a seamless transition and strengthened our ability to serve patients with consistency and compassion.

他們的專注和適應能力確保了平穩過渡，並增強了我們以始終如一的關懷為患者服務的能力。

With our expanded team and broader service capabilities, we continue to deliver exceptional care to the patients, providers, and partners who rely on us every day.

憑藉我們不斷成長的團隊和更廣泛的服務能力，我們將繼續為每天依賴我們的患者、醫療服務提供者和合作夥伴提供卓越的護理服務。

That commitment to high-quality service and clinical excellence reinforces VMed's reputation as a trusted leader in home-based healthcare.

VMed 對高品質服務和卓越臨床的承諾，鞏固了其作為家庭醫療保健領域值得信賴的領導者的聲譽。

With that foundation, let's turn to how our strategic execution this quarter reflects both our vision and our ability to translate strategy into measurable results.

以此為基礎，讓我們來看看本季我們的策略執行如何體現我們的願景以及我們將策略轉化為可衡量結果的能力。

Our long-term vision remains clear to expand geographic access to high-quality home-based care, diversify our product service offerings, and deliver operational excellence at scale.

我們的長期願景依然清晰，即擴大高品質居家照護的地理覆蓋範圍，使我們的產品服務多樣化，並大規模地實現卓越營運。

This quarter represents a meaningful milestone in that journey.

本季是這一歷程中的重要里程碑。

While our core ventilation business continues to grow at impressive levels, it now accounts for less than 50% of our net revenue for the first time in over a decade. The shift reflects both the enduring strength of our legacy services and the rapid expansion of new service lines, positioning ViaMed for sustainable, diversified growth and long-term value creation.

雖然我們的核心通風業務繼續以驚人的速度成長，但十多年來，其淨收入佔比首次低於 50%。這項轉變既體現了我們傳統服務的持久實力，也體現了新服務線的快速擴張，使 ViaMed 能夠實現可持續的多元化成長和長期價值創造。

This diversification underscores the success of our strategy and the strong buy-in of our teams in expanding and strengthening our businesses.

這種多元化發展凸顯了我們策略的成功，以及我們團隊在拓展和加強業務方面的堅定支持。

By broadening both our payer and referral base, we're creating a more resilient and balanced revenue stream that supports sustained growth through different market conditions.

透過擴大支付方和轉診方群體，我們正在創造一個更具韌性和平衡的收入來源，從而在不同的市場環境下支持持續成長。

Our discipline, execution continues to produce measurable results with each of our core home medical equipment lines delivering strong performance this quarter in alignment with our strategic priorities. Ventilation remains the cornerstone of our business, providing a strong and reliable foundation as we continue to expand and diversify our services. For another consecutive quarter, ventilation revenue achieved double-digit year over year growth, demonstrating sustained demand for our differentiated political model.

我們的嚴謹作風和高效執行力持續帶來可衡量的成果，我們所有核心家用醫療設備產品線在本季度均取得了強勁的業績，與我們的戰略重點保持一致。通風系統仍然是我們業務的基石，為我們不斷擴展和多元化服務提供了堅實可靠的基礎。通風設備收入連續第二季實現了兩位數的同比增長，這表明市場對我們差異化的政治模式有持續的需求。

This quarter brought an important win for patients in the courts regarding Medicare Advantage coverage, which is expected to significantly improve access and streamline approvals.

本季度，患者在法庭上就聯邦醫療保險優勢計劃的覆蓋範圍取得了一項重要勝利，預計這將顯著改善醫療服務獲取途徑並簡化審批流程。

The regulatory process toward clear and objective qualifying criteria is something we've long advocated for, and we're pleased to see these efforts coming to fruition.

我們一直倡導制定清晰客觀的資格標準，很高興看到這些努力取得了成果。

Looking ahead, we continue to execute on the implementation of the new national coverage determination requirements for at home ventilation. While the policy took effect in June, many of its impacts will begin to materialize in the coming months. Our clinical teams are fully engaged to ensure readiness and compliance, positioningviMed to capitalize on regulatory changes while maintaining the highest standards of patient care.

展望未來，我們將繼續執行新的全國家庭通風覆蓋率確定要求。雖然該政策已於6月生效，但其許多影響將在未來幾個月內開始顯現。我們的臨床團隊全力以赴，確保做好準備並遵守相關規定，使viMed能夠充分利用監管變化，同時保持最高的患者護理標準。

These initiatives are expected to improve payment flows through Medicare Advantage channels while preserving seamless patient experiences and strengthening our leadership and compliance and clinical outcomes.

這些措施有望改善透過 Medicare Advantage 管道的支付流程，同時保持無縫的患者體驗，並加強我們的領導、合規性和臨床結果。

Sleep growth accelerated meaningfully this quarter, driven by record new patient starts and continued expansion of our long-term resupply base.

本季睡眠業務成長顯著加快，這主要得益於新患者數量創紀錄以及長期補給基礎的持續擴大。

New sleep patients starts grew 96% year over year, while our resupply population increased 51% year over year and 33% sequentially.

新入院睡眠患者人數較去年同期成長 96%，而補給量較去年同期成長 51%，較上季增加 33%。

For the first time since disclosing our new sleep metrics, our resupply population surpassed our patent therapy rental base, an important milestone that highlights the strength of our model in converting short-term therapy patients into lasting resupply relationships that generate recurring revenue.

自從我們公佈新的睡眠指標以來，我們的補給用戶數量首次超過了專利治療租賃用戶數量，這是一個重要的里程碑，凸顯了我們模式的優勢，即能夠將短期治療患者轉化為產生持續收入的長期補給關係。

The addition of 2,465 patients from Leehan's further amplified this momentum and expanded our sleep footprint into new markets. Together, these results reflect strong organic execution and seamless integration, positioning us to deliver another record quarter and reinforce sleep as a key driver of VMed's diversified growth.

Leehan's 新增的 2,465 名患者進一步增強了這一勢頭，並將我們的睡眠業務拓展到了新的市場。這些結果共同反映了強勁的內生成長和無縫整合，使我們能夠再創季度紀錄，並鞏固睡眠作為 VMed 多元化成長的關鍵驅動力的地位。

Our health care staffing division continues to demonstrate remarkable resilience in an evolving marketplace anchored by our behavioral health staffing specialties, the division is delivering sustained growth and generating valuable operational synergies by providing in-house healthcare recruiting to support our broader patient care services.

在不斷變化的市場中，我們的醫療保健人員配備部門繼續展現出非凡的韌性，這得益於我們的行為健康人員配備專業性。該部門透過提供內部醫療保健招聘來支援我們更廣泛的患者護理服務，從而實現了持續增長並產生了寶貴的營運協同效應。

This performance underscores the strategic value of our diversified search portfolio and reinforces our confidence in staffing as a reliable and growing contributor to VMed's overall success.

這項績效凸顯了我們多元化搜尋組合的策略價值，並增強了我們對人員配備作為 VMed 整體成功中可靠且不斷增長的貢獻者的信心。

Maternity has now become an exciting part of our portfolio through the successful integration of Leehan's medical equipment. This quarter we built our first maternity claims outside of the acquired Leehan network and made substantial progress toward a national rollout, establishing a scalable platform for this entirely new service offer.

透過成功整合 Leehan 的醫療設備，母嬰保健已成為我們產品組合中令人興奮的一部分。本季度，我們在收購的 Leehan 網路之外建立了第一個孕產婦索賠業務，並在全國推廣方面取得了實質進展，為這項全新的服務建立了一個可擴展的平台。

Bonner Health is poised to be a significant growth driver in 2026, expanding our footprint beyond respiratory and sleep services while leveraging BMed's national infrastructure, operational expertise, and clinical excellence.

Bonner Health 預計在 2026 年成為重要的成長驅動力，在呼吸和睡眠服務之外擴大業務範圍，同時利用 BMed 的全國基礎設施、營運專長和臨床卓越性。

These results underscore how the addition of this new service line combined with discipline execution across all segments continues to advance our strategic priorities and position BioMed for long-term sustainable growth, outpacing the performance of comparable peers in our sector.

這些結果凸顯了新增這項服務線以及在所有業務領域嚴格執行如何繼續推進我們的戰略重點，並使 BioMed 實現長期可持續增長，超越了我們所在行業中可比同行的表現。

Innovation continues to be a key driver of our long-term value. This quarter, we focused on deploying AI powered revenue cycle management tools, initially targeting our rapidly growing sleep business.

創新一直是推動我們長期價值的關鍵因素。本季度，我們專注於部署人工智慧驅動的收入週期管理工具，最初的目標是我們快速成長的睡眠業務。

Early results are very promising with improved efficiency, accuracy, and scalability in billing and collections.

初步結果非常令人鼓舞，計費和收款的效率、準確性和可擴展性均有所提高。

We plan to extend these tools across the other service lines in Q4 and into 2026, further leveraging operational efficiencies and improving the patient experience.

我們計劃在第四季度和 2026 年將這些工具推廣到其他服務領域，進一步提高營運效率並改善患者體驗。

Through innovation, adaptability, and discipline execution, we remain confident in our ability to drive future growth and deliver lasting value for patients, partners, and shareholders.

憑藉著創新、適應力和嚴謹的執行力，我們仍然有信心推動未來的成長，並為患者、合作夥伴和股東創造持久的價值。

Our strong operational performance continues to provide the flexibility to invest in growth while delivering meaningful value to shareholders. This quarter, we completed our 2025 share repurchase program and successfully integratedly enhanced medical equipment. Both initiatives were immediately accreted and clearly reflect our disciplined approach to capital allocation.

我們強勁的營運績效持續為我們提供了投資成長的靈活性，同時為股東創造了有意義的價值。本季度，我們完成了 2025 年股票回購計劃，並成功整合了增強型醫療設備。這兩項舉措都立即獲得了認可，並清楚地體現了我們嚴謹的資本配置方法。

These actions enhance VyMed's ability to pursue strategic growth opportunities, including targeted acquisitions, technology investments, and national service expansion. At the same time, we are broadening patient access and improving outcomes through the continued growth of our sleep and maternal health programs. Combined with proactive preparation for upcoming regulatory changes, these efforts position VMed to drive sustainable differentiated growth while creating long-term value for shareholders.

這些舉措增強了 VyMed 尋求策略性成長機會的能力，包括有針對性的收購、技術投資和全國服務擴張。同時，我們透過不斷發展睡眠和孕產婦健康項目，擴大患者就醫範圍，改善治療效果。結合對即將到來的監管變化的積極準備，這些努力使 VMed 能夠推動可持續的差異化成長，同時為股東創造長期價值。

None of these achievements would be possible without the dedication and ability of our people.

如果沒有我們人民的奉獻和能力，這些成就都不可能實現。

I want to recognize our clinical staff, operational teams, and our new colleagues from Lee Hans for their hard work and commitment to our patients. We also deeply appreciate our partners in referring providers whose collaboration drives growth and ensures that patients receive the best care possible. It is this culture and teamwork and shared purpose that sets BioMed apart quarter after quarter.

我要感謝我們的臨床工作人員、營運團隊以及來自 Lee Hans 的新同事們，感謝他們為患者付出的辛勤努力和奉獻精神。我們也衷心感謝我們的轉診醫療機構合作夥伴，他們的合作推動了業務成長，並確保患者獲得最好的醫療服務。正是這種文化、團隊合作和共同目標，使得 BioMed 的業績每季都脫穎而出。

As we look ahead, our mission remains clear to improve lives and deliver lasting value for all of our stakeholders. With a strong quarter behind us and our strategic initiatives well underway, I'll now turn the call over to top vendor, our Chief Operating Officer. Todd will provide a detailed review of our financial and operational results and guidance for the remainder of the year. Todd.

展望未來，我們的使命仍然明確，那就是改善人們的生活，並為所有利害關係人創造持久價值。鑑於我們本季業績強勁，且各項策略舉措進展順利，我現在將把電話交給我們的首席營運官，也就是我們最重要的供應商。Todd 將對我們的財務和營運表現進行詳細回顧，並對今年剩餘時間的情況做出展望。托德。

All right. Thank you, Casey, and good morning, everyone. In reviewing the financial results, all figures are in US dollars, and our full results have been filed with the SEC. I'll be referencing information available in our quarterly financial supplement, which can also be found on our investor relations website.

好的。謝謝你，凱西，大家早安。在審查財務表現時，所有數字均以美元計，我們的完整業績已提交給美國證券交易委員會。我將參考我們季度財務補充文件中提供的信息，該文件也可在我們的投資者關係網站上找到。

Starting with the top-line, we delivered record revenue of 71.9 million, representing 24% growth year over year and 14% sequential growth from the second quarter.

先來看營收，我們實現了創紀錄的7,190萬美元營收，年增24%，季增14%。

This strong performance reflects both solid organic growth and the immediate accretion from the Leehan's acquisition, which continues to diversify our business and strengthen our foundation for long-term expansion.

這一強勁的業績反映了穩健的內生成長以及收購 Leehan's 的直接收益，這將持續使我們的業務多元化，並鞏固我們長期擴張的基礎。

Gross profit for the quarter was 41.3 million or a 57.5% gross margin.

本季毛利為 4,130 萬，毛利率為 57.5%。

Adjusted EBITDA reached 16.1 million, up 16% from the prior year, representing a 22.4% margin, a strong result given our continued investments in growth and diversification.

經過調整的 EBITDA 達到 1,610 萬，比上年增長 16%，利潤率為 22.4%，考慮到我們對成長和多元化的持續投資，這是一個強勁的成績。

Net income for the quarter was $3.5 million or $0.09 per diluted share.

本季淨利為 350 萬美元，即每股攤薄收益 0.09 美元。

Operationally, we continue to see solid momentum across our diversifying patient base.

在營運方面，我們不斷看到多元化的患者群體呈現出強勁的成長勢頭。

In addition to steady growth in ventilation, pat therapy patients increased 64% year over year and 21% sequentially in the third quarter.

除了呼吸器使用量穩定成長外，第三季接受 pat 治療的患者人數較去年同期成長 64%，較上季成長 21%。

Our portfolio is also expanding with the addition of maternal health products from Leehan's acquisition.

透過收購 Leehan，我們的產品組合也得到了擴展，新增了母嬰保健產品。

This mix is broadening our reach, improving scalability, and supporting an efficient growth model as we continue to scale.

這種組合正在擴大我們的覆蓋範圍，提高可擴展性，並支持我們持續擴大規模的高效成長模式。

On the cost side, SG&A expenses were 44.4% of revenue, a 160 basis point improvement compared to last year, and a 130 basis point improved sequentially.

成本方面，銷售、一般及行政費用佔收入的 44.4%，比去年改善了 160 個基點，較上季改善了 130 個基點。

This progress reflects the benefit of our evolving product mix, where our newer offerings tend to carry lower gross margins but also require less fixed infrastructure, resulting in lower SG&A.

這項進展反映了我們不斷演變的產品組合帶來的好處，我們的新產品往往毛利率較低，但所需的固定基礎設施也較少，從而降低了銷售、一般及行政費用。

Combined with our discipline, cost management and ongoing investments in technology, operations, and people, these efficiencies are driving continued improvement and operating leverage as we scale.

結合我們的紀律、成本管理以及對技術、營運和人員的持續投入，這些效率提升正在推動我們不斷改進和擴大規模，並提高營運效率。

Gross capital expenditures were $7.6 million in the quarter, down from $11 million a year ago, as spending normalized following the completion of the Phillips-Ben exchange program.

本季總資本支出為 760 萬美元，低於去年同期的 1,100 萬美元，這是因為在菲利普斯-本交流計畫完成後，支出恢復正常。

Including equipment sales, net cap totaled $6 million.

包括設備銷售在內，淨資本總額為 600 萬美元。

We continue to fund our CapEx entirely from discretionary cash flow and maintain excellent cash flow conversions.

我們繼續完全依靠自由支配現金流來支付資本支出，並維持良好的現金流轉換率。

I want to take a moment to talk about free cash flow, which we view as an important reflection of the strength and efficiency of our business model.

我想花點時間談談自由現金流，我們認為它是衡量我們商業模式實力和效率的重要指標。

Throughout our history, we funded our growth through internally generated cash flow and have done so profitably every year since becoming a public company.

縱觀公司發展歷程，我們一直依靠內部產生的現金流來推動成長，自上市以來，每年都獲利了。

Today, our scale and operating discipline are driving consistent, sustainable free cash flow generation that gives us tremendous flexibility to invest and grow.

如今，我們的規模和營運紀律正在推動持續、可持續的自由現金流產生，這為我們提供了巨大的投資和發展靈活性。

Because quarterly results can be influenced by timing of certain payments, we've also started highlighting trailing twelve-month free cash flow as a more stable way to reflect the underlying trends in our cash generation.

由於季度業績可能會受到某些付款時間的影響，我們也開始強調過去十二個月的自由現金流，以此作為反映我們現金產生潛在趨勢的更穩定的方式。

As a quarter end, trailing twelve-month free cash flow totaled 23.3 million, up significantly from the prior year, and we expect that positive momentum to remain strong through the fourth quarter and in the next year.

截至季末，過去十二個月的自由現金流總計 2,330 萬美元，較上年同期大幅成長，我們預計這一積極勢頭將在第四季度和明年繼續保持強勁。

As long as we're growing organically and generating strong free cash flow, we'll keep putting our capital to work where it drives the most value.

只要我們能夠實現有機成長並產生強勁的自由現金流，我們就會繼續將資本投入到能夠創造最大價值的地方。

That means continuing to invest in profitable growth, pursuing smart acquisitions when the fit is right, and returning capital to shareholders when it makes sense.

這意味著要繼續投資於獲利成長，在適當的時機進行明智的收購，並在合理的時候向股東返還資本。

Along those lines, in September, we completed the share repurchase program authorized by our board. This marks our 3rd buyback program since becoming public, and this time we re repurchased nearly 2 million shares at an average price of approximately $6.69.

基於此，我們在9月完成了董事會批准的股票回購計畫。這是該公司上市以來的第三次股票回購計劃，這次我們以平均每股約 6.69 美元的價格回購了近 200 萬股股票。

Our balance sheet remains a key strength and gives us plenty of flexibility and liquidity to invest and grow.

我們的資產負債表仍然是一項關鍵優勢，為我們提供充足的靈活性和流動性，以進行投資和發展。

At quarter end, we had $11.1 million of cash, working capital of $5.8 million and long-term debt of only $19.6 million which we've already paid down $5 million of that in October.

截至季末，我們有 1,110 萬美元現金，580 萬美元營運資金，長期債務僅 1,960 萬美元，其中 500 萬美元已於 10 月償還。

We also had $38 million available on our credit facilities plus another $30 million through the accordion feature if needed.

我們還有 3,800 萬美元的可用信貸額度，如果需要，還可以透過增額條款再獲得 3,000 萬美元。

With this strong financial position, we are well prepared to execute quickly and decisively should an attractive acquisition opportunity arise.

憑藉如此雄厚的財務實力，一旦出現有吸引力的收購機會，我們已做好充分準備，迅速果斷地採取行動。

We're updating our full year outlook to reflect better visibility and the continued shift in our product and service mix.

我們正在更新全年展望，以反映更清晰的市場前景以及我們產品和服務組合的持續變化。

We now expect net revenue between 271 and 273 million compared to our prior range of 271 to 277 million.

我們現在預計淨收入將在 2.71 億至 2.73 億之間，而我們先前預期的範圍為 2.71 億至 2.77 億。

Adjusted EBITDA is now expected to come in between 60 million and 62 million, or roughly 22% of revenue, versus our previous range of 59 to 62 million.

調整後的 EBITDA 預計在 6,000 萬至 6,200 萬美元之間，約佔收入的 22%，而我們先前預期的範圍為 5,900 萬至 6,200 萬美元。

The narrow range reflects greater visibility as we move throughout the year, and our updated assumptions give us a clear view of product product level growth.

隨著一年時間的推移，範圍縮小，可見性也隨之提高，我們更新後的假設讓我們對產品層面的成長有了更清晰的認識。

Some of our lower margin ancillary services, including staffing, are now expected to grow a little slower than we had projected, while higher margin lines, especially le, are tracking ahead of expectations.

我們一些利潤率較低的輔助服務（包括人員配備）的成長速度預計將比我們預期的要慢一些，而利潤率較高的產品線（尤其是 le）的成長速度則超過了預期。

Taken together, these trends should modestly improve our projected overall EBITDA margin with a relatively neutral impact to total revenue.

綜合來看，這些趨勢應該會略微提高我們預期的整體 EBITDA 利潤率，而對總收入的影響相對中立。

Looking ahead, we're confident in the strength of our business model and our ability to sustain solid margins while continuing to generate record levels of free cash flow.

展望未來，我們對自身的商業模式充滿信心，並有能力在保持穩健利潤率的同時，繼續創造創紀錄的自由現金流。

As we close out on the year, our focus stays on disciplined execution, integrating recent acquisitions, and positioning the business for another year of profitable growth in 2026.

在這一年即將結束之際，我們的重點仍然是嚴謹的執行、整合最近的收購項目，並為公司在 2026 年實現另一個盈利增長年做好準備。

We want to thank you for joining us today. This concludes our prepared remarks, and we'll now open up the call for questions.

感謝您今天蒞臨參加。我們的發言稿到此結束，現在開始接受提問。

Thank you. And at this time, we'll conduct our question-and-answer session. If you would like to ask a question, please press 1 on your telephone keypad. A confirmation tone will indicate that your line is in the question queue.

謝謝。接下來，我們將進行問答環節。如果您有任何疑問，請按下電話鍵盤上的 1。確認音表示您的線路已進入排隊佇列。

You may press 2 if you would like to remove your question from the queue. For participants using speaker equipment, it may be necessary to pick up your handset before pressing the keys. One moment please while we pull for questions.

如果您想從佇列中移除您的問題，可以按 2。對於使用揚聲器裝置的參與者，可能需要在按鍵前拿起聽筒。請稍等片刻，我們正在徵集問題。

Your first question comes from Doug Cooper with Beacon Securities. Please state your question.

你的第一個問題來自 Beacon Securities 的 Doug Cooper。請提出您的問題。

Hi, good morning guys, and then congratulations on another good quarter. Just first of all, Todd, I just wanted to confirm, excluding the contribution from lay hands, of which I guess was a full quarter contribution, organic growth, I get around 13%, 14%. Is that in the ballpark?

大家好，早安！恭喜你們又一個季度業績出色。首先，托德，我只是想確認一下，排除普通用戶的貢獻（我猜這貢獻相當於一個季度），有機增長大約是 13% 到 14%。這個數字差不多嗎？

14%, I believe is on the revenue growth, it was 14, yeah, 14%.

我認為是營收成長了 14%，沒錯，是 14%。

Okay. What do you, just on the sleep, obviously tremendous numbers there. What do you attribute the growth to, you're certainly seeing much higher growth than anybody in the peer group, so are you gaining share there or what do you, maybe just talk about that a little bit.

好的。就睡眠而言，顯然數據非常驚人。您認為成長的原因是什麼？您的成長速度肯定比同行高得多，所以您是在市場份額上取得進展嗎？或者您能否稍微談談這方面？

Yeah, I mean, we're gaining share everywhere we go, you got to keep in mind though that we really didn't start selling sleep until, I guess right before COVID around the country, while it was a big part of our corporate upbringing and company history, we started in sleep over here in Louisiana back in '06 and kind of grew into ventilation, so we have a lot of experience with the product and the offering. But we chose not to launch it until we had good insurance contracts and infrastructure set up throughout the country, so it's even though it's been around since our inception, we really haven't started pushing it until, call it 5-6 years ago. So what you're seeing is we're we're now hiring reps, specific to selling sleep. They're not complex respiratory reps they're heavily focused on sleep. We'll probably leverage them some breast pump sales. For those reps as well throughout the country, but, everywhere they go they're gaining market share in their perspective towns, clicking on all cylinders. We've really done a good job of training them up and getting them to be armed and dangerous and and ready to hit new referral sources. We're able to hire a different type of rep than than you know your traditional complex respiratory rep just a young and hungry go-getter fits the bills sometimes to to the sales rep and so we're seeing a lot of good success with just some good people throughout spread out throughout the country.

是的，我的意思是，我們無論走到哪裡都在擴大市場份額，但你必須記住，我們直到新冠疫情爆發前才真正開始在全國範圍內銷售睡眠產品。雖然睡眠產品是我們公司發展歷程和歷史的重要組成部分，但我們早在2006年就在路易斯安那州從睡眠產品起家，然後逐漸發展到通風設備，所以我們在產品和供應方面擁有豐富的經驗。但我們選擇等到在全國範圍內建立起良好的保險合約和基礎設施後才推出這項服務，所以儘管這項服務從我們成立之初就存在了，但我們真正開始推廣它，大概是在 5-6 年前。所以你現在看到的是，我們正在招募專門銷售睡眠產品的銷售代表。它們不是複雜的呼吸練習，而是專注於睡眠的練習。我們可能會利用他們來促進一些吸乳器的銷售。對於全國各地的銷售代表也是如此，無論他們走到哪裡，都在各自的城鎮中不斷擴大市場份額，全力以赴。我們已經很好地訓練了他們，讓他們武裝起來，變得危險，並準備好打擊新的轉介來源。我們能夠招募到與傳統複雜呼吸系統銷售代表不同的類型代表，有時只需要一個年輕有為、積極進取的人就能勝任銷售代表的工作，因此我們看到，在全國各地，一些優秀的人才就取得了很大的成功。

Right, well, congratulations on that. Just looking at, I've been reading, seeing competitive bid to keep, popping up in articles around, obviously the government shut down now, but, just some comments around competitive bidding, and do you think it comes back and I'm assuming Leehan's, the breast pump just as a for instance, probably doesn't have any issue with that, but maybe just comment generally on the situation there.

好的，恭喜你。我只是看看，我一直在讀一些文章，看到關於競標以保留現有產品的討論，顯然現在政府停擺了，但是，關於競標，我有一些看法，你認為它會恢復嗎？我假設像Leehan's這樣的吸乳器公司可能不會遇到任何問題，但也許可以就此情況發表一些看法。

Yeah, I mean, we fully anticipate competitive bidding coming back at some point and I think like we said last time, if you're operationally sound and if you're larger, you probably tend to win more contracts, so we're not afraid of the bidding program. I think it was heavily commented on by the public and there's a lot of interest in making sure the program is designed correctly. So we'll be paying attention to what the final rule looks like. And when and if it does come out, and we fully anticipate being a participant in virtually all of the CBAs as it relates to the maternal side of the business, no, I mean, obviously Medicare is not going to be paying for breast pumps as that's a 65 year old generally and so not going to be, in that business market. So that's heavily commercial and Medicaid around the country, so that program is.

是的，我的意思是，我們完全預料到競標制度會在某個時候回歸，而且我認為就像我們上次說的那樣，如果你運營良好，規模較大，你可能更容易贏得更多合同，所以我們並不害怕競標制度。我認為公眾對此議論紛紛，大家都很在意如何確保該項目設計正確。所以我們會密切注意最終規則的內容。如果真的有出台相關政策，我們完全預期會參與幾乎所有與母嬰業務相關的集體談判協議，不，我的意思是，很明顯，醫療保險不會支付吸乳器的費用，因為吸乳器通常是給 65 歲左右的人用的，所以在這個市場中不會。所以，這個計畫主要針對全國的商業機構和醫療補助計畫。

Rather insulated from any competitive bidding program. And the other thing I would say just as a reminder for everyone is that we still generate a significant portion of our revenue stream when in the competitive bid products, be it sleep and oxygen primarily from our rural areas. And so those have some impact, but not as dramatic as these large MSAs where the significant potential either consolidation or rates are existing.

幾乎不受任何競爭性招標計劃的影響。另外，我想提醒大家的是，我們仍然有相當一部分收入來自競爭性投標產品，例如睡眠和氧氣產品，這些產品主要來自我們的農村地區。因此，這些因素會產生一定影響，但不如這些大型都市統計區那麼劇烈，因為這些大型都會統計區存在著巨大的合併或費率調整的可能性。

Right, and this final one for me, another good quarter, all the KPIs trending in the right direction, stocks down 2.5%, the stock, based on your guidance for this year, let alone next year, just on this year, I think it trades about 4 times you've done obviously why you've been buying back a bunch of stock.

好的，對我來說，最後一個季度表現不錯，所有關鍵績效指標都朝著正確的方向發展，股票下跌了 2.5%，根據你對今年的預測，更不用說明年了，僅就今年而言，我認為它的交易價格大約是你之前的 4 倍，這顯然解釋了為什麼你一直在回購大量股票。

The whole healthcare sector in general is underperforming, and, a couple of years ago all the. Focus on the Ozempics and GLP-1 drugs, Novader does, I think it's down 60% from its peak. What do you think it's going to take to get to investor interest and get this sector turned around, and I'll leave it there. Thanks guys.

整個醫療保健產業整體表現不佳，而且，幾年前的一切。重點關注 Ozempics 和 GLP-1 藥物，例如 Novader，我認為它的價格已經比峰值下跌了 60%。你認為需要做些什麼才能引起投資人的興趣，扭轉這個產業的局面？我就說到這兒吧。謝謝各位。

Yeah, thanks, Doug, and I, I'll tell you, it's a, it's one of the harder questions we get because we don't, we're not the market it is, and, but I'll tell you the way that we are forecasting our free cash flow, I think a multiple reset is just going to have to happen because we are, we're generating as much, discretionary and free cash flow as anybody in the industry or most healthcare providers, so. I don't know exactly how that will translate into the stock price, but as we've done in the past, we will monitor capital allocation very aggressively, and to the extent we see the best use of capital is returning that to shareholders, virtually, I mean, very likely through buybacks, we'll continuously analyze that. Right now, we're paying off the debt as fast as we ever thought we could, and once that runs out, we'll look at the The acquisition landscape would be very in tune to additional buybacks if the stock warrants that.

是的，謝謝你，道格。我得告訴你，這是我們遇到的最難的問題之一，因為我們不是市場上的佼佼者，而且，根據我們對自由現金流的預測，我認為必須進行市盈率重置，因為我們產生的自由現金流和可支配現金流與業內任何其他公司或大多數醫療保健提供者一樣多。我不知道這會對股價產生怎樣的影響，但正如我們過去所做的那樣，我們將非常積極地監控資本配置，如果我們認為資本的最佳用途是將其返還給股東，我的意思是，很可能是透過股票回購，我們將持續分析這一點。目前，我們正在以前所未有的速度償還債務，一旦債務還清，我們將考慮收購事宜。如果股價表現良好，收購環境將非常適合進行額外的股票回購。

Okay, thanks guys.

好的，謝謝大家。

Thanks, Doug.

謝謝你，道格。

Your next question comes from Robert Lynch with Stonegate. Please state your question.

你的下一個問題來自 Stonegate 公司的 Robert Lynch。請提出您的問題。

Hey, Todd. Hey, Trey, hey Casey. Just dialing in here for Dave Storms. Congratulations on the quarter. Just have a few questions here. First one being around the pair mix this quarter, it looks like it's shifted with lower Medicare exposure. So I guess, what are you seeing on the authorization friction, realized rates and DSO as the mix tilts further for Medicare, and how should we think about, audit risk, into 2026?

嘿，托德。嘿，特雷，嘿，凱西。我正在撥打戴夫·斯托姆斯的電話。恭喜你本季取得佳績。我這裡還有幾個問題。首先是關於本季的貨幣對組合，看起來已經發生了變化，Medicare 的風險敞口有所降低。所以我想問，隨著醫療保險組合進一步傾斜，您在授權摩擦、實際費率和DSO方面看到了什麼？我們該如何看待2026年的審計風險？

Yeah, I mean, we're definitely seeing the payer mix shift pretty aggressively just as the product mix is shift shifting aggressively and the sales and rental shift is on and all of that is in our supplement and really that's as a result of, further diversification, bringing. On Lee Hands is a, they're virtually a 0% Medicare company. I mean they have some in their sleep and other DME, but all of that breast pump revenue, which you can see now makes up 6% of our company, that is a non-Meddicare and a lot of that revenue would be in that wedge of sales, which is 30%.

是的，我的意思是，我們確實看到支付方組合正在發生非常劇烈的變化，就像產品組合也在發生劇烈的變化一樣，銷售和租賃模式也在發生變化，所有這些都在我們的補充說明中，而這實際上是進一步多元化的結果。Lee Hands 是一家幾乎不參與 Medicare 的公司。我的意思是，他們睡覺時會使用一些吸乳器和其他耐用醫療設備，但所有這些吸乳器收入，你現在可以看到占我們公司 6% 的收入，都是非醫療保險收入，其中許多收入都來自那 30% 的銷售額。

I do want to comment though, Medicare is a great payer. They don't, they pay timely, they do audit, we all know that, but we welcome audits because we tend to do pretty well with it. And I think what you're seeing, and I don't have an updated DSO, but our AR is pretty low right now, and, that means that our revenue cycle team is converting those bills into cash, and we're using that cash to pay up, pay down the debt or, all those other capital allocation priorities that I just mentioned.

不過我確實想說一句，聯邦醫療保險（Medicare）是一個很棒的支付方。他們不會拖欠款項，他們會按時付款，他們也會進行審計，我們都知道這一點，但我們歡迎審計，因為我們往往能很好地應對審計。我認為你所看到的，雖然我沒有最新的應收帳款週轉天數 (DSO) 數據，但我們目前的應收帳款 (AR) 非常低，這意味著我們的收入週期團隊正在將這些帳單轉化為現金，而我們正在用這些現金來償還債務或用於我剛才提到的所有其他資本配置優先事項。

Great. I really appreciate the color there. I guess the next one around just some operational level, levers, excuse me, what levers do you think you can pull to protect mix and margin as sleep and resupply end up outgrowing vents, and especially as the Chicago footprint scales under Leehan's, acquisition. I guess, what does that look like?

偉大的。我非常喜歡那裡的顏色。我想下一個問題應該和營運層面、槓桿有關，不好意思，您認為可以採取哪些槓桿來保護產品組合和利潤率，因為睡眠和補給最終會超過通風量，尤其是在 Leehan 收購芝加哥後，業務規模不斷擴大的情況下。我想，那會是什麼樣子呢？

Well, I think what you'll see is gross margin. If we grow sleep as fast as we're growing it, we'll always have some pressure. We are doing some things at, in Casey's prepared remarks, talked about some technology initiatives that we're using, based on the sheer number. Of new patients, we're using some, you want to call it AI based intake, and it's really streamlining the process, helping shave off days to get patients set up, which means that there should be better compliance. All of those things are things that will help the sleep division operate efficiently and hopefully. At a higher margin, but it's going to be hard to offset the difference in the gross margin between a vet patient and a sleep patient. With that said, I want to point out, we had a 160 basis point improvement in SG&A amongst the company at a total level.

嗯，我想你會看到毛利率。如果我們以目前的速度增加睡眠需求，我們將始終面臨一些壓力。我們正在做一些事情，凱西在事先準備好的演講稿中談到了我們正在使用的一些技術舉措，這些舉措是基於數量龐大的。對於新患者，我們正在使用一些，你可以稱之為基於人工智慧的入院流程，它確實簡化了流程，幫助縮短患者入院時間，這意味著患者的依從性應該會更好。所有這些都將有助於睡眠部門高效運轉，並有望取得成效。雖然利潤率更高，但要彌補獸醫患者和睡眠患者之間毛利的差異將會非常困難。儘管如此，我想指出的是，公司整體的銷售、一般及行政費用 (SG&A) 改善了 160 個基點。

Which we think that if we give up a little bit in the gross margin, we should be able to make that up on the SG&A line, and as long as our free cash flow, our net income margins continue to hang in there, we're entirely comfortable about how we're diversifying the company.

我們認為，即使毛利率略有下降，我們也可以在銷售、管理及行政費用方面彌補回來。只要我們的自由現金流和淨利潤率能夠保持穩定，我們就對公司多元化經營的方式充滿信心。

That sounds great. Yeah, one last one for me, around growth. So, you guys had an emphasis on rural, communities, so what geographies, I guess, do you have listed as like tier one, going into the new year, what's the focus?

聽起來不錯。是的，我最後一個問題是關於成長的。所以，你們一直很重視農村社區，那麼，在新的一年裡，你們要把哪些地區列為第一梯隊？你們的重點是什麼？

Yeah, I mean, and the focus is really to stay kind of close to where our next rep is, which does put us in the rural markets. I mean, we're not strong in New York City, we're not strong out west, but, we have plenty of opportunity to just hop 60 miles away from the next rep, not run into each other. And then be able to leverage a lot of our clinicians so that's always the wisest way to grow and you know we're we're constantly looking for that next market that. Makes good sense for us to go to today we have lots of just new data points and AI tools that are really teeing up the opportunity for us down the road. That's very interesting and that's evolving every day. So, we've got more ammunition than we've ever had before to making wiser decisions on when to go and how far to go and so on and so forth. But traditionally we're just trying to just expand from where we exist today, which is, the deep South into the COPD prevalent areas of the coal miners region in the hills of, Kentucky and Tennessee and West Virginia and so on and so forth. It's not that we, we're ignoring rural, I mean, metropolitan zones, but that's just been our sweet spot. There's plenty of area to grow, right down the road from where we're at.

是的，我的意思是，我們的重點是盡可能靠近我們的下一個銷售代表，這確實讓我們進入了農村市場。我的意思是，我們在紐約市實力不強，我們在西部地區實力也不強，但是，我們有很多機會可以跳到離下一個訓練地點 60 英里遠的地方，這樣就不會碰面了。然後，我們還可以充分利用我們大量的臨床醫生資源，這始終是最明智的發展方式，而且你知道，我們一直在尋找下一個市場。對我們來說，現在採取這種做法是明智之舉，因為我們擁有大量的新數據點和人工智慧工具，這確實為我們未來的發展創造了機會。這非常有趣，而且每天都在變化。所以，我們現在擁有比以往更多的資源，可以更明智地決定何時行動、行動多遠等等。但傳統上，我們只是想從我們目前所在的地區（即美國南部腹地）擴展到肯塔基州、田納西州、西維吉尼亞州等地的煤礦工人聚居的山區，這些地區都是慢性阻塞性肺病（COPD）的流行地區。並不是說我們忽略了農村地區，我的意思是，大都市地區，但這確實是我們的優勢所在。離我們現在所在的地方不遠，就有很多地方可以發展。

Yeah, and then I would, I guess I would add to Robert, on the maternity side, it's really nationwide, right? We don't provide those, we provide those in very limited areas right now outside of Lehands, Illinois, we started doing some of that with our legacy business as well, but 2026 is going to be a nationwide approach to maternity across everywhere that we currently operate and, don't have that offering.

是的，然後我想我會補充羅伯特的觀點，在懷孕方面，它確實是全國性的，對吧？我們不提供這些服務，目前只在伊利諾伊州萊漢茲以外的非常有限的地區提供這些服務。我們也開始在我們原有的業務中做一些這樣的事情，但到 2026 年，我們將採取全國性的方式，在我們目前運營的所有地區（包括尚未提供這些服務的地方）推廣孕產婦保健服務。

Okay, great. I really appreciate the color. I think that's it for me and good luck in Q4.

好的，太好了。我非常喜歡這個顏色。我想這就是我今天要說的全部了，祝你們第四季好運。

Thanks Robert.

謝謝你，羅伯特。

Your next question comes from Ilya Zhukov with Freedom Broker. Please state your question.

下一個問題來自 Freedom Broker 的 Ilya Zhukov。請提出您的問題。

Good morning and thank you for taking my question.

早上好，感謝您回答我的問題。

I have a question related to the sleep tier therapy business. I've noticed that revenue per one patient in this segment has been declining sequentially this year. Could you please explain the main factors, driving this trend?

我有一個關於睡眠分級療法業務的問題。我注意到，今年以來，該領域每位患者的平均收入一直在較上季下降。請問推動這趨勢的主要因素是什麼？

Well, yeah, I'll take this this straight, well, we don't disclose, revenue just for the sleep side of the business you're probably looking at the other sales which does include some other products so I keep that in mind but just in general thinking about the evolution of the sleep business and going from, you can see the metric for the first time this period where resupply overtook our our therapy patients.

嗯，是的，我會直接回答這個問題。我們不會透露睡眠業務的收入，您可能看到的是其他銷售額，其中確實包括一些其他產品，所以我記住了這一點。但總的來說，考慮到睡眠業務的發展，您可以看到，在這個時期，補給量首次超過了我們的治療患者數量。

They have a slightly different.

它們略有不同。

They have a slightly different revenue profile, right? One, the therapy patient is on the rental side that's separate, and then the the resupply side is going to be in sales and so that the actual realizations on the sleeve side are extremely stable. If you think about a resupply patient, it, it's, 2 orders per year, $200 an order, roughly 50% gross margin, and that's been stable from when, this business was.

他們的收入結構略有不同，對嗎？首先，治療患者屬於租賃方，這是獨立的；其次，補給方屬於銷售方，因此袖套方的實際實現非常穩定。如果你考慮一下補給病人，他們每年訂購 2 次，每次訂購 200 美元，毛利率約為 50%，而且自從這項業務開展以來，這種情況一直很穩定。

5% of our business up to 20% of our business as it stands now.

目前，這部分業務占我們業務的 5% 到 20%。

Okay, thank you. This is helpful, and you've mentioned the planned investments in technological development, so I'm just wondering what do you see as the priority areas of this investment in midterm? Where do you plan to focus your investment there?

好的，謝謝。這很有幫助，您也提到了計劃對技術發展進行投資，所以我想知道您認為中期投資的優先領域是什麼？你計劃將投資重點放在那邊的哪些方面？

Right now, what we're doing, I mean, the single largest one that we're making is in like we mentioned in the intake division because it's a very manual and you're dealing with fax machines and so forth, so we're doing a lot in that and it's live in at least the sleep division nationwide and we're going to push it into our other products. We're not exactly sure what the next process that we're going to TRY to use AI in, but we have an entire team that is meeting regularly to see Which processes could benefit the most and at the same time, our technology team is out there scouring the tools that are available. And so, ultimately, we're not exactly sure what the next one is, but I can promise you there will be more AI slash. Machine learning to help with the operational lift of our company over the next quarter, 12 years because they're coming at us very quickly and it's all upside to our scalability, efficiencies and operational acumen.

目前，我們正在做的，我的意思是，我們正在做的最大的一件事，就像我們在進貨部門提到的那樣，因為這部分工作非常依賴人工，而且要用到傳真機等等，所以我們在這方面投入了很多精力，而且至少在全國的睡眠部門已經投入使用，我們將把它推廣到我們的其他產品中。我們還不完全確定接下來要嘗試在哪個流程中使用人工智慧，但我們有一個團隊定期開會，討論哪些流程可以從中受益最多，與此同時，我們的技術團隊也在四處搜尋可用的工具。所以，最終，我們還不完全確定下一個是什麼，但我可以向你保證，會有更多與人工智慧相關的作品。機器學習將幫助我們公司在未來一個季度乃至 12 年內提升營運效率，因為它們發展迅猛，而且對我們的可擴展性、效率和營運能力都將大有裨益。

Okay, that's great.

好的，太好了。

Thank you very much.

非常感謝。

Thanks. And there are no further questions at this time, so I'll hand the floor back to management for closing remarks.

謝謝。目前沒有其他問題了，所以我會把發言權交還給管理階層，請他們做總結發言。

All right, well, we want to thank everybody for listening in. If there's follow-up questions, please reach out to us and have a good day.

好了，感謝大家的收聽。如有任何後續問題，請與我們聯繫，並祝您一切順利。

Thank you. This concludes this call. All parties may disconnect.

謝謝。本次通話到此結束。所有參與者均可中斷連線。