0001827090-26-000028
SEC filingQ2 营收微增 1% 但持续经营转亏，主因出售 Regulatory and Medical Writing 业务产生一次性亏损。
| 指标 | 本期 | 去年同期 | 同比 |
|---|---|---|---|
| Revenue | $93.3M | $92.4M | +1% |
| Gross Profit | $58.1M | $58.1M | +0.1% |
| Gross Margin | 62.3% | 62.9% | -0.7pp |
| Operating Income | -$0.2M | $7.7M | -$7.9M |
| Operating Margin | -0.2% | 8.3% | -8.5pp |
| Net Income (continuing) | -$6.1M | $1.5M | -$7.6M |
| Diluted EPS (continuing) | -$0.04 | $0.01 | -$0.05 |
| Adjusted EBITDA | $26.2M | $27.0M | -3% |
| Operating Cash Flow | $15.6M | $23.3M | -33% |
| Free Cash Flow | $1.3M | $10.6M | -$9.3M |
Q2 营收增长乏力，仅 +1%，主要靠软件业务 +4% 拉动，服务业务 -3% 拖累整体。毛利率下滑 0.7pp，成本增长快于营收。经营利润率大幅恶化，主因 G&A 费用 +31%，其中 contingent consideration 重估带来 $5.7M 不利影响（去年同期为有利）。持续经营净亏损 $6.1M，加上出售 Regulatory and Medical Writing 业务的一次性税前亏损 $65.5M，导致净亏损 $55.3M。剔除一次性项目后，调整后 EBITDA 仅 -3%，调整后 EPS 持平，显示核心业务盈利能力相对稳定。
| 分部 | 营收 | 同比 | 经营利润/EBITDA | 利润率 | 驱动 |
|---|---|---|---|---|---|
| Software | $48.8M | +4% | — | — | 现有客户需求强劲，关系扩张 |
| Services | $44.5M | -3% | — | — | 收入下滑 |
| 项目 | 本期 | 上期/变化 |
|---|---|---|
| Cash & ST investments | $184.1M | -$5.3M |
| Total Debt | $291.8M | -$1.3M |
| Operating Cash Flow | $15.6M | -$7.7M |
| Capex | $14.5M | +$1.7M |
| Free Cash Flow | $1.3M | -$9.3M |