0001628280-26-052646
SEC filing营收增长12.7%但净亏损1.34亿美元，主因商誉减值1.44亿美元，战略聚焦核心业务。
| 指标 | 本期 | 去年同期 | 同比 |
|---|---|---|---|
| Revenue | $740.3M | $657.1M | +12.7% |
| Gross Profit | $104.2M | $135.8M | -23.2% |
| Gross Margin | 14.1% | 20.7% | -660bps |
| Operating Income | -$137.8M | $65.7M | -309.8% |
| Operating Margin | -18.6% | 10.0% | -2860bps |
| Net Income | -$133.9M | $14.7M | -1012.8% |
| Diluted EPS | -$0.99 | $0.10 | - |
| Adjusted EBITDA | $132.0M | $136.4M | -3.2% |
| Operating Cash Flow | $239.0M | $257.5M | -7.2% |
| Free Cash Flow | -$20.9M | $73.3M | -128.5% |
营收增长12.7%至7.40亿美元，主要受2025年Q3签订的capitated revenue合同驱动，有机增长贡献15.9%，但业务剥离拖累4.0%。毛利率大幅下滑660bps至14.1%，主要因患者设备折旧增加33.7%及人工成本上升17.8%，反映capitated合同扩张带来的成本压力。
净利润亏损1.34亿美元，主因非现金商誉减值1.44亿美元，涉及Respiratory Health和Wellness at Home报告单元。剔除一次性项目后，Adjusted EBITDA利润率17.8%，同比下降300bps，显示核心盈利能力承压。经营现金流2.39亿美元，但资本开支激增至2.87亿美元，导致自由现金流为负。
| 分部 | 营收 | 同比 | 经营利润/EBITDA | 利润率 | 驱动 |
|---|---|---|---|---|---|
| Sleep Health | $386.5M | +15.5% | $70.2M | 18.2% | capitated合同、PAP resupply |
| Respiratory Health | $194.4M | +14.1% | $53.1M | 27.3% | capitated合同、氧气设备 |
| Wellness at Home | $159.4M | +4.9% | $8.7M | 5.4% | capitated合同，但利润率大幅下滑 |
| 项目 | 本期 | 上期/变化 |
|---|---|---|
| Cash & ST investments | $43.3M | -$62.8M |
| Total Debt | $1,887.9M | +$151.6M |
| Inventory | $105.5M | -$9.4M |
| Operating Cash Flow | $239.0M | -$18.5M |
| Capex | $287.5M | +$103.2M |
| Free Cash Flow | -$48.4M | -$121.7M |