管理層發言
Good day, and welcome to the Option Care Health second quarter 2026 earnings call. At this time, all participants are in a listen-only mode. After the speaker presentation, there will be a question-and-answer session. To ask a question during the session, you will need to press 11 on your telephone. You will then hear an automated message advising that your hand is raised. To withdraw your question, press 11 again. Please be advised that today's conference is being recorded. I would now like to hand the conference over to your speaker, Mr. Bob Okunski, Vice President of Investor Relations. Please go ahead.
Good morning, and welcome to Option Care Health's Second Quarter 2026 Earnings Conference Call. With me today are John Charles Rademacher, President and Chief Executive Officer and Meenal Anil Sethna, Executive Vice President and Chief Financial Officer. Before we begin, a reminder that today's discussion will include certain forward-looking statements that reflect our current assumptions and these forward-looking statements are subject to various risks and uncertainties that could cause actual results to differ materially from our expectations. We assume no obligation to update any forward-looking statement except as required by law. We will also use non-GAAP financial measures when talking about the company's performance and financial condition. For more information on the specific risks and uncertainties as well as our non-GAAP measures, we encourage you to review the information in today's press release which is posted on the Investor Relations portion of our website as well as in our Form 10-Ks and 10-Qs filed with the SEC. Finally, for the question-and-answer portion of today's call, I ask that you limit questions to one question and one follow-up per participant. With that, I will turn the call over to John. John?
Thanks, Bob. Good morning, everyone, and thank you for joining us. We are pleased to share updates on our second quarter 2026 today. Before I do this, I want to take a moment to say thank you to the Option Care Health team for their unwavering commitment to the patients and communities that we serve every day. I am grateful to our team members whose dedication to clinical excellence, patient outcomes, and service quality continues to differentiate Option Care Health in the marketplace. Their efforts continue to strengthen our foundation and have contributed to the positive momentum we are seeing across the business. As recognition of the great work our team does on a daily basis, we are incredibly proud to be ranked number 15 on TIME's World's Most Impactful Companies of 2026 list, which was presented by TIME and Statista earlier in the second quarter. At a high level, as the nation's largest independent provider of home and alternate site infusion therapy, our strategy is built on a national scale with local responsiveness. Our comprehensive network of home infusion pharmacies and infusion suites, URAC-accredited specialty pharmacy centers of excellence, along with the breadth and depth of our nursing resources, uniquely positions us in the marketplace. We combine consistent high-quality clinical care with local access leveraging our platform of infusion suites and clinics to drive clinical innovation, while meeting patients where they want to be. This model not only helps us deliver reliable clinical care for hospitals and health systems, specialty physician practices, and health plans across the country, it also positions us as an important solution to help drive down rising healthcare costs. Our platform provides broad payer access, expanded pharmacy capabilities, and a robust nursing network that can oversee patients in their home or one of our more than 190 facilities, making us a strong solution for pharmaceutical partners who require these services from a channel partner in support of their medicines. Turning to our results. We delivered a strong second quarter performance reflecting the strength of our operational execution, and the positive impact of our 2026 strategic initiatives and focus on recovery. Although I am pleased with our progress in the second quarter, I am not satisfied with our performance, knowing we have much greater potential given the strength of our platform and the quality of our team. In the quarter, revenue, adjusted EBITDA and EPS were all ahead of our expectations, and we had a strong quarter of cash generation. Additionally, we repurchased $150 million in stock under our buyback program in the second quarter, reinforcing our commitment to disciplined capital allocation and shareholder returns. Finally, we made significant progress on many of our strategic initiatives to position us for long-term growth. Diving into revenue dynamics, within our acute therapy portfolio, we posted another strong quarter of organic growth in the high single digits. We continue to be the partner of choice for many hospitals, health systems, and providers. As a reminder, acute is a very time-sensitive and local therapy platform requiring close coordination with hospitals and healthcare providers to safely and effectively transition patients to a home-based environment, and we do this on a national scale. Our ability to consistently deliver to providers and their patients drove another quarter of above-market high-single-digit revenue growth. With acute, we saw both sequential and year-over-year growth across all key therapeutic categories and the number of patients served. Looking ahead, we expect our acute portfolio to continue to grow faster than the broader industry as we deepen our partnerships with hospitals and health systems. Across our chronic platform, revenue for the quarter was in line with last year and up high single digits sequentially from the first quarter. Breaking this down across the larger therapeutic categories we serve, we delivered another strong quarter in the IG neuro portfolio, showing sequential and year-over-year revenue growth. We remain excited about the opportunities in this portfolio and expect to continue the momentum as a key driver for the company moving forward. Across our chronic inflammatory portfolio, which we refer to as CID, we began to stabilize our portfolio coming out of the first quarter reset and saw our second quarter patient census rise sequentially. As we move through the remainder of the year, we expect to further grow our patient census in CID products as we monitor this patient base and product mix closely. Our rare and orphan portfolio also delivered solid results for revenue growth both sequentially and year-over-year. Growth was broad-based across a range of therapies and reflects our close relationships with our pharmaceutical partners and the strength of our clinical capabilities. We are excited about the momentum we are building and continue to focus on expanding our rare and orphan portfolio and have added new therapies to our portfolio. Some of these will not go live until late 2026 or early 2027; however, this is a sign of the strength of our offering. We believe we possess a competitive advantage given our national scale with local reach, broad market access for both pharmacy and medical benefits, along with consistent clinical execution through our dedicated program teams. This, combined with specialized data capture and reporting, positions us as a strong partner for pharmaceutical manufacturers. We remain confident in the strength of our platform to support these clinically complex therapies and the value they provide for our patients and partners. Additionally, we have made good progress on advancing our strategic initiatives to sharpen our execution, improve our operational competitiveness, and identify the best opportunities to invest in the business to resume our growth trajectory. These initiatives include strengthening our commercial team, enhancing our go-to-market strategy, and improving our operational effectiveness. We have realigned resources and rebalanced coverage across our top specialty practices and accounts to increase reach and frequency and drive growth. Technology and data analytics also remain important enablers of our strategy. We are continuing to invest in artificial intelligence, digital tools, workflow automation, and advanced analytics that improve care coordination, reduce administrative complexity, and enhance the experience for patients, referral sources, and employees. We believe these capabilities will become increasingly important as healthcare continues its transition towards more connected, efficient, patient-centered models of care. We are also advancing a coordinated set of technology and process improvements across a number of areas to provide a more frictionless experience for our patients and providers. These investments include tools in areas such as patient admission and onboarding, claims processing, and patient communication. Additionally, we are deploying technology solutions incorporating artificial intelligence to improve field productivity and operational effectiveness while improving profitability. Our approach with these initiatives is to combine advanced technology with experienced teams to identify patient requirements earlier, strengthen authorization and claim submission, and reduce repetitive work. Ultimately, we believe the application of artificial intelligence will reduce the cost of healthcare while improving clinician efficiency, enabling them to spend more time with their patients. Finally, we further expanded our ambulatory infusion clinic footprint, adding five new facilities in the second quarter. Utilization of these facilities continues to expand, with visits growing more than 20% year-over-year. We are now operating with advanced practitioner capabilities in key markets and we will continue to drive performance through deeper partnership with local providers. These trends reinforce our confidence in clinic-based growth as an important complement to our pharmacy model. We continue to leverage our entire network of infusion suites, conducting over 35% of our nursing visits in one of our suites or clinics during the quarter. In closing, I want to again thank our team for their outstanding work and commitment. The strength of our second quarter results reinforces our confidence in the underlying fundamentals of the business. While we are encouraged by our progress, we are not satisfied with the results. There are still significant opportunities to improve process, enhance productivity, strengthen patient access, expand our clinical reach, and drive growth. Our team is committed to continuous improvement and to delivering sustainable long-term value for our patients, partners, and shareholders. With that, I will turn the call over to Meenal. Meenal?
Thanks, John, and good morning, everyone. Our second quarter revenue of $1.4 billion was up 2% compared to last year and up 7% sequentially. We had strong execution across our acute portfolio with chronic showing strength in our IG neuro and rare orphan platform. As John mentioned, we were encouraged with the stabilization in our CID therapy portfolio. Gross profit dollars grew 2% sequentially with a slight decline versus last year. As a reminder, our 2026 full-year revenue and gross profit projections incorporate the CID portfolio headwinds we noted last quarter. We continue to expect year-over-year revenue headwinds to be approximately 600 basis points and the gross profit headwinds of $55 million. We continue to expect Stelara and related biosimilars will represent less than 1% of 2026 company net revenue and gross profit. SG&A was down 3% versus last year to approximately 11% of revenue primarily driven by lower indirect labor costs, and the benefits of our expense control initiative including a reduction in variable compensation. We continue to invest in commercial resources to support future growth. Adjusted EBITDA of $117.5 million was up 3% over last year and up 12% sequentially reflecting our second quarter revenue growth, improved operational efficiency, as well as SG&A savings. Adjusted EPS was $0.45, an increase of $0.04 over last year with an uplift of about $0.03 from the benefit of share repurchases. Our operating cash flow finished very strong in the quarter at $184 million. This was led by benefits from a number of our working capital initiatives we implemented over the last few quarters. Our balance sheet remains strong, and we ended the quarter at a net debt leverage ratio of 2.1x. Finally, we remain committed to our current capital allocation strategy. As a reminder, our near-term capital allocation priorities start with organic investments to drive revenue growth, capacity, and optimization of our cost structure. Second is return of capital to our shareholders through periodic share buybacks. During the second quarter, we repurchased $150 million of our shares representing nearly 5% of our shares outstanding. This reduces our share repurchase authorization to $525 million. Lastly, we continue to evaluate potential acquisitions focusing on adjacencies and tuck-ins that align with the breadth of our portfolio. Moving on to our full-year forecast, our revenue guidance remains unchanged in the range of $5.675 billion to $5.775 billion. We are narrowing both our adjusted EBITDA and EPS ranges as has been our historical practice through the year. We now expect adjusted EBITDA to be in the range of $480 million to $495 million and we expect adjusted EPS to be in the range of $1.85 to $1.92. Our EBITDA and EPS guidance reflects a number of actions we continue to take including initiatives to drive additional revenue and gross profit growth, implementing programs to drive further reductions in our cost structure, and reducing operating costs including other cost management initiatives and variable incentive compensation. We continue to expect SG&A growth to remain at or slightly below gross profit growth for the full year 2026. Additionally, for the year, we are maintaining our estimates of net interest expense to be in the range of $50 million to $55 million and a full-year tax rate range of 26% to 28%. We are also maintaining our operating cash flow target of at least $320 million for the year. Similar to last quarter, I also wanted to provide some color on the third quarter for modeling purposes: The following assumptions are on a sequential basis reflecting third quarter growth over the second quarter of 2026. For the third quarter, we expect sequential revenue growth in the low to mid-single digits with sequential EBITDA growth in the mid-single digit range. We anticipate seasonality to be consistent with prior years with sequential growth through the year. With that, I will turn it over to the operator to open it up for questions. Operator?
分析師問答
Thank you. To ask a question, please press 11 on your phone. To withdraw your question, press 11 again. Due to time restraints, we ask that you please limit yourself to one question and one follow-up question. Please stand by while we compile the Q&A roster. And our first question will come from the line of Lisa Gill with JPMorgan. Your line is open.
Thanks very much, and good morning. I just wanted to ask a numbers question. I want to understand two things. One, based on the guidance that you have given for the third quarter, and I look at the margin, can you maybe talk about the mix that you are expecting when I think about what the margin implied guidance is, and then your thoughts on cadence for the third and the fourth quarter?
Sure, Lisa. As we think about the Q3 guide, and I know there will be questions about revenue and our progress on revenue growth, we are making some broad assumptions. For example, in the second quarter, we talked about high-single-digit acute revenue growth. We expect that to continue as we think about the year. We are making good progress on our chronic side, and we will talk more about our CID performance, but we are seeing patient census growth there. We expect that to continue as we progress through the year as well. And then there are other initiatives around site-of-care and other areas as well. So I would say we expect the revenue mix to continue, while also recognizing we will probably see more growth coming through chronic as we continue to progress through the year.
And just as a follow-up. Is that what is driving the stronger revenue growth, and so obviously, chronic is generally a more expensive drug than acute, but the margins are generally a little bit lower. So is that the right way to think about it? If I look at the midpoint of what you are talking about for each, we are talking about roughly a margin in the 8.3% range as we get into the third quarter. I just want to make sure that we are thinking about that correctly as we start to see that improvement moving into the back half of the year.
Yes. The assumptions and how you are thinking about it make sense. I would say that is pretty reasonable and in line with how we are thinking about our guidance for the third quarter.
One moment for our next question. That will come from the line of David MacDonald with Truist. Your line is open.
Hi. Good morning, guys. John, Meenal, on the first quarter call you laid out a handful of initiatives: broadening the specialty call points, expanding the commercial team, realigning resources. You touched on a couple of them in your prepared remarks. I am just curious if you can give us an update in terms of since you put those in place, are there a couple that are gaining traction quickly? Which should we think about as more on the come as we get through 2026 into 2027? Any additional perspective on those initiatives and the timing of impacts would be helpful.
Good morning, David, and thanks for the question. We have seen very good progress on the reset that we identified within the commercial team and realigning those resources. We realigned resources around call points, increased reach and frequency, added resources, and realigned others within their markets. That is indicative of the stabilization of the CID census and beginning to grow again in the second quarter, the strength of what we saw within our IG neuro portfolio, and capturing market demand. Reach and frequency continues to improve. We also deployed technology to better target activities. These things take time, and we expect continued build through the back half of the year and into 2027. I am pleased with the progress. The commercial go-to-market strategy and alignment of the commercial resources made significant headway in the quarter, setting the framework to drive growth. The other thing we made significant progress on was deployment of advanced technology and artificial intelligence. Much of this sits in back-office capabilities, supporting nursing optimization, nurse productivity through route optimization and scheduling, delivery optimization, and technology to support patient registration and onboarding. We have seen solid progress deploying these tools into test markets and expanding from there, or deploying broadly as enhancements to our base technology. You saw that in the second-quarter results and we expect momentum to continue through the back half of the year and into the long term.
Okay. And then just my quick follow-up. John, with Stelara put to bed and momentum you are building, how do you think about getting back to a more normalized cadence relative to the long-term growth algorithm? I am not asking for 2027 guidance, just how to think about that.
We are putting the pieces in place to drive the organization's performance. We made progress coming out of the reset in the first quarter, and we are building on that. We are not prepared to give 2027 guidance, but we like the building momentum seen in the back half of the year and quarter-over-quarter. We are focused on continuous improvement. We like the pace and believe we can continue to push sequential growth and move back toward the growth profile we've had historically, being the partner of choice with our referral sources and expanding patient census.
One moment for our next question. And that will come from the line of Brian Tanquilut with Jefferies. Your line is open.
Hey, good morning. Meenal, when I think of the guidance you gave, especially for Q3, it looks like there is a step up implied in Q4 that is sort of in the 11% to 19% quarter-over-quarter range. Just curious what drives that when considering last year that number was like 7% ex procurement. How are you thinking about the sequential drivers from Q3 to Q4 more than Q2 to Q3?
Good morning. On the Q3 to Q4 ramp, I am not going to quote a specific number for Q4, but if you look at history going back a few years, the second half versus the first half has shown high-single-digit to low-double-digit growth. EBITDA tends to be a little lower as a percentage in the first half versus the second half. Some specific drivers for the second half: building momentum around revenue from commercial resources we invested in late last year and early this year, and the increased productivity as these resources ramp up. Continued improvement in our CID census, which started building in the second quarter and should continue in Q3 and Q4. Also cost initiatives—not just one-time cuts but sustainable programs that improve productivity. Technology deployments and AI started in the first half with more to go in the back half; those will improve productivity and cost structure. Procurement initiatives and payer programs on site-of-care are also underway. It is a broad basket of items, and we expect progressive improvement through the year.
Got it. And then maybe, John, on the market, you are gaining in acute. Can you walk me through the competitive dynamics of infusion and what you are seeing in terms of formulary changes in the market, including CVS changes midyear?
The market remains competitive, and we feel well positioned with our capabilities and national scale with local responsiveness. The dynamics continue to be strong, but we are making progress and continue to invest in the right areas to capture market demand. Our breadth of portfolio enables us to serve hospitals and health systems with our solutions team, specialty practices, clinics, and manufacturer programs for limited distribution drugs and rare and orphan therapies. We believe this breadth lets us serve clinical needs fully, utilize our clinical resources fully, and capitalize on the unique platform we have. We must continue to win every day, but we are well positioned to grow and capture demand.
One moment for our next question. That will come from the line of Scott Fidel with Goldman Sachs. Your line is open.
You have Valentin Blassev on for Scott Fidel. Earlier this month, CMS proposed expanding Medicare coverage for certain home infusion pumps and drugs beginning in 2027. How do you think about the potential impact of that proposal? Thank you.
We continue to be active in Washington, supporting the National Home Infusion Association and engaging as an independent company on expanding coverage for Medicare beneficiaries. What has been proposed is a relatively narrow set of therapies that would receive expanded Medicare coverage. We think we are well positioned to participate and support that expansion, though I do not believe it will be materially significant given the limited therapies involved. Any opportunity to expand market access and demonstrate the value of treating patients safely at home and in alternate sites that reduce total cost is positive. We will continue to engage in Washington and provide insights around the value and cost savings that could be generated if CMS expands access to home and alternate site infusion therapy.
Our next will come from the line of Erin Wright with Morgan Stanley. Your line is open.
Great. Thanks. How much of the guide at this point is reliant on proactive administrative cost cuts? Can you talk about what is in your control on that front as we go into the second half and how to think about those moving pieces into 2027? Also, from a capital deployment standpoint, I want to make sure future buybacks are not embedded in your current guidance. Can you speak to the buyback opportunity too?
Thanks, Erin. On buybacks, our current guidance does not include any new or prospective buybacks. It only incorporates the $150 million buyback we executed in the second quarter. Regarding the guidance assumptions for Q3 and Q4, I would not characterize G&A cost reductions as the top driver. The foundation is commercial revenue growth from investments in commercial resources starting late last year and into early this year, and the continued improvement in our CID census. Along the way, we will have GP and SG&A improvements from technology deployments and productivity gains. For example, nurse productivity improvements through scheduling and routing optimization will allow nurses to spend more time with patients instead of administrative tasks. We are deploying patient registration and administration technology to drive a more frictionless experience and 'perfect claim' improvements. These items improve cost position and productivity without being simple headcount cuts. We are focused on the initiatives and feel good about the progress.
One moment for our next question. That will come from the line of Pito Chickering with Deutsche Bank.
Hey, good morning guys and thanks for taking my questions. First, looking at SG&A in the quarter and the full-year guidance, how should we think about bonuses and executive compensation changes going through the year versus where we are today? As you plan for 2027, how could those impact next year? If they are pulled out this year, do we add them back into next?
Good morning, Pito. On variable compensation, it is not a discretionary number—it is a function of our performance. Our focus is driving performance. The exact amount is a moving target given many variables. One thing to note: the assumptions we made for Q2 variable compensation going into the quarter were identical to what we actually finished with. So Q2's finish was not driven by changes in variable comp assumptions. As we progress through the year, we will see how performance impacts variable compensation and what that means for 2027.
Okay. And then can you talk about what you saw with IVIG this quarter? How is growth versus last quarter and versus 2025? Any change to the margin profile? I am looking at Vyvgart and wondered if that had an impact or if things are continuing as usual.
We continue to see strength in the IG neuro area, with momentum building through the year. That includes both IVIG and subcutaneous IG. We have Vyvgart and Hytrulo as part of our portfolio and the patients on our census. We continue to work with our partner Argenx on access to Vyvgart and ensure we serve those patients well. Historically, when patients respond well to therapy, physicians tend to keep them on the therapy. We expect continued new patient starts and growth in the category. We are bullish on IG across the products and indications we dispense, and expect ramps to continue as fractionators and the marketplace indicate. We are well positioned to capture that market demand and continue to grow.
If I can squeeze in one more: as you think about 2027, with all the moving parts, should we still think 2027 growth in line with historical levels, or are there things to consider that might change that normalized growth rate?
Right now, we are focused on 2026 performance. When it comes to revenue growth, that is our biggest focus and we want to return to historical levels. Other pieces for 2027 depend on our 2026 performance. We understand everyone wants more clarity, and as we progress through the year, we will provide more detail.
One moment for our next question. That will come from the line of Joanna Gajuk with Bank of America. Your line is open.
Hi. Good morning. Thanks so much for taking my questions. Two-part: Big picture, with progress on CID and commercial efforts and cost initiatives, how should we think about your long-term growth algorithm over multiple years? Is the long-term growth profile intact or should we consider things differently? I am not asking for 2027 specifically but multi-year. I have a quick follow-up after.
I'll start. The progress we made in the second quarter was ahead of our expectations after the first quarter reset. We are building on that. The CID portfolio remains important across a breadth of products beyond a single product, and we expect to continue to capture market demand there given our reach and frequency. CID may be at a lower level given biosimilar pressure, but it's still an important call point. We are making progress in the specialty area with repositioning the team and deploying tools. We are also making progress with hospitals and health systems to be their partner of choice for acute therapies. We continue to build the ambulatory infusion clinic capability as well. In short, fundamentals remain strong. We like the foundation and the progress. There is more to do, but I am confident the team will continue to push growth into 2027.
I will add that many initiatives we are executing on will have benefits that carry into 2027. Technology deployments and AI implementations that improve nurse productivity and patient administration are being deployed now and will provide benefits this year and next. These are sustainable programs to improve productivity and optimize where our team spends time, not just one-time cost cuts.
One moment for our next question. That will come from the line of Kumar with Stephens. Your line is open.
Maybe one on the accrual comp sequential movement. Looking back a couple years the sequential move was less from Q1 to Q2. Curious if there was any reversal based on your prior Q1 assumptions on that balance sheet item that drove the Q2 balance?
To reiterate, the assumptions we made going into Q2 on variable compensation were the same as what we executed to. The Q2 finish was not driven by changes in variable compensation assumptions. Our Q2 performance was driven by revenue growth and other operational improvements, not a change in the variable comp assumption versus actual.
As a follow-up, thinking about the implied Q4 ramp and some rare and orphan portfolio drugs coming online in late 2026 or early 2027—is there an embedded assumption in your guidance that some of those drugs come online in 2026, and the range reflects the timing?
For some of those products, the ramp is hard to predict, and you are thinking about it correctly. The range we put out reflects possibilities. Some outcomes are positive and some depend on approvals and other factors out of our control. The guidance incorporates momentum from the core business and the foundation we've established, rather than relying on a large portion from products not currently served in our portfolio. We are ready to assist pharma partners in commercialization and go-to-market strategies as they launch products, but many of those variables are outside our control.
Our next question will come from the line of Charles Rhyee with TD Cowen. Your line is open.
Yes. Thanks for taking the question. Meenal, there was a question about comfort with the second half ramp, particularly Q3 to Q4. You mentioned historical H2 ramps. What helps get you to the high end of the range today, given relatively more flat sequential revenues in Q4? Is it a mix shift toward acute drugs as we get to the end of the year or something else?
If you step back, historically Q2 to Q3 and Q3 to Q4 show sequential growth, and our second half versus first half averages in the high single digits to low double digits. The incremental ramps above seasonality would come from a few items. First, acceleration of revenue growth—CID census recovery and increased productivity from commercial resource investments. Second, our initiatives such as procurement benefits, market access work with payers, and technology deployments started in the first half with more to come in the back half. If those procurement or other initiatives come through, they drive toward the higher end of the range. Revenue acceleration is the biggest lever, and if revenue growth improves above expectations, that will push us toward the high end.
Follow-up: on white-bagging efforts by PBMs particularly for higher-cost therapies, are you seeing this spreading beyond drugs like Stelara? How does Option Care operate in an environment with increased white-bagging?
We are navigating formulary shifts and the CID adjustments as expected in our guide. We have not seen a significant impact from white-bagging. We are primarily a pharmacy and much of white-bagging is into physician offices or clinics. We remain in-network across the payer landscape and have a broad portfolio of over 600 products. Conversations with PBMs and health plans are productive. We believe we are on the right side of the cost-quality equation and continue to make progress on site-of-care initiatives with payers. We see room to grow and expect to remain a partner for health plans and PBMs as they manage total cost of care and address elevated medical loss ratios.
Thank you. Our next question will come from the line of Jared Haas with William Blair. Your line is open. Jared, your line is open. Please unmute if you are on mute.
This is Matthew Larew. Do you still see, given formularies and portfolio shifts, the chronic home infusion business as a low double-digit growth market over the long term? And do you still believe Option Care can be a company that grows at or above market growth?
We continue to have strong partnerships across the value chain. Our investments in pharma partnerships, broadening product offerings, and being part of go-to-market strategies position us well. Our hybrid model that handles pharmacy and medical billing, our ability to deploy advanced practitioners and infusion clinics, and our national scale with local reach combine to position us uniquely. We continue to invest in infusion clinic capabilities and expansion. Expansion in Medicare access would also present opportunities. We believe we are on the right side of cost-quality and are well positioned to participate as the market grows. We know there is work to do and are not satisfied with Q2, but we believe we can capture market demand and drive growth.
I am showing no further questions in the queue at this time. I would now like to turn the call back over to Mr. John Charles Rademacher for any closing remarks.
Thanks, operator. In closing, while we posted improved second quarter results, there is still work to do. However, we believe the actions we have taken so far combined with the strength of our clinical platform and market position provide a strong foundation to reaccelerate our long-term growth trajectory and create meaningful value for patients, partners, and shareholders. Thank you very much for attending the call, and we hope you have a great day. Take care.
This concludes today's program. Thank you all for participating. You may now disconnect.