Core Insights - Apria and Byram, part of the Owens & Minor family, have entered a new national provider agreement with Optum Health effective September 1, 2025 [1] Company Overview - Apria and Byram are subsidiaries of Owens & Minor, indicating a strategic partnership aimed at enhancing service delivery in the healthcare sector [1] Industry Implications - The agreement with Optum Health signifies a potential expansion in market reach and service capabilities for Apria and Byram within the healthcare industry [1]

Financial Performance & Guidance - The company's Q2 earnings missed expectations, coming in at $408 per share [1] - 2025 earnings guidance is at least $16 per share, lower than the street's expectation of at least $18 per share [2] Optum Health Performance - Optum Health's Q2 revenues decreased by 7% [2] - Optum Health's full-year revenue is projected to decrease by 4% [3] Factors Impacting Performance - The company faces higher costs, higher utilization, and headwinds in Medicare Advantage plans [2] - V28 reshuffling of billing for Medicare visits is negatively impacting the 90,000-strong doctor unit [3] Leadership & Transparency - Steven Hemsley replaced Andrew Witty as CEO to restore confidence through transparency [1]

Medicare Advantage Program Challenges - UnitedHealth is facing significant challenges due to collapsing profits in its Medicare Advantage program [1] - Tighter V28 billing codes are reducing extra margins for insurers and doctors, impacting UnitedHealth's Optimum Health and its 90,000 doctors [2] - The company's doctor unit, Optim Health, which was previously a strength, is now a significant drag on performance in Medicare Advantage [5] - UnitedHealth inherited many patients by offering more generous benefits while competitors cut back, leading to current problems [6] Financial Outlook and Guidance - Analyst estimates for 2025 earnings per share range from $18 to $26, with a consensus of nearly $21; anything less than $18 would be a significant concern [3] - Investors are focused on how UnitedHealth plans to stem losses and improve its financial situation [2] Regulatory and Legal Issues - The Department of Justice (DOJ) is investigating UnitedHealth's billing practices [3] Market Impact - UnitedHealth's struggles are weighing on the Dow Jones Industrial Average, dragging it down by 1400 points this year [7]

Leadership Changes - Norfolk Southern Corporation has appointed Richard H. Anderson as the independent chair of the board, effective immediately [1][2] - Anderson has a strong background, having served as CEO of Delta Air Lines, President of Optum Health, CEO of Northwest Airlines, and President and CEO of Amtrak [1] - Jack Huffard has been appointed as chair of the Compensation and Talent Management Committee [2] Board Composition - The board has agreed to reduce its size to 12 members, with remaining committee chairs continuing in their existing positions [2] - Anderson has been on Norfolk Southern's board since May 2024 and has contributed valuable business insights [3] Company Performance and Strategy - The President and CEO of Norfolk Southern, Mark George, expressed confidence in Anderson's leadership to advance strategic priorities and deliver long-term value [3] - Anderson noted the company's strong performance and commitment to safety and efficiency during his tenure on the board [3] Company Overview - Norfolk Southern operates a 22-state freight transportation network and has been in operation since 1827 [4] - The company helps customers avoid approximately 15 million tons of yearly carbon emissions by utilizing rail transport [4] - Norfolk Southern delivers around 7 million carloads annually and has the most extensive intermodal network in the eastern U.S. [4]