Financial Data and Key Metrics Changes - Revenue growth of 15% year-over-year in the second quarter, with adjusted EBITDA growth of 5% [7][15] - Adjusted earnings per share increased by 10.8% to $0.41 [16] - Cash flow from operations exceeded $90 million in the quarter, with a full-year expectation of over $320 million [9][17] Business Line Data and Key Metrics Changes - Acute therapy growth was in the mid-teens, while chronic therapies also performed well with similar growth rates [7][14] - Gross profit of $269 million grew almost 8% year-over-year, with gross margin impacted by lower-margin therapies [15][40] Market Data and Key Metrics Changes - The company continues to deepen relationships with health plans and pharma partners, enhancing market access and service offerings [8][9] - The market for chronic therapies is estimated to be growing in the low double digits, while acute therapies are expected to grow in the low single digits [42] Company Strategy and Development Direction - The company is focused on expanding its capabilities through M&A, internal investments, and share repurchases, with $50 million in stock repurchased during the quarter [10][16] - Investments in artificial intelligence and advanced analytics are aimed at improving operational efficiency [11] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's positioning amid regulatory changes and competitive dynamics, expecting continued growth in 2025 [5][12] - The company has increased its full-year guidance for revenue, adjusted EBITDA, and adjusted EPS, reflecting strong momentum [17] Other Important Information - The company operates nearly 90 pharmacies and has a nursing network of over 3,000 nurses, enhancing its service delivery capabilities [9] - The advanced practitioner model is being utilized to serve more complex patients, including those with oncology and neurological disorders [50][51] Q&A Session Summary Question: Conversations with payers regarding cost pressures - Management reported productive conversations with payers, with increased interest in site of care initiatives to reduce costs [20][21] Question: Growth in Ambulatory Infusion Suites - The company noted that chronic patient utilization in infusion suites continues to grow, with a significant increase in penetration [22][23] Question: Advanced practitioner model and reimbursement - The advanced practitioner model allows the company to serve more complex patients, with positive progress expected [24][25] Question: Impact of proposed rules on cost differentials - Management acknowledged recognition of reduced costs in home and alternate sites, positioning the company favorably [26] Question: Financial expectations for Savara - The negative impact for the second quarter was around $20 million, with full-year expectations adjusted accordingly [32] Question: Therapeutic mix and operating margins - The acute portfolio maintains higher product margins compared to chronic therapies, which have a wider margin range [33] Question: M&A opportunities and market activity - The company remains focused on core opportunities while exploring adjacent areas for growth [35] Question: Inventory increase and tariff preparations - The inventory increase was deliberate, with proactive management strategies in place to address potential tariff impacts [64][66] Question: MFN exposure and its implications - Management indicated uncertainty regarding the impact of MFN pricing, with no immediate effects expected [75] Question: Biosimilars ramp-up - The company is beginning to see increased utilization of biosimilars as patient transitions occur [79] Question: Acute growth progression and competitive dynamics - Management expects reported growth to decrease slightly in the fourth quarter due to tougher year-over-year comparisons [84] Question: SG&A growth drivers - SG&A growth was influenced by acquisitions and accelerated growth initiatives, with a focus on clinical capabilities [85][87]

Financial Data and Key Metrics Changes - Revenue growth for Q4 2024 was reported at 19.7% compared to Q4 2023, driven by balanced performance across the portfolio, particularly from rare and orphan therapies [14][17] - Gross profit increased by 8.6% year-over-year, with adjusted EBITDA for Q4 reaching $121.6 million, reflecting a growth of almost 9% [16][17] - Adjusted earnings per share for Q4 was $0.44, representing a 15.8% increase year-over-year, while full-year adjusted earnings per share was $1.58, showing over 10% growth [17][18] Business Line Data and Key Metrics Changes - The acute therapy segment experienced high single-digit growth despite earlier supply chain disruptions, with significant improvements noted throughout the quarter [15][20] - The company reported a notable contribution from its rare and orphan therapies, which are part of its limited distribution portfolio [7][14] Market Data and Key Metrics Changes - The company has established a footprint of over 175 infusion locations, including 15 sites with advanced practitioner capabilities, enhancing its service offerings [11][70] - The competitive landscape has shifted, with some larger competitors exiting the market, allowing the company to capture additional market demand [20][22] Company Strategy and Development Direction - The company aims to continue investing in its national integrated network of compounding pharmacies and infusion suites to ensure high-quality care [9][12] - The acquisition of IntraMed Plus is expected to enhance the company's capabilities and expand its market presence, particularly in the Southeastern United States [10][46] - The focus remains on deploying capital through both accretive acquisitions and share repurchases to create long-term shareholder value [12][26] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in navigating the challenges posed by the supply chain and the impact of therapy portfolio dynamics, particularly regarding Stelara [12][13] - The company anticipates continued earnings growth in 2025 despite a projected gross profit reset due to less favorable economics for Stelara [12][19] Other Important Information - The company has opened two new state-of-the-art compounding pharmacies in New York City and Tampa to enhance local responsiveness and capacity [9][66] - The company exhausted its prior share repurchase authorization, repurchasing $90 million in shares during the quarter, and has approved a new $500 million authorization [11][12] Q&A Session Summary Question: Acute therapy growth and competition - Management noted improvements in supply chain dynamics and expressed confidence in capturing market demand despite competitive shifts [20][21] Question: Adjusted EPS growth and long-term algorithm - Management indicated that adjusted EPS growth is expected to outpace adjusted EBITDA growth due to share repurchase efforts and capital deployment strategies [24][26] Question: Q1 seasonality and guidance - Management acknowledged typical early Q1 disruptions but indicated a stable revenue base due to a higher proportion of chronic therapies [34][35] Question: STELARA impact and patient support - Management confirmed ongoing support for complex STELARA patients while reallocating resources to maintain growth initiatives [36][37] Question: IntraMed acquisition and margins - Management expressed optimism about improving IntraMed's margins through integration and leveraging existing capabilities [44][45] Question: M&A strategy and market conditions - Management stated that they are not capital constrained and are actively pursuing M&A opportunities that provide strategic value [48][50] Question: Labor costs and recruitment - Management reported a strong position in recruiting and retaining talent, with effective strategies in place to manage labor costs [58][59] Question: Payer negotiations and Medicare Advantage - Management highlighted constructive relationships with payers and emphasized the value provided in managing total cost of care [86][87]