Financial Data and Key Metrics Changes - Total revenue for Q3 2025 was $70.8 million, down from $138.7 million in Q3 2024, primarily due to the sunset of migrant-related projects [22] - Excluding migrant-related programs, revenue increased by 8% to $62.4 million in Q3 2025 from $58 million in Q3 2024 [22] - Adjusted EBITDA for Q3 2025 was a loss of $7.1 million compared to an Adjusted EBITDA of $17.9 million in Q3 2024 [23] - Adjusted gross margin was 33% in Q3 2025, down from 36% in Q3 2024 [24] Business Line Data and Key Metrics Changes - Medical transportation services revenue increased to $50.1 million in Q3 2025 from $48 million in Q3 2024, driven by gains in nearly all U.S. markets [23] - Mobile health revenue for Q3 2025 was $20.7 million, down from $90.7 million in Q3 2024, with non-migrant mobile health revenues increasing by over 20% year-over-year [23] - The payer and provider vertical is expected to generate approximately $50 million in revenue in 2025, growing to $85 million in 2026, including $25 million from the SteadyMD acquisition [11][12] Market Data and Key Metrics Changes - The medical transportation business is expected to generate more than $200 million in revenue in 2025, with a projected Adjusted EBITDA contribution margin of approximately 12% [9] - Remote patient monitoring is operating at an annual run rate of approximately $15 million, with a greater than 10% Adjusted EBITDA contribution margin [12] Company Strategy and Development Direction - The company aims to build a robust, evergreen healthcare business and has a vision of bringing the capabilities of a doctor's office into a patient's living room [7][21] - The acquisition of SteadyMD is expected to enhance the company's virtual care capabilities and expand its clinical capacity [16][17] - The company plans to remain active in M&A to acquire traditional healthcare assets that can benefit from its technology and mobile health capabilities [18] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to drive substantial value amid increasing healthcare costs and operational challenges [14] - The company anticipates a gradual abatement of investments in early-stage business lines over the course of 2026, aiming for profitability [19] - Management expects to exit 2026 with a cash balance of about $65 million, which will be the low point subject to buybacks or additional acquisitions [30] Other Important Information - The company has improved its balance sheet by paying off $30 million in debt and is now debt-free for the first time since late 2023 [27] - The company has collected approximately 96% of all migrant-related receivables from the inception of those programs [29] Q&A Session Summary Question: Can you help bridge the implied margins for the fourth quarter? - Management indicated that SteadyMD will contribute slightly to Q4 margins but will not have a material impact [33] Question: How does the EBITDA guidance for 2026 improve throughout the year? - Management expects the bulk of negative EBITDA will come in the first half of 2026, with improvements in the second half [37] Question: What is the expected revenue breakdown for 2026? - Management stated that there will be no migrant-related revenues for 2026, with a breakdown of about two-thirds transport and one-third mobile health [39] Question: Can you provide insights on payer-provider revenue growth? - Management confirmed that the $85 million for payer and provider in 2026 includes $25 million from SteadyMD and does not account for new deal closures [44] Question: What is the current view of the hospital spending environment? - Management noted that hospitals are cautious with budgets but are receptive to solutions that help lower costs and improve efficiency [66][69]