Financial Data and Key Metrics Changes - In Q4 2025, the company reported revenue of $66.8 million, driven by logistics growth, with organic growth of 35.3% to $49.2 million compared to $36.4 million in the prior year [21][24] - Full year 2025 revenue and adjusted EBITDA were $197.1 million and $14.1 million respectively, both exceeding the high end of guidance [21][24] - Adjusted EBITDA rose to $7 million in Q4 2025, up from $1.1 million in the prior year period [25] Business Line Data and Key Metrics Changes - Logistics revenue in Q4 2025 was $49.2 million, reflecting a 35.3% organic growth [21][24] - Clinical revenue was $17.6 million in Q4 2025, significantly up from $2.8 million in Q3 2025, attributed to the Keystone acquisition [22][23] - Transplant clinical revenue was $7.8 million in Q4 2025, while other clinical revenue was $9.8 million [23][24] Market Data and Key Metrics Changes - Approximately 20% of the company's revenue is generated from Organ Procurement Organizations (OPOs), with Tier One OPO customers representing 2.4 times the revenue of Tier Three OPOs [10] - The company is well-positioned to benefit from regulatory changes incentivizing the pursuit of medically complex organs, particularly from DCD donors [9][10] Company Strategy and Development Direction - The company is focusing on acquisitions of smaller businesses to accelerate growth and expand geographically [5][6] - The M&A strategy aims for an annualized adjusted EBITDA growth of at least 30% in the coming years [6][14] - The company is also exploring opportunities to leverage existing assets for adjacent offerings, such as radiopharmaceuticals [17] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the future, raising guidance for 2026 revenue to $260 million-$275 million and adjusted EBITDA to $29 million-$33 million [27] - The company noted that while there was a soft January for the industry, strong daily logistics trips and clinical cases have continued into 2026 [28] - Management is optimistic about the integration of the organ transplant platform and the positive feedback from customers [30] Other Important Information - The company ended the year with approximately $61 million in cash and short-term investments and no debt [27] - Adjusted SG&A rose to $8.9 million in Q4 2025, reflecting a full quarter of Keystone SG&A [25] Q&A Session Summary Question: Update on continuous distribution policy - Management stated that continuous distribution is still the goal for all organs, with lungs already transitioned. The timeline for hearts and livers is uncertain due to regulatory focus on other issues [32][34] Question: Which part of the service has the highest value and margin? - Management indicated that transplant clinical business has slightly higher profit margins than non-transplant clinical business, with an integrated offering driving growth [36][38] Question: Acquisition pipeline and adjacent offerings - The company plans to announce acquisitions as they close and is focused on product servicing to increase scale and national footprint [41][42] Question: Impact of weather on operations - Unusual severe weather in the Northeast affected operations, but management remains confident in overall performance and guidance [70][71] Question: Impact of higher oil prices - Higher fuel prices will result in increased costs for customers but will not impact the company's cost structure as surcharges are negotiated [73][74]

近年来，东航物流以核药及细胞生物制品等对储运条件要求极高的医药品类为突破口，积极拓展国内外 药企合作渠道，成功实现医药业务突围。 下一步，东航物流计划将天津口岸的成功经验推广至湖北、兰州等地，逐步构建东航冷链高端医药供应 链服务网络。（编辑：张薇，校对：李季威，审核：韩磊） 该批药物属于第7类放射性危险品，核心成分半衰期仅为72小时，其运输需遵守国际航空运输协会 （IATA）规定、《民用航空危险品运输管理规定》以及药品流通质量管理规范（GSP），并涉及药 企、机场、航空公司等多个主体间的紧密协作，对运输各环节的专业性、规范性有着较高要求。 东航物流接到任务后，制定详细保障方案，针对"时间窗口紧、监管程序严、操作要求高"等核心难点， 成立专项工作组，与天津机场等方面多次协调沟通，先后解决了危险品运输资质备案、货物表面放射性 检测等关键申报材料的完善和送审。最终，由MU5228航班完成干线运输，并提前协调对接货站、地面 运输车辆等，实现全程无缝衔接，从药厂送达医院全程耗时不足24小时，高效保障了药物品质与运输安 全。 《中国民航报》、中国民航网 记者钱擘 报道：近日，东航物流顺利完成一批由天津至上海的放射性药 物 ...