业绩总结 - 第三季度总收入为6.99亿美元，同比下降4.6%[12] - 调整后的EBITDA为1.77亿美元，调整后的EBITDA利润率为25.3%[12] - 调整后的稀释每股收益为0.80美元，同比下降6%[12] - 年初至今总收入为20.07亿美元，同比下降3.2%[12] - 年初至今调整后的EBITDA为4.44亿美元，调整后的EBITDA利润率为22.1%[11] - 第三季度净亏损为733.0百万美元，较去年同期的19.9百万美元显著增加[41] - 第三季度调整后的EBITDA为177.1百万美元，较去年同期的170.7百万美元有所增长[41] 用户数据 - 82%的收入来自于重复性收入[7] - 北美市场占总收入的58%[10] 未来展望 - 2025财年总收入预期在26.8亿至27.4亿美元之间[22] - 2025财年调整后的EBITDA预期在5.85亿至6.05亿美元之间[22] - 2025年调整后的稀释每股收益预期在2.00至2.15美元之间[22] - 2025年第三季度COVID-19收入预计为7000万至1亿美元，假设没有政府合同收入[26] 新产品和新技术研发 - 实验室业务预计增长中个位数[26] - 输血医学业务（不包括捐赠筛查）预计增长低个位数[26] - 现场检测业务（不包括呼吸道检测）预计增长中个位数[26] - 中国市场预计增长中个位数[26] 成本控制与财务状况 - 预计通过成本措施完全缓解2000万至2500万美元的关税影响[26] - 预计2025年额外节省成本3000万至4000万美元[26] - 利息支出为1.77亿美元，反映公司债务再融资后的情况[26] - 资本支出预计在1.6亿至1.7亿美元之间，不包括试剂租赁协议下的仪器和整合成本[26] 地区收入表现 - 2025年第三季度北美地区收入为38.14亿美元，同比下降12.6%[32] - 2025年第三季度EMEA地区收入为9.18亿美元，同比增长9.3%[32] - 2025年第三季度中国市场收入为8.46亿美元，同比增长5.2%[32] - 2025年第三季度其他地区收入为14.21亿美元，同比增长12.3%[32] 其他财务信息 - 第三季度折旧和摊销费用为112.1百万美元，较去年同期的113.1百万美元略有下降[41] - 第三季度的重组、整合及其他费用为39.6百万美元，较去年同期的36.8百万美元有所上升[41] - 第三季度的商誉减值费用为700.7百万美元，未在去年同期报告[41] - 第三季度的资产减值费用为9.7百万美元，去年同期未报告相关费用[41]

财务数据关键指标变化：收入和利润 - 第三季度总营收为7亿美元，同比下降4%[4] - 第三季度总营收为6.999亿美元，较去年同期的7.271亿美元下降3.7%[30][33] - 第三季度总收入为6.999亿美元，同比下降3.7%，但剔除COVID-19和供体筛查业务后，基础业务收入为6.583亿美元，同比增长5.0%[35][43] - 前三季度总收入20.066亿美元，同比下降3.3%，但剔除COVID-19影响后基础业务增长0.9%[37][39] - 第三季度GAAP每股亏损为10.78美元，去年同期为每股亏损0.30美元[5][6] - 第三季度GAAP净亏损为7.33亿美元，其中包括一笔7.017亿美元的非现金商誉减值费用[5][6] - 第三季度调整后稀释每股收益为0.80美元，去年同期为0.85美元[8] 财务数据关键指标变化：成本和费用 - 第三季度调整后EBITDA为1.77亿美元，调整后EBITDA利润率为25%，同比提升180个基点[8] - 第三季度调整后EBITDA为1.771亿美元，利润率为25.3%，高于去年同期的23.5%[31] 各条业务线表现：非呼吸道业务 - 非呼吸道业务营收为5.88亿美元，按报告基础增长5%，按固定汇率计算增长4%[6] - 非呼吸道业务收入增长4.6%（按固定汇率计算增长3.5%）至5.876亿美元[33] - 非呼吸类业务（不含供体筛查）前三季度按固定汇率计算增长6.2%，显示核心业务持续增长[41] - 实验室业务营收按报告基础增长5%，按固定汇率计算增长4%[6] - 实验室业务第三季度收入3.738亿美元，同比增长5.0%，按固定汇率计算增长4.4%[35] - 免疫血液学业务第三季度收入1.42亿美元，同比增长7.7%，按固定汇率计算增长5.2%[35] 各条业务线表现：呼吸道业务 - 呼吸道业务营收为1.12亿美元，其中COVID-19收入下降63%[6] - 呼吸道业务收入下降32.1%（按固定汇率计算下降32.2%）至1.123亿美元，部分受COVID-19收入下降23.8%影响[33] - 呼吸类业务前三季度收入2.788亿美元，同比下降22.7%，主要受COVID-19检测需求下降影响[37] 各条业务线表现：其他业务 - 供体筛查业务第三季度收入急剧下降至1470万美元，同比大幅下降47.3%[35] - 床旁检测业务第三季度收入1.646亿美元，同比下降20.0%，但剔除COVID-19影响后实际增长2.0%[35] 各地区表现 - 北美市场第三季度收入3.814亿美元，同比下降12.6%，主要受COVID-19收入下降10.0%的影响[36] - EMEA市场第三季度收入9180万美元，同比增长9.3%，按固定汇率计算增长2.4%[36] 管理层讨论和指引 - 公司预计2025全年总营收在26.8亿至27.4亿美元之间[9] - 公司预计2025全年调整后EBITDA在5.85亿至6.05亿美元之间，调整后EBITDA利润率约为22%[9] 其他财务数据 - 公司总资产从2024年12月的642.36亿美元下降至2025年9月的567.51亿美元，降幅为11.7%[21] - 现金及现金等价物为9.81亿美元，与期初的9.83亿美元基本持平[21] - 应收账款净额从28.24亿美元增至38.65亿美元，增长36.9%[21] - 存货从53.37亿美元增至61.38亿美元，增长15.0%[21] - 商誉从64.95亿美元减记至零，主要由于7.007亿美元（当季）和17.439亿美元（九个月）的商誉减值[21][26][31] - 九个月期间经营活动所用现金净额为2670万美元，而去年同期为经营活动提供现金1930万美元[23]

经过仔细研读，所提供的文档内容不包含任何与公司或行业相关的实质性信息 该文档仅包含一条技术性提示 涉及浏览器设置和广告拦截器 因此无法提取出与投资研究相关的核心观点或关键要点 [1]

公司动态 - 公司发布第52期Science Bytes播客 主题为临床决策中信息学的力量 由高级全球产品经理George Wierschem主讲 [1] - 公司计划报告2025年第三季度财务业绩 [4][6] - 公司将在AABB 2025上展示其在输血医学领域的领导力 [7] 产品与技术 - 信息学平台通过连接仪器、数据系统和临床决策 正在改变实验室运营 [1] - 信息学已从辅助工具演变为驱动实验室效率、数据完整性和患者护理的关键引擎 [1] - 信息学帮助实验室保持敏捷、安全和面向未来 以应对日益增长的速度和准确性需求 [2] - 自动化工作流程可加速结果产出并减少错误 [5] - 系统内置安全功能 确保网络安全且不影响效率 [5] - 技术确保去中心化检测中的质量 并跟踪每一步以实现全面问责 [5] 行业与市场 - 体外诊断行业对检测速度和准确性的需求持续增长 [2] - 信息学在将数据转化为决策方面发挥关键作用 特别是在点式护理场景 [5]

财务信息披露安排 - 公司将于2025年11月5日市场收盘后公布2025年第三季度（截至2025年9月28日）财务业绩 [1] - 业绩发布后，公司将于太平洋时间下午2点/东部时间下午5点举行电话会议讨论财务结果 [2] - 电话会议可通过公司官网投资者关系页面的“活动与演示”栏目参与，会议材料亦将同步发布 [2] 公司业务定位 - 公司是全球体外诊断解决方案的领先提供商，业务涵盖临床化学、免疫测定、免疫血液学和分子检测 [4] - 公司致力于提供快速、准确、可靠的诊断结果，以帮助改善从护理点到医院、从实验室到诊所的患者预后 [4]

公司产品与技术创新 - 公司旗下Micro Typing Systems直接抗球蛋白试验卡获得美国FDA批准，完善了其基于凝胶技术的解决方案 [1] - MTS直接抗球蛋白试验卡与ORTHO VISION平台结合，将成熟的柱凝集技术与先进软件功能相结合，包括反射测试和按需质量控制 [2] - ORTHO VISION Max Swift分析仪专为高通量实验室设计，提供速度、可靠性和离机自动化，并扩大了样本和试剂容量 [7] - ORTHO VISION Swift分析仪采用ID-MTS凝胶测试技术，实现98%的正常运行时间，简化输血测试 [7] - ORTHO CONNECT实验室管理软件通过中间件支持实验室网络，简化操作并帮助满足合规性要求 [7] 行业活动与专业交流 - 公司将在Association for the Advancement of Blood & Biotherapies 2025年度会议上展示其在输血医学领域的持续领导力 [1] - 会议汇集了血液和生物疗法领域的全球顶尖领导者，公司参与体现了其对推动创新以提升实验室绩效和效率的承诺 [3] - 会议设有专题教育环节，包括深入探讨Rh(D)抗原识别的复杂性及其对输血安全的影响，以及如何利用凝胶测试区分达雷妥尤单抗治疗患者的真实抗体与药物干扰 [7] - 会议包含海报展示环节，提供支持实验室决策的性能和可靠性指标见解 [4] - 会议安排产品演示，展示公司输血医学产品组合 [5] 公司战略与市场定位 - 公司是全球体外诊断领域的领导者，专业领域涵盖临床化学、免疫分析、免疫血液学和分子检测 [8] - 公司致力于提供快速、准确和可靠的诊断解决方案，以帮助改善患者预后，服务范围从护理点到实验室、诊所到医院 [8] - 公司基于创新传统，与医疗保健提供者合作推进诊断技术，将见解与解决方案联系起来 [8]

公司产品发布 - QuidelOrtho公司推出QUICKVUE流感+SARS检测试剂，该产品为CLIA豁免和510(k)批准的快速免疫测定法，是其QUICKVUE产品组合的最新成员 [1] - 该检测试剂设计用于专业场景，包括医生办公室实验室、紧急护理中心、急诊科、药房和分散式医院实验室，但不适用于家庭使用 [1][2] - 新产品能够从单一患者样本中快速同步检测和区分甲型流感、乙型流感和SARS-CoV-2抗原，并在10分钟内提供结果 [3] 产品战略意义 - 此次产品发布扩大了公司的呼吸道解决方案组合，旨在帮助临床医生区分症状相似的COVID-19和季节性流感感染，从而促进及时的治疗决策 [2][3] - 新产品预计将显著提振公司的分子诊断和护理点业务部门，并加强其在全国利基市场的地位 [2] 行业市场前景 - 根据Grand View Research报告，全球护理点诊断市场在2024年估计为478亿美元，预计到2030年将达到685亿美元，复合年增长率为5.8% [4] - 推动市场的因素包括护理点诊断测试提供即时结果的能力以及技术进步 [4] 公司近期业绩 - 公司在8月公布了2025年第二季度业绩，其分子诊断收入按报告基础和固定汇率计算均实现了强劲增长 [5] 同业竞争对手动态 - 竞争对手Qiagen N V本月为其全系列QIAstat-Dx综合征检测系统和检测板获得了CE-IVDR认证，并推出了QIAstat Dx Rise自动化综合征检测系统新版本 [6] - 竞争对手Hologic在7月公布了2025财年第三季度业绩，其诊断收入因分子诊断销售额增长而实现强劲增长，不包括COVID-19收入的分子诊断收入也表现强劲 [7][8] - 竞争对手Thermo Fisher Scientific在7月公布了2025年第二季度业绩，其专业诊断收入表现强劲，同期推出了两款旨在支持质量控制保证的新解决方案 [9]

市场表现与基金业绩 - 美国股市在第二季度显著复苏，从低点反弹23%至创纪录高点，美国大盘股上涨11.1%，其中成长股表现优于价值股 [1] - Meridian Contrarian Fund在第二季度实现16.42%（净）回报率，超越罗素2500指数8.59%的回报率和次要基准罗素2500价值指数7.29%的回报率 [1] QuidelOrtho公司概况与市场表现 - QuidelOrtho Corporation是一家诊断检测解决方案提供商，截至2025年9月25日，其股价报收26.53美元，市值为18.02亿美元 [2] - 公司股票一个月回报率为-7.51%，过去52周内价值下跌41.75% [2] - 第二季度末，共有31只对冲基金投资组合持有该公司股票，较上一季度的32只有所减少 [4] 基金投资逻辑与公司基本面 - QuidelOrtho是全球医疗诊断行业的领导者，基金于2022年第三季度疫情导致盈利承压时进行投资 [3] - 投资论据基于2022年Quidel与Ortho Clinical Diagnostics的合并，使公司成为顶级诊断平台，具备改善营收增长、利润率和自由现金流的潜力 [3] - 尽管最近季度财报符合预期且指引未变，但受宏观担忧影响股价承压，呼吸道业务持续疲软，市场担忧政府医疗项目资金削减可能带来的影响 [3] - 在短期逆风中，新领导层下出现业务改善迹象，基金在当季度维持了持仓 [3] 公司财务状况 - QuidelOrtho第二季度报告营收为6.14亿美元，低于去年同期的6.37亿美元 [4]

产品发布核心信息 - QuidelOrtho公司扩展其QUICKVUE产品组合，推出QUICKVUE Influenza + SARS Test [1] - 该测试是一种CLIA豁免、510(k)批准的快速免疫测定法，专为专业使用场景设计 [1] - 测试可在10分钟内提供结果，实现流感A、流感B和SARS-CoV-2抗原的快速同步检测与区分 [2] 产品特点与优势 - 产品具备三重检测能力，可从一个患者样本中区分流感A/B和COVID-19 [5] - 快速得出结果有助于临床医生区分症状相似的COVID-19和季节性流感感染，从而制定及时的治疗决策 [2] - 提供经济实惠的视觉组合测试选项，是一种可靠、经济且高效的工具 [3][5] 目标市场与应用场景 - 产品设计用于医生办公室实验室、紧急护理中心、急诊科、药房和分散式医院实验室等专业环境 [1] - 产品适用于CLIA豁免和中/高复杂性实验室设置，不适用于家庭使用 [3][5] - 公司通过现有分销渠道在美国市场提供该产品，强化了其在护理点呼吸道检测市场的领导地位 [3] 公司战略与产品组合 - 此次新产品发布扩展了公司的呼吸道解决方案组合，包括SOFIA 2 Flu + SARS Antigen FIA [3] - 新产品提供了视觉读取选项，与公司的仪器版本相辅相成 [3] - 公司致力于为医疗保健专业人员提供具有成本效益的解决方案，以简化临床决策并帮助管理呼吸道感染的季节性激增 [3]

[角色] 你是一名拥有10年投资银行从业经验的资深研究分析师，专门负责上市公司、行业研究。你擅长解读公司财报、行业动态、宏观市场，发现潜在的投资机会和风险。 [任务] 你需要仔细研读一份上市公司或者行业研究的电话会议记录，请阅读全文，一步一步思考，总结全文列出关键要点，不要错过任何信息，包括： * 纪要涉及的行业或者公司 * 纪要提到的核心观点和论据 * 其他重要但是可能被忽略的内容 如果没有相关内容，请跳过这一部分，进行其他的部分。 总结时要全面、详细、尽可能覆盖全部的内容、不遗漏重点,并根据上述方面对内容进行分组。 要引用原文数字数据和百分比变化,注意单位换算(billion=十亿,million=百万,thousand=千)。 [注意事项] 1) 使用中文,不要出现句号 2) 采用markdown格式 3) 不使用第一人称,以"公司"、"行业"代替 4) 只输出关于公司和行业的内容 5) 在每一个关键点后用[序号]形式引用原文档id 6) 一个[序号]只应该包含一个数字，不能包含多个，如果多个就用[序号][序号]分开写，不要写成 [序号-序号] 7) 每个关键要点后边的 [序号] 不要超过 3 个 Content: --------- <doc id='1'>QuidelOrtho (NasdaqGS:QDEL) 2025 Conference September 10, 2025 03:10 PM ET Speaker0 Go ahead and get started, I'm Katherine Schulte, I cover life sciences and diagnostics here at Baird. Very excited to have Quidel Ortho joining us today. From the company we have the CFO, Joe Buske. So Joe, thanks so much for joining us. I think we're gonna dive right into Q and A so if anyone has a question, feel free to send them to session3rwbear dot com and I will pass them along.</doc> <doc id='2'>So Joe, thought maybe we could just start at a high level. Can you just talk about key takeaways from the quarter and maybe how your strategic vision for the company is unfolding here? Speaker1 Sure. And by the way, thanks, Katherine. Thanks for having us to the conference. It's been great. And as far as that first question on highlights from Q2, I would say that we've now had two good quarters in a row to start off 2025 with good margin improvement of 400 plus basis point margin improvement over the prior year.</doc> <doc id='3'>I think we also showed that we've made some strategic decisions in line with what Brian and I said we were wanna do fifteen months ago when he started. And, examples of that would be we we announced that we're closing a very large manufacturing facility in Raritan, New Jersey, which is gonna provide some real nice operating margin improvement in a couple years. And we made the decision to pivot from Savannah development of molecular product to Lex, which is a business in UK that we're going to purchase once they get FDA approval for their first respiratory panel. And so again these decisions are just all around margin improvement and making the company more productive and more efficient. Again, things that Brian and I said we were gonna do last year when he when he started.</doc> <doc id='4'>I guess the last thing I'd mention is that the base business continues to grow in at the rate which we said it would grow, you know, in that sort of mid single digit growth for labs and immunohematology.</doc> <doc id='5'>Speaker0 Yeah, I want to get into Lexin a bit, but maybe starting on the lab side of the business. You know, to your point, recurring revenue growth remained solid to start the year. You know, where do you think you're winning in the clinical chemistry business? Speaker1 Yeah, the strategy with labs continues a strategy that was started probably about five or so years ago, and that is to focus on the small to mid size hospital and labs, which we define as our sweet spot. You know, we're doing quite well there. I would say the other strategy is to focus on leading with integrated analyzers that runs both routine chemistry and immunoassays. And, you know, that strategy continues to be the one that we're gonna employ and it's it's working quite well. And, you know, the growth in the labs business continues to be right where we said it would be in that mid single digit growth range.</doc> <doc id='6'>Speaker0 What about on the instrumentation side? You know, how's the current capital equipment environment? Speaker1 Yeah, I don't see a lot of impact of customers pausing on placing analyzers due to the macro. And I think it's mainly because the the value of the analyzers we're placing is much less than, say, an MRI or imaging piece of equipment that's, you know, millions and millions of dollars. I think I think our purchase the equipment purchases that our customers are making kind of fly below the radar to some extent. We also offer, like our competitors do, an alternative to to buying an instrument, and that is a reagent rental where we can place an analyzer at a customer location and charge them the cost of the box over the life of the contract in the form of a surcharge on the consumables. So that's a way of kind of getting around maybe CapEx limitations that a customer may have.</doc> <doc id='7'>Speaker0 And how important is the automation element to customers? You know, how has your integrated analyzer kind of helped in this environment? And I think it's around a third of your installed base now, so how do you think that will track over time? Speaker1 Yeah, for sure automation and the integrated analyzers are super important to our customers and to our strategy of growing the labs business. In fact, you look at the automation, or I should say the growth in the automation and installed base over the last several years, it's typically been in the high single digits and low double digits as indicative of the strategy working. You know, we continue to lead with that integrated analyzer which is going to drive more higher margin immunoassay revenue growth for us. And that's important because if you look at our business relative to where the market is, our mix of immunoassay and routine chemistry is inverted from where the overall market is. And so there's lots of room for us to grow that immunoassay side of the business.</doc> <doc id='8'>And in fact, if you look at our percentage of installed base that's integrated versus nonintegrated, if you go back to when Ortho Clinical Diagnostics went public in 2021, we were around 24% of the base was integrated, and now we're sitting at around 30% of that base, installed base, being integrated. So you can kind of get a feel for the pace of which we're moving and employing that strategy and you can also get a feel for how much room is left to run, how much we can run this strategy out. There's plenty of runway left.</doc> <doc id='9'>Speaker0 And in terms of that kind of immunoassay mix, I guess where do you see the biggest opportunities in the portfolio to keep driving that? Speaker1 Yeah, good question. I think that if you look at where the labs growth is, you know, in the more developed markets of The US and Western Europe, you'll see more, you know, low to mid single digit growth. But when you look in less developed areas like Latin America and Asia Pacific and Eastern Europe, you'll see more high single digits, sometimes low double digit growth. And so we I I look towards those lesser developed markets of Eastern Europe and Asia Pac as the areas where I think there's lots of opportunity for us to to grow that integrated analyzer base and grow that immunoassay business.</doc> <doc id='10'>Speaker0 And if we move on to molecular, you know, how does the planned Flex acquisition kind of expand your footprint there and maybe talk through the strategic rationale for pursuing that route instead of continuing with Savannah.</doc> <doc id='11'>Speaker1 Yeah, it was a really tough decision that we made back in June to pivot from developing Savannah to Lex. Savannah had been a product that Quidel had been working on prior to the combination with ortho for many years and it's it's it's a great product. Savannah, I think, has a lot of potential competitive advantages in the marketplace, but Lex also has some very distinct competitive advantages in the marketplace where we intend to sell it and those advantages I would say are focused on turnaround time, ease of use and cost. And so the decision was made to pivot to Lex primarily because if you look at the amount of time it would take to fill out the menu, the amount of cost it would take to fill out the menu, and the level of technical risk, which is much less in a product like Lex, we decided to discontinue Savannah and focus our resources on Lex because again, we think we can get that menu filled out much faster and for much less cost and a lot less risk. And so we believe that the first panel which was submitted to the FDA which is a respiratory panel in June, we believe that we will get approval for that panel sometime later this year.</doc> <doc id='12'>Speaker0 And maybe what's the timeline for menu expansion there into other respiratory or women's health applications? Just curious, you know, how much there is an opportunity outside of that initial panel.</doc> <doc id='13'>Speaker1 Yeah, there's lots of opportunity to fill out that menu. I think first we'll focus on RSV and strep being added to the panel and then women's health and STI will be next. More to come on specific timelines but yeah, there's plenty of opportunity to fill up that menu and expand.</doc> <doc id='14'>Speaker0 And how do you think about, you know, the overlap with kind of the rest of your portfolio? Is there any potential cannibalization for Sofia? Speaker1 The good news is is that the Lex product can be commercialized through the existing sales force. So there's no need to add any resources to commercialize Lex as we move into early twenty six. They're based on the customer research that we've done, the KOLs we've talked to, we believe there's plenty of room for both a rapid antigen test like Sofia and a molecular product like Lex. And there is some some overlap but I would say it's not not significant at all. It's probably, you know, 10% or less of of overlap and and even that amount of overlap is not overly concerning for us because if there are customers who'd rather use Lex rather than Savannah, the Lex margins are higher.</doc> <doc id='15'>And so that would be some minor amounts of cannibalization that I'd probably welcome from a margin perspective.</doc> <doc id='16'>Speaker0 And you've talked about kind of reinvesting some of your Savannah dollars into Lex, you know, where are those investments mainly concentrated this year and kinda what additional steps are you taking to prepare for that kind of limited commercial launch in the first half of next year? Speaker1 Yeah, we're definitely excited about getting approval on that first panel later this year so we can start a limited commercialization in this first and second quarter twenty six respiratory season. As I said a minute ago, really no need for any additional commercial resources. We've got everything we need. Being the leader in respiratory testing in The US, we've got all the commercial resources that we need to sell that product. I guess the most near term investments might be in the form of not too significant CapEx that will be needed to increase the manufacturing capacity for Lex.</doc> <doc id='17'>There is a line that the company has in The UK right now but will need an additional line either somewhere in The UK again or in The US. Haven't decided that yet but that will be something that will stand up pretty early in '26 so that we can hit the late in the '26, early twenty seven respiratory season with a much more fulsome rollout and commercialization.</doc> <doc id='18'>Speaker0 Okay. And then on point of care, you you lowered the 2025 outlook for COVID revenue coming out of the second quarter. Can you just remind us of the seasonality baked in for the third and fourth quarter and maybe just given the trends that you've seen so far this year, you know, how you think about forecasting, you know, endemic COVID revenues longer term? Speaker1 Yeah. COVID's been been quite the ride. And I I know that there's been a lot of focus on the on the decline of the COVID revenue over the last several years, but I do believe that as a headline conclusion, we've digested most of that decline. When you think about where we were in '21 and '22 with a billion 4 of COVID revenue that's dropped to 400,000,000 and then a 185,000,000 last year, you know, the guidance this year is for 70 to a 100. And if you just pick the midpoint of of that, somewhere you in the mid eighties, I think that's a realistic, very realistic point of of where where the declines end.</doc> <doc id='19'>And, you know, and I can say that with with some confidence because all of the the government order revenue is is gone and the retail business is is fairly small at this point. There's not a whole lot lot left. So most of what's left is the professional use space revenue which has proven to be somewhat consistent and durable. And so we do think that that, you know, call it that midpoint of the 70 to a 100 is probably a good place to think that not only we're gonna end up this year, but where we're gonna go for the next next several years with COVID revenue. So I think all of these views of revenue of ex COVID that we've done for the past couple years, think we're we're really getting to the end of that, which is great news, I know, the buy side and sell side.</doc> <doc id='20'>Speaker0 Yep. Absolutely. Maybe any thoughts on the upcoming flu season? Are there any clues from the Southern Hemisphere around, you know, what this upcoming season could look like relative to historical trends? Speaker1 Yeah. The flu season in the Southern Hemisphere is always a good data point for us and that flu season has turned out to be one that I would define as more typical or average. And so that's good because that's what we've said all along this year is that our guidance for flu revenue is gonna be a typical or average season. And we define that as flu season in terms of volume, 50 to 55,000,000 tests, and the combo test mix being greater than 50% and steady market share. So the new model that we've gone to to project the flu revenue that we went to in '24 has proven out to be a good one.</doc> <doc id='21'>You know, we very close, almost I would say spot on to what we guided the street to for the first half of the year for flu revenue. And so we have a lot of confidence that where we are for the second half of this year is going to be pretty close as well. And and, you know, what we're seeing is that the the patterns for the flu season are getting back to more predictable pre pandemic patterns. The the level of testing is up versus pre pandemic mainly because of the combo test, and we think that combo test is pretty durable given that it's been over 50% of our flu revenue now for two plus years. And so, you know, I think that flu season is, the flu season revenue is getting a little more predictable.</doc> <doc id='22'>So we feel good about where the guidance is for the second half of the year.</doc> <doc id='23'>Speaker0 Yeah. Maybe shifting to transfusion medicine, you know, how should we think about that business following the U. Donor screening wind down and, you know, what's your view on the growth outlook there? Speaker1 Yeah, so as a reminder, the transfusion medicine business unit for us is comprised of the donor screening business, which is primarily the business of screening for infectious disease in the blood supply donations. And we decided to shut down, wind down that business last year because it is a small market, It's lower growth and it's it's got lower margins compared to the rest of our businesses. So we decided to wind it down last year. And, you know, last year we did about a 120,000,000 of revenue. This year it'll be probably 40 to 50,000,000 of revenue.</doc> <doc id='24'>And this business will be fully wound down in early twenty six. And so again, that revenue headwind of the donor screening wind down, which we've had all year, which is down about 40% in the first half of the year, that headwind will go away in the first half of next year and we won't be dealing with that anymore. And the top line revenue growth will be made up more of the base business, which we see as a mid single digit growth business. The other business within transfusion medicine is immunohematology, and that's a business that we really like. That business is global.</doc> <doc id='25'>We're the global number one in terms of market share with that business and we do intend to continue to invest in that business going forward.</doc> <doc id='26'>Speaker0 Yeah. Okay. And maybe on China, there's been a lot of noise there for diagnostics companies, particularly this quarter. It sounds like you've been relatively insulated from some of the unbundling and VBP headwinds that</doc> <doc id='27'>others are seeing. Is that right? And are there any parts of your business that are seeing pressure there? Speaker1 I was waiting for the China questions. I knew they were coming. The we spent a lot of time on this on our last earnings call. Brian, I think, did a great job of of talking about why our business is different from others in our space in in China. And I know a lot of folks like to paint a broad brush with with the China risk, but our business is different, and here's why.</doc> <doc id='28'>First of all, we use a dry slide technology on our lab side, which none