Dafinchi AI

ICUI

Healthcare

The IV Solutions joint venture (JV) became operational, contributing to a 3 percentage point expansion in gross margins, which exceeded expectations.
Management highlighted that the JV's contribution improves gross margin visibility and underscores the strategic importance of this platform for future growth.
The JV's impact on gross margins is primarily due to deconsolidation effects, which make the company's underlying gross margin more transparent and highlight the core portfolio's profitability.
The company expects the JV to help offset tariff impacts and support long-term margin expansion despite current headwinds.
Management emphasized that the JV's contribution to EBITDA is not expected to continue at the same level, but it remains a key part of their strategic growth plan.

LFST

Healthcare

Management is confident in achieving mid-teens revenue growth and expanding margins into the future.
Long-term, the company targets 15% to 20% EBITDA margins through center margin expansion, rate growth, and operating leverage.
Margin expansion in 2025 was driven by operational efficiencies despite payer dynamic challenges.
The growth algorithm includes increasing visit volumes, rate improvements, and leveraging G&A efficiencies for sustained margin growth.

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