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- **Revenue explosion**: Q2 2025 revenue up 220% YoY to $244M, driven by 350% growth in Hospital Division. Gross margin 51.1% vs. 29.7% YoY.
- **Arbitration success**: 85% win rate in federal arbitration, 75%+ collection rate. $167.7M arbitration revenue (71% of Hospital Division).
- **Buyback & growth**: $25M stock buyback announced; 15 new hospitals in pipeline, 2 opening Q4 2025.
- **Financial strength**: $96.7M cash, 442% YoY operating cash flow growth. Noncash accounting adjustments with no cash impact.
- **Defensive move**: Rebutted short seller claims, emphasizing regulatory compliance and industry-wide arbitration trends.

**【CEO Summary Section】**
- Q2 2025 revenue reached $244 million, a 220% YoY increase, driven by Hospital Division growth (350% YoY). Gross profit margin improved to 51.1%, up from 29.7% in Q2 2024.
- Patient visits rose 10.6% YoY to 45,573, with mature hospitals showing 0.6% QoQ growth. Arbitration revenue contributed 71% of Hospital Division income.
- Defended against a short seller report, emphasizing compliance with No Surprises Act (NSA) and federal arbitration rules. Filed Form 8-K to clarify processes.
- Launched $25M stock buyback program and advanced 15 new hospital projects, targeting high-growth markets.

**【CFO Financial Commentary】**
- Q2 2025 adjusted EBITDA was $73.3 million vs. $6.8 million YoY. Operating cash flow grew 442% YoY to $27.1 million.
- Delays in 10-Q filing due to reclassifying $10-20M stock-based compensation as liabilities; noncash adjustments with no impact on revenue or cash flow.
- Arbitration collection rate 75%+; 85% of submitted claims won. G&A expenses reduced to 5.1% of revenue (14% YoY).
- Cash balance of $96.7M as of June 30, 2025, supporting growth and buybacks.

**【Population Health Division Update】**
- Q2 2025 revenue $7.7M (down 9.2% YoY) but operating income improved to $0.1M vs. -$0.6M YoY. IPA network expanded to 300+ primary care physicians.
- Focused on value-based care and risk-based arrangements, targeting 1-2 new IPAs annually.

**【Clinical Quality & Cost Management】**
- Patient satisfaction >96%, with 4.7/5 Google ratings. Labor costs 14.7% of revenue, lower than industry peers.
- Supply costs optimized via GPOs, reducing spend 3% YoY despite volume growth.

**【Q&A Highlights】**
- Restatement timeline: 60 days to file Q2 10-Q; no material changes to operations.
- Q3 2025 cash flow strong, consistent with prior quarters.
- 2 hospitals set to open in Q4 2025; 4 more in 2026 pipeline.
- EBITDA margin compression due to arbitration costs and new hospital prep expenses.

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