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- **Revenue Records**: Q3 2025 revenue up 13.4% YoY to $420.7M, with advanced imaging driving 13.0% aggregate growth.
- **AI Adoption Surge**: EBCD AI used by 45% of patients, See-Mode thyroid scans processed at 14,000/month with 30% time savings.
- **Digital Health Expansion**: iCAD acquisition added $3.9M Q3 revenue, with Digital Health guidance raised by $5M.
- **Medicare Rebound**: 2026 Medicare revenue expected to increase $4M-$5M, reversing 5 years of cuts.
- **Strategic Acquisitions**: Alpha RT enhances remote scanning with AI safety cameras and remote technologist staffing.
- **Financial Strength**: $804.7M cash, 1.0x leverage, with $50M-$30M revenue and $5M EBITDA guidance upgrades.

**【CEO Summary Section】**
- **Revenue and EBITDA Records**: Q3 2025 revenue grew 13.4% YoY to a record high, with adjusted EBITDA up 15.2% YoY, driven by advanced imaging (13.0% aggregate growth) and a 26.2% increase in AI-related revenue.
- **Advanced Imaging Growth**: Same-center MRI, CT, and PET/CT volumes increased 11.5%, 6.7%, and 14.9% YoY, respectively. Advanced imaging now accounts for 28.2% of procedures, up from 26.7% last year.
- **Digital Health Expansion**: iCAD acquisition added $3.9M in Q3 revenue, with EBCD AI adoption reaching 45% of patients. See-Mode thyroid ultrasound AI reduced scan times by 30% and is now deployed in 240 centers.
- **Strategic Acquisitions**: Alpha RT acquisition enhances remote scanning capabilities, offering remote technologists and safety AI for MRI suites. 2025 capex guidance increased by $5M for growth investments.
- **Financial Strength**: $804.7M cash balance and 1.0x net debt/EBITDA ratio support M&A pipeline, with $50M-$30M revenue and $5M EBITDA guidance upgrades.

**【CFO Financial Commentary】**
- **Revenue Performance**: Total revenue $420.7M (13.4% YoY), Imaging Centers segment up 12.3% YoY, Digital Health up 51.6% YoY. Advanced imaging revenue grew 28.2% YoY.
- **Margin Improvement**: Adjusted EBITDA margin 16.2% (vs. 16.0% last year), driven by cost management and higher-margin advanced imaging mix.
- **Cash Flow**: Days Sales Outstanding (DSO) reduced to 31.9 days, lowest on record. 2025 full-year guidance raised for revenue ($1.7B-$1.75B) and EBITDA ($265M-$275M).
- **Medicare Outlook**: 2026 Medicare revenue expected to increase $4M-$5M YoY, reversing 5 years of cuts.

**【Q&A Highlights】**
- **TechLive Rollout**: Full MRI/CT/PET/CT connectivity by end-2025, reducing exam closures by 42% in NY. Dynamic scheduling AI predicts no-shows, filling 14.8% of slots.
- **Payer Progress**: 4 capitated contracts now reimburse EBCD, covering 700K+ members. Commercial payers under pressure to follow as capitated groups see compliance benefits.
- **Labor Solutions**: TechLive enables 1 tech to manage multiple rooms, expanding talent pool. Training programs and tech schools address radiologist shortages.
- **AI Strategy**: Transitioning from hardware to software focus, with DeepHealth OS as a platform for clinical and operational AI tools. Virtual radiology capabilities in development.
- **Growth Pipeline**: 5 new centers opened in 2025, 407 total locations. Acquisitions and de novo openings expected to continue, with Digital Health revenue guidance raised by $5M.

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