-- 独立研究机构CFRA向提供了以下研究报告。CFRA分析师的观点总结如下：Medline第一季度业绩喜忧参半，净销售额达74亿美元（同比增长10.7%），有机增长率为10.1%，但调整后每股收益为0.16美元，远低于市场普遍预期的0.29美元。受关税影响和成本上升，毛利率同比下降250个基点至25.0%，调整后EBITDA下降10.6%至7.76亿美元，利润率从上年同期的13.1%降至10.6%。Medline品牌业务部门实现销售额35亿美元（同比增长6.2%），但EBITDA利润率从25.4%降至22.1%。供应链解决方案业务增长更为强劲，实现销售额39亿美元（同比增长15.0%），但利润率有所下降。我们认为，尽管公司在生产能力方面进行了增长性投资，但3.16亿美元的自由现金流仍然展现出强劲的现金流。管理层将全年有机销售额增长预期从8%-9%上调至8.5%-9.5%，同时维持调整后EBITDA预期在35亿至36亿美元之间，表明公司预期利润率将有所回升。我们相信，随着MDLN受益于新客户的签约和现有客户的增长，运营效率有望得到提升，尽管关税压力在短期内仍将构成不利因素。
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