Syncora at Leerink Conference: Strategic Growth Amid Challenges

On Monday, 10 March 2025, Syncora (NYSE: COR) presented at Leerink’s Global Healthcare Conference 2025. The company provided a strategic overview, highlighting robust growth in its U.S. Healthcare Solutions segment while acknowledging short-term challenges. Syncora’s leadership emphasized strategic investments and a customer-centric approach as key drivers of its positive outlook.

Key Takeaways

• Syncora raised its adjusted diluted EPS guidance to $15.3-$15.6, citing strong U.S. segment momentum.
• Strategic investments in One Oncology and Retina Consultants of America align with growth in specialty areas.
• The company remains confident in long-term organic operating income growth of 5% to 8%.
• Partnerships with Walgreens and Boots extend through 2029 and 2031, respectively.
• Despite market softness in World Courier, Syncora remains optimistic about its long-term potential.

Financial Results

• EPS Guidance Increase: Adjusted diluted EPS guidance for the year was increased by $0.05, now ranging from $15.3 to $15.6.
• Dividend Growth: Syncora has increased its dividend by 8%, aligning with its long-term EPS growth guidance.
• Capital Deployment: The company expects 3% to 4% growth annually from capital deployment, with a focus on strengthening its balance sheet.

Operational Updates

• Specialty Growth: Strong sales were reported in Part B, oncology, retina, and distribution services, benefiting from biosimilar trends.
• Walgreens Partnership: Syncora’s partnership with Walgreens and Boots is set to continue for several years, supporting its pharmacy-led business model.
• Provider Services Expansion: Investments in One Oncology and RCA enhance services for existing customers, focusing on high-growth pharmaceutical areas.
• World Courier and Pharmelex: While World Courier faces short-term market softness, both businesses are expected to contribute positively in the long term.

Future Outlook

• Capital Deployment Strategy: Syncora plans to balance CapEx, strategic acquisitions, and share repurchases, with a focus on debt reduction following the RCA acquisition.
• M&A Prospects: The company is exploring additional acquisitions in oncology and retina, aiming for bolt-on opportunities.
• Long-Term Growth Confidence: Syncora maintains its long-term guidance of 5% to 8% organic operating income growth and adjusted EPS growth of 8% to 12%.

Q&A Highlights

• Customer Relationships: Syncora prioritizes partnerships with customers seeking long-term strategic collaboration.
• Store Closures: The company is confident in maintaining growth despite store closures, leveraging its efficient distribution network.
• Leadership Focus: CEO Bob Motch emphasizes a customer-centric approach and strategic team engagement.

For a deeper understanding of Syncora’s strategies and financial outlook, readers are encouraged to refer to the full transcript.

Full transcript - Leerink’s Global Healthcare Conference 2025:

Mike Cherney, Healthcare Tech Distribution Analyst: Great. Good morning, everyone. Welcome to this session of the Leerink Global Healthcare Conference. I’m Mike Cherney, the healthcare tech distribution analyst. It’s my pleasure to have with us the Syncora management team, Jim Cleary, CFO, Bennett Murphy, who heads up IR as well as Treasury.

I got a ton of questions. Obviously, if anyone in the room has anything at any point, let us know, raise your hand. But for now, maybe I’ll just start. Jim, you had AK this morning, increased guidance by 5¢ at the top and bottom of the range, called out US Healthcare Solutions. Maybe just go into a little bit more detail about the drivers behind that and maybe use that as

Jim Cleary, CFO, Syncora: a framework for what you’re seeing across the market, obviously, building off of a strong 1Q as well. Yes. I’m sure you all saw, we put out an eight ks this morning and we increased guidance for adjusted diluted EPS to a range of $15.3 to $15.6 so 5¢ at both the bottom and top end of the range. And we said it was specifically as a result of continued momentum in the second quarter in our U. S.

Healthcare Solutions segment. And so we’re seeing really, the same things that we’ve been seeing for some time now, that’s benefiting our core business in The U. S. Just continued strong utilization trends, continued strength in specialty sales to both physician practices and health systems, and really broad based growth across the segment. And so we thought as a result of that, it was appropriate to do this increase in guidance and attribute it to the continued momentum we were seeing in the second quarter.

And so we are just, really pleased by that. And of course, it’s in spite of a a COVID related headwind that we’ve had for some time now. And so we’re overcoming that, like we did in the in the first quarter. And as I’m sure you saw in the first quarter in The US segment, we had or we had operating income growth of 10%, which was in spite of that same COVID related headwind in in the first quarter.

Mike Cherney, Healthcare Tech Distribution Analyst: And maybe just to dive in a little bit more, you you mentioned specialty. I’ll I’ll start there. Syncora has a long history of being a, no pun intended, core specialty provider. You’ve always performed well in specialty, but we’ve seen what appears to be elevated market growth as well. Bulk dynamics.

Anything else you’re seeing? Anything on condition states? Anything else you can call bulk dynamics. Anything else you’re seeing? Anything on condition states?

Anything else you can call out relative to the specialty growth and particularly your ability to gain share with your current customer base?

Jim Cleary, CFO, Syncora: Yeah. And so I’ll start and I’m sure that Bennett can add. So as you know specialty is a real area of strength for us. And as I said earlier, we’ve seen very good performance in sales to both physician practices and health systems. And again, I could call out really a number of different things.

We see very good performance in Part B. We said we see very good performance for us in both the oncology space and the retina space. We see good performance in distribution. We see good performance in our wrap around services like our GPO services. One of the several things that’s benefiting us also in the space is the biosimilar trends.

And we’ve had good performance. We’ve called out for quite some time in the oncology space and now also in the retina space.

Mike Cherney, Healthcare Tech Distribution Analyst: And as you think about biosimilars in particular, the last year, the biggest focus has been on Eumira, Stelara, the biosimilar introductions, which all my understanding is that they’re not huge differentiated growth drivers for the distributors. So what are you seeing from a biosimilar adoption dynamic for your customers given that especially for drugs that fall into the provider channel that seems to be like a later in the decade opportunity for maybe upsized growth given some of the patent experience we’re expected to see?

Jim Cleary, CFO, Syncora: Yeah. I’ll I will I will start. And this is something, of course, that we’ve mentioned for quite some time. And with biosimilars, we principally benefit in Part B, where we not only do the distribution, but we also do a number of the wraparound services, like the GPO services. And I said earlier, we’ve really benefited with, from biosimilars in oncology for quite some time in Part B and now in retina also.

In Part B, and you mentioned Humira, you know, those are of course good for, patient care and patient access. But they’re lower margins for us and so don’t have nearly as much impact. They’re largely mail order, so we’re doing pallet size shipments to relatively few locations. And so as you can imagine, that’s a lower margin business for us, but course, still very good for patients. Bennett, anything you’d like to add?

Bennett Murphy, Head of IR and Treasury, Syncora: Yes. I think that kind of setting aside the recency bias rate, if you can’t take a longer term picture, you see that several years ago, we started to see the Neulasta, Avastin, Herceptin, Rituxan Lumers come in and they are in that Part B space and we saw quick fast adoption as the doctors got comfortable with the therapeutic comparability of those products and we saw them get into our numbers pretty quick. The more recent experience has been those Part D products, which is what Jim is talking about or clarifying. I think that’s the part of the market we’ve always known is going to have a little more challenges given the structure of that market going through the payer. And I think what you’re seeing with those products now that there are the private label products you’ve seen, it’s more calendar based as opposed to doctor comfortability, right.

So as the new plan year started in January, you saw some of the biosimilars or some of the reference HUMIRA volume switch over to biosimilar and we’ll probably see that continue to play out on the mail order side. And then to what you’re talking about later on, we ideally will experience very similar experience we had in like 2020 to 2022 where we saw the Part B bios and where it’s pick up as some of those patent expirations occur. Got it.

Mike Cherney, Healthcare Tech Distribution Analyst: We’ll probably circle back to specialty a bit more as we go, but you may be just thinking about the more traditional side of the world. The comments you always use on pricing are competitive but stable. I think that’s it’s a very common term I think we hear from you and your peers. As you think about the recent set of customer renewals, especially as you’ve got you expanded your service offering additional capabilities, how does that factor into the pricing dynamics? And where do you see the I guess, A, can you confirm the competitive stable pricing?

And then b, how much of upsell opportunities do you have given that maybe versus the last time you went through an RFP, your service offering has expanded?

Bennett Murphy, Head of IR and Treasury, Syncora: Yeah. So I think, competitive but stable remains true. And as we look at our customer base, what we’re really focused on is partnering with or finding customers that want partners. Right, it’s more than just that transactional basis. So across our portfolio, customers really focus on those ones who want to do more with us, who have long term strategic goals that they’re trying to hit and they are pharmaceutical centric and we’re focused on targeting those customers, working with those customers and then making sure that we’re helping solve those problems and lay that groundwork.

I think that the changes we’ve made or the investments we’ve made are just to either expand our capabilities or enhance some of the solutions that we provide. And that just make sure that if we’re doing those things, our customers view us as that partner and want to be with us for the long term.

Jim Cleary, CFO, Syncora: And Bennett, just one thing I’ll add is, we are renewing customers all the time. And typically, these just things that we don’t need to call out because we’re doing it all the time and we’ve rebalanced contracts over time very well. So there just isn’t a need to call out any sort of change typically when we do a renewal now. Yeah. Let me

Mike Cherney, Healthcare Tech Distribution Analyst: So just just to repeat, the the question was about the the Walgreens announcement from last week and what it means for Syncora’s relationship and the potential for store closures.

Jim Cleary, CFO, Syncora: Yes. And so there are really a couple of things there. One, we were pleased to see Sycamore’s positive commentary on Walgreens pharmacy led business model here in The United States. And we’ve had, as you know, a relationship with, Walgreens and WBA for quite some time. We started our relationship in The US in 02/2013, and we presently have a contract here in The US with Walgreens through 2029, and in The UK with Boots through 02/1931 and we have a very good relationship and actively partner with them and we are looking forward to continuing to partner with Walgreens and with Sycamore also to look at ways to pursue strategic initiatives with them and add value in ways that’s win win for both companies.

Now I’ll get on to the store closure question you asked. What we’re seeing is they’ve announced store closures at this point in time. And of course, typically, they are closing stores that are less profitable or have less volume and that also where they can ship prescriptions to other nearby stores. And so, you know, that’s something that we’ll, you know, see what the impact is over the long term. But, overall, I’m very pleased to see the news because I think it creates an opportunity for Walgreens to continue their turnaround plan and be able to do it with a, lead investor that’s, you know, very smart and very experienced in retail.

And I think, they’ll have a very good chance of achieving their objectives as a private company.

Mike Cherney, Healthcare Tech Distribution Analyst: Just a quick silly follow-up. In a change in control, does that open up contract terms or anything or contract discussions or is it

Jim Cleary, CFO, Syncora: Yeah. Let me just say we have, a very good relationship and we have contracts that are in place, that are through 2029 in The US and 2,031 in The UK.

Mike Cherney, Healthcare Tech Distribution Analyst: Maybe to use that as a backdrop, Walgreens is not the first of your customers that’s closed stores. Clearly, The U. S. Pharmacy channel is one that’s been in years of flux. As you think about your role as a partner for all these pharmacies, especially pharmacies going through those store closures, How does the typical relationship work where you can make it win win for those customers, where you can help them on store closures, inventory management, making sure that they’re not falling short on those script transfers.

You don’t wanna transfer to a store and then they don’t have enough volume. And and and maybe just give some specific examples, but this isn’t the first time where you’ve seen companies like this going through some level of store disruption.

Jim Cleary, CFO, Syncora: Yeah. And, so let me let me start, and then, Bennett, you may want to add. And, you know, I think this is one of the really great things about our company and more broadly, our industry. And this is something that we’ve tracked over time. Of course, there have been store closures that have happened for a number of years.

But if you look at industry volume growth, industry volume growth on both the units and a dollar basis is has been very strong for quite some time and has been driven by the utilization trends that we’ve seen for quite some time that are very positive. And so while there can be store closures, while we look at our overall business, we see very good, durable top line growth. And one thing I’ll add that I didn’t mention earlier is that, of course, companies like Walgreens and others are very experienced at doing this and are very good at, transferring prescriptions from one pharmacy to another pharmacy and retaining staff. And so it’s something that, you know, we’ve, seen for quite some time and are quite comfortable with and, you know, confident about, the top line growth that will continue for our company and our industry.

Bennett Murphy, Head of IR and Treasury, Syncora: And I think if you look at our industry, our company, the value that we provide on the inventory side is really high. So if you’re closing stores or if you’re shifting volume, the fact that you can order from us until seven at night and get it the next morning by ten or eleven, that gives you a lot of wiggle room or space to manage the iterations that can occur when you’re trying to ship your footprint or move patients from one store to the next. So I think that’s a lot of efficiency and a lot of value that we provide to help in those types of processes.

Mike Cherney, Healthcare Tech Distribution Analyst: And Jim, maybe back to a previous comment. You talked about the dynamics of customers and renewals and constant renewals. I don’t think there’s been a press release to customer you’ve won since Walgreens. So we don’t see all of the wins. Clearly, there’s been, I’m not sure if you can come to next, but a lot of consolidation of some of your customers, other customers that ongoing in process.

But maybe just talk about your win rate. It it doesn’t come up a lot, but, you know, what type of customers are still turning to Syncora? And and and when you win them, what are you offering? Because I know your net shift is not negative, which obviously be M and A driven more than anything else.

Jim Cleary, CFO, Syncora: Yeah. And that’s, and it’s it’s, it’s certainly evident when you look at our company, growth. And there aren’t, and of course, you could pick individual examples, but there’s not a lot of shifting in customers. But we’ve seen, really good performance with health systems, and we’ve seen, you know, very good performance with community practices. And I’d say we’ve seen a very good performance across the board, which is, of course, you know, evident when you see our, top line growth rate.

And, you know, one of our one of the things we really focus on is, leading with market leaders and having, you know, leading customers in every one of our business units. Ben, I’m not sure if there’s anything you’d like to add?

Bennett Murphy, Head of IR and Treasury, Syncora: No, I think that’s right. We’re very targeted and where we feel like we want to have a potential incremental exposure. And we just kind of fundamentally don’t view the press release for customer contracts as necessarily a big upside.

Mike Cherney, Healthcare Tech Distribution Analyst: And so, you know, maybe thinking a bit about the consolidation, let’s jump into some of your provider services that continue to expand. The one oncology investment now is, at least announced, almost two years old. Retina Consultants of America. I always have to look up what the c stands for to remind myself, but, obviously, it’s the newest one. Yeah.

Maybe give a little compare contrast on what attracted you to both those businesses. One, oncology clearly felt right down the middle given your historical strength in oncology. RCA maybe, you know, analogy that’s important but a little different. But may maybe give a little sense on on the background behind both of those and what you hope to achieve and do better with them that they weren’t doing before.

Jim Cleary, CFO, Syncora: Sure. I will call out a few things. First of all, it was the natural evolution of our really successful specialty business. As you know, specialty has been a key growth driver for our company for quite some time. And we’re a leader in distribution.

We’re a leader in GPO. And so now getting into the MSO space, just was the logical next step because it’s providing more services and higher value services to the same customer group. So these are customers that we’ve had relationships with in distribution and GPO for many, many years. And so it was just the right next step to get into these higher value MSO services with the same customer base. So that’s one of the first things I wanted to call out.

Second thing I wanted to call out is the reason why we’re in on oncology and retina as they’re pharmaceutical centric. And that’s one thing about Syncora. If you look across all our businesses, we’re pharmaceutical centric, which makes a lot of sense, where there’s always going to be innovation and good market growth. And if you look at the different ologies, oncology and retina are the two that are pharmaceutical centric. And so rather than get into other MSO ologies, what I would see is us growing the oncology MSO and the retina MSO because they’re by far the two most pharmaceutical centric ologies.

And then the third thing I’d like to make is the or point I’d like to make is that the reason why we’re excited about One Oncology and RCA is that they are leaders in the market. Both of them are, market leaders. And so, you know, if we’re going to do something like this, to do this with market leaders makes a lot of sense. And our most recent acquisition, RCA, is a market leader in a very fragmented market, which is a good position to be in and creates a lot of long term growth opportunities. But both of these companies are similar, but I think there’s, you know, ways where over time they’ll benefit from each other also.

For instance, RCA is very experienced in being sites for clinical trials, which is one of the, neat things about the business, not only from a potential profit stream standpoint, but also it’s a way, to really attract top doctors out of out of schools.

Mike Cherney, Healthcare Tech Distribution Analyst: And when you think about growing the businesses, I mean, you have an oncology platform, obviously, with a 35% investment. You have a retina platform now. How do you think about the buy versus build expansion opportunities for both against the backdrop of making sure you keep your market leadership position?

Jim Cleary, CFO, Syncora: Yes. Okay. Easy enough. Yeah, right. Yeah.

And so there’s going to be and there’s going to be both buy and build opportunities in both the businesses. They’re excellent markets with growth opportunities that’s going to come through pharmaceutical innovation. We just finished our five year planning process, which is always a great strategic planning process and financial process to go through. And there’s one of the nice things about both these markets, oncology and retina, and working with both these market leaders, as there’ll be a number of smaller bolt on opportunities, we think over the next five years.

Mike Cherney, Healthcare Tech Distribution Analyst: And just on one oncology, because of the investment structure, how active can you be with the business as a 35% owner versus the eventual option assuming you’re going to consolidate and obviously have more operational control?

Bennett Murphy, Head of IR and Treasury, Syncora: Yeah. We do have good board representation, good governance, and we’re closer to partner. We both benefit from one oncology continuing to grow.

Jim Cleary, CFO, Syncora: And as you know, we have the put call option. So it is probable that we will own all of the business in a couple of years.

Mike Cherney, Healthcare Tech Distribution Analyst: And just from a technical perspective, I know cash flow is not an issue for the company. But is there anything at this point in time that would change your capital deployment priorities knowing the high likelihood of consolidating the business within the next couple of years? Or are you still on the same type of capital deployment opportunities?

Jim Cleary, CFO, Syncora: Yes, that’s a great question. And we will continue to have balanced capital deployment. We’ll continue to do CapEx and invest in the business, a lot of which is in technology and infrastructure. And those typically have very good returns for us. We’ll continue to do strategic acquisitions like RCA.

And buying the balance of one oncology is also probable to happen during our planning cycle. We’ll do opportunistic share repurchases, and we’ve done you know, I think we’ve been very good over the last couple of years of doing opportunistic share repurchases, and we’ll be growing our dividend. And what we most recently started doing is growing our dividend this year at 8% in line with the bottom end of our long term, EPS growth guidance of eight to 12%. Now one of the things that we have said is that, after the acquisition of RCA, where we invested $4,400,000,000 we are prioritizing some debt pay down for a period of time. But as you look over a planning cycle, I’d expect to see balanced capital deployment.

But of course, the sorts of things like RCA and One Oncology are big parts of that.

Bennett Murphy, Head of IR and Treasury, Syncora: Yes. I think as always, we’ve appreciated having a really strong balance sheet. And in our long term growth, Allegroon, we’ve said that we’re expecting 3% to 4% per year, from capital deployment as we continue to strengthen our balance sheet alongside that.

Jim Cleary, CFO, Syncora: And of course, one of the many really good things about Syncora is our long term free cash flow generation, which creates very good capital deployment opportunities, which is a real critical success factor for the company and that we are such a good cash generator. Capital deployment is something that we spend a lot of time thinking about and planning.

Mike Cherney, Healthcare Tech Distribution Analyst: Yeah. Thinking back to last quarter, most of the businesses were at or above plan. We obviously already talked about the core US foreign business. The one that was more of a little bit of a struggle is World Courier. I don’t think you’re immune or you’re not alone in terms of some of the clinical trial service providers having, market oriented headwinds.

Maybe talk about the puts and takes right now going on with that business and anything interesting you’re seeing called out from some of your manufacturer partners?

Jim Cleary, CFO, Syncora: Yes. Sure. I will start and then, Bennett, feel free to add in. We definitely called that out. And World Courier, our global specialty logistics business, we have seen some market softness, just as other people have called out.

And we called out that the impact of that, both in the first quarter and as we said, in the first half. And it’s, and but it’s a very, it’s a really good business. It’s had great growth over the last ten years. It’s a real, leader from a quality standpoint in doing logistics for clinical trial and other specialty logistics in the pharma business. So we feel very good about the business for the long term.

But just as others have called out, there has been some short term pressure there.

Mike Cherney, Healthcare Tech Distribution Analyst: And has anything changed in terms of the visibility you have on that business? Again, you are far from alone in in running through these issues. But are you seeing anything in terms of contracting, in terms of any in the manufacturer side that would give pause on on how well you can predict the business on near term basis?

Bennett Murphy, Head of IR and Treasury, Syncora: Yeah. I think, it’s the predicting the manufacturer outsource of clinical trial advancement has been a little bit of a challenge. And that when you’re coming down from peaks, right, and coming down, you’re trying to find what’s the new what’s that new level. So I’d say it’s that continued phenomenon trying to find what’s that new level that they grow from. But yes, there has been more near term challenges of late in that business.

And but as Jim said, it’s been a really good performer and over the long term and we expect it to continue to be in the long term. And you’re seeing our competitors say very similar things that are tied to that clinical trial space. So we’re watching what they’re saying too, but certainly we’re feeling it for those businesses.

Mike Cherney, Healthcare Tech Distribution Analyst: But along those lines, World Courier is not your only manufacturer services business. Can you give us a little update? I know it got probably a little lost in last earnings call with everything else going on, but how Pharmelex is performing and and the juxtaposition of Pharmelex versus World Courier, especially in the most recent quarter and where it sits competitively right now.

Jim Cleary, CFO, Syncora: Yeah. And so we are, feel really good about Pharmelex and the opportunities it will create for the longer term. It is, one of the businesses like World Courier though that, you know, will be, you know, a tougher growth business in the short term due to some of the market pressures. But of course, I’ll, you know, call out that, as we did during the first quarter and as you look overall, The US segment is, about 80% or a little bit more of our operating income and inter internationals, 20% or a little bit less of our operating income. And so while we feel very good about the international segment for the long term and the opportunities that that will create for us and in our partnering with manufacturers.

We feel like it is the right strategy. But the thing that’s really been driving our growth and the three increases to guidance we’ve done, this fiscal year is that, you know, the very strong performance in the core US segment driven by the utilization trends and just very broad based growth.

Mike Cherney, Healthcare Tech Distribution Analyst: We’re gonna run out of time shortly, and so I’d be remiss not to ask about the topic of tariffs. You know, obviously, you have a, you know, big provider, big inventory manager. How are you as a company thinking about planning around tariffs? You know, what are you hearing from customers? And and what are the puts and takes you’re considering right now about any potential tariff impact knowing that we may have them tomorrow, we may have them in a month, we may never have them?

Jim Cleary, CFO, Syncora: Yes. So, of course, we have a group that studies this and is always analyzing these sorts of things. And as you all probably know, in the pharmaceutical market, the manufacturers are the importer of record, so there isn’t a direct impact on us. But, what our team really focuses on and just really feels is really most important is product access. So always making sure that there’s, that there’s access in the market so we can do an excellent job on our customer service.

Mike Cherney, Healthcare Tech Distribution Analyst: And relative to the manufacturer conversations, have you seen any hiccups yet on their front on product access, like and and, you know, you know, anything about contractually thought process on tariff pass through, how they’re managing, their pricing, or and how you factor that in going forward?

Bennett Murphy, Head of IR and Treasury, Syncora: Yeah, it wouldn’t be that. It would generally be potential actions that could impact supply. So that’s what we’re primarily focused on is making sure that we’re monitoring what we have in the channel, what customers have in the channel, what manufacturers have on the ground, to make sure that if there are any direct disruptions that there are sufficient access. And we always make sure that we understand our customers buying what’s normal buying for them to ensure that we kind of keep to prevent any speculative buying, particularly as it relates to things like this. So we just lean into the communication and upstream and downstream to make sure that everyone’s on the same page in terms of navigating any potential disruptions.

Mike Cherney, Healthcare Tech Distribution Analyst: As we wrap, Jim, you mentioned you just went through, a five year strategic planning. Obviously, this is the first five year strategic plan with new leadership, not new to Syncora in terms of Bob, but obviously with Steve having retired. The last five years, I think, have been characterized especially on underlying basis by outperformance. I have to go back and check all of the math on this, but I’m pretty sure you back out all the COVID moving pieces that you at least especially in The US business, you’ve outperformed your five percent to eight percent targets or at least right at the high end. As you think about your competitive positioning right now and eventually once we roll off of these COVID comps, how do you think about the dynamics of that five percent to eight percent going forward?

I’m not asking you to comment on specifically on a if you would change it, so to speak, but with the strong performance of the business, what are the puts and takes that at least now versus when you first introduced it about three years ago, get you to the upside downside of that range?

Jim Cleary, CFO, Syncora: Okay. Great question. So first of all, you talked about leadership at the company. And, of course, Bob Motch is now our CEO. Bob has been with the company for many years.

He’s run every business at Syncora in in several different roles, and he was chief operating officer for several years before becoming CEO. So when you talk about, you know, the many years of outperformance, you know, Bob was running the businesses, and or chief operating officer. And one thing I’ll comment about Bob is he’s, you know, extremely customer centric. And his we’ve been, working with Bob as CEO, spending a lot of time in the field with team members and customers because he is so focused on the team and so, customer centric. And, you know, we, feel, you know, very confident in our in the long term guidance that we have out there of, you know, 5% to 8% organic operating income growth and another 3% to 4% from capital deployment, m and a, and share repurchases.

So adjusted EPS growth of 8% to 12% or double digit at the midpoint of the range. We feel, you know, we feel very confident in that. And of course, we’ve been we’ve been able to, outperform that for some time. Bennett, anything you’d

Bennett Murphy, Head of IR and Treasury, Syncora: like to add? Perfect.

Mike Cherney, Healthcare Tech Distribution Analyst: Well, I see red numbers, so we’re going to cut it there. But Jim Bennett, thanks so much for being here.

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