$HIMS
Business
Hims & Hers sells personalized health and wellness services through a consumer platform, including subscriptions and one-time purchases. US sales reflect treatment mix, price, retention and shipping cadence. Acquired international businesses, including Eucalyptus since June 2026, add a second growth channel. Branded weight-loss medicines, manufacturer rebates, pharmacy operations and deferred acquisition payments affect how reported growth becomes cash.
Three drivers
- US treatment mix, subscriber retention and shipment timing
- Acquired international growth and integration economics
- Rebate collections, supplier payments and acquisition funding
Thesis
Our view
Revenue growth is strong, but the business mix and capital commitments have changed materially. Q2 gross margin fell to 64% as the branded medicine and international mix expanded. H1 adjusted EBITDA of $104.603M coexisted with negative $15.161M company FCF before award withholding and acquisition payments. The operating model separates those economics from a deliberately explicit all-cash Eucalyptus funding stress.
What changes it
Track US and international sales separately, normalized gross margin and net rebate/payable cash timing. Require the actual deferred-payment cash/share election and collections before assuming the uncommitted receivable facility can fund growth.
Scenario ranges
Explicit downside/base/upside business assumptions; not price targets, probabilities or historical market-memory bands.
Model · 8 fiscal quarters (last eight)
| Fiscal quarter | 2024Q3 2024-09-30 | 2024Q4 2024-12-31 | 2025Q1 2025-03-31 | 2025Q2 2025-06-30 | 2025Q3 2025-09-30 | 2025Q4 2025-12-31 | 2026Q1 2026-03-31 | 2026Q2 2026-06-30 |
|---|---|---|---|---|---|---|---|---|
| Revenue ($M) | 401.61 | 481.1†2 | 586.03 | 544.84 | 599.01 | 617.8†2 | 608.13 | 753.24 |
| Gross profit ($M) | 317.95 | 369.5†6 | 430.77 | 416.28 | 442.15 | 444.4†6 | 396.87 | 480.88 |
| Operating income ($M) | 22.49 | 18.6†10 | 57.911 | 26.712 | 11.89 | 9.2†10 | -78.311 | -97.212 |
| Net income ($M) | 75.613 | 26.0†14 | 49.515 | 42.515 | 15.813 | 20.6†14 | -92.115 | -86.315 |
| EPS, diluted ($) | 0.3216 | — | 0.2017 | 0.1718 | 0.0616 | — | -0.4017 | -0.3718 |
| Diluted shares (M) | 235.119 | — | 246.620 | 256.821 | 248.719 | — | 228.420 | 231.721 |
| Cash ($M) | 165.522 | 220.623 | 273.724 | 1,124.625 | 345.822 | 228.625 | 222.324 | 609.825 |
| Long-term debt ($M) | — | — | — | — | — | — | — | — |
| Cash from operations ($M) | 85.3†26 | 86.4†27 | 109.128 | -19.1†29 | 148.7†26 | 61.3†27 | 89.428 | -35.9†29 |
| Capex ($M) | — | — | — | — | — | — | — | — |
| Free cash flow ($M) | — | — | — | — | — | — | — | — |
Estimates · base scenario
| Period | Revenue ($M) | EPS ($) | As of | Basis |
|---|---|---|---|---|
| 2026Q3 | 890.0 | — | 2026-09-19 | Desk base scenario. Revenue basis: Consolidated revenue ($M). Calculated from the operating-model inputs below; not consensus or company guidance. |
| 2026Q4 | 948.7 | — | 2026-09-19 | Desk base scenario. Revenue basis: Consolidated revenue ($M). Calculated from the operating-model inputs below; not consensus or company guidance. |
| 2027Q1 | 917.2 | — | 2026-09-19 | Desk base scenario. Revenue basis: Consolidated revenue ($M). Calculated from the operating-model inputs below; not consensus or company guidance. |
| 2027Q2 | 977.0 | — | 2026-09-19 | Desk base scenario. Revenue basis: Consolidated revenue ($M). Calculated from the operating-model inputs below; not consensus or company guidance. |
US treatment mix, acquired international sales and cash commitments
Build US and rest-of-world sales separately, anchoring 2026 consolidated revenue and adjusted EBITDA to August guidance. Extend each geography with explicit growth and gross-margin assumptions. Reconcile adjusted EBITDA to GAAP operating income using ordinary equity compensation, depreciation and cash exclusions. Bridge GAAP profit to operating cash using net rebate/payable timing and payment of the existing legal reserve. Deduct PP&E/intangibles and software once. Separately stress all-cash Eucalyptus deferred payments and award withholding.
Reported anchors and guidance
| Measure | Period | Value | Basis |
|---|---|---|---|
| FY2026 revenue outlook midpoint | FY2026 | 3,200.00 | derived. Calculated midpoint of the company range; not an additional company forecast. |
| FY2026 adjusted EBITDA outlook midpoint | FY2026 | 300.00 | derived. Calculated midpoint of the company range; not an additional company forecast. |
| Q3 revenue outlook midpoint | 2026Q3 | 890.00 | derived. Calculated midpoint of the company range; not an additional company forecast. |
| H1 company FCF | H1 2026 | -15.16 | derived. Includes capitalized software; no adjustment for ordinary equity tax withholding. |
| H1 cash after acquisition and awards | H1 2026 | -439.28 | derived. Historical capital uses; forecast column is an explicit Eucalyptus cash-payment sensitivity, not total cash movement. |
| H1 receivable use less payable funding | H1 2026 | 5.19 | derived. Partial working-capital reconciliation, not the entire CFO bridge. |
| Cash and short-term investments | June 2026 | 841.05 | derived. Excludes prospective financing and the uncommitted rebate facility. |
| rebate receivables | June 2026 | 347.40 | reported. Reported consolidated amount, converted from thousands to millions. Source · 2026-08-10 |
| rebate facility limit | 2026 transactions | 400.00 | reported. Disclosed transaction/facility amount; not necessarily paid or immediately available cash. Source · 2026-08-10 |
| legal reserve | June 2026 | 62.50 | reported. Reported consolidated amount, converted from thousands to millions. Source · 2026-08-10 |
| Total acquisition payables | June 2026 | 703.00 | derived. All acquisitions; not a second claim added on top of the Eucalyptus portion. |
| Current and long-term earnout liabilities | June 2026 | 162.96 | derived. All-acquisition balance-sheet amounts; not the narrower fair-value subset. |
| eucalyptus deferred | 2026 transactions | 683.90 | reported. Disclosed transaction/facility amount; not necessarily paid or immediately available cash. Source · 2026-08-10 |
| Quarterly all-cash deferred-payment stress | 2026-2027 | 113.98 | derived. All-cash, equal six-quarter sensitivity; actual cash/share election and FX can differ. |
| eucalyptus earnout maximum | 2026 transactions | 96.60 | reported. Disclosed transaction/facility amount; not necessarily paid or immediately available cash. Source · 2026-08-10 |
| peptide milestone maximum | 2026 transactions | 30.00 | reported. Disclosed transaction/facility amount; not necessarily paid or immediately available cash. Source · 2026-08-10 |
Downside scenario
| Period | US revenue ($M) | Operating cash flow ($M) | CFO less PP&E/intangibles ($M) | PP&E and intangible cash purchases ($M) | Consolidated revenue ($M) | Capitalized software cash ($M) | CFO less PP&E/intangibles/software ($M) | Cash after acquisition/award funding stress ($M) | GAAP gross profit proxy ($M) | Rest-of-world revenue ($M) | Adjusted EBITDA ($M) | GAAP operating income proxy ($M) |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2026Q3 | 650.00 | -67.30 | -104.30 | 37.00 | 845.50 | 7.00 | -111.30 | -260.28 | 496.20 | 195.50 | 69.70 | -29.80 |
| 2026Q4 | 690.00 | 19.20 | -22.80 | 42.00 | 833.18 | 7.50 | -30.30 | -182.29 | 493.92 | 143.18 | 71.70 | -28.80 |
| 2027Q1 | 630.41 | 19.29 | -25.71 | 45.00 | 775.43 | 8.00 | -33.71 | -188.70 | 458.51 | 145.02 | 67.29 | -38.71 |
| 2027Q2 | 671.52 | 32.89 | -7.11 | 40.00 | 826.00 | 8.50 | -15.61 | -173.59 | 488.41 | 154.47 | 70.89 | -39.11 |
| FY2026 | 2,491.74 | 5.31 | -129.46 | 134.77 | 3,040.00 | 27.31 | -156.76 | -881.84 | 1,867.72 | 548.26 | 246.00 | -234.12 |
| FY2027 | 2,740.91 | 126.38 | -28.62 | 155.00 | 3,371.41 | 35.00 | -63.62 | -701.56 | 1,993.51 | 630.50 | 288.38 | -159.62 |
Base scenario
| Period | US revenue ($M) | Operating cash flow ($M) | CFO less PP&E/intangibles ($M) | PP&E and intangible cash purchases ($M) | Consolidated revenue ($M) | Capitalized software cash ($M) | CFO less PP&E/intangibles/software ($M) | Cash after acquisition/award funding stress ($M) | GAAP gross profit proxy ($M) | Rest-of-world revenue ($M) | Adjusted EBITDA ($M) | GAAP operating income proxy ($M) |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2026Q3 | 680.00 | 14.25 | -22.75 | 37.00 | 890.00 | 7.00 | -29.75 | -178.73 | 557.50 | 210.00 | 85.00 | -12.50 |
| 2026Q4 | 725.00 | 56.65 | 14.65 | 42.00 | 948.68 | 7.50 | 7.15 | -144.84 | 594.28 | 223.68 | 110.40 | 11.90 |
| 2027Q1 | 717.42 | 77.84 | 32.84 | 45.00 | 917.15 | 8.00 | 24.84 | -130.14 | 576.18 | 199.73 | 115.84 | 11.84 |
| 2027Q2 | 764.21 | 99.61 | 59.61 | 40.00 | 976.97 | 8.50 | 51.11 | -106.87 | 613.75 | 212.76 | 122.61 | 14.61 |
| FY2026 | 2,556.74 | 124.31 | -10.46 | 134.77 | 3,200.00 | 27.31 | -37.76 | -762.84 | 2,029.37 | 643.26 | 300.00 | -176.12 |
| FY2027 | 3,119.22 | 387.49 | 232.49 | 155.00 | 3,987.62 | 35.00 | 197.49 | -440.44 | 2,505.12 | 868.40 | 499.49 | 59.49 |
Upside scenario
| Period | US revenue ($M) | Operating cash flow ($M) | CFO less PP&E/intangibles ($M) | PP&E and intangible cash purchases ($M) | Consolidated revenue ($M) | Capitalized software cash ($M) | CFO less PP&E/intangibles/software ($M) | Cash after acquisition/award funding stress ($M) | GAAP gross profit proxy ($M) | Rest-of-world revenue ($M) | Adjusted EBITDA ($M) | GAAP operating income proxy ($M) |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2026Q3 | 700.00 | 68.15 | 31.15 | 37.00 | 916.70 | 7.00 | 24.15 | -124.83 | 601.69 | 216.70 | 92.65 | -7.85 |
| 2026Q4 | 750.00 | 96.00 | 54.00 | 42.00 | 1,017.98 | 7.50 | 46.50 | -105.49 | 665.43 | 267.98 | 129.75 | 27.25 |
| 2027Q1 | 789.89 | 114.09 | 69.09 | 45.00 | 1,029.41 | 8.00 | 61.09 | -93.89 | 676.05 | 239.52 | 173.34 | 63.34 |
| 2027Q2 | 841.40 | 170.86 | 130.86 | 40.00 | 1,096.54 | 8.50 | 122.36 | -35.62 | 720.14 | 255.14 | 183.86 | 67.86 |
| FY2026 | 2,601.74 | 217.56 | 82.79 | 134.77 | 3,296.00 | 27.31 | 55.49 | -669.59 | 2,144.71 | 694.26 | 327.00 | -156.12 |
| FY2027 | 3,434.30 | 646.23 | 491.23 | 155.00 | 4,475.69 | 35.00 | 456.23 | -181.70 | 2,939.33 | 1,041.39 | 749.48 | 275.48 |
All inputs and formulas — reproduce this model
| Input / calculation | Period / case | Value / unit | Evidence or assumption |
|---|---|---|---|
| H1 revenue h1_revenue | H1 2026 / shared | 1,361.32 USD_millions | reported: Reported consolidated amount, converted from thousands to millions. Primary source · 2026-08-10 |
| H1 us h1_us | H1 2026 / shared | 1,151.74 USD_millions | reported: Reported consolidated amount, converted from thousands to millions. Primary source · 2026-08-10 |
| H1 international h1_international | H1 2026 / shared | 209.58 USD_millions | reported: Reported consolidated amount, converted from thousands to millions. Primary source · 2026-08-10 |
| H1 gross profit h1_gross_profit | H1 2026 / shared | 877.59 USD_millions | reported: Reported consolidated amount, converted from thousands to millions. Primary source · 2026-08-10 |
| H1 adjusted ebitda h1_adjusted_ebitda | H1 2026 / shared | 104.60 USD_millions | reported: Reported consolidated amount, converted from thousands to millions. Primary source · 2026-08-10 |
| H1 operating income h1_operating_income | H1 2026 / shared | -175.51 USD_millions | reported: Reported consolidated amount, converted from thousands to millions. Primary source · 2026-08-10 |
| H1 cfo h1_cfo | H1 2026 / shared | 53.42 USD_millions | reported: Reported consolidated amount, converted from thousands to millions. Primary source · 2026-08-10 |
| H1 capex h1_capex | H1 2026 / shared | 55.77 USD_millions | reported: Reported consolidated amount, converted from thousands to millions. Primary source · 2026-08-10 |
| H1 software h1_software | H1 2026 / shared | 12.81 USD_millions | reported: Reported consolidated amount, converted from thousands to millions. Primary source · 2026-08-10 |
| H1 withholding h1_withholding | H1 2026 / shared | 62.32 USD_millions | reported: Reported consolidated amount, converted from thousands to millions. Primary source · 2026-08-10 |
| H1 acquisition cash h1_acquisition_cash | H1 2026 / shared | 318.11 USD_millions | reported: Reported consolidated amount, converted from thousands to millions. Primary source · 2026-08-10 |
| H1 financing earnout h1_financing_earnout | H1 2026 / shared | 43.68 USD_millions | reported: Reported consolidated amount, converted from thousands to millions. Primary source · 2026-08-10 |
| H1 operating earnout h1_operating_earnout | H1 2026 / shared | 7.06 USD_millions | reported: Reported consolidated amount, converted from thousands to millions. Primary source · 2026-08-10 |
| H1 sbc h1_sbc | H1 2026 / shared | 78.98 USD_millions | reported: Reported consolidated amount, converted from thousands to millions. Primary source · 2026-08-10 |
| H1 da h1_da | H1 2026 / shared | 51.43 USD_millions | reported: Reported consolidated amount, converted from thousands to millions. Primary source · 2026-08-10 |
| H1 legal expense h1_legal_expense | H1 2026 / shared | 62.50 USD_millions | reported: Reported consolidated amount, converted from thousands to millions. Primary source · 2026-08-10 |
| H1 receivables use h1_receivables_use | H1 2026 / shared | 328.99 USD_millions | reported: Reported consolidated amount, converted from thousands to millions. Primary source · 2026-08-10 |
| H1 payables source h1_payables_source | H1 2026 / shared | 323.80 USD_millions | reported: Reported consolidated amount, converted from thousands to millions. Primary source · 2026-08-10 |
| H1 cash after PP&E/intangibles h1_fcf | H1 2026 / shared | -2.35 USD_millions | derived: Generic historical PP&E/intangible cash scope. Formula: subtract(h1_cfo, h1_capex). |
| H1 company FCF h1_company_fcf | H1 2026 / shared | -15.16 USD_millions | derived: Includes capitalized software; no adjustment for ordinary equity tax withholding. Formula: subtract(h1_fcf, h1_software). |
| H1 acquisition and award capital cash h1_capital_uses | H1 2026 / shared | 424.11 USD_millions | derived: Operating earnout cash of $7.058M is already included in CFO and is not deducted twice. Formula: sum(h1_withholding, h1_acquisition_cash, h1_financing_earnout). |
| H1 cash after acquisition and awards h1_funding_cash | H1 2026 / shared | -439.28 USD_millions | derived: Historical capital uses; forecast column is an explicit Eucalyptus cash-payment sensitivity, not total cash movement. Formula: subtract(h1_company_fcf, h1_capital_uses). |
| H1 receivable use less payable funding h1_net_ar_ap_use | H1 2026 / shared | 5.19 USD_millions | derived: Partial working-capital reconciliation, not the entire CFO bridge. Formula: subtract(h1_receivables_use, h1_payables_source). |
| cash cash | June 2026 / shared | 609.81 USD_millions | reported: Reported consolidated amount, converted from thousands to millions. Primary source · 2026-08-10 |
| short term investments short_term_investments | June 2026 / shared | 231.24 USD_millions | reported: Reported consolidated amount, converted from thousands to millions. Primary source · 2026-08-10 |
| rebate receivables rebate_receivables | June 2026 / shared | 347.40 USD_millions | reported: Reported consolidated amount, converted from thousands to millions. Primary source · 2026-08-10 |
| legal reserve legal_reserve | June 2026 / shared | 62.50 USD_millions | reported: Reported consolidated amount, converted from thousands to millions. Primary source · 2026-08-10 |
| debt carrying debt_carrying | June 2026 / shared | 1,365.30 USD_millions | reported: Reported consolidated amount, converted from thousands to millions. Primary source · 2026-08-10 |
| acquisition payables current acquisition_payables_current | June 2026 / shared | 537.38 USD_millions | reported: Reported consolidated amount, converted from thousands to millions. Primary source · 2026-08-10 |
| acquisition payables long acquisition_payables_long | June 2026 / shared | 165.62 USD_millions | reported: Reported consolidated amount, converted from thousands to millions. Primary source · 2026-08-10 |
| earnout current earnout_current | June 2026 / shared | 81.36 USD_millions | reported: Reported consolidated amount, converted from thousands to millions. Primary source · 2026-08-10 |
| earnout long earnout_long | June 2026 / shared | 81.60 USD_millions | reported: Reported consolidated amount, converted from thousands to millions. Primary source · 2026-08-10 |
| Cash and short-term investments liquidity | June 2026 / shared | 841.05 USD_millions | derived: Excludes prospective financing and the uncommitted rebate facility. Formula: sum(cash, short_term_investments). |
| Total acquisition payables acquisition_payables | June 2026 / shared | 703.00 USD_millions | derived: All acquisitions; not a second claim added on top of the Eucalyptus portion. Formula: sum(acquisition_payables_current, acquisition_payables_long). |
| Current and long-term earnout liabilities earnout_liabilities | June 2026 / shared | 162.96 USD_millions | derived: All-acquisition balance-sheet amounts; not the narrower fair-value subset. Formula: sum(earnout_current, earnout_long). |
| eucalyptus upfront eucalyptus_upfront | 2026 transactions / shared | 225.00 USD_millions | reported: Disclosed transaction/facility amount; not necessarily paid or immediately available cash. Primary source · 2026-08-10 |
| eucalyptus deferred eucalyptus_deferred | 2026 transactions / shared | 683.90 USD_millions | reported: Disclosed transaction/facility amount; not necessarily paid or immediately available cash. Primary source · 2026-08-10 |
| eucalyptus contingent fair value eucalyptus_contingent_fair_value | 2026 transactions / shared | 59.60 USD_millions | reported: Disclosed transaction/facility amount; not necessarily paid or immediately available cash. Primary source · 2026-08-10 |
| eucalyptus earnout maximum eucalyptus_earnout_maximum | 2026 transactions / shared | 96.60 USD_millions | reported: Disclosed transaction/facility amount; not necessarily paid or immediately available cash. Primary source · 2026-08-10 |
| rebate facility limit rebate_facility_limit | 2026 transactions / shared | 400.00 USD_millions | reported: Disclosed transaction/facility amount; not necessarily paid or immediately available cash. Primary source · 2026-08-10 |
| peptide milestone maximum peptide_milestone_maximum | 2026 transactions / shared | 30.00 USD_millions | reported: Disclosed transaction/facility amount; not necessarily paid or immediately available cash. Primary source · 2026-08-10 |
| Deferred-payment stress installment count six | Model / shared | 600.0% ratio | assumption: Six equal amounts are a desk stress convention, not disclosed contractual installment sizes. |
| Quarterly all-cash deferred-payment stress cash_installment_stress | 2026-2027 / shared | 113.98 USD_millions | derived: All-cash, equal six-quarter sensitivity; actual cash/share election and FX can differ. Formula: divide(eucalyptus_deferred, six). |
| FY2026 revenue outlook low fy26_revenue_guide_low | FY2026 / shared | 3,100.00 USD_millions | management guidance: Company guidance; not a desk forecast. Primary source · 2026-08-10 |
| FY2026 revenue outlook high fy26_revenue_guide_high | FY2026 / shared | 3,300.00 USD_millions | management guidance: Company guidance; not a desk forecast. Primary source · 2026-08-10 |
| Midpoint divisor two | Model / shared | 200.0% ratio | assumption: Arithmetic constant. |
| FY2026 revenue outlook endpoint sum fy26_revenue_guide_sum | FY2026 / shared | 6,400.00 USD_millions | derived: Arithmetic intermediate. Formula: sum(fy26_revenue_guide_low, fy26_revenue_guide_high). |
| FY2026 revenue outlook midpoint fy26_revenue_guide | FY2026 / shared | 3,200.00 USD_millions | derived: Calculated midpoint of the company range; not an additional company forecast. Formula: divide(fy26_revenue_guide_sum, two). |
| Q3 revenue outlook low q3_revenue_guide_low | 2026Q3 / shared | 880.00 USD_millions | management guidance: Company guidance; not a desk forecast. Primary source · 2026-08-10 |
| Q3 revenue outlook high q3_revenue_guide_high | 2026Q3 / shared | 900.00 USD_millions | management guidance: Company guidance; not a desk forecast. Primary source · 2026-08-10 |
| Q3 revenue outlook endpoint sum q3_revenue_guide_sum | 2026Q3 / shared | 1,780.00 USD_millions | derived: Arithmetic intermediate. Formula: sum(q3_revenue_guide_low, q3_revenue_guide_high). |
| Q3 revenue outlook midpoint q3_revenue_guide | 2026Q3 / shared | 890.00 USD_millions | derived: Calculated midpoint of the company range; not an additional company forecast. Formula: divide(q3_revenue_guide_sum, two). |
| FY2026 adjusted EBITDA outlook low fy26_adjusted_guide_low | FY2026 / shared | 275.00 USD_millions | management guidance: Company guidance; not a desk forecast. Primary source · 2026-08-10 |
| FY2026 adjusted EBITDA outlook high fy26_adjusted_guide_high | FY2026 / shared | 325.00 USD_millions | management guidance: Company guidance; not a desk forecast. Primary source · 2026-08-10 |
| FY2026 adjusted EBITDA outlook endpoint sum fy26_adjusted_guide_sum | FY2026 / shared | 600.00 USD_millions | derived: Arithmetic intermediate. Formula: sum(fy26_adjusted_guide_low, fy26_adjusted_guide_high). |
| FY2026 adjusted EBITDA outlook midpoint fy26_adjusted_guide | FY2026 / shared | 300.00 USD_millions | derived: Calculated midpoint of the company range; not an additional company forecast. Formula: divide(fy26_adjusted_guide_sum, two). |
| Q3 adjusted EBITDA outlook low q3_adjusted_guide_low | 2026Q3 / shared | 75.00 USD_millions | management guidance: Company guidance; not a desk forecast. Primary source · 2026-08-10 |
| Q3 adjusted EBITDA outlook high q3_adjusted_guide_high | 2026Q3 / shared | 95.00 USD_millions | management guidance: Company guidance; not a desk forecast. Primary source · 2026-08-10 |
| Q3 adjusted EBITDA outlook endpoint sum q3_adjusted_guide_sum | 2026Q3 / shared | 170.00 USD_millions | derived: Arithmetic intermediate. Formula: sum(q3_adjusted_guide_low, q3_adjusted_guide_high). |
| Q3 adjusted EBITDA outlook midpoint q3_adjusted_guide | 2026Q3 / shared | 85.00 USD_millions | derived: Calculated midpoint of the company range; not an additional company forecast. Formula: divide(q3_adjusted_guide_sum, two). |
| 2026 sales delivery / guide midpoint downside_delivery | FY2026 / downside | 95.0% ratio | assumption: Desk scenario multiplier. |
| 2026 adjusted EBITDA / guide midpoint downside_adjfactor | FY2026 / downside | 82.0% ratio | assumption: Desk scenario multiplier. |
| FY2026 revenue downside_fy26_revenue_target | FY2026 / downside | 3,040.00 USD_millions | derived: Guidance midpoint times explicit scenario sensitivity. Formula: multiply(fy26_revenue_guide, downside_delivery). |
| H2 revenue downside_h2_revenue | H2 2026 / downside | 1,678.68 USD_millions | derived: Full year less H1 actual. Formula: subtract(downside_fy26_revenue_target, h1_revenue). |
| FY2026 adjusted_ebitda downside_fy26_adjusted_ebitda_target | FY2026 / downside | 246.00 USD_millions | derived: Guidance midpoint times explicit scenario sensitivity. Formula: multiply(fy26_adjusted_guide, downside_adjfactor). |
| H2 adjusted_ebitda downside_h2_adjusted_ebitda | H2 2026 / downside | 141.40 USD_millions | derived: Full year less H1 actual. Formula: subtract(downside_fy26_adjusted_ebitda_target, h1_adjusted_ebitda). |
| H2 US revenue downside_h2_us | H2 2026 / downside | 1,340.00 USD_millions | assumption: Desk geographic allocation; consolidated guidance does not specify these quarterly US values. |
| FY2026 US revenue downside_fy26_us | FY2026 / downside | 2,491.74 USD_millions | derived: Actual plus forecast US sales. Formula: sum(h1_us, downside_h2_us). |
| FY2026 rest-of-world revenue downside_fy26_international | FY2026 / downside | 548.26 USD_millions | derived: Includes June Eucalyptus acquisition; not an organic-growth measure. Formula: subtract(downside_fy26_revenue_target, downside_fy26_us). |
| FY2027 us growth multiplier downside_us_growth | FY2027 / downside | 110.0% ratio | assumption: Desk annual growth including existing acquired perimeter. |
| FY2027 us revenue downside_fy27_us | FY2027 / downside | 2,740.91 USD_millions | derived: No second Eucalyptus revenue added after geographic growth. Formula: multiply(downside_fy26_us, downside_us_growth). |
| FY2027 international growth multiplier downside_international_growth | FY2027 / downside | 115.0% ratio | assumption: Desk annual growth including existing acquired perimeter. |
| FY2027 international revenue downside_fy27_international | FY2027 / downside | 630.50 USD_millions | derived: No second Eucalyptus revenue added after geographic growth. Formula: multiply(downside_fy26_international, downside_international_growth). |
| Consolidated revenue downside_2026q3_revenue | 2026Q3 / downside | 845.50 USD_millions | derived: Scenario Q3 sales. Formula: multiply(q3_revenue_guide, downside_delivery). |
| US revenue downside_2026q3_us | 2026Q3 / downside | 650.00 USD_millions | assumption: Desk assumption, not company guidance. |
| Rest-of-world revenue downside_2026q3_international | 2026Q3 / downside | 195.50 USD_millions | derived: Geographic residual includes acquired businesses. Formula: subtract(downside_2026q3_revenue, downside_2026q3_us). |
| Adjusted EBITDA downside_2026q3_adjusted_ebitda | 2026Q3 / downside | 69.70 USD_millions | derived: Scenario Q3 adjusted profit. Formula: multiply(q3_adjusted_guide, downside_adjfactor). |
| GAAP gross margin: us downside_2026q3_us_gross_margin | 2026Q3 / downside | 61.0% ratio | assumption: Desk assumption, not company guidance. |
| GAAP gross profit: us downside_2026q3_us_gross | 2026Q3 / downside | 396.50 USD_millions | derived: Desk product mix and delivery margin, not a disclosed geographic margin. Formula: multiply(downside_2026q3_us, downside_2026q3_us_gross_margin). |
| GAAP gross margin: international downside_2026q3_international_gross_margin | 2026Q3 / downside | 51.0% ratio | assumption: Desk assumption, not company guidance. |
| GAAP gross profit: international downside_2026q3_international_gross | 2026Q3 / downside | 99.70 USD_millions | derived: Desk product mix and delivery margin, not a disclosed geographic margin. Formula: multiply(downside_2026q3_international, downside_2026q3_international_gross_margin). |
| GAAP gross profit proxy downside_2026q3_gross_profit | 2026Q3 / downside | 496.20 USD_millions | derived: Branded-product mix and acquired international economics; no return to old compounding margins assumed. Formula: sum(downside_2026q3_us_gross, downside_2026q3_international_gross). |
| Total equity compensation expense downside_2026q3_sbc | 2026Q3 / downside | 47.00 USD_millions | assumption: Desk assumption, not company guidance. |
| Depreciation and amortization downside_2026q3_da | 2026Q3 / downside | 40.00 USD_millions | assumption: Desk assumption, not company guidance. |
| Cash employer payroll tax on equity downside_2026q3_sbc_payroll | 2026Q3 / downside | 2.50 USD_millions | assumption: Desk assumption, not company guidance. |
| Cash transaction and integration expense downside_2026q3_integration | 2026Q3 / downside | 10.00 USD_millions | assumption: Desk assumption, not company guidance. |
| GAAP operating costs excluded from adjusted EBITDA downside_2026q3_adjusted_exclusions | 2026Q3 / downside | 99.50 USD_millions | derived: Noncash costs and excluded cash costs are distinct. No repeat of the already booked legal reserve or assumed fair-value gain. Formula: sum(downside_2026q3_sbc, downside_2026q3_da, downside_2026q3_sbc_payroll, downside_2026q3_integration). |
| GAAP operating income proxy downside_2026q3_operating_income | 2026Q3 / downside | -29.80 USD_millions | derived: Total SBC/DA includes the cost-of-sales portion once. Formula: subtract(downside_2026q3_adjusted_ebitda, downside_2026q3_adjusted_exclusions). |
| Net cash interest income downside_2026q3_net_cash_interest | 2026Q3 / downside | 3.00 USD_millions | assumption: Desk assumption, not company guidance. |
| Operating income plus noncash costs and interest downside_2026q3_cash_before_uses | 2026Q3 / downside | 60.20 USD_millions | derived: Zero-coupon convert principal and proceeds are not operating cash. Formula: sum(downside_2026q3_operating_income, downside_2026q3_sbc, downside_2026q3_da, downside_2026q3_net_cash_interest). |
| Payment of existing June legal reserve downside_2026q3_legal_payment | 2026Q3 / downside | 62.50 USD_millions | assumption: Desk payment timing of an already recognized $62.5M expense; no new operating expense charged here. |
| Net rebate/payable and other working-capital cash use downside_2026q3_net_rebate_payable_use | 2026Q3 / downside | 60.00 USD_millions | assumption: Net timing assumption; does not deduct gross rebates again while retaining related payable funding. No facility monetization assumed. |
| Cash tax allowance downside_2026q3_cash_tax | 2026Q3 / downside | 5.00 USD_millions | assumption: Desk assumption, not company guidance. |
| Taxes, working capital and existing-reserve payments downside_2026q3_cash_uses | 2026Q3 / downside | 127.50 USD_millions | derived: Cash integration and payroll costs remain in operating income and are not added back. Formula: sum(downside_2026q3_legal_payment, downside_2026q3_net_rebate_payable_use, downside_2026q3_cash_tax). |
| Operating cash flow downside_2026q3_cfo | 2026Q3 / downside | -67.30 USD_millions | derived: Facility capacity, share issuance and M&A payments are outside operating cash. Formula: subtract(downside_2026q3_cash_before_uses, downside_2026q3_cash_uses). |
| Ordinary PP&E and intangible cash spending downside_2026q3_ordinary_capex | 2026Q3 / downside | 32.00 USD_millions | assumption: Desk assumption, not company guidance. |
| Peptide technology cash milestone assumption downside_2026q3_peptide_cash | 2026Q3 / downside | 5.00 USD_millions | assumption: Desk timing allocates the up-to-$30M July agreement across 12 months, inside intangible/capital cash once; actual milestone achievement and accounting can differ. |
| PP&E and intangible cash purchases downside_2026q3_capex | 2026Q3 / downside | 37.00 USD_millions | derived: Technology milestone cash is included here, not deducted again below. Formula: sum(downside_2026q3_ordinary_capex, downside_2026q3_peptide_cash). |
| Capitalized software cash downside_2026q3_software | 2026Q3 / downside | 7.00 USD_millions | assumption: Desk assumption, not company guidance. |
| CFO less PP&E/intangibles downside_2026q3_fcf | 2026Q3 / downside | -104.30 USD_millions | derived: Generic historical cash definition. Formula: subtract(downside_2026q3_cfo, downside_2026q3_capex). |
| CFO less PP&E/intangibles/software downside_2026q3_company_fcf | 2026Q3 / downside | -111.30 USD_millions | derived: Matches the scope of current company FCF; acquisition consideration remains separate. Formula: subtract(downside_2026q3_fcf, downside_2026q3_software). |
| Assumed cash election in stress downside_2026q3_cash_election | 2026Q3 / downside | 100.0% ratio | assumption: Desk assumption, not company guidance. |
| Eucalyptus deferred cash stress downside_2026q3_deferred_cash_stress | 2026Q3 / downside | 113.98 USD_millions | derived: All-cash equal phasing is a sensitivity, not a contractual schedule or forecast of management election. Formula: multiply(cash_installment_stress, downside_2026q3_cash_election). |
| Award tax withholding cash downside_2026q3_withholding | 2026Q3 / downside | 35.00 USD_millions | assumption: Desk assumption, not company guidance. |
| Acquisition stress and equity award cash downside_2026q3_funding_uses | 2026Q3 / downside | 148.98 USD_millions | derived: Excludes additional earnouts, other acquisitions, buybacks and debt principal. Formula: sum(downside_2026q3_deferred_cash_stress, downside_2026q3_withholding). |
| Cash after acquisition/award funding stress downside_2026q3_funding_cash | 2026Q3 / downside | -260.28 USD_millions | derived: Not consolidated change in cash or a liquidity covenant calculation. Formula: subtract(downside_2026q3_company_fcf, downside_2026q3_funding_uses). |
| Consolidated revenue downside_2026q4_revenue | 2026Q4 / downside | 833.18 USD_millions | derived: Remaining annual revenue after H1 and Q3. Formula: subtract(downside_h2_revenue, downside_2026q3_revenue). |
| US revenue downside_2026q4_us | 2026Q4 / downside | 690.00 USD_millions | assumption: Desk assumption, not company guidance. |
| Rest-of-world revenue downside_2026q4_international | 2026Q4 / downside | 143.18 USD_millions | derived: Geographic residual includes acquired businesses. Formula: subtract(downside_2026q4_revenue, downside_2026q4_us). |
| Adjusted EBITDA downside_2026q4_adjusted_ebitda | 2026Q4 / downside | 71.70 USD_millions | derived: Remaining annual adjusted EBITDA. Formula: subtract(downside_h2_adjusted_ebitda, downside_2026q3_adjusted_ebitda). |
| GAAP gross margin: us downside_2026q4_us_gross_margin | 2026Q4 / downside | 61.0% ratio | assumption: Desk assumption, not company guidance. |
| GAAP gross profit: us downside_2026q4_us_gross | 2026Q4 / downside | 420.90 USD_millions | derived: Desk product mix and delivery margin, not a disclosed geographic margin. Formula: multiply(downside_2026q4_us, downside_2026q4_us_gross_margin). |
| GAAP gross margin: international downside_2026q4_international_gross_margin | 2026Q4 / downside | 51.0% ratio | assumption: Desk assumption, not company guidance. |
| GAAP gross profit: international downside_2026q4_international_gross | 2026Q4 / downside | 73.02 USD_millions | derived: Desk product mix and delivery margin, not a disclosed geographic margin. Formula: multiply(downside_2026q4_international, downside_2026q4_international_gross_margin). |
| GAAP gross profit proxy downside_2026q4_gross_profit | 2026Q4 / downside | 493.92 USD_millions | derived: Branded-product mix and acquired international economics; no return to old compounding margins assumed. Formula: sum(downside_2026q4_us_gross, downside_2026q4_international_gross). |
| Total equity compensation expense downside_2026q4_sbc | 2026Q4 / downside | 50.00 USD_millions | assumption: Desk assumption, not company guidance. |
| Depreciation and amortization downside_2026q4_da | 2026Q4 / downside | 40.00 USD_millions | assumption: Desk assumption, not company guidance. |
| Cash employer payroll tax on equity downside_2026q4_sbc_payroll | 2026Q4 / downside | 2.50 USD_millions | assumption: Desk assumption, not company guidance. |
| Cash transaction and integration expense downside_2026q4_integration | 2026Q4 / downside | 8.00 USD_millions | assumption: Desk assumption, not company guidance. |
| GAAP operating costs excluded from adjusted EBITDA downside_2026q4_adjusted_exclusions | 2026Q4 / downside | 100.50 USD_millions | derived: Noncash costs and excluded cash costs are distinct. No repeat of the already booked legal reserve or assumed fair-value gain. Formula: sum(downside_2026q4_sbc, downside_2026q4_da, downside_2026q4_sbc_payroll, downside_2026q4_integration). |
| GAAP operating income proxy downside_2026q4_operating_income | 2026Q4 / downside | -28.80 USD_millions | derived: Total SBC/DA includes the cost-of-sales portion once. Formula: subtract(downside_2026q4_adjusted_ebitda, downside_2026q4_adjusted_exclusions). |
| Net cash interest income downside_2026q4_net_cash_interest | 2026Q4 / downside | 3.00 USD_millions | assumption: Desk assumption, not company guidance. |
| Operating income plus noncash costs and interest downside_2026q4_cash_before_uses | 2026Q4 / downside | 64.20 USD_millions | derived: Zero-coupon convert principal and proceeds are not operating cash. Formula: sum(downside_2026q4_operating_income, downside_2026q4_sbc, downside_2026q4_da, downside_2026q4_net_cash_interest). |
| Payment of existing June legal reserve downside_2026q4_legal_payment | 2026Q4 / downside | 0.00 USD_millions | assumption: Desk payment timing of an already recognized $62.5M expense; no new operating expense charged here. |
| Net rebate/payable and other working-capital cash use downside_2026q4_net_rebate_payable_use | 2026Q4 / downside | 40.00 USD_millions | assumption: Net timing assumption; does not deduct gross rebates again while retaining related payable funding. No facility monetization assumed. |
| Cash tax allowance downside_2026q4_cash_tax | 2026Q4 / downside | 5.00 USD_millions | assumption: Desk assumption, not company guidance. |
| Taxes, working capital and existing-reserve payments downside_2026q4_cash_uses | 2026Q4 / downside | 45.00 USD_millions | derived: Cash integration and payroll costs remain in operating income and are not added back. Formula: sum(downside_2026q4_legal_payment, downside_2026q4_net_rebate_payable_use, downside_2026q4_cash_tax). |
| Operating cash flow downside_2026q4_cfo | 2026Q4 / downside | 19.20 USD_millions | derived: Facility capacity, share issuance and M&A payments are outside operating cash. Formula: subtract(downside_2026q4_cash_before_uses, downside_2026q4_cash_uses). |
| Ordinary PP&E and intangible cash spending downside_2026q4_ordinary_capex | 2026Q4 / downside | 32.00 USD_millions | assumption: Desk assumption, not company guidance. |
| Peptide technology cash milestone assumption downside_2026q4_peptide_cash | 2026Q4 / downside | 10.00 USD_millions | assumption: Desk timing allocates the up-to-$30M July agreement across 12 months, inside intangible/capital cash once; actual milestone achievement and accounting can differ. |
| PP&E and intangible cash purchases downside_2026q4_capex | 2026Q4 / downside | 42.00 USD_millions | derived: Technology milestone cash is included here, not deducted again below. Formula: sum(downside_2026q4_ordinary_capex, downside_2026q4_peptide_cash). |
| Capitalized software cash downside_2026q4_software | 2026Q4 / downside | 7.50 USD_millions | assumption: Desk assumption, not company guidance. |
| CFO less PP&E/intangibles downside_2026q4_fcf | 2026Q4 / downside | -22.80 USD_millions | derived: Generic historical cash definition. Formula: subtract(downside_2026q4_cfo, downside_2026q4_capex). |
| CFO less PP&E/intangibles/software downside_2026q4_company_fcf | 2026Q4 / downside | -30.30 USD_millions | derived: Matches the scope of current company FCF; acquisition consideration remains separate. Formula: subtract(downside_2026q4_fcf, downside_2026q4_software). |
| Assumed cash election in stress downside_2026q4_cash_election | 2026Q4 / downside | 100.0% ratio | assumption: Desk assumption, not company guidance. |
| Eucalyptus deferred cash stress downside_2026q4_deferred_cash_stress | 2026Q4 / downside | 113.98 USD_millions | derived: All-cash equal phasing is a sensitivity, not a contractual schedule or forecast of management election. Formula: multiply(cash_installment_stress, downside_2026q4_cash_election). |
| Award tax withholding cash downside_2026q4_withholding | 2026Q4 / downside | 38.00 USD_millions | assumption: Desk assumption, not company guidance. |
| Acquisition stress and equity award cash downside_2026q4_funding_uses | 2026Q4 / downside | 151.98 USD_millions | derived: Excludes additional earnouts, other acquisitions, buybacks and debt principal. Formula: sum(downside_2026q4_deferred_cash_stress, downside_2026q4_withholding). |
| Cash after acquisition/award funding stress downside_2026q4_funding_cash | 2026Q4 / downside | -182.29 USD_millions | derived: Not consolidated change in cash or a liquidity covenant calculation. Formula: subtract(downside_2026q4_company_fcf, downside_2026q4_funding_uses). |
| Annual revenue quarter share downside_2027q1_weight | 2027Q1 / downside | 23.0% ratio | assumption: Desk assumption, not company guidance. |
| US revenue downside_2027q1_us | 2027Q1 / downside | 630.41 USD_millions | derived: US revenue timing assumption. Formula: multiply(downside_fy27_us, downside_2027q1_weight). |
| Rest-of-world revenue downside_2027q1_international | 2027Q1 / downside | 145.02 USD_millions | derived: Existing acquired perimeter; no further M&A assumed. Formula: multiply(downside_fy27_international, downside_2027q1_weight). |
| Consolidated revenue downside_2027q1_revenue | 2027Q1 / downside | 775.43 USD_millions | derived: Two mutually exclusive geographic revenue streams. Formula: sum(downside_2027q1_us, downside_2027q1_international). |
| GAAP gross margin: us downside_2027q1_us_gross_margin | 2027Q1 / downside | 61.0% ratio | assumption: Desk assumption, not company guidance. |
| GAAP gross profit: us downside_2027q1_us_gross | 2027Q1 / downside | 384.55 USD_millions | derived: Desk product mix and delivery margin, not a disclosed geographic margin. Formula: multiply(downside_2027q1_us, downside_2027q1_us_gross_margin). |
| GAAP gross margin: international downside_2027q1_international_gross_margin | 2027Q1 / downside | 51.0% ratio | assumption: Desk assumption, not company guidance. |
| GAAP gross profit: international downside_2027q1_international_gross | 2027Q1 / downside | 73.96 USD_millions | derived: Desk product mix and delivery margin, not a disclosed geographic margin. Formula: multiply(downside_2027q1_international, downside_2027q1_international_gross_margin). |
| GAAP gross profit proxy downside_2027q1_gross_profit | 2027Q1 / downside | 458.51 USD_millions | derived: Branded-product mix and acquired international economics; no return to old compounding margins assumed. Formula: sum(downside_2027q1_us_gross, downside_2027q1_international_gross). |
| Total equity compensation expense downside_2027q1_sbc | 2027Q1 / downside | 55.00 USD_millions | assumption: Desk assumption, not company guidance. |
| Depreciation and amortization downside_2027q1_da | 2027Q1 / downside | 43.00 USD_millions | assumption: Desk assumption, not company guidance. |
| Cash employer payroll tax on equity downside_2027q1_sbc_payroll | 2027Q1 / downside | 3.00 USD_millions | assumption: Desk assumption, not company guidance. |
| Cash transaction and integration expense downside_2027q1_integration | 2027Q1 / downside | 5.00 USD_millions | assumption: Desk assumption, not company guidance. |
| Adjusted cash opex / revenue downside_2027q1_opex_ratio | 2027Q1 / downside | 52.0% ratio | assumption: Desk assumption, not company guidance. |
| Adjusted cash operating expense downside_2027q1_adjusted_opex | 2027Q1 / downside | 403.22 USD_millions | derived: Desk cost ratio excludes SBC, DA, employer equity taxes and integration costs. Formula: multiply(downside_2027q1_revenue, downside_2027q1_opex_ratio). |
| Noncash DA/SBC included in GAAP cost of sales downside_2027q1_cogs_noncash | 2027Q1 / downside | 12.00 USD_millions | assumption: Provisional cost-of-revenue allocation; already included in total DA/SBC below. |
| Gross profit before cost-of-sales noncash charges downside_2027q1_adjusted_gross | 2027Q1 / downside | 470.51 USD_millions | derived: Reconcile the GAAP gross-profit starting point before subtracting adjusted cash opex. Formula: sum(downside_2027q1_gross_profit, downside_2027q1_cogs_noncash). |
| Adjusted EBITDA downside_2027q1_adjusted_ebitda | 2027Q1 / downside | 67.29 USD_millions | derived: Desk cash expense structure, not a company 2027 target. Formula: subtract(downside_2027q1_adjusted_gross, downside_2027q1_adjusted_opex). |
| GAAP operating costs excluded from adjusted EBITDA downside_2027q1_adjusted_exclusions | 2027Q1 / downside | 106.00 USD_millions | derived: Noncash costs and excluded cash costs are distinct. No repeat of the already booked legal reserve or assumed fair-value gain. Formula: sum(downside_2027q1_sbc, downside_2027q1_da, downside_2027q1_sbc_payroll, downside_2027q1_integration). |
| GAAP operating income proxy downside_2027q1_operating_income | 2027Q1 / downside | -38.71 USD_millions | derived: Total SBC/DA includes the cost-of-sales portion once. Formula: subtract(downside_2027q1_adjusted_ebitda, downside_2027q1_adjusted_exclusions). |
| Net cash interest income downside_2027q1_net_cash_interest | 2027Q1 / downside | 3.00 USD_millions | assumption: Desk assumption, not company guidance. |
| Operating income plus noncash costs and interest downside_2027q1_cash_before_uses | 2027Q1 / downside | 62.29 USD_millions | derived: Zero-coupon convert principal and proceeds are not operating cash. Formula: sum(downside_2027q1_operating_income, downside_2027q1_sbc, downside_2027q1_da, downside_2027q1_net_cash_interest). |
| Payment of existing June legal reserve downside_2027q1_legal_payment | 2027Q1 / downside | 0.00 USD_millions | assumption: Desk payment timing of an already recognized $62.5M expense; no new operating expense charged here. |
| Net rebate/payable and other working-capital cash use downside_2027q1_net_rebate_payable_use | 2027Q1 / downside | 35.00 USD_millions | assumption: Net timing assumption; does not deduct gross rebates again while retaining related payable funding. No facility monetization assumed. |
| Cash tax allowance downside_2027q1_cash_tax | 2027Q1 / downside | 8.00 USD_millions | assumption: Desk assumption, not company guidance. |
| Taxes, working capital and existing-reserve payments downside_2027q1_cash_uses | 2027Q1 / downside | 43.00 USD_millions | derived: Cash integration and payroll costs remain in operating income and are not added back. Formula: sum(downside_2027q1_legal_payment, downside_2027q1_net_rebate_payable_use, downside_2027q1_cash_tax). |
| Operating cash flow downside_2027q1_cfo | 2027Q1 / downside | 19.29 USD_millions | derived: Facility capacity, share issuance and M&A payments are outside operating cash. Formula: subtract(downside_2027q1_cash_before_uses, downside_2027q1_cash_uses). |
| Ordinary PP&E and intangible cash spending downside_2027q1_ordinary_capex | 2027Q1 / downside | 35.00 USD_millions | assumption: Desk assumption, not company guidance. |
| Peptide technology cash milestone assumption downside_2027q1_peptide_cash | 2027Q1 / downside | 10.00 USD_millions | assumption: Desk timing allocates the up-to-$30M July agreement across 12 months, inside intangible/capital cash once; actual milestone achievement and accounting can differ. |
| PP&E and intangible cash purchases downside_2027q1_capex | 2027Q1 / downside | 45.00 USD_millions | derived: Technology milestone cash is included here, not deducted again below. Formula: sum(downside_2027q1_ordinary_capex, downside_2027q1_peptide_cash). |
| Capitalized software cash downside_2027q1_software | 2027Q1 / downside | 8.00 USD_millions | assumption: Desk assumption, not company guidance. |
| CFO less PP&E/intangibles downside_2027q1_fcf | 2027Q1 / downside | -25.71 USD_millions | derived: Generic historical cash definition. Formula: subtract(downside_2027q1_cfo, downside_2027q1_capex). |
| CFO less PP&E/intangibles/software downside_2027q1_company_fcf | 2027Q1 / downside | -33.71 USD_millions | derived: Matches the scope of current company FCF; acquisition consideration remains separate. Formula: subtract(downside_2027q1_fcf, downside_2027q1_software). |
| Assumed cash election in stress downside_2027q1_cash_election | 2027Q1 / downside | 100.0% ratio | assumption: Desk assumption, not company guidance. |
| Eucalyptus deferred cash stress downside_2027q1_deferred_cash_stress | 2027Q1 / downside | 113.98 USD_millions | derived: All-cash equal phasing is a sensitivity, not a contractual schedule or forecast of management election. Formula: multiply(cash_installment_stress, downside_2027q1_cash_election). |
| Award tax withholding cash downside_2027q1_withholding | 2027Q1 / downside | 41.00 USD_millions | assumption: Desk assumption, not company guidance. |
| Acquisition stress and equity award cash downside_2027q1_funding_uses | 2027Q1 / downside | 154.98 USD_millions | derived: Excludes additional earnouts, other acquisitions, buybacks and debt principal. Formula: sum(downside_2027q1_deferred_cash_stress, downside_2027q1_withholding). |
| Cash after acquisition/award funding stress downside_2027q1_funding_cash | 2027Q1 / downside | -188.70 USD_millions | derived: Not consolidated change in cash or a liquidity covenant calculation. Formula: subtract(downside_2027q1_company_fcf, downside_2027q1_funding_uses). |
| Annual revenue quarter share downside_2027q2_weight | 2027Q2 / downside | 24.5% ratio | assumption: Desk assumption, not company guidance. |
| US revenue downside_2027q2_us | 2027Q2 / downside | 671.52 USD_millions | derived: US revenue timing assumption. Formula: multiply(downside_fy27_us, downside_2027q2_weight). |
| Rest-of-world revenue downside_2027q2_international | 2027Q2 / downside | 154.47 USD_millions | derived: Existing acquired perimeter; no further M&A assumed. Formula: multiply(downside_fy27_international, downside_2027q2_weight). |
| Consolidated revenue downside_2027q2_revenue | 2027Q2 / downside | 826.00 USD_millions | derived: Two mutually exclusive geographic revenue streams. Formula: sum(downside_2027q2_us, downside_2027q2_international). |
| GAAP gross margin: us downside_2027q2_us_gross_margin | 2027Q2 / downside | 61.0% ratio | assumption: Desk assumption, not company guidance. |
| GAAP gross profit: us downside_2027q2_us_gross | 2027Q2 / downside | 409.63 USD_millions | derived: Desk product mix and delivery margin, not a disclosed geographic margin. Formula: multiply(downside_2027q2_us, downside_2027q2_us_gross_margin). |
| GAAP gross margin: international downside_2027q2_international_gross_margin | 2027Q2 / downside | 51.0% ratio | assumption: Desk assumption, not company guidance. |
| GAAP gross profit: international downside_2027q2_international_gross | 2027Q2 / downside | 78.78 USD_millions | derived: Desk product mix and delivery margin, not a disclosed geographic margin. Formula: multiply(downside_2027q2_international, downside_2027q2_international_gross_margin). |
| GAAP gross profit proxy downside_2027q2_gross_profit | 2027Q2 / downside | 488.41 USD_millions | derived: Branded-product mix and acquired international economics; no return to old compounding margins assumed. Formula: sum(downside_2027q2_us_gross, downside_2027q2_international_gross). |
| Total equity compensation expense downside_2027q2_sbc | 2027Q2 / downside | 59.00 USD_millions | assumption: Desk assumption, not company guidance. |
| Depreciation and amortization downside_2027q2_da | 2027Q2 / downside | 43.00 USD_millions | assumption: Desk assumption, not company guidance. |
| Cash employer payroll tax on equity downside_2027q2_sbc_payroll | 2027Q2 / downside | 3.00 USD_millions | assumption: Desk assumption, not company guidance. |
| Cash transaction and integration expense downside_2027q2_integration | 2027Q2 / downside | 5.00 USD_millions | assumption: Desk assumption, not company guidance. |
| Adjusted cash opex / revenue downside_2027q2_opex_ratio | 2027Q2 / downside | 52.0% ratio | assumption: Desk assumption, not company guidance. |
| Adjusted cash operating expense downside_2027q2_adjusted_opex | 2027Q2 / downside | 429.52 USD_millions | derived: Desk cost ratio excludes SBC, DA, employer equity taxes and integration costs. Formula: multiply(downside_2027q2_revenue, downside_2027q2_opex_ratio). |
| Noncash DA/SBC included in GAAP cost of sales downside_2027q2_cogs_noncash | 2027Q2 / downside | 12.00 USD_millions | assumption: Provisional cost-of-revenue allocation; already included in total DA/SBC below. |
| Gross profit before cost-of-sales noncash charges downside_2027q2_adjusted_gross | 2027Q2 / downside | 500.41 USD_millions | derived: Reconcile the GAAP gross-profit starting point before subtracting adjusted cash opex. Formula: sum(downside_2027q2_gross_profit, downside_2027q2_cogs_noncash). |
| Adjusted EBITDA downside_2027q2_adjusted_ebitda | 2027Q2 / downside | 70.89 USD_millions | derived: Desk cash expense structure, not a company 2027 target. Formula: subtract(downside_2027q2_adjusted_gross, downside_2027q2_adjusted_opex). |
| GAAP operating costs excluded from adjusted EBITDA downside_2027q2_adjusted_exclusions | 2027Q2 / downside | 110.00 USD_millions | derived: Noncash costs and excluded cash costs are distinct. No repeat of the already booked legal reserve or assumed fair-value gain. Formula: sum(downside_2027q2_sbc, downside_2027q2_da, downside_2027q2_sbc_payroll, downside_2027q2_integration). |
| GAAP operating income proxy downside_2027q2_operating_income | 2027Q2 / downside | -39.11 USD_millions | derived: Total SBC/DA includes the cost-of-sales portion once. Formula: subtract(downside_2027q2_adjusted_ebitda, downside_2027q2_adjusted_exclusions). |
| Net cash interest income downside_2027q2_net_cash_interest | 2027Q2 / downside | 3.00 USD_millions | assumption: Desk assumption, not company guidance. |
| Operating income plus noncash costs and interest downside_2027q2_cash_before_uses | 2027Q2 / downside | 65.89 USD_millions | derived: Zero-coupon convert principal and proceeds are not operating cash. Formula: sum(downside_2027q2_operating_income, downside_2027q2_sbc, downside_2027q2_da, downside_2027q2_net_cash_interest). |
| Payment of existing June legal reserve downside_2027q2_legal_payment | 2027Q2 / downside | 0.00 USD_millions | assumption: Desk payment timing of an already recognized $62.5M expense; no new operating expense charged here. |
| Net rebate/payable and other working-capital cash use downside_2027q2_net_rebate_payable_use | 2027Q2 / downside | 25.00 USD_millions | assumption: Net timing assumption; does not deduct gross rebates again while retaining related payable funding. No facility monetization assumed. |
| Cash tax allowance downside_2027q2_cash_tax | 2027Q2 / downside | 8.00 USD_millions | assumption: Desk assumption, not company guidance. |
| Taxes, working capital and existing-reserve payments downside_2027q2_cash_uses | 2027Q2 / downside | 33.00 USD_millions | derived: Cash integration and payroll costs remain in operating income and are not added back. Formula: sum(downside_2027q2_legal_payment, downside_2027q2_net_rebate_payable_use, downside_2027q2_cash_tax). |
| Operating cash flow downside_2027q2_cfo | 2027Q2 / downside | 32.89 USD_millions | derived: Facility capacity, share issuance and M&A payments are outside operating cash. Formula: subtract(downside_2027q2_cash_before_uses, downside_2027q2_cash_uses). |
| Ordinary PP&E and intangible cash spending downside_2027q2_ordinary_capex | 2027Q2 / downside | 35.00 USD_millions | assumption: Desk assumption, not company guidance. |
| Peptide technology cash milestone assumption downside_2027q2_peptide_cash | 2027Q2 / downside | 5.00 USD_millions | assumption: Desk timing allocates the up-to-$30M July agreement across 12 months, inside intangible/capital cash once; actual milestone achievement and accounting can differ. |
| PP&E and intangible cash purchases downside_2027q2_capex | 2027Q2 / downside | 40.00 USD_millions | derived: Technology milestone cash is included here, not deducted again below. Formula: sum(downside_2027q2_ordinary_capex, downside_2027q2_peptide_cash). |
| Capitalized software cash downside_2027q2_software | 2027Q2 / downside | 8.50 USD_millions | assumption: Desk assumption, not company guidance. |
| CFO less PP&E/intangibles downside_2027q2_fcf | 2027Q2 / downside | -7.11 USD_millions | derived: Generic historical cash definition. Formula: subtract(downside_2027q2_cfo, downside_2027q2_capex). |
| CFO less PP&E/intangibles/software downside_2027q2_company_fcf | 2027Q2 / downside | -15.61 USD_millions | derived: Matches the scope of current company FCF; acquisition consideration remains separate. Formula: subtract(downside_2027q2_fcf, downside_2027q2_software). |
| Assumed cash election in stress downside_2027q2_cash_election | 2027Q2 / downside | 100.0% ratio | assumption: Desk assumption, not company guidance. |
| Eucalyptus deferred cash stress downside_2027q2_deferred_cash_stress | 2027Q2 / downside | 113.98 USD_millions | derived: All-cash equal phasing is a sensitivity, not a contractual schedule or forecast of management election. Formula: multiply(cash_installment_stress, downside_2027q2_cash_election). |
| Award tax withholding cash downside_2027q2_withholding | 2027Q2 / downside | 44.00 USD_millions | assumption: Desk assumption, not company guidance. |
| Acquisition stress and equity award cash downside_2027q2_funding_uses | 2027Q2 / downside | 157.98 USD_millions | derived: Excludes additional earnouts, other acquisitions, buybacks and debt principal. Formula: sum(downside_2027q2_deferred_cash_stress, downside_2027q2_withholding). |
| Cash after acquisition/award funding stress downside_2027q2_funding_cash | 2027Q2 / downside | -173.59 USD_millions | derived: Not consolidated change in cash or a liquidity covenant calculation. Formula: subtract(downside_2027q2_company_fcf, downside_2027q2_funding_uses). |
| Annual revenue quarter share downside_2027q3_weight | 2027Q3 / downside | 25.5% ratio | assumption: Desk assumption, not company guidance. |
| US revenue downside_2027q3_us | 2027Q3 / downside | 698.93 USD_millions | derived: US revenue timing assumption. Formula: multiply(downside_fy27_us, downside_2027q3_weight). |
| Rest-of-world revenue downside_2027q3_international | 2027Q3 / downside | 160.78 USD_millions | derived: Existing acquired perimeter; no further M&A assumed. Formula: multiply(downside_fy27_international, downside_2027q3_weight). |
| Consolidated revenue downside_2027q3_revenue | 2027Q3 / downside | 859.71 USD_millions | derived: Two mutually exclusive geographic revenue streams. Formula: sum(downside_2027q3_us, downside_2027q3_international). |
| GAAP gross margin: us downside_2027q3_us_gross_margin | 2027Q3 / downside | 61.0% ratio | assumption: Desk assumption, not company guidance. |
| GAAP gross profit: us downside_2027q3_us_gross | 2027Q3 / downside | 426.35 USD_millions | derived: Desk product mix and delivery margin, not a disclosed geographic margin. Formula: multiply(downside_2027q3_us, downside_2027q3_us_gross_margin). |
| GAAP gross margin: international downside_2027q3_international_gross_margin | 2027Q3 / downside | 51.0% ratio | assumption: Desk assumption, not company guidance. |
| GAAP gross profit: international downside_2027q3_international_gross | 2027Q3 / downside | 82.00 USD_millions | derived: Desk product mix and delivery margin, not a disclosed geographic margin. Formula: multiply(downside_2027q3_international, downside_2027q3_international_gross_margin). |
| GAAP gross profit proxy downside_2027q3_gross_profit | 2027Q3 / downside | 508.35 USD_millions | derived: Branded-product mix and acquired international economics; no return to old compounding margins assumed. Formula: sum(downside_2027q3_us_gross, downside_2027q3_international_gross). |
| Total equity compensation expense downside_2027q3_sbc | 2027Q3 / downside | 63.00 USD_millions | assumption: Desk assumption, not company guidance. |
| Depreciation and amortization downside_2027q3_da | 2027Q3 / downside | 43.00 USD_millions | assumption: Desk assumption, not company guidance. |
| Cash employer payroll tax on equity downside_2027q3_sbc_payroll | 2027Q3 / downside | 3.00 USD_millions | assumption: Desk assumption, not company guidance. |
| Cash transaction and integration expense downside_2027q3_integration | 2027Q3 / downside | 5.00 USD_millions | assumption: Desk assumption, not company guidance. |
| Adjusted cash opex / revenue downside_2027q3_opex_ratio | 2027Q3 / downside | 52.0% ratio | assumption: Desk assumption, not company guidance. |
| Adjusted cash operating expense downside_2027q3_adjusted_opex | 2027Q3 / downside | 447.05 USD_millions | derived: Desk cost ratio excludes SBC, DA, employer equity taxes and integration costs. Formula: multiply(downside_2027q3_revenue, downside_2027q3_opex_ratio). |
| Noncash DA/SBC included in GAAP cost of sales downside_2027q3_cogs_noncash | 2027Q3 / downside | 12.00 USD_millions | assumption: Provisional cost-of-revenue allocation; already included in total DA/SBC below. |
| Gross profit before cost-of-sales noncash charges downside_2027q3_adjusted_gross | 2027Q3 / downside | 520.35 USD_millions | derived: Reconcile the GAAP gross-profit starting point before subtracting adjusted cash opex. Formula: sum(downside_2027q3_gross_profit, downside_2027q3_cogs_noncash). |
| Adjusted EBITDA downside_2027q3_adjusted_ebitda | 2027Q3 / downside | 73.30 USD_millions | derived: Desk cash expense structure, not a company 2027 target. Formula: subtract(downside_2027q3_adjusted_gross, downside_2027q3_adjusted_opex). |
| GAAP operating costs excluded from adjusted EBITDA downside_2027q3_adjusted_exclusions | 2027Q3 / downside | 114.00 USD_millions | derived: Noncash costs and excluded cash costs are distinct. No repeat of the already booked legal reserve or assumed fair-value gain. Formula: sum(downside_2027q3_sbc, downside_2027q3_da, downside_2027q3_sbc_payroll, downside_2027q3_integration). |
| GAAP operating income proxy downside_2027q3_operating_income | 2027Q3 / downside | -40.70 USD_millions | derived: Total SBC/DA includes the cost-of-sales portion once. Formula: subtract(downside_2027q3_adjusted_ebitda, downside_2027q3_adjusted_exclusions). |
| Net cash interest income downside_2027q3_net_cash_interest | 2027Q3 / downside | 3.00 USD_millions | assumption: Desk assumption, not company guidance. |
| Operating income plus noncash costs and interest downside_2027q3_cash_before_uses | 2027Q3 / downside | 68.30 USD_millions | derived: Zero-coupon convert principal and proceeds are not operating cash. Formula: sum(downside_2027q3_operating_income, downside_2027q3_sbc, downside_2027q3_da, downside_2027q3_net_cash_interest). |
| Payment of existing June legal reserve downside_2027q3_legal_payment | 2027Q3 / downside | 0.00 USD_millions | assumption: Desk payment timing of an already recognized $62.5M expense; no new operating expense charged here. |
| Net rebate/payable and other working-capital cash use downside_2027q3_net_rebate_payable_use | 2027Q3 / downside | 30.00 USD_millions | assumption: Net timing assumption; does not deduct gross rebates again while retaining related payable funding. No facility monetization assumed. |
| Cash tax allowance downside_2027q3_cash_tax | 2027Q3 / downside | 8.00 USD_millions | assumption: Desk assumption, not company guidance. |
| Taxes, working capital and existing-reserve payments downside_2027q3_cash_uses | 2027Q3 / downside | 38.00 USD_millions | derived: Cash integration and payroll costs remain in operating income and are not added back. Formula: sum(downside_2027q3_legal_payment, downside_2027q3_net_rebate_payable_use, downside_2027q3_cash_tax). |
| Operating cash flow downside_2027q3_cfo | 2027Q3 / downside | 30.30 USD_millions | derived: Facility capacity, share issuance and M&A payments are outside operating cash. Formula: subtract(downside_2027q3_cash_before_uses, downside_2027q3_cash_uses). |
| Ordinary PP&E and intangible cash spending downside_2027q3_ordinary_capex | 2027Q3 / downside | 35.00 USD_millions | assumption: Desk assumption, not company guidance. |
| Peptide technology cash milestone assumption downside_2027q3_peptide_cash | 2027Q3 / downside | 0.00 USD_millions | assumption: Desk timing allocates the up-to-$30M July agreement across 12 months, inside intangible/capital cash once; actual milestone achievement and accounting can differ. |
| PP&E and intangible cash purchases downside_2027q3_capex | 2027Q3 / downside | 35.00 USD_millions | derived: Technology milestone cash is included here, not deducted again below. Formula: sum(downside_2027q3_ordinary_capex, downside_2027q3_peptide_cash). |
| Capitalized software cash downside_2027q3_software | 2027Q3 / downside | 9.00 USD_millions | assumption: Desk assumption, not company guidance. |
| CFO less PP&E/intangibles downside_2027q3_fcf | 2027Q3 / downside | -4.70 USD_millions | derived: Generic historical cash definition. Formula: subtract(downside_2027q3_cfo, downside_2027q3_capex). |
| CFO less PP&E/intangibles/software downside_2027q3_company_fcf | 2027Q3 / downside | -13.70 USD_millions | derived: Matches the scope of current company FCF; acquisition consideration remains separate. Formula: subtract(downside_2027q3_fcf, downside_2027q3_software). |
| Assumed cash election in stress downside_2027q3_cash_election | 2027Q3 / downside | 100.0% ratio | assumption: Desk assumption, not company guidance. |
| Eucalyptus deferred cash stress downside_2027q3_deferred_cash_stress | 2027Q3 / downside | 113.98 USD_millions | derived: All-cash equal phasing is a sensitivity, not a contractual schedule or forecast of management election. Formula: multiply(cash_installment_stress, downside_2027q3_cash_election). |
| Award tax withholding cash downside_2027q3_withholding | 2027Q3 / downside | 47.00 USD_millions | assumption: Desk assumption, not company guidance. |
| Acquisition stress and equity award cash downside_2027q3_funding_uses | 2027Q3 / downside | 160.98 USD_millions | derived: Excludes additional earnouts, other acquisitions, buybacks and debt principal. Formula: sum(downside_2027q3_deferred_cash_stress, downside_2027q3_withholding). |
| Cash after acquisition/award funding stress downside_2027q3_funding_cash | 2027Q3 / downside | -174.69 USD_millions | derived: Not consolidated change in cash or a liquidity covenant calculation. Formula: subtract(downside_2027q3_company_fcf, downside_2027q3_funding_uses). |
| Annual revenue quarter share downside_2027q4_weight | 2027Q4 / downside | 27.0% ratio | assumption: Desk assumption, not company guidance. |
| US revenue downside_2027q4_us | 2027Q4 / downside | 740.05 USD_millions | derived: US revenue timing assumption. Formula: multiply(downside_fy27_us, downside_2027q4_weight). |
| Rest-of-world revenue downside_2027q4_international | 2027Q4 / downside | 170.24 USD_millions | derived: Existing acquired perimeter; no further M&A assumed. Formula: multiply(downside_fy27_international, downside_2027q4_weight). |
| Consolidated revenue downside_2027q4_revenue | 2027Q4 / downside | 910.28 USD_millions | derived: Two mutually exclusive geographic revenue streams. Formula: sum(downside_2027q4_us, downside_2027q4_international). |
| GAAP gross margin: us downside_2027q4_us_gross_margin | 2027Q4 / downside | 61.0% ratio | assumption: Desk assumption, not company guidance. |
| GAAP gross profit: us downside_2027q4_us_gross | 2027Q4 / downside | 451.43 USD_millions | derived: Desk product mix and delivery margin, not a disclosed geographic margin. Formula: multiply(downside_2027q4_us, downside_2027q4_us_gross_margin). |
| GAAP gross margin: international downside_2027q4_international_gross_margin | 2027Q4 / downside | 51.0% ratio | assumption: Desk assumption, not company guidance. |
| GAAP gross profit: international downside_2027q4_international_gross | 2027Q4 / downside | 86.82 USD_millions | derived: Desk product mix and delivery margin, not a disclosed geographic margin. Formula: multiply(downside_2027q4_international, downside_2027q4_international_gross_margin). |
| GAAP gross profit proxy downside_2027q4_gross_profit | 2027Q4 / downside | 538.25 USD_millions | derived: Branded-product mix and acquired international economics; no return to old compounding margins assumed. Formula: sum(downside_2027q4_us_gross, downside_2027q4_international_gross). |
| Total equity compensation expense downside_2027q4_sbc | 2027Q4 / downside | 67.00 USD_millions | assumption: Desk assumption, not company guidance. |
| Depreciation and amortization downside_2027q4_da | 2027Q4 / downside | 43.00 USD_millions | assumption: Desk assumption, not company guidance. |
| Cash employer payroll tax on equity downside_2027q4_sbc_payroll | 2027Q4 / downside | 3.00 USD_millions | assumption: Desk assumption, not company guidance. |
| Cash transaction and integration expense downside_2027q4_integration | 2027Q4 / downside | 5.00 USD_millions | assumption: Desk assumption, not company guidance. |
| Adjusted cash opex / revenue downside_2027q4_opex_ratio | 2027Q4 / downside | 52.0% ratio | assumption: Desk assumption, not company guidance. |
| Adjusted cash operating expense downside_2027q4_adjusted_opex | 2027Q4 / downside | 473.35 USD_millions | derived: Desk cost ratio excludes SBC, DA, employer equity taxes and integration costs. Formula: multiply(downside_2027q4_revenue, downside_2027q4_opex_ratio). |
| Noncash DA/SBC included in GAAP cost of sales downside_2027q4_cogs_noncash | 2027Q4 / downside | 12.00 USD_millions | assumption: Provisional cost-of-revenue allocation; already included in total DA/SBC below. |
| Gross profit before cost-of-sales noncash charges downside_2027q4_adjusted_gross | 2027Q4 / downside | 550.25 USD_millions | derived: Reconcile the GAAP gross-profit starting point before subtracting adjusted cash opex. Formula: sum(downside_2027q4_gross_profit, downside_2027q4_cogs_noncash). |
| Adjusted EBITDA downside_2027q4_adjusted_ebitda | 2027Q4 / downside | 76.90 USD_millions | derived: Desk cash expense structure, not a company 2027 target. Formula: subtract(downside_2027q4_adjusted_gross, downside_2027q4_adjusted_opex). |
| GAAP operating costs excluded from adjusted EBITDA downside_2027q4_adjusted_exclusions | 2027Q4 / downside | 118.00 USD_millions | derived: Noncash costs and excluded cash costs are distinct. No repeat of the already booked legal reserve or assumed fair-value gain. Formula: sum(downside_2027q4_sbc, downside_2027q4_da, downside_2027q4_sbc_payroll, downside_2027q4_integration). |
| GAAP operating income proxy downside_2027q4_operating_income | 2027Q4 / downside | -41.10 USD_millions | derived: Total SBC/DA includes the cost-of-sales portion once. Formula: subtract(downside_2027q4_adjusted_ebitda, downside_2027q4_adjusted_exclusions). |
| Net cash interest income downside_2027q4_net_cash_interest | 2027Q4 / downside | 3.00 USD_millions | assumption: Desk assumption, not company guidance. |
| Operating income plus noncash costs and interest downside_2027q4_cash_before_uses | 2027Q4 / downside | 71.90 USD_millions | derived: Zero-coupon convert principal and proceeds are not operating cash. Formula: sum(downside_2027q4_operating_income, downside_2027q4_sbc, downside_2027q4_da, downside_2027q4_net_cash_interest). |
| Payment of existing June legal reserve downside_2027q4_legal_payment | 2027Q4 / downside | 0.00 USD_millions | assumption: Desk payment timing of an already recognized $62.5M expense; no new operating expense charged here. |
| Net rebate/payable and other working-capital cash use downside_2027q4_net_rebate_payable_use | 2027Q4 / downside | 20.00 USD_millions | assumption: Net timing assumption; does not deduct gross rebates again while retaining related payable funding. No facility monetization assumed. |
| Cash tax allowance downside_2027q4_cash_tax | 2027Q4 / downside | 8.00 USD_millions | assumption: Desk assumption, not company guidance. |
| Taxes, working capital and existing-reserve payments downside_2027q4_cash_uses | 2027Q4 / downside | 28.00 USD_millions | derived: Cash integration and payroll costs remain in operating income and are not added back. Formula: sum(downside_2027q4_legal_payment, downside_2027q4_net_rebate_payable_use, downside_2027q4_cash_tax). |
| Operating cash flow downside_2027q4_cfo | 2027Q4 / downside | 43.90 USD_millions | derived: Facility capacity, share issuance and M&A payments are outside operating cash. Formula: subtract(downside_2027q4_cash_before_uses, downside_2027q4_cash_uses). |
| Ordinary PP&E and intangible cash spending downside_2027q4_ordinary_capex | 2027Q4 / downside | 35.00 USD_millions | assumption: Desk assumption, not company guidance. |
| Peptide technology cash milestone assumption downside_2027q4_peptide_cash | 2027Q4 / downside | 0.00 USD_millions | assumption: Desk timing allocates the up-to-$30M July agreement across 12 months, inside intangible/capital cash once; actual milestone achievement and accounting can differ. |
| PP&E and intangible cash purchases downside_2027q4_capex | 2027Q4 / downside | 35.00 USD_millions | derived: Technology milestone cash is included here, not deducted again below. Formula: sum(downside_2027q4_ordinary_capex, downside_2027q4_peptide_cash). |
| Capitalized software cash downside_2027q4_software | 2027Q4 / downside | 9.50 USD_millions | assumption: Desk assumption, not company guidance. |
| CFO less PP&E/intangibles downside_2027q4_fcf | 2027Q4 / downside | 8.90 USD_millions | derived: Generic historical cash definition. Formula: subtract(downside_2027q4_cfo, downside_2027q4_capex). |
| CFO less PP&E/intangibles/software downside_2027q4_company_fcf | 2027Q4 / downside | -0.60 USD_millions | derived: Matches the scope of current company FCF; acquisition consideration remains separate. Formula: subtract(downside_2027q4_fcf, downside_2027q4_software). |
| Assumed cash election in stress downside_2027q4_cash_election | 2027Q4 / downside | 100.0% ratio | assumption: Desk assumption, not company guidance. |
| Eucalyptus deferred cash stress downside_2027q4_deferred_cash_stress | 2027Q4 / downside | 113.98 USD_millions | derived: All-cash equal phasing is a sensitivity, not a contractual schedule or forecast of management election. Formula: multiply(cash_installment_stress, downside_2027q4_cash_election). |
| Award tax withholding cash downside_2027q4_withholding | 2027Q4 / downside | 50.00 USD_millions | assumption: Desk assumption, not company guidance. |
| Acquisition stress and equity award cash downside_2027q4_funding_uses | 2027Q4 / downside | 163.98 USD_millions | derived: Excludes additional earnouts, other acquisitions, buybacks and debt principal. Formula: sum(downside_2027q4_deferred_cash_stress, downside_2027q4_withholding). |
| Cash after acquisition/award funding stress downside_2027q4_funding_cash | 2027Q4 / downside | -164.58 USD_millions | derived: Not consolidated change in cash or a liquidity covenant calculation. Formula: subtract(downside_2027q4_company_fcf, downside_2027q4_funding_uses). |
| Consolidated revenue ($M) downside_fy2026_revenue | FY2026 / downside | 3,040.00 USD_millions | derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_revenue, downside_2026q3_revenue, downside_2026q4_revenue). |
| US revenue ($M) downside_fy2026_us | FY2026 / downside | 2,491.74 USD_millions | derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_us, downside_2026q3_us, downside_2026q4_us). |
| Rest-of-world revenue ($M) downside_fy2026_international | FY2026 / downside | 548.26 USD_millions | derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_international, downside_2026q3_international, downside_2026q4_international). |
| GAAP gross profit proxy ($M) downside_fy2026_gross_profit | FY2026 / downside | 1,867.72 USD_millions | derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_gross_profit, downside_2026q3_gross_profit, downside_2026q4_gross_profit). |
| Adjusted EBITDA ($M) downside_fy2026_adjusted_ebitda | FY2026 / downside | 246.00 USD_millions | derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_adjusted_ebitda, downside_2026q3_adjusted_ebitda, downside_2026q4_adjusted_ebitda). |
| GAAP operating income proxy ($M) downside_fy2026_operating_income | FY2026 / downside | -234.12 USD_millions | derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_operating_income, downside_2026q3_operating_income, downside_2026q4_operating_income). |
| Operating cash flow ($M) downside_fy2026_cfo | FY2026 / downside | 5.31 USD_millions | derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_cfo, downside_2026q3_cfo, downside_2026q4_cfo). |
| PP&E and intangible cash purchases ($M) downside_fy2026_capex | FY2026 / downside | 134.77 USD_millions | derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_capex, downside_2026q3_capex, downside_2026q4_capex). |
| Capitalized software cash ($M) downside_fy2026_software | FY2026 / downside | 27.31 USD_millions | derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_software, downside_2026q3_software, downside_2026q4_software). |
| CFO less PP&E/intangibles ($M) downside_fy2026_fcf | FY2026 / downside | -129.46 USD_millions | derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_fcf, downside_2026q3_fcf, downside_2026q4_fcf). |
| CFO less PP&E/intangibles/software ($M) downside_fy2026_company_fcf | FY2026 / downside | -156.76 USD_millions | derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_company_fcf, downside_2026q3_company_fcf, downside_2026q4_company_fcf). |
| Cash after acquisition/award funding stress ($M) downside_fy2026_funding_cash | FY2026 / downside | -881.84 USD_millions | derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_funding_cash, downside_2026q3_funding_cash, downside_2026q4_funding_cash). |
| Consolidated revenue ($M) downside_fy2027_revenue | FY2027 / downside | 3,371.41 USD_millions | derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(downside_2027q1_revenue, downside_2027q2_revenue, downside_2027q3_revenue, downside_2027q4_revenue). |
| US revenue ($M) downside_fy2027_us | FY2027 / downside | 2,740.91 USD_millions | derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(downside_2027q1_us, downside_2027q2_us, downside_2027q3_us, downside_2027q4_us). |
| Rest-of-world revenue ($M) downside_fy2027_international | FY2027 / downside | 630.50 USD_millions | derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(downside_2027q1_international, downside_2027q2_international, downside_2027q3_international, downside_2027q4_international). |
| GAAP gross profit proxy ($M) downside_fy2027_gross_profit | FY2027 / downside | 1,993.51 USD_millions | derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(downside_2027q1_gross_profit, downside_2027q2_gross_profit, downside_2027q3_gross_profit, downside_2027q4_gross_profit). |
| Adjusted EBITDA ($M) downside_fy2027_adjusted_ebitda | FY2027 / downside | 288.38 USD_millions | derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(downside_2027q1_adjusted_ebitda, downside_2027q2_adjusted_ebitda, downside_2027q3_adjusted_ebitda, downside_2027q4_adjusted_ebitda). |
| GAAP operating income proxy ($M) downside_fy2027_operating_income | FY2027 / downside | -159.62 USD_millions | derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(downside_2027q1_operating_income, downside_2027q2_operating_income, downside_2027q3_operating_income, downside_2027q4_operating_income). |
| Operating cash flow ($M) downside_fy2027_cfo | FY2027 / downside | 126.38 USD_millions | derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(downside_2027q1_cfo, downside_2027q2_cfo, downside_2027q3_cfo, downside_2027q4_cfo). |
| PP&E and intangible cash purchases ($M) downside_fy2027_capex | FY2027 / downside | 155.00 USD_millions | derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(downside_2027q1_capex, downside_2027q2_capex, downside_2027q3_capex, downside_2027q4_capex). |
| Capitalized software cash ($M) downside_fy2027_software | FY2027 / downside | 35.00 USD_millions | derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(downside_2027q1_software, downside_2027q2_software, downside_2027q3_software, downside_2027q4_software). |
| CFO less PP&E/intangibles ($M) downside_fy2027_fcf | FY2027 / downside | -28.62 USD_millions | derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(downside_2027q1_fcf, downside_2027q2_fcf, downside_2027q3_fcf, downside_2027q4_fcf). |
| CFO less PP&E/intangibles/software ($M) downside_fy2027_company_fcf | FY2027 / downside | -63.62 USD_millions | derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(downside_2027q1_company_fcf, downside_2027q2_company_fcf, downside_2027q3_company_fcf, downside_2027q4_company_fcf). |
| Cash after acquisition/award funding stress ($M) downside_fy2027_funding_cash | FY2027 / downside | -701.56 USD_millions | derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(downside_2027q1_funding_cash, downside_2027q2_funding_cash, downside_2027q3_funding_cash, downside_2027q4_funding_cash). |
| 2026 sales delivery / guide midpoint base_delivery | FY2026 / base | 100.0% ratio | assumption: Desk scenario multiplier. |
| 2026 adjusted EBITDA / guide midpoint base_adjfactor | FY2026 / base | 100.0% ratio | assumption: Desk scenario multiplier. |
| FY2026 revenue base_fy26_revenue_target | FY2026 / base | 3,200.00 USD_millions | derived: Guidance midpoint times explicit scenario sensitivity. Formula: multiply(fy26_revenue_guide, base_delivery). |
| H2 revenue base_h2_revenue | H2 2026 / base | 1,838.68 USD_millions | derived: Full year less H1 actual. Formula: subtract(base_fy26_revenue_target, h1_revenue). |
| FY2026 adjusted_ebitda base_fy26_adjusted_ebitda_target | FY2026 / base | 300.00 USD_millions | derived: Guidance midpoint times explicit scenario sensitivity. Formula: multiply(fy26_adjusted_guide, base_adjfactor). |
| H2 adjusted_ebitda base_h2_adjusted_ebitda | H2 2026 / base | 195.40 USD_millions | derived: Full year less H1 actual. Formula: subtract(base_fy26_adjusted_ebitda_target, h1_adjusted_ebitda). |
| H2 US revenue base_h2_us | H2 2026 / base | 1,405.00 USD_millions | assumption: Desk geographic allocation; consolidated guidance does not specify these quarterly US values. |
| FY2026 US revenue base_fy26_us | FY2026 / base | 2,556.74 USD_millions | derived: Actual plus forecast US sales. Formula: sum(h1_us, base_h2_us). |
| FY2026 rest-of-world revenue base_fy26_international | FY2026 / base | 643.26 USD_millions | derived: Includes June Eucalyptus acquisition; not an organic-growth measure. Formula: subtract(base_fy26_revenue_target, base_fy26_us). |
| FY2027 us growth multiplier base_us_growth | FY2027 / base | 122.0% ratio | assumption: Desk annual growth including existing acquired perimeter. |
| FY2027 us revenue base_fy27_us | FY2027 / base | 3,119.22 USD_millions | derived: No second Eucalyptus revenue added after geographic growth. Formula: multiply(base_fy26_us, base_us_growth). |
| FY2027 international growth multiplier base_international_growth | FY2027 / base | 135.0% ratio | assumption: Desk annual growth including existing acquired perimeter. |
| FY2027 international revenue base_fy27_international | FY2027 / base | 868.40 USD_millions | derived: No second Eucalyptus revenue added after geographic growth. Formula: multiply(base_fy26_international, base_international_growth). |
| Consolidated revenue base_2026q3_revenue | 2026Q3 / base | 890.00 USD_millions | derived: Scenario Q3 sales. Formula: multiply(q3_revenue_guide, base_delivery). |
| US revenue base_2026q3_us | 2026Q3 / base | 680.00 USD_millions | assumption: Desk assumption, not company guidance. |
| Rest-of-world revenue base_2026q3_international | 2026Q3 / base | 210.00 USD_millions | derived: Geographic residual includes acquired businesses. Formula: subtract(base_2026q3_revenue, base_2026q3_us). |
| Adjusted EBITDA base_2026q3_adjusted_ebitda | 2026Q3 / base | 85.00 USD_millions | derived: Scenario Q3 adjusted profit. Formula: multiply(q3_adjusted_guide, base_adjfactor). |
| GAAP gross margin: us base_2026q3_us_gross_margin | 2026Q3 / base | 65.0% ratio | assumption: Desk assumption, not company guidance. |
| GAAP gross profit: us base_2026q3_us_gross | 2026Q3 / base | 442.00 USD_millions | derived: Desk product mix and delivery margin, not a disclosed geographic margin. Formula: multiply(base_2026q3_us, base_2026q3_us_gross_margin). |
| GAAP gross margin: international base_2026q3_international_gross_margin | 2026Q3 / base | 55.0% ratio | assumption: Desk assumption, not company guidance. |
| GAAP gross profit: international base_2026q3_international_gross | 2026Q3 / base | 115.50 USD_millions | derived: Desk product mix and delivery margin, not a disclosed geographic margin. Formula: multiply(base_2026q3_international, base_2026q3_international_gross_margin). |
| GAAP gross profit proxy base_2026q3_gross_profit | 2026Q3 / base | 557.50 USD_millions | derived: Branded-product mix and acquired international economics; no return to old compounding margins assumed. Formula: sum(base_2026q3_us_gross, base_2026q3_international_gross). |
| Total equity compensation expense base_2026q3_sbc | 2026Q3 / base | 45.00 USD_millions | assumption: Desk assumption, not company guidance. |
| Depreciation and amortization base_2026q3_da | 2026Q3 / base | 40.00 USD_millions | assumption: Desk assumption, not company guidance. |
| Cash employer payroll tax on equity base_2026q3_sbc_payroll | 2026Q3 / base | 2.50 USD_millions | assumption: Desk assumption, not company guidance. |
| Cash transaction and integration expense base_2026q3_integration | 2026Q3 / base | 10.00 USD_millions | assumption: Desk assumption, not company guidance. |
| GAAP operating costs excluded from adjusted EBITDA base_2026q3_adjusted_exclusions | 2026Q3 / base | 97.50 USD_millions | derived: Noncash costs and excluded cash costs are distinct. No repeat of the already booked legal reserve or assumed fair-value gain. Formula: sum(base_2026q3_sbc, base_2026q3_da, base_2026q3_sbc_payroll, base_2026q3_integration). |
| GAAP operating income proxy base_2026q3_operating_income | 2026Q3 / base | -12.50 USD_millions | derived: Total SBC/DA includes the cost-of-sales portion once. Formula: subtract(base_2026q3_adjusted_ebitda, base_2026q3_adjusted_exclusions). |
| Net cash interest income base_2026q3_net_cash_interest | 2026Q3 / base | 3.00 USD_millions | assumption: Desk assumption, not company guidance. |
| Operating income plus noncash costs and interest base_2026q3_cash_before_uses | 2026Q3 / base | 75.50 USD_millions | derived: Zero-coupon convert principal and proceeds are not operating cash. Formula: sum(base_2026q3_operating_income, base_2026q3_sbc, base_2026q3_da, base_2026q3_net_cash_interest). |
| Payment of existing June legal reserve base_2026q3_legal_payment | 2026Q3 / base | 31.25 USD_millions | assumption: Desk payment timing of an already recognized $62.5M expense; no new operating expense charged here. |
| Net rebate/payable and other working-capital cash use base_2026q3_net_rebate_payable_use | 2026Q3 / base | 25.00 USD_millions | assumption: Net timing assumption; does not deduct gross rebates again while retaining related payable funding. No facility monetization assumed. |
| Cash tax allowance base_2026q3_cash_tax | 2026Q3 / base | 5.00 USD_millions | assumption: Desk assumption, not company guidance. |
| Taxes, working capital and existing-reserve payments base_2026q3_cash_uses | 2026Q3 / base | 61.25 USD_millions | derived: Cash integration and payroll costs remain in operating income and are not added back. Formula: sum(base_2026q3_legal_payment, base_2026q3_net_rebate_payable_use, base_2026q3_cash_tax). |
| Operating cash flow base_2026q3_cfo | 2026Q3 / base | 14.25 USD_millions | derived: Facility capacity, share issuance and M&A payments are outside operating cash. Formula: subtract(base_2026q3_cash_before_uses, base_2026q3_cash_uses). |
| Ordinary PP&E and intangible cash spending base_2026q3_ordinary_capex | 2026Q3 / base | 32.00 USD_millions | assumption: Desk assumption, not company guidance. |
| Peptide technology cash milestone assumption base_2026q3_peptide_cash | 2026Q3 / base | 5.00 USD_millions | assumption: Desk timing allocates the up-to-$30M July agreement across 12 months, inside intangible/capital cash once; actual milestone achievement and accounting can differ. |
| PP&E and intangible cash purchases base_2026q3_capex | 2026Q3 / base | 37.00 USD_millions | derived: Technology milestone cash is included here, not deducted again below. Formula: sum(base_2026q3_ordinary_capex, base_2026q3_peptide_cash). |
| Capitalized software cash base_2026q3_software | 2026Q3 / base | 7.00 USD_millions | assumption: Desk assumption, not company guidance. |
| CFO less PP&E/intangibles base_2026q3_fcf | 2026Q3 / base | -22.75 USD_millions | derived: Generic historical cash definition. Formula: subtract(base_2026q3_cfo, base_2026q3_capex). |
| CFO less PP&E/intangibles/software base_2026q3_company_fcf | 2026Q3 / base | -29.75 USD_millions | derived: Matches the scope of current company FCF; acquisition consideration remains separate. Formula: subtract(base_2026q3_fcf, base_2026q3_software). |
| Assumed cash election in stress base_2026q3_cash_election | 2026Q3 / base | 100.0% ratio | assumption: Desk assumption, not company guidance. |
| Eucalyptus deferred cash stress base_2026q3_deferred_cash_stress | 2026Q3 / base | 113.98 USD_millions | derived: All-cash equal phasing is a sensitivity, not a contractual schedule or forecast of management election. Formula: multiply(cash_installment_stress, base_2026q3_cash_election). |
| Award tax withholding cash base_2026q3_withholding | 2026Q3 / base | 35.00 USD_millions | assumption: Desk assumption, not company guidance. |
| Acquisition stress and equity award cash base_2026q3_funding_uses | 2026Q3 / base | 148.98 USD_millions | derived: Excludes additional earnouts, other acquisitions, buybacks and debt principal. Formula: sum(base_2026q3_deferred_cash_stress, base_2026q3_withholding). |
| Cash after acquisition/award funding stress base_2026q3_funding_cash | 2026Q3 / base | -178.73 USD_millions | derived: Not consolidated change in cash or a liquidity covenant calculation. Formula: subtract(base_2026q3_company_fcf, base_2026q3_funding_uses). |
| Consolidated revenue base_2026q4_revenue | 2026Q4 / base | 948.68 USD_millions | derived: Remaining annual revenue after H1 and Q3. Formula: subtract(base_h2_revenue, base_2026q3_revenue). |
| US revenue base_2026q4_us | 2026Q4 / base | 725.00 USD_millions | assumption: Desk assumption, not company guidance. |
| Rest-of-world revenue base_2026q4_international | 2026Q4 / base | 223.68 USD_millions | derived: Geographic residual includes acquired businesses. Formula: subtract(base_2026q4_revenue, base_2026q4_us). |
| Adjusted EBITDA base_2026q4_adjusted_ebitda | 2026Q4 / base | 110.40 USD_millions | derived: Remaining annual adjusted EBITDA. Formula: subtract(base_h2_adjusted_ebitda, base_2026q3_adjusted_ebitda). |
| GAAP gross margin: us base_2026q4_us_gross_margin | 2026Q4 / base | 65.0% ratio | assumption: Desk assumption, not company guidance. |
| GAAP gross profit: us base_2026q4_us_gross | 2026Q4 / base | 471.25 USD_millions | derived: Desk product mix and delivery margin, not a disclosed geographic margin. Formula: multiply(base_2026q4_us, base_2026q4_us_gross_margin). |
| GAAP gross margin: international base_2026q4_international_gross_margin | 2026Q4 / base | 55.0% ratio | assumption: Desk assumption, not company guidance. |
| GAAP gross profit: international base_2026q4_international_gross | 2026Q4 / base | 123.03 USD_millions | derived: Desk product mix and delivery margin, not a disclosed geographic margin. Formula: multiply(base_2026q4_international, base_2026q4_international_gross_margin). |
| GAAP gross profit proxy base_2026q4_gross_profit | 2026Q4 / base | 594.28 USD_millions | derived: Branded-product mix and acquired international economics; no return to old compounding margins assumed. Formula: sum(base_2026q4_us_gross, base_2026q4_international_gross). |
| Total equity compensation expense base_2026q4_sbc | 2026Q4 / base | 48.00 USD_millions | assumption: Desk assumption, not company guidance. |
| Depreciation and amortization base_2026q4_da | 2026Q4 / base | 40.00 USD_millions | assumption: Desk assumption, not company guidance. |
| Cash employer payroll tax on equity base_2026q4_sbc_payroll | 2026Q4 / base | 2.50 USD_millions | assumption: Desk assumption, not company guidance. |
| Cash transaction and integration expense base_2026q4_integration | 2026Q4 / base | 8.00 USD_millions | assumption: Desk assumption, not company guidance. |
| GAAP operating costs excluded from adjusted EBITDA base_2026q4_adjusted_exclusions | 2026Q4 / base | 98.50 USD_millions | derived: Noncash costs and excluded cash costs are distinct. No repeat of the already booked legal reserve or assumed fair-value gain. Formula: sum(base_2026q4_sbc, base_2026q4_da, base_2026q4_sbc_payroll, base_2026q4_integration). |
| GAAP operating income proxy base_2026q4_operating_income | 2026Q4 / base | 11.90 USD_millions | derived: Total SBC/DA includes the cost-of-sales portion once. Formula: subtract(base_2026q4_adjusted_ebitda, base_2026q4_adjusted_exclusions). |
| Net cash interest income base_2026q4_net_cash_interest | 2026Q4 / base | 3.00 USD_millions | assumption: Desk assumption, not company guidance. |
| Operating income plus noncash costs and interest base_2026q4_cash_before_uses | 2026Q4 / base | 102.90 USD_millions | derived: Zero-coupon convert principal and proceeds are not operating cash. Formula: sum(base_2026q4_operating_income, base_2026q4_sbc, base_2026q4_da, base_2026q4_net_cash_interest). |
| Payment of existing June legal reserve base_2026q4_legal_payment | 2026Q4 / base | 31.25 USD_millions | assumption: Desk payment timing of an already recognized $62.5M expense; no new operating expense charged here. |
| Net rebate/payable and other working-capital cash use base_2026q4_net_rebate_payable_use | 2026Q4 / base | 10.00 USD_millions | assumption: Net timing assumption; does not deduct gross rebates again while retaining related payable funding. No facility monetization assumed. |
| Cash tax allowance base_2026q4_cash_tax | 2026Q4 / base | 5.00 USD_millions | assumption: Desk assumption, not company guidance. |
| Taxes, working capital and existing-reserve payments base_2026q4_cash_uses | 2026Q4 / base | 46.25 USD_millions | derived: Cash integration and payroll costs remain in operating income and are not added back. Formula: sum(base_2026q4_legal_payment, base_2026q4_net_rebate_payable_use, base_2026q4_cash_tax). |
| Operating cash flow base_2026q4_cfo | 2026Q4 / base | 56.65 USD_millions | derived: Facility capacity, share issuance and M&A payments are outside operating cash. Formula: subtract(base_2026q4_cash_before_uses, base_2026q4_cash_uses). |
| Ordinary PP&E and intangible cash spending base_2026q4_ordinary_capex | 2026Q4 / base | 32.00 USD_millions | assumption: Desk assumption, not company guidance. |
| Peptide technology cash milestone assumption base_2026q4_peptide_cash | 2026Q4 / base | 10.00 USD_millions | assumption: Desk timing allocates the up-to-$30M July agreement across 12 months, inside intangible/capital cash once; actual milestone achievement and accounting can differ. |
| PP&E and intangible cash purchases base_2026q4_capex | 2026Q4 / base | 42.00 USD_millions | derived: Technology milestone cash is included here, not deducted again below. Formula: sum(base_2026q4_ordinary_capex, base_2026q4_peptide_cash). |
| Capitalized software cash base_2026q4_software | 2026Q4 / base | 7.50 USD_millions | assumption: Desk assumption, not company guidance. |
| CFO less PP&E/intangibles base_2026q4_fcf | 2026Q4 / base | 14.65 USD_millions | derived: Generic historical cash definition. Formula: subtract(base_2026q4_cfo, base_2026q4_capex). |
| CFO less PP&E/intangibles/software base_2026q4_company_fcf | 2026Q4 / base | 7.15 USD_millions | derived: Matches the scope of current company FCF; acquisition consideration remains separate. Formula: subtract(base_2026q4_fcf, base_2026q4_software). |
| Assumed cash election in stress base_2026q4_cash_election | 2026Q4 / base | 100.0% ratio | assumption: Desk assumption, not company guidance. |
| Eucalyptus deferred cash stress base_2026q4_deferred_cash_stress | 2026Q4 / base | 113.98 USD_millions | derived: All-cash equal phasing is a sensitivity, not a contractual schedule or forecast of management election. Formula: multiply(cash_installment_stress, base_2026q4_cash_election). |
| Award tax withholding cash base_2026q4_withholding | 2026Q4 / base | 38.00 USD_millions | assumption: Desk assumption, not company guidance. |
| Acquisition stress and equity award cash base_2026q4_funding_uses | 2026Q4 / base | 151.98 USD_millions | derived: Excludes additional earnouts, other acquisitions, buybacks and debt principal. Formula: sum(base_2026q4_deferred_cash_stress, base_2026q4_withholding). |
| Cash after acquisition/award funding stress base_2026q4_funding_cash | 2026Q4 / base | -144.84 USD_millions | derived: Not consolidated change in cash or a liquidity covenant calculation. Formula: subtract(base_2026q4_company_fcf, base_2026q4_funding_uses). |
| Annual revenue quarter share base_2027q1_weight | 2027Q1 / base | 23.0% ratio | assumption: Desk assumption, not company guidance. |
| US revenue base_2027q1_us | 2027Q1 / base | 717.42 USD_millions | derived: US revenue timing assumption. Formula: multiply(base_fy27_us, base_2027q1_weight). |
| Rest-of-world revenue base_2027q1_international | 2027Q1 / base | 199.73 USD_millions | derived: Existing acquired perimeter; no further M&A assumed. Formula: multiply(base_fy27_international, base_2027q1_weight). |
| Consolidated revenue base_2027q1_revenue | 2027Q1 / base | 917.15 USD_millions | derived: Two mutually exclusive geographic revenue streams. Formula: sum(base_2027q1_us, base_2027q1_international). |
| GAAP gross margin: us base_2027q1_us_gross_margin | 2027Q1 / base | 65.0% ratio | assumption: Desk assumption, not company guidance. |
| GAAP gross profit: us base_2027q1_us_gross | 2027Q1 / base | 466.32 USD_millions | derived: Desk product mix and delivery margin, not a disclosed geographic margin. Formula: multiply(base_2027q1_us, base_2027q1_us_gross_margin). |
| GAAP gross margin: international base_2027q1_international_gross_margin | 2027Q1 / base | 55.0% ratio | assumption: Desk assumption, not company guidance. |
| GAAP gross profit: international base_2027q1_international_gross | 2027Q1 / base | 109.85 USD_millions | derived: Desk product mix and delivery margin, not a disclosed geographic margin. Formula: multiply(base_2027q1_international, base_2027q1_international_gross_margin). |
| GAAP gross profit proxy base_2027q1_gross_profit | 2027Q1 / base | 576.18 USD_millions | derived: Branded-product mix and acquired international economics; no return to old compounding margins assumed. Formula: sum(base_2027q1_us_gross, base_2027q1_international_gross). |
| Total equity compensation expense base_2027q1_sbc | 2027Q1 / base | 53.00 USD_millions | assumption: Desk assumption, not company guidance. |
| Depreciation and amortization base_2027q1_da | 2027Q1 / base | 43.00 USD_millions | assumption: Desk assumption, not company guidance. |
| Cash employer payroll tax on equity base_2027q1_sbc_payroll | 2027Q1 / base | 3.00 USD_millions | assumption: Desk assumption, not company guidance. |
| Cash transaction and integration expense base_2027q1_integration | 2027Q1 / base | 5.00 USD_millions | assumption: Desk assumption, not company guidance. |
| Adjusted cash opex / revenue base_2027q1_opex_ratio | 2027Q1 / base | 51.5% ratio | assumption: Desk assumption, not company guidance. |
| Adjusted cash operating expense base_2027q1_adjusted_opex | 2027Q1 / base | 472.33 USD_millions | derived: Desk cost ratio excludes SBC, DA, employer equity taxes and integration costs. Formula: multiply(base_2027q1_revenue, base_2027q1_opex_ratio). |
| Noncash DA/SBC included in GAAP cost of sales base_2027q1_cogs_noncash | 2027Q1 / base | 12.00 USD_millions | assumption: Provisional cost-of-revenue allocation; already included in total DA/SBC below. |
| Gross profit before cost-of-sales noncash charges base_2027q1_adjusted_gross | 2027Q1 / base | 588.18 USD_millions | derived: Reconcile the GAAP gross-profit starting point before subtracting adjusted cash opex. Formula: sum(base_2027q1_gross_profit, base_2027q1_cogs_noncash). |
| Adjusted EBITDA base_2027q1_adjusted_ebitda | 2027Q1 / base | 115.84 USD_millions | derived: Desk cash expense structure, not a company 2027 target. Formula: subtract(base_2027q1_adjusted_gross, base_2027q1_adjusted_opex). |
| GAAP operating costs excluded from adjusted EBITDA base_2027q1_adjusted_exclusions | 2027Q1 / base | 104.00 USD_millions | derived: Noncash costs and excluded cash costs are distinct. No repeat of the already booked legal reserve or assumed fair-value gain. Formula: sum(base_2027q1_sbc, base_2027q1_da, base_2027q1_sbc_payroll, base_2027q1_integration). |
| GAAP operating income proxy base_2027q1_operating_income | 2027Q1 / base | 11.84 USD_millions | derived: Total SBC/DA includes the cost-of-sales portion once. Formula: subtract(base_2027q1_adjusted_ebitda, base_2027q1_adjusted_exclusions). |
| Net cash interest income base_2027q1_net_cash_interest | 2027Q1 / base | 3.00 USD_millions | assumption: Desk assumption, not company guidance. |
| Operating income plus noncash costs and interest base_2027q1_cash_before_uses | 2027Q1 / base | 110.84 USD_millions | derived: Zero-coupon convert principal and proceeds are not operating cash. Formula: sum(base_2027q1_operating_income, base_2027q1_sbc, base_2027q1_da, base_2027q1_net_cash_interest). |
| Payment of existing June legal reserve base_2027q1_legal_payment | 2027Q1 / base | 0.00 USD_millions | assumption: Desk payment timing of an already recognized $62.5M expense; no new operating expense charged here. |
| Net rebate/payable and other working-capital cash use base_2027q1_net_rebate_payable_use | 2027Q1 / base | 25.00 USD_millions | assumption: Net timing assumption; does not deduct gross rebates again while retaining related payable funding. No facility monetization assumed. |
| Cash tax allowance base_2027q1_cash_tax | 2027Q1 / base | 8.00 USD_millions | assumption: Desk assumption, not company guidance. |
| Taxes, working capital and existing-reserve payments base_2027q1_cash_uses | 2027Q1 / base | 33.00 USD_millions | derived: Cash integration and payroll costs remain in operating income and are not added back. Formula: sum(base_2027q1_legal_payment, base_2027q1_net_rebate_payable_use, base_2027q1_cash_tax). |
| Operating cash flow base_2027q1_cfo | 2027Q1 / base | 77.84 USD_millions | derived: Facility capacity, share issuance and M&A payments are outside operating cash. Formula: subtract(base_2027q1_cash_before_uses, base_2027q1_cash_uses). |
| Ordinary PP&E and intangible cash spending base_2027q1_ordinary_capex | 2027Q1 / base | 35.00 USD_millions | assumption: Desk assumption, not company guidance. |
| Peptide technology cash milestone assumption base_2027q1_peptide_cash | 2027Q1 / base | 10.00 USD_millions | assumption: Desk timing allocates the up-to-$30M July agreement across 12 months, inside intangible/capital cash once; actual milestone achievement and accounting can differ. |
| PP&E and intangible cash purchases base_2027q1_capex | 2027Q1 / base | 45.00 USD_millions | derived: Technology milestone cash is included here, not deducted again below. Formula: sum(base_2027q1_ordinary_capex, base_2027q1_peptide_cash). |
| Capitalized software cash base_2027q1_software | 2027Q1 / base | 8.00 USD_millions | assumption: Desk assumption, not company guidance. |
| CFO less PP&E/intangibles base_2027q1_fcf | 2027Q1 / base | 32.84 USD_millions | derived: Generic historical cash definition. Formula: subtract(base_2027q1_cfo, base_2027q1_capex). |
| CFO less PP&E/intangibles/software base_2027q1_company_fcf | 2027Q1 / base | 24.84 USD_millions | derived: Matches the scope of current company FCF; acquisition consideration remains separate. Formula: subtract(base_2027q1_fcf, base_2027q1_software). |
| Assumed cash election in stress base_2027q1_cash_election | 2027Q1 / base | 100.0% ratio | assumption: Desk assumption, not company guidance. |
| Eucalyptus deferred cash stress base_2027q1_deferred_cash_stress | 2027Q1 / base | 113.98 USD_millions | derived: All-cash equal phasing is a sensitivity, not a contractual schedule or forecast of management election. Formula: multiply(cash_installment_stress, base_2027q1_cash_election). |
| Award tax withholding cash base_2027q1_withholding | 2027Q1 / base | 41.00 USD_millions | assumption: Desk assumption, not company guidance. |
| Acquisition stress and equity award cash base_2027q1_funding_uses | 2027Q1 / base | 154.98 USD_millions | derived: Excludes additional earnouts, other acquisitions, buybacks and debt principal. Formula: sum(base_2027q1_deferred_cash_stress, base_2027q1_withholding). |
| Cash after acquisition/award funding stress base_2027q1_funding_cash | 2027Q1 / base | -130.14 USD_millions | derived: Not consolidated change in cash or a liquidity covenant calculation. Formula: subtract(base_2027q1_company_fcf, base_2027q1_funding_uses). |
| Annual revenue quarter share base_2027q2_weight | 2027Q2 / base | 24.5% ratio | assumption: Desk assumption, not company guidance. |
| US revenue base_2027q2_us | 2027Q2 / base | 764.21 USD_millions | derived: US revenue timing assumption. Formula: multiply(base_fy27_us, base_2027q2_weight). |
| Rest-of-world revenue base_2027q2_international | 2027Q2 / base | 212.76 USD_millions | derived: Existing acquired perimeter; no further M&A assumed. Formula: multiply(base_fy27_international, base_2027q2_weight). |
| Consolidated revenue base_2027q2_revenue | 2027Q2 / base | 976.97 USD_millions | derived: Two mutually exclusive geographic revenue streams. Formula: sum(base_2027q2_us, base_2027q2_international). |
| GAAP gross margin: us base_2027q2_us_gross_margin | 2027Q2 / base | 65.0% ratio | assumption: Desk assumption, not company guidance. |
| GAAP gross profit: us base_2027q2_us_gross | 2027Q2 / base | 496.74 USD_millions | derived: Desk product mix and delivery margin, not a disclosed geographic margin. Formula: multiply(base_2027q2_us, base_2027q2_us_gross_margin). |
| GAAP gross margin: international base_2027q2_international_gross_margin | 2027Q2 / base | 55.0% ratio | assumption: Desk assumption, not company guidance. |
| GAAP gross profit: international base_2027q2_international_gross | 2027Q2 / base | 117.02 USD_millions | derived: Desk product mix and delivery margin, not a disclosed geographic margin. Formula: multiply(base_2027q2_international, base_2027q2_international_gross_margin). |
| GAAP gross profit proxy base_2027q2_gross_profit | 2027Q2 / base | 613.75 USD_millions | derived: Branded-product mix and acquired international economics; no return to old compounding margins assumed. Formula: sum(base_2027q2_us_gross, base_2027q2_international_gross). |
| Total equity compensation expense base_2027q2_sbc | 2027Q2 / base | 57.00 USD_millions | assumption: Desk assumption, not company guidance. |
| Depreciation and amortization base_2027q2_da | 2027Q2 / base | 43.00 USD_millions | assumption: Desk assumption, not company guidance. |
| Cash employer payroll tax on equity base_2027q2_sbc_payroll | 2027Q2 / base | 3.00 USD_millions | assumption: Desk assumption, not company guidance. |
| Cash transaction and integration expense base_2027q2_integration | 2027Q2 / base | 5.00 USD_millions | assumption: Desk assumption, not company guidance. |
| Adjusted cash opex / revenue base_2027q2_opex_ratio | 2027Q2 / base | 51.5% ratio | assumption: Desk assumption, not company guidance. |
| Adjusted cash operating expense base_2027q2_adjusted_opex | 2027Q2 / base | 503.14 USD_millions | derived: Desk cost ratio excludes SBC, DA, employer equity taxes and integration costs. Formula: multiply(base_2027q2_revenue, base_2027q2_opex_ratio). |
| Noncash DA/SBC included in GAAP cost of sales base_2027q2_cogs_noncash | 2027Q2 / base | 12.00 USD_millions | assumption: Provisional cost-of-revenue allocation; already included in total DA/SBC below. |
| Gross profit before cost-of-sales noncash charges base_2027q2_adjusted_gross | 2027Q2 / base | 625.75 USD_millions | derived: Reconcile the GAAP gross-profit starting point before subtracting adjusted cash opex. Formula: sum(base_2027q2_gross_profit, base_2027q2_cogs_noncash). |
| Adjusted EBITDA base_2027q2_adjusted_ebitda | 2027Q2 / base | 122.61 USD_millions | derived: Desk cash expense structure, not a company 2027 target. Formula: subtract(base_2027q2_adjusted_gross, base_2027q2_adjusted_opex). |
| GAAP operating costs excluded from adjusted EBITDA base_2027q2_adjusted_exclusions | 2027Q2 / base | 108.00 USD_millions | derived: Noncash costs and excluded cash costs are distinct. No repeat of the already booked legal reserve or assumed fair-value gain. Formula: sum(base_2027q2_sbc, base_2027q2_da, base_2027q2_sbc_payroll, base_2027q2_integration). |
| GAAP operating income proxy base_2027q2_operating_income | 2027Q2 / base | 14.61 USD_millions | derived: Total SBC/DA includes the cost-of-sales portion once. Formula: subtract(base_2027q2_adjusted_ebitda, base_2027q2_adjusted_exclusions). |
| Net cash interest income base_2027q2_net_cash_interest | 2027Q2 / base | 3.00 USD_millions | assumption: Desk assumption, not company guidance. |
| Operating income plus noncash costs and interest base_2027q2_cash_before_uses | 2027Q2 / base | 117.61 USD_millions | derived: Zero-coupon convert principal and proceeds are not operating cash. Formula: sum(base_2027q2_operating_income, base_2027q2_sbc, base_2027q2_da, base_2027q2_net_cash_interest). |
| Payment of existing June legal reserve base_2027q2_legal_payment | 2027Q2 / base | 0.00 USD_millions | assumption: Desk payment timing of an already recognized $62.5M expense; no new operating expense charged here. |
| Net rebate/payable and other working-capital cash use base_2027q2_net_rebate_payable_use | 2027Q2 / base | 10.00 USD_millions | assumption: Net timing assumption; does not deduct gross rebates again while retaining related payable funding. No facility monetization assumed. |
| Cash tax allowance base_2027q2_cash_tax | 2027Q2 / base | 8.00 USD_millions | assumption: Desk assumption, not company guidance. |
| Taxes, working capital and existing-reserve payments base_2027q2_cash_uses | 2027Q2 / base | 18.00 USD_millions | derived: Cash integration and payroll costs remain in operating income and are not added back. Formula: sum(base_2027q2_legal_payment, base_2027q2_net_rebate_payable_use, base_2027q2_cash_tax). |
| Operating cash flow base_2027q2_cfo | 2027Q2 / base | 99.61 USD_millions | derived: Facility capacity, share issuance and M&A payments are outside operating cash. Formula: subtract(base_2027q2_cash_before_uses, base_2027q2_cash_uses). |
| Ordinary PP&E and intangible cash spending base_2027q2_ordinary_capex | 2027Q2 / base | 35.00 USD_millions | assumption: Desk assumption, not company guidance. |
| Peptide technology cash milestone assumption base_2027q2_peptide_cash | 2027Q2 / base | 5.00 USD_millions | assumption: Desk timing allocates the up-to-$30M July agreement across 12 months, inside intangible/capital cash once; actual milestone achievement and accounting can differ. |
| PP&E and intangible cash purchases base_2027q2_capex | 2027Q2 / base | 40.00 USD_millions | derived: Technology milestone cash is included here, not deducted again below. Formula: sum(base_2027q2_ordinary_capex, base_2027q2_peptide_cash). |
| Capitalized software cash base_2027q2_software | 2027Q2 / base | 8.50 USD_millions | assumption: Desk assumption, not company guidance. |
| CFO less PP&E/intangibles base_2027q2_fcf | 2027Q2 / base | 59.61 USD_millions | derived: Generic historical cash definition. Formula: subtract(base_2027q2_cfo, base_2027q2_capex). |
| CFO less PP&E/intangibles/software base_2027q2_company_fcf | 2027Q2 / base | 51.11 USD_millions | derived: Matches the scope of current company FCF; acquisition consideration remains separate. Formula: subtract(base_2027q2_fcf, base_2027q2_software). |
| Assumed cash election in stress base_2027q2_cash_election | 2027Q2 / base | 100.0% ratio | assumption: Desk assumption, not company guidance. |
| Eucalyptus deferred cash stress base_2027q2_deferred_cash_stress | 2027Q2 / base | 113.98 USD_millions | derived: All-cash equal phasing is a sensitivity, not a contractual schedule or forecast of management election. Formula: multiply(cash_installment_stress, base_2027q2_cash_election). |
| Award tax withholding cash base_2027q2_withholding | 2027Q2 / base | 44.00 USD_millions | assumption: Desk assumption, not company guidance. |
| Acquisition stress and equity award cash base_2027q2_funding_uses | 2027Q2 / base | 157.98 USD_millions | derived: Excludes additional earnouts, other acquisitions, buybacks and debt principal. Formula: sum(base_2027q2_deferred_cash_stress, base_2027q2_withholding). |
| Cash after acquisition/award funding stress base_2027q2_funding_cash | 2027Q2 / base | -106.87 USD_millions | derived: Not consolidated change in cash or a liquidity covenant calculation. Formula: subtract(base_2027q2_company_fcf, base_2027q2_funding_uses). |
| Annual revenue quarter share base_2027q3_weight | 2027Q3 / base | 25.5% ratio | assumption: Desk assumption, not company guidance. |
| US revenue base_2027q3_us | 2027Q3 / base | 795.40 USD_millions | derived: US revenue timing assumption. Formula: multiply(base_fy27_us, base_2027q3_weight). |
| Rest-of-world revenue base_2027q3_international | 2027Q3 / base | 221.44 USD_millions | derived: Existing acquired perimeter; no further M&A assumed. Formula: multiply(base_fy27_international, base_2027q3_weight). |
| Consolidated revenue base_2027q3_revenue | 2027Q3 / base | 1,016.84 USD_millions | derived: Two mutually exclusive geographic revenue streams. Formula: sum(base_2027q3_us, base_2027q3_international). |
| GAAP gross margin: us base_2027q3_us_gross_margin | 2027Q3 / base | 65.0% ratio | assumption: Desk assumption, not company guidance. |
| GAAP gross profit: us base_2027q3_us_gross | 2027Q3 / base | 517.01 USD_millions | derived: Desk product mix and delivery margin, not a disclosed geographic margin. Formula: multiply(base_2027q3_us, base_2027q3_us_gross_margin). |
| GAAP gross margin: international base_2027q3_international_gross_margin | 2027Q3 / base | 55.0% ratio | assumption: Desk assumption, not company guidance. |
| GAAP gross profit: international base_2027q3_international_gross | 2027Q3 / base | 121.79 USD_millions | derived: Desk product mix and delivery margin, not a disclosed geographic margin. Formula: multiply(base_2027q3_international, base_2027q3_international_gross_margin). |
| GAAP gross profit proxy base_2027q3_gross_profit | 2027Q3 / base | 638.80 USD_millions | derived: Branded-product mix and acquired international economics; no return to old compounding margins assumed. Formula: sum(base_2027q3_us_gross, base_2027q3_international_gross). |
| Total equity compensation expense base_2027q3_sbc | 2027Q3 / base | 61.00 USD_millions | assumption: Desk assumption, not company guidance. |
| Depreciation and amortization base_2027q3_da | 2027Q3 / base | 43.00 USD_millions | assumption: Desk assumption, not company guidance. |
| Cash employer payroll tax on equity base_2027q3_sbc_payroll | 2027Q3 / base | 3.00 USD_millions | assumption: Desk assumption, not company guidance. |
| Cash transaction and integration expense base_2027q3_integration | 2027Q3 / base | 5.00 USD_millions | assumption: Desk assumption, not company guidance. |
| Adjusted cash opex / revenue base_2027q3_opex_ratio | 2027Q3 / base | 51.5% ratio | assumption: Desk assumption, not company guidance. |
| Adjusted cash operating expense base_2027q3_adjusted_opex | 2027Q3 / base | 523.67 USD_millions | derived: Desk cost ratio excludes SBC, DA, employer equity taxes and integration costs. Formula: multiply(base_2027q3_revenue, base_2027q3_opex_ratio). |
| Noncash DA/SBC included in GAAP cost of sales base_2027q3_cogs_noncash | 2027Q3 / base | 12.00 USD_millions | assumption: Provisional cost-of-revenue allocation; already included in total DA/SBC below. |
| Gross profit before cost-of-sales noncash charges base_2027q3_adjusted_gross | 2027Q3 / base | 650.80 USD_millions | derived: Reconcile the GAAP gross-profit starting point before subtracting adjusted cash opex. Formula: sum(base_2027q3_gross_profit, base_2027q3_cogs_noncash). |
| Adjusted EBITDA base_2027q3_adjusted_ebitda | 2027Q3 / base | 127.13 USD_millions | derived: Desk cash expense structure, not a company 2027 target. Formula: subtract(base_2027q3_adjusted_gross, base_2027q3_adjusted_opex). |
| GAAP operating costs excluded from adjusted EBITDA base_2027q3_adjusted_exclusions | 2027Q3 / base | 112.00 USD_millions | derived: Noncash costs and excluded cash costs are distinct. No repeat of the already booked legal reserve or assumed fair-value gain. Formula: sum(base_2027q3_sbc, base_2027q3_da, base_2027q3_sbc_payroll, base_2027q3_integration). |
| GAAP operating income proxy base_2027q3_operating_income | 2027Q3 / base | 15.13 USD_millions | derived: Total SBC/DA includes the cost-of-sales portion once. Formula: subtract(base_2027q3_adjusted_ebitda, base_2027q3_adjusted_exclusions). |
| Net cash interest income base_2027q3_net_cash_interest | 2027Q3 / base | 3.00 USD_millions | assumption: Desk assumption, not company guidance. |
| Operating income plus noncash costs and interest base_2027q3_cash_before_uses | 2027Q3 / base | 122.13 USD_millions | derived: Zero-coupon convert principal and proceeds are not operating cash. Formula: sum(base_2027q3_operating_income, base_2027q3_sbc, base_2027q3_da, base_2027q3_net_cash_interest). |
| Payment of existing June legal reserve base_2027q3_legal_payment | 2027Q3 / base | 0.00 USD_millions | assumption: Desk payment timing of an already recognized $62.5M expense; no new operating expense charged here. |
| Net rebate/payable and other working-capital cash use base_2027q3_net_rebate_payable_use | 2027Q3 / base | 20.00 USD_millions | assumption: Net timing assumption; does not deduct gross rebates again while retaining related payable funding. No facility monetization assumed. |
| Cash tax allowance base_2027q3_cash_tax | 2027Q3 / base | 8.00 USD_millions | assumption: Desk assumption, not company guidance. |
| Taxes, working capital and existing-reserve payments base_2027q3_cash_uses | 2027Q3 / base | 28.00 USD_millions | derived: Cash integration and payroll costs remain in operating income and are not added back. Formula: sum(base_2027q3_legal_payment, base_2027q3_net_rebate_payable_use, base_2027q3_cash_tax). |
| Operating cash flow base_2027q3_cfo | 2027Q3 / base | 94.13 USD_millions | derived: Facility capacity, share issuance and M&A payments are outside operating cash. Formula: subtract(base_2027q3_cash_before_uses, base_2027q3_cash_uses). |
| Ordinary PP&E and intangible cash spending base_2027q3_ordinary_capex | 2027Q3 / base | 35.00 USD_millions | assumption: Desk assumption, not company guidance. |
| Peptide technology cash milestone assumption base_2027q3_peptide_cash | 2027Q3 / base | 0.00 USD_millions | assumption: Desk timing allocates the up-to-$30M July agreement across 12 months, inside intangible/capital cash once; actual milestone achievement and accounting can differ. |
| PP&E and intangible cash purchases base_2027q3_capex | 2027Q3 / base | 35.00 USD_millions | derived: Technology milestone cash is included here, not deducted again below. Formula: sum(base_2027q3_ordinary_capex, base_2027q3_peptide_cash). |
| Capitalized software cash base_2027q3_software | 2027Q3 / base | 9.00 USD_millions | assumption: Desk assumption, not company guidance. |
| CFO less PP&E/intangibles base_2027q3_fcf | 2027Q3 / base | 59.13 USD_millions | derived: Generic historical cash definition. Formula: subtract(base_2027q3_cfo, base_2027q3_capex). |
| CFO less PP&E/intangibles/software base_2027q3_company_fcf | 2027Q3 / base | 50.13 USD_millions | derived: Matches the scope of current company FCF; acquisition consideration remains separate. Formula: subtract(base_2027q3_fcf, base_2027q3_software). |
| Assumed cash election in stress base_2027q3_cash_election | 2027Q3 / base | 100.0% ratio | assumption: Desk assumption, not company guidance. |
| Eucalyptus deferred cash stress base_2027q3_deferred_cash_stress | 2027Q3 / base | 113.98 USD_millions | derived: All-cash equal phasing is a sensitivity, not a contractual schedule or forecast of management election. Formula: multiply(cash_installment_stress, base_2027q3_cash_election). |
| Award tax withholding cash base_2027q3_withholding | 2027Q3 / base | 47.00 USD_millions | assumption: Desk assumption, not company guidance. |
| Acquisition stress and equity award cash base_2027q3_funding_uses | 2027Q3 / base | 160.98 USD_millions | derived: Excludes additional earnouts, other acquisitions, buybacks and debt principal. Formula: sum(base_2027q3_deferred_cash_stress, base_2027q3_withholding). |
| Cash after acquisition/award funding stress base_2027q3_funding_cash | 2027Q3 / base | -110.85 USD_millions | derived: Not consolidated change in cash or a liquidity covenant calculation. Formula: subtract(base_2027q3_company_fcf, base_2027q3_funding_uses). |
| Annual revenue quarter share base_2027q4_weight | 2027Q4 / base | 27.0% ratio | assumption: Desk assumption, not company guidance. |
| US revenue base_2027q4_us | 2027Q4 / base | 842.19 USD_millions | derived: US revenue timing assumption. Formula: multiply(base_fy27_us, base_2027q4_weight). |
| Rest-of-world revenue base_2027q4_international | 2027Q4 / base | 234.47 USD_millions | derived: Existing acquired perimeter; no further M&A assumed. Formula: multiply(base_fy27_international, base_2027q4_weight). |
| Consolidated revenue base_2027q4_revenue | 2027Q4 / base | 1,076.66 USD_millions | derived: Two mutually exclusive geographic revenue streams. Formula: sum(base_2027q4_us, base_2027q4_international). |
| GAAP gross margin: us base_2027q4_us_gross_margin | 2027Q4 / base | 65.0% ratio | assumption: Desk assumption, not company guidance. |
| GAAP gross profit: us base_2027q4_us_gross | 2027Q4 / base | 547.42 USD_millions | derived: Desk product mix and delivery margin, not a disclosed geographic margin. Formula: multiply(base_2027q4_us, base_2027q4_us_gross_margin). |
| GAAP gross margin: international base_2027q4_international_gross_margin | 2027Q4 / base | 55.0% ratio | assumption: Desk assumption, not company guidance. |
| GAAP gross profit: international base_2027q4_international_gross | 2027Q4 / base | 128.96 USD_millions | derived: Desk product mix and delivery margin, not a disclosed geographic margin. Formula: multiply(base_2027q4_international, base_2027q4_international_gross_margin). |
| GAAP gross profit proxy base_2027q4_gross_profit | 2027Q4 / base | 676.38 USD_millions | derived: Branded-product mix and acquired international economics; no return to old compounding margins assumed. Formula: sum(base_2027q4_us_gross, base_2027q4_international_gross). |
| Total equity compensation expense base_2027q4_sbc | 2027Q4 / base | 65.00 USD_millions | assumption: Desk assumption, not company guidance. |
| Depreciation and amortization base_2027q4_da | 2027Q4 / base | 43.00 USD_millions | assumption: Desk assumption, not company guidance. |
| Cash employer payroll tax on equity base_2027q4_sbc_payroll | 2027Q4 / base | 3.00 USD_millions | assumption: Desk assumption, not company guidance. |
| Cash transaction and integration expense base_2027q4_integration | 2027Q4 / base | 5.00 USD_millions | assumption: Desk assumption, not company guidance. |
| Adjusted cash opex / revenue base_2027q4_opex_ratio | 2027Q4 / base | 51.5% ratio | assumption: Desk assumption, not company guidance. |
| Adjusted cash operating expense base_2027q4_adjusted_opex | 2027Q4 / base | 554.48 USD_millions | derived: Desk cost ratio excludes SBC, DA, employer equity taxes and integration costs. Formula: multiply(base_2027q4_revenue, base_2027q4_opex_ratio). |
| Noncash DA/SBC included in GAAP cost of sales base_2027q4_cogs_noncash | 2027Q4 / base | 12.00 USD_millions | assumption: Provisional cost-of-revenue allocation; already included in total DA/SBC below. |
| Gross profit before cost-of-sales noncash charges base_2027q4_adjusted_gross | 2027Q4 / base | 688.38 USD_millions | derived: Reconcile the GAAP gross-profit starting point before subtracting adjusted cash opex. Formula: sum(base_2027q4_gross_profit, base_2027q4_cogs_noncash). |
| Adjusted EBITDA base_2027q4_adjusted_ebitda | 2027Q4 / base | 133.90 USD_millions | derived: Desk cash expense structure, not a company 2027 target. Formula: subtract(base_2027q4_adjusted_gross, base_2027q4_adjusted_opex). |
| GAAP operating costs excluded from adjusted EBITDA base_2027q4_adjusted_exclusions | 2027Q4 / base | 116.00 USD_millions | derived: Noncash costs and excluded cash costs are distinct. No repeat of the already booked legal reserve or assumed fair-value gain. Formula: sum(base_2027q4_sbc, base_2027q4_da, base_2027q4_sbc_payroll, base_2027q4_integration). |
| GAAP operating income proxy base_2027q4_operating_income | 2027Q4 / base | 17.90 USD_millions | derived: Total SBC/DA includes the cost-of-sales portion once. Formula: subtract(base_2027q4_adjusted_ebitda, base_2027q4_adjusted_exclusions). |
| Net cash interest income base_2027q4_net_cash_interest | 2027Q4 / base | 3.00 USD_millions | assumption: Desk assumption, not company guidance. |
| Operating income plus noncash costs and interest base_2027q4_cash_before_uses | 2027Q4 / base | 128.90 USD_millions | derived: Zero-coupon convert principal and proceeds are not operating cash. Formula: sum(base_2027q4_operating_income, base_2027q4_sbc, base_2027q4_da, base_2027q4_net_cash_interest). |
| Payment of existing June legal reserve base_2027q4_legal_payment | 2027Q4 / base | 0.00 USD_millions | assumption: Desk payment timing of an already recognized $62.5M expense; no new operating expense charged here. |
| Net rebate/payable and other working-capital cash use base_2027q4_net_rebate_payable_use | 2027Q4 / base | 5.00 USD_millions | assumption: Net timing assumption; does not deduct gross rebates again while retaining related payable funding. No facility monetization assumed. |
| Cash tax allowance base_2027q4_cash_tax | 2027Q4 / base | 8.00 USD_millions | assumption: Desk assumption, not company guidance. |
| Taxes, working capital and existing-reserve payments base_2027q4_cash_uses | 2027Q4 / base | 13.00 USD_millions | derived: Cash integration and payroll costs remain in operating income and are not added back. Formula: sum(base_2027q4_legal_payment, base_2027q4_net_rebate_payable_use, base_2027q4_cash_tax). |
| Operating cash flow base_2027q4_cfo | 2027Q4 / base | 115.90 USD_millions | derived: Facility capacity, share issuance and M&A payments are outside operating cash. Formula: subtract(base_2027q4_cash_before_uses, base_2027q4_cash_uses). |
| Ordinary PP&E and intangible cash spending base_2027q4_ordinary_capex | 2027Q4 / base | 35.00 USD_millions | assumption: Desk assumption, not company guidance. |
| Peptide technology cash milestone assumption base_2027q4_peptide_cash | 2027Q4 / base | 0.00 USD_millions | assumption: Desk timing allocates the up-to-$30M July agreement across 12 months, inside intangible/capital cash once; actual milestone achievement and accounting can differ. |
| PP&E and intangible cash purchases base_2027q4_capex | 2027Q4 / base | 35.00 USD_millions | derived: Technology milestone cash is included here, not deducted again below. Formula: sum(base_2027q4_ordinary_capex, base_2027q4_peptide_cash). |
| Capitalized software cash base_2027q4_software | 2027Q4 / base | 9.50 USD_millions | assumption: Desk assumption, not company guidance. |
| CFO less PP&E/intangibles base_2027q4_fcf | 2027Q4 / base | 80.90 USD_millions | derived: Generic historical cash definition. Formula: subtract(base_2027q4_cfo, base_2027q4_capex). |
| CFO less PP&E/intangibles/software base_2027q4_company_fcf | 2027Q4 / base | 71.40 USD_millions | derived: Matches the scope of current company FCF; acquisition consideration remains separate. Formula: subtract(base_2027q4_fcf, base_2027q4_software). |
| Assumed cash election in stress base_2027q4_cash_election | 2027Q4 / base | 100.0% ratio | assumption: Desk assumption, not company guidance. |
| Eucalyptus deferred cash stress base_2027q4_deferred_cash_stress | 2027Q4 / base | 113.98 USD_millions | derived: All-cash equal phasing is a sensitivity, not a contractual schedule or forecast of management election. Formula: multiply(cash_installment_stress, base_2027q4_cash_election). |
| Award tax withholding cash base_2027q4_withholding | 2027Q4 / base | 50.00 USD_millions | assumption: Desk assumption, not company guidance. |
| Acquisition stress and equity award cash base_2027q4_funding_uses | 2027Q4 / base | 163.98 USD_millions | derived: Excludes additional earnouts, other acquisitions, buybacks and debt principal. Formula: sum(base_2027q4_deferred_cash_stress, base_2027q4_withholding). |
| Cash after acquisition/award funding stress base_2027q4_funding_cash | 2027Q4 / base | -92.58 USD_millions | derived: Not consolidated change in cash or a liquidity covenant calculation. Formula: subtract(base_2027q4_company_fcf, base_2027q4_funding_uses). |
| Consolidated revenue ($M) base_fy2026_revenue | FY2026 / base | 3,200.00 USD_millions | derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_revenue, base_2026q3_revenue, base_2026q4_revenue). |
| US revenue ($M) base_fy2026_us | FY2026 / base | 2,556.74 USD_millions | derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_us, base_2026q3_us, base_2026q4_us). |
| Rest-of-world revenue ($M) base_fy2026_international | FY2026 / base | 643.26 USD_millions | derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_international, base_2026q3_international, base_2026q4_international). |
| GAAP gross profit proxy ($M) base_fy2026_gross_profit | FY2026 / base | 2,029.37 USD_millions | derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_gross_profit, base_2026q3_gross_profit, base_2026q4_gross_profit). |
| Adjusted EBITDA ($M) base_fy2026_adjusted_ebitda | FY2026 / base | 300.00 USD_millions | derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_adjusted_ebitda, base_2026q3_adjusted_ebitda, base_2026q4_adjusted_ebitda). |
| GAAP operating income proxy ($M) base_fy2026_operating_income | FY2026 / base | -176.12 USD_millions | derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_operating_income, base_2026q3_operating_income, base_2026q4_operating_income). |
| Operating cash flow ($M) base_fy2026_cfo | FY2026 / base | 124.31 USD_millions | derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_cfo, base_2026q3_cfo, base_2026q4_cfo). |
| PP&E and intangible cash purchases ($M) base_fy2026_capex | FY2026 / base | 134.77 USD_millions | derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_capex, base_2026q3_capex, base_2026q4_capex). |
| Capitalized software cash ($M) base_fy2026_software | FY2026 / base | 27.31 USD_millions | derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_software, base_2026q3_software, base_2026q4_software). |
| CFO less PP&E/intangibles ($M) base_fy2026_fcf | FY2026 / base | -10.46 USD_millions | derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_fcf, base_2026q3_fcf, base_2026q4_fcf). |
| CFO less PP&E/intangibles/software ($M) base_fy2026_company_fcf | FY2026 / base | -37.76 USD_millions | derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_company_fcf, base_2026q3_company_fcf, base_2026q4_company_fcf). |
| Cash after acquisition/award funding stress ($M) base_fy2026_funding_cash | FY2026 / base | -762.84 USD_millions | derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_funding_cash, base_2026q3_funding_cash, base_2026q4_funding_cash). |
| Consolidated revenue ($M) base_fy2027_revenue | FY2027 / base | 3,987.62 USD_millions | derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(base_2027q1_revenue, base_2027q2_revenue, base_2027q3_revenue, base_2027q4_revenue). |
| US revenue ($M) base_fy2027_us | FY2027 / base | 3,119.22 USD_millions | derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(base_2027q1_us, base_2027q2_us, base_2027q3_us, base_2027q4_us). |
| Rest-of-world revenue ($M) base_fy2027_international | FY2027 / base | 868.40 USD_millions | derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(base_2027q1_international, base_2027q2_international, base_2027q3_international, base_2027q4_international). |
| GAAP gross profit proxy ($M) base_fy2027_gross_profit | FY2027 / base | 2,505.12 USD_millions | derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(base_2027q1_gross_profit, base_2027q2_gross_profit, base_2027q3_gross_profit, base_2027q4_gross_profit). |
| Adjusted EBITDA ($M) base_fy2027_adjusted_ebitda | FY2027 / base | 499.49 USD_millions | derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(base_2027q1_adjusted_ebitda, base_2027q2_adjusted_ebitda, base_2027q3_adjusted_ebitda, base_2027q4_adjusted_ebitda). |
| GAAP operating income proxy ($M) base_fy2027_operating_income | FY2027 / base | 59.49 USD_millions | derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(base_2027q1_operating_income, base_2027q2_operating_income, base_2027q3_operating_income, base_2027q4_operating_income). |
| Operating cash flow ($M) base_fy2027_cfo | FY2027 / base | 387.49 USD_millions | derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(base_2027q1_cfo, base_2027q2_cfo, base_2027q3_cfo, base_2027q4_cfo). |
| PP&E and intangible cash purchases ($M) base_fy2027_capex | FY2027 / base | 155.00 USD_millions | derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(base_2027q1_capex, base_2027q2_capex, base_2027q3_capex, base_2027q4_capex). |
| Capitalized software cash ($M) base_fy2027_software | FY2027 / base | 35.00 USD_millions | derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(base_2027q1_software, base_2027q2_software, base_2027q3_software, base_2027q4_software). |
| CFO less PP&E/intangibles ($M) base_fy2027_fcf | FY2027 / base | 232.49 USD_millions | derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(base_2027q1_fcf, base_2027q2_fcf, base_2027q3_fcf, base_2027q4_fcf). |
| CFO less PP&E/intangibles/software ($M) base_fy2027_company_fcf | FY2027 / base | 197.49 USD_millions | derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(base_2027q1_company_fcf, base_2027q2_company_fcf, base_2027q3_company_fcf, base_2027q4_company_fcf). |
| Cash after acquisition/award funding stress ($M) base_fy2027_funding_cash | FY2027 / base | -440.44 USD_millions | derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(base_2027q1_funding_cash, base_2027q2_funding_cash, base_2027q3_funding_cash, base_2027q4_funding_cash). |
| 2026 sales delivery / guide midpoint upside_delivery | FY2026 / upside | 103.0% ratio | assumption: Desk scenario multiplier. |
| 2026 adjusted EBITDA / guide midpoint upside_adjfactor | FY2026 / upside | 109.0% ratio | assumption: Desk scenario multiplier. |
| FY2026 revenue upside_fy26_revenue_target | FY2026 / upside | 3,296.00 USD_millions | derived: Guidance midpoint times explicit scenario sensitivity. Formula: multiply(fy26_revenue_guide, upside_delivery). |
| H2 revenue upside_h2_revenue | H2 2026 / upside | 1,934.68 USD_millions | derived: Full year less H1 actual. Formula: subtract(upside_fy26_revenue_target, h1_revenue). |
| FY2026 adjusted_ebitda upside_fy26_adjusted_ebitda_target | FY2026 / upside | 327.00 USD_millions | derived: Guidance midpoint times explicit scenario sensitivity. Formula: multiply(fy26_adjusted_guide, upside_adjfactor). |
| H2 adjusted_ebitda upside_h2_adjusted_ebitda | H2 2026 / upside | 222.40 USD_millions | derived: Full year less H1 actual. Formula: subtract(upside_fy26_adjusted_ebitda_target, h1_adjusted_ebitda). |
| H2 US revenue upside_h2_us | H2 2026 / upside | 1,450.00 USD_millions | assumption: Desk geographic allocation; consolidated guidance does not specify these quarterly US values. |
| FY2026 US revenue upside_fy26_us | FY2026 / upside | 2,601.74 USD_millions | derived: Actual plus forecast US sales. Formula: sum(h1_us, upside_h2_us). |
| FY2026 rest-of-world revenue upside_fy26_international | FY2026 / upside | 694.26 USD_millions | derived: Includes June Eucalyptus acquisition; not an organic-growth measure. Formula: subtract(upside_fy26_revenue_target, upside_fy26_us). |
| FY2027 us growth multiplier upside_us_growth | FY2027 / upside | 132.0% ratio | assumption: Desk annual growth including existing acquired perimeter. |
| FY2027 us revenue upside_fy27_us | FY2027 / upside | 3,434.30 USD_millions | derived: No second Eucalyptus revenue added after geographic growth. Formula: multiply(upside_fy26_us, upside_us_growth). |
| FY2027 international growth multiplier upside_international_growth | FY2027 / upside | 150.0% ratio | assumption: Desk annual growth including existing acquired perimeter. |
| FY2027 international revenue upside_fy27_international | FY2027 / upside | 1,041.39 USD_millions | derived: No second Eucalyptus revenue added after geographic growth. Formula: multiply(upside_fy26_international, upside_international_growth). |
| Consolidated revenue upside_2026q3_revenue | 2026Q3 / upside | 916.70 USD_millions | derived: Scenario Q3 sales. Formula: multiply(q3_revenue_guide, upside_delivery). |
| US revenue upside_2026q3_us | 2026Q3 / upside | 700.00 USD_millions | assumption: Desk assumption, not company guidance. |
| Rest-of-world revenue upside_2026q3_international | 2026Q3 / upside | 216.70 USD_millions | derived: Geographic residual includes acquired businesses. Formula: subtract(upside_2026q3_revenue, upside_2026q3_us). |
| Adjusted EBITDA upside_2026q3_adjusted_ebitda | 2026Q3 / upside | 92.65 USD_millions | derived: Scenario Q3 adjusted profit. Formula: multiply(q3_adjusted_guide, upside_adjfactor). |
| GAAP gross margin: us upside_2026q3_us_gross_margin | 2026Q3 / upside | 68.0% ratio | assumption: Desk assumption, not company guidance. |
| GAAP gross profit: us upside_2026q3_us_gross | 2026Q3 / upside | 476.00 USD_millions | derived: Desk product mix and delivery margin, not a disclosed geographic margin. Formula: multiply(upside_2026q3_us, upside_2026q3_us_gross_margin). |
| GAAP gross margin: international upside_2026q3_international_gross_margin | 2026Q3 / upside | 58.0% ratio | assumption: Desk assumption, not company guidance. |
| GAAP gross profit: international upside_2026q3_international_gross | 2026Q3 / upside | 125.69 USD_millions | derived: Desk product mix and delivery margin, not a disclosed geographic margin. Formula: multiply(upside_2026q3_international, upside_2026q3_international_gross_margin). |
| GAAP gross profit proxy upside_2026q3_gross_profit | 2026Q3 / upside | 601.69 USD_millions | derived: Branded-product mix and acquired international economics; no return to old compounding margins assumed. Formula: sum(upside_2026q3_us_gross, upside_2026q3_international_gross). |
| Total equity compensation expense upside_2026q3_sbc | 2026Q3 / upside | 48.00 USD_millions | assumption: Desk assumption, not company guidance. |
| Depreciation and amortization upside_2026q3_da | 2026Q3 / upside | 40.00 USD_millions | assumption: Desk assumption, not company guidance. |
| Cash employer payroll tax on equity upside_2026q3_sbc_payroll | 2026Q3 / upside | 2.50 USD_millions | assumption: Desk assumption, not company guidance. |
| Cash transaction and integration expense upside_2026q3_integration | 2026Q3 / upside | 10.00 USD_millions | assumption: Desk assumption, not company guidance. |
| GAAP operating costs excluded from adjusted EBITDA upside_2026q3_adjusted_exclusions | 2026Q3 / upside | 100.50 USD_millions | derived: Noncash costs and excluded cash costs are distinct. No repeat of the already booked legal reserve or assumed fair-value gain. Formula: sum(upside_2026q3_sbc, upside_2026q3_da, upside_2026q3_sbc_payroll, upside_2026q3_integration). |
| GAAP operating income proxy upside_2026q3_operating_income | 2026Q3 / upside | -7.85 USD_millions | derived: Total SBC/DA includes the cost-of-sales portion once. Formula: subtract(upside_2026q3_adjusted_ebitda, upside_2026q3_adjusted_exclusions). |
| Net cash interest income upside_2026q3_net_cash_interest | 2026Q3 / upside | 3.00 USD_millions | assumption: Desk assumption, not company guidance. |
| Operating income plus noncash costs and interest upside_2026q3_cash_before_uses | 2026Q3 / upside | 83.15 USD_millions | derived: Zero-coupon convert principal and proceeds are not operating cash. Formula: sum(upside_2026q3_operating_income, upside_2026q3_sbc, upside_2026q3_da, upside_2026q3_net_cash_interest). |
| Payment of existing June legal reserve upside_2026q3_legal_payment | 2026Q3 / upside | 0.00 USD_millions | assumption: Desk payment timing of an already recognized $62.5M expense; no new operating expense charged here. |
| Net rebate/payable and other working-capital cash use upside_2026q3_net_rebate_payable_use | 2026Q3 / upside | 10.00 USD_millions | assumption: Net timing assumption; does not deduct gross rebates again while retaining related payable funding. No facility monetization assumed. |
| Cash tax allowance upside_2026q3_cash_tax | 2026Q3 / upside | 5.00 USD_millions | assumption: Desk assumption, not company guidance. |
| Taxes, working capital and existing-reserve payments upside_2026q3_cash_uses | 2026Q3 / upside | 15.00 USD_millions | derived: Cash integration and payroll costs remain in operating income and are not added back. Formula: sum(upside_2026q3_legal_payment, upside_2026q3_net_rebate_payable_use, upside_2026q3_cash_tax). |
| Operating cash flow upside_2026q3_cfo | 2026Q3 / upside | 68.15 USD_millions | derived: Facility capacity, share issuance and M&A payments are outside operating cash. Formula: subtract(upside_2026q3_cash_before_uses, upside_2026q3_cash_uses). |
| Ordinary PP&E and intangible cash spending upside_2026q3_ordinary_capex | 2026Q3 / upside | 32.00 USD_millions | assumption: Desk assumption, not company guidance. |
| Peptide technology cash milestone assumption upside_2026q3_peptide_cash | 2026Q3 / upside | 5.00 USD_millions | assumption: Desk timing allocates the up-to-$30M July agreement across 12 months, inside intangible/capital cash once; actual milestone achievement and accounting can differ. |
| PP&E and intangible cash purchases upside_2026q3_capex | 2026Q3 / upside | 37.00 USD_millions | derived: Technology milestone cash is included here, not deducted again below. Formula: sum(upside_2026q3_ordinary_capex, upside_2026q3_peptide_cash). |
| Capitalized software cash upside_2026q3_software | 2026Q3 / upside | 7.00 USD_millions | assumption: Desk assumption, not company guidance. |
| CFO less PP&E/intangibles upside_2026q3_fcf | 2026Q3 / upside | 31.15 USD_millions | derived: Generic historical cash definition. Formula: subtract(upside_2026q3_cfo, upside_2026q3_capex). |
| CFO less PP&E/intangibles/software upside_2026q3_company_fcf | 2026Q3 / upside | 24.15 USD_millions | derived: Matches the scope of current company FCF; acquisition consideration remains separate. Formula: subtract(upside_2026q3_fcf, upside_2026q3_software). |
| Assumed cash election in stress upside_2026q3_cash_election | 2026Q3 / upside | 100.0% ratio | assumption: Desk assumption, not company guidance. |
| Eucalyptus deferred cash stress upside_2026q3_deferred_cash_stress | 2026Q3 / upside | 113.98 USD_millions | derived: All-cash equal phasing is a sensitivity, not a contractual schedule or forecast of management election. Formula: multiply(cash_installment_stress, upside_2026q3_cash_election). |
| Award tax withholding cash upside_2026q3_withholding | 2026Q3 / upside | 35.00 USD_millions | assumption: Desk assumption, not company guidance. |
| Acquisition stress and equity award cash upside_2026q3_funding_uses | 2026Q3 / upside | 148.98 USD_millions | derived: Excludes additional earnouts, other acquisitions, buybacks and debt principal. Formula: sum(upside_2026q3_deferred_cash_stress, upside_2026q3_withholding). |
| Cash after acquisition/award funding stress upside_2026q3_funding_cash | 2026Q3 / upside | -124.83 USD_millions | derived: Not consolidated change in cash or a liquidity covenant calculation. Formula: subtract(upside_2026q3_company_fcf, upside_2026q3_funding_uses). |
| Consolidated revenue upside_2026q4_revenue | 2026Q4 / upside | 1,017.98 USD_millions | derived: Remaining annual revenue after H1 and Q3. Formula: subtract(upside_h2_revenue, upside_2026q3_revenue). |
| US revenue upside_2026q4_us | 2026Q4 / upside | 750.00 USD_millions | assumption: Desk assumption, not company guidance. |
| Rest-of-world revenue upside_2026q4_international | 2026Q4 / upside | 267.98 USD_millions | derived: Geographic residual includes acquired businesses. Formula: subtract(upside_2026q4_revenue, upside_2026q4_us). |
| Adjusted EBITDA upside_2026q4_adjusted_ebitda | 2026Q4 / upside | 129.75 USD_millions | derived: Remaining annual adjusted EBITDA. Formula: subtract(upside_h2_adjusted_ebitda, upside_2026q3_adjusted_ebitda). |
| GAAP gross margin: us upside_2026q4_us_gross_margin | 2026Q4 / upside | 68.0% ratio | assumption: Desk assumption, not company guidance. |
| GAAP gross profit: us upside_2026q4_us_gross | 2026Q4 / upside | 510.00 USD_millions | derived: Desk product mix and delivery margin, not a disclosed geographic margin. Formula: multiply(upside_2026q4_us, upside_2026q4_us_gross_margin). |
| GAAP gross margin: international upside_2026q4_international_gross_margin | 2026Q4 / upside | 58.0% ratio | assumption: Desk assumption, not company guidance. |
| GAAP gross profit: international upside_2026q4_international_gross | 2026Q4 / upside | 155.43 USD_millions | derived: Desk product mix and delivery margin, not a disclosed geographic margin. Formula: multiply(upside_2026q4_international, upside_2026q4_international_gross_margin). |
| GAAP gross profit proxy upside_2026q4_gross_profit | 2026Q4 / upside | 665.43 USD_millions | derived: Branded-product mix and acquired international economics; no return to old compounding margins assumed. Formula: sum(upside_2026q4_us_gross, upside_2026q4_international_gross). |
| Total equity compensation expense upside_2026q4_sbc | 2026Q4 / upside | 52.00 USD_millions | assumption: Desk assumption, not company guidance. |
| Depreciation and amortization upside_2026q4_da | 2026Q4 / upside | 40.00 USD_millions | assumption: Desk assumption, not company guidance. |
| Cash employer payroll tax on equity upside_2026q4_sbc_payroll | 2026Q4 / upside | 2.50 USD_millions | assumption: Desk assumption, not company guidance. |
| Cash transaction and integration expense upside_2026q4_integration | 2026Q4 / upside | 8.00 USD_millions | assumption: Desk assumption, not company guidance. |
| GAAP operating costs excluded from adjusted EBITDA upside_2026q4_adjusted_exclusions | 2026Q4 / upside | 102.50 USD_millions | derived: Noncash costs and excluded cash costs are distinct. No repeat of the already booked legal reserve or assumed fair-value gain. Formula: sum(upside_2026q4_sbc, upside_2026q4_da, upside_2026q4_sbc_payroll, upside_2026q4_integration). |
| GAAP operating income proxy upside_2026q4_operating_income | 2026Q4 / upside | 27.25 USD_millions | derived: Total SBC/DA includes the cost-of-sales portion once. Formula: subtract(upside_2026q4_adjusted_ebitda, upside_2026q4_adjusted_exclusions). |
| Net cash interest income upside_2026q4_net_cash_interest | 2026Q4 / upside | 3.00 USD_millions | assumption: Desk assumption, not company guidance. |
| Operating income plus noncash costs and interest upside_2026q4_cash_before_uses | 2026Q4 / upside | 122.25 USD_millions | derived: Zero-coupon convert principal and proceeds are not operating cash. Formula: sum(upside_2026q4_operating_income, upside_2026q4_sbc, upside_2026q4_da, upside_2026q4_net_cash_interest). |
| Payment of existing June legal reserve upside_2026q4_legal_payment | 2026Q4 / upside | 31.25 USD_millions | assumption: Desk payment timing of an already recognized $62.5M expense; no new operating expense charged here. |
| Net rebate/payable and other working-capital cash use upside_2026q4_net_rebate_payable_use | 2026Q4 / upside | -10.00 USD_millions | assumption: Net timing assumption; does not deduct gross rebates again while retaining related payable funding. No facility monetization assumed. |
| Cash tax allowance upside_2026q4_cash_tax | 2026Q4 / upside | 5.00 USD_millions | assumption: Desk assumption, not company guidance. |
| Taxes, working capital and existing-reserve payments upside_2026q4_cash_uses | 2026Q4 / upside | 26.25 USD_millions | derived: Cash integration and payroll costs remain in operating income and are not added back. Formula: sum(upside_2026q4_legal_payment, upside_2026q4_net_rebate_payable_use, upside_2026q4_cash_tax). |
| Operating cash flow upside_2026q4_cfo | 2026Q4 / upside | 96.00 USD_millions | derived: Facility capacity, share issuance and M&A payments are outside operating cash. Formula: subtract(upside_2026q4_cash_before_uses, upside_2026q4_cash_uses). |
| Ordinary PP&E and intangible cash spending upside_2026q4_ordinary_capex | 2026Q4 / upside | 32.00 USD_millions | assumption: Desk assumption, not company guidance. |
| Peptide technology cash milestone assumption upside_2026q4_peptide_cash | 2026Q4 / upside | 10.00 USD_millions | assumption: Desk timing allocates the up-to-$30M July agreement across 12 months, inside intangible/capital cash once; actual milestone achievement and accounting can differ. |
| PP&E and intangible cash purchases upside_2026q4_capex | 2026Q4 / upside | 42.00 USD_millions | derived: Technology milestone cash is included here, not deducted again below. Formula: sum(upside_2026q4_ordinary_capex, upside_2026q4_peptide_cash). |
| Capitalized software cash upside_2026q4_software | 2026Q4 / upside | 7.50 USD_millions | assumption: Desk assumption, not company guidance. |
| CFO less PP&E/intangibles upside_2026q4_fcf | 2026Q4 / upside | 54.00 USD_millions | derived: Generic historical cash definition. Formula: subtract(upside_2026q4_cfo, upside_2026q4_capex). |
| CFO less PP&E/intangibles/software upside_2026q4_company_fcf | 2026Q4 / upside | 46.50 USD_millions | derived: Matches the scope of current company FCF; acquisition consideration remains separate. Formula: subtract(upside_2026q4_fcf, upside_2026q4_software). |
| Assumed cash election in stress upside_2026q4_cash_election | 2026Q4 / upside | 100.0% ratio | assumption: Desk assumption, not company guidance. |
| Eucalyptus deferred cash stress upside_2026q4_deferred_cash_stress | 2026Q4 / upside | 113.98 USD_millions | derived: All-cash equal phasing is a sensitivity, not a contractual schedule or forecast of management election. Formula: multiply(cash_installment_stress, upside_2026q4_cash_election). |
| Award tax withholding cash upside_2026q4_withholding | 2026Q4 / upside | 38.00 USD_millions | assumption: Desk assumption, not company guidance. |
| Acquisition stress and equity award cash upside_2026q4_funding_uses | 2026Q4 / upside | 151.98 USD_millions | derived: Excludes additional earnouts, other acquisitions, buybacks and debt principal. Formula: sum(upside_2026q4_deferred_cash_stress, upside_2026q4_withholding). |
| Cash after acquisition/award funding stress upside_2026q4_funding_cash | 2026Q4 / upside | -105.49 USD_millions | derived: Not consolidated change in cash or a liquidity covenant calculation. Formula: subtract(upside_2026q4_company_fcf, upside_2026q4_funding_uses). |
| Annual revenue quarter share upside_2027q1_weight | 2027Q1 / upside | 23.0% ratio | assumption: Desk assumption, not company guidance. |
| US revenue upside_2027q1_us | 2027Q1 / upside | 789.89 USD_millions | derived: US revenue timing assumption. Formula: multiply(upside_fy27_us, upside_2027q1_weight). |
| Rest-of-world revenue upside_2027q1_international | 2027Q1 / upside | 239.52 USD_millions | derived: Existing acquired perimeter; no further M&A assumed. Formula: multiply(upside_fy27_international, upside_2027q1_weight). |
| Consolidated revenue upside_2027q1_revenue | 2027Q1 / upside | 1,029.41 USD_millions | derived: Two mutually exclusive geographic revenue streams. Formula: sum(upside_2027q1_us, upside_2027q1_international). |
| GAAP gross margin: us upside_2027q1_us_gross_margin | 2027Q1 / upside | 68.0% ratio | assumption: Desk assumption, not company guidance. |
| GAAP gross profit: us upside_2027q1_us_gross | 2027Q1 / upside | 537.12 USD_millions | derived: Desk product mix and delivery margin, not a disclosed geographic margin. Formula: multiply(upside_2027q1_us, upside_2027q1_us_gross_margin). |
| GAAP gross margin: international upside_2027q1_international_gross_margin | 2027Q1 / upside | 58.0% ratio | assumption: Desk assumption, not company guidance. |
| GAAP gross profit: international upside_2027q1_international_gross | 2027Q1 / upside | 138.92 USD_millions | derived: Desk product mix and delivery margin, not a disclosed geographic margin. Formula: multiply(upside_2027q1_international, upside_2027q1_international_gross_margin). |
| GAAP gross profit proxy upside_2027q1_gross_profit | 2027Q1 / upside | 676.05 USD_millions | derived: Branded-product mix and acquired international economics; no return to old compounding margins assumed. Formula: sum(upside_2027q1_us_gross, upside_2027q1_international_gross). |
| Total equity compensation expense upside_2027q1_sbc | 2027Q1 / upside | 59.00 USD_millions | assumption: Desk assumption, not company guidance. |
| Depreciation and amortization upside_2027q1_da | 2027Q1 / upside | 43.00 USD_millions | assumption: Desk assumption, not company guidance. |
| Cash employer payroll tax on equity upside_2027q1_sbc_payroll | 2027Q1 / upside | 3.00 USD_millions | assumption: Desk assumption, not company guidance. |
| Cash transaction and integration expense upside_2027q1_integration | 2027Q1 / upside | 5.00 USD_millions | assumption: Desk assumption, not company guidance. |
| Adjusted cash opex / revenue upside_2027q1_opex_ratio | 2027Q1 / upside | 50.0% ratio | assumption: Desk assumption, not company guidance. |
| Adjusted cash operating expense upside_2027q1_adjusted_opex | 2027Q1 / upside | 514.70 USD_millions | derived: Desk cost ratio excludes SBC, DA, employer equity taxes and integration costs. Formula: multiply(upside_2027q1_revenue, upside_2027q1_opex_ratio). |
| Noncash DA/SBC included in GAAP cost of sales upside_2027q1_cogs_noncash | 2027Q1 / upside | 12.00 USD_millions | assumption: Provisional cost-of-revenue allocation; already included in total DA/SBC below. |
| Gross profit before cost-of-sales noncash charges upside_2027q1_adjusted_gross | 2027Q1 / upside | 688.05 USD_millions | derived: Reconcile the GAAP gross-profit starting point before subtracting adjusted cash opex. Formula: sum(upside_2027q1_gross_profit, upside_2027q1_cogs_noncash). |
| Adjusted EBITDA upside_2027q1_adjusted_ebitda | 2027Q1 / upside | 173.34 USD_millions | derived: Desk cash expense structure, not a company 2027 target. Formula: subtract(upside_2027q1_adjusted_gross, upside_2027q1_adjusted_opex). |
| GAAP operating costs excluded from adjusted EBITDA upside_2027q1_adjusted_exclusions | 2027Q1 / upside | 110.00 USD_millions | derived: Noncash costs and excluded cash costs are distinct. No repeat of the already booked legal reserve or assumed fair-value gain. Formula: sum(upside_2027q1_sbc, upside_2027q1_da, upside_2027q1_sbc_payroll, upside_2027q1_integration). |
| GAAP operating income proxy upside_2027q1_operating_income | 2027Q1 / upside | 63.34 USD_millions | derived: Total SBC/DA includes the cost-of-sales portion once. Formula: subtract(upside_2027q1_adjusted_ebitda, upside_2027q1_adjusted_exclusions). |
| Net cash interest income upside_2027q1_net_cash_interest | 2027Q1 / upside | 3.00 USD_millions | assumption: Desk assumption, not company guidance. |
| Operating income plus noncash costs and interest upside_2027q1_cash_before_uses | 2027Q1 / upside | 168.34 USD_millions | derived: Zero-coupon convert principal and proceeds are not operating cash. Formula: sum(upside_2027q1_operating_income, upside_2027q1_sbc, upside_2027q1_da, upside_2027q1_net_cash_interest). |
| Payment of existing June legal reserve upside_2027q1_legal_payment | 2027Q1 / upside | 31.25 USD_millions | assumption: Desk payment timing of an already recognized $62.5M expense; no new operating expense charged here. |
| Net rebate/payable and other working-capital cash use upside_2027q1_net_rebate_payable_use | 2027Q1 / upside | 15.00 USD_millions | assumption: Net timing assumption; does not deduct gross rebates again while retaining related payable funding. No facility monetization assumed. |
| Cash tax allowance upside_2027q1_cash_tax | 2027Q1 / upside | 8.00 USD_millions | assumption: Desk assumption, not company guidance. |
| Taxes, working capital and existing-reserve payments upside_2027q1_cash_uses | 2027Q1 / upside | 54.25 USD_millions | derived: Cash integration and payroll costs remain in operating income and are not added back. Formula: sum(upside_2027q1_legal_payment, upside_2027q1_net_rebate_payable_use, upside_2027q1_cash_tax). |
| Operating cash flow upside_2027q1_cfo | 2027Q1 / upside | 114.09 USD_millions | derived: Facility capacity, share issuance and M&A payments are outside operating cash. Formula: subtract(upside_2027q1_cash_before_uses, upside_2027q1_cash_uses). |
| Ordinary PP&E and intangible cash spending upside_2027q1_ordinary_capex | 2027Q1 / upside | 35.00 USD_millions | assumption: Desk assumption, not company guidance. |
| Peptide technology cash milestone assumption upside_2027q1_peptide_cash | 2027Q1 / upside | 10.00 USD_millions | assumption: Desk timing allocates the up-to-$30M July agreement across 12 months, inside intangible/capital cash once; actual milestone achievement and accounting can differ. |
| PP&E and intangible cash purchases upside_2027q1_capex | 2027Q1 / upside | 45.00 USD_millions | derived: Technology milestone cash is included here, not deducted again below. Formula: sum(upside_2027q1_ordinary_capex, upside_2027q1_peptide_cash). |
| Capitalized software cash upside_2027q1_software | 2027Q1 / upside | 8.00 USD_millions | assumption: Desk assumption, not company guidance. |
| CFO less PP&E/intangibles upside_2027q1_fcf | 2027Q1 / upside | 69.09 USD_millions | derived: Generic historical cash definition. Formula: subtract(upside_2027q1_cfo, upside_2027q1_capex). |
| CFO less PP&E/intangibles/software upside_2027q1_company_fcf | 2027Q1 / upside | 61.09 USD_millions | derived: Matches the scope of current company FCF; acquisition consideration remains separate. Formula: subtract(upside_2027q1_fcf, upside_2027q1_software). |
| Assumed cash election in stress upside_2027q1_cash_election | 2027Q1 / upside | 100.0% ratio | assumption: Desk assumption, not company guidance. |
| Eucalyptus deferred cash stress upside_2027q1_deferred_cash_stress | 2027Q1 / upside | 113.98 USD_millions | derived: All-cash equal phasing is a sensitivity, not a contractual schedule or forecast of management election. Formula: multiply(cash_installment_stress, upside_2027q1_cash_election). |
| Award tax withholding cash upside_2027q1_withholding | 2027Q1 / upside | 41.00 USD_millions | assumption: Desk assumption, not company guidance. |
| Acquisition stress and equity award cash upside_2027q1_funding_uses | 2027Q1 / upside | 154.98 USD_millions | derived: Excludes additional earnouts, other acquisitions, buybacks and debt principal. Formula: sum(upside_2027q1_deferred_cash_stress, upside_2027q1_withholding). |
| Cash after acquisition/award funding stress upside_2027q1_funding_cash | 2027Q1 / upside | -93.89 USD_millions | derived: Not consolidated change in cash or a liquidity covenant calculation. Formula: subtract(upside_2027q1_company_fcf, upside_2027q1_funding_uses). |
| Annual revenue quarter share upside_2027q2_weight | 2027Q2 / upside | 24.5% ratio | assumption: Desk assumption, not company guidance. |
| US revenue upside_2027q2_us | 2027Q2 / upside | 841.40 USD_millions | derived: US revenue timing assumption. Formula: multiply(upside_fy27_us, upside_2027q2_weight). |
| Rest-of-world revenue upside_2027q2_international | 2027Q2 / upside | 255.14 USD_millions | derived: Existing acquired perimeter; no further M&A assumed. Formula: multiply(upside_fy27_international, upside_2027q2_weight). |
| Consolidated revenue upside_2027q2_revenue | 2027Q2 / upside | 1,096.54 USD_millions | derived: Two mutually exclusive geographic revenue streams. Formula: sum(upside_2027q2_us, upside_2027q2_international). |
| GAAP gross margin: us upside_2027q2_us_gross_margin | 2027Q2 / upside | 68.0% ratio | assumption: Desk assumption, not company guidance. |
| GAAP gross profit: us upside_2027q2_us_gross | 2027Q2 / upside | 572.15 USD_millions | derived: Desk product mix and delivery margin, not a disclosed geographic margin. Formula: multiply(upside_2027q2_us, upside_2027q2_us_gross_margin). |
| GAAP gross margin: international upside_2027q2_international_gross_margin | 2027Q2 / upside | 58.0% ratio | assumption: Desk assumption, not company guidance. |
| GAAP gross profit: international upside_2027q2_international_gross | 2027Q2 / upside | 147.98 USD_millions | derived: Desk product mix and delivery margin, not a disclosed geographic margin. Formula: multiply(upside_2027q2_international, upside_2027q2_international_gross_margin). |
| GAAP gross profit proxy upside_2027q2_gross_profit | 2027Q2 / upside | 720.14 USD_millions | derived: Branded-product mix and acquired international economics; no return to old compounding margins assumed. Formula: sum(upside_2027q2_us_gross, upside_2027q2_international_gross). |
| Total equity compensation expense upside_2027q2_sbc | 2027Q2 / upside | 65.00 USD_millions | assumption: Desk assumption, not company guidance. |
| Depreciation and amortization upside_2027q2_da | 2027Q2 / upside | 43.00 USD_millions | assumption: Desk assumption, not company guidance. |
| Cash employer payroll tax on equity upside_2027q2_sbc_payroll | 2027Q2 / upside | 3.00 USD_millions | assumption: Desk assumption, not company guidance. |
| Cash transaction and integration expense upside_2027q2_integration | 2027Q2 / upside | 5.00 USD_millions | assumption: Desk assumption, not company guidance. |
| Adjusted cash opex / revenue upside_2027q2_opex_ratio | 2027Q2 / upside | 50.0% ratio | assumption: Desk assumption, not company guidance. |
| Adjusted cash operating expense upside_2027q2_adjusted_opex | 2027Q2 / upside | 548.27 USD_millions | derived: Desk cost ratio excludes SBC, DA, employer equity taxes and integration costs. Formula: multiply(upside_2027q2_revenue, upside_2027q2_opex_ratio). |
| Noncash DA/SBC included in GAAP cost of sales upside_2027q2_cogs_noncash | 2027Q2 / upside | 12.00 USD_millions | assumption: Provisional cost-of-revenue allocation; already included in total DA/SBC below. |
| Gross profit before cost-of-sales noncash charges upside_2027q2_adjusted_gross | 2027Q2 / upside | 732.14 USD_millions | derived: Reconcile the GAAP gross-profit starting point before subtracting adjusted cash opex. Formula: sum(upside_2027q2_gross_profit, upside_2027q2_cogs_noncash). |
| Adjusted EBITDA upside_2027q2_adjusted_ebitda | 2027Q2 / upside | 183.86 USD_millions | derived: Desk cash expense structure, not a company 2027 target. Formula: subtract(upside_2027q2_adjusted_gross, upside_2027q2_adjusted_opex). |
| GAAP operating costs excluded from adjusted EBITDA upside_2027q2_adjusted_exclusions | 2027Q2 / upside | 116.00 USD_millions | derived: Noncash costs and excluded cash costs are distinct. No repeat of the already booked legal reserve or assumed fair-value gain. Formula: sum(upside_2027q2_sbc, upside_2027q2_da, upside_2027q2_sbc_payroll, upside_2027q2_integration). |
| GAAP operating income proxy upside_2027q2_operating_income | 2027Q2 / upside | 67.86 USD_millions | derived: Total SBC/DA includes the cost-of-sales portion once. Formula: subtract(upside_2027q2_adjusted_ebitda, upside_2027q2_adjusted_exclusions). |
| Net cash interest income upside_2027q2_net_cash_interest | 2027Q2 / upside | 3.00 USD_millions | assumption: Desk assumption, not company guidance. |
| Operating income plus noncash costs and interest upside_2027q2_cash_before_uses | 2027Q2 / upside | 178.86 USD_millions | derived: Zero-coupon convert principal and proceeds are not operating cash. Formula: sum(upside_2027q2_operating_income, upside_2027q2_sbc, upside_2027q2_da, upside_2027q2_net_cash_interest). |
| Payment of existing June legal reserve upside_2027q2_legal_payment | 2027Q2 / upside | 0.00 USD_millions | assumption: Desk payment timing of an already recognized $62.5M expense; no new operating expense charged here. |
| Net rebate/payable and other working-capital cash use upside_2027q2_net_rebate_payable_use | 2027Q2 / upside | 0.00 USD_millions | assumption: Net timing assumption; does not deduct gross rebates again while retaining related payable funding. No facility monetization assumed. |
| Cash tax allowance upside_2027q2_cash_tax | 2027Q2 / upside | 8.00 USD_millions | assumption: Desk assumption, not company guidance. |
| Taxes, working capital and existing-reserve payments upside_2027q2_cash_uses | 2027Q2 / upside | 8.00 USD_millions | derived: Cash integration and payroll costs remain in operating income and are not added back. Formula: sum(upside_2027q2_legal_payment, upside_2027q2_net_rebate_payable_use, upside_2027q2_cash_tax). |
| Operating cash flow upside_2027q2_cfo | 2027Q2 / upside | 170.86 USD_millions | derived: Facility capacity, share issuance and M&A payments are outside operating cash. Formula: subtract(upside_2027q2_cash_before_uses, upside_2027q2_cash_uses). |
| Ordinary PP&E and intangible cash spending upside_2027q2_ordinary_capex | 2027Q2 / upside | 35.00 USD_millions | assumption: Desk assumption, not company guidance. |
| Peptide technology cash milestone assumption upside_2027q2_peptide_cash | 2027Q2 / upside | 5.00 USD_millions | assumption: Desk timing allocates the up-to-$30M July agreement across 12 months, inside intangible/capital cash once; actual milestone achievement and accounting can differ. |
| PP&E and intangible cash purchases upside_2027q2_capex | 2027Q2 / upside | 40.00 USD_millions | derived: Technology milestone cash is included here, not deducted again below. Formula: sum(upside_2027q2_ordinary_capex, upside_2027q2_peptide_cash). |
| Capitalized software cash upside_2027q2_software | 2027Q2 / upside | 8.50 USD_millions | assumption: Desk assumption, not company guidance. |
| CFO less PP&E/intangibles upside_2027q2_fcf | 2027Q2 / upside | 130.86 USD_millions | derived: Generic historical cash definition. Formula: subtract(upside_2027q2_cfo, upside_2027q2_capex). |
| CFO less PP&E/intangibles/software upside_2027q2_company_fcf | 2027Q2 / upside | 122.36 USD_millions | derived: Matches the scope of current company FCF; acquisition consideration remains separate. Formula: subtract(upside_2027q2_fcf, upside_2027q2_software). |
| Assumed cash election in stress upside_2027q2_cash_election | 2027Q2 / upside | 100.0% ratio | assumption: Desk assumption, not company guidance. |
| Eucalyptus deferred cash stress upside_2027q2_deferred_cash_stress | 2027Q2 / upside | 113.98 USD_millions | derived: All-cash equal phasing is a sensitivity, not a contractual schedule or forecast of management election. Formula: multiply(cash_installment_stress, upside_2027q2_cash_election). |
| Award tax withholding cash upside_2027q2_withholding | 2027Q2 / upside | 44.00 USD_millions | assumption: Desk assumption, not company guidance. |
| Acquisition stress and equity award cash upside_2027q2_funding_uses | 2027Q2 / upside | 157.98 USD_millions | derived: Excludes additional earnouts, other acquisitions, buybacks and debt principal. Formula: sum(upside_2027q2_deferred_cash_stress, upside_2027q2_withholding). |
| Cash after acquisition/award funding stress upside_2027q2_funding_cash | 2027Q2 / upside | -35.62 USD_millions | derived: Not consolidated change in cash or a liquidity covenant calculation. Formula: subtract(upside_2027q2_company_fcf, upside_2027q2_funding_uses). |
| Annual revenue quarter share upside_2027q3_weight | 2027Q3 / upside | 25.5% ratio | assumption: Desk assumption, not company guidance. |
| US revenue upside_2027q3_us | 2027Q3 / upside | 875.75 USD_millions | derived: US revenue timing assumption. Formula: multiply(upside_fy27_us, upside_2027q3_weight). |
| Rest-of-world revenue upside_2027q3_international | 2027Q3 / upside | 265.55 USD_millions | derived: Existing acquired perimeter; no further M&A assumed. Formula: multiply(upside_fy27_international, upside_2027q3_weight). |
| Consolidated revenue upside_2027q3_revenue | 2027Q3 / upside | 1,141.30 USD_millions | derived: Two mutually exclusive geographic revenue streams. Formula: sum(upside_2027q3_us, upside_2027q3_international). |
| GAAP gross margin: us upside_2027q3_us_gross_margin | 2027Q3 / upside | 68.0% ratio | assumption: Desk assumption, not company guidance. |
| GAAP gross profit: us upside_2027q3_us_gross | 2027Q3 / upside | 595.51 USD_millions | derived: Desk product mix and delivery margin, not a disclosed geographic margin. Formula: multiply(upside_2027q3_us, upside_2027q3_us_gross_margin). |
| GAAP gross margin: international upside_2027q3_international_gross_margin | 2027Q3 / upside | 58.0% ratio | assumption: Desk assumption, not company guidance. |
| GAAP gross profit: international upside_2027q3_international_gross | 2027Q3 / upside | 154.02 USD_millions | derived: Desk product mix and delivery margin, not a disclosed geographic margin. Formula: multiply(upside_2027q3_international, upside_2027q3_international_gross_margin). |
| GAAP gross profit proxy upside_2027q3_gross_profit | 2027Q3 / upside | 749.53 USD_millions | derived: Branded-product mix and acquired international economics; no return to old compounding margins assumed. Formula: sum(upside_2027q3_us_gross, upside_2027q3_international_gross). |
| Total equity compensation expense upside_2027q3_sbc | 2027Q3 / upside | 70.00 USD_millions | assumption: Desk assumption, not company guidance. |
| Depreciation and amortization upside_2027q3_da | 2027Q3 / upside | 43.00 USD_millions | assumption: Desk assumption, not company guidance. |
| Cash employer payroll tax on equity upside_2027q3_sbc_payroll | 2027Q3 / upside | 3.00 USD_millions | assumption: Desk assumption, not company guidance. |
| Cash transaction and integration expense upside_2027q3_integration | 2027Q3 / upside | 5.00 USD_millions | assumption: Desk assumption, not company guidance. |
| Adjusted cash opex / revenue upside_2027q3_opex_ratio | 2027Q3 / upside | 50.0% ratio | assumption: Desk assumption, not company guidance. |
| Adjusted cash operating expense upside_2027q3_adjusted_opex | 2027Q3 / upside | 570.65 USD_millions | derived: Desk cost ratio excludes SBC, DA, employer equity taxes and integration costs. Formula: multiply(upside_2027q3_revenue, upside_2027q3_opex_ratio). |
| Noncash DA/SBC included in GAAP cost of sales upside_2027q3_cogs_noncash | 2027Q3 / upside | 12.00 USD_millions | assumption: Provisional cost-of-revenue allocation; already included in total DA/SBC below. |
| Gross profit before cost-of-sales noncash charges upside_2027q3_adjusted_gross | 2027Q3 / upside | 761.53 USD_millions | derived: Reconcile the GAAP gross-profit starting point before subtracting adjusted cash opex. Formula: sum(upside_2027q3_gross_profit, upside_2027q3_cogs_noncash). |
| Adjusted EBITDA upside_2027q3_adjusted_ebitda | 2027Q3 / upside | 190.88 USD_millions | derived: Desk cash expense structure, not a company 2027 target. Formula: subtract(upside_2027q3_adjusted_gross, upside_2027q3_adjusted_opex). |
| GAAP operating costs excluded from adjusted EBITDA upside_2027q3_adjusted_exclusions | 2027Q3 / upside | 121.00 USD_millions | derived: Noncash costs and excluded cash costs are distinct. No repeat of the already booked legal reserve or assumed fair-value gain. Formula: sum(upside_2027q3_sbc, upside_2027q3_da, upside_2027q3_sbc_payroll, upside_2027q3_integration). |
| GAAP operating income proxy upside_2027q3_operating_income | 2027Q3 / upside | 69.88 USD_millions | derived: Total SBC/DA includes the cost-of-sales portion once. Formula: subtract(upside_2027q3_adjusted_ebitda, upside_2027q3_adjusted_exclusions). |
| Net cash interest income upside_2027q3_net_cash_interest | 2027Q3 / upside | 3.00 USD_millions | assumption: Desk assumption, not company guidance. |
| Operating income plus noncash costs and interest upside_2027q3_cash_before_uses | 2027Q3 / upside | 185.88 USD_millions | derived: Zero-coupon convert principal and proceeds are not operating cash. Formula: sum(upside_2027q3_operating_income, upside_2027q3_sbc, upside_2027q3_da, upside_2027q3_net_cash_interest). |
| Payment of existing June legal reserve upside_2027q3_legal_payment | 2027Q3 / upside | 0.00 USD_millions | assumption: Desk payment timing of an already recognized $62.5M expense; no new operating expense charged here. |
| Net rebate/payable and other working-capital cash use upside_2027q3_net_rebate_payable_use | 2027Q3 / upside | 10.00 USD_millions | assumption: Net timing assumption; does not deduct gross rebates again while retaining related payable funding. No facility monetization assumed. |
| Cash tax allowance upside_2027q3_cash_tax | 2027Q3 / upside | 8.00 USD_millions | assumption: Desk assumption, not company guidance. |
| Taxes, working capital and existing-reserve payments upside_2027q3_cash_uses | 2027Q3 / upside | 18.00 USD_millions | derived: Cash integration and payroll costs remain in operating income and are not added back. Formula: sum(upside_2027q3_legal_payment, upside_2027q3_net_rebate_payable_use, upside_2027q3_cash_tax). |
| Operating cash flow upside_2027q3_cfo | 2027Q3 / upside | 167.88 USD_millions | derived: Facility capacity, share issuance and M&A payments are outside operating cash. Formula: subtract(upside_2027q3_cash_before_uses, upside_2027q3_cash_uses). |
| Ordinary PP&E and intangible cash spending upside_2027q3_ordinary_capex | 2027Q3 / upside | 35.00 USD_millions | assumption: Desk assumption, not company guidance. |
| Peptide technology cash milestone assumption upside_2027q3_peptide_cash | 2027Q3 / upside | 0.00 USD_millions | assumption: Desk timing allocates the up-to-$30M July agreement across 12 months, inside intangible/capital cash once; actual milestone achievement and accounting can differ. |
| PP&E and intangible cash purchases upside_2027q3_capex | 2027Q3 / upside | 35.00 USD_millions | derived: Technology milestone cash is included here, not deducted again below. Formula: sum(upside_2027q3_ordinary_capex, upside_2027q3_peptide_cash). |
| Capitalized software cash upside_2027q3_software | 2027Q3 / upside | 9.00 USD_millions | assumption: Desk assumption, not company guidance. |
| CFO less PP&E/intangibles upside_2027q3_fcf | 2027Q3 / upside | 132.88 USD_millions | derived: Generic historical cash definition. Formula: subtract(upside_2027q3_cfo, upside_2027q3_capex). |
| CFO less PP&E/intangibles/software upside_2027q3_company_fcf | 2027Q3 / upside | 123.88 USD_millions | derived: Matches the scope of current company FCF; acquisition consideration remains separate. Formula: subtract(upside_2027q3_fcf, upside_2027q3_software). |
| Assumed cash election in stress upside_2027q3_cash_election | 2027Q3 / upside | 100.0% ratio | assumption: Desk assumption, not company guidance. |
| Eucalyptus deferred cash stress upside_2027q3_deferred_cash_stress | 2027Q3 / upside | 113.98 USD_millions | derived: All-cash equal phasing is a sensitivity, not a contractual schedule or forecast of management election. Formula: multiply(cash_installment_stress, upside_2027q3_cash_election). |
| Award tax withholding cash upside_2027q3_withholding | 2027Q3 / upside | 47.00 USD_millions | assumption: Desk assumption, not company guidance. |
| Acquisition stress and equity award cash upside_2027q3_funding_uses | 2027Q3 / upside | 160.98 USD_millions | derived: Excludes additional earnouts, other acquisitions, buybacks and debt principal. Formula: sum(upside_2027q3_deferred_cash_stress, upside_2027q3_withholding). |
| Cash after acquisition/award funding stress upside_2027q3_funding_cash | 2027Q3 / upside | -37.10 USD_millions | derived: Not consolidated change in cash or a liquidity covenant calculation. Formula: subtract(upside_2027q3_company_fcf, upside_2027q3_funding_uses). |
| Annual revenue quarter share upside_2027q4_weight | 2027Q4 / upside | 27.0% ratio | assumption: Desk assumption, not company guidance. |
| US revenue upside_2027q4_us | 2027Q4 / upside | 927.26 USD_millions | derived: US revenue timing assumption. Formula: multiply(upside_fy27_us, upside_2027q4_weight). |
| Rest-of-world revenue upside_2027q4_international | 2027Q4 / upside | 281.18 USD_millions | derived: Existing acquired perimeter; no further M&A assumed. Formula: multiply(upside_fy27_international, upside_2027q4_weight). |
| Consolidated revenue upside_2027q4_revenue | 2027Q4 / upside | 1,208.44 USD_millions | derived: Two mutually exclusive geographic revenue streams. Formula: sum(upside_2027q4_us, upside_2027q4_international). |
| GAAP gross margin: us upside_2027q4_us_gross_margin | 2027Q4 / upside | 68.0% ratio | assumption: Desk assumption, not company guidance. |
| GAAP gross profit: us upside_2027q4_us_gross | 2027Q4 / upside | 630.54 USD_millions | derived: Desk product mix and delivery margin, not a disclosed geographic margin. Formula: multiply(upside_2027q4_us, upside_2027q4_us_gross_margin). |
| GAAP gross margin: international upside_2027q4_international_gross_margin | 2027Q4 / upside | 58.0% ratio | assumption: Desk assumption, not company guidance. |
| GAAP gross profit: international upside_2027q4_international_gross | 2027Q4 / upside | 163.08 USD_millions | derived: Desk product mix and delivery margin, not a disclosed geographic margin. Formula: multiply(upside_2027q4_international, upside_2027q4_international_gross_margin). |
| GAAP gross profit proxy upside_2027q4_gross_profit | 2027Q4 / upside | 793.62 USD_millions | derived: Branded-product mix and acquired international economics; no return to old compounding margins assumed. Formula: sum(upside_2027q4_us_gross, upside_2027q4_international_gross). |
| Total equity compensation expense upside_2027q4_sbc | 2027Q4 / upside | 76.00 USD_millions | assumption: Desk assumption, not company guidance. |
| Depreciation and amortization upside_2027q4_da | 2027Q4 / upside | 43.00 USD_millions | assumption: Desk assumption, not company guidance. |
| Cash employer payroll tax on equity upside_2027q4_sbc_payroll | 2027Q4 / upside | 3.00 USD_millions | assumption: Desk assumption, not company guidance. |
| Cash transaction and integration expense upside_2027q4_integration | 2027Q4 / upside | 5.00 USD_millions | assumption: Desk assumption, not company guidance. |
| Adjusted cash opex / revenue upside_2027q4_opex_ratio | 2027Q4 / upside | 50.0% ratio | assumption: Desk assumption, not company guidance. |
| Adjusted cash operating expense upside_2027q4_adjusted_opex | 2027Q4 / upside | 604.22 USD_millions | derived: Desk cost ratio excludes SBC, DA, employer equity taxes and integration costs. Formula: multiply(upside_2027q4_revenue, upside_2027q4_opex_ratio). |
| Noncash DA/SBC included in GAAP cost of sales upside_2027q4_cogs_noncash | 2027Q4 / upside | 12.00 USD_millions | assumption: Provisional cost-of-revenue allocation; already included in total DA/SBC below. |
| Gross profit before cost-of-sales noncash charges upside_2027q4_adjusted_gross | 2027Q4 / upside | 805.62 USD_millions | derived: Reconcile the GAAP gross-profit starting point before subtracting adjusted cash opex. Formula: sum(upside_2027q4_gross_profit, upside_2027q4_cogs_noncash). |
| Adjusted EBITDA upside_2027q4_adjusted_ebitda | 2027Q4 / upside | 201.40 USD_millions | derived: Desk cash expense structure, not a company 2027 target. Formula: subtract(upside_2027q4_adjusted_gross, upside_2027q4_adjusted_opex). |
| GAAP operating costs excluded from adjusted EBITDA upside_2027q4_adjusted_exclusions | 2027Q4 / upside | 127.00 USD_millions | derived: Noncash costs and excluded cash costs are distinct. No repeat of the already booked legal reserve or assumed fair-value gain. Formula: sum(upside_2027q4_sbc, upside_2027q4_da, upside_2027q4_sbc_payroll, upside_2027q4_integration). |
| GAAP operating income proxy upside_2027q4_operating_income | 2027Q4 / upside | 74.40 USD_millions | derived: Total SBC/DA includes the cost-of-sales portion once. Formula: subtract(upside_2027q4_adjusted_ebitda, upside_2027q4_adjusted_exclusions). |
| Net cash interest income upside_2027q4_net_cash_interest | 2027Q4 / upside | 3.00 USD_millions | assumption: Desk assumption, not company guidance. |
| Operating income plus noncash costs and interest upside_2027q4_cash_before_uses | 2027Q4 / upside | 196.40 USD_millions | derived: Zero-coupon convert principal and proceeds are not operating cash. Formula: sum(upside_2027q4_operating_income, upside_2027q4_sbc, upside_2027q4_da, upside_2027q4_net_cash_interest). |
| Payment of existing June legal reserve upside_2027q4_legal_payment | 2027Q4 / upside | 0.00 USD_millions | assumption: Desk payment timing of an already recognized $62.5M expense; no new operating expense charged here. |
| Net rebate/payable and other working-capital cash use upside_2027q4_net_rebate_payable_use | 2027Q4 / upside | -5.00 USD_millions | assumption: Net timing assumption; does not deduct gross rebates again while retaining related payable funding. No facility monetization assumed. |
| Cash tax allowance upside_2027q4_cash_tax | 2027Q4 / upside | 8.00 USD_millions | assumption: Desk assumption, not company guidance. |
| Taxes, working capital and existing-reserve payments upside_2027q4_cash_uses | 2027Q4 / upside | 3.00 USD_millions | derived: Cash integration and payroll costs remain in operating income and are not added back. Formula: sum(upside_2027q4_legal_payment, upside_2027q4_net_rebate_payable_use, upside_2027q4_cash_tax). |
| Operating cash flow upside_2027q4_cfo | 2027Q4 / upside | 193.40 USD_millions | derived: Facility capacity, share issuance and M&A payments are outside operating cash. Formula: subtract(upside_2027q4_cash_before_uses, upside_2027q4_cash_uses). |
| Ordinary PP&E and intangible cash spending upside_2027q4_ordinary_capex | 2027Q4 / upside | 35.00 USD_millions | assumption: Desk assumption, not company guidance. |
| Peptide technology cash milestone assumption upside_2027q4_peptide_cash | 2027Q4 / upside | 0.00 USD_millions | assumption: Desk timing allocates the up-to-$30M July agreement across 12 months, inside intangible/capital cash once; actual milestone achievement and accounting can differ. |
| PP&E and intangible cash purchases upside_2027q4_capex | 2027Q4 / upside | 35.00 USD_millions | derived: Technology milestone cash is included here, not deducted again below. Formula: sum(upside_2027q4_ordinary_capex, upside_2027q4_peptide_cash). |
| Capitalized software cash upside_2027q4_software | 2027Q4 / upside | 9.50 USD_millions | assumption: Desk assumption, not company guidance. |
| CFO less PP&E/intangibles upside_2027q4_fcf | 2027Q4 / upside | 158.40 USD_millions | derived: Generic historical cash definition. Formula: subtract(upside_2027q4_cfo, upside_2027q4_capex). |
| CFO less PP&E/intangibles/software upside_2027q4_company_fcf | 2027Q4 / upside | 148.90 USD_millions | derived: Matches the scope of current company FCF; acquisition consideration remains separate. Formula: subtract(upside_2027q4_fcf, upside_2027q4_software). |
| Assumed cash election in stress upside_2027q4_cash_election | 2027Q4 / upside | 100.0% ratio | assumption: Desk assumption, not company guidance. |
| Eucalyptus deferred cash stress upside_2027q4_deferred_cash_stress | 2027Q4 / upside | 113.98 USD_millions | derived: All-cash equal phasing is a sensitivity, not a contractual schedule or forecast of management election. Formula: multiply(cash_installment_stress, upside_2027q4_cash_election). |
| Award tax withholding cash upside_2027q4_withholding | 2027Q4 / upside | 50.00 USD_millions | assumption: Desk assumption, not company guidance. |
| Acquisition stress and equity award cash upside_2027q4_funding_uses | 2027Q4 / upside | 163.98 USD_millions | derived: Excludes additional earnouts, other acquisitions, buybacks and debt principal. Formula: sum(upside_2027q4_deferred_cash_stress, upside_2027q4_withholding). |
| Cash after acquisition/award funding stress upside_2027q4_funding_cash | 2027Q4 / upside | -15.08 USD_millions | derived: Not consolidated change in cash or a liquidity covenant calculation. Formula: subtract(upside_2027q4_company_fcf, upside_2027q4_funding_uses). |
| Consolidated revenue ($M) upside_fy2026_revenue | FY2026 / upside | 3,296.00 USD_millions | derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_revenue, upside_2026q3_revenue, upside_2026q4_revenue). |
| US revenue ($M) upside_fy2026_us | FY2026 / upside | 2,601.74 USD_millions | derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_us, upside_2026q3_us, upside_2026q4_us). |
| Rest-of-world revenue ($M) upside_fy2026_international | FY2026 / upside | 694.26 USD_millions | derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_international, upside_2026q3_international, upside_2026q4_international). |
| GAAP gross profit proxy ($M) upside_fy2026_gross_profit | FY2026 / upside | 2,144.71 USD_millions | derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_gross_profit, upside_2026q3_gross_profit, upside_2026q4_gross_profit). |
| Adjusted EBITDA ($M) upside_fy2026_adjusted_ebitda | FY2026 / upside | 327.00 USD_millions | derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_adjusted_ebitda, upside_2026q3_adjusted_ebitda, upside_2026q4_adjusted_ebitda). |
| GAAP operating income proxy ($M) upside_fy2026_operating_income | FY2026 / upside | -156.12 USD_millions | derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_operating_income, upside_2026q3_operating_income, upside_2026q4_operating_income). |
| Operating cash flow ($M) upside_fy2026_cfo | FY2026 / upside | 217.56 USD_millions | derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_cfo, upside_2026q3_cfo, upside_2026q4_cfo). |
| PP&E and intangible cash purchases ($M) upside_fy2026_capex | FY2026 / upside | 134.77 USD_millions | derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_capex, upside_2026q3_capex, upside_2026q4_capex). |
| Capitalized software cash ($M) upside_fy2026_software | FY2026 / upside | 27.31 USD_millions | derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_software, upside_2026q3_software, upside_2026q4_software). |
| CFO less PP&E/intangibles ($M) upside_fy2026_fcf | FY2026 / upside | 82.79 USD_millions | derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_fcf, upside_2026q3_fcf, upside_2026q4_fcf). |
| CFO less PP&E/intangibles/software ($M) upside_fy2026_company_fcf | FY2026 / upside | 55.49 USD_millions | derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_company_fcf, upside_2026q3_company_fcf, upside_2026q4_company_fcf). |
| Cash after acquisition/award funding stress ($M) upside_fy2026_funding_cash | FY2026 / upside | -669.59 USD_millions | derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_funding_cash, upside_2026q3_funding_cash, upside_2026q4_funding_cash). |
| Consolidated revenue ($M) upside_fy2027_revenue | FY2027 / upside | 4,475.69 USD_millions | derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(upside_2027q1_revenue, upside_2027q2_revenue, upside_2027q3_revenue, upside_2027q4_revenue). |
| US revenue ($M) upside_fy2027_us | FY2027 / upside | 3,434.30 USD_millions | derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(upside_2027q1_us, upside_2027q2_us, upside_2027q3_us, upside_2027q4_us). |
| Rest-of-world revenue ($M) upside_fy2027_international | FY2027 / upside | 1,041.39 USD_millions | derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(upside_2027q1_international, upside_2027q2_international, upside_2027q3_international, upside_2027q4_international). |
| GAAP gross profit proxy ($M) upside_fy2027_gross_profit | FY2027 / upside | 2,939.33 USD_millions | derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(upside_2027q1_gross_profit, upside_2027q2_gross_profit, upside_2027q3_gross_profit, upside_2027q4_gross_profit). |
| Adjusted EBITDA ($M) upside_fy2027_adjusted_ebitda | FY2027 / upside | 749.48 USD_millions | derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(upside_2027q1_adjusted_ebitda, upside_2027q2_adjusted_ebitda, upside_2027q3_adjusted_ebitda, upside_2027q4_adjusted_ebitda). |
| GAAP operating income proxy ($M) upside_fy2027_operating_income | FY2027 / upside | 275.48 USD_millions | derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(upside_2027q1_operating_income, upside_2027q2_operating_income, upside_2027q3_operating_income, upside_2027q4_operating_income). |
| Operating cash flow ($M) upside_fy2027_cfo | FY2027 / upside | 646.23 USD_millions | derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(upside_2027q1_cfo, upside_2027q2_cfo, upside_2027q3_cfo, upside_2027q4_cfo). |
| PP&E and intangible cash purchases ($M) upside_fy2027_capex | FY2027 / upside | 155.00 USD_millions | derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(upside_2027q1_capex, upside_2027q2_capex, upside_2027q3_capex, upside_2027q4_capex). |
| Capitalized software cash ($M) upside_fy2027_software | FY2027 / upside | 35.00 USD_millions | derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(upside_2027q1_software, upside_2027q2_software, upside_2027q3_software, upside_2027q4_software). |
| CFO less PP&E/intangibles ($M) upside_fy2027_fcf | FY2027 / upside | 491.23 USD_millions | derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(upside_2027q1_fcf, upside_2027q2_fcf, upside_2027q3_fcf, upside_2027q4_fcf). |
| CFO less PP&E/intangibles/software ($M) upside_fy2027_company_fcf | FY2027 / upside | 456.23 USD_millions | derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(upside_2027q1_company_fcf, upside_2027q2_company_fcf, upside_2027q3_company_fcf, upside_2027q4_company_fcf). |
| Cash after acquisition/award funding stress ($M) upside_fy2027_funding_cash | FY2027 / upside | -181.70 USD_millions | derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(upside_2027q1_funding_cash, upside_2027q2_funding_cash, upside_2027q3_funding_cash, upside_2027q4_funding_cash). |
Model boundaries
- Forecasts are desk scenarios, not management guidance beyond the specifically sourced ranges. International growth includes acquisitions; no claim of an organic Eucalyptus revenue series is made.
- Monthly revenue per average subscriber already uses total revenue. It is not multiplied by quarter-end subscribers and then supplemented with a second revenue stream. Shipping cadence can change recognition timing.
- The March shift favors branded GLP-1 medicines with a different margin structure. The forecast does not carry the prior compounded-product gross margin into the new mix or assume regulatory disputes are resolved.
- Manufacturer rebate receivables and related payables are modeled as a net timing exposure. The $400M July facility is uncommitted and is not cash on hand; no draw or sale proceeds are assumed.
- Payment of the $62.5M June legal reserve is a desk timing assumption and reduces cash without repeating the already recognized expense. New matters could create additional expense or cash requirements.
- The funding stress assumes all $683.9M Eucalyptus deferred consideration is paid in six equal cash installments through December 2027. Actual installments, AUD translation and cash/share elections can differ; this is deliberately a cash sensitivity, not the contractual payment schedule.
- Other acquisition payables, earnouts and contingent milestones can require additional funding. No full balance sheet, facility capacity test, financing forecast, EPS or valuation is provided.
Growth through a changing medicine mix and acquired geography
How much cash remains after branded-product economics, rebate timing and acquisition commitments?
H1 revenue was $1,361.318M: US $1,151.739M and rest of world $209.579M. Gross profit was $877.590M, GAAP operating loss $175.515M and adjusted EBITDA $104.603M. CFO of $53.417M less $55.770M PP&E/intangibles and $12.808M software produced negative $15.161M company FCF. Award withholding consumed $62.324M, acquisition cash $318.108M and financing-classified earnouts $43.682M; another $7.058M operating earnout was already in CFO. Receivables used $328.987M while payables supplied $323.795M, so treating only the gross receivable change as cash burn would misstate the bridge. June manufacturer rebate receivables were $347.4M, and cash plus short-term investments $841.048M. Eucalyptus purchase accounting included $225M upfront, $683.9M deferred and $59.6M contingent fair value. Deferred payments can largely use shares subject to limits; the model separately stresses an all-cash election. The July $400M rebate facility is uncommitted. The $62.5M legal reserve is expensed already, with future payment timing unresolved.
The competing explanation
Strong sales can coexist with weaker gross margins, rebates tied up in receivables and heavy acquisition commitments. Adjusted EBITDA excludes cash costs as well as noncash expenses. Branded-drug access and the commercial agreement do not eliminate regulatory or litigation uncertainty, while stock settlement preserves cash by transferring dilution to owners.
Risks to track
- Branded GLP-1 mix, supplier access and pharmacy economics can reduce margins.
- Regulatory investigations, compounding rules and litigation outcomes remain uncertain.
- Acquired international growth is not a comparable organic subscriber series.
- Manufacturer rebates, supplier payables and an uncommitted facility can create timing strain.
- Eucalyptus deferred payments, FX and cash/share elections change funding needs.
- Existing reserves, contingent earnouts and technology milestones can consume cash.
Next checkpoints
- Q3 execution · Q3 2026; release date unconfirmed (estimated). Compare $880M-$900M revenue and $75M-$95M adjusted EBITDA guidance with geographic mix and cash.
- Rebate collections and facility use · Each quarterly filing (estimated). Reconcile gross rebate receivables, supplier payables and actual receivable-sale proceeds.
- Eucalyptus payments and share elections · Six installments through 18 months after June close (estimated). Replace equal all-cash stress phasing with disclosed settlement amounts; track share-limit and FX effects.
Data coverage and open work
- Forecasts are desk scenarios, not management guidance beyond the specifically sourced ranges. International growth includes acquisitions; no claim of an organic Eucalyptus revenue series is made.
- Monthly revenue per average subscriber already uses total revenue. It is not multiplied by quarter-end subscribers and then supplemented with a second revenue stream. Shipping cadence can change recognition timing.
- The March shift favors branded GLP-1 medicines with a different margin structure. The forecast does not carry the prior compounded-product gross margin into the new mix or assume regulatory disputes are resolved.
- Manufacturer rebate receivables and related payables are modeled as a net timing exposure. The $400M July facility is uncommitted and is not cash on hand; no draw or sale proceeds are assumed.
- Payment of the $62.5M June legal reserve is a desk timing assumption and reduces cash without repeating the already recognized expense. New matters could create additional expense or cash requirements.
- The funding stress assumes all $683.9M Eucalyptus deferred consideration is paid in six equal cash installments through December 2027. Actual installments, AUD translation and cash/share elections can differ; this is deliberately a cash sensitivity, not the contractual payment schedule.
- Other acquisition payables, earnouts and contingent milestones can require additional funding. No full balance sheet, facility capacity test, financing forecast, EPS or valuation is provided.
What the memory says
State as of the 2026-09-18 close: in a 120-day uptrend, below its 200-day, off the 52-week high, with overhead supply, ordinary volume, closed weak, and some peers moving
| Vs the market, in points | Low | Middle | High | Share up |
|---|---|---|---|---|
| 1 session | -2.7 | -0.1 | +2.8 | 48% |
| 5 sessions | -6.7 | +0.1 | +9.1 | 51% |
| 10 sessions | -7.9 | +0.3 | +11.4 | 52% |
Historical distributions of what followed similar states, measured before today's news. Not a forecast; no side.