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4/30/2024
Good day, and thank you for standing by. Welcome to GE Healthcare's first quarter 2024 earnings conference call. At this time, all participants are in a listen-only mode. After the speaker's presentation, there will be a question and answer session. To ask a question during the session, you will need to press star 1-1 on your telephone. You will then hear an automatic message advising your hand is raised. Please note that today's conference may be recorded. I will now turn the conference over to your speaker host, Carolyn Borders, Chief Investor Relations Officer, please go ahead.
Thanks, Operator. Good morning and welcome to GE Healthcare's first quarter 2024 earnings call. I'm joined by our President and CEO, Peter Arduini, and our Vice President and CFO, Jay Saccaro. Our conference call remarks will include both GAAP and non-GAAP financial results. Reconciliations between GAAP and non-GAAP measures can be found in today's press release, and in the presentation slides available on our website. During this call, we'll make forward-looking statements about our performance. These statements are based on how we see things today. As described in our SEC filings, actual results may differ materially due to risks and uncertainties. And with that, I'll hand the call over to Peter.
Thanks, Carolyn, and thanks to all those joining us today. We've made good progress against our key priorities for 2024. In the first quarter, we delivered margin expansion while continuing to invest in innovation to help solve the evolving needs of customers and patients. Healthy backlog, orders growth, and positive book-to-bill position us for accelerated growth for the rest of the year. Today, we reaffirmed our 2024 guidance, which Jay will discuss in greater detail. Now, I'd like to highlight some milestones that illustrate our commercial execution. We're making steady progress with large multi-year, multi-modality deals across equipment and service, resulting in incremental share gains. In the U.S., we secured a 10-year strategic alliance with OSF Healthcare to deliver technology, digital solutions, and equipment management services to help clinicians improve care delivery and patient outcomes. We also extended our relationship with Hartford Healthcare to run through 2030. As a trusted partner, we'll continue to work together to optimize their imaging fleet and provide specialized support from our GE Healthcare service technicians. Our care pathway strategy is progressing well, enabling commercial growth opportunities and introducing us to adjacent markets with attractive growth potential. For example, last week we announced the expansion of our collaboration with Electa, to enhance their radiation therapy planning offerings using MIM software, which we acquired in April. In Spain, we announced the first global install of our Alia IGS pulse system, which is our market-leading cath lab design that we expect will be a growth vehicle in this important interventional cardiology market. As we look to 2024, we see a growing funnel of opportunities for products like our IGS portfolio. Our strategic initiatives and trusted partnerships are taking hold and position as well for a future where healthcare is more connected, efficient, and patient-centric. Looking ahead, our outlook reflects a strong global procedure environment, particularly in the United States, and customers continue to be optimistic about capital investment and market normalization. These tailwinds combined with our focus on execution give us confidence in our ability to deliver on our commitments for 2024 and our medium-term goals. Now I'll pass it on to Jay, who will take us through the details of our first quarter performance. Jay?
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