GE HealthCare Technologies Inc.

Good day and thank you for standing by. Welcome to the GE Healthcare fourth quarter and full year 2024 earnings conference call. At this time, all participants are in a listen-only mode. After the speaker's presentation, there'll be a question and answer session. To ask a question during the session, you'll need to press star 11 on your telephone. You will then hear an automated message advising your hand is raised. To withdraw your question, please press star 11 again. Please be advised today's conference is being recorded. I would now like to hand the conference over to your speaker today. Caroline Borders, please go ahead.

Thanks, Operator. Good morning and welcome to GE Healthcare's fourth quarter 2024 earnings call. I'm joined by our President and CEO, Peter Arduini, and 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. At our Investor Day, we shared progress that we've made in executing on our precision care strategy since becoming an independent company. Now, two years into our journey, I'm pleased to say that we're continuing on the path of strong execution with our fourth quarter results. In the quarter, we saw orders growth in every segment. We also saw robust backlog and book to bill, the strongest since we became a public company. We continue to see strength in the U.S. market. For example, in a recent survey of U.S. customers, half of those surveyed indicated they expected incremental imaging investment particularly in the outpatient setting driven by expansion plans. In China, we're beginning to see a slight improvement in the market, evidenced by orders growth. This market is evolving in line with our previous commentary. We continue to deliver revenue growth driven by demand in our advanced visualization solutions and pharmaceutical diagnostics businesses, with overall strength in the U.S. The total company, both sales volume and price, were positive, In addition, sales and orders grew mid-single digits, excluding China, in the fourth quarter. We also continue to deliver robust margin expansion and earnings per share growth while investing in R&D. Our progress has been driven by our lean culture, creating better value for our patients and customers while delivering efficiencies across the business. We believe our commercial strategy, which is focused on securing highly strategic long-term enterprise deals, that help our customers deliver on their goals differentiates GE Healthcare. What sets us apart is the way we bring together our holistic offering, which includes a comprehensive and integrated portfolio of AI-powered equipment, proprietary rate of pharmaceuticals and services enabled by our digital capabilities. In 2024, we closed 50 enterprise deals globally, laying a solid foundation for the future growth. And last month, we announced a care alliance with Sutter Health valued at $1 billion over seven years. Bring the total value to date of large deals closed since spend to over $5 billion. I'll talk more about this partnership and the impact of our enterprise strategy later on the call. Our commercial strategy supports our evolution from an imaging company to a healthcare solutions provider by working together with our customers to solve their greatest challenges. I'd like to share a few examples that illustrate this transformation. In 2024, we introduced approximately 40 innovations. Additionally, products launched within the last three years contributed to a strong new product introduction vitality of approximately 50% for the year. These high-margin NPIs reflect the impact of our increased R&D commitment and also help us drive recurring revenue. For example, our cath lab, Alia IGS Pulse, is outperforming our expectations, and we're on track to launch Forcado in the near term. We continue to advance our leadership position in AI. In one year, we've gone from 58 to 85 AI-enabled FDA authorizations, one of the most in health care. To date, we've upgraded approximately 30% of our MR base with air recon DL and expanded sonic DL to move beyond cardiac into other areas like brain and orthopedics. We're also making strides with the development of cloud-based solutions like Care Intellect to accelerate bringing clinical and operational applications to market. And we're executing on our discipline M&A strategy, complementing our existing technologies and solutions. Last year, we closed two acquisitions, MIM Software with AI-enabled image analysis and workflow tools, and Intelligent Ultrasound, adding innovative real-time recognition technology. We also announced a planned acquisition of NMP to deepen our radiopharmaceutical distribution capabilities in Japan and other Asian markets. Turning to our outlook for 2025, we introduced guidance for the year, which reflects healthy demand for our products and services in most of our markets globally, which is reflected in our orders growth. This guide is in line with our current view of the China market and the US tariffs on products from China. With that, I'll turn the call over to Jay to walk through our financial results for the fourth quarter and to provide more details on 2025 guidance.