GE HealthCare Technologies Inc.

Good day, and thank you for standing by. Welcome to GE Healthcare Fourth Quarter 2025 Earnings Conference Call. At this time, all participants are on 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 11 on your telephone. You will then hear an automated message advising your hand is raised. Please note that today's conference is being recorded. I will now turn the call over to your speaker host for today, Carolyn Borders, please go ahead.

Thanks, operator. Good morning, and welcome to GE Healthcare's fourth quarter and full year 2025 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. With that, I'll hand the call over to Peter.

Thanks, Caroline. Good morning, and thank you for joining us. As I look back on our performance in 2025, our third year as a public company, I'm incredibly proud of the meaningful progress that we're making on our innovation renaissance to deliver for our customers and improve patient lives. In the fourth quarter, we delivered strong financial performance above our expectations. This included double-digit organic revenue growth and pharmaceutical diagnostics and mid-single-digit growth in imaging and advanced visualization solutions. We delivered strong bottom line and cash performance in the fourth quarter, excluding tariffs. The overall capital equipment environment remained healthy. Demand in the U.S. and EMEA remained strong. In our recent U.S. customer survey, we saw an increase in the number of large customers that plan to invest in capital equipment in 2026. We secured multiple large agreements in the quarter and extended several others. A great example is our seven-year agreement with the University of Rochester Medical Center to advance theranostics and precision medicine. This collaboration crosses every aspect of our enterprise, from AI-enabled imaging equipment and radiopharmaceutical production to system-wide patient monitoring solutions and services. In November, we announced the planned acquisition of IntelliRAD. We expect this will accelerate our fully connected cloud-first imaging ecosystem by adding digital tools and SaaS offerings that enhance clinical operations drive recurring revenue and enable more personalized patient care. As a reminder, in the first full year of ownership, we expect IntelliRad revenues to be approximately $270 million, which is growing in the low double digits, with an adjusted EBITDA in excess of 30%. Finally, we advanced Heartbeat, our proprietary business system, which we implemented mid-year as the next step in our lean journey we started a few years back. And I'll talk more about this shortly. Moving to 2025 highlights on slide four, we made meaningful progress across the three pillars of our strategic framework. Let's start with precision care. With diseases becoming more prevalent, complex, and chronic, the need for integrated solutions has never been greater. As the only diagnostic imaging company with a full portfolio of contrast media and radiopharmaceuticals, we differentiate ourselves with our D3 strategy. We bring together smart devices and drugs across disease states enabled by digital, AI, and cloud to help support earlier, more accurate diagnosis and ultimately therapy delivery. Our three-year vitality rate for new products is strong at 55%, up approximately 5% from our prior year. Recall, this means 55% of our revenue is coming from new products. This reinforces that we're delivering the right offerings for our customers. We're making solid progress on our launches. For example, our Omni Total Body Pet and Next Gen Spec are commercially available in Europe, strengthening our position in Theranostics. Our regulatory timelines for products we announced at RSNA are all on track, including Photonova Spectra Photon Counting CT and Cigna MR with Freelance. Additionally, customers have great things to say about Vivid Pioneer, our most advanced cardiovascular ultrasound system, which has been contributing to strong growth in ABS, and Forcado for myocardial perfusion, both which are currently in the market. We're pleased to report that our Flaccato ramp has been progressing well. You may recall at our last earnings call that we said we're going slow to go fast to help ensure customers have a high-quality experience. And that starts with being able to deliver doses consistently. I'm happy to say we're starting the year with our CMO partners more consistently operating at approximately 95% on time to delivery to meet customer demand, which allows us to begin bringing on more patients. In the week ended January 23rd, we delivered 220 doses of Forcado, and we expect the weekly dose rate to continue to increase throughout the year. These improvements allow us to onboard more customers, and we've been making solid progress in reducing the cycle time to activate a new customer. Overall, the customer experience with Forcado has been quite positive based on its many advantages. Also, recently, the American Society of Nuclear Cardiology recommended PET as the preferred imaging modality over SPECT, the current standard of care, reinforcing a meaningful shift towards PET and nuclear cardiology. As I stated before, our confidence in our ability to deliver 500 million or more in furcado revenue by year-end 2028 remains intact, and in the long run, we see a billion-dollar opportunity for this novel molecule. Turning to our second pillar, we accelerated growth with more than $7 billion in enterprise deals globally since our spin. For example, we entered 2025 with one of the largest collaborations, Sutter Health. In addition, we signed a multi-year agreement with the Ministry of Health in Indonesia, where we installed more than 300 advanced CT scanners in urban and remote hospitals. Many of these deals have a service component that delivers strong recurring revenue with attractive margins. In 2025, our service business grew mid-single digits. With the launch of many new advanced products, we would expect our capture rate of service agreements to increase in the future with all the new wave of innovation entering the marketplace. We're also executing on our disciplined capital allocation strategy with tuck-in acquisitions like Neon Metaphysics and Eicometrics, and our planned acquisition of IntelliRed. These transactions elevate our portfolio and are expected to drive recurring revenue and supplement top line growth and profitability. Turning to business optimization, our third strategic pillar. We continue to advance our business system heartbeat to improve the customer experience and drive productivity to deliver margin expansion. Our teams accomplish this by remaining focused on helping clinicians provide care for patients, and delivering greater value for customers and shareholders. We're gaining momentum with our clinical and solution selling strategy and EMEA with several multimodality deals, including a 20-year collaboration with Nuffield Health, the UK's largest healthcare charity. The combination of our differentiated portfolio, our team's deep expertise across disease states, and best-in-class services Turning to slide five, underpinning our execution is a step change in how we run the company, anchored in key metrics around safety, quality, delivery cost, and innovation, or SQDCI. Heartbeat is about driving the right leadership behaviors, culture, and KPIs, supported by disciplined processes and tools for problem solving and continuous improvement. Think of Heartbeat as the steady pulse that ultimately runs through our organization to deliver results. An example of where we've deployed Heartbeat in the back half of 2025 was related to a key priority to improve past due backlog, which relates to site readiness or our ability to deliver product. Heartbeat provides a structured approach to problem solving by eliminating steps, improving information flow across the value stream from our plants all the way to the customer. We increased visibility to orders to help ensure timely delivery, strengthen alignment with our factories, and improve how we manage customer site readiness. Because of this, we were able to drive an average monthly improvement of 25% in past two backlog versus the prior year, ultimately translating into improved sales and cash conversion in 2025. It's early days, but we're building our heartbeat muscle and already seeing the impact. I'm excited about the progress our teams have made today. With that, I'll turn it over to Jay to discuss our financial results. Jay?