GE HealthCare Technologies Inc.

Good day and thank you for standing by. Welcome to the GE Healthcare first quarter 2026 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 11 on your telephone. You will then hear a message advising your hand is raised. To withdraw your question, please press star 11 again. please be advised that today's conference is being recorded. Now it's my pleasure to hand the conference over to Caroline Borders. Please proceed.

Thanks, Operator. Good morning and welcome to GE Healthcare's first quarter 2026 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 turn the call over to Peter.

Thanks, Carolyn. Good morning, and thank you for joining us. Let me start with our performance in the first quarter of 2026. We were pleased with the top line growth that came in at the high end of our expectations, driven by our pharmaceutical diagnostics, advanced visualization solutions, and imaging businesses. We also had strong services growth in the quarter. This all reflects disciplined commercial execution and accelerated customer adoption of new products designed to help clinicians enhance diagnostic accuracy and guide more precision treatment decisions across disease states. As we think about the capital equipment backdrop, we're seeing healthy customer demand globally with resilient procedure growth. Aligned to this, we saw solid performance in orders, book to bill, and backlog. We delivered double-digit reported growth in EMEA and rest of world, mid-single-digit growth in U.S., and China sales were in line with our expectations. However, we were disappointed by profit performance in the first quarter, which was impacted by a recall associated with a PDX supplier that has since been resolved. Later in the quarter, we began to see more significant increases in material costs, which we expect will continue for the remainder of the year. We remain confident in our ability to procure supply to meet customer demand, but given the inflationary environment, we're taking a prudent view and reducing our profit and free cash flow guidance for 2026. Slide four shows the inflation impacts to our profit guidance and the offsetting measures we've identified to mitigate. For background, the magnitude of specific input costs changed significantly as we moved through the first quarter, primarily related to two dynamics. An approximate $100 million increase in the price of memory chips, which are critical components utilized in many of our products, as well as an increase in oil and freight costs of approximately $100 million. Other inflation impacts are expected to total approximately $50 million with metals, such as tungsten, as an example. Prior to any mitigation, the gross impact of these costs is approximately $250 million, or 43 cents per share. We expect to offset more than half of the inflation impact in 2026 with price and cost actions. Taking a prudent view for the year, we are reducing our full-year adjusted EPS guidance by 15 cents associated with the remaining inflation impact. Including this impact, we will still deliver mid- to high-single-digit adjusted EPS growth. Now, I'd like to highlight strategic accomplishments that we're advancing our growth strategy. In the first quarter, in precision care, we advanced our pipeline of innovation with key milestones in CT and MR, our two largest revenue-generating modalities. Regulatory clearances in both the US and Japan mark an inflection point for Photonova Spectra, our differentiated photon counting CT platform. Customer feedback about the image quality has been extremely positive, including the ultra-high resolution and soft tissue clarity in all modes of scanning. We're actively working with customers on site readiness and building a strong pipeline for future sales. In MR, we received multiple FDA clearances for next-generation technologies, including a new 3T and reduced helium platform and state-of-the-art AI-powered workflow solution. Aligned to typical imaging order conversion timelines, we expect revenue contribution from our key imaging NPIs to begin in the first half of 2027. In PDX, we saw growth across contrast media and radiopharmaceuticals, along with growth in our molecular imaging equipment. This is driven by an aging population, increased chronic diseases, and demand for precision care globally. We're pleased to see Forcado continuing to ramp with a nearly 80% increase in doses since late January. We delivered over 390 doses for the week ended April 17th. We're onboarding new customers, including high-volume sites, and we've seen an acceleration in the average number of doses that customers are ordering each week. We remain focused on delivering high-quality customer experience. While there will always be some week-to-week variability, we're encouraged by our trajectory, and this reinforces our confidence in our medium-term target of $500 million or more in annual revenue by 2028. Visumel growth is also accelerating, supported by the expanding use of disease-modifying Alzheimer's therapies that are driving increased demand for amyloid beta imaging. Looking to the future, one of the most significant research areas we've been focused on is developing our novel gadolinium-free MRI contrast agent. If successful, this manganese-based agent would provide a differentiated alternative to gadolinium by addressing retention concerns and reducing reliance on rare earth elements. We see this as a significant opportunity to expand our role in the current $1.2 billion contrast MRI market by overcoming key challenges for both patients and clinicians. We recently reached a meaningful clinical milestone with the first patient dosed in our Phase II and Phase III studies. This innovation is under FDA fast track designation, granted to drugs that address serious conditions and unmet needs, and can accelerate regulatory review. If successful, both the combination trial and fast track designation would speed up the time to market. This milestone underscores both the urgency and the promise of our approach. and reinforces our conviction that our innovation can significantly advance the MRI contrast landscape. In the area of growth acceleration, we delivered growth across PDX, AVS, and imaging business with strong commercial execution. In our high margin services business, the large driver of our recurring revenue also did well in the quarter. We also completed the acquisition of IntelliRad in the first quarter This advances our strategy to deliver a fully connected cloud-first enterprise imaging ecosystem that spans hospitals and outpatient settings. We're excited about the opportunity to grow our AI, cloud, and software capabilities leveraging our IntelliRad platform. As we focus on continued business optimization, price and cost programs are a top priority. as well as executing on our new wave of innovation that will not only drive revenue, but also margin growth. Today, we announced that we're combining imaging and AVS to create a new segment, Advanced Imaging Solutions, led by Phil Racklin. This change now moves us from four distinct segments to three, AIS, PDX, and PCS, which will allow us to more effectively capitalize on our new wave of innovation sharpen our disease state focus, and accelerate growth. As healthcare becomes more precise, the need for advanced imaging to confidently diagnose and deliver therapy is increasingly important. There's also a growing demand for connected clinical workflows that drive real-time decisions and outcomes. Structural heart and cardiology is a clear example. It's one of the fastest growing areas in healthcare with a shift to less invasive image-guided therapies. At every stage of the patient journey, procedures depend on advanced imaging, spanning CT, ultrasound, and real-time guidance in the cath lab. Having vertical ownership from investment decisions to integrated supply chain in the segment will better enable us to deliver differentiated technologies while streamlining our business and reducing costs. And we're excited about this next step on our growth path. And Phil has the right focus and expertise to drive this business forward. We also announced a new global markets region led by Katrina Strump that we believe will strengthen how commercial teams build and scale expertise across markets and bring the full portfolio to customers globally to maximize growth in enterprise accounts. Now, I'll turn the call over to Jay to discuss financial results.