GE HealthCare Technologies Inc.

Good day and thank you for standing by. Welcome to the GE HealthCare second 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 this session, you will 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 that today's conference is being recorded. I would now like to hand the conference over to your speaker today, Carolyn Borders, Chief Investor Relations Officer. Ma'am, please go ahead.

Thanks, Operator. Good morning and welcome to GE Healthcare's second quarter 2026 earnings call. I'm joined by our President and CEO, Peter Arduini, Vice President and CFO, Jay Saccaro, and our Controller and Chief Accounting Officer, George Newcomb. 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. Good morning, and thank you for joining us today. We were pleased with our strong performance in the second quarter. Quarters increased 11% with strong backlog, which grew $2.6 billion year over year, and booked a bill of 1.15 times, all of which were at record levels. We're seeing healthy end market demand in all three of our segments and across geographies. were reflected in the growth of our differentiated products and solutions that improve clinical outcomes and productivity. This sentiment was once again reflected in our most recent survey of top U.S. customers. We're increasingly becoming a key productivity enabler for our customers as they navigate capacity constraints and workflow challenges. At the same time, the substantial changes that we've made in our commercial organizations and progress on our new innovations, many of which are AI-enabled, strengthen our competitive position and our delivering results. We've launched several new products from our pipeline with more to come, and these products position us well to contribute meaningfully through the balance of the year and beyond. We're also seeing continued traction in our service businesses, strengthening our recurring revenue base and creating additional value for customers. Fundamentally, it's the sum of all of these parts that gives us confidence in the remainder of the year and our medium-term outlook. Revenue growth in the quarter was led by strength in pharmaceutical diagnostics and advanced imaging solutions. Patient care solutions performance remained challenged. We're actioning improvement initiatives via our business system heartbeat. With a focus on increasing shipment velocity and backlog conversion of our monitoring and anesthesia product lines to deliver PCS revenue and margin improvement in the second half. A bright spot in the corner with strong PCS orders growth, particularly in monitoring, driven by our new platforms and recent Salesforce realignment. As we focus on accelerating recovery in this business, a comprehensive review of the strategic options is underway to determine the best path to maximize long-term growth and value, including continued ownership, a sale, and other value-enhancing transactions. This is a business with depth and breadth that touches many areas within health systems. We have a healthy pipeline of new products in anesthesia and monitoring. as well as digital offerings expected to be introduced this year and in 2027. Moving to slide four, let's look at how we're delivering on our growth strategy, starting with how we enable precision care. D3 brings together smart devices and drugs, a disease state focused, and digital capabilities, particularly AI. Heartbeat helps us align customer needs, product development, sales and service capabilities more effectively and together they help us bring innovative products to market faster and strengthen customer relationships while improving the margin profile of the portfolio over time. Our D3 strategy is resonating with customers and their interest in our differentiated solutions is reflected in our strong orders growth in the quarter, including broad-based contributions from ultrasound, MR, CT, patient monitoring, Radio Pharmaceuticals, and Interventional Labs, among others. This aligns to the global demand backdrop we're seeing for our technologies and underscores how our differentiated innovations and field teams are winning in the market. In the U.S., we're seeing strong interest in Photonova Spectra, our photon counting CT platform, and we expect CE marking in the second half of 2026, which will expand our opportunity in Europe. We've also received great customer feedback on True Definition DL, our latest deep learning CT software upgrade that enables nearly double the image resolution across the installed base. Like Air Recon DL, this is another good example of how we are using AI to enhance the clinical value of existing systems while giving customers another pathway to enhance performance. We also offer this as a subscription model which brings recurring revenue. Together, these innovations highlight how we're expanding the value of our CT portfolio through new products and software innovations that appeal to customers. In PDX, we have a strong quarter in contrast media and robust growth in US radiopharmaceuticals. This reflects the growing demand for advanced imaging that requires the breadth of our PDX portfolio. As an example, Visamel, our amyloid PET imaging agent, had strong double-digit revenue growth in the quarter, reflecting an increase in therapy adoption and an evolving Alzheimer's eco-care system, which includes broader diagnostic capabilities to identify and evaluate at-risk patients. Additionally, we are on track with our Flacato ramp. In the quarter, we delivered 545 doses for the week ending July 24th. This is approximately a 40% increase over April levels. We onboarded more customers this quarter, which we expect will lead to increased utilization in the second half of the year. Customer feedback and acceptance remain strong. Looking to the second half, we remain focused on continuing to build momentum and these important indicators of our long-term growth trajectory. We remain confident in our medium-term target of $500 million or more in annual revenues by 2028. Moving to business optimization, we continue to prioritize additional cost and price actions as we navigate a dynamic macro environment. We lead the industry in bringing AI to customers, and we're also equally focused on using AI inside the company to improve productivity, simplify work, and strengthen our supply chain so teams can spend more time on activities that create the greatest value for our customers. Since implementing the operational changes to create AIS and global markets, we have significantly increased our customer focus with channel changes that were completed in the second quarter. The AIS structure allows us to be a more nimble and agile organization. Before I turn the call over to Jay to review our financial results, I'd like to take a moment to thank him for his partnership and contributions to GE Healthcare over the past three years. Jay's helped build a strong financial organization and still greater financial discipline across the company and has been an important partner as we've executed our strategy. We're grateful for his leadership and impact that he's had on the business and we wish you all the best in your next endeavor. During this transition, I have full confidence in George Newcomb, our incoming interim CFO who has extensive experience. With that, I'll turn the call over to Jay to review our financial results. Thanks, Pete.