GE Healthcare Technologies Inc (GEHC) 2024 Q1 法說會逐字稿

Good day, and thank you for standing by. Welcome to GE Healthcare's First Quarter 2024 Earnings Conference Call. (Operator Instructions) Please note that today's conference may be recorded. I will now turn the conference over to your speaker host, Carolynne Borders, Chief Investor Relations Officer. Please go ahead.

美好的一天，感謝您的支持。歡迎參加 GE 醫療集團 2024 年第一季財報電話會議。 （操作員說明）請注意，今天的會議可能會被錄音。現在我將把會議轉交給演講主持人、首席投資者關係官卡洛琳·博德斯 (Carolynne Borders)。請繼續。

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.

謝謝，接線生。早安，歡迎參加 GE 醫療集團 2024 年第一季財報電話會議。我們的總裁兼執行長 Peter Arduini 也加入了我的行列。以及我們的副總裁兼財務長 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.

我們的電話會議發言將包括 GAAP 和非 GAAP 財務業績。公認會計原則和非公認會計原則措施之間的調節可以在今天的新聞稿和我們網站上的簡報幻燈片中找到。在本次電話會議中，我們將對我們的業績做出前瞻性陳述。這些陳述是基於我們今天看待事物的方式。正如我們在 SEC 文件中所述，由於風險和不確定性，實際結果可能存在重大差異。接下來，我會將電話轉交給彼得。

Thanks, Carolynne, 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.

謝謝卡羅琳，也謝謝今天加入我們的所有人。我們在 2024 年的關鍵優先事項方面取得了良好進展。健康的積壓、訂單成長和積極的訂單出貨量使我們能夠在今年剩餘時間內加速成長。

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 multiyear 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.

今天，我們重申了 2024 年的指導方針，Jay 將更詳細地討論該指導方針。現在我想強調一些說明我們商業執行的里程碑。我們在設備和服務領域的大型多年期多模式交易方面取得了穩步進展，從而帶來了增量份額收益。在美國，我們與 OSF HealthCare 建立了為期 10 年的策略聯盟，提供技術、數位解決方案和設備管理服務，幫助臨床醫生改善護理服務和病患治療效果。

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.

我們還將與 Hartford HealthCare 的合作關係延長至 2030 年。我們的護理路徑策略進展順利，帶來了商業成長機會，並將我們引入具有有吸引力成長潛力的鄰近市場。

For example, last week, we announced the expansion of our collaboration with Elekta to enhance their radiation therapy planning offerings using MIM Software, which we acquired in April.

例如，上週，我們宣布擴大與 Elekta 的合作，以使用我們於 4 月收購的 MIM 軟體來增強他們的放射治療計劃產品。

In Spain, we announced the first global install of our Allia IGS Pulse system, which is our market-leading cathlab design that we expect will be a growth vehicle in this important interventional cardiology market.

在西班牙，我們宣布首次在全球安裝 Allia IGS Pulse 系統，這是我們市場領先的導管實驗室設計，我們預計它將成為這個重要的介入性心臟病學市場的成長工具。

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 us well for a future where health care 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.

展望 2024 年，我們看到 IGS 產品組合等產品的機會不斷增加。我們的策略性舉措和值得信賴的合作夥伴關係正在紮根，並為我們在醫療保健更加互聯、高效和以患者為中心的未來做好準備。展望未來，我們的前景反映了強勁的全球程序環境，特別是在美國，客戶繼續對資本投資和市場正常化持樂觀態度。這些有利因素，加上我們對執行的重視，使我們對履行 2024 年承諾和中期目標的能力充滿信心。

Now I'll pass it on to Jay who will take us through the details of our first quarter performance. Jay?

現在我將把它轉交給傑伊，他將向我們詳細介紹第一季的表現。傑伊？

1839991191.

1839991191。

Thanks, Pete. Let's start with our financial performance on Slide 4. For the first quarter of 2024, revenues of $4.6 billion were approximately flat organically year-over-year. Recall, this quarter's results followed the strong double-digit growth we delivered in the first quarter of 2023, which benefited from easing supply chain conditions and strong China stimulus sales.

謝謝，皮特。讓我們從投影片 4 的財務表現開始。回想一下，本季的業績是在 2023 年第一季實現強勁的兩位數成長之後實現的，這得益於供應鏈狀況的緩解和中國強勁的刺激銷售。

Organic orders increased 1% year-over-year, primarily driven by strength in the U.S., with orders dollars continuing to outpace sales, we generated a solid total company book-to-bill of 1.03x versus 1.01x last year.

有機訂單年增 1%，主要受到美國市場強勁的推動，隨著訂單金額持續超過銷售額，我們的公司總訂單出貨比去年為 1.01 倍，達到 1.03 倍。

We also exited the first quarter with a healthy backlog of $18.7 billion. Adjusted EBIT margin was 14.7%, up 50 basis points year-over-year, with improvements in both gross profit margin and SG&A. First quarter adjusted EPS was $0.90, up 6% year-over-year, driven by improved margins and lower interest expense. And we generated $274 million in free cash flow from improved working capital. On Slide 5, let's take a closer look at total company revenue performance for the first quarter. Organic revenue growth was approximately flat versus the 12% that we generated in the same period last year. On a reported basis, service grew 2% and product revenue declined 3%.

第一季結束時，我們還積壓了 187 億美元。調整後息稅前利潤率為 14.7%，年增 50 個基點，毛利率和銷售管理費用均有所改善。第一季調整後每股收益為 0.90 美元，年增 6%，得益於利潤率提高和利息支出下降。我們透過改善營運資本創造了 2.74 億美元的自由現金流。在投影片 5 上，讓我們仔細看看公司第一季的總營收表現。有機收入成長與去年同期的 12% 基本持平。根據報告，服務收入成長 2%，產品收入下降 3%。

Product performance was impacted by the difficult year-over-year comparison. Longer term, we see good growth opportunities in both product and service, including greater service revenue from a larger installed base. China revenue declined low double digits given the stimulus that benefited the first quarter of 2023 as well as anticorruption impact in the quarter.

產品性能受到艱難的同比比較的影響。從長遠來看，我們在產品和服務方面看到了良好的成長機會，包括來自更大安裝基礎的更多服務收入。鑑於 2023 年第一季受益的刺激措施以及該季度反腐敗的影響，中國收入出現低兩位數下降。

EMEA sales were up slightly and sales in the U.S. and rest of world were flat with prior year results. Turning to Slide 6 and the progress we made in the first quarter on margin initiatives. Adjusted gross margin expanded 120 basis points as we benefited from commercial wins and productivity initiatives. We also delivered positive price in the quarter. Productivity is an ongoing focus for our teams and our lean practices continue to drive improvements.

歐洲、中東和非洲地區的銷售額略有成長，美國和世界其他地區的銷售額與去年持平。轉向幻燈片 6 以及我們在第一季在保證金計劃方面取得的進展。由於我們受益於商業勝利和生產力舉措，調整後毛利率擴大了 120 個基點。我們在本季也提供了正價格。生產力是我們團隊持續關注的焦點，我們的精實實踐不斷推動改善。

Our teams are expanding daily management and standard work to new areas while delivering on current commitments. All of our segments delivered mid-single digit or greater variable cost productivity and made significant platforming improvements. We've been making strategic investments in advanced manufacturing technologies, such as 3D printing and Additive, across our segments to enhance product capabilities and quality and improve variable cost productivity.

我們的團隊正在將日常管理和標準工作擴展到新的領域，同時履行當前的承諾。我們所有的部門都實現了中個位數或更高的變動成本生產力，並取得了重大的平台改進。我們一直在各個領域對先進製造技術（例如 3D 列印和積層製造）進行策略性投資，以增強產品能力和質量，並提高可變成本生產率。

To date in the U.S., we have more 3D printing-related patents than any other imaging company with [51]. These investments drive lower cost and higher durability. For example, in MR, we're applying these methodologies across the entire portfolio, saving us more than $1 million a year and improving performance and reliability.

到目前為止，在美國，我們擁有的 3D 列印相關專利比其他任何成像公司都多 [51]。這些投資可降低成本並提高耐用性。例如，在 MR 中，我們將這些方法應用於整個產品組合，每年節省超過 100 萬美元，並提高了效能和可靠性。

On SG&A, we continue to make progress with roughly 330 TSAs exited since spin, and we're well positioned to exit the vast majority of the remaining agreements this year. This will allow us to further optimize our cost structure in the future. We delivered solid progress in gross margin and adjusted EBIT margin expansion while continuing to fund strategic priorities for future growth.

在 SG&A 方面，我們繼續取得進展，自分拆以來已退出了約 330 個 TSA，我們已做好準備，可以在今年退出絕大多數剩餘協議。這將使我們未來能夠進一步優化我們的成本結構。我們在毛利率方面取得了堅實的進展，並調整了息稅前利潤率的擴張，同時繼續為未來成長的策略重點提供資金。

Now I'll turn to our segments. Let's start with Imaging on Slide 7, where we had approximately flat organic revenue growth. This was against a difficult comparison to the prior year when sales were up 12%. Segment EBIT margin was up 210 basis points year-over-year. We made progress on enhancing gross margin through productivity, price and service contract capture rate while investing in R&D.

現在我將轉向我們的部分。讓我們從幻燈片 7 上的成像開始，我們的有機收入成長大致持平。與前一年的銷售額成長 12% 相比，這是一個困難的對比。部門息稅前利潤率年增 210 個基點。我們在投資研發的同時，透過生產力、價格和服務合約捕獲率在提高毛利率方面取得了進展。

Margin expansion in this business remains a critical priority for us, and we're on track to the plans we communicated at our Investor Day. Customer demand for our Imaging products remains healthy as new therapies drive the need for Precision Imaging guidance. We're excited about the impact our new product introductions are expected to have on both future revenue and margin.

該業務的利潤率擴張仍然是我們的首要任務，我們正在按計劃實施我們在投資者日傳達的計劃。隨著新療法推動了對精密成像指導的需求，客戶對我們的影像產品的需求仍然保持健康。我們對新產品的推出預計將對未來收入和利潤產生的影響感到興奮。

Turning to Ultrasound on Slide 8. Organic revenue was down 4% year-over-year, following double-digit growth in the prior year. Segment EBIT margin decreased 200 basis points year-over-year, driven primarily by inflation and lower volume. During the quarter, the team's strong focus on productivity through standardization and commonality across platforms, along with ongoing pricing strategies helped to partially offset these challenges.

轉向幻燈片 8 上的超音波。部門息稅前利潤率年減 200 個基點，主要是因為通貨膨脹和銷售量下降。在本季度，該團隊透過跨平台的標準化和通用性以及持續的定價策略對生產力的高度關注有助於部分抵消這些挑戰。

Looking ahead. Our funnel is solid, and we expect growth to accelerate as well as productivity initiatives to drive margin improvements in the second half of the year. Most notably, we also recently launched several exciting new ultrasound innovations that will benefit both top and bottom line performance.

展望未來。我們的通路很穩固，我們預計下半年成長將加速，生產力計畫將推動利潤率提高。最值得注意的是，我們最近也推出了幾項令人興奮的新超音波創新，這將有利於頂線和底線性能。

Moving to Patient Care Solutions on Slide 9. Organic revenue was down 4% year-over-year, driven primarily by in-quarter fulfillment delays and prior year COVID-related ventilator volume in China, which drove double-digit growth last year. Backlog remains healthy, which positions us well for growth. Segment EBIT margin decreased 310 basis points year-over-year, due to inflation and timing of shipments.

轉到幻燈片 9 上的患者護理解決方案。積壓訂單保持健康，這為我們的成長奠定了良好的基礎。由於通貨膨脹和發貨時間，該部門的息稅前利潤率比去年同期下降了 310 個基點。

We implemented programs to drive productivity and price that we expect will improve our margin in future quarters.

我們實施了提高生產力和價格的計劃，預計這將提高我們未來幾季的利潤率。

Moving to Pharmaceutical Diagnostics on Slide 10. We had another strong quarter generating 8% year-over-year organic growth, driven by price and continued volume growth. In the quarter, we saw encouraging progress with the first signs of sales uptick from Vizamyl in the U.S. and other countries. With additional Alzheimer's therapy approvals, we expect more substantial increases in the second half of 2024.

轉到幻燈片 10 上的藥物診斷。本季度，我們看到了令人鼓舞的進展，Vizamyl 在美國和其他國家的銷售出現了上升的初步跡象。隨著更多阿茲海默症治療藥物獲得批准，我們預計 2024 年下半年將會有更大的成長。

Segment EBIT margin of nearly 30% improved 190 basis points year-over-year, mostly driven by price, productivity actions and volume while we continue to invest in our robust R&D pipeline. We're also encouraged by the continued strength of global procedures, which drives the need for our Imaging agents. We're executing on significant capacity investments to strengthen the security of supply for our customers and to deliver on our patients' needs.

近 30% 的部門息稅前利潤率同比提高了 190 個基點，這主要是由價格、生產力行動和數量推動的，同時我們繼續投資於我們強大的研發管道。我們也對全球程序的持續發展感到鼓舞，這推動了對我們顯影劑的需求。我們正在進行大量產能投資，以加強客戶的供應安全並滿足患者的需求。

Planned expansion at our Lindesnes facility in Norway is expected to be completed during the second quarter. At the same time, our lean methodology is foundational to delivering for our customers as we continue to increase patient dose capacity across our supply chain.

挪威林德斯內斯工廠的擴建計畫預計將於第二季完成。同時，隨著我們不斷提高整個供應鏈的患者劑量能力，我們的精益方法是為客戶提供服務的基礎。

Turning to Slide 11, I'll walk through our cash flow performance. In the first quarter, we delivered free cash flow of $274 million. Our working capital improved year-over-year and reflected improved inventory turns and lower accounts receivable. Many of our lean efforts and priorities associated with inventory management and the collection processes helped drive our progress here. Our strong cash generation, capabilities provides us with the financial flexibility to support future growth, leaving room for organic and opportunistic M&A to accelerate innovation. As previously disclosed, we strengthened our balance sheet by paying down $150 million of debt in the quarter.

轉向投影片 11，我將介紹我們的現金流表現。第一季度，我們交付了 2.74 億美元的自由現金流。我們的營運資本年比有所改善，反映出庫存週轉率的改善和應收帳款的減少。我們與庫存管理和收集流程相關的許多精益努力和優先事項幫助推動了我們的進步。我們強大的現金產生能力為我們提供了支持未來成長的財務靈活性，為有機和機會主義併購留下了加速創新的空間。如同先前所揭露的，我們在本季償還了 1.5 億美元的債務，從而增強了我們的資產負債表。

Now let's turn to our outlook on Slide 12. In short, we are reaffirming our full year 2024 guidance. We expect a modest sequential improvement in second quarter organic sales growth and adjusted EBIT margin. As discussed in our fourth quarter call, we expect stronger revenue growth and adjusted EBIT margin in the second half of the year. There are a few catalysts that will support growth through the rest of the year.

現在讓我們轉向投影片 12 的展望。我們預計第二季有機銷售成長和調整後息稅前利潤率將略有改善。正如我們在第四季度電話會議中討論的那樣，我們預計下半年收入成長和調整後的息稅前利潤率將更加強勁。有一些催化劑將支持今年剩餘時間的成長。

This includes a number of new product launches that will accelerate growth in ultrasound. In addition, we expect to see growth in imaging supported by healthy backlog and a large order funnel. We expect continued growth in our PDx business as procedure trends remain strong. And in PCS, we have healthy backlog and expect the fulfillment challenges in the first quarter to resolve by midyear.

其中包括一系列將加速超音波產業成長的新產品的發布。此外，我們預計成像業務將在健康的積壓訂單和龐大的訂單管道的支持下實現成長。隨著手術趨勢保持強勁，我們預計 PDx 業務將持續成長。在 PCS 方面，我們有大量的積壓，預計第一季的履行挑戰將在年中得到解決。

With that, I'll turn the call back over to Pete.

這樣，我會將電話轉回給皮特。

Thanks, Jay. Turning to our Precision innovation strategy on Slide 13. We're excited about recent product introductions across our segments to address customer challenges and improve patient outcomes. The industry continues to be challenged with higher rates of clinical burnout, fueled by increased demand for imaging and caring for an aging population.

謝謝，傑伊。轉向幻燈片 13 上我們的 Precision 創新策略。由於人口老化對影像和護理的需求增加，該行業繼續面臨臨床倦怠率上升的挑戰。

Our customers need solutions that increase flexibility in staffing, scheduling and operations. Digitally enabled remote scanning and connected patient monitoring are ways we can help address these issues. In the U.S., GE Healthcare is the exclusive distributor of a vendor-agnostic system that allows clinical experts to provide remote MR, CT and PET/CT scanning support and image review.

我們的客戶需要能夠提高人員配置、日程安排和營運靈活性的解決方案。數位化遠端掃描和連網患者監護是我們幫助解決這些問題的方法。在美國，GE Healthcare 是與供應商無關的系統的獨家經銷商，該系統允許臨床專家提供遠端 MR、CT 和 PET/CT 掃描支援和影像審查。

By enabling virtual clinical experts to provide real-time guidance to technologists on site, we're helping to address staffing shortages and streamlining operational workflows. Our Portrait Mobile and Monitoring Solutions platform recently introduced the Portrait Vital Signs monitor in the U.S. and Europe. This new solution integrates with the EHR, allowing clinicians to customize early patient warning scores like low oxygen rates and declining blood pressure to identify patient deterioration sooner.

透過讓虛擬臨床專家能夠為現場技術人員提供即時指導，我們正在幫助解決人員短缺問題並簡化營運工作流程。我們的肖像移動和監控解決方案平台最近在美國和歐洲推出了肖像生命徵象監視器。這項新解決方案與 EHR 集成，允許臨床醫生自訂早期患者預警評分，例如低氧率和血壓下降，以更快地識別患者病情惡化。

We're also focused on advancing cancer research and creating AI to address some of the biggest challenges in cancer care. For example, immunotherapy has revolutionized the way we think about cancer treatment. However, patient outcomes vary with some response rates ranging from 15% to 30% in solid tumors and 45% to 60% in melanoma. Because of this variation, a considerable amount of research is focused on determining treatment response.

我們也致力於推進癌症研究並創建人工智慧，以解決癌症護理中的一些最大挑戰。例如，免疫療法徹底改變了我們對癌症治療的看法。然而，患者的治療效果各不相同，實體腫瘤的緩解率為 15% 至 30%，黑色素瘤的緩解率為 45% 至 60%。由於這種差異，大量研究集中在確定治療反應。

AI can potentially make a difference. In our Pharmaceutical Diagnostics business, we created AI research models in collaboration with Vanderbilt University Medical Center. It demonstrated a 70% to 80% accuracy in predicting cancer patients' response to certain immunotherapies. What's unique about the approach is that we created these AI models using routinely collected data available in the EHR, giving them the potential for broad deployment and adoption, methodology that was recently published in a peer-reviewed scientific journal.

人工智慧可能會帶來改變。在我們的藥物診斷業務中，我們與范德比爾特大學醫學中心合作創建了人工智慧研究模型。它在預測癌症患者對某些免疫療法的反應方面表現出 70% 至 80% 的準確度。該方法的獨特之處在於，我們使用 EHR 中常規收集的數據創建了這些人工智慧模型，使它們具有廣泛部署和採用的潛力，該方法最近發表在同行評審的科學期刊上。

These AI models have the potential to help clinicians to match patients to the most effective treatment sooner while avoiding unnecessary side effects and costs, and could be integrated into our digital suite of tools in the future. We're bolstering our leading portfolio in ultrasound with 6 new products introductions that includes significant upgrades, platforming solutions and new artificial intelligent applications for radiology, urology and cardiology.

這些人工智慧模型有潛力幫助臨床醫生更快地將患者與最有效的治療相匹配，同時避免不必要的副作用和成本，並且可以在未來整合到我們的數位工具套件中。我們透過推出 6 種新產品來增強我們在超音波領域的領先產品組合，其中包括重大升級、平台化解決方案以及放射學、泌尿學和心臟病學的新人工智慧應用。

This is a direct correlation to our increased investments in R&D dollars. We've supported clinicians for more than 30 years with our premium general imaging platform, logic. And we're excited to share that we've made significant enhancements. These include the launch of 3 upgraded premium systems and a new mid-tier solution, the LOGIQ Totus, all with AI and Vscan Air wireless handheld probe integration. Our new urology-based software feature, Prostate Volume Assist, is now available on several bkActiv imaging systems. Between MIM Software's prostate fusion solutions and the power of AI, we're strengthening our prostate-focused ultrasound solutions and improving the cancer journey for providers and patients.

這與我們增加研發資金投資有直接關係。 30 多年來，我們一直透過優質通用影像平台logic 為臨床醫生提供支援。我們很高興與大家分享我們已經做出了重大改進。其中包括推出 3 個升級版高級系統和新的中階解決方案 LOGIQ Totus，所有這些都與 AI 和 Vscan Air 無線手持式探頭整合。我們基於泌尿科的新軟體功能前列腺體積輔助現已在多種 bkActiv 成像系統上提供。借助 MIM Software 的前列腺融合解決方案和人工智慧的力量，我們正在加強以前列腺為中心的超音波解決方案，並改善醫療服務提供者和患者的癌症之旅。

Earlier this month, we launched the Vscan Air SL with Caption AI Cardiac Guidance at the American College of Cardiology Conference. By integrating AI into our handheld system, we're enabling clinicians to acquire up to 10 standard cardiac use with guidance, creating even more access and use cases for ultrasound point of care. For example, with AI in the palm of their hand, a primary care physician with less ultrasound experience may uncover heart disease sooner, or cardiologists can easily and automatically calculate a left ventricular ejection fraction, potentially diagnosing heart failure early.

本月早些時候，我們在美國心臟病學會會議上推出了帶有 Caption AI 心臟指導功能的 Vscan Air SL。透過將人工智慧整合到我們的手持系統中，我們使臨床醫生能夠在指導下獲得多達 10 個標準心臟用途，從而為超音波護理點創造更多的訪問和使用案例。例如，有了人工智慧的掌握，超音波經驗較少的初級保健醫生可能會更快發現心臟病，或者心臟科醫生可以輕鬆自動計算左心室射血分數，從而有可能及早診斷心臟衰竭。

We expect these advancements in Ultrasound to drive price and cost efficiencies over time and continue to realize more productivity while accelerating growth. We also continue to build our reputation as a trusted partner in ultrasound with several collaborations to address growing patient needs globally. For example, 2 leading public health agencies in China recently chose GE Healthcare to develop innovative technologies, patient management models and clinical trading programs to improve outcomes for patients with liver disease.

我們預計超音波領域的這些進步將隨著時間的推移提高價格和成本效率，並在加速成長的同時繼續實現更高的生產力。我們也透過多次合作，繼續建立作為超音波領域值得信賴的合作夥伴的聲譽，以滿足全球不斷增長的患者需求。例如，中國兩家領先的公共衛生機構最近選擇 GE 醫療集團開發創新技術、患者管理模式和臨床交易計劃，以改善肝病患者的治療結果。

In summary. On Slide 14, I'd like to thank our team for their focus and execution in the first quarter. I'm encouraged by the progress on the product pipeline and market outlook. This situates us well for an improving growth profile as we move through the year. I look forward to sharing more about our progress and future innovation plans at upcoming conferences.

總之。在投影片 14 上，我要感謝我們的團隊在第一季的專注和執行力。產品線和市場前景的進展令我感到鼓舞。這使我們在這一年中能夠改善成長狀況。我期待在即將召開的會議上分享更多有關我們的進展和未來創新計劃的資訊。

I'd like to introduce that we will host our Investor Day on November 21 in New York City. We will provide more in-depth views on technology and innovation.

我想介紹一下，我們將於 11 月 21 日在紐約舉辦投資者日。我們將提供有關技術和創新的更深入的觀點。

With that, we'd like to open up the call for questions.

至此，我們想開始提問。

Thank you, Peter. (Operator Instructions) Operator, can you please open the line?

謝謝你，彼得。 （接線生指示）接線員，您可以開通線路嗎？

(Operator Instructions) First question coming from the line of Suraj Kalia with Oppenheimer.

（操作員說明）第一個問題來自 Suraj Kalia 與 Oppenheimer 的線路。

Peter, can you hear me all right?

彼得，你聽得到我說話嗎？

Yes, clear.

是的，清楚。

My apologies for the background noise. So Peter, the obvious question, U.S. year-over-year was flattish. I get your point on China, in terms of ventilators and top comps. Can you set the stage for us in terms of the U.S. portion of the business, the flattish performance in the quarter and how you see it progressing through the year?

對於背景噪音，我深表歉意。所以彼得，一個顯而易見的問題是，美國的年比表現持平。我明白你對中國在呼吸機和頂級比賽方面的看法。您能否為我們介紹美國業務的部分情況、本季表現平平以及您對全年進展的看法？

Yes, absolutely. I would just kind of start out to say from that standpoint is just remember, we talked about the compare with our toughest one of the year. So obviously, it gets better throughout the year. We talked about that in our guidance. But really, Q1 was impacted by -- fundamentally, it was 2 items. And Jay touched this on the prepared remarks. One was some fulfillment delays in PCS. I think we've got those well in hand to have them resolved by midyear. I think that's the first part of this. There were specific items, us about technology and more about actually delivery of the components. And then the China piece. And again, we know that anticorruption presents a challenging environment, and we expected that to play out through midyear.

是的，一點沒錯。我首先要說的是，從這個角度來看，請記住，我們討論了與今年最艱難的一次的比較。很明顯，全年情況都會變得更好。我們在指導中談到了這一點。但實際上，第一季受到的影響從根本上來說是 2 個項目。傑伊在準備好的演講中談到了這一點。其中之一是 PCS 的履行出現一些延遲。我認為我們已經掌握了這些問題，可以在年中之前解決它們。我認為這是第一部分。有一些具體的項目，我們關於技術，更多關於組件的實際交付。然後是中國部分。再說一遍，我們知道反腐敗帶來了一個充滿挑戰的環境，我們預期這種情況將持續到年中。

I mean those are really the 2 items. If I look at the U.S. specifically, we actually are seeing a more positive backdrop relative to orders funnel, relative to growth potential and really across all of our businesses. And I'd just say ultrasound, I talked a lot just on the call here about new products. 2023 market was somewhat down for the whole market in ultrasound.

我的意思是，這些確實是 2 項。如果我具體看看美國，我們實際上看到了相對於訂單管道、相對於成長潛力以及我們所有業務的更積極的背景。我只想說超音波，我在電話會議上談了很多關於新產品的內容。 2023 年超音波產業整體市場下滑。

We see that actually turning around in '24. And so the timing of our new product introductions is very good as well as in imaging. So I'm rather confident on how we're going to see the capital landscape and the market evolve within the United States. But relative to the quarter, it was those 2 specific items that dampened our top line.

我們看到這種情況實際上在 24 年發生了逆轉。因此，我們推出新產品的時機非常好，在成像方面也是如此。因此，我對我們將如何看待美國境內的資本格局和市場的發展充滿信心。但相對於本季而言，正是這兩個具體項目削弱了我們的營收。

Got it. And Peter, my follow-up, specifically within imaging, how should we think about backlog, i.e., business that is already in the hands flowing through in the next 3 quarters versus new orders coming in versus NPI and price increase. Just kind of give us how you all are thinking about within imaging as the year progresses, which are the levers to be pulled? And how should we think about the cadence of imaging growth as the year progresses?

知道了。 Peter，我的跟進者，特別是在成像領域，我們應該如何考慮積壓，即未來 3 個季度已經掌握的業務與新訂單、NPI 和價格上漲的關係。請告訴我們，隨著時間的推移，你們在成像領域的想法是怎樣的，需要拉動哪些槓桿？隨著時間的推移，我們該如何看待影像成長的節奏？

Yes. Great. Thanks. Let me comment and Jay, you can jump in as well on this. So we've got a very solid backlog for our imaging business. I think we feel quite good about the diversity of it, the mix of it and it actually being growing with price in the back. And then new platforming capabilities that are coming in like our IGS system, our new cath lab, which will come in and actually bring better margins. So it's positioned well from that standpoint.

是的。偉大的。謝謝。讓我發表評論，傑伊，你也可以參與其中。因此，我們的成像業務積壓了大量訂單。我認為我們對它的多樣性、它的混合性以及它實際上隨著價格的增長而感到非常滿意。然後是新的平台功能，例如我們的 IGS 系統、新的導管實驗室，它們的出現實際上會帶來更好的利潤。所以從這個角度來看，它的定位很好。

We think the profile is going to be more second half just as we've communicated. There hasn't been a lot. We're going to clearly see a pickup in the second quarter but the majority of it is more profiled out towards Q3 and Q4. And again, that really hasn't changed from what we've laid out our initial guidance on. I would say from a broader order standpoint, we expect that we will see an uptick in broader imaging orders both in Q2, 3 and 4.

正如我們所溝通的那樣，我們認為該簡介將在下半年進行。還沒有很多。我們將清楚地看到第二季的回升，但其中大部分更多地集中在第三季和第四季。再說一遍，這與我們最初制定的指導方針相比並沒有改變。我想說，從更廣泛的訂單角度來看，我們預計第二季、第三季和第四季更廣泛的成像訂單都會增加。

Most likely having a larger step-up in the second half. And some of that's tied to the China stimulus discussion that we had from an order standpoint. But even the U.S. profile, when you take a look at the products that we've got laid out, some of the big deals that we have visibility into the pipeline, they're probably going to nest more so in that second half of the year.

下半場很可能會有更大的進步。其中一些與我們從訂單角度進行的中國刺激計劃討論有關。但即使是美國的概況，當你看看我們已經佈局的產品，我們可以看到管道中的一些大交易時，它們可能會在下半年出現更多的情況。

And our next question coming from the line of Edward Ridley-Day with Redburn Atlantic.

我們的下一個問題來自 Redburn Atlantic 的 Edward Ridley-Day。

So my first question, just to follow up actually on the China stimulus plans. The new Chinese stimulus that is being discussed. We've seen headline details from the authorities there but not much more. Could you speak to what you see the benefit these might be for your addressed markets through the remainder of the year? And your peer yesterday was talking about some evidence of hospital submitting new orders as a result of the potential new stimulus. I don't know if you can speak to that first, please?

我的第一個問題是對中國刺激計劃的實際跟進。正在討論的中國新刺激措施。我們已經看到了當地當局的頭條新聞細節，但僅此而已。您能否談談您認為這些措施在今年剩餘時間內可能為您的目標市場帶來的好處？你的同行昨天正在談論醫院由於潛在的新刺激措施而提交新訂單的一些證據。不知道你能不能先說一下？

Yes. So look, the data is unveiling as we speak. So I think we don't have perfect information on it. But I think if you look at since our guidance, what is new is obviously, not anticorruption, that's out there. And it's going to continue, we believe, to be tough through mid-year as we said before, we believe that that's going to continue to begin to improve in the second half.

是的。所以看，就在我們說話的時候，數據正在揭曉。所以我認為我們沒有關於它的完整資訊。但我認為，如果你看看我們的指導意見，你會發現，新的顯然不是反腐敗，而是已經存在的東西。我們相信，正如我們之前所說，整個年中的情況將繼續困難，我們相信下半年情況將繼續開始改善。

What is new is the stimulus. And from our understanding of it, the prior stimulus was more about low interest rates or relief relative to loans, where this will actually be specific cash grants, which then would reach a larger group of institutions that aren't just looking for loans but are looking for supplemental dollars to buy equipment. So we think that, obviously, opens us up to a larger population.

新鮮的是刺激。根據我們的理解，先前的刺激措施更多的是關於低利率或相對於貸款的減免，這實際上是特定的現金補助，然後這些補助將惠及更多的機構，這些機構不僅尋求貸款，而且還尋求貸款。因此，我們認為這顯然可以讓我們接觸到更多的人口。

The second piece to that then as well is that its ability to be multiyear. And so we'll see how that ultimately plays out. But those are the 2 characteristics. Relative to the rollout of it, I would say what we did see at the end of the first quarter is actually a little bit of tapping of the brakes of some orders in China relative to stimulus coming in and you say, "Well, why would that be?"

第二點也是它的多年能力。所以我們將看看最終結果如何。但這就是兩個特徵。相對於它的推出，我想說的是，我們在第一季末看到的情況實際上是相對於刺激措施的出台，中國的一些訂單稍微踩了剎車，你會說，“好吧，為什麼要這樣做？

Customers taking a look at to say, "I really want to understand the rules of it. So when I submit an order, I make sure I get the full benefit of the stimulus." So we believe that there's going to be clarity to the stimulus rules, so to speak, at some point here in Q2 and post those rules. Then we would expect an uptake in orders. And then how that plays out, if the orders come sooner, there's more possibility for sales within the year.

顧客看了一眼後說：“我真的很想了解它的規則。所以當我提交訂單時，我確保我能充分享受到刺激措施的好處。”因此，我們相信刺激規則將會變得清晰，可以說，在第二季的某個時候並發布這些規則。然後我們預計訂單會增加。那麼結果如何呢，如果訂單來得早一些，年內銷售的可能性就更大。

If the orders come later, businesses like ultrasound that you can do flow shipments, most likely would benefit sooner. Whereas installed products would probably be a little bit later. But net-net, this is all positive and kind of how we see the landscape as we speak right now.

如果訂單來得晚一些，像超音波這樣可以進行流動出貨的企業，很可能會更快受益。而安裝的產品可能會晚一點。但是，網絡，網絡，這都是正面的，也是我們現在看待情勢的方式。

That's very helpful. And just a quick follow-up actually on your Radio Pharmaceutical business. If you can give us any color on when we should expect FDA approval for Flurpiridaz? And also any other updates that we should be thinking about or looking for in the remainder of the year?

這非常有幫助。只是對您的無線電製藥業務進行快速跟進。您能否告訴我們什麼時候 FDA 會批准 Flurpiridaz？還有我們在今年剩餘時間內應該考慮或尋找的任何其他更新嗎？

Yes. Look, I mean Flurpiridaz, if it's your reference, is an agent that's in our PDx business that will be used for cardiac imaging and PET/CT. We think it's going to be a really breakthrough approach to be able to do cardiac perfusion imaging and PET/CT. And a lot of it, as you know, is tied to logistics, the half-life and the ability to ship a product there as opposed to have to generate it in fundamentally seconds on site.

是的。看，我的意思是 Flurpiridaz（如果您參考的話）是我們 PDx 業務中的一種藥物，將用於心臟成像和 PET/CT。我們認為這將是一種真正突破性的方法，能夠進行心臟灌注成像和 PET/CT。如您所知，其中許多與物流、半衰期以及將產品運送到那裡的能力有關，而不是必須在現場幾秒鐘內產生產品。

File has been submitted to the FDA, and we'll provide updates here on the milestones. I think from what I hear from the team, we have everything in. We're not assuming anything within our 24 guidance. I mean this will be more of a '25, '26, '27 event as those ramp up. But all things good, and we'll be waiting to hear back from the agency, if there's any questions or follow-ups that they have for us.

文件已提交給 FDA，我們將在此處提供有關里程碑的更新。我認為從團隊那裡聽到的消息，我們已經掌握了一切。我的意思是，隨著這些活動的增加，這將更像是 25 年、26 年、27 年的活動。但一切都很好，如果他們對我們有任何問題或後續行動，我們將等待該機構的回應。

Our next question coming from the line of Sezgi Ozener with HSBC.

我們的下一個問題來自匯豐銀行的 Sezgi Ozener。

I hope you can hear me all right.

我希望你能聽到我的聲音。

Yes.

是的。

Great. My first one is on your confidence on the full year '24 outlook. Given the lower book-to-bill, are you more on the lower end? Or do you -- are you equally confident on both ends of your guidance? And the second one is on your pricing versus volume comments. I've seen that the positive pricing comment. Has this been reflected formally across the segments as well as across the region? Some color there would be really helpful.

偉大的。我的第一個問題是關於您對 24 年全年展望的信心。鑑於訂單出貨比較低，您是否處於較低水準？或者你對你的指導的兩端同樣有信心嗎？第二個問題是關於您的定價與數量評論。我看到了積極的定價評論。這是否已正式反映在各個細分市場以及整個地區？那裡的一些顏色真的很有幫助。

So maybe I'll start. Then Jay, you can talk a little bit more about some of the book-to-bill and the cadence. But look, as I walked through just a minute ago, the impact for the first quarter, including the difficult comp, we expect that to alleviate through the year, which, again, gives us strong confidence in our ability to hit our guidance. And again, 4 things. The comps get better quarter-over-quarter. Funnel growing on orders and sales. We have good visibility into, including our service funnel. So how does service grow?

所以也許我會開始。然後傑伊，你可以多談談一些從書籍到帳單和節奏的事情。但是，正如我一分鐘前所講的，第一季的影響，包括困難的比較，我們預計這一影響將在今年有所緩解，這再次讓我們對達到指導目標的能力充滿信心。再說一遍，有四件事。比較季度比季度更好。漏斗在訂單和銷售上不斷成長。我們對包括我們的服務管道在內的情況有很好的了解。那麼服務如何成長呢？

When you won share in a previous year, you have 1 year of warranty. When it comes off of warranty, it becomes part of a contract. We're starting to see the benefit of that service growth now in '24. Three, the new products against across the whole product line, but particularly in ultrasound and select areas in Imaging to new products and then an improving China. So that's really the 4 items that kind of gives us confidence. Jay, maybe over to you to talk a little bit how we think about book-to-bill and price.

當您在前一年贏得份額時，您有 1 年的保固期。當它超過保固期時，它就成為合約的一部分。我們現在開始看到 24 年服務成長的好處。三、新產品針對的是整個產品線，特別是超音波和影像領域的新產品，然後是改進的中國。這確實是給我們信心的四項內容。傑伊，也許請您談談我們對訂單到帳單和價格的看法。

Sure. From a book-to-bill standpoint, you have to recall that we include in our book-to-bill calculation, both service and PDx coming in at 1:1. So if we were to adjust those 2 items out, the actual book-to-bill is much higher. So we feel good about the overall book-to-bill that we have for the quarter. The other thing I would say is the backlog sits at near record levels. So we're sitting at roughly $19 billion of backlog.

當然。從訂單到帳單的角度來看，您必須記住，我們在訂單到帳單的計算中包含了服務和 PDx，二者的比例為 1:1。因此，如果我們將這兩項調整掉，實際的訂單出貨比會高很多。因此，我們對本季的整體訂單出貨量感到滿意。我要說的另一件事是積壓訂單接近歷史高點。因此，我們的積壓金額約為 190 億美元。

We feel very good about the orders that we have in the backlog. It's a robust pipeline of future sales that we have in place. So overall, that's great. And then as we think about pricing, the pricing environment continues to be solid. We highlighted at the beginning of the year, we expect 1% to 2% in pricing impact to sales. And we're trending very much in line with those expectations. So we had a good quarter from a pricing standpoint.

我們對積壓訂單感到非常滿意。這是我們擁有的強大的未來銷售管道。總的來說，這很棒。然後，當我們考慮定價時，定價環境仍然穩定。我們在年初強調，我們預計定價對銷售的影響將達到 1% 到 2%。我們的趨勢非常符合這些預期。因此，從定價的角度來看，我們度過了一個不錯的季度。

From a volume standpoint, I think Pete highlighted some temporary issues that we've been navigating which we expect to resolve. The other thing to remember is that comps get a lot easier as we move through the rest of the year. So I think all of those elements come into play as we were able to firmly reiterate guidance from a sales and an EPS standpoint.

從數量的角度來看，我認為皮特強調了我們一直在解決的一些臨時問題，我們希望能夠解決這些問題。另一件要記住的事情是，隨著我們度過今年剩下的時間，比賽會變得更加容易。因此，我認為所有這些因素都會發揮作用，因為我們能夠從銷售和每股盈餘的角度堅定地重申指引。

And our next question coming from the line of Craig Bijou with Bank of America Securities.

我們的下一個問題來自美國銀行證券公司的 Craig Bijou。

I wanted to start on order growth. And you guys have seen low single-digit order growth over the last 3 quarters. And I understand that there are a couple of reasons for that. But wanted to see if you guys could maybe give a little bit more color on how that order growth translates into revenue growth in subsequent quarters. And your confidence that order growth will really accelerate over '24, and then be able to drive kind of the mid-single-digit revenue growth target that you guys have put out there.

我想從訂單成長開始。在過去的三個季度裡，你們看到了低個位數的訂單成長。我知道有幾個原因。但想看看你們是否可以對訂單成長如何轉化為隨後幾季的收入成長提供更多資訊。你們相信訂單成長將在 24 年真正加速，然後能夠推動你們提出的中位數個位數的收入成長目標。

Yes, Craig, thanks for the question. It's a great question. Look, the reality of it is, is that over the last year plus, 1.5 years, we've actually had a positive book-to-bill ratio again. And we give that ratio with everything in, so that you can see not just the capital piece, but you kind of get a feel for the total composite of it.

是的，克雷格，謝謝你的提問。這是一個很好的問題。看，事實是，在過去的一年多，1.5 年裡，我們實際上再次實現了正的訂單出貨比。我們給出了所有內容的比例，這樣你不僅可以看到主要部分，還可以感受到它的整體組合。

I think as long as that is a positive scenario and the backlog is almost about $1 billion higher than where it was pre-COVID, we've got a lot of gas in the tank to deliver on mid-single-digit revenue growth. So that's just kind of how the profile of this works. And I think you guys understand with some of the capital that can be lumpy.

我認為，只要這是一個積極的情況，並且積壓訂單比新冠疫情爆發前高出近 10 億美元，我們就有足夠的動力來實現中個位數的收入增長。這就是這個設定檔的工作原理。我認為你們理解一些可能不穩定的資本。

So shipments tend to be a little bit smoother, but you can pick up significant and a couple of large IDN deals in a given quarter, and your orders can spike up in that quarter and that can be lower in the following quarter. But that's kind of how we see it from that standpoint.

因此，發貨往往會更加順利，但您可以在特定季度內獲得大量的 IDN 交易，並且您的訂單可能會在該季度激增，而在下一個季度可能會下降。但這就是我們從這個角度來看的方式。

The interesting part here is that over the last, I'd say, 12, 18 months, the markets that we've played in and we track these with third-party data, have been probably in the neighborhood of only up 1 point or they've been down a couple of points, relative to different markets in the world. Our outlook, when we see what the rest of this year is and going into '25, definitely brings a more positive view, which we would expect to see orders pick up relative to those markets. So that's one aspect of it.

這裡有趣的部分是，在過去的 12、18 個月裡，我們參與的市場以及我們使用第三方數據追蹤的市場可能只上漲了 1 個百分點或相對於世界不同市場，它們已經下降了幾個百分點。當我們看到今年剩餘時間以及進入 25 年時，我們的前景肯定會帶來更積極的看法，我們預計訂單相對於這些市場將會增加。這是一方面。

The other side is when you start winning share, and I mentioned this on a previous comment, and you start growing your installed base. The opportunity for the service revenue to play a bigger contributing component in revenue is there. So you saw this quarter, we actually had positive growth within our service component. We would expect that growth rate to continue to advance, grow faster than it did in the first quarter this year, which means in the second half, we have more service contributing to the growth.

另一方面是當你開始贏得份額時，我在之前的評論中提到過這一點，並且你開始擴大你的安裝基礎。服務收入有機會在收入中發揮更大的貢獻。所以你看到這個季度，我們的服務組件實際上實現了積極的成長。我們預計成長率將繼續提高，成長速度比今年第一季更快，這意味著下半年我們有更多的服務對成長做出貢獻。

That service is already in the backlog, and so we have visibility into it. So it's a host of those things. And then obviously, the typical thing. 6 new product launches in ultrasound. We just refreshed the cardiac platform. We just refreshed the Voluson Women's Health care platform, handheld, first cath lab that I would say that we've had in quite some time that is very competitive. Its robotic platform with new tube at CT platform, which is doing well. New wider for MR, our new treaty. All of those then turn around into faster growth in a faster-growing market but also winning some share. So that's -- those are the pieces that give us confidence.

該服務已經積壓，因此我們可以了解它。所以這是很多這樣的事情。顯然，這是典型的事情。 6款超音波新產品發表。我們剛剛刷新了心臟平台。我們剛剛更新了 Voluson 女性醫療保健平台、手持式、第一個導管實驗室，我想說我們已經擁有相當長一段時間了，非常有競爭力。它的機器人平台在CT平台上配備了新的管子，表現良好。我們的新條約 MR 範圍更廣。所有這些隨後都會在成長更快的市場中轉化為更快的成長，同時也贏得了一些份額。所以，這些都是給我們信心的部分。

But again, I think when you look at our backlog compared to what we need to deliver on mid-single-digit growth, we've got plenty of gas in the tank on that just over the next couple of years. But we would expect to see our orders growth pick up. And my expectation here is in the second half, we're going to start seeing that pick up in that mid-single-digit range. And again, not every quarter will be consistent, but how that will play out over multiple quarters will be in that range.

但我再次認為，當你將我們的積壓訂單與我們實現中個位數成長所需的訂單進行比較時，我們在未來幾年內已經有足夠的動力。但我們預計訂單成長將會加快。我的期望是在下半年，我們將開始看到這種情況在中個位數範圍內回升。再說一遍，並不是每個季度都會保持一致，但多個季度的表現將在這個範圍內。

Great. And if I could follow up on the hospital CapEx sentiment. You mentioned that it's still pretty good. So are you hear -- I know you guys -- you survey your customers often. So are you hearing any concern given that the interest rate environment, it looks like we're not going to see many more cuts. And then just on top of that, maybe just talk about how the pricing, your ability to get that price that Jay mentioned in one of the previous calls. How does that get impacted in -- if there's some concern or hesitation on capital spending by hospitals?

偉大的。我是否可以跟進醫院資本支出的情緒。你也提到了，這還是很不錯的。你們有沒有聽說過——我知道你們——你們經常對客戶進行調查。鑑於利率環境，您是否聽到任何擔憂，看來我們不會看到更多的降息。然後最重要的是，也許只是談論定價，以及你獲得傑伊在之前的一次電話會議中提到的價格的能力。如果對醫院的資本支出存在一些擔憂或猶豫，這會受到什麼影響？

Yes. Let me start and then, Jay, you can kind of fill in some of the gaps on this. I think again, if you compare it to over a year ago, you're taking a look at an environment where hospitals were primarily in the red, heavily tied to labor cost. We're seeing that moderate and most of our customers, particularly our big important IDNs back in the black. So I think that's a quarterly. Relative to rates, it's obviously out there. It's a topic. We haven't really seen it come up in a major discussion that's limiting how things are playing out.

是的。讓我開始吧，傑伊，你可以填補這方面的一些空白。我再次認為，如果你將其與一年多前進行比較，你會發現醫院主要處於虧損狀態，與勞動成本密切相關。我們看到我們的大多數客戶，特別是我們重要的 IDN 都恢復了利潤。所以我認為這是一個季度。相對於利率，它顯然是存在的。這是一個話題。我們還沒有真正看到它出現在限制事情發展的重大討論中。

I still think the underlying play here is that demand for procedures is just still on continuing to grow. So if you think about some of our peer group of the device companies that are showing very high growth rates in their implants, we're showing that same kind of growth in our PDx business because we see that day-to-day. The effect of that on equipment isn't in that same quarter. The effect on the equipment is usually 3 to 4 quarters out. Why is that? Because you're using current equipment, and then you start adding capacity constraints and you need to buy upgrades or new equipment.

我仍然認為這裡的根本原因是對程序的需求仍在繼續增長。因此，如果您考慮我們的一些同行設備公司，它們的植入物顯示出非常高的成長率，那麼我們的 PDx 業務也顯示出相同的成長，因為我們每天都看到這一點。這對設備的影響不在同一季度。對設備的影響通常為 3 至 4 個季度。這是為什麼？因為您正在使用目前的設備，然後您開始增加容量限制，並且您需要購買升級或新設備。

And so that's what also gives us confidence that we're going to see that pick up in later quarters. But at this point in time, backlogs to get an MR scan or a PET still are much longer than they were pre-COVID. And that brings high-value procedures with into an institution. And again, that's what gives us confidence we're going to continue to see investments that take place, particularly in the United States. Jay, I don't know the price.

因此，這也讓我們有信心在接下來的幾季看到這種成長。但目前，核磁共振掃描或 PET 掃描的積壓情況仍然比新冠疫情爆發前要長得多。這將為機構帶來高價值的程序。這再次讓我們有信心繼續看到投資，特別是在美國。傑伊，我不知道價格。

That's exactly right. I think -- and we do a survey each quarter. Pete's comments are very reflective of what we heard from our customers, continued procedure volume demand, staffing shortages, ease, good economics for the hospitals. Interest rates really have played a less prominent role in some of those discussions and survey results. So we feel quite good about that.

完全正確。我認為——我們每季都會進行一項調查。皮特的評論非常反映了我們從客戶那裡聽到的情況，持續的手術量需求、人員短缺、輕鬆、醫院良好的經濟效益。在一些討論和調查結果中，利率確實扮演了一個不太重要的角色。所以我們對此感覺很好。

From a pricing standpoint, as I said, we've talked about -- we're talking about low single digit, 1%, 2% price increases. And what we're finding is that's not the difference between buying and not buying. It's not really -- the decisions aren't that sensitive. And so as we continue to emphasize this focus on pricing discipline across the organization, we've been able to see that driving a positive impact for the company.

從定價的角度來看，正如我所說，我們已經討論過——我們正在討論低個位數的價格上漲，1%、2%。我們發現這並不是購買和不購買之間的差異。事實並非如此——這些決定並不那麼敏感。因此，當我們繼續強調整個組織對定價紀律的關注時，我們已經能夠看到這對公司產生了積極影響。

Our next question coming from the line of Larry Biegelsen with Wells Fargo.

我們的下一個問題來自富國銀行的 Larry Biegelsen。

A follow-up on China. So sales were down about 11% in Q1 in China. What are the expectations for the rest of the year? Does the new stimulus represent potential upside to the prior guidance? And I had one follow-up.

中國的後續行動。因此，第一季中國銷售額下降了約 11%。對今年剩餘時間的期望是什麼？新的刺激措施是否代表先前指導的潛在上行空間？我有一個後續行動。

Yes. I think it will depend upon when the details of the stimulus package are laid out. Because as Pete said earlier, we did see some hesitancy amongst customers as they wait clarity on the stimulus rules before submitting orders and that makes complete sense to me. We've seen that continue in the second quarter of the year. And so from our standpoint, the stimulus package, Larry, we view that as a good long-term catalyst for the market. Exactly when that shapes up with respect to 2024 is something that we're watching.

是的。我認為這將取決於刺激計劃的細節何時出台。因為正如皮特之前所說，我們確實看到客戶有些猶豫，因為他們在提交訂單之前等待刺激規則的明確，這對我來說是完全合理的。我們看到這種情況在今年第二季仍在繼續。因此，從我們的角度來看，拉里，刺激計劃是市場良好的長期催化劑。我們正在關注 2024 年這種情況的具體發生時間。

To the extent that we get clarity sooner, then it certainly could be a positive catalyst versus guidance previous to the extent that we're still waiting and there's still hesitancy amongst customers with respect to orders, it could be a sort of a negative in the short term. But again, I think from our standpoint, we're very pleased to learn about this. And long term, it's a very positive development for the overall market.

如果我們能更快地弄清楚這一點，那麼它肯定會成為一個積極的催化劑，而不是先前的指導，因為我們仍在等待並且客戶對訂單仍然猶豫不決，這可能是一種負面影響短期。但我再次認為，從我們的角度來看，我們很高興了解這一點。從長遠來看，這對整個市場來說是一個非常積極的發展。

Yes. I mean, Larry, the only thing I would add is from our guide, not a lot has changed. The first half, we guided would be negative. The second half will be positive. I think in the second half, the STEM is going to have an effect of probably having a bigger step up in Q4 than Q3 just because of the delivery time to ship equipment.

是的。我的意思是，拉里，我唯一要補充的是我們的指南，沒有太多改變。上半場，我們的指導將是消極的。下半年將是積極的。我認為在下半年，STEM 可能會在第四季度比第三季度取得更大的進步，因為運輸設備的交付時間。

If it gets more clarified within Q2, and you could actually have a little bit sooner. But I think those are the dynamics. I think the good part is, even if it's later, that then benefits a Q1 '25 or Q2 '25, but we're expecting that there's going to be clarity here before we get into the half, and we'll see how that plays out. So fundamentally, our guidance doesn't change, but stimulus could have a benefit to it. But at this point in time, we need to see more of the cards be unveiled.

如果在第二季度得到更多澄清，你實際上可以早一點。但我認為這些就是動力。我認為好的部分是，即使是晚些時候，這也會有利於25 年第一季度或25 年第二季度，但我們預計在進入半場之前這裡會變得清晰，我們會看到如何做到這一點播放出來。因此從根本上來說，我們的指導不會改變，但刺激措施可能會帶來好處。但此時此刻，我們需要看到更多的牌被揭開。

That's helpful. Pete, you've been very active on the business development front, but mostly very small deals. Is that what we should expect going forward? And maybe just refresh us on areas of interest and if you think robotics is -- would fit within GE Healthcare?

這很有幫助。皮特，您在業務開發方面一直非常活躍，但大多是非常小的交易。這是我們未來該期待的嗎？也許只是讓我們了解一些感興趣的領域，如果您認為機器人技術適合 GE 醫療集團？

Yes. Look, Larry, I would just say on your last point on robotics, it's not a -- from a surgical standpoint, it's not a top priority focus for us. I think from a broader standpoint of robotics and AI. And I mentioned our Allia IGS is actually a robot that actually comes into position and how it's used, it's one of the only that's actually used within the cath lab from that standpoint.

是的。拉里，我只想說，關於你關於機器人技術的最後一點，從外科手術的角度來看，這不是我們的首要任務。我從機器人和人工智慧更廣泛的角度思考。我提到我們的 Allia IGS 實際上是一個真正就位的機器人以及它的使用方式，從這個角度來看，它是導管實驗室中實際使用的唯一機器人之一。

But tuck-in deals of the right size that have a strategic fit into a core business that enable us to connect different parts of our portfolio to bring more differentiated capability. That's what we're looking at, both in partnership and in acquisitions. So I think that's what you should stay focused on that, that is our primary target. And as we've always said, a larger deal came up, it actually was a really good fit for us, we would obviously take a look at it.

但是，規模適當的交易與核心業務具有策略契合，使我們能夠將投資組合的不同部分連接起來，帶來更具差異化的能力。這就是我們在合作和收購方面所尋求的。所以我認為這就是你應該關注的，這是我們的主要目標。正如我們一直說的，更大的交易出現了，它實際上非常適合我們，我們顯然會考慮一下。

But our 85%, 90% target range is the type of deals like the MIM deal that we did that are just really good fits into one, our priorities, right, growing our care pathway within Oncology, linking our products to make them more differentiated on how they actually work together. And we just have a very good funnel of opportunities like those.

但我們85%、90% 的目標範圍是像我們所做的MIM 交易這樣的交易類型，它們非常適合我們的優先事項，對吧，在腫瘤學領域發展我們的護理途徑，將我們的產品聯繫起來，使它們更加差異化關於他們如何實際合作。我們有一個非常好的機會管道，像這樣。

Our next question coming from the line of Ryan Zimmerman with BTIG.

我們的下一個問題來自 BTIG 的 Ryan Zimmerman。

A lot has been asked. I want to ask two separate questions. One, (inaudible) numbers were off to, I think, a strong start for Biogen, at least, that's what it seemed like. And so just curious how the conversation around Alzheimer's has changed at all? Or the trajectory that you're expecting, I think, for the uptake and kind of patient adoption? And then I have a second one on margins.

已經問了很多。我想問兩個單獨的問題。其一，（聽不清楚）數字，我認為，對百健（Biogen）來說是一個強勁的開端，至少看起來是這樣。所以只是好奇圍繞阿茲海默症的討論發生了怎樣的變化？或者我認為您所期望的吸收和患者採用的軌跡？然後我在邊緣還有第二個。

Yes, Ryan. So you heard Jay's comments probably on the call. Relatively, we saw some slight upticks here for Vizamyl. I would just again remind everyone what we said is our expectation was that we'll start seeing some uptick more in the second half of the year. I think that's pretty much in line with what we're expecting. I think since we gave guidance, there's been some discussions that the Lilly drug might be a little bit delayed coming out. But when the combination of all of those from a diagnostic standpoint, which is what our role is, we expect to see some of that picking up in the second half of the year.

是的，瑞安。所以你可能在電話中聽到了傑伊的評論。相對而言，我們看到 Vizamyl 略有上升。我想再次提醒大家，我們所說的是我們的預期是，我們將在今年下半年開始看到更多的上升。我認為這與我們的預期非常一致。我認為自從我們給予指導以來，已經有一些討論認為禮來公司的藥物可能會稍微延遲上市。但是，當從診斷的角度（這就是我們的角色）將所有這些結合起來時，我們預計會在今年下半年看到一些進展。

Now relative to any type of major material moves, this is not a '24 play as far as we see it right now. I think we think that, again, in the '25, '26, '27range based on the adoption of both molecules, that's when you're going to see an uptick. There is reimbursement now for the agent in the outpatient center. That's still being worked through an inpatient. And I think as that gets more cleared up, that's also going to drive more need for the product. But we were encouraged to see on a ratio standpoint, the numbers are up significantly from an actual dose standpoint. But we would view that as positive and on track to what we've already communicated on what the ramp should look like during the year.

現在，相對於任何類型的重大實質舉措，就我們目前看來，這不是 24 年的遊戲。我認為我們再次認為，在基於兩種分子採用的“25”、“26”、“27”範圍內，那時你會看到上升。現在門診中心的代理人有報銷。住院病人仍在進行這項工作。我認為，隨著這一點變得更加明確，這也將推動對該產品的更多需求。但我們很高興地看到，從比率的角度來看，從實際劑量的角度來看，這個數字顯著上升。但我們認為這是積極的，並且正在朝著我們已經就坡道在今年的樣子進行溝通的方向發展。

Okay. And then, Jay, we spend a little -- go ahead, sorry.

好的。然後，傑伊，我們花了一點——繼續吧，抱歉。

No. I would say go ahead and ask your next question, Ryan.

不，我想說，繼續問你的下一個問題，瑞安。

Just, Jay, on gross margins for a bit here. You got some segments kind of down, you got some segments up, in terms of EBIT margin. Pricing, I think we all understand those dynamics but there are still, I think, a lot of TSAs left. And just help us understand kind of the trajectory of gross margin as you see it today and kind of what you're tackling to get that higher outside of maybe price pickup?

傑伊，這裡簡單介紹一下毛利率。就息稅前利潤率而言，有些細分市場有所下降，有些細分市場有所上升。定價，我認為我們都了解這些動態，但我認為仍然有很多 TSA 留下來。請幫助我們了解您今天所看到的毛利率軌跡，以及您正在採取哪些措施來在價格上漲之外獲得更高的毛利率？

Yes. Overall, I think we were very pleased with the first quarter margin performance. And gross margin, in particular, we expanded 120 basis points, really driven by pricing and productivity. Now there's an element that has not yet featured in our numbers, which is related to some of the new products that Pete referenced in his discussion. We'll see benefits from some of the new imaging and some of the new ultrasound products that will also support gross margin expansion.

是的。總的來說，我認為我們對第一季的利潤率表現非常滿意。尤其是毛利率，我們擴大了 120 個基點，這實際上是由定價和生產力推動的。現在有一個元素尚未出現在我們的數據中，它與皮特在討論中提到的一些新產品有關。我們將看到一些新的影像產品和一些新的超音波產品的好處，這些產品也將支持毛利率的擴張。

But in the first quarter, it was really about pricing. I discussed that and productivity. In my prepared remarks, I talked a little bit about some of the lean initiatives and what we call the variable cost productivity initiatives that we have in place. And it's safe to say we're off to a great start from a productivity standpoint. We delivered, I think, mid-single digits in each of our businesses, more than offsetting inflation and allowing us to drive this gross margin going forward.

但在第一季度，真正的問題在於定價。我討論了這一點和生產力。在我準備好的演講中，我談到了一些精益計劃以及我們所實施的可變成本生產力計劃。可以肯定地說，從生產力的角度來看，我們有了一個好的開始。我認為，我們每項業務的業績都達到了中個位數，這不僅抵消了通貨膨脹，還讓我們能夠推動毛利率向前發展。

And so as we look at things on a full year basis, we will continue to see solid margin -- gross margin performance, supporting the EBIT expansion that we've laid out, 50 to 80 basis points of EBIT expansion. But really nice to see in the face of flat sales, the 50 basis points of expansion that we saw in the first quarter. Now you referenced another comment, which relates to TSAs and we're making good progress there. A lot of great support from GE but also a lot of good work on our team side.

因此，當我們從全年的角度來看時，我們將繼續看到穩健的利潤率——毛利率表現，支持我們已經制定的息稅前利潤擴張，息稅前利潤擴張 50 到 80 個基點。但面對銷售持平，我們在第一季看到了 50 個基點的擴張，這真的很高興。現在您引用了另一條與 TSA 相關的評論，我們在這方面取得了良好進展。我們得到了 GE 的大力支持，而且我們團隊也做了很多出色的工作。

We've eliminated, we've removed roughly [330] -- we're on a path to completing virtually all of the TSAs by year-end. And what will happen as a result of this, I would say, it predominantly impacts SG&A over time. It will allow us to optimize our structure, optimize our IT systems for the needs of our organizations or really a gating factor to get at all of that is coming off the TSA.

我們已經消除了，我們已經大約消除了[330]——我們正在努力在年底前完成幾乎所有的 TSA。我想說，隨著時間的推移，這將主要影響 SG&A。它將使我們能夠優化我們的結構，優化我們的 IT 系統以滿足我們組織的需求，或真正成為實現 TSA 的所有目標的一個控制因素。

So we've seen a little bit of benefit in terms of SG&A and G&A savings this year, we'll expect to see more next year as we stand on our own 2 feet as an independent company. So overall, that's really the story on margin. Pete, anything to add?

因此，今年我們在 SG&A 和 G&A 節省方面看到了一些好處，我們預計明年會看到更多好處，因為我們作為一家獨立公司已經站穩了腳跟。總的來說，這確實是關於邊際的故事。皮特，有什麼要補充的嗎？

Ryan, I would just say and again, just to remind everyone, I mean our focus on the increased R&D dollars is obviously new products. But a really important part of it is kind of doing this gross margin triple, which is getting price out of a new product, increased volume because of differentiated features and reducing the actual cost of that product because of platforming. And so when you do that, obviously, if you can get the growth in the lift because of people want it's differentiated, you get more price at lower cost. We have this focus as we mentioned, that any new product comes out at a higher gross margin. And again, that's something we drive across the whole portfolio.

瑞安，我只想再說一遍，只是為了提醒大家，我的意思是我們對增加研發資金的關注顯然是新產品。但其中一個真正重要的部分是實現毛利率三倍，即提高新產品的價格，由於差異化功能而增加銷量，並由於平台化而降低該產品的實際成本。因此，當你這樣做時，顯然，如果你能夠因為人們希望它具有差異化而獲得成長，你就能以更低的成本獲得更高的價格。正如我們所提到的，我們的重點是任何新產品的毛利率都會更高。再說一遍，這是我們在整個產品組合中推動的事情。

Our next question coming from the line of Graham Doyle with UBS.

我們的下一個問題來自瑞銀集團的格雷厄姆·多伊爾。

Can I just ask one, again, it's on China, but just to get context for things that we go through a year. So firstly, just on revenues. The comps do get -- I think the comps get a bit easier on the revenue side. But am I correct in saying you did grow revenues in H2? And are you assuming a sort of catch-up now in the numbers that you flagged earlier in the year, that H2 would grow enough to offset this sort of H1 weakness? And then just one question on order intake.

我可以再問一個問題嗎，這是關於中國的，但只是為了了解我們一年來所經歷的事情的背景。首先，僅就收入而言。比較確實得到了——我認為比較在收入方面變得更容易了。但我說你們下半年的收入確實有成長，對嗎？您是否假設現在的數字會趕上今年早些時候標記的數字，即下半年的增長足以抵消上半年的這種疲軟？然後只有一個關於訂單量的問題。

I know you've gone to sort of great lengths to explain how the growth sort of algorithm should work through the year on order intake. But what sort of number are we looking for? Because it seems like mid-single-digit growth, when you combine what's happened over the last sort of 12, 18 months, it wouldn't make me super bullish that you could do high single-digit growth in revenue terms next year. But is there something we missed in terms of how you can translate, say, 5% to 6% growth for the next 3 quarters into better revenue growth for 2025?

我知道您已經花了很大的篇幅來解釋成長演算法如何在一年中的訂單接收量上發揮作用。但我們要找什麼樣的數字呢？因為這看起來是中等個位數的成長，當你把過去 12、18 個月發生的事情結合起來時，我不會超級樂觀地認為明年的收入可以實現高個位數成長。但是，在如何將未來 3 個季度 5% 至 6% 的成長轉化為 2025 年更好的收入成長方面，我們是否遺漏了一些東西？

Sure. Maybe first on the China comp and the contours of the year. As you recall, last year, we saw roughly 20% organic growth in the first half of the year. So when we gave guidance originally, we said first half, negative; second half, positive. And one of the things that we're watching very carefully is the time line around this new stimulus package.

當然。也許首先是關於中國的比較和今年的概況。正如您所記得的，去年上半年我們看到了大約 20% 的自然成長。所以我們最初給予指導的時候，我們說前半部是負面的；後半部是負面的。下半場，積極。我們正在非常仔細地關注的事情之一是圍繞這個新刺激計劃的時間表。

As I said earlier, I think this is long term, very positive for the market. But how much of this impact we see in 2024 really relates to sharing more guidance from the government and then also customers acting on it? So we're very bullish. But what that means is certainly, there's going to be some positive impact relative to our previous expectations in the fourth quarter related to stimulus.

正如我之前所說，我認為這是長期的，對市場非常積極。但我們在 2024 年看到的這種影響有多少真正與分享政府的更多指導以及客戶採取的行動有關？所以我們非常看好。但這肯定意味著，相對於我們先前對第四季刺激措施的預期，將會產生一些正面影響。

But what happens in the third quarter and how much of that demand is pent-up paid off in the third quarter versus delayed to the fourth quarter? How much of the fourth quarter stimulus impacts Q1 and Q2 of 2025 to Pete's comments earlier? That's really a question that we're watching very carefully. And so we're optimistic about this.

但第三季會發生什麼事？根據皮特先前的評論，第四季度刺激計劃對 2025 年第一季和第二季有多少影響？這確實是一個我們正在非常仔細地關注的問題。所以我們對此持樂觀態度。

But I think it's -- as we think about the third and fourth quarter, third quarter will be much very flattish in that sort of a range with fourth quarter seeing some of that pent-up demand paid off. But again, a lot of this depends on when all of this comes together from a customer demand standpoint. As it relates to the order one, maybe, Pete, do you want to address that?

但我認為，當我們考慮第三和第四季時，第三季將在這個範圍內非常平穩，而第四季將看到一些被壓抑的需求得到回報。但同樣，這在很大程度上取決於所有這些何時從客戶需求的角度結合在一起。因為它與訂單一有關，也許，皮特，你想解決這個問題嗎？

Yes. I think, Graham, I mean, it's a little bit more of the same. I mean, the first part is, again, the markets that we participate in around the world over the last 18 months coming out of COVID, have either been roughly flat or slightly down. We see that trend over the next 2 years.

是的。我想，格雷厄姆，我的意思是，這有點相似。我的意思是，第一部分是，我們在過去 18 個月裡在全球範圍內參與的市場在新冠疫情之後要么大致持平，要么略有下降。我們在未來兩年內看到了這種趨勢。

Again, a lot of it tied to this lagging indication that the more actually procedures are growing, more patients are coming into the systems. You need more things that we make. So that's a really important one. And again, I think across all of our markets this year, we'll actually see an uptick over the '23 window. The new NPIs is a big deal. And so again, that adds some pricing growth. It also adds to some share gains with it. And then services.

同樣，這很大程度上與這種滯後的跡像有關，即實際程序越多，進入系統的患者就越多。您需要我們製造更多的東西。所以這是非常重要的。再說一次，我認為今年我們所有的市場，我們實際上都會看到 23 年窗口期的成長。新的非營利組織是一件大事。如此一來，這又增加了一些定價成長。它還增加了一些份額收益。然後是服務。

So we have been gaining some share in the last couple of years. Our prior 78%, we haven't probably gained as much. When you do that, you start growing your service base and service becomes a bigger contributor within your overall capabilities. And then the last part is these care pathway here is that we've been nurturing start to bring more growth in the next year or so.

因此，我們在過去幾年中獲得了一些份額。我們之前的 78%，我們可能還沒有獲得那麼多。當您這樣做時，您就開始擴大您的服務基礎，並且服務將成為您整體能力的更大貢獻者。最後一部分是這些護理途徑，我們一直在培育開始，以在明年左右帶來更多成長。

Again, from how Alzheimer's we talked about, the cardiovascular care pathways and how products work together, but even a product like Flurpiridaz, those are some of the things that we take a look at, that will continue to kind of drive a focus on mid-single-digit growth in orders that will then translate that into revenue. And then based on timing, you may be slightly higher or lower in a given quarter, but that's the formula that we're executing on.

再次，從我們如何談論阿茲海默症、心血管護理途徑以及產品如何協同工作，但即使是像 Flurpiridaz 這樣的產品，這些也是我們關注的一些事情，這將繼續推動對中期的關注-訂單個位數成長，然後將其轉化為收入。然後根據時間安排，在給定的季度中您可能會稍微更高或更低，但這就是我們正在執行的公式。

Great. A cheeky quick follow-up on China. Just because the sort of stimulus package or idea that you sort of mentioned, I know Philips and Siemens have referenced something similar. Presumably that relates to this medical equipment renewal because it doesn't, on the surface look, particularly ambitious in terms of the 6% CAGR on spend. But is this something you've seen in the past where these things can expand and become bigger? Is that what gives you some cautious optimism around that?

偉大的。對中國的厚顏無恥的快速跟進。僅僅因為您提到的那種刺激計劃或想法，我知道飛利浦和西門子也提到了類似的東西。據推測，這與醫療設備更新有關，因為從表面上看，就支出 6% 的複合年增長率而言，它並沒有特別雄心勃勃。但這是你過去見過的東西可以擴展並變得更大的東西嗎？這是否讓您對此持謹慎樂觀態度？

Well, there's a couple of different views out there. There's a larger stimulus number that's in the trillions of yen that's touching multi-industry and that is money that actually is kind of stipend dollars, if you will, that will go to particular areas within health care and other industries. So what that direct distribution looks like it's a big number. That's more of what we're actually referencing.

嗯，有一些不同的觀點。有一個更大的刺激數字是數萬億日元，涉及多個行業，這些錢實際上是一種津貼美元，如果你願意的話，它將流向醫療保健和其他行業的特定領域。所以直接分配看起來是一個很大的數字。這更多是我們實際引用的內容。

And so again, if you compare it to the previous stimulus, which was interest-free loans, this is portrayed laid out to actually be dollars that will be granted to actually buy equipment. And again, so we believe that will have a larger appeal because by definition, many customers weren't even going for a loan. So this opens up the field for that and it also is being expressed at this point to be not a 90-day or 120-day window, but to be a multiyear approach.

同樣，如果你將其與先前的無息貸款刺激計劃進行比較，你會發現這實際上是用於實際購買設備的美元。再說一遍，我們相信這將具有更大的吸引力，因為根據定義，許多客戶甚至不去尋求貸款。因此，這開闢了這一領域，目前也表示這不是一個 90 天或 120 天的窗口，而是一個多年的方法。

So again, more to come and see what the details are on it, but from when we gave guidance to start the year, this is net-net positive, really any way you look at it from a China outlook. And we'll see what it means for this year. But clearly, if implemented the way it's described, it will have a bigger impact as well going into next year.

因此，更多的內容仍有待進一步了解，但從我們為年初提供指導時來看，無論從中國的角度來看，這都是淨淨的正面。我們將看看這對今年意味著什麼。但顯然，如果按照所描述的方式實施，它將在明年產生更大的影響。

Our next question coming from the line of Matt Taylor with Jefferies.

我們的下一個問題來自馬特泰勒和傑弗里斯的對話。

I was hoping you could comment on 2 things. One is that you identified the catalyst in Ultrasound and the resolution for some of the fulfillment issues to resolve catalyst for growth inflection through the year in those segments. Could you help us understand how much inflection that could drive as you work through the launches and resolve the challenges?

我希望你能評論兩件事。一是您確定了超音波的催化劑以及一些履行問題的解決方案，以解決這些細分市場全年成長轉折點的催化劑。您能否幫助我們了解在您完成發布並解決挑戰時可能會帶來多大的變化？

So Matt, let me just take. I'll take a hit at the ultrasound piece. I think you're referring to the PCS shipments on that. You can touch on that. Look, I think with Ultrasound, again, I think the first part is, is that when we look at our market dynamics, they are definitely continuing to improve. And as I say, one of the top 2 largest players worldwide, that has a positive impact.

所以馬特，讓我來吧。我會攻擊超音波部件。我想你指的是 PCS 出貨量。你可以觸及這一點。看，我認為對於超音波，我再次認為第一部分是，當我們觀察我們的市場動態時，它們肯定在持續改善。正如我所說，作為全球最大的兩家公司之一，這產生了積極的影響。

From a standpoint of the compares, I mean, if you take a look at our expectation is that we will continue to ramp our revenue growth throughout the year from Q2 on. And then also from an order standpoint, it's a highly correlated business. I mean just to give you an idea, a vast majority of this business is sell and install.

從比較的角度來看，我的意思是，如果你看一下我們的預期，我們將從第二季開始全年繼續提高收入成長。而且從訂單的角度來看，這是一項高度相關的業務。我的意思只是給你一個想法，這項業務的絕大多數是銷售和安裝。

China, this tends to be a larger portion of our business. And so some of the effect that we felt here in the first quarter was directly correlated to the challenges in China. And I think even China STEM will help ultrasound. But ex-China around the world, U.S., Europe, we're bullish on how we'll see the pickup within China -- excuse me, in ultrasound and particularly because of the new product introductions that we've laid out. Jay, what about that?

在中國，這往往是我們業務的很大一部分。因此，我們在第一季感受到的一些影響與中國面臨的挑戰直接相關。我認為即使是中國的 STEM 也會對超音波有所幫助。但除了中國以外，在美國、歐洲等世界各地，我們都看好中國國內的回升——對不起，在超音波領域，特別是因為我們推出了新產品。傑伊，那又怎麼樣？

Yes. And just at the highest level, Matt, I do think we have easing comps throughout the year, and I think that's supportive of the accelerated growth profile at a GE HealthCare level. With respect to PCS, we'll see accelerating growth as we move forward here, with the second half of the year, more similar to growth rates that we saw last year. And as we resolve some of the bottlenecks in the second quarter, we'll see some level of improved growth. But then again, more of those benefits will accrue to the second half of the year.

是的。馬特，就最高層面而言，我確實認為我們全年都會放鬆競爭，我認為這支持了通用電氣醫療保健層面的加速成長。就 PCS 而言，隨著下半年的推進，我們將看到加速成長，與去年的成長率更加相似。當我們在第二季度解決一些瓶頸時，我們將看到一定程度的成長改善。但話又說回來，更多的好處將在今年下半年體現出來。

Great. And can I ask a follow-up on phasing? You talked about some sequential improvement in organic growth and margin in the second quarter. And that would be modest improvement. If I think about what modest means, maybe going to slightly positive organic and, I don't know, 20 to 40 basis points on margin. If I flow that through, consensus EPS looks like it needs to come down a little bit. Is that kind of thinking your math wrong? Or can you help us at all with the second quarter?

偉大的。我可以詢問分階段的後續狀況嗎？您談到了第二季度有機成長和利潤率的一些連續改善。這將是適度的改進。如果我考慮一下「適度」意味著什麼，也許會採用稍微積極的有機利率，我不知道，保證金會提高 20 到 40 個基點。如果我把這一點講清楚，共識每股收益似乎需要下降一點。這種想法是不是你的數學錯了？或者你能在第二季為我們提供幫助嗎？

From a second quarter standpoint, we're looking at low single digits on the sales and continued -- we'll see a reasonable expansion versus the prior year. So -- and that will actually, the first quarter is the lowest quarter of the year. So we'll see a little bit more sequential margin expansion more similar to year-over-year improvements versus last year, similar to what we saw in the first quarter. So I don't have the -- we don't talk about consensus. We don't get into that. But I think those are the dimensions that are in play in the second quarter.

從第二季的角度來看，我們的銷售額將保持在較低的個位數，與前一年相比，我們將看到合理的擴張。因此，實際上，第一季是一年中最低的季度。因此，我們將看到更多的連續利潤率擴張，與去年相比更類似於同比改善，類似於我們在第一季看到的情況。所以我沒有——我們不談論共識。我們不涉及這個。但我認為這些是第二季度發揮作用的維度。

And that concludes the question-and-answer session. Speakers, please proceed with any closing remarks.

問答環節到此結束。請各位發言者發表結束語。

Thank you, operator. Thanks, everyone, for joining us today. Hopefully, we addressed your questions. We've got all the right pieces in place here to deliver on our annual guidance that we've laid out, and we look forward to connecting with each of you and some upcoming calls or conferences in the next few months.

謝謝你，接線生。謝謝大家今天加入我們。希望我們解決了您的問題。我們已經準備好所有正確的部分來實現我們制定的年度指導，我們期待與你們每個人以及未來幾個月即將舉行的一些電話會議或會議聯繫。

Thank you very much.

非常感謝。

Ladies and gentlemen, that concludes our conference for today. Thank you for your participation. You may now disconnect.

女士們、先生們，今天的會議到此結束。感謝您的參與。您現在可以斷開連線。