GE Healthcare Technologies Inc (GEHC) 2024 Q3 法說會逐字稿

Thank you for standing by and welcome to GE HealthCare's third quarter 2024 earnings conference call. (Operator Instructions) I would now like to turn the call over to Carolynne Borders with Investor Relations. Please go ahead.

感謝您的耐心等待並歡迎參加 GE 醫療保健 2024 年第三季財報電話會議。（操作員說明）我現在想將電話轉給投資者關係部門的 Carolynne Borders。請繼續。

Thanks, operator. Good morning, and welcome to GE HealthCare's third quarter 2024 earnings call. I'm joined by our President and CEO, Peter Arduini; and Vice President and CFO, Jay Saccaro.

謝謝，接線生。早安，歡迎參加 GE 醫療保健 2024 年第三季財報電話會議。我們的總裁兼執行長 Peter Arduini 也加入了我的行列。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.

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。

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.

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。

With that, I'll hand the call over to Peter.

這樣，我就把電話轉給彼得。

Thanks, Carolynne, and thanks to all of those joining us today.

謝謝卡羅琳，也謝謝今天加入我們的所有人。

In the third quarter, we delivered 1% organic revenue growth in line with our expectations. With strong performance in the US across all segments and solid growth in pharmaceutical diagnostics, in the quarter, we delivered positive price and volume. Organic orders growth was 1%. Excluding China, reported sales growth was approximately 5% and orders growth was 4%, reflective of a healthy capital equipment market outside of China.

第三季度，我們實現了 1% 的有機收入成長，符合我們的預期。憑藉美國所有細分市場的強勁表現以及藥物診斷領域的穩健成長，本季我們實現了積極的價格和銷售。有機訂單成長率為 1%。不包括中國，報告的銷售額成長約為 5%，訂單成長為 4%，反映了中國以外的資本設備市場的健康發展。

At a total company level, we reported strong growth in backlog in the quarter that was primarily driven by services. As a reminder, multiyear service agreements support our reoccurring revenue profile with a high level of revenue predictability at accretive margins. In the US, strong orders and sales were driven by multiyear enterprise deals, primarily made up of imaging products, particularly PET and CT systems which are critical to the diagnosis and treatment of chronic diseases.

在整個公司層面，我們報告本季積壓訂單強勁成長，這主要是由服務推動的。提醒一下，多年服務協議支持我們的經常性收入狀況，具有高水準的收入可預測性和增值利潤。在美國，強勁的訂單和銷售是由多年企業交易推動的，這些交易主要由影像產品組成，尤其是對慢性病診斷和治療至關重要的 PET 和 CT 系統。

We are pleased with the progress that we're making to secure long-term partnerships, which is foundational to our growth strategy. Another revenue driver in the quarter was PDx. The team continues to deliver for customers, and we've seen PDx report seven quarters of high single-digit or double-digit organic revenue growth.

我們對在確保長期合作夥伴關係方面取得的進展感到高興，這是我們成長策略的基礎。本季度的另一個收入驅動因素是 PDx。團隊繼續為客戶提供服務，我們已經看到 PDx 報告連續七個季度實現了單位數或兩位數的有機收入成長。

Turning to China. We continue to monitor the market, which has been slow to recover. Coordination of stimulus funding is taking longer, so customers are still delaying normal purchasing. This is impacting overall growth in the China market in the near term. Bottom line is we continue to view this as a temporary challenge. And over the mid to long-term, we see China as an attractive market.

轉向中國。我們繼續關注復甦緩慢的市場。刺激資金的協調需要更長的時間，因此客戶仍在推遲正常購買。這正在影響中國市場近期的整體成長。最重要的是，我們仍然認為這是一個暫時的挑戰。從中長期來看，我們認為中國是一個有吸引力的市場。

Our margin performance in the quarter demonstrates our ongoing cost optimization priority, specifically the focus that we have on gross margin expansion, including product platforming and variable cost productivity. We continue to make progress with lean, taking action across the organization to make improvement for the benefit of our customers and to drive better performance in overall safety, quality, delivery, cost, and innovation.

我們本季的利潤率表現顯示了我們持續的成本優化優先事項，特別是我們對毛利率擴張的關注，包括產品平台和變動成本生產力。我們繼續在精益方面取得進展，在整個組織內採取行動，為了客戶的利益而進行改進，並在整體安全、品質、交付、成本和創新方面推動更好的績效。

With overall continued execution, we were able to deliver strong adjusted EBIT margin and adjusted EPS, and we're raising the low end of our full-year adjusted EBIT margin and adjusted EPS guidance ranges.

透過整體持續執行，我們能夠實現強勁的調整後息稅前利潤率和調整後每股收益，並且我們正在提高全年調整後息稅前利潤率和調整後每股收益指導範圍的下限。

Moving to innovation. We've talked about our leading role in theranostics, a fast-growing field in molecular imaging, the diagnosis and treatment of certain types of cancer. We've made some notable advancements in the space over the last few months.

轉向創新。我們討論了我們在治療診斷學方面的主導作用，治療診斷學是分子影像學、某些類型癌症的診斷和治療領域快速發展的領域。過去幾個月，我們在該領域取得了一些顯著的進展。

In Europe, we're establishing a center of excellence with University Medicine Essen, a top research institution in Germany. We're also leading an approximately $28 million initiative with multiple partners to expand its use.

在歐洲，我們正在與德國頂尖研究機構埃森大學醫學院建立卓越中心。我們也與多個合作夥伴共同發起一項耗資約 2,800 萬美元的計劃，以擴大其用途。

In the US, we secured FDA clearance for a new software tool to standardize and automate the process of measuring and calculating radiation dosage during theranostics treatment. This tool will enable clinicians to safely increase patient access to this effective form of precision medicine.

在美國，我們的一款新軟體工具獲得 FDA 批准，用於標準化和自動化治療診斷治療期間測量和計算輻射劑量的過程。該工具將使臨床醫生能夠安全地增加患者獲得這種有效形式的精準醫療的機會。

With that, I'll pass it to Jay who will take you through the details of our third quarter performance and our outlook for 2024. Jay?

接下來，我會將其轉交給 Jay，他將向您介紹我們第三季業績的詳細資訊以及我們對 2024 年的展望。傑伊？

Thanks, Pete.

謝謝，皮特。

Let's start with our financial performance on slide 4. For the third quarter of 2024, we reported revenues of $4.9 billion with organic revenue growth of 1%. This was in line with our expectations. Recall that we delivered 6% organic revenue growth in the third quarter of 2023.

讓我們從幻燈片 4 上的財務表現開始。2024 年第三季度，我們的營收為 49 億美元，有機收入成長 1%。這符合我們的預期。回想一下，我們在 2023 年第三季實現了 6% 的有機收入成長。

On a reported basis, we saw a service revenue growth of 2% and product revenue was flat. As you can see from our reported sales detail in the quarterly filing this morning, market headwinds in China continue to impact total company sales growth in the quarter by approximately 400 basis points.

根據報告，我們的服務收入成長了 2%，而產品收入持平。正如您從我們今天早上的季度報告中報告的銷售詳細信息中看到的那樣，中國的市場逆風繼續影響該季度公司總銷售增長約 400 個基點。

Global sales growth, excluding China, was approximately 5%. Organic orders growth was 1% year over year, driven by continued strength in the United States and in emerging markets within rest of world. Excluding China, organic orders growth was approximately 4%.

不包括中國在內的全球銷售額成長約 5%。在美國和世界其他新興市場持續強勁的推動下，有機訂單年增 1%。不包括中國，有機訂單成長約 4%。

We continue to see orders' dollars outpacing sales, leading to a strong company book-to-bill of 1.04 times. We exited the third quarter with a healthy backlog of $19.6 billion, up $1.2 billion year over year and up $600 million sequentially. We made strong margin progress in the quarter delivering an adjusted EBIT margin of 16.3%, up 90 basis points year over year and ahead of our expectations.

我們繼續看到訂單金額超過銷售額，導致公司的訂單出貨比達到 1.04 倍。第三季結束時，我們的積壓金額為 196 億美元，年增 12 億美元，比上一季增加 6 億美元。本季我們的利潤率取得了強勁進展，調整後息稅前利潤率為 16.3%，年增 90 個基點，超出了我們的預期。

As a result, third quarter EPS adjusted was $1.14, up 15% year over year. We also had tax benefits related to our 2023 tax filings completed in the third quarter of 2024. We generated free cash flow of $651 million, up $81 million year over year.

因此，第三季調整後每股收益為 1.14 美元，年增 15%。我們也享有與 2024 年第三季完成的 2023 年報稅相關的稅務優惠。我們產生了 6.51 億美元的自由現金流，年增 8,100 萬美元。

Turning to progress we made in the third quarter are margin initiatives on slide 5. Adjusted gross margin expanded 150 basis points, driven by focused execution with variable cost productivity initiatives, continued sales price accretion, and higher-margin NPIs. Of note, we've improved our cost productivity in the third quarter by partnering with global suppliers to drive deflation and direct material costs.

轉向我們在第三季取得的進展是幻燈片 5 中的利潤舉措。調整後的毛利率擴大了 150 個基點，這得益於可變成本生產力計劃的集中執行、持續的銷售價格上漲以及利潤率更高的 NPI。值得注意的是，我們透過與全球供應商合作來推動通貨緊縮和直接材料成本，從而提高了第三季的成本生產力。

We're also executing cost-effective design changes with an enhanced focus on product quality and improving the customer experience. We continue to see increased sales from digitally enabled products like AIR Recon DL and Sonic DL in MR driving higher margins.

我們也執行具成本效益的設計變更，更加重視產品品質和改善客戶體驗。我們繼續看到 MR 領域的 AIR Recon DL 和 Sonic DL 等數位化產品的銷量增加，從而推動更高的利潤。

While expanding margin, we also invested more than $300 million in R&D, equating to roughly 6.5% of sales in the quarter. We remain committed to investment in innovation focusing on differentiating technology and research collaboration. This includes exciting research in AI and cloud technologies that Pete will talk more about later.

在擴大利潤率的同時，我們也投資了超過 3 億美元進行研發，約相當於本季銷售額的 6.5%。我們仍然致力於創新投資，重點關注差異化技術和研究合作。這包括令人興奮的人工智慧和雲端技術研究，皮特稍後將詳細討論。

Nearly two years since the spin, we're pleased to have exited the majority of the TSAs and are on track to exit the remaining agreements on time. This positions us well to further optimize our cost structure. As discussed on prior calls, we see substantial opportunity over the next few years as it relates to IT and other structural cost optimization initiatives.

在剝離近兩年後，我們很高興退出了大部分 TSA，並有望按時退出其餘協議。這使我們能夠進一步優化成本結構。正如之前電話會議中所討論的，我們看到未來幾年存在大量機會，因為它與 IT 和其他結構成本優化計劃相關。

One example of this is the implementation of software to eliminate duplicate and nonvalue-added applications. By aligning licenses with specific roles and responsibilities, we will deliver an annual savings of approximately $4 million. This is one of the many projects we have in our IT transformation road map.

其中一個例子是實施軟體來消除重複和非增值應用程式。透過將許可證與特定角色和職責保持一致，我們每年將節省約 400 萬美元。這是我們 IT 轉型路線圖中的眾多項目之一。

Given the volume pressures, we're maintaining a disciplined approach to our discretionary spending. Before we turn to our segments, as a reminder, we're now reporting results in our new segment structure, which went into effect on July 1.

考慮到數量壓力，我們對可自由支配的支出保持嚴格的態度。在我們轉向細分市場之前，提醒一下，我們現在正在報告新的細分市場結構的結果，該結構於 7 月 1 日生效。

Image guided therapies, previously part of imaging, was realigned to the former Ultrasound segment, which is now known as advanced visualization solutions. This structure better aligns to future clinical trends and will better enable us to deliver strong business and customer impacts by providing the right image guidance in the right care setting.

影像引導治療以前是成像的一部分，現已與以前的超音波部分重新調整，現在被稱為先進的可視化解決方案。這種結構更好地符合未來的臨床趨勢，並將更好地使我們能夠透過在正確的護理環境中提供正確的影像指導來產生強大的業務和客戶影響。

Now let's move on to segment performance, starting with imaging on slide 6. Organic revenue was down 1% versus the prior year due to headwinds in the China market as we expected. This was partially offset by strength in the United States. Segment EBIT margin was up 200 basis points year over year.

現在讓我們繼續細分效能，從幻燈片 6 上的成像開始。正如我們預期的那樣，由於中國市場的不利因素，有機收入比上年下降了 1%。這被美國的實力部分抵銷。部門息稅前利潤率年增 200 個基點。

We continue to make progress on enhancing gross margin through productivity. Additionally, we saw favorable mix and positive price. We continue to see strong demand, particularly in the US with opportunities in replacements, upgrades and services.

我們繼續在透過生產力提高毛利率方面取得進展。此外，我們還看到了有利的組合和積極的價格。我們繼續看到強勁的需求，特別是在美國，有更換、升級和服務的機會。

Turning to advanced visualization solutions on slide 7. Organic revenue was flat year over year with increased sales volume in the US, offset by a decrease in China due to the previously discussed market headwinds. Segment EBIT margin decreased 190 basis points year over year, driven by unfavorable mix. Cost productivity improvements through standardization and new product introductions offset inflation.

轉向幻燈片 7 上的高級視覺化解決方案。由於美國銷量增加，有機收入同比持平，但被先前討論的市場不利因素導致中國銷量下降所抵消。由於不利的組合，該部門的息稅前利潤率年減 190 個基點。透過標準化和新產品推出提高成本生產力抵消了通貨膨脹。

Moving to patient care solutions on slide 8. Organic revenue was up 2% year over year driven by backlog execution and following 9% growth in the prior year. Segment EBIT margin increased 10 basis points year over year with improved productivity. The team has reduced past due backlog throughout the year, driven by lean principles to increase capacity. These actions will allow for greater fulfillment flexibility in future quarters.

前往投影片 8 上的病患照護解決方案。在積壓訂單執行的推動下，有機收入年增 2%，繼上一年增長 9% 後。隨著生產力的提高，該部門的息稅前利潤率年增了 10 個基點。在精實原則的推動下，該團隊全年減少了逾期積壓，以提高產能。這些行動將為未來幾季提供更大的履行彈性。

Moving to pharmaceutical diagnostics on slide 9. We delivered another solid quarter, generating 7% year over year organic growth, driven by healthy procedure volumes. And we delivered EBIT margin of approximately 31%. We're pleased with the continued growth contributions and margin expansion in this segment as well as the progress we've made in expanding our capacity and pipeline investments.

轉到幻燈片 9 上的藥物診斷。在健康的手術量的推動下，我們又實現了一個穩定的季度，實現了 7% 的同比有機增長。我們的息稅前利潤率約為 31%。我們對該領域的持續成長貢獻和利潤率擴張以及我們在擴大產能和管道投資方面取得的進展感到高興。

We're encouraged by the recent CMS reimbursement proposal and the potential for patients to have access to important diagnostic scans in US hospitals. This increases our confidence that our proprietary molecules like DaTscan, Vizamyl, Cerianna, and Flyrcado can be growth drivers for the company over time.

我們對最近的 CMS 報銷提案以及患者在美國醫院獲得重要診斷掃描的潛力感到鼓舞。這增強了我們的信心，並相信我們的專有分子（如 DaTscan、Vizamyl、Cerianna 和 Flyrcado）隨著時間的推移可以成為公司的成長動力。

If the proposed payment rules finalized, we expect to see accelerated utilization of PET diagnostics and potentially an increase in the overall penetration rate for PET diagnostics versus other alternatives.

如果擬議的支付規則最終確定，我們預計 PET 診斷的使用將加速，與其他替代方案相比，PET 診斷的整體滲透率可能會提高。

Turning to slide 10, I'll walk through cash flow. We delivered strong free cash flow of $651 million, up $81 million year over year. We saw progress in driving working capital management efficiency. We're improving our accounts payable processes, and we saw strong collections in the U S and PDx business year over year.

轉到投影片 10，我將介紹現金流量。我們實現了 6.51 億美元的強勁自由現金流，年增 8,100 萬美元。我們在提高營運資本管理效率方面取得了進展。我們正在改善應付帳款流程，我們看到美國和 PDx 業務的收款逐年強勁。

We had a great example of lean inaction on inventory management and material processes at one of our key imaging sites. The team held a kaizen and identified opportunities and implemented changes to reduce the lead time from staging through shipping, leading to approximately $4 million of inventory savings. Again, this is just one of the many examples taking place in our facilities around the world.

我們的一個關鍵成像站點在庫存管理和材料流程方面有一個很好的精益不作為的例子。該團隊進行了一次改善活動，發現了機會並實施了變革，以縮短從準備到運輸的交貨時間，從而節省了約 400 萬美元的庫存。同樣，這只是我們世界各地工廠發生的眾多例子之一。

Looking ahead, in line with seasonality, we expect to deliver strong free cash flow in the fourth quarter, which is typically our highest revenue and cash-generating quarter.

展望未來，根據季節性，我們預計將在第四季度實現強勁的自由現金流，這通常是我們收入和現金產生率最高的季度。

Now let's turn to our outlook on slide 11. We expect full year 2024 organic revenue growth to trend towards the lower end of our 1% to 2% guidance due to the continued China market softness. Based on this trend, we expect to see limited market benefit from China stimulus through the first half of 2025.

現在讓我們轉向幻燈片 11 中的展望。由於中國市場持續疲軟，我們預計 2024 年全年有機收入成長將趨於我們 1% 至 2% 指導值的下限。根據這一趨勢，我們預計到 2025 年上半年，中國刺激措施所帶來的市場受益有限。

As a result of our strong margin performance year-to-date, we're raising the low end of adjusted EBIT margin guidance to be in the range of 15.8% to 16%, reflecting expansion of 70 to 90 basis points versus 2023 adjusted EBIT margin of 15.1%.

由於我們今年迄今的強勁利潤率表現，我們將調整後息稅前利潤指引的下限提高至15.8% 至16% 範圍內，反映出與2023 年調整後息稅前利潤相比擴大了70 至90個基點利潤率為15.1%。

As it relates to our financial assumptions, we're trending towards the lower end of our adjusted tax rate range of 23% to 25% given some additional tax incentives recognized in the third quarter of 2024. We also expect the revenue headwind from foreign exchange to be less than [0.5%] in 2024.

由於這與我們的財務假設相關，鑑於 2024 年第三季確認了一些額外的稅收優惠，我們傾向於調整後的稅率範圍的下限，即 23% 至 25%。我們也預期 2024 年來自外匯的收入阻力將小於 [0.5%]。

And with increasing confidence in our ability to grow the bottom line, we're raising the low end of the range of adjusted EPS guidance by $0.05, now to $4.25 to $4.35 per share. This reflects year over year growth of 8% to 11%. We continue to expect free cash flow for the year to be approximately $1.8 billion.

隨著我們對增加獲利能力的信心不斷增強，我們將調整後每股收益指引範圍的下限提高了 0.05 美元，目前達到每股 4.25 美元至 4.35 美元。這反映了 8% 至 11% 的同比增長。我們仍然預計今年的自由現金流約為 18 億美元。

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. We're excited to talk to you about all of the growth opportunities ahead at our Investor Day in November. But today, I'll highlight two of these opportunities.

謝謝，傑伊。我們很高興在 11 月的投資者日與您討論未來的所有成長機會。但今天，我將重點介紹其中兩個機會。

We recently announced Flyrcado, also known as flurpiridaz. This is the first and only FDA-approved F-18 PET myocardial perfusion imaging tracer for patients with coronary artery disease. It's been called a game changer by some cardiologists because of its improved diagnostic accuracy compared to traditional SPECT imaging, and its half-life is significantly longer than the most commonly used cardiac PET tracers.

我們最近推出了 Flyrcado，也稱為 flurpiridaz。這是 FDA 批准的第一個也是唯一一個用於冠狀動脈疾病患者的 F-18 PET 心肌灌注影像追蹤劑。它被一些心臟科醫生稱為“遊戲規則改變者”，因為與傳統 SPECT 影像相比，它的診斷準確性更高，而且其半衰期明顯長於最常用的心臟 PET 追蹤劑。

Flyrcado will become commercially available in the US in early 2025, and we believe it will provide a meaningful impact for clinicians and their patients. I won't go deep into the details now. We'll do that at Investor Day. But to give you a sense of the opportunity, we estimate that there are around 6 million myocardial perfusion imaging procedures per year in the US, of which we believe PET MPI makes up about 5% to 10%.

Flyrcado 將於 2025 年初在美國上市，我們相信它將為臨床醫生及其患者帶來有意義的影響。我現在不會深入討論細節。我們將在投資者日這樣做。但為了讓您了解機會，我們估計美國每年約有 600 萬例心肌灌注造影手術，我們認為 PET MPI 約佔其中的 5% 至 10%。

Revenue will ramp over time and we're working with healthcare providers to build out the capacity required to enable greater access to PET for cardiology. We see an opportunity for revenues of greater than $500 million annually from this one proprietary molecule once the health system infrastructure is in place.

收入將隨著時間的推移而增加，我們正在與醫療保健提供者合作，建立所需的能力，以便更多地利用 PET 進行心臟病學治療。一旦衛生系統基礎設施到位，我們將看到這項專有分子每年帶來超過 5 億美元收入的機會。

We're excited about the opportunity for Flyrcado and for other radiopharmaceuticals, given the significant advancements we're seeing in this space, as well as the potential changes in reimbursement that will drive more personalized care.

鑑於我們在這一領域看到的重大進步，以及報銷方面的潛在變化將推動更個性化的護理，我們對 Flyrcado 和其他放射性藥物的機會感到興奮。

Additionally, we're investing in new AI and cloud-based solutions to better serve our customers who face data overload and widespread operational inefficiencies that drain the resources. We recently announced our latest advancements at HLTH, a premier technology event in Las Vegas, including CareIntellect, an offering of generative AI-powered clinical and operational applications.

此外，我們正在投資新的人工智慧和基於雲端的解決方案，以更好地為面臨資料過載和普遍營運效率低下導致資源耗盡的客戶提供服務。我們最近在拉斯維加斯的頂級技術活動 HLTH 上宣布了我們的最新進展，其中包括 CareIntellect，這是一個由人工智慧驅動的生成式臨床和操作應用程式。

It streamlines patient data from multiple systems into a single view to help optimize care delivery and quality across disease states. We also shared several research projects that seek to address pressing care needs and reduce cognitive and administrative burdens on clinicians. We continue to invest in AI and Cloud innovations that will drive future reoccurring revenue, which we'll talk more about next month.

它將來自多個系統的患者數據簡化為單一視圖，以幫助優化跨疾病狀態的護理服務和品質。我們還分享了幾個研究項目，旨在解決緊迫的護理需求並減輕臨床醫生的認知和管理負擔。我們將繼續投資人工智慧和雲端創新，這將推動未來的經常性收入，我們將在下個月詳細討論這一點。

In summary, we delivered positive sales and orders growth in the quarter reflecting strength in the US and solid PDx revenue performance. With approximately 5% sales growth and 4% orders growth, excluding China, we see a healthy capital equipment environment. We're confident in the fundamentals of our business, supported by our innovation and our pipeline as well as our strong backlog.

總而言之，我們在本季度實現了銷售和訂單的積極成長，反映出美國市場的強勁勢頭和穩健的 PDx 收入表現。不包括中國在內，我們的銷售成長約 5%，訂單成長約 4%，我們看到了健康的資本設備環境。在我們的創新、管道以及強大的積壓訂單的支持下，我們對我們業務的基本面充滿信心。

The team's focus on lean to improve the customer experience and enhance productivity has allowed us to deliver strong bottom line results. As we enter the final quarter of the year, our expectations for 2024 on the top line reflect the China market dynamics and with continued bottom-line expansion driven by our team's strong operational focus and execution.

該團隊專注於精實改善客戶體驗和提高生產力，使我們能夠實現強勁的獲利成果。隨著進入今年最後一個季度，我們對 2024 年營收的預期反映了中國市場的動態以及我們團隊強大的營運重點和執行力推動的持續獲利擴張。

With that, we'll open up the call for questions.

至此，我們將開始提問。

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

謝謝你，彼得。（活動說明）接線員，您可以開通線路嗎？

Robbie Marcus, JPMorgan.

羅比馬庫斯，摩根大通。

Two for me. One on margins, one on China. Maybe to start with margins. Another good quarter with upside on operating margin, dropped that through to EPS. I guess the question is really around the line of sight, how much of the low-hanging fruit has been picked already today? And what's your line of sight to future operating margin expansion as you move into the next phase of separation?

給我兩個。一篇關於邊緣，一篇關於中國。也許要從利潤開始。又一個業績良好的季度，營業利潤率上升，但每股收益卻下降。我想問題其實是圍繞著視線，今天已經採摘了多少容易實現的目標？當您進入下一階段的分離時，您對未來營業利潤率擴張的看法是什麼？

Sure. Robbie, overall, margins have trended well. As we commented and as you can see in our financials, EBIT margin is roughly up 70 basis points on a year-to-date basis and gross margin is up about 130 basis points. So we feel really good about the initiatives that we have and the operational focus on expanding margin.

當然。羅比，整體而言，利潤率趨勢良好。正如我們所評論的，正如您在我們的財務數據中所看到的，今年迄今為止，息稅前利潤率大約增長了 70 個基點，毛利率增長了約 130 個基點。因此，我們對我們所採取的措施以及擴大利潤的營運重點感到非常滿意。

And I'll remind you all of this is done against lower sales volumes than we expected at the beginning of the year. And frankly, as we look at what we've delivered on so far this year, it's about that pricing we talked about historically, largely in line with what we've previously expected.

我要提醒您的是，所有這些都是在銷售低於我們年初預期的情況下完成的。坦白說，當我們審視今年迄今為止所交付的產品時，我們發現歷史上討論過的定價基本上與我們之前的預期一致。

We've talked about variable cost productivity initiatives that have more than offset inflation. And then we also have general savings initiatives we put in place that yielded a result. I would say that one thing that we did at the midpoint of the year, when we saw a little bit more of a challenging revenue environment, we wanted to make sure we had the right cost profile for the business in place to support delivery of our earnings.

我們已經討論了可變成本生產力計劃，其作用不僅僅是抵消通貨膨脹。然後我們也採取了一般性的節約舉措，並且取得了成果。我想說的是，我們在今年年中做的一件事是，當我們看到更具挑戰性的收入環境時，我們希望確保我們擁有正確的業務成本狀況，以支持交付我們的業務收益。

So we put some incremental savings initiatives in place. We're really pleased with what we've been able to do on this front. So you can see the really good progress in the financial results. But I think as we look forward, we also have very good line of sight to future margin improvements. And I would say we're really excited to share some of this at the upcoming Investor Day kind of how we're thinking about the long-term margin profile.

因此，我們採取了一些增量節省措施。我們對我們在這方面所做的事情感到非常滿意。所以你可以看到財務表現取得了非常好的進展。但我認為，展望未來，我們對未來利潤率的提升也有很好的視野。我想說，我們非常高興能在即將到來的投資者日分享一些我們如何考慮長期利潤狀況的內容。

As we look forward, you'll see some of the continued themes, continued focus on pricing, continued focus on productivity initiatives. But what's going to supplement it as we move into the future is, first, this idea that as we come off the transition service agreements, which has been a very significant effort this year, and we expect to principally conclude it this year, it does allow us to pursue a number of new initiatives that we've been unable to, to date.

展望未來，您將看到一些持續的主題，持續專注於定價，並持續專注於生產力計劃。但是，隨著我們走向未來，首先，這個想法是，當我們結束過渡服務協議時，這是今年的一項非常重大的努力，我們預計今年將主要完成它，它確實使我們能夠採取一些迄今為止我們無法採取的新措施。

The second thing that you'll start to see in the future is the benefit of all of these R&D investments that we've made. We are launching differentiated products and we'll start to highlight that for you. And that has with it a real customer interest in those products or revenue growth element, but also a margin element as well as we look at things like platforming. So the complexion changes a little bit, but what I would say is we have a long way to go on margin, and we also have very good line of sight to what we're trying to achieve.

將來您將開始看到的第二件事是我們所做的所有這些研發投資的好處。我們正在推出差異化產品，我們將開始為您重點介紹這一點。這不僅關係到客戶對這些產品或收入成長因素的真正興趣，而且還有利潤因素，以及我們關注的平台等因素。因此，情況發生了一些變化，但我想說的是，我們在利潤方面還有很長的路要走，而且我們對我們想要實現的目標也有很好的視野。

Great. Maybe one on margin on -- sorry, on China, which was down over 20% in the quarter, and we're seeing this across the board with your competitors. I guess the question is really, how do you think about the forward trajectory of China?

偉大的。也許是在中國，抱歉，中國的利潤率在本季下降了 20% 以上，我們在您的競爭對手中全面看到了這一點。我想問題其實是，你如何看待中國的前進軌跡？

Like you said, ex China business grew 5%. That's where people are sitting for the total company for next year. What's your visibility into the current trends in China and any stabilization and improvement? And how do you think about China as we move into next year as obviously that will be the biggest lever on sales growth, I imagine? Thanks a lot.

正如您所說，中國以外的業務增長了 5%。這就是人們對明年整個公司的看法。您對中國目前的趨勢有何看法以及是否有穩定和改善？當我們進入明年時，您如何看待中國，因為我想這顯然將成為銷售成長的最大槓桿？多謝。

Thanks, Robbie. Maybe I'll kind of expand a little bit on this so we can kind of address because I'm sure other people have questions on this, maybe in one question between Jay and I will go a little bit through this and then have time for other topics.

謝謝，羅比。也許我會稍微擴展一下這個問題，這樣我們就可以解決這個問題，因為我確信其他人對此有疑問，也許在傑伊和我之間的一個問題中，我會稍微討論一下這個問題，然後有時間其他主題。

But look, as we said, I think the China market has been slow to recover. I mean we were pretty clear about this back in July as well. And as we mentioned on the call, stimulus funding coordination, I would say, is taking longer. So customers are still delaying normal purchasing. And again, this is impacting the overall growth in China market in the near term.

但正如我們所說，我認為中國市場復甦緩慢。我的意思是，我們在 7 月就已經非常清楚這一點了。正如我們在電話會議中提到的，我想說，刺激資金協調需要更長的時間。所以客戶還是延後正常採購。這再次影響了中國市場近期的整體成長。

I would say program details for many of the 31 providences are now available, and we stay closely connected with the local markets as we have a large team on the ground there. I think we have a pretty good understanding of how things are evolving.

我想說，31 個普羅維登斯中的許多項目的詳細資訊現已公佈，而且我們與當地市場保持密切聯繫，因為我們在當地擁有一支龐大的團隊。我認為我們對事情的演變有很好的理解。

And as I said in our prepared remarks, and we see it today, just we see limited market improvement really going out through the first half of 2025. And so, the question might be, well, how do you think about that? And I'll say we think about it in four steps, particularly in capital equipment, which is this first part is our funds released are funds set up.

正如我在準備好的演講中所說的那樣，我們今天看到的只是我們看到 2025 年上半年市場的改善確實有限。所以，問題可能是，你對此有何看法？我想說，我們分四個步驟來考慮，特別是在資本設備方面，這是第一部分，我們釋放的資金是設立的基金。

And so yes, there are clarity about certain tenders, but where the funds are and are they released, hasn't been fully communicated. And then you move into actually kicking off the tender process itself, where is it going to be multiple awardees, single, whatnot. Then you actually have the awarding of them. So hospitals find out which products they're going to get. And in many cases, most of these products have an installation process, right?

因此，是的，某些招標是明確的，但資金在哪裡以及是否發放，尚未充分溝通。然後你就開始實際啟動招標過程本身，其中將有多個獲獎者，單身者等等。然後你就真正獲得了他們的獎勵。因此醫院會了解他們將獲得哪些產品。而且在很多情況下，這些產品大多數都有一個安裝過程，對嗎？

There's power, building setup and things of that nature that have to take place. And then they're installed and the sales takes place. When we look at that sequence of things, that's when we basically say we see limited recovery relative to what one would see in sales in the first half of 2025.

電力、建築設置以及類似性質的事情都必須發生。然後安裝並進行銷售。當我們審視這一系列事情時，我們基本上會說，相對於 2025 年上半年的銷售情況，我們看到的復甦有限。

That all being said, we believe it's a temporary challenge. And again, over the mid- to long-term, we think China market is going to be obviously a very attractive market. All during this time, the need is not going away. The actual demand is still being pent-up, right?

話雖如此，我們認為這只是暫時的挑戰。再次強調，從中長期來看，我們認為中國市場顯然將會是一個非常有吸引力的市場。在這段時間裡，這種需求並沒有消失。實際需求還是被壓抑的吧？

Nothing has changed from that standpoint. But we're just taking a pragmatic view until we really see change happening. Jay, maybe you can add a little bit more details here about how we thought about the guide and how we look at the -- how this is evolving.

從這個角度來看，一切都沒有改變。但在我們真正看到改變發生之前，我們只是採取務實的觀點。傑伊，也許你可以在這裡添加更多細節，說明我們如何看待指南以及我們如何看待它是如何演變的。

Sure. So when we gave guidance in July, you will all recall, we reduced guidance roughly $400 million to $600 million at the midpoint, $500 million related to China on the sales line, and that correlated to our total company guide of 1% to 2%. Our view today is within the range of outcomes we expected, but it's just at the lower end at approximately 1%. Year-to-date, our sales in China are down 17% and we now expect China to be down high teens for the full year.

當然。因此，當我們在7 月給予指導時，你們都記得，我們​​在中點減少了大約4 億至6 億美元的指導，其中5 億美元與中國銷售線相關，這與我們公司總指導的1 % 至2% 相關。我們今天的觀點在我們預期的結果範圍內，但僅處於 1% 左右的下限。今年迄今為止，我們在中國的銷售額下降了 17%，我們現在預計全年中國銷售額將下降十幾%。

And so what that means is it's closer to that $600 million impact. When stimulus starts to come through, it will be a positive development, and we think we're well positioned to benefit, but timing that is something that we don't want to get involved in.

這意味著它更接近 6 億美元的影響。當刺激措施開始實施時，這將是一個積極的發展，我們認為我們已經做好了受益的準備，但時機是我們不想參與的事情。

As we -- as it relates to when the rebound takes place in China '25, like at this point, I would say we expect limited benefit from the stimulus through the first half of '25. We'll watch this very carefully in the coming months, leading up to giving guidance in February.

正如我們——因為這與中國 25 年反彈何時發生有關，就像此時此刻一樣，我想說，我們預計 25 年上半年的刺激計劃所帶來的好處有限。我們將在接下來的幾個月中非常仔細地關注這一點，並在二月提供指導。

So I mean, in essence, we've taken fundamentally the effects of the China discussions out of how we are thinking about the guide. We're keeping a very close watch on the marketplace. And obviously, we're really well positioned when the stimulus finally comes through, and the market comes back.

所以我的意思是，從本質上講，我們已經從根本上將中國討論的影響排除在我們對指南的思考之外。我們正在密切關注市場。顯然，當刺激措施最終實施、市場回歸時，我們確實處於有利位置。

At the same time, we've had tremendous growth in the United States. We've got great things happening in other markets within Southeast Asia. We see growth being able to be positioned well to continue to accelerate in the rest of, say, in Europe.

同時，我們在美國也取得了巨大的成長。我們在東南亞其他市場也發生了一些很棒的事。我們認為其他地區（例如歐洲）的成長能夠處於有利位置，並持續加速。

And again, at Investor Day, what we're super excited about is, we talked about the big three in our world, which is where radiopharmaceuticals is going, the new products that we have coming out in categories where we might not have had a leadership product that we will in the future, and then digital and AI.

再次，在投資者日，我們非常興奮的是，我們談論了我們世界上的三巨頭，這就是放射性藥物的發展方向，我們在我們可能沒有的類別中推出的新產品我們未來的領導產品，然後是數位化和人工智慧。

So it's the combination of all of those pieces together. But I'd say China, as we see it today, I think we've kind of articulated our views on it.

所以它是所有這些部分的組合。但我想說的是，正如我們今天所看到的那樣，我認為我們已經表達了我們對此的看法。

Ryan Zimmerman, BTIG.

瑞安·齊默爾曼，BTIG。

So I appreciate the commentary on China and the margins. I actually want to ask about Flyrcado a little bit. Pete, I appreciate the comments you've kind of put around it. I'm curious, there's been a lot of questions from investors around pricing of Flyrcado relative to maybe Rubidium-82. And when I do the math, it kind of lands somewhere in that 2 to 3x range relative to where Rubidium is coming in at.

所以我很欣賞對中國和邊緣的評論。其實我想問一下關於Flyrcado的事情。皮特，我很欣賞你對此發表的評論。我很好奇，投資者對 Flyrcado 相對於 Rubidium-82 的定價提出了許多問題。當我進行數學計算時，相對於銣的出現位置，它的值大約在 2 到 3 倍的範圍內。

And so I'm just curious if you can comment a little bit more about how you think about pricing that product given its features, its half-life, et cetera, as a premium to what's out there in the market today?

因此，我很好奇您是否可以根據該產品的功能、半衰期等因素，對您如何看待該產品的定價（相對於當今市場上的產品溢價）發表更多評論？

Yeah. Thanks, Ryan, for the question. We're not ready to talk specifically about the pricing. We will be in the not-too-distant future. But needless to say, to your point, for a product that brings better specificity sensitivity than predicate and [SPECT] brings significantly better operational capabilities and economics versus the other PET agents that are there, in that case, ammonia or rubidium.

是的。謝謝瑞安提出的問題。我們還沒有準備好具體討論定價。我們將在不遠的將來。但不用說，就您的觀點而言，對於一種比謂詞具有更好的特異性靈敏度的產品，與其他PET 試劑（在這種情況下為氨或銣）相比，[SPECT] 帶來了明顯更好的操作能力和經濟性。

We believe the product clearly deserves a premium. And we're also, as you can imagine, right now, since we have approval, you know a normal process here of working with CMS and other payers to be able to be positioned that way. We'll be going through a pass-through indication as well, which should give a multiyear higher window, see how all of that plays out.

我們相信該產品顯然值得溢價。正如您可以想像的那樣，我們現在也已經獲得批准，您知道與 CMS 和其他付款人合作的正常流程，以便能夠以這種方式定位。我們還將經歷一個傳遞跡象，這應該會提供一個多年的更高窗口，看看這一切如何發揮作用。

And then there's the backdrop here of beyond the drug itself is the outpatient -- the prospective outpatient payment structure, which will reimburse these agents separately. So there's a lot of good tailwind components on it.

然後，這裡的背景是，除了藥物本身之外，還有門診患者——未來的門診支付結構，它將分別報銷這些藥物。所以它有很多好的順風部件。

But as I mentioned on the call, I mean, the most important words one hears when you're in the seat is when one of your customers says, I think this is a game changer. And that's what's super exciting here about this for patients.

但正如我在電話中提到的，我的意思是，當您坐在座位上時聽到的最重要的話是當您的一位客戶說，我認為這是一個遊戲規則改變者。對患者來說，這就是最令人興奮的地方。

But the fact that perfusion studies fundamentally haven't had many new innovations and forever. And so, this has the opportunity to really make a difference from that standpoint. And as we mentioned on the call, if you take a look at this, there's about 6 million myocardial perfusion studies that are out there today that are done on SPECT.

但事實上，灌注研究根本上並沒有太多新的創新。因此，從這個角度來看，這有機會真正發揮作用。正如我們在電話中提到的，如果你看一下這個，今天大約有 600 萬項心肌灌注研究是在 SPECT 上完成的。

And you typically have to do a rest study and then you have the patient exercise or do stress, and you compare the heart perfusion at rest and at stress. And so that means there's two doses, there's as a dose at stress and there's a dose at rest or vice versa. And so each of those doses obviously have economic value that's associated with them.

通常，您必須進行休息研究，然後讓患者運動或承受壓力，然後比較休息和壓力時的心臟灌注。這意味著有兩種劑量，一種是壓力時的劑量，另一種是休息時的劑量，反之亦然。因此，每種劑量顯然都具有與其相關的經濟價值。

So we feel quite good about it. We've got work to do yet to kind of get to the launch play. We've got the work to do here in the rest of the year, but we're on track to what our plans are, which would be really out into the later part of Q1 to be in a position to be able to launch the product and have clarity on reimbursement.

所以我們對此感覺很好。為了進入發布階段，我們還有很多工作要做。今年剩下的時間裡，我們還有很多工作要做，但我們正在按計劃實施，這將在第一季的後期真正推出，以便能夠推出產品並明確報銷。

Okay. Very helpful. And then for Jay, part of the algorithm for 4G has been price. The market is growing 2%, 3%. You've kind of always articulated an assumption of 1% to 2% in price. I'm wondering if you could comment, Jay, about your assumptions going into '25 on price, the durability of that within your customer base and just how we should be thinking about your ability to get price going forward?

好的。非常有幫助。對 Jay 來說，4G 演算法的一部分就是價格。市場正在成長2%、3%。你總是明確提出 1% 到 2% 的價格假設。Jay，我想知道您是否可以評論一下您對 25 年價格的假設、您的客戶群中價格的持久性以及我們應該如何考慮您未來提高價格的能力？

Sure. As I mentioned moments ago, we saw a positive sales price in the quarter along the lines of what we expected on a year-to-date basis, price is trending well. And I think really what this comes down to and what we're incredibly excited to talk about when we meet with you all, is new products being a key catalyst for this. We've invested very significantly in R&D over the last several years.

當然。正如我剛才提到的，我們在本季度看到了積極的銷售價格，符合我們年初至今的預期，價格趨勢良好。我認為，歸根結底，當我們與大家見面時，我們非常興奮地談論的是新產品是這個過程的關鍵催化劑。過去幾年我們在研發方面投入了大量資金。

And so as you support your customers with new and innovative devices and new and innovative solutions, price follows. And that's something that we've seen and we've been able to deliver on. So we feel very good about pricing and overall margin related to new products going forward.

因此，當您透過新的創新設備和新的創新解決方案為客戶提供支援時，價格就會隨之而來。這是我們已經看到並且能夠實現的事情。因此，我們對未來新產品的定價和整體利潤率感到非常滿意。

And I would say, Ryan, we're getting better as an organization to do, and I'll make a call out to Catherine and our US organization about really being able to help the customer understand return on investment. Many of our products and many of our institutions are completely maxed out with procedures.

我想說，瑞安，作為一個組織，我們正在做得更好，我會向凱瑟琳和我們的美國組織呼籲，讓他們真正能夠幫助客戶了解投資回報。我們的許多產品和我們的許多機構都已經完全超出了程序的極限。

And so, you buy a new product and yes, you may pay $100,000 more from us than maybe someone else, but you can literally have it paid for in under 18 months, and you're going to have this then for another six to seven years.

因此，您購買了一種新產品，是的，您可能比其他人多向我們支付 100,000 美元，但實際上您可以在 18 個月內付款，然後您將再花六到七個月的時間年。

And the question then is, does it really maximize the value for your patients? Does it really actually have the uptime? Does it have the added features to deal with, if it's in cardiology, structured heart or oncology? And so we're getting better at that and ultimately being able to sell value to go that direction, which is why gross margin for us on actually the cost input, but on the value side, is an extremely important metric for us.

那麼問題是，它真的能為您的患者帶來最大的價值嗎？它真的有正常運作時間嗎？如果是心臟病學、結構心臟學或腫瘤學，它是否有額外的功能需要處理？因此，我們在這方面做得越來越好，並最終能夠向這個方向銷售價值，這就是為什麼我們的毛利率實際上是成本投入，但在價值方面，對我們來說是一個極其重要的指標。

Joanne Wuensch, Citi.

喬安妮‧溫施，花旗銀行。

I'll put them both upfront. You gave us the number that you think that Flyrcado could contribute $500 million once the infrastructure is in place at the hospitals. So I'm curious, what does it take for the infrastructure to be in place? Is this structural? Is it human resources? Something else? And then for my second question, can you give us an update on how Vizamyl is doing? thank you.

我會把它們都放在前面。您向我們提供了您認為一旦醫院基礎設施到位，Flyrcado 可以貢獻 5 億美元的數字。所以我很好奇，基礎建設需要什麼才能到位？這是結構性的嗎？是人力資源嗎？還有別的事嗎？對於我的第二個問題，您能給我們介紹一下 Vizamyl 的最新進展嗎？謝謝。

Yes. Maybe I'll take the first part and Jay, maybe you can touch on Vizamyl.

是的。也許我會講第一部分，傑伊，也許你可以談談維扎米爾。

Look, so first part is Flyrcado is an agent used in PET scanners. I think most of the folks on the call understand that a lot of PET has been around oncology applications. So if you look in your normal hospital or clinic, the majority of where you're going to find PET has traditionally been in oncology.

看，第一部分是 Flyrcado 是 PET 掃描器中使用的代理。我認為大多數參加電話會議的人都明白，許多 PET 都是圍繞著腫瘤學應用的。因此，如果您去普通的醫院或診所，您會發現大多數 PET 傳統上都是在腫瘤科。

There's a lot that's going on there. I mentioned theranostics on the call. If you think about PSMA, think about breast cancer, so those systems are getting shoot up. I think in the initial areas, there are certain cardiac centers that have had PET systems prior to this, where they've been using other agents. Those will be the first areas that have the infrastructure in place.

那裡發生了很多事情。我在電話中提到了治療診斷。如果你想到 PSMA，就想到乳癌，所以這些系統正在快速發展。我認為在最初的領域，某些心臟中心在此之前已經擁有 PET 系統，他們一直在使用其他藥物。這些將是第一批擁有基礎設施的地區。

But the point being is that some customers are going to need to acquire a PET system and have it in their cardiology area to kind of effectively run. We would expect in certain institutions, there will be shared use systems.

但關鍵是，一些客戶需要購買 PET 系統並將其放在心臟病學領域才能有效運作。我們期望在某些機構會有共享使用系統。

But obviously, for a company like us that actually makes the radio isotopes and actually makes the imaging systems, makes the digital tools to integrate all this together, there's actually a really interesting opportunity to not only have the agent sale but also have capital equipment sales that will be part of this.

但顯然，對於像我們這樣實際製造放射性同位素、實際製造成像系統、製造將所有這些整合在一起的數位工具的公司來說，實際上有一個非常有趣的機會，不僅可以進行代理銷售，還可以進行資本設備銷售這將是其中的一部分。

The ramp, I think we're still trying to understand how fast it could be. We quoted when it's in place, over $0.5 billion. Obviously, if you converted all of the business, it's a significantly larger number, but we're not ready to call that at this point in time, but we feel pretty good about it. And again, it gets back to ultimately the difference it can make for a patient and the economics it can mean for our customers to deliver that.

坡道，我認為我們仍在嘗試了解它的速度有多快。當它到位時我們給出的報價是超過 5 億美元。顯然，如果您轉換了所有業務，那麼這個數字要大得多，但我們目前還沒有準備好調用它，但我們對此感覺非常好。再說一次，它最終會回到它能為患者帶來的改變，以及它對我們的客戶帶來的經濟效益。

This has great economics, and it has great outcome for patients. Typically, when those two things happen, you have a winner on your hands. And that's how we feel about Flyrcado.

這具有很大的經濟效益，並且對患者來說有很好的結果。通常，當這兩件事發生時，你就贏得了勝利。這就是我們對 Flyrcado 的看法。

And then as it relates to Vizamyl, we continue to see encouraging progress with Vizamyl sales in the US. Our sales in the US. nearly doubled quarter over quarter. So very, very robust growth rates.

然後，就 Vizamyl 而言，我們繼續看到 Vizamyl 在美國的銷售取得了令人鼓舞的進展。我們在美國的銷售。季度環比增長近一倍。成長率非常非常強勁。

Our approach in Alzheimer's really is about supporting the continuum of care across diagnostics, therapy planning, delivery and monitoring. And also, this area will benefit from the CMS ruling, which we expect to pass. It should also help accelerate this. It's still early stage in this area and the patient and the therapy journeys are still in the very early stages, but we remain really excited about this opportunity long term. And this is another one that we'll highlight at the upcoming Investor Day.

我們治療阿茲海默症的方法實際上是支持診斷、治療計劃、實施和監測的連續護理。此外，該領域還將受益於 CMS 裁決，我們預計該裁決將獲得通過。它還應該有助於加速這一過程。這個領域仍處於早期階段，患者和治療旅程仍處於非常早期的階段，但從長遠來看，我們仍然對這個機會感到非常興奮。這是我們將在即將到來的投資者日強調的另一點。

And I think, Joanne, you know this. Jay mentioned in his prepared remarks, with the reimbursement changes that are coming, you can take these innovative products, some that we've already had in our portfolio and some of these that are new, and now they can be reimbursed or paid for at the value they should be.

我想，喬安妮，你知道這一點。Jay 在他準備好的演講中提到，隨著即將到來的報銷變化，您可以使用這些創新產品，其中一些是我們產品組合中已經擁有的，其中一些是新的，現在它們可以在以下位置報銷或付款：他們應該有的價值。

So something that might have only been getting $200 per customer could get a tenfold increase in reimbursement aligned to that, which then changes the customer's thoughts about how many procedures you can use this for.

因此，每個客戶可能只能獲得 200 美元的東西可能會得到十倍的報銷，從而改變客戶對可以使用它進行多少次手術的想法。

In many cases, a product for like Parkinson's for DaTscan, that we've had for some time, which has been successful, can be used more widely because the economics make sense. Our product like Cerianna for breast cancer, which is clearly a product that's indicated that delivers better diagnostics, but has been tough because of the economics that could change as well.

在許多情況下，我們已經使用了一段時間的 DaTscan 等針對帕金森氏症的產品，並且取得了成功，可以更廣泛地使用，因為經濟上是有意義的。我們的產品，如治療乳癌的 Cerianna，顯然是一種可以提供更好診斷的產品，但由於經濟狀況也可能發生變化，因此一直很困難。

So again, all of these, we think, are positive and all of these products have higher gross margins than the rest of our portfolio. So the mix benefit that will come through with these as well is quite positive.

因此，我們認為所有這些都是積極的，並且所有這些產品的毛利率都高於我們投資組合的其他產品。因此，這些帶來的混合效益也是相當正面的。

David Roman, Goldman Sachs.

大衛羅曼，高盛。

Before I ask the question, I just wanted to thank you for all the very helpful disclosures on the recast of the business segmentation with all the supporting details. It is very helpful and appreciated.

在我提出問題之前，我只想感謝您對業務細分的重新調整所做的所有非常有用的披露以及所有支援細節。這是非常有幫助和讚賞的。

Maybe just jumping in as a follow-up to what Pete will you just walk through here on GE's capacity to operate across the entire spectrum within pharmaceutical diagnostics. Maybe you could help us just by deconstructing that business a little bit into its components around capital or cap-related items, including software and service, how much of that is on the radio tracer side or radiopharma side?

也許只是作為 Pete 的後續內容，您將在這裡介紹 GE 在藥物診斷領域的整個領域運作的能力。也許您可以透過將該業務稍微解構為圍繞資本或上限相關項目的組成部分（包括軟體和服務）來幫助我們，其中有多少是在放射性示踪劑方面或放射性製藥方面？

And how we should think about the different growth levers in each of those pieces? And I had a follow-up on the P&L.

我們應該如何考慮每個部分的不同成長槓桿？我對損益表進行了跟進。

Yes. It's a really good question, David, because unlike most pharmaceutical businesses where it might be an injectable or an oral sale, these are a little more complicated. And I say complicated in some ways that they have to come together in concert other items, but also in such a way that from generics or other folks coming into it, you have to actually have the infrastructure.

是的。這是一個非常好的問題，大衛，因為與大多數製藥公司不同的是，它們可能是注射或口服銷售，這些要複雜一些。我說在某些方面很複雜，他們必須將其他項目結合在一起，但也以這樣的方式，從仿製藥或其他人進入它，你必須真正擁有基礎設施。

So in the case of these, to remind everyone, they are radioactive agents, how you actually make them, how you deliver them has a very select set of expertise to be able to do that, which we have. And so, again, I think at the highest level, this first part is a proprietary molecule portfolio, which we have that touches in oncology, that's going to be a beneficial tied to what's happening in this field of theranostics.

因此，就這些而言，提醒大家，它們是放射性物質，如何實際製造它們，如何交付它們，需要一套非常精選的專業知識才能做到這一點，我們擁有這些專業知識。因此，我再次認為，在最高層面上，第一部分是專有的分子組合，我們在腫瘤學領域有所涉及，這將有益於治療診斷學領域正在發生的事情。

Again, the ability to actually see what you treat and treat what you see. In the neuro space, we talk about Vizamyl in Alzheimer's. That's a radiopharmaceutical tracer, again, to help highlight amyloid beta plaque or in the case of DaTscan, the ability to actually help understand and diagnose Parkinson's. And then in the cardiology side is flurpiridaz. So we actually have kind of the trifecta of different areas here for products.

再說一次，能夠真正看到你所對待的東西並對待你所看到的東西。在神經領域，我們談論維扎米治療阿茲海默症。這又是一種放射性藥物示蹤劑，可以幫助突出澱粉樣蛋白斑塊，或者就 DaTscan 而言，它能夠真正幫助了解和診斷帕金森氏症。然後在心臟病學方面是氟吡達茲。因此，我們實際上擁有不同領域的三重產品。

Then you take a look at it, and you say the reimbursement environment hasn't been the greatest in the US. That's has the potential here to evolve. Hopefully, we're going to hear more about the rulings in the near term. We feel pretty good about that. But that will enable those to be paid at effective levels.

然後你看一下，你說報銷環境不是美國最好的。這有發展的潛力。希望我們能在短期內聽到更多有關裁決的資訊。我們對此感覺很好。但這將使這些人能夠得到有效水準的報酬。

The other side then is the equipment that these are used and to be able to image. And so, we make PET, PET/CT, PET/MR, we haven't spoken that much about it most recently, but our StarGuide SPECT camera is really a one of very special product that actually can be used to actually stage some of the therapy drugs in combination. That's a critical component for enabling a theranostics study.

另一面則是這些被使用並能夠成像的設備。因此，我們製造 PET、PET/CT、PET/MR，最近我們還沒有過多談論它，但我們的 StarGuide SPECT 相機確實是一種非常特殊的產品，實際上可以用來實際上演一些聯合治療藥物。這是實現治療診斷研究的關鍵組成部分。

And what I mean by that is if you don't have a camera like ours, that patient study could take 1.5 hours versus 10 minutes. And then all of a sudden, you don't have a workflow solution. We have that whole package.

我的意思是，如果您沒有像我們這樣的相機，那麼患者研究可能需要 1.5 小時而不是 10 分鐘。然後突然之間，您就沒有工作流程解決方案了。我們有整個包。

And the last part is the digital integration. And so, we bought this company just a little while ago called MIM. Fantastic group of individuals, great technology, in the top strategic and most advanced institutions around the world. and we're adding artificial intelligence into it and capabilities. And so, what does that product do? It helps you be kind of at the command center, if you will, of how the dose is to that patient, how the product is working.

最後一部分是數位整合。因此，我們不久前收購了這家名為 MIM 的公司。在全球頂級策略和最先進的機構中，有一群出色的個人和偉大的技術。我們正在為其添加人工智慧和功能。那麼，該產品有什麼作用呢？如果您願意的話，它可以幫助您成為指揮中心，了解該患者的劑量如何，產品如何發揮作用。

So you have to have all those together. And the short answer is we do. And so for a customer that's looking into buying parts of this, if they can work with someone like GE HealthCare, who has the commercial and technical team that can bring you the whole solution, most likely customers are more willing to come to you and look to your expertise to help implement that. And that's ultimately what we try to do is to help customers solve their solutions and help them implement it broadly.

所以你必須把所有這些都放在一起。簡短的回答是我們願意。因此，對於正在考慮購買部分產品的客戶來說，如果他們可以與像GE HealthCare 這樣擁有商業和技術團隊的公司合作，可以為您帶來整個解決方案，那麼客戶很可能會更願意來找您並查看利用您的專業知識來幫助實現這一目標。我們最終要做的就是幫助客戶解決他們的解決方案並幫助他們廣泛實施。

That's really helpful. And then, Jay, on the P&L, as you kind of -- I know you'll provide 2025 at a later date. But as we kind of think about the building blocks to next year, we appreciate the comments around China stimulus. But as you look down the income statement, you've had this giant step-up in R&D that looks -- maybe that starts to normalize to more sustainable growth rates.

這真的很有幫助。然後，傑伊，關於損益表，正如您所說，我知道您稍後會提供 2025 年的數據。但當我們思考明年的基石時，我們讚賞有關中國刺激計劃的評論。但當你查看損益表時，你會發現研發方面的巨大進步——也許這開始正常化為更永續的成長率。

SG&A has been well managed. But are there any onetime things that may have occurred this year like rebasing of incentive comp because you're going to come in below the top line that we need to consider in next year? And anything that you want to call out for us at this point in time as we think about updating our models into next year?

SG&A 管理良好。但是，今年是否會發生一些一次性的事情，例如因為你的收入將低於我們明年需要考慮的頂線而重新設定激勵補償基數？當我們考慮明年更新我們的模型時，您有什麼想對我們提出的嗎？

Sure. And David, by the way, thanks for your comment on the recast financials. I know that there are a lot of finance and accounting folks and legal folks from GE HealthCare listening and who put a lot of work into that. So we appreciate that.

當然。順便說一句，大衛，感謝您對重新調整的財務狀況的評論。我知道 GE HealthCare 的許多財務和會計人員以及法律人員都在傾聽並為此付出了很多努力。所以我們對此表示讚賞。

As you think about next year P&L stopping short of any guidance, one key variable is this China factor. To your point, and I've said this in the past, R&D has been growing at a significantly higher rate than sales. At some point, it will grow in line with sales, and we will get closer to that next year.

當你考慮到明年的損益表不會出現任何指引時，一個關鍵變數就是中國因素。就你的觀點而言，我過去曾說過，研發的成長速度明顯高於銷售的成長速度。在某個時候，它會隨著銷售額的成長而成長，明年我們將更接近這個目標。

And then from an SG&A standpoint, you're right, incentive payouts when sales are off are lower, but it's more of a variable compensation thing. It kind of moves with sales. So as sales moves up, that category moves up. I don't expect to see a very dramatic onetime step-up next year as a result of reduction this year. So I think the items that you characterize are the right ones, and we'll construct the rest of it leading up to guidance in February.

然後，從 SG&A 的角度來看，你是對的，銷售下滑時的激勵支出較低，但這更多的是可變薪酬。它隨著銷量的變化而變化。因此，隨著銷售額的上升，該類別也會上升。我預計明年不會因為今年的減少而出現非常戲劇性的一次性增長。因此，我認為您所描述的項目是正確的，我們將在 2 月建立指導之前建造其餘部分。

Larry Biegelsen, Wells Fargo.

拉里·比格爾森，富國銀行。

I just wanted to follow up maybe a little bit on David's comments. What's the message on 2025 given your China comments and limited recovery through the first half or limited benefit, I think, from the stimulus in the first half of 2025?

我只是想跟進大衛的評論。鑑於您對中國的評論以及上半年的有限復甦或我認為 2025 年上半年的刺激措施帶來的有限收益，2025 年的信息是什麼？

I'm asking because the comps get easier for China in the first quarter of 2025. It's declining in the first quarter of this year. So is the message on China that it declines or grows in 2025? And how does that impact the mid-single-digit top line growth and margin progression next year? Then I have one follow-up.

我這麼問是因為 2025 年第一季中國的競爭會變得更容易。今年第一季度，這一數字正在下降。那麼，2025年中國的訊息是衰退還是成長呢？這對明年中個位數的營收成長和利潤成長有何影響？然後我有一個後續行動。

Yes, Larry, I think we'll stop short of giving guidance for next year because I think what we've seen is there's a lot of volatility in that market in particular. And so we're going to wait for a while to gather a lot more information before we give guidance in February.

是的，拉里，我認為我們不會為明年提供指導，因為我認為我們所看到的是，該市場尤其存在很大的波動性。因此，在二月提供指導之前，我們將等待一段時間來收集更多資訊。

As it relates to midterm guidance, we feel very good about midterm's compounded mid-single-digit organic revenue growth. And in the capital business, some years are above as we saw in '22-'23, some years below as we saw in '24. But on balance, we've been able to execute on this mid-single-digit growth, and we look forward to talking to you more about that at our Investor Day.

由於它與中期指導相關，我們對中期的複合中個位數有機收入成長感到非常滿意。在資本業務中，有些年份高於我們在「22-」23 年看到的情況，有些年份低於我們在「24 年」看到的情況。但總的來說，我們已經能夠實現中個位數的成長，我們期待在投資者日與您更多地討論這個問題。

From a margin standpoint, we feel very good about what we've been able to do in 2024, delivering at the high end of the range despite a low-end revenue guide. And the pipeline for margin looks really good in 2025 and beyond. And so we'll -- that's kind of what we're prepared to say in terms of outlook for the company.

從利潤率的角度來看，我們對 2024 年的表現感到非常滿意，儘管收入指引較低，但仍達到了範圍的高端。2025 年及以後的利潤率看起來非常好。因此，這就是我們準備就公司前景發表的看法。

And as it relates to '25, it's more wait and see to see how this market does. We think long term, China represents a really good and attractive market for GE HealthCare. We've been there a long time. We've been manufacturing there over 30 years. So it's a robust environment, but proving -- sort of anticipating the timing of this recovery has proved to be a really challenging forecasting exercise.

由於它與 25 年有關，因此更多的是觀望這個市場的表現。我們認為，從長遠來看，中國對 GE 醫療保健來說是一個非常好的、有吸引力的市場。我們已經在那裡很久了。我們在那裡生產超過 30 年。因此，這是一個強勁的環境，但事實證明，預測這種復甦的時間已被證明是一項非常具有挑戰性的預測工作。

So based on all that, we're going to be conservative when we give guidance as we typically are and we're going to be thoughtful and incorporate all the information. We'll get a lot more information in the coming months.

因此，基於所有這些，當我們像往常一樣提供指導時，我們將保持保守，並且我們將深思熟慮並納入所有資訊。我們將在接下來的幾個月中獲得更多資訊。

And then the last thing I would say is looking at things over time, we feel very good about the margin expansion plan. So that's something that I think we've been intensely focused on, and we've been able to deliver on margin despite a wide range of outcomes on revenue as we've seen. Pete, what would you add to that?

我要說的最後一件事是隨著時間的推移，我們對利潤擴張計劃感覺非常好。因此，我認為這是我們一直非常關注的事情，儘管我們已經看到了收入方面的各種結果，但我們仍然能夠實現利潤率。皮特，你想補充什麼？

No, I think you hit it. And Larry, as you know, we've got our Investor Day in less than a month here in November on the 21st. And I think we're going to try to lay our case out here on what we've got for top line growth over the next three years, which fundamentally, as you guys all know, in this industry, it takes some time to be able to execute on some of the programs, and we feel super good.

不，我認為你擊中了它。Larry，如您所知，不到一個月的時間，我們將在 11 月 21 日迎來投資者日。我認為我們將嘗試在這裡闡述我們在未來三年內實現收入增長的情況，從根本上講，正如你們都知道的那樣，在這個行業中，需要一些時間才能實現這一目標。我們感覺超級好。

And one of the goals is to show you what we've done with the R&D money, which is the NPI pipeline in areas that you would expect, in areas that I hope you'll be impressed with that's going to open up new growth areas for us within our portfolio, how we're evolving the digital and AI front. And again, not only just in inside the products, but products by themselves that are digital in nature, and then this whole radiopharmaceutical piece.

我們的目標之一是向您展示我們用研發資金所做的事情，即您期望的領域中的 NPI 管道，我希望您會對這將開闢新的增長領域印象深刻的領域對我們來說，在在我們的產品組合中，我們如何發展數位和人工智慧前沿。再說一遍，不僅在產品內部，而且產品本身本質上都是數字的，然後是整個放射性藥物。

And to me, it's those three levers that are going to help us really around the world, but particularly in some of the Western developed markets where precision medicine is becoming and adopted at a faster rate.

對我來說，這三個槓桿將真正幫助我們在世界各地，特別是在一些西方已開發市場，精準醫療正在以更快的速度發展和採用。

That's very helpful. Just to sneak in a quick follow-up. Jay, could you confirm the implied Q4 organic growth? It's slightly above 2% based on the new guidance. And what gets better in Q4 versus Q3? And what -- and the confidence in the sequential ramp in dollars from Q3 to Q4?

這非常有幫助。只是為了快速跟進。Jay，您能否確認第四季的有機成長？根據新指南，該比例略高於 2%。與第三季相比，第四季哪些方面變得更好？還有什麼——以及對美元從第三季到第四季連續上漲的信心？

Yeah. So third quarter came in as we expected, roughly 1%. In the fourth quarter, we do reflect the China dynamic. Fourth quarter is typically our strongest quarter of the year from a volume standpoint. I think last year, we had a $400 million step-up from 3Q to 4Q. We're expecting, I think, roughly similar levels as we look at the numbers this year, maybe a little bit more.

是的。因此，第三季的業績符合我們的預期，約為 1%。在第四季度，我們確實反映了中國的動態。從銷售的角度來看，第四季通常是我們一年中最強勁的季度。我想去年，我們從第三季到第四季增加了 4 億美元。我認為，我們預計與今年的數字大致相似，甚至可能更高一些。

And how are we going to get there? It's about continued strength in our PDx and service business. Those things will step up in the fourth quarter. We've made a lot of positive comments about the US market. We expect that to continue.

我們怎樣才能到達那裡？這關係到我們 PDx 和服務業務的持續實力。這些事情將在第四季加強。我們對美國市場做出了很多正面的評價。我們預計這種情況會持續下去。

And then the last thing I would say is we do have an analytic that we put in place each of our quarters, looking at conversion of backlog, looking at what's repeatable recurring revenue backlog and then how much do we need to sell and install in the quarter.

And then the last thing I would say is we do have an analytic that we put in place each of our quarters, looking at conversion of backlog, looking at what's repeatable recurring revenue backlog and then how much do we need to sell and install in the四分之一.

And so just to walk through that very briefly, about half of our revenue is related to recurring items, notably service and PDx, and we have a very good line of sight in that area. The remaining half is equipment related, and equipment-related comes down to two pieces. How much are you're counting on from the backlog? And how much are you're counting to sell and install in the quarter?

簡而言之，我們大約一半的收入與經常性項目有關，特別是服務和 PDx，而且我們在該領域擁有非常好的視野。剩下一半是裝備相關的，而裝備相關的又分為兩塊。您對積壓訂單的期望是多少？您預計本季的銷售和安裝量是多少？

From the backlog, we're over 75% secured, as we say, at this point, which is very comparable to historic rates, and we feel good about that component. And then the other piece is how much do you sell and install in the quarter? And as we look at the funnel and anticipated conversion to orders and to sales, we'll expect to see conversion rates similar to what we've had in the past. And so nothing dramatic in terms of trajectory differences.

正如我們所說，從積壓情況來看，我們目前的安全率已超過 75%，這與歷史水準非常相似，我們對此部分感覺良好。另一個問題是您在本季的銷售量和安裝量是多少？當我們查看管道以及預期的訂單和銷售轉換時，我們預計會看到與過去類似的轉換率。因此，就軌跡差異而言，並沒有什麼戲劇性的變化。

And all of that yields, that roughly 2% revenue growth in the fourth quarter. So there's a lot of different ways to look at it, but that's one detailed way that we go through it, and we feel good about the fourth quarter.

所有這些都帶來了第四季度約 2% 的收入成長。因此，有很多不同的方式來看待它，但這是我們經歷它的一種詳細方式，我們對第四季度感覺很好。

Vijay Kumar, Evercore.

維傑·庫馬爾，Evercore。

I guess, Pete, I have two product-related questions. The first one on Flyrcado. Just given all the comments you made, right, is there any reason to think why half of all NPI procedures in the medium term can't flip over to flurpiridaz. It's better for patients, better for hospitals, better for supply chain. I'm just trying to think what the hurdles are?

我想，皮特，我有兩個與產品相關的問題。Flyrcado 上的第一個。考慮到您提出的所有評論，對吧，是否有任何理由思考為什麼中期所有 NPI 程序中的一半不能轉向 Flurpiridaz。這對病人更好，對醫院更好，對供應鏈更好。我只是想想想障礙是什麼？

Yes, Vijay, it's -- I agree with you. All of the right components are in place. The biggest piece is, are there enough PET systems in the right locations, is probably the biggest driver. So you could clearly see a step-up in the locations where they have the product against product, where they have the PET system in place. But then it takes some time.

是的，維傑，我同意你的觀點。所有正確的組件均已就位。最重要的是，在正確的位置是否有足夠的 PET 系統，這可能是最大的驅動因素。因此，您可以清楚地看到他們在產品與產品之間的位置以及安裝 PET 系統的位置上的進步。但這需要一些時間。

Let's just assume a customer says, gee, I really want to go all in on this and then give us orders here in the next month to buy the systems. You're still with a pet room being prepared and installed and stuff in an area, you're 6 to 9 to 12 months out.

我們假設一位客戶說，天哪，我真的想全力以赴，然後在下個月在這裡給我們下訂單來購買系統。您還需要準備和安裝寵物房以及在某個區域中放置東西，您還需要 6 到 9 到 12 個月的時間。

And so, that's probably the biggest piece. But again, over a horizon of 3 to 5 years, I think, to your point, there are clear scenarios where you could have a much, much higher percentage of conversion. But we're just trying to be pragmatic at this point in time on how we frame this up.

所以，這可能是最大的一塊。但同樣，在 3 到 5 年的時間裡，我認為，就你的觀點而言，有明顯的場景可以實現更高的轉換率。但目前我們只是在如何建構這個問題上採取務實的態度。

That's helpful, Pete. And maybe one related one here is when you think about the system side, right? Could Flyrcado be a driver for tech systems for you guys? I know when you look at systems outside of PET, I think you've launched this AI product on the MRI side. Are we seeing any share gains on the systems side? So could GE HealthCare fundamentally emerge in a much stronger position on the system side?

這很有幫助，皮特。也許這裡的一個相關問題是當你考慮系統方面時，對嗎？Flyrcado 可以成為你們技術系統的驅動程式嗎？我知道，當您查看 PET 以外的系統時，我認為您已經在 MRI 方面推出了這款人工智慧產品。我們是否看到系統方面有任何份額增長？那麼，GE 醫療保健能否從根本上在系統方面佔據更強大的地位呢？

I think the answer is yes. You could clearly see this as a driver. And again, I think it's for us. I think it's for the whole category that this will actually have an effect. And the question is, well, why? If you think about PET imaging forever, it's been FDG. So fundamentally, a generic-based tracer that can be used primarily for broad oncology procedures.

我認為答案是肯定的。作為司機你可以清楚地看到這一點。再說一次，我認為這適合我們。我認為這實際上會對整個類別產生影響。問題是，為什麼？如果您永遠想到 PET 成像，那就是 FDG。從根本上講，這是一種基於仿製藥的示踪劑，主要用於廣泛的腫瘤學程序。

Now you're getting more personalized specific molecules that are tied to a given disease state. And so all of a sudden, the use of PET, again, as I mentioned earlier, in neuro procedures for Alzheimer's and cardio for like Flyrcado for cardiopulmonary perfusion or in oncology as it's been used, but more specific.

現在，您將獲得與特定疾病狀態相關的更個人化的特定分子。因此，正如我之前提到的，PET 突然被用於治療阿茲海默症的神經手術和用於心肺灌注的Flyrcado 等心臟手術，或用於腫瘤學，因為它已被使用，但更具體。

So -- and we'll talk about that at Investor Day about how that pipeline of molecules is coming and not only in diagnostics, but also in therapeutics which will drive that. So we're quite excited about it. And I would just say for our team, which is in molecular imaging in Roland's business and the teams, they've done a really nice job. We have a platform that actually is very scalable. It's upgradable in the field.

因此，我們將在投資者日討論分子管道的未來，不僅在診斷領域，而且在推動這一趨勢的治療領域。所以我們對此感到非常興奮。我只想說，對於我們的團隊，羅蘭的分子影像業務和團隊，他們做得非常好。我們擁有一個實際上非常可擴展的平台。它可以在現場升級。

And we also think we have a distinctive capability that's going to enable us to do some early types of evaluation in this space that other products in the market can't do. So we'll talk more about that on November 21.

我們也認為我們擁有獨特的能力，使我們能夠在這個領域進行一些早期類型的評估，這是市場上其他產品無法做到的。我們將在 11 月 21 日進一步討論這個問題。

But yes, we're quite excited about this combination of new agents, reimbursement for the agents and then the equipment that's integrated around it, both digital and the hardware. And I think that's going to be a growth driver for many years to come.

但是，是的，我們對新代理、代理報銷以及圍繞它集成的設備（數位和硬體）的結合感到非常興奮。我認為這將成為未來許多年的成長動力。

Sezgi Ozener, HSBC.

塞吉‧奧澤納 (Sezgi Ozener)，匯豐銀行。

One on the revenue classification, please. (technical difficulty)

請介紹一下收入分類。（技術難度）

Sezgi, I'm really sorry, we can't hear you at all.

Sezgi，真的很抱歉，我們根本聽不到你的聲音。

(technical difficulty)

（技術難度）

Let's go to the next question since we can't hear Sezgi and this will actually be our last question given the time constraints.

讓我們進入下一個問題，因為我們聽不到 Sezgi 的聲音，考慮到時間限制，這實際上是我們的最後一個問題。

Navann Ty, BNP Paribas.

納萬·泰，法國巴黎銀行。

Following up on China. So we understand there is low visibility. So which of the four steps you described are we in now in Q4? And what visibility do you have into the first half in terms of tender activity moving into the execution phase? And then on Flyrcado, can you detail what you have to do ahead of the launch in late Q1 and which US markets will you target initially? Thank you.

跟進中國。所以我們知道能見度很低。那麼第四季度我們現在處於您所描述的四個步驟中的哪一個？您對上半年進入執行階段的招標活動有何看法？然後，在 Flyrcado 上，您能否詳細說明在第一季末推出之前您必須做什麼以及您最初將瞄準哪些美國市場？謝謝。

Yes. I think we've kind of covered China part -- the four parts, we're going to be the first step here, which again is we see a lot of activity coming together. The funds haven't been released, so the tenders haven't been opened, but it's kind of the step one.

是的。我認為我們已經涵蓋了中國部分——這四個部分，我們將是這裡的第一步，我們再次看到很多活動聚集在一起。資金尚未發放，因此招標尚未開放，但這只是第一步。

And relative to Flyrcado, I think as far as the work that has to be done, we have the FDA approval. We're working here in the United States with CMS and what's called the [MAX] for the reimbursement process and we'll be working with selective countries around the world to do the same thing.

相對於 Flyrcado，我認為就必須完成的工作而言，我們已經獲得了 FDA 的批准。我們正在美國與 CMS 和所謂的 [MAX] 報銷流程合作，我們將與世界各地的選定國家合作做同樣的事情。

So that's the combination of the work as well as our normal ramp-ups for commercialization, training of our teams, positioning all of those things. But much of that in position, and we would suspect that we'll be commercializing in late Q1, if everything plays out how we think. Thank you for your question.

這就是工作以及我們正常的商業化提升、團隊培訓、定位所有這些事情的結合。但其中大部分已經到位，我們懷疑，如果一切按照我們的想法發展，我們將在第一季末實現商業化。謝謝你的提問。

So I think with that, we're going to wrap up, I think. And so, again, thank you all for joining us today. I appreciate all of your interest. And we look forward to hopefully connecting with all of you in the coming days at our Investor Day, which is just around the corner here at Nasdaq Marketplace in New York on November 21. Thank you.

所以我想，我們就這樣結束了。再次感謝大家今天加入我們。我感謝你們的關注。我們期待在未來幾天的投資者日上與大家聯繫，投資者日即將於 11 月 21 日在紐約納斯達克市場舉行。謝謝。

This concludes today's conference call. Thank you for participating. You may now disconnect.

今天的電話會議到此結束。感謝您的參與。您現在可以斷開連線。