GE Healthcare Technologies Inc (GEHC) 2025 Q1 法說會逐字稿

Good day, and thank you for standing by. Welcome to the GE Healthcare first-quarter 2025 earnings conference call. At this time, all participants are in a listen-only mode. (Operator Instructions)

您好，感謝您的支持。歡迎參加 GE Healthcare 2025 年第一季財報電話會議。此時，所有參與者都處於只聽模式。（操作員指示）

Please be advised that today's conference is being recorded. I would now like to hand the conference over to your speaker today, Carolynne Borders. Please go ahead.

請注意，今天的會議正在錄音。現在我想將會議交給今天的發言人卡洛琳‧博德斯 (Carolynne Borders)。請繼續。

Thanks, operator. Good morning and welcome to GE Healthcare's first-quarter 2025 earnings call. I'm joined by our President and CEO, Peter Arduini; and Vice President and CFO, James Saccaro.

謝謝，接線生。早安，歡迎參加 GE Healthcare 2025 年第一季財報電話會議。和我一起出席的還有我們的總裁兼執行長 Peter Arduini；以及副總裁兼財務長 James Saccaro。

Our conference call remarks will include both GAAP and non-GAAP financial results. Reconciliations between GAAP and non-GAAP measures can be found in today's press release and in the presentation slides available on our website. During this call, we'll make forward-looking statements about our performance. These statements are based on how we see things today. As described in our SEC filings, actual results may differ materially due to risks and uncertainties. With that, I'll hand the call over to Peter.

我們的電話會議評論將包括 GAAP 和非 GAAP 財務結果。您可以在今天的新聞稿和我們網站上的簡報幻燈片中找到 GAAP 和非 GAAP 指標之間的對帳。在本次電話會議中，我們將對我們的業績做出前瞻性的陳述。這些陳述是基於我們今天對事物的看法。正如我們提交給美國證券交易委員會的文件中所述，由於風險和不確定性，實際結果可能存在重大差異。說完這些，我就把電話交給彼得。

Thanks, Carolyn. Good morning and thank you for joining us. Our first quarter results reflect strong execution as we start the year with revenue and profit growth that exceeded our expectations.

謝謝，卡洛琳。早安，感謝您加入我們。我們第一季的業績體現了強勁的執行力，年初我們的營收和利潤成長超出了我們的預期。

Record double digit orders growth as a standalone company was driven by strength in the US market, where we see customers prioritizing investments in imaging products with a particular focus on cardiology and oncology. Early indications from market data shows that we've gained share in a significant number of markets where we compete, reflected in our strong orders group. In the quarter, we booked the first Sutter Health orders and continued to strengthen our relationship with many other top IDNs like our recently announced agreement with Saint Luke's University Health Network to drive further growth.

作為一家獨立公司，創紀錄的兩位數訂單成長得益於美國市場的強勁成長，我們看到客戶優先投資於成像產品，尤其關注心臟病學和腫瘤學。市場數據的早期跡象表明，我們在大量競爭市場中獲得了份額，這反映在我們強勁的訂單組中。在本季度，我們獲得了首批 Sutter Health 訂單，並繼續加強與許多其他頂級 IDN 的關係，例如我們最近宣布與聖路加大學健康網絡達成的協議，以推動進一步成長。

We saw strong momentum in backlog and continuing strength in book-to-bill in the quarter. Topline organic performance of 4% was broad-based with growth in each segment, and we delivered healthy margin and earnings per share performance. That being said, we're adjusting 2025 guidance today, reflecting the estimated impact from tariffs on profit and cash. Our sales estimates remain the same, supported by a strong customer demand environment.

本季度，我們看到積壓訂單動能強勁，訂單出貨比持續走強。4% 的營收有機成長是各部門全面成長的結果，並且我們實現了健康的利潤率和每股盈餘表現。話雖如此，我們今天正在調整 2025 年的指導，以反映關稅對利潤和現金的預期影響。在強勁的客戶需求環境的支持下，我們的銷售預期保持不變。

Let me give a more detailed view on slide 4 of the current global trade environment in an effort to be transparent about our view of the environment and its correlation to our business. We're showing on the chart how we expect tariffs to impact our 2025 results if they stay at the current elevated levels. We have conservatively assumed that the bilateral US and China tariffs continue, accounting for 75% of our total net tariff impact. We've also assumed that US reciprocal tariffs on the rest of the world announced on April 2 return to pre-pause levels on July 9, and Mexico and Canada tariffs remain in place with USMCA exemptions for all eligible imports.

讓我在第 4 張投影片上更詳細地介紹當前的全球貿易環境，以便透明地展示我們對環境的看法及其與我們業務的相關性。我們在圖表上顯示瞭如果關稅保持在先前的高水平，我們預計關稅將如何影響我們的 2025 年業績。我們保守地認為，美國和中國的雙邊關稅將持續下去，占我們總淨關稅影響的 75%。我們還假設美國於 4 月 2 日宣布的對世界其他國家徵收的互惠關稅將於 7 月 9 日恢復到暫停前的水平，而墨西哥和加拿大的關稅保持不變，所有符合條件的進口產品均享有 USMCA 豁免。

Prior to mitigation, the gross impact of tariffs is estimated to be approximately $1.75 per share. And since we initiated work on tariffs, we've moved swiftly and taken responsible and sustainable actions to mitigate over 50% of our gross exposure. We have a strong funnel of additional opportunities for further offsets, including product and component moves, which take longer to execute.

在採取緩解措施之前，關稅的總影響估計約為每股 1.75 美元。自從我們啟動關稅工作以來，我們迅速採取行動，採取負責任和可持續的行動，以減輕超過 50% 的總風險敞口。我們擁有大量進一步抵消損失的額外機會，包括產品和組件移動，這些都需要更長的時間來執行。

With mitigation actions to date, we expect approximately $0.80 per share of net incremental impact. This is in addition to the $0.05 we reflected in our February guidance. To be clear, the total impact of tariffs in our adjusted EPS guidance is $0.85. Given the actions we're taking to optimize the supply chain, in 2026, we expect less than $0.85 of adjusted EPS impact from tariffs under the current tariff structure.

透過迄今為止採取的緩解措施，我們預計每股淨增量影響約為 0.80 美元。這是我們 2 月份指導中反映的 0.05 美元的補充。需要明確的是，關稅對我們調整後的每股盈餘預測的總影響為 0.85 美元。鑑於我們為優化供應鏈而採取的措施，到 2026 年，我們預計在當前關稅結構下，關稅對調整後每股盈餘的影響將不到 0.85 美元。

Operationally, we're strengthening our market presence and we're on track to deliver our pipeline of innovation discussed at our fourth quarter investor day, including radiopharmaceuticals, Total Body PET, photon counting CT, and next generation interventional vascular lab. These are a few of the high impact opportunities we expect to drive growth in 2026. Now, I'll turn the call over to Jay to provide more detail on the quarter. and guidance for the year. Jay?

在營運方面，我們正在加強我們的市場影響力，並有望實現我們在第四季度投資者日討論的創新產品線，包括放射性藥物、全身 PET、光子計數 CT 和下一代介入血管實驗室。這些是我們預計在 2026 年推動成長的一些重大機會。現在，我將把電話轉給傑伊，以提供有關本季度的更多詳細資訊。以及年度指導。傑伊？

Thanks, Pete. Let's start with our financial performance on slide 5. For the first quarter of 2025, we reported revenues of $4.8 billion with solid organic revenue growth of 4%. We reported growth across each of our segments with particular strength in the US where we delivered high-single digit growth year over year. On a reported basis, service revenue grew 3% and product revenue was up 2%. Organic orders growth was robust, up 10% year over year, the highest since our spend. This reflected healthy underlying market demand. The bill in the quarter was strong at 1.09 times. We also exited the quarter with a record backlog of $20.6 billion, up $1.9 billion year over year, and also up $800 million sequentially.

謝謝，皮特。讓我們從幻燈片 5 上的財務表現開始。2025 年第一季度，我們的營收為 48 億美元，有機收入穩定成長 4%。我們報告稱，各部門均實現了成長，其中美國尤其強勁，年成長率高達個位數。據報道，服務收入成長了 3%，產品收入成長了 2%。有機訂單成長強勁，年增 10%，創下我們支出以來的最高水準。這反映了健康的潛在市場需求。本季該法案表現強勁，達 1.09 倍。本季結束時，我們的積壓訂單量達到創紀錄的 206 億美元，比去年同期增加了 19 億美元，比上一季增加了 8 億美元。

We continue to make good progress on our margin acceleration, delivering an adjusted EBIT margin of 15% in the quarter, up 30 basis points year over year due to volume and productivity. With mid-single digit organic revenue growth, continued margin expansion, and lower interest and tax expense, we delivered first quarter adjusted EPS of $1.01 which was up 12% year over year. Free cash flow of $98 million in the quarter was down $175 million from the year ago period, primarily due to timing. I'll cover that later in today's call. This result was ahead of our expectations.

我們在利潤率加速方面繼續取得良好進展，本季度調整後的息稅前利潤率為 15%，由於產量和生產力的提高，同比增長 30 個基點。憑藉中等個位數的有機收入成長、持續的利潤率擴大以及較低的利息和稅費支出，我們第一季的調整後每股收益為 1.01 美元，比去年同期成長 12%。本季自由現金流為 9,800 萬美元，較去年同期減少 1.75 億美元，主要原因是時間安排問題。我將在今天晚些時候的電話會議中討論這個問題。這個結果超出了我們的預期。

Taking a closer look at margin performance in the 1st quarter on slide 6. Adjusted gross margin expanded 80 basis points year over year, driven by increased volume and benefiting from higher margin new products. On the cost side, we continue to drive productivity initiatives that are positively impacting margins. For instance, our imaging team has implemented a new lean management system to more effectively convert backlog. This project has reduced our past due backlog by over $25 million increasing customer satisfaction and improving cash flow.

在第 6 張投影片上仔細觀察第一季的利潤表現。調整後的毛利率年增 80 個基點，這得益於銷售成長和利潤率更高的新產品。在成本方面，我們持續推動對利潤率產生正面影響的生產力措施。例如，我們的成像團隊已經實施了新的精實管理系統，以更有效地轉換積壓訂單。該項目使我們的逾期積壓訂單減少了 2500 多萬美元，提高了客戶滿意度並改善了現金流。

For the first quarter, R&D investment with 7% of sales, increasing 6% year over year. We remain committed to advancing our innovation initiatives and growing our product leadership positions. We continue to drive operational efficiency in SG&A while investing strategically in our commercial capabilities, including the launch of our proprietary radiopharmaceutical, Flyrcado. Our ongoing optimization work and lean approach contributed to the 30 basis point year over year improvement and adjusted EBIT margin.

第一季度，研發投入佔銷售額的7%，較去年同期成長6個百分點。我們將繼續致力於推進我們的創新舉措並提升我們的產品領導地位。我們持續提高銷售、一般及行政費用 (SG&A) 的營運效率，同時對商業能力進行策略性投資，包括推出我們的專有放射性藥物 Flyrcado。我們持續的最佳化工作和精益方法促成了 30 個基點的年成長和調整後的 EBIT 利潤率。

Let's move on to segment performance, starting with imaging on slide 7. Organic revenue in the quarter was up 5% year over year, driven by strong execution in the US. Segment EBIT margin was up 130 basis points year over year, driven by productivity, volume, and price. This expansion versus the first quarter of 2024 was achieved while continuing to invest in R&D for new products expected to launch in the coming quarters. We continue to see robust demand in the US and the EMEA markets as we expand into large enterprise accounts.

讓我們繼續討論細分性能，從幻燈片 7 上的成像開始。受美國強勁執行力的推動，本季有機營收年增 5%。受生產力、產量和價格的推動，該部門息稅前利潤率年增 130 個基點。與 2024 年第一季相比，這一擴張是在繼續投資於預計將在未來幾季推出的新產品的研發的同時實現的。隨著我們向大型企業帳戶擴張，我們繼續看到美國和歐洲、中東和非洲市場強勁的需求。

Turning to advanced visualization solutions on slide 8. Organic revenue was up 3% year over year with strong performance in the US. Segment EBIT margin increased by 10 basis points year over year, driven by volume and productivity. Our product roadmap is increasingly focused on accelerating recurring revenue with demand for digital and AI across our ultrasound and IGT product portfolios.

前往投影片 8 上的進階視覺化解決方案。由於美國市場表現強勁，有機收入較去年同期成長 3%。受銷售量和生產力的推動，部門息稅前利潤率年增 10 個基點。我們的產品路線圖越來越注重加速經常性收入，滿足超音波和 IGT 產品組合對數位和人工智慧的需求。

Moving to patient care solutions on slide 9, organic revenue growth was up 2% versus the prior year, driven by continued growth with improved backlog execution and monitoring solutions in the US. EBIT margin declined 450 basis points year over year due to investments, tariff impact, and product mix. The team is focused on delivering new product launches with higher gross margin and driving factory automation and supplier consolidations to improve margin over time. Importantly, we continue to invest in our PCS portfolio, including solutions across digital, consumables, and services, which is expected to enable increasing recurring revenue.

轉到幻燈片 9 上的患者護理解決方案，有機收入增長比上年增長了 2%，這得益於美國積壓執行和監控解決方案的改進帶來的持續增長。由於投資、關稅影響和產品組合，息稅前利潤率較去年同期下降 450 個基點。該團隊致力於推出具有更高毛利率的新產品，並推動工廠自動化和供應商整合，以提高利潤率。重要的是，我們繼續投資我們的 PCS 產品組合，包括數位、消耗品和服務解決方案，預計這將增加經常性收入。

Moving to pharmaceutical diagnostics on slide 10. We delivered another robust quarter globally, generating 8% year over year organic growth and an EBIT margin above 32%. We were able to deliver this growth while continuing to invest in our R&D pipeline and NPIs. In the first quarter, we made significant progress in executing on our radiopharmaceutical strategy. We delivered the first commercial doses of Flyrcado, and we saw continued growth of Vyzamyl. We also completed the acquisition of the remaining 50% stake in Nihon Medi-Physics, which we expect to add approximately $150 million of inorganic revenue over the remaining three quarters of 2025.

轉到幻燈片 10 上的藥物診斷。我們在全球範圍內又度過了一個強勁的季度，實現了 8% 的同比有機增長和 32% 以上的息稅前利潤率。我們能夠在繼續投資研發管道和新產品開發的同時實現這一成長。第一季度，我們在執行放射性藥物策略方面取得了重大進展。我們推出了首批 Flyrcado 商業劑量，並且看到 Vyzamyl 持續成長。我們也完成了對 Nihon Medi-Physics 剩餘 50% 股份的收購，預計這將在 2025 年剩餘三個季度增加約 1.5 億美元的無機收入。

Turning to cash on slide 11, we delivered free cash flow of $98 million down year over year, primarily due to a shift in the timing of annual employee compensation payments from the second quarter of the year to the first quarter. We also had an inventory bill to support volume growth. We're actively working inventory cycle times and strategically managing our inventory amid the current tariff environment.

談到第 11 張投影片上的現金，我們的自由現金流年減了 9,800 萬美元，這主要是由於年度員工薪資支付時間從第二季轉移到第一季。我們還有庫存帳單來支持銷售成長。在當前的關稅環境下，我們正在積極地縮短庫存週期並策略性地管理我們的庫存。

Our capital allocation priorities remain unchanged. We repaid $250 million of debt in the first quarter of 2025 as we continue to strengthen our capital structure. We're focused on investing in organic growth and pursuing strategic M&A that aligns with our portfolio strategy. Finally, we remain committed to returning cash to shareholders, and we're very pleased to announce today, a share repurchase program authorization from our Board of Directors of $1 billion. Now, let's turn to our outlook on slide 12.

我們的資本配置重點維持不變。隨著我們繼續加強資本結構，我們在 2025 年第一季償還了 2.5 億美元的債務。我們專注於投資有機成長並尋求符合我們投資組合策略的策略性併購。最後，我們仍然致力於向股東返還現金，今天我們非常高興地宣布，董事會批准了 10 億美元的股票回購計畫。現在，讓我們轉到第 12 張投影片上的展望。

In light of the evolving macroeconomic landscape, we're updating our full year guidance, which reflects the strength of our operational execution while incorporating the impact from tariffs as Pete discussed. For full year 2025, we expect organic revenue growth in the range of 2% to 3%, which remains unchanged. Our strong first quarter results and solid backlog give us increased confidence in our topline guidance for the year.

鑑於不斷變化的宏觀經濟形勢，我們正在更新全年指引，這反映了我們營運執行的實力，同時也考慮了 Pete 所討論的關稅的影響。對於 2025 年全年，我們預計有機收入成長率將在 2% 至 3% 之間，保持不變。我們第一季的強勁業績和穩固的積壓訂單使我們對今年的營收預期更有信心。

Related to China, we continue to take a measured approach. Consistent with our comments in February, we're assuming China's sales performance will be negative in the first half of 2025, with a sequential improvement in the second half of the year versus the first half, leading to a low single digit decline for the year. While foreign exchange rates have been volatile based on rates where rates are today, we expect FX to be neutral to revenue compared to previous expectations of a 1.5% headwind. We're continually focused on driving cost structure efficiencies that are within our control, though not at the expense of R&D, which is the driver of future innovation.

對於中國問題，我們繼續採取審慎態度。與我們 2 月的評論一致，我們假設 2025 年上半年中國的銷售業績將為負值，下半年將較上半年有所改善，導致全年出現低個位數的下降。儘管外匯匯率根據目前的匯率一直波動，但與先前預期的 1.5% 逆風相比，我們預期外匯對營收的影響將保持中立。我們始終致力於提高我們能夠控制的成本結構效率，但不會以犧牲研發為代價，因為研發是未來創新的驅動力。

For adjusted EBIT margin, we're now forecasting a range of 14.2% to 14.4% for the full year compared to our previous guidance of 16.7% to 16.8%. We estimate the incremental tariffs announced since our February guidance will negatively impact adjusted EBIT by approximately $475 million. Our adjusted effective tax rate is expected to be in the range of 21% to 22% for the full year compared to 22% to 23% in our prior guidance.

對於調整後的息稅前利潤率，我們現在預測全年範圍為 14.2% 至 14.4%，而我們先前的預測為 16.7% 至 16.8%。我們估計，自二月指引以來宣布的增量關稅將對調整後的息稅前利潤產生約 4.75 億美元的負面影響。我們預計全年調整後的有效稅率將在 21% 至 22% 之間，而我們先前的預測為 22% 至 23%。

On adjusted EPS, we now expect to deliver between $3.90 and $4.10 for the full year, representing a 9% to 13% decline year over year and down versus our prior estimate of $4.61 to $4.75. Guidance for adjusted EPS includes approximately $0.80 of net incremental tariff impact as compared to the prior guidance. Note, we have not included any potential benefit from share repurchases in our adjusted EPS guidance.

就調整後的每股盈餘而言，我們現在預計全年每股收益在 3.90 美元至 4.10 美元之間，年減 9% 至 13%，低於我們先前估計的 4.61 美元至 4.75 美元。與先前的指引相比，調整後的每股盈餘指引包括約 0.80 美元的淨增量關稅影響。請注意，我們的調整後每股盈餘指引中並未包含任何股票回購的潛在收益。

Lastly, we now expect to deliver free cash flow of at least $1.2 billion for the full year, given the impact of tariff payments. This is compared to our prior expectation of at least $1.75 billion. Aligned with the timing of the liquidation of higher cost inventory in the P&L, we expect a more significant impact from tariffs in the second half of 2025 versus the first half.

最後，考慮到關稅支付的影響，我們現在預計全年將實現至少 12 億美元的自由現金流。相比之下，我們之前預期的至少為 17.5 億美元。與損益表中高成本庫存清算的時間一致，我們預期 2025 年下半年關稅的影響將比上半年更為顯著。

We thought it would also be helpful to provide our view of performance for the second quarter of 2025. We currently expect year-over-year organic revenue growth for the quarter to be in the range of 1% to 2%. Including the impact of tariffs, we expect a high-single digit decline year over year on adjusted GPS. Overall, if the global trade environment improves and these tariffs are not in place for the entire year or rates decrease in aggregate, we would see a benefit to adjusted EBIT, adjusted EPS, and free cash flow versus what we've shared today.

我們認為提供對 2025 年第二季業績的看法也會有所幫助。我們目前預計本季有機收入年增將在 1% 至 2% 之間。包括關稅的影響，我們預期調整後的 GPS 將年比出現高個位數下降。總體而言，如果全球貿易環境改善，這些關稅在全年不實施，或者總體稅率下降，我們將看到調整後的息稅前利潤、調整後的每股收益和自由現金流比我們今天分享的有所改善。

I want to thank our global teams for continuing to innovate and deliver financial results as we manage through a very dynamic global environment. We have the right plans in place to manage the near term, and we are focused on delivery and growth for the long term. With that, I'll turn the call back over to Pete. Pete?

我要感謝我們的全球團隊在我們應對高度動態的全球環境時不斷創新並取得財務成果。我們制定了正確的計劃來管理短期事務，並且我們專注於長期交付和成長。說完這些，我就把電話轉回給皮特。皮特？

Thanks, Jay. Let's move now to some innovation highlights in our business. I've talked in the past about our evolution from being an imaging and equipment company to a healthcare solutions provider. This evolution is deeply rooted in innovation. And as you can see on slide 13, some of the key NPIs launched in the first quarter are helping to enable personalized care and cardiology throughout the patient journey.

謝謝，傑伊。現在讓我們來看看我們業務中的一些創新亮點。我過去曾談到我們從一家影像和設備公司向醫療保健解決方案提供者的轉變。這種演變深植於創新。正如您在第 13 張投影片上看到的，第一季推出的一些關鍵 NPI 有助於在整個患者旅程中實現個人化護理和心臟病學。

Recently, I attended the American College of Cardiology meeting where we officially launched Flyrcado, our first of its kind PET myocardial perfusion imaging agent to detect coronary artery disease. I'm excited to share that we received CMS pass through pricing for this novel tracer, and we're on track with our planned rollout. At ACC, we also introduced a dedicated cardiac CT system, Revolution Vibe, focused on a variety of cardiac tests including coronary CT angiography. These types of exams are expected to increase now that global guidelines and reimbursement levels make it more financially viable.

最近，我參加了美國心臟學會會議，我們在會議上正式推出了 Flyrcado，這是我們第一個用於檢測冠狀動脈疾病的 PET 心肌灌注造影劑。我很高興地告訴大家，我們收到了這種新型示踪劑的 CMS 直通定價，並且我們正在按照計劃推出。在 ACC，我們也推出了專用的心臟 CT 系統 Revolution Vibe，專注於包括冠狀動脈 CT 血管攝影在內的各種心臟檢查。由於全球指導方針和報銷水平使其在財務上更加可行，預計這類考試的數量將會增加。

To wrap up on slide 14, we're very pleased with our strong start to the year with record orders and strong top line growth driven by performance across all of our segments. Customers have a positive sentiment around existing GE Healthcare Solutions and are excited with our pipeline of new products, and there's strong demand in many of our markets that we serve.

最後，在第 14 張投影片上，我們對今年的強勁開局感到非常高興，創紀錄的訂單和強勁的收入成長都得益於我們所有部門的業績。客戶對現有的 GE 醫療解決方案抱持著正面的情緒，並對我們的新產品線感到興奮，而且我們服務的許多市場都有強勁的需求。

I'm proud of how our teams are executing on our precision care strategy and going above and beyond in dealing with the macro challenges. Our commercial teams are winning, and we're making a difference in the eyes of our customers. As we discussed earlier, we have dedicated teams focused across our supply chain executing actions to reduce our tariff impact today and into 2026. Some plans we can implement quickly, others will take months. At the same time, we're carefully managing discretionary expenses across the company while maintaining long-term innovation investments. We'll continue to focus on what we can control to protect margin, earnings, and cash flow.

我為我們的團隊如何執行精準護理策略並在應對宏觀挑戰方面做出卓越貢獻感到自豪。我們的商業團隊正在取得成功，我們在客戶眼中也正在產生影響力。正如我們之前所討論的，我們有專門的團隊專注於我們的供應鏈，採取行動來減少我們現在和 2026 年的關稅影響。有些計劃我們可以快速實施，但有些計劃則需要數月時間。同時，我們在保持長期創新投資的同時，謹慎管理整個公司的可自由支配的開支。我們將繼續專注於我們能夠控制的事情，以保護利潤、收益和現金流。

Before we open up the call for questions, I'd also like to welcome Jeannette Bankes, who is joining us in May as our new CEO of Patient Care Solutions. Jeannette is a well respected global leader in MedTech who brings more than 30 years of experience of public companies. We're thrilled to have her as part of the team, and we look forward to her leadership contributions in advancing our precision care strategy. With that, let's open up the call for questions.

在我們開始提問之前，我也想歡迎 Jeannette Bankes，她將於 5 月加入我們，擔任我們的病患照護解決方案新任執行長。Jeannette 是醫療科技領域備受尊敬的全球領導者，擁有 30 多年的上市公司經驗。我們很高興她能成為團隊的一員，並期待她為推進我們的精準護理策略做出領導貢獻。現在，讓我們開始提問。

Thank you, Peter. I'd like to ask participants to please limit yourself to one question and one follow-up. Operator, can you please open the line?

謝謝你，彼得。我希望參與者只提出一個問題並進行一次後續提問。接線員，您可以接通線路嗎？

(Operator Instructions)

（操作員指示）

Larry Biegelsen, Wells Fargo.

富國銀行的拉里·比格爾森。

I wanted to ask one on tariffs and one on China. Let me start with the tariffs. Jay, I'd love to hear more about the tariff impact from you. The $0.85 in 2025 is a partial year, it looks like you expect the impact to be lower than $0.85 next year in 2026. How are you achieving that and how would the pharma tariffs impact that? And second, talk about the cadence of the tariffs. I assume the impact is greatest exiting this year given inventory turns. Thanks.

我想問一個關於關稅的問題，一個關於中國的問題。我先從關稅問題開始。傑伊，我很想聽聽你對關稅影響的更多看法。2025 年的 0.85 美元只是部分年份，看起來您預計明年即 2026 年的影響將低於 0.85 美元。您是如何實現這目標的？藥品關稅將對此產生什麼影響？第二，談關稅的節奏。我認為，考慮到庫存週轉率，今年的影響最大。謝謝。

Sure. Larry, as it relates to tariffs, this year, we estimate $0.85 of impact which is predominantly centered in Q2, Q3, and Q4. If the tariffs remain at the elevated levels that they are at today in terms of actual tariff levels in place, our expectation is that next year we will be below $0.85. And really, what we've done to date is a lot of sort of more straightforward mitigation. So duty drawback, USMCA compliance, bonded logistics routes, all of those are more simpler, more straightforward. They require work, but that's the predominant number that we're seeing run through in terms of offsetting impacts in 2025.

當然。拉里，就關稅而言，我們估計今年的影響為 0.85 美元，主要集中在第二季、第三季和第四季。如果關稅保持在先前的高水準（就實際關稅水準而言），我們預計明年的關稅將低於 0.85 美元。事實上，我們迄今為止所做的都是更直接的緩解措施。因此，關稅退稅、USMCA 合規、保稅物流路線，所有這些都更簡單、更直接。它們需要工作，但就 2025 年的抵消影響而言，這是我們所看到的主要數字。

As we look at 2026, there are a number of incremental moves that we would make. And remember, our company coming out of COVID, we did a lot of work on sourcing and making our products where they're consumed, and we did a lot of work on dual sourcing. We would continue and accelerate some of that. So we would look to shift manufacture more local for local. There are a number of dual make opportunities for us, and then from a supplier standpoint, we're currently hard at work looking at multi-sourcing our supply. And so, those are some of the tactics that are -- that allow us to mitigate even further the impacts in 2026.

展望 2026 年，我們將採取一些漸進式措施。請記住，我們公司在擺脫 COVID 之後，我們在產品消費地採購和生產方面做了很多工作，我們在雙重採購方面也做了很多工作。我們將繼續並加快其中的一些工作。因此，我們希望將製造業務更多地轉向本地化。我們擁有許多雙重製造機會，從供應商的角度來看，我們目前正在努力尋找多來源供應。所以，這些都是一些策略，可以讓我們進一步減輕 2026 年的影響。

Now, you asked the question around cadence of impact. In the first quarter, we had a very small impact from tariffs, maybe around $10 million. But as we move into the second quarter and the third and fourth quarter, the impact is more dramatic. In the second quarter of this year, we expect less than $100 million of impact, a little bit less than $100 million; and then in the third and fourth quarters, it's around $200 million of impact. And a lot of that has to do with the timing of when higher cost inventory runs through the P&L.

現在，您問的是有關影響節奏的問題。第一季度，關稅對我們的影響很小，大約在 1000 萬美元左右。但隨著進入第二季、第三季和第四季度，影響更加顯著。今年第二季度，我們預計影響不到1億美元，略低於1億美元；在第三季和第四季度，影響約為 2 億美元。這在很大程度上與高成本庫存計入損益表的時間有關。

So as we look at 2026, the first quarter of the year will have a similar level of impact to the fourth quarter, but then the mitigations that we're putting in place start to rapidly impact that as it draws down over the course of the rest of the year. So really that's -- I think that's -- that hits the question in terms of timing of cadence this year along with impact next year.

因此，當我們展望 2026 年時，第一季的影響程度將與第四季度相似，但隨後，隨著其在一年剩餘時間內逐漸減弱，我們實施的緩解措施將開始迅速產生影響。所以實際上，我認為這觸及了今年節奏的時間以及明年的影響的問題。

That's super helpful, Jay. And then on China, it looks like it improved significantly in Q1. Color on what you gave the cadence that you expect this year, just color on what you're seeing there and how you're thinking about the potential impact of VDP. Thank you.

這非常有幫助，傑伊。然後就中國而言，第一季的情況似乎有了顯著改善。用顏色標記您今年預期的節奏，用顏色標記您在那裡看到的內容以及您對 VDP 潛在影響的看法。謝謝。

Hey, Larry, it's Pete. Look, I think as we said in the prepared remarks, China has its material -- materially changed from what we've laid out from our expectations even back as we talked about in Q4 and I think kind of confirmed in the first quarter discussion. We still expect a mid-single digit decline in the first half. We would expect probably Q2 to be one of the more tougher quarters just relative to how we look at the compares and the challenges and then sequentially improve in the second half, and there's no indications that we've seen market wise that that's changed. I know others have reported potential rebounds, different messaging in the marketplace. I think we've been rather consistent here and we watch a lot of how the tender money is being released that we judge that on. So I think that is how we see that playing out.

嘿，拉里，我是皮特。聽著，我認為正如我們在準備好的發言中所說的那樣，中國的情況與我們在第四季度討論的預期相比發生了實質性變化，我認為在第一季度的討論中得到了證實。我們仍然預計上半年將出現中等個位數的下降。我們預計第二季度可能是比較艱難的一個季度，僅相對於我們如何看待比較和挑戰而言，然後在下半年逐步改善，並且沒有跡象表明市場情況有所改變。我知道其他人已經報導了潛在的反彈，市場上有不同的資訊。我認為我們在這方面一直相當一致，我們密切關注招標資金的發放情況，並以此作為判斷依據。所以我認為這就是我們所看到的結果。

You ask about VDP, part of our strategy and plans this year were to factor that in. Again, VDP obviously is a very specific item on this value-based procurement, but we've seen bulk tender buys over the years. These just become more intense bulk tender buys by a province. We have specific configurations that we offer in those type of constructs, our distribution network and the cost of go to market is different when we enter into those deals. So I would say at this point in time, it's pretty much aligned to what we had assumed relative to 2025 in China.

你問到 VDP，我們今年的策略和計劃的一部分已經將其考慮在內。再次，VDP 顯然是這種基於價值的採購中非常具體的項目，但多年來我們已經看到了批量招標採購。這些只是變成了一個省份更激烈的大宗招標採購。我們在這些類型的構造中提供特定的配置，我們的分銷網絡和進入市場的成本在我們達成這些交易時是不同的。所以我想說，目前來看，這與我們對 2025 年中國經濟的假設基本一致。

Jason Bednar, Piper Sandler.

傑森貝德納、派珀桑德勒。

Nice quarter, everyone. And I appreciate all the details you provided here today on the tariff dynamics like Larry, I want to focus first on that topic and the mitigation efforts that are not contemplated in today's guidance. You already had cost saving efforts in motion for this year and obviously plan for future years. Are the actions you're taking to mitigate tariffs are probably more in the '26 variety than some of the immediate things you're doing here, but are these a pull forward of actions that were contemplated in your LRP. I guess more directly on a long-term basis like how should we be thinking about the net effects of tariffs mitigation efforts in the context of the LRP that you probably provided at the investor day back in November?

大家，這是一個美好的季度。我感謝您今天在這裡提供的有關關稅動態的所有細節，例如拉里，我想首先關注這個主題以及今天的指導中未考慮到的緩解措施。您今年已開始努力節省成本，並且顯然正在為未來幾年做計劃。您為減輕關稅而採取的行動是否可能更多地屬於 26 項措施，而不是您在此處採取的一些直接措施，但這些行動是否是您在 LRP 中考慮的行動向前推進的。我想更直接地從長期角度考慮，我們應該如何根據您在 11 月投資者日提供的 LRP 來考慮關稅減免措施的淨效應？

Yeah. Well -- look, I mean, it's obviously early. There's a lot of variables that are out there, but our views on the medium term here we laid out investor day have not changed, just to be clear about it. I think the pathway might be slightly different. Obviously, as we lay out strategies and plans, this wasn't fully laid out maybe a year ago, but we have many levers that we can pull to be able to deliver on this. This business has tremendous margin and growth potential, so nothing has changed from that.

是的。嗯——你看，我的意思是，現在顯然還早。存在著許多變量，但我們在投資者日列出的中期觀點沒有改變，只是為了明確這一點。我認為路徑可能略有不同。顯然，當我們制定策略和計劃時，這可能在一年前還沒有完全制定出來，但我們可以利用許多槓桿來實現這一目標。這項業務具有巨大的利潤和成長潛力，因此一切都沒有改變。

And so, look, we're taking a prudent view of the current trade environment and the impact on the business, I think you've seen the numbers we've laid out. We basically said that the numbers we're discussing stay at these elevated levels, the rest of world, China throughout this whole time period.

所以，你看，我們對當前的貿易環境及其對業務的影響持謹慎態度，我想你已經看到了我們列出的數字。我們基本上說，我們正在討論的數字在整個時期內都保持在較高水平，包括世界其他地區和中國。

So as we move into these scenarios, even if those rates come down, we're going to be quite aggressive on what we can do to make local for local in different marketplaces move aggressively, as Jay said, on dual supply scenarios and also how we take a look at our overall configuration constructs the better position as we go forward. But I look, I feel quite good about our margin potential of this business and ultimately over the long term, what that means from how we view the profit capability as well as the growth capabilities of GE Healthcare.

因此，當我們進入這些場景時，即使這些利率下降，我們也會非常積極地採取各種措施，使不同市場的本地對本地業務積極發展，正如傑伊所說的那樣，在雙重供應場景下，以及我們如何看待我們的整體配置，從而構建更好的地位。但我認為，我對這項業務的利潤潛力非常滿意，從長遠來看，這意味著我們如何看待通用電氣醫療集團的獲利能力和成長能力。

All right, very clear. Thank you. And then for my follow up, a lot of other changes implemented by the current administration beyond just tariffs, including budget cuts and head count reductions at key healthcare agencies. Have you seen any downstream impacts on your business from these actions? Have your interactions with the FDA changed at all? And maybe started packing a couple here, but really interested to hear how you're thinking about the photon counting CT submission that's planned for later this year and if that submission timing is still on track in light of all the changes that the FDA.

好的，很清楚。謝謝。接下來我想問的是，現任政府除了關稅之外還實施了許多其他改革，包括削減預算和減少主要醫療機構的員工人數。您是否發現這些行動對您的業務產生了任何下游影響？您與 FDA 的互動有任何變化嗎？也許已經開始打包一些了，但我真的很想聽聽您對計劃於今年稍後提交的光子計數 CT 提交有何看法，以及考慮到 FDA 的所有變化，提交時間是否仍在按計劃進行。

Yeah, Jason, thanks. I would say in short, we haven't seen any impacts from any of the administrative changes at this point, whether they be on the cost or or other items at this point in time. Obviously, there's a lot of concern. I think the NIH funding discussions hits many of the academics, could there be changes there? I suppose there could, but we haven't seen anything specifically that that has come through from that.

是的，傑森，謝謝。我想簡而言之，目前我們還沒有看到任何行政變革帶來的影響，無論是對成本或其他項目的影響。顯然，人們有很多擔憂。我認為 NIH 資助討論影響到了許多學者，這方面會改變嗎？我想可能是這樣的，但是我們還沒有看到任何具體的結果。

And from the FDA standpoint at this point in time, there were some bigger cuts. There actually were employees brought back in from our submissions on 5 10-Ks primarily and what we're counting on. We currently don't see any delays from from that standpoint. Now, obviously those things could change just based on how that plays out. But at this point in time, we, as far as speaking for our plans of new product approvals, how we see the market and how our customer base is prioritizing their spend, we haven't seen any specific impact that would be notable I'd say at this point in time.

從 FDA 目前的角度來看，削減幅度較大。實際上，我們主要根據 5 份 10-K 報告的提交情況召回了一些員工，這也是我們所期望的。從這個角度來看，我們目前沒有看到任何延遲。現在，顯然這些事情可能會根據事態發展而改變。但就目前而言，就我們的新產品審批計劃、我們如何看待市場以及我們的客戶群如何優先考慮他們的支出而言，我們還沒有看到任何值得注意的具體影響。

Vijay Kumar, Evercore ISI.

維傑·庫馬爾（Vijay Kumar），Evercore ISI。

Maybe my first one on sort of related to China in tariff. Jay, helps the comments there on your 75% of tariff heads being related to China-US. What is -- what portion of that is US to China versus China to US? I think there was some talks, maybe of exemptions from China. Any update on that? I think from China to US, what products are you importing? I think there was talk of exemptions under Annex 2 for radiopharm and if these tariffs were some of these headwinds were to be rolled back, what is the upside to guidance here?

這可能是我第一次談論與中國關稅有關的問題。傑伊，你提到的 75% 的關稅項目與中美有關，這對你的評論很有幫助。其中美國輸送到中國的部分和中國輸送到美國的部分各佔多少？我認為可能存在一些關於中國豁免的談判。有最新消息嗎？我認為從中國到美國，您進口什麼產品？我認為有人談論附件 2 中放射性藥物的豁免，如果這些關稅是一些不利因素之一，那麼這裡的指導有什麼好處？

Sure, Vijay. As we said in the prepared remarks, a total tariff impact around $500 million for the full year, and the bilateral China tariffs are the most significant impact for us at around $375 million. That's roughly 65 of the $0.85 of impact that we're experiencing and it really goes both ways. We do ship a fair amount of product from US to China and vice versa.

當然，維傑。正如我們在準備好的演講中所說，全年關稅總影響約為 5 億美元，其中對華雙邊關稅對我們影響最大，約 3.75 億美元。這大約占我們所經歷的 0.85 美元影響中的 65%，而且這種影響確實是雙向的。我們確實從美國向中國運送了相當數量的產品，反之亦然。

We have not included any unplanned exemptions, and we're not really seeing a positive impact from exemptions, nor are we counting on that. But I mean, just to frame it for you, and I'm not suggesting that we think this is a likely scenario. But in one hypothetical scenario, if the US-China agreement, let's say that went into effect on May 1, and you had both sides improve. 100 points. So China goes from 45 from the 145 today to 45 and China exports go to 25 from 125 today. We estimate that this would be a benefit to EPS of approximately $0.40 for the year, so it's a big number for us. These are large tariff numbers that we have in place, so we'll watch very closely the scenario and how this plays out. Maybe, Pete, if you would add something.

我們沒有納入任何計劃外的豁免，而且我們並沒有真正看到豁免帶來的正面影響，我們也不指望這一點。但我的意思是，只是為了向你說明這一點，我並不是說我們認為這是一種可能的情況。但假設美中協議於 5 月 1 日生效，雙方都會改善。 100分。因此，中國的出口額從今天的 145 下降到 45，而中國的出口額則從今天的 125 下降到 25。我們估計這將為今年的每股收益帶來約 0.40 美元的收益，因此這對我們來說是一個很大的數字。我們已實施了大額關稅，因此我們將密切關注事態發展及其結果。也許，皮特，如果你願意補充一點的話。

Yeah. I'd say, Vijay, I mean, we're a big exporter from the United States into China. I mean, we've been in -- doing this for a long period of time. Some of our higher technology and X-ray generation, some of our componentry and MRI and stuff, and so that's a big part of the number that we actually export into that. And so that gets hit by the, as Jay said, the 125 tariff, and then there are select components in areas that we pull out of China that feeds other plants around the world. And so, even though we may manufacture the whole product in the United States or other areas, you may have 20% of the components coming from one of these countries with the high territories.

是的。我想說，維傑，我的意思是，我們是美國向中國出口產品的主要出口商。我的意思是，我們已經這樣做了很長一段時間。我們的一些高科技產品和 X 光設備、一些組件和 MRI 等產品，占我們實際出口量的很大一部分。正如傑伊所說，這受到了 125 關稅的打擊，然後我們從中國撤出了一些地區精選的零件，供應給世界各地的其他工廠。因此，即使我們可能在美國或其他地區生產整個產品，也可能有 20% 的零件來自這些高地國家之一。

And so, that's why the concentration exists and obviously if there's changes that take place in there that'll have a bigger benefit. If it doesn't, we have opportunities and plans to do much more local for local and actually work our supply base across our 43 plants to feed that. And when I talk about it takes months to get there. Those are the things I'm referring to, but we have all those levers in front of us if we need to go there, and that's part of our plan to be able to execute on that.

所以，這就是集中存在的原因，顯然，如果那裡發生變化，將會帶來更大的好處。如果沒有，我們有機會和計劃為當地提供更多本地服務，並實際上利用我們 43 家工廠的供應基地來滿足當地需求。當我談論它時，它需要幾個月的時間才能到達那裡。這些就是我所指的事情，但是如果我們需要去那裡，我們面前就有所有這些槓桿，這是我們能夠執行的計劃的一部分。

Yeah, that's helpful, Pete. And maybe my follow up here on a free cash, it was lowered by maybe half a billion, is that all cash impact I think you said tariff was half a billion head or anything else going on in with cash flow?

是的，這很有幫助，皮特。也許我在這裡跟進的是免費現金，它可能降低了 5 億美元，這是所有現金影響嗎？我想您說的是關稅是 5 億美元，還是現金流中發生的其他任何事情？

Yeah, thanks, Vijay. Just as an aside, we were pleased with the free cash flow in the first quarter and it was a really nice start to the year. We did lower to at least $1.2 billion, and this was exclusively due to tariff payments. Basically, it's the P&L impact that I described. There's some benefit from cash tax impact from that we pay, but then the offset is the higher costs and tariffs impact inventory and cash flow first before they're liquidated to the P&L. So what we're seeing is the buildup in this year and that's what causes this $550 million reduction that we've highlighted. At this point, there's no other changes to free cash flow. We're continuing to stay very vigilant, we think the business is a very strong cash generator and we're still driving operational working capital improvements, but you know, this tariff impact is something that we're working through.

是的，謝謝，維傑。順便說一句，我們對第一季的自由現金流感到滿意，這是今年的一個非常好的開始。我們確實降低了至少 12 億美元，而這完全是由於關稅支付。基本上，這就是我所描述的損益影響。我們支付的現金稅會帶來一些好處，但抵銷的是更高的成本和關稅會先影響庫存和現金流，然後再計入損益表。因此，我們看到的是今年的積累，這就是我們強調的 5.5 億美元減少的原因。目前，自由現金流沒有其他變化。我們將繼續保持高度警惕，我們認為該業務是一個非常強大的現金產生器，我們仍在推動營運營運資本的改善，但你知道，這種關稅影響是我們正在努力解決的問題。

Robbie Marcus, JP Morgan.

摩根大通的羅比·馬庫斯。

Wanted to ask a first on Flyrcado and and how that's going. And then I'll ask second here just sort of the environment in China, we saw the anti-dumping allegations get announced, not against the healthcare specifically, but just on the industry. How are you viewing that? Any expected change? How do you think you you fit in there? And just a quick clarification on whether the pharmaceutical diagnostics are included or excluded tariffs here. I think you touched on it, but just wanted to get a firm answer. Thanks a lot. Appreciate it.

想先詢問一下 Flyrcado 的情況以及進展如何。然後我想問中國的環境，我們看到反傾銷指控已經公佈，並不是專門針對醫療保健領域，而是針對整個產業。您如何看待這一點？有任何預期的變化嗎？您認為您適合那裡嗎？這裡我們來簡單澄清一下藥品診斷是否包含在關稅中或不包含在關稅中。我認為你已經提到了這一點，但只是想得到一個明確的答案。多謝。非常感謝。

Yeah, Robbie, thanks for the questions. Maybe I'll start out with Flyrcado, and then we'll talk a little bit about the next components that you had.

是的，羅比，謝謝你的提問。也許我會從 Flyrcado 開始，然後我們稍微討論一下您擁有的下一個組件。

So look on Flyrcado, we're feeling quite good about it. I think as we mentioned in the comments, we're pleased with the progress. We've talked about launch in April, we've hit that, we're on track. We've talked about roughly $30 million of revenue in 2025 and we're well aligned up to that. It takes time to ramp these, again, as we bring up the sites and because it is a radio pharmaceutical, you manufacture local to the relationship of where it's consumed and so we're expanding our CMO contract manufacturing organization throughout the US. I'd say that is right on track to where we are. We're north of a dozen sites and you know that'll double by the end of the year, but the feedback has been good, clinically, the image quality is superior to really anything out there on the myocardial perfusion front. Ultimately the specificity sensitivity to detect disease will come through based on that. There's benefits of the of the half-life and distribution versus the predicate product, so to speak today, rubidium and the generator.

所以看看 Flyrcado，我們感覺相當不錯。我想正如我們在評論中提到的那樣，我們對進展感到滿意。我們已經討論過四月份的發表會，我們已經實現了這個目標，一切進展順利。我們已經談到了 2025 年大約 3000 萬美元的收入，並且我們已經很好地實現了這一目標。再次，隨著我們建立站點，需要時間來擴大這些規模，並且由於它是一種放射性藥物，您需要根據其消費地進行本地生產，因此我們正在美國各地擴大我們的 CMO 合約製造組織。我想說，我們的進展完全符合預期。我們已在十幾個站點建立了分支機構，到今年年底，這一數字將翻一番，但反饋一直很好，從臨床上看，圖像質量優於心肌灌注方面的任何設備。最終，檢測疾病的特異性靈敏度將基於此而實現。半衰期和分佈相對於謂詞產品（今天可以說，銣和發電機）有好處。

So all the scenarios that we've laid out look good. I'd say a couple of big things we've done the first dose here in mid-February, it's gone well. Commercial launch, as I mentioned at the American College of Cardiology, a lot of interest there. And then this passed through status from CMS on reimbursements, big deal, and that was approved on April 1, so we're off and running and things look good. There's a lot of interest within the product.

因此，我們列出的所有情景看起來都很好。我想說的是，我們在二月中旬做了幾件大事，第一劑效果很好。正如我在美國心臟病學會提到的那樣，商業發布引起了許多人的興趣。然後，這通過了 CMS 的報銷狀態，這很重要，並且在 4 月 1 日獲得批准，所以我們開始運行，一切看起來都很好。人們對該產品很感興趣。

Your next question was on?

你的下一個問題是？

Yeah, so there was a question on the China market and some of the anti-dumping.

是的，所以存在有關中國市場和一些反傾銷的問題。

Yeah. Look, I think across the globe, I think from a standpoint of sentiments with us or American companies and stuff, we haven't seen any negative effects or anything relative to Mark. As we mentioned, we've seen that line.

是的。看，我認為從全球來看，我認為從我們或美國公司等的情緒角度來看，我們還沒有看到任何負面影響或與馬克有關的事情。正如我們所提到的，我們已經看到了那條線。

This point about this anti-dumping discussion, that yes, there was a communication. It stemmed from a complaint from a private company that named a significant amount of multinational companies from around the world and included, not just again, obviously, I think that's really important. It didn't originate from the government, it originated from a complaint of a private company and so we don't believe this investigation is a material risk to our business in China.

關於這次反傾銷討論的這一點，是的，進行了溝通。它源自於一家私人公司的投訴，該公司點名了來自世界各地的大量跨國公司，其中不僅包括，顯然，我認為這非常重要。此事並非源自政府，而是源自於一家私人企業的投訴，因此我們認為這項調查不會對我們在中國的業務構成重大風險。

Back on, I'd say just in April 6 early, us among other companies had a meeting with the Ministry of Commerce and it underscores kind of the discussions about fair treatment and there were positive comments expressed about you know, us, obviously not being targeted. We've had numerous discussions obviously with many officials since the tariffs and things have taken off as well and have seen support to be able to have us continue to be obviously an important player within that marketplace.

回過頭來說，我想說，就在 4 月 6 日早些時候，我們和其他公司一起與商務部舉行了一次會議，強調了關於公平待遇的討論，並且有積極的評價說我們顯然沒有成為針對。自從關稅和其他事宜開始實施以來，我們顯然已經與許多官員進行了多次討論，並且得到了支持，使我們能夠繼續成為該市場中的重要參與者。

So again, I don't see anything that comes out of their course of normal business relative to things that happen in different marketplaces. And your last point, I think, Robbie, was on pharma and the tariff discussion. Jay, do you want to hit that?

所以，我再說一遍，沒有看到他們的正常業務流程與不同市場上發生的事情有任何不同。羅比，我認為你的最後一點是關於製藥業和關稅的討論。傑伊，你想打那個嗎？

Sure. So Robby, we haven't included any potential 232 tariff impacts in the guidance. Our approach is to include tariffs that have been announced and are quantifiable. Our PDX business has products that are principally used in tandem with imaging equipment, so it's not clear at this point where that would fall and whether these products would be in scope of potential 232 tariffs. Our PDX business has positive pricing dynamics, so we'll have to watch that. So we'll watch this as it evolves and address it appropriately.

當然。因此，羅比，我們沒有在指導中納入任何潛在的 232 關稅影響。我們的方法是納入已經宣布且可量化的關稅。我們的 PDX 業務的產品主要與影像設備搭配使用，因此目前尚不清楚這些產品屬於哪一類，以及這些產品是否屬於潛在 232 關稅的範圍。我們的 PDX 業務具有積極的定價動態，因此我們必須注意這一點。因此，我們會密切關注事態發展並採取適當措施。

Appreciate it. I think we're all trying to figure out some of the nuances here, so if you don't know, I'm pretty sure we don't know either. Thanks a lot.

非常感謝。我想我們都在試圖弄清楚這裡的一些細微差別，所以如果你不知道，我很確定我們也不知道。多謝。

David Roman, Goldman Sachs.

高盛的大衛‧羅曼（David Roman）。

I wanted just to start on tariffs. I feel like I know we've covered this extensively, but there are a lot of moving parts here. I mean, some of it is clearly just math, and some of it is operational. So can you help us kind of understand the magnitude of mitigation actions that are already in place versus those that need to be implemented and then. And in that same context, how you're thinking about sustaining investment in the business in SG&A and R&D? Then I have a follow up on the strategic side.

我只是想從關稅開始談。我覺得我們已經廣泛地討論了這個問題，但這裡還有很多活動的部分。我的意思是，其中一些顯然只是數學，而另一些則是操作性的。那麼，您能否幫助我們了解已經採取的緩解措施的力度以及需要實施的緩解措施的力度。在同樣的背景下，您如何考慮維持對銷售、一般及行政費用和研發業務的投資？然後我會跟進戰略方面的問題。

Sure. So first, as it relates to SG&A and R&D, we're obviously very focused in this environment on controlling spending. So things like travel, headcount, we're very disciplined on these areas. And furthermore, with respect to our productivity initiatives, we are continuing an intense focus on those areas.

當然。首先，由於它與銷售、一般及行政費用和研發有關，我們顯然非常注重在這種環境下控制支出。因此，我們在旅行、員工人數等議題上非常嚴謹。此外，就我們的生產力計劃而言，我們將繼續密切關注這些領域。

At the same time, we're protecting key investments in R&D in terms of the pipeline and how this is going, and we're also protecting critical investments in sales and marketing to support some of these great launches that we have. So that's the philosophy on SG&A and R&D and spending controls. I would say that's really what we have in place. The only thing I would add is we are earmarking a portion of money for the fact that there will be spending that takes place this year that supports incremental mitigation efforts next year in terms of tariff offsets. So we've allocated some money to that in the second half of the year.

同時，我們正在保護在產品線和進展方面對研發的關鍵投資，我們也在保護在銷售和行銷方面的關鍵投資，以支持我們推出的一些偉大的產品。這就是銷售、一般及行政費用、研發和支出控制的概念。我想說，這確實是我們目前所採取的措施。我唯一想補充的是，我們撥出一部分資金，用於今年的支出，以支持明年在關稅抵銷方面採取的漸進式減排措施。因此，我們在今年下半年為此撥出了一些資金。

Now, as it relates to your question on mitigation and tariffs, we've done a significant amount of work and we have a very clear line of sight to essentially all of the savings that we've earmarked for this year. And so that includes things like duty drawback, completed USMCA, tariff code exemptions. We spelled out some of it on the slide, but it's safe to say we have a very long project plan that supports this.

現在，關於您提出的緩解措施和關稅問題，我們已經做了大量工作，並且對今年預留的所有節省資金有了非常清晰的認識。其中包括關稅退稅、完成的 USMCA、關稅法規豁免等。我們在幻燈片上詳細說明了其中的一些內容，但可以肯定地說，我們有一個非常長的專案計劃來支持這一點。

And then as we go to next year, we have a very long funnel of opportunities, but some of the implementation will depend upon the final nature of the tariff agreements that are in place. And so, we have to wait and see a bit how things settle out before we lock in on all of those. But as I said, we have a very solid funnel that's outlined to support the achievement of next year's number. Pete, what would you add?

進入明年，我們將面臨大量機遇，但部分實施將取決於現有關稅協定的最終性質。因此，在確定所有這些問題之前，我們必須等待一段時間，看看事情如何解決。但正如我所說，我們有一個非常堅實的管道來支持實現明年的數字。皮特，你還有什麼要補充的嗎？

Yeah. David, I mean, I think you covered it well. But just to give some more examples here is we obviously want to see how the tariff matrix plays out around the world because you don't want to initiate a move until you actually understand what that rate may look like where you would move to another country. There's some no regret moves, Jay touched on those.

是的。大衛，我的意思是，我認為你報道得很好。但這裡僅舉幾個例子，我們顯然想看看關稅矩陣在世界各地如何發揮作用，因為在您真正了解要移居到另一個國家的稅率可能會是什麼樣子之前，您不會想採取任何行動。有一些不會後悔的舉動，傑伊談到了這些。

But the three orders of things are we make a lot of the same products in the same country, so you can actually throttle down one plant, throttle up another. We're already in the midst of doing that, I think in our vaser business, in our molecular imaging business and our CT business, we have the potential to do all of those type of things. The next is we source and make components in many different places. These are from our own or plants and so where we might be making something in the US to go to another area or some other country to come to Western Europe or the US, we can actually change the mix of that. And so, in some cases, the exact product might not be there and the transfer is pretty straightforward because all the core competencies exist to do that.

但事情的三個順序是，我們在同一個國家生產大量相同的產品，因此你實際上可以減少一家工廠的產量，增加另一家工廠的產量。我們已經在這樣做了，我認為在我們的 vaser 業務、分子成像業務和 CT 業務中，我們有潛力做所有這些事情。其次，我們在許多不同的地方採購和製造零件。這些都來自我們自己的工廠，因此，我們可能會在美國生產某種產品，然後運往另一個地區或其他國家，再運往西歐或美國，我們實際上可以改變其組合。因此，在某些情況下，可能不存在確切的產品，但轉移非常簡單，因為所有核心競爭力都存在。

And the third would be we have a big supply base, and many of our suppliers are global suppliers, and they are making it in this country versus that country. We can have them switch and ramp that up. All those are the games in play, and they take multiple months to move, but that's why we have confidence in the second half of this year and going to the '26 that we can have significantly larger mitigation efforts.

第三，我們擁有龐大的供應基礎，我們的許多供應商都是全球供應商，他們在這個國家而不是那個國家生產。我們可以讓他們轉換並提升這一點。所有這些都是正在進行的遊戲，需要數月的時間才能完成，但這就是為什麼我們對今年下半年以及到2026年充滿信心，我們可以採取更大規模的緩解措施。

Appreciate all the color. Maybe just a follow up here, considering what looks obviously broader market dislocation here, how are you thinking about M&A? Like, isn't this a prime environment to kind of accelerate those efforts is whether short-term disruptions create some obviously noise around what you guys might otherwise consider long-term structural winners in categories like monitoring or diagnostics?

欣賞所有的色彩。也許只是這裡的後續問題，考慮到這裡顯然存在的更廣泛的市場混亂，您如何看待併購？例如，這不是加速這些努力的最佳環境嗎？短期中斷是否會對你們原本認為的監控或診斷等類別的長期結構性贏家產生一些明顯的噪音？

Yeah, David, I think you're right on. I mean, we've been very clear about our capital allocation strategy is, organic investments and then finding the right types of tuck and M&A. We obviously announced other levers that we're we're executing on, but M&A is a critical one for us. We've got a strategy we've talked about about expanding our top line growth as well as growing our margins. So as we look at opportunities to bring into the portfolio, that's absolutely right.

是的，大衛，我認為你說得對。我的意思是，我們非常清楚我們的資本配置策略是，有機投資，然後找到正確的投資和併購類型。我們顯然宣布了我們正在執行的其他手段，但併購對我們來說至關重要。我們已經制定了一項關於擴大收入成長以及提高利潤率的策略。因此，當我們尋找機會納入投資組合時，這是絕對正確的。

And I think in this window of time, we might be able to find some interesting components to plug into the, our structure. I would say, we're most interested right now in finding assets you're going to bring additional growth. It's been a big part of our discussion of being a consistent mid-single digit grower moving to the higher end of that range. And so, we have a really nice portfolio of opportunities, you never know how they'll play out, but plugging those into the system to drive faster growth is what we're looking for.

我認為在這段時間內，我們也許能夠找到一些有趣的組件來插入我們的結構中。我想說，我們現在最感興趣的是尋找能夠帶來額外成長的資產。我們討論的一個重要內容是，如何成為一個持續的中位數個位數成長者，並向這個範圍的高端邁進。因此，我們擁有非常好的機會組合，你永遠不知道它們會如何發揮作用，但將它們納入系統以推動更快的成長正是我們所尋求的。

Joanne Wuensch, Citi.

花旗銀行的 Joanne Wuensch。

I have two questions. I'll just put them up front. The CapEx environment, particularly in the hospital, has raised some questions this season. I'd love to get your view on what you're seeing in the United States as well as outside the United States. And then my second question has to do on so to counting. Sounds like that's still on track for 2025 submission and 2026 approval, how do we think about that product once it comes to market and accelerating revenue? Thanks.

我有兩個問題。我就把它們放在前面。資本支出環境（尤其是醫院的資本支出環境）在本季引發了一些問題。我很想聽聽您對美國國內和國外的看法。我的第二個問題與計數有關。聽起來這仍然預計在 2025 年提交並獲得 2026 年批准，一旦該產品上市並加速收入，我們該如何看待它？謝謝。

Sure. So we were very pleased with the performance in the first quarter as it relates to the hospital capital environment. We saw a very robust demand coming from the United States. And also, interestingly, we saw really robust demand in Europe. That's an area that, if you look over the last year, a year and a half, the growth rate had slowed a little bit. But as we looked at the order book in the first quarter in Europe, we did see some acceleration there as well. So we were definitely pleased with the environment, and that showed up in a 10% order growth in the book-to-bill that we reported.

當然。因此，我們對第一季與醫院資本環境相關的表現感到非常滿意。我們看到來自美國的需求非常強勁。而且有趣的是，我們發現歐洲的需求非常強勁。如果你回顧過去一年半，你會發現這個領域的成長率已經放緩。但當我們查看歐洲第一季的訂單時，我們確實也看到了一些加速。因此，我們對目前的環境非常滿意，這體現在我們報告的訂單出貨比中訂單增加了 10%。

Now, as you know, we also supplement with our customer survey that we do internally and we look at external surveys as well. And what I would say is we continue to see a very constructive demand environment at this point. Customer budgets, a lot of them were set earlier in the year and we haven't observed any significant cancellations or deferrals and responses to the global trade environment and we're continuing to see areas like imaging sit as a priority with respect to our hospital customers. So I think the environment's good. We've got a record backlog which increased quite substantially year over year. So that was a great start to the year with a very solid book to build. So I think the environment is constructive at this point.

現在，如您所知，我們還補充了我們內部進行的客戶調查，並且我們也會進行外部調查。我想說的是，我們目前繼續看到非常建設性的需求環境。許多客戶預算都是在今年稍早制定的，我們還沒有發現任何重大的取消或延期，也沒有對全球貿易環境做出任何反應，我們仍然認為成像等領域對於我們的醫院客戶來說是優先考慮的。所以我認為環境很好。我們的積壓訂單創下了歷史記錄，並且比去年同期大幅增加。所以，這是今年的一個好開端，可以寫出一本非常紮實的書。所以我認為目前的環境是建設性的。

Yeah, and I think just to add some additional points. As I talked to a lot of big IDNs here in the US, I just spent some time with ministries of health around the world. The idea about imaging and much of our critical care equipment being an indisputable kind of tool to actually drive productivity in the face of shorter or less resources is a big deal. You can do a scan on ultrasound or a CT and reduce the time to diagnosis significantly. And when you look at the value we represent with some of the reimbursement scenarios or the cost to serve, most of these products pay for themselves in a year or a year and a half. And so, with a life of six o seven years, it's a really strong economic deal. And so, when you see CapEx surveys come up, we typically rise to the top of the list heavily tied to that point.

是的，我想補充一些要點。我與美國許多大型的國際域名持有者進行了交談，也花了一些時間與世界各地的衛生部交流。在資源短缺或減少的情況下，影像和大部分重症監護設備無疑是一種能夠真正提高生產力的工具，這一想法意義重大。您可以進行超音波或 CT 掃描，從而顯著縮短診斷時間。當您查看我們透過某些報銷方案或服務成本所代表的價值時，您會發現大多數產品都可以在一年或一年半內收回成本。因此，鑑於其有效期為六到七年，這是一項非常強大的經濟協議。因此，當您看到資本支出調查出現時，我們通常會排在與這一點密切相關的清單首位。

And I think, John, you had a question on photon counting. Yeah, we're well on track to our submission times. We're on track to what we communicated relative to the introduction windows as well, so we feel quite good about it. Again, we have a differentiating approach on how we're looking at our photon counting. There's obviously a lot of people talking about bringing out technologies. Most of the technologies that they're bringing out are kind of me too with the existing product on the marketplace and that detector technology.

約翰，我認為你有一個關於光子計數的問題。是的，我們的提交時間一切順利。我們也正在按照計劃進行與介紹窗口相關的溝通，因此我們對此感覺很好。再次，我們對如何觀察光子計數採取了區分的方法。顯然有很多人在談論推出技術。他們推出的大多數技術都與市場上現有的產品和探測器技術類似。

We believe the focus on deep silicon and spectral imaging is really the game changer here, which is this idea to see molecular changes and and what's happening at a cellular level in CT imaging, which to date has not been really demonstrated, and then bring all the other benefits as well, higher spatial resolution and dose efficiencies as well, so feel good about our technology and our platform. And to the point, these are the kind of programs that through all of the challenges that are having macro we're making sure we protect because these are the launches that are going to have a strong impact for us here in '26 and beyond so thank you.

我們相信，對深層矽和光譜成像的關注才是真正的遊戲規則改變者，這種想法是為了在 CT 成像中看到分子變化和細胞層面上發生的情況，迄今為止尚未真正得到證實，然後還帶來所有其他好處，更高的空間分辨率和劑量效率，因此對我們的技術和平台感到滿意。重點是，儘管面臨宏觀層面的所有挑戰，我們還是會確保保護好這些項目，因為這些項目的啟動將對我們在 2026 年及以後產生重大影響，所以謝謝你們。

Craig Bijou, BofA Securities.

克雷格·比約（Craig Bijou），美國銀行證券公司。

I wanted to go back to China for my first question. Appreciate the comments on the anti-dumping. There's also the rare element, exportation limitation. So and I know your PDX -- many of your PDX products use rare elements so I wanted to understand kind of what risk you see from you're that potential. And then maybe just broadly, you sound like you're pretty confident that there's no disruption to the overall business in China or your business in China from these potential trade wars. But just wanted to understand how you see that playing out maybe a little bit longer term and if there is any impact.

我想回到中國回答我的第一個問題。感謝對反傾銷的評論。還有稀有元素，出口限制。所以我知道你們的 PDX——你們的許多 PDX 產品都使用稀有元素，所以我想了解你們認為這種潛在風險是什麼。那麼，也許從廣義上講，您聽起來非常有信心，這些潛在的貿易戰不會對中國的整體業務或您在中國的業務造成乾擾。但只是想了解您如何看待這種長期影響以及是否會有任何影響。

Yeah, Craig, thanks for the questions. Look, on the first one on the rare earth elements, we don't see ultimately a long-term bigger issue. We've had some contrast agent, components, (inaudible) and stuff that we have supply from multiple locations, but obviously over time, our ability to kind of shift and manage that will deal with that. We typically carry in that case from an API standpoint, a significantly longer window of supply over a year. We've traditionally done that. So I don't see any specific issues in the long run there.

是的，克雷格，謝謝你的提問。你看，關於第一個關於稀土元素的問題，我們最終沒有看到一個長期的更大的問題。我們有一些造影劑、組件（聽不清楚）和從多個地點供應的東西，但顯然隨著時間的推移，我們轉變和管理的能力將會解決這個問題。在這種情況下，從 API 的角度來看，我們通常會提供一年以上更長的供應窗口。我們傳統上都是這麼做的。所以從長遠來看，我認為不會有任何具體問題。

We do have, and we've talked about our investor day, we actually have a new product that is in clinical development right now that actually would we think actually transform imaging within the contrast space for MRI, this manganese product. And then on, there's certain components and detectors and things of that nature, but there are other sources. And in the spirit of longer-term, multi-source scenarios, those all fit into that to make sure we could secure it. But at this point, we aren't concerned specifically about that.

我們確實有，而且我們已經討論過我們的投資者日，我們實際上有一種目前正在臨床開發的新產品，我們實際上認為這種錳產品實際上會改變 MRI 對比空間內的成像。然後，有一些特定的組件和探測器以及類似的東西，但還有其他來源。本著長期、多來源方案的精神，所有這些都符合這項要求，以確保我們能夠確保安全。但目前，我們並不特別在意這一點。

I think your second question was relative to kind of the sentiment in China in the market and the ability to compete, is that -- was that your question?

我認為您的第二個問題與中國市場情緒和競爭能力有關，這是您的問題嗎？

Yeah, that's it.

是的，就是這樣。

Yeah. Look, again, is we look at that marketplace, particularly in in China, we play as a local player as much as possible. We, again, source significantly amount of local product just to be sold within that marketplace. We made a lot of those changes in the last year. We have relationships with big players that are actually indigenous into the market. And so in some cases, we actually go to market under under those names and the JVs.

是的。再說一遍，我們關注的是這個市場，特別是在中國，我們盡可能扮演在地角色。我們再次採購大量本地產品只是為了在該市場上銷售。去年我們做了很多這樣的改變。我們與市場上本土的大公司都有合作關係。因此在某些情況下，我們實際上是以這些名稱和合資企業的形式進入市場。

And I think, as the markets evolve, our strategy to actually be more local probably will play out that way to be successful. We're not seeing sentiment at this point in time that says for against GE Healthcare, that we wouldn't buy it for X, Y, or Z reasons, but obviously, this is why we've been obviously very focused on making sure that we're seen as a local player that's been a critical part of that marketplace. I also would just say that, from a standpoint of China in general, it being the second largest healthcare market in the world or ultimately will be is a key reason that finding the right solution to be ongoing success there is a reason that we obviously still stay focused on that marketplace.

我認為，隨著市場的發展，我們更加在地化的策略可能會成功。目前，我們還沒有看到反對 GE 醫療的情緒，我們不會因為 X、Y 或 Z 原因而購買它，但顯然，這就是為什麼我們非常注重確保我們被視為本地參與者，成為該市場的重要組成部分。我還想說，從中國整體的角度來看，它是世界第二大醫療保健市場，或者最終將成為世界第二大醫療保健市場，這是找到正確的解決方案以取得持續成功的關鍵原因，顯然我們仍然專注於該市場。

Appreciate it, Pete. And just as a follow up, obviously the strong order growth in Q1, strong imaging revenue, I mean, was any of this potentially a pull forward for some of the mitigation actions that you have been working on the tariff side or anything else, maybe one time to call out during the quarter?

非常感謝，皮特。作為後續問題，顯然第一季的訂單成長強勁，成像收入強勁，這些是否有可能對您在關稅方面或其他方面一直在採取的一些緩解措施起到推動作用，也許在本季度需要強調一次？

Zero pull forward. Now, there was no someone saying hey, I want to buy early before prices or no, this is pretty much stable operations. And I think it's really a great example, particularly when you look at the book-to-bill and the orders performance of the excitement customers have really globally, not just about our products, but how our products, our services and our solutions are brought to folks from our sales teams, I think both here in the US, internationally, even our China team, I get a lot of great feedback from customers saying about the humility of our teams and the can-do attitude about what is my problem, how can I help you, and that sets us apart from maybe other suppliers that maybe aren't as I'd say open to solving a specific customer's problem, and that's really making a difference.

零向前拉。現在，沒有人會說，嘿，我想在價格上漲之前儘早購買，這是相當穩定的營運。我認為這確實是一個很好的例子，特別是當你看到訂單出貨比和訂單表現時，全球客戶都對此感到興奮，不僅僅是對我們的產品，還包括如何將我們的產品、服務和解決方案帶給我們的銷售團隊成員。我想無論是在美國、國際上，甚至是我們的中國團隊，我都收到了很多來自客戶的正面回饋，他們說我們團隊很謙遜，而且我們樂於助人，他們會問我有什麼問題，我能幫你什麼。這使得我們與其他供應商區分開來，他們可能不願意解決特定客戶的問題，這確實起到了作用。

And again, I think if you look at the performance we had in the first quarter, really record level growth that we've been able to put up. And so, I'm quite optimistic that even through the challenges that are happening macro, you're going to continue to see GE Healthcare put up some good growth.

而且，我認為，如果你看我們第一季的表現，你會發現我們確實實現了創紀錄的成長。因此，我非常樂觀地認為，即使面臨宏觀挑戰，通用電氣醫療集團仍將繼續實現良好的成長。

Anthony Petrone, Mizuho Financial Group.

瑞穗金融集團的安東尼‧佩特羅內 (Anthony Petrone)。

We're counting $550 billion, I guess, of all set here and so Jay, Pete, and the rest of the team, I'm sure this was a lot of work. So obviously, congratulations on all of that. Sticking with tariffs and then on Flyrcado.

我猜，我們這裡總共籌得了 5500 億美元，所以 Jay、Pete 和團隊的其他成員，我相信這需要大量的工作。顯然，我對這一切表示祝賀。堅持關稅，然後使用 Flyrcado。

On tariffs, there's a lot on semiconductors just going back and forth between US and China. So what is it -- I'm assuming semiconductor impacts are reflected in your net $0.85 impact, so that would be the first question just where the semiconductor sit in all this.

關於關稅，美國和中國之間有許多關於半導體的貿易往來。那麼它是什麼呢——我假設半導體的影響反映在你的淨 0.85 美元影響中，所以第一個問題是半導體在這一切中處於什麼位置。

And you're calling out less of an impact in 2026. I know it's early days., you have a lot of offsets here, pricing, OpEx, there's other funnel initiatives in '26. Is there any early estimate as to maybe where that can go? Is it safe to assume maybe it gets cut by a third, cut by a half? And then I'll have one quick follow up on Flyrcado.

而您所說的 2026 年的影響會較小。我知道現在還為時過早，這裡有許多抵銷、定價、營運支出，26 年還有其他通路計畫。有沒有關於其可能走向何方的早期估計？是否可以安全地假設它可能會被削減三分之一，甚至一半？然後我將對 Flyrcado 進行快速跟進。

Sure, maybe I'll start. As it relates to semiconductors, it's not one of the most significant import items, but we do use related products in some of our devices, so we'll continue to watch this area. We've reflected it appropriately. As it relates to what we can achieve next year, we are working feverishly on reductions of tariff impacts, and I hope you can see that in the material that we shared today.

當然，也許我會開始。就半導體而言，它不是最重要的進口產品之一，但我們確實在一些設備中使用相關產品，因此我們將繼續關注這一領域。我們已經適當地反映了這一點。就我們明年能夠實現的目標而言，我們正在積極努力地減少關稅的影響，我希望您能在我們今天分享的材料中看到這一點。

At this point, we see a pathway to below $0.85. We are -- we're going to update this every quarter when we talk to all of you because it is such a substantial driver for us and it's not clear yet what we'll be able to achieve in the final analysis, but we feel very good about holding the impact at the 2025 level or better at this stage. Pete?

目前，我們看到跌至 0.85 美元以下的路徑。我們將在每個季度與大家交談時更新這一情況，因為這對我們來說是一個巨大的驅動力，目前還不清楚我們最終能夠實現什麼，但我們對將影響力保持在 2025 年的水平或更高感到非常滿意。皮特？

Yeah, I think to the point, we're obviously doing lots of things, talking to administration, talking on many sides of the world relative to rates, particularly with the concentration that we have. The component moves and the supply piece that hit the three areas, we're going hard on that in all accounts, and so that's the biggest component of offset is the physical changes and the moves.

是的，我認為，我們顯然正在做很多事情，與政府進行對話，與世界各國就利率進行對話，特別是就我們所集中的注意力進行對話。組件移動和供應部分影響了這三個區域，我們在所有帳戶中都對此進行了努力，因此抵消的最大組成部分是物理變化和移動。

And Jay's talked on this before, I mean, SG&A and costs and things like that we're going to be responsible with, but we're also making sure that we fund the heavy growth, we have room in a large company like that to be able to manage that. And with price, at this point, we haven't built a lot of price offsetting here. We are positive price player, we've had positive price in the first quarter even with VDP and pressure within China, we've put up positive price and so we have that lever to do more. But candidly, we're trying to offset as much as we can with cost so that from effect to our customers, it's managed to offset as much as we can. But as things go on longer, obviously, price will have to be a key factor that we'll have to take a look at if tariffs exist at a high rate for a longer period of time.

傑伊之前也談過這個問題，我的意思是，銷售、一般和行政費用以及諸如此類的事情我們將負責，但我們也要確保為快速增長提供資金，在這樣的大公司裡，我們有足夠的空間來管理這些事情。至於價格，目前我們還沒有建立很多價格抵銷措施。我們是積極的價格參與者，即使面臨 VDP 和中國國內的壓力，第一季我們的價格也保持了積極態勢，我們仍然保持了積極的價格，因此我們有能力做更多的事情。但坦白說，我們正在嘗試盡可能地用成本來抵消這種影響，以便從對客戶的影響上盡可能地抵消這種影響。但隨著時間的推移，顯然，如果關稅長期處於高位，價格將成為關鍵因素，我們必須考慮這個因素。

That's helpful. And Flyrcado that the estimates that the company has out there $30 million for 2025 and $500 million for 2028 and maybe just to refresh on those assumptions. And when you think about potential upsides to that, is it -- is that more contingent on just rate of adoption at the nuclear medicine level or do you have a capital component to that that needs to be unleashed i.e. more PET CT scanners out there in the marketplace. Thanks.

這很有幫助。Flyrcado 估計，該公司在 2025 年的可用資金為 3,000 萬美元，在 2028 年的可用資金為 5 億美元，也許只是為了更新這些假設。當您考慮其潛在的好處時，這是否更取決於核醫層面的採用率，還是需要釋放資本成分，即市場上有更多的 PET CT 掃描儀。謝謝。

Yeah, Anthony, I think it's more so about just the adoption and the conversion. I think in the cardiology space, because you know, there's clearly an opportunity for more systems to go out there, but we don't see that as a gating factor of the uptake. A lot of this is -- there's multiple steps on how you run a radio pharmaceutical department. We have success type managers we're adding folks of that nature that can help convert it. So we're optimistic that that can step up.

是的，安東尼，我認為這更多的只是關於採用和轉變。我認為在心臟病學領域，因為你知道，顯然有更多的系統可以推廣，但我們不認為這是採用的限制因素。其中很多是——運作放射藥物部門需要多個步驟。我們擁有成功類型的經理，我們正在增加能夠幫助實現轉變的此類人員。因此，我們樂觀地認為這一進程將會加快。

But look, it comes back to a couple of things. One is the reimbursement positive I mentioned pass through that's there. Is the product differentiated? We believe so, better image quality, be able to see false positives, false negatives more effectively than than the predicate products that are out there, and a real need for a product like this. At the same time, because of the nature of it, you need to grow it, the business in certain geographical pods because you make it and deliver it in a short period of time. And so, that will take a little bit longer to ramp.

但你看，它又回到了幾件事。一個是我提到的報銷正數。產品有差異化嗎？我們相信，影像品質更好，能夠比現有的謂詞產品更有效地發現誤報和誤報，並且確實需要這樣的產品。同時，由於其性質，你需要在特定的地理區域內發展業務，因為你要在短時間內完成並交付。因此，這需要更長的時間才能實現。

And then once you start building up that critical mass, I think the question is, can it ramp at a significantly faster level? There's clearly scenarios where that can take place. It's probably a little bit too early for us to comment on that, but I'm super excited about how Kevin and Eric and his team have delivered at this point in time, and we're right on track to what we've laid out to the marketplace.

一旦你開始累積臨界質量，我認為問題是，它能否以更快的水平增長？顯然，在某些情況下，這種情況是可能發生的。現在評論這一點可能還為時過早，但我對凱文、艾瑞克和他的團隊目前所取得的成果感到非常興奮，而且我們正朝著我們向市場展示的目標前進。

Thank you, and that does conclude our question-and-answer session for today's conference. I'd now like to turn the call back over to Peter Arduini for any closing remarks.

謝謝，今天會議的問答環節到此結束。現在我想將電話轉回給 Peter Arduini 做最後發言。

So thank you all for joining us today. I really appreciate the insightful questions. We look forward to connecting with you here in the coming days at one of our upcoming conferences. Thank you very much. That concludes our conference call today.

非常感謝大家今天的參與。我真的很欣賞這些有見地的問題。我們期待在未來幾天的某場即將召開的會議上與您聯繫。非常感謝。今天的電話會議到此結束。

Thank you for participating in today's conference. This does conclude the program. You may now disconnect. Everyone, have a wonderful day.

感謝大家參加今天的會議。該計劃確實就此結束。您現在可以斷開連線。祝大家有美好的一天。