GE Healthcare Technologies Inc (GEHC) 2025 Q2 法說會逐字稿

Good day, and thank you for standing by. Welcome to the GE HealthCare Second Quarter 2025 Earnings Conference Call. (Operator Instructions) Please be advised today's conference is being recorded. I would now like to turn the conference over to your speaker today, Carolynne Borders. Please go ahead.

您好，感謝您的支持。歡迎參加 GE 醫療 2025 年第二季財報電話會議。（操作員指示）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 second quarter 2025 earnings call. I'm joined by our President and CEO, Peter Arduini; and Vice President and CFO, Jay Saccaro. Our conference call remarks will include both GAAP and non-GAAP financial results. Reconciliations between GAAP and non-GAAP measures can be found in today's press release and in the presentation slides available on our website.

謝謝，接線生。早安，歡迎參加 GE HealthCare 2025 年第二季財報電話會議。與我一同出席的還有我們的總裁兼執行長 Peter Arduini 和副總裁兼財務長 Jay Saccaro。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。

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.

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, Carolynne. Good morning and thank you all for joining today. I'm pleased to report that we delivered another solid quarter marked by continued business execution, healthy customer demand and ongoing progress with our precision care strategy. In the second quarter, we saw orders growth across all segments. Backlog remains at record levels and strong book-to-bill reflects continued customer investment in capital equipment.

謝謝，卡洛琳。早安，感謝大家今天的參加。我很高興地報告，我們又取得了一個穩健的季度，這標誌著我們持續的業務執行、健康的客戶需求和精準護理策略的持續進展。第二季度，我們看到所有部門的訂單都在成長。積壓訂單仍處於創紀錄水平，強勁的訂單出貨比反映了客戶對資本設備的持續投資。

For example, we're seeing this in imaging and advanced visualization solutions for outpatient cardiac and orthopedic settings. We're also observing healthy procedure volumes globally. Revenue growth in the period was driven by strength in the US and EMEA regions. Looking at commercial execution, I'd like to highlight significant wins and long-term enterprise deals that demonstrate our continued momentum.

例如，我們在針對門診心臟和骨科環境的影像和高級視覺化解決方案中看到了這一點。我們也觀察到全球範圍內的健康手術量。本期間的營收成長得益於美國和歐洲、中東和非洲地區的強勁成長。從商業執行的角度來看，我想強調重大勝利和長期企業交易，以證明我們持續的發展勢頭。

During the second quarter, in the US, we secured our largest order ever of Omni Legend PET/CT systems. We also entered a strategic collaboration with Ascension, valued up to $90 million in the first year. We broadened our long-term relationship with one of the largest providers in Mexico and secured a $250 million five-year collaboration in Europe.

第二季度，我們在美國獲得了有史以來最大的 Omni Legend PET/CT 系統訂單。我們也與 Ascension 達成了策略合作，第一年的價值高達 9,000 萬美元。我們擴大了與墨西哥最大的供應商之一的長期合作關係，並在歐洲達成了價值 2.5 億美元的五年合作協議。

These strategic collaborations leverage our D3 strategy, which is about bringing to market world-class solutions with smart devices and drugs, enabling disease state solutions with digital and AI. Success in our global strategy is evidenced by the adoption of new product introductions, which generated over 50% of our sales. This demonstrates the success of our R&D investments.

這些策略合作利用了我們的 D3 策略，該策略旨在透過智慧設備和藥物向市場推出世界級的解決方案，利用數位和人工智慧實現疾病狀態解決方案。我們全球策略的成功體現在新產品的推出，新產品的推出為我們帶來了 50% 以上的銷售額。這證明了我們的研發投資的成功。

Our commercial teams go to market with a solutions mindset, clinical expertise, and deep product domain. All of this enables us to better serve patient needs and help our customers create sustainable long-term growth. In the quarter, we delivered strong EPS despite a mixed macroeconomic landscape. Overall, we're optimistic given customer investment, our operational execution and increasing clarity in the global trade landscape.

我們的商業團隊以解決方案思維、臨床專業知識和深厚的產品領域進入市場。所有這些使我們能夠更好地滿足患者的需求並幫助我們的客戶實現可持續的長期成長。本季度，儘管宏觀經濟狀況好壞參半，我們仍實現了強勁的每股盈餘。整體而言，鑑於客戶的投資、我們的營運執行以及全球貿易格局日益清晰，我們感到樂觀。

Now I'll turn the call over to Jay to provide more details on the quarter. Jay?

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。傑伊？

Thanks, Pete. Let's start with our financial performance on slide 4. We reported revenues of $5 billion in the quarter with organic growth of 2% at the high end of our expected range. On a reported basis, service revenue grew 7%, driven by global growth in new and existing customer agreements, including enterprise deals. Product revenue was up 2%.

謝謝，皮特。讓我們從幻燈片 4 上的財務表現開始。我們報告本季營收為 50 億美元，有機成長率為 2%，處於預期範圍的高點。據報道，服務收入成長了 7%，這得益於包括企業交易在內的新舊客戶協議的全球成長。產品收入成長2%。

We delivered healthy organic orders growth up 3% year over year, with first half order growth of 7%. Book-to-bill for the quarter was strong at 1.07times, and we exited the quarter with a record backlog of $21.3 billion. Backlog was up $2.2 billion year over year and was up $700 million sequentially. Adjusted EBIT margin in the quarter was 14.6%, down 80 basis points year over year due to tariff impacts. This was partially offset by lean actions and volume.

我們實現了健康的有機訂單成長，年增 3%，其中上半年訂單成長 7%。本季的訂單出貨比強勁，達到 1.07 倍，而本季結束時，我們的積壓訂單額達到了創紀錄的 213 億美元。積壓訂單較上年同期增加了 22 億美元，較上一季增加了 7 億美元。本季調整後的息稅前利潤率為 14.6%，受關稅影響，較去年同期下降 80 個基點。這被精益行動和交易量部分抵消。

We continue to execute on our optimization initiatives in line with our medium-term profitability goals. We delivered strong adjusted EPS in the quarter of $1.06 per share, up 6% year over year. This included approximately $0.08 of impact from tariffs, and improved tax rate contributed $0.07 of benefit year over year, and we also saw lower interest expense. Lastly, free cash flow of $7 million in the quarter was up $189 million versus the prior year.

我們將繼續按照我們的中期獲利目標執行優化措施。我們本季實現了強勁的調整後每股收益，達到 1.06 美元，年增 6%。其中包括約 0.08 美元的關稅影響，稅率提高帶來的收益比去年同期增加 0.07 美元，而且利息支出也降低了。最後，本季自由現金流為 700 萬美元，較上年同期增加 1.89 億美元。

Taking a closer look at margin performance in the second quarter on slide 5, adjusted gross margin declined 180 basis points year over year. This was primarily due to tariff expenses and new product investments. Given the tariff dynamics, we thought it would be helpful to also look at performance in the first half of 2025. Adjusted gross margin for the first half of the year decreased 50 basis points, and adjusted EBIT margin decreased 20 basis points, including the impact of tariffs. This was partially offset by productivity and increased volume.

仔細觀察投影片 5 上第二季的利潤率表現，調整後的毛利率年減了 180 個基點。這主要是由於關稅支出和新產品投資。考慮到關稅動態，我們認為關注 2025 年上半年的表現也會有所幫助。上半年調整後毛利率下降50個基點，調整後息稅前利潤率下降20個基點，其中包括關稅的影響。這被生產力和產量的增加部分抵消。

We remain focused on what's in our control, including driving productivity initiatives and implementing tariff mitigation actions. Let's move on to segment performance, starting with Imaging on slide 6. Organic revenue in the quarter was up 1% versus the prior year. This was driven by strong execution in EMEA and the US, largely offset by China headwinds. Segment EBIT margin declined 110 basis points year over year, driven by tariff pressure.

我們仍然專注於我們能夠控制的事情，包括推動生產力措施和實施關稅減免行動。讓我們繼續討論細分性能，從幻燈片 6 上的成像開始。本季有機收入較上年同期成長 1%。這是由歐洲、中東和非洲地區以及美國的強勁執行所推動的，但很大程度上被中國的不利因素所抵消。受關稅壓力影響，該部門息稅前利潤率年減 110 個基點。

This was partially offset by productivity improvements. Excluding tariffs, imaging margin would have increased year over year and sequentially. Overall capital equipment demand and procedure growth remained healthy as customers invest in imaging innovation.

這被生產力的提高部分抵消了。不計關稅，成像利潤率將比去年同期成長。隨著客戶對影像創新的投資，整體資本設備需求和程序成長保持健康。

Turning to Advanced Visualization Solutions on slide 7. Organic revenue was up 2% year over year with continued strong performance in the US, as customers invest in AI-enhanced ultrasound solutions across multiple care settings. Segment EBIT margin increased 20 basis points year over year, driven by productivity and volume. As we look ahead, we expect continued strength in growth markets driven by product launches across the portfolio to accelerate growth and recurring revenue.

前往投影片 7 上的進階視覺化解決方案。由於客戶在多個護理環境中投資 AI 增強型超音波解決方案，有機收入年增 2%，美國市場表現持續強勁。受生產力和產量的推動，部門息稅前利潤率年增 20 個基點。展望未來，我們預計，在整個產品組合的推出的推動下，成長市場將繼續保持強勁，從而加速成長和經常性收入。

Turning to Patient Care Solutions on slide 8. Organic revenue was flat year over year. Growth in monitoring solutions was offset by Life Support Solutions, which faced a difficult year over year comparison. This was largely due to the strong backlog conversion in the second quarter of last year. Segment EBIT margin declined 240 basis points, primarily driven by inflation and unfavorable portfolio mix.

前往投影片 8 上的病患照護解決方案。有機收入與去年同期持平。生命支持解決方案的成長抵消了監測解決方案的成長，但與去年同期相比，生命維持解決方案的成長較為困難。這在很大程度上是由於去年第二季積壓訂單的強勁轉換。該部門息稅前利潤率下降了 240 個基點，主要原因是通貨膨脹和不利的投資組合。

This was partially offset by productivity actions. We remain focused on new product introductions including monitoring, anesthesia, and labor delivery solutions, which we expect to drive growth and improve margin over time.

這被生產力行動部分抵消了。我們將繼續專注於新產品的推出，包括監測、麻醉和分娩解決方案，我們預計這些產品將推動成長並隨著時間的推移提高利潤率。

Moving to Pharmaceutical Diagnostics on slide 9. We delivered another quarter of solid growth at 5% organically. This was versus a difficult comparison in the second quarter of 2024 when organic sales grew 14%. EBIT margin declined 200 basis points year over year due to planned US radiopharmaceutical investments, Nihon Medi-Physics and FX headwinds, which were partially offset by price.

轉到幻燈片 9 上的「藥物診斷」。我們又實現了一個季度的穩健成長，有機成長率達到 5%。這與 2024 年第二季的有機銷售額成長 14% 相比，是一個困難的比較。由於計劃中的美國放射性藥物投資、日本醫療物理公司和外匯不利因素，息稅前利潤率較去年同期下降 200 個基點，但部分被價格所抵銷。

We remain confident in our growth outlook for PDx, given continued strength in global imaging procedures that drive the need for imaging agents and the consistent growth of radiopharmaceuticals.

鑑於全球影像程序持續強勁推動對影像劑的需求以及放射性藥物的持續成長，我們對 PDx 的成長前景仍然充滿信心。

Let's look at cash performance on slide 10. We delivered free cash flow of $7 million, up $189 million year over year primarily due to timing. The prior year period reflects our annual employee compensation payments that were paid in the second quarter, but now they are paid in the first quarter. We continue to strategically manage our working capital and monitor inventory cycle times.

讓我們看看幻燈片 10 上的現金表現。我們實現了 700 萬美元的自由現金流，比去年同期增加了 1.89 億美元，這主要歸功於時機。去年同期反映了我們在第二季度支付的年度員工薪酬，但現在是在第一季支付。我們繼續策略性地管理我們的營運資金並監控庫存週期時間。

Turning to capital allocation. Our priorities remain intact. In April, we announced a board-authorized share repurchase program of $1 billion. In the second quarter, we repurchased approximately $100 million of our shares, reflecting our view of strong long-term growth opportunities. We also issued $1.5 billion in bonds to refinance our November 2025 debt maturity. Additionally, we're focused on investing in organic growth, maintaining our dividend and pursuing strategic M&A that aligns with our portfolio strategy.

轉向資本配置。我們的優先事項保持不變。四月份，我們宣布了董事會授權的10億美元股票回購計畫。在第二季度，我們回購了約 1 億美元的股票，反映了我們對強勁的長期成長機會的看法。我們也發行了 15 億美元債券，為 2025 年 11 月到期的債務進行再融資。此外，我們專注於投資有機成長、維持股息並尋求符合我們投資組合策略的策略併購。

Turning to slide 11 on tariffs. As Pete mentioned, we're pleased that the global tariff environment has become clearer since the time of our last earnings call. Today, we're providing an updated adjusted EPS walk that reflects our best view of the gross and net tariff impact versus our prior guidance.

翻到第 11 張投影片，討論關稅問題。正如皮特所提到的，我們很高興看到，自上次財報電話會議以來，全球關稅環境變得更加清晰。今天，我們提供了更新的調整後每股收益預測，該預測反映了我們對總關稅和淨關稅影響的最佳看法，與我們先前的指導相比。

We've made significant progress with mitigating actions and continue to implement these initiatives across the globe. As outlined on the slide, we've continued to make prudent assumptions regarding the bilateral US and China tariffs, as well as announced tariffs for the EU, Mexico, Canada, and Japan. In essence, as we did last quarter, we're only assuming the current agreed upon tariffs.

我們在緩解行動方面取得了重大進展，並繼續在全球範圍內實施這些措施。正如幻燈片中概述的那樣，我們繼續對美國和中國的雙邊關稅以及歐盟、墨西哥、加拿大和日本宣布的關稅做出審慎的假設。本質上，正如我們上個季度所做的那樣，我們只是假設目前商定的關稅。

In April, we guided to an adjusted EPS range of $3.90 to $4.10, which reflected $0.85 of total net tariff impact post the significant remediation work performed by our teams. With the easing of tariffs we expect to realize an improvement of approximately $0.40 from the prior full year adjusted EPS guidance. We also expect a $0.13 improvement due to commercial execution, tax, and interest.

4 月份，我們預計調整後的每股收益範圍為 3.90 美元至 4.10 美元，這反映了我們的團隊進行重大補救工作後總淨關稅影響為 0.85 美元。隨著關稅的放寬，我們預計調整後的每股盈餘將比上一年度全年預期提高約 0.40 美元。我們也預計商業執行、稅收和利息將帶來 0.13 美元的改善。

The total net tariff impact in our adjusted EPS guidance for 2025 is now $0.45. In the second quarter, the impact from tariffs was less than $50 million. We will continue to drive mitigation actions into 2026 and beyond. As a result, in 2026, we expect less than $0.45 of adjusted EPS impacts from tariffs. Now let's turn to our full outlook on slide 12.

我們2025年調整後每股盈餘預期中的總淨關稅影響目前為0.45美元。第二季度，關稅的影響不到5000萬美元。我們將繼續推動緩解行動直至2026年及以後。因此，我們預計 2026 年關稅對調整後每股盈餘的影響將不到 0.45 美元。現在讓我們來看看第 12 張投影片上的完整展望。

For the full year, 2025, reflective of continued positive customer sentiment in many of the global markets we serve, and continued business momentum, we're raising our organic revenue growth guidance to approximately 3%. Based on where rates are today, we expect FX to be a 50 basis point tailwind to revenue. For adjusted EBIT margin, we are now forecasting a range of 15.2% to 15.4% for the full year, compared to our previous guidance of 14.2% to 14.4%.

對於 2025 年全年而言，鑑於我們所服務的許多全球市場持續的正面客戶情緒以及持續的業務發展勢頭，我們將有機收入成長預期上調至約 3%。根據目前的利率水平，我們預計外匯將為收入帶來 50 個基點的順風。對於調整後的息稅前利潤率，我們現在預測全年範圍為 15.2% 至 15.4%，而我們先前的預測為 14.2% 至 14.4%。

Our adjusted effective tax rate is expected to be in the range of 20% to 21% for the full year compared to a range of 21% to 22% in our prior guidance. This compares favorably to 2024 by 80 to 180 basis points, primarily due to the utilization of tax attributes post spin.

我們預計全年調整後的有效稅率將在 20% 至 21% 之間，而我們先前的預測為 21% 至 22%。與 2024 年相比，這一數字高出 80 至 180 個基點，這主要歸功於分拆後稅收屬性的利用。

For adjusted EPS, we now expect between $4.43 and $4.63 for the full year. This is up versus our prior estimate of $3.90 to $4.10 per share. We now expect to deliver free cash flow of at least $1.4 billion for the full year, versus our prior expectation of at least $1.2 billion. 2025 will be impacted by tariff payments as previously discussed.

對於調整後的每股收益，我們現在預計全年每股收益在 4.43 美元至 4.63 美元之間。這高於我們之前估計的每股 3.90 美元至 4.10 美元。我們現在預計全年自由現金流至少為 14 億美元，而我們之前預期至少為 12 億美元。如前所述，2025 年將受到關稅支付的影響。

To provide additional insight for the third quarter of 2025, we currently anticipate year over year organic revenue growth for the quarter to be in the range of 2% to 3%, and we expect adjusted EBITDA to decline high single digits year over year due to tariff impacts.

為了對 2025 年第三季提供更多洞察，我們目前預計該季度的同比有機收入成長率將在 2% 至 3% 之間，並且我們預計由於關稅的影響，調整後的 EBITDA 將同比下降高個位數。

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

說完這些，我就把電話轉回給皮特。皮特？

Thanks, Jay. As you know, our innovation pipeline is focused on delivering solutions that provide productivity, efficiency, and improved outcomes along the patient journey across the enterprise. A great example of this is the fast-growing sector of nuclear medicine where we play a significant role, enabling better care for multiple diseases.

謝謝，傑伊。如您所知，我們的創新管道專注於提供能夠在整個企業的患者旅程中提高生產力、效率和改善結果的解決方案。一個很好的例子就是快速發展的核醫領域，我們在其中發揮重要作用，為多種疾病提供更好的治療。

In the first half of the year, orders grew strong double digits across our proprietary diagnostic imaging agents, and leading molecular imaging solutions made up of AI-enabled equipment and digital tools. PET imaging is a core component of nuclear medicine and a cornerstone to precision care.

上半年，我們專有的診斷成像劑以及由人工智慧設備和數位工具組成的領先分子成像解決方案的訂單均實現了強勁的兩位數增長。PET 影像是核子醫學的核心組成部分，也是精準照護的基石。

Recently, one of the largest GPOs reported that PET is expected to outpace other modalities in the coming years, in part due to an aging population and the rise of novel therapeutics. As a result, our customers are looking to GE HealthCare as the partner to help them increase capacity and build infrastructure to better manage their patient flow.

最近，一家最大的 GPO 報告稱，PET 預計將在未來幾年超過其他治療方式，部分原因是人口老化和新型療法的興起。因此，我們的客戶希望 GE HealthCare 作為合作夥伴，幫助他們提高容量並建立基礎設施，以更好地管理病患流量。

We believe our comprehensive offering of nuclear medicine solutions across multiple care areas puts us at an advantage. So let me explain why. In Alzheimer's, momentum began two years ago with the FDA approval of the first amyloid targeting therapies.

我們相信，我們在多個護理領域提供的全面核醫解決方案使我們具有優勢。讓我來解釋一下原因。在阿茲海默症領域，隨著 FDA 兩年前批准第一種針對澱粉樣蛋白的療法，該領域的治療勢頭開始增強。

Since then, we acquired MIM Software and have integrated differentiating amyloid assessment and therapy monitoring tools into our devices. We continue to see demand for Vizamyl, our diagnostic PET amyloid agent. And just last month, the FDA updated Vizamyl label to allow for quantification of amyloid and patient selection for treatment. It also removes limitations for use for monitoring therapy response and predicting development of dementia. In oncology, updated guidelines are driving increased use of Cerianna scans for certain patients with metastatic breast cancer.

從那時起，我們收購了 MIM Software，並將差異化澱粉樣蛋白評估和治療監測工具整合到我們的設備中。我們繼續看到對我們的診斷 PET 澱粉樣蛋白藥物 Vizamyl 的需求。就在上個月，FDA 更新了 Vizamyl 標籤，以便對澱粉樣蛋白進行量化並選擇患者進行治療。它還消除了用於監測治療反應和預測癡呆症發展的限制。在腫瘤學領域，更新的指南正在推動對某些轉移性乳癌患者更多地使用 Cerianna 掃描。

Cerianna revenues have increased significantly year over year. And meanwhile, MIM continues to be a differentiator for us to drive efficiencies and complex workflows like theranostics, one of the fastest-growing areas of nuclear medicine. We're continuing to advance the commercial ramp-up for Flyrcado. It's now covered by all seven Medicare administrative contractors and included on cardiac PET policies and more than half of the nation's commercially insured population.

Cerianna 的收入逐年大幅成長。同時，MIM 繼續成為我們推動效率和複雜工作流程的差異化因素，例如核子醫學中發展最快的領域之一——治療診斷。我們正在繼續推進 Flyrcado 的商業化進程。目前，所有七家醫療保險行政承包商均已承保該疾病，並將其納入心臟 PET 保單，並涵蓋全國一半以上的商業保險人口。

At the 2025 Society of Nuclear Medicine and Molecular Imaging Annual Meeting, a clinical abstract featuring data from Forpuridda, the active agent in Flyrcado received the cardiology abstract of the Year award. As the world looks to address these devastating diseases, we're confident that our investments thus far, and in the future, will pay off in the form of real patient impact and customer interest to grow their service lines.

在 2025 年核醫學和分子成像學會年會上，以 Flyrcado 中的活性藥物 Forpuridda 的數據為特色的臨床摘要獲得了年度心臟病學摘要獎。當全世界都在努力應對這些毀滅性疾病時，我們相信，我們迄今為止以及未來的投資將以真正的患者影響和客戶興趣的形式獲得回報，從而擴大他們的服務線。

Our nuclear medicine approach with smart devices and a portfolio of drugs enabled by digital and AI is a great example of D3 in action. As a partner, we're not only helping customers define the future but delivering solutions at a time when they're ready to embrace it.

我們的核子醫學方法採用智慧型裝置以及由數位和人工智慧支援的藥物組合，這是 D3 實際應用的一個很好的例子。作為合作夥伴，我們不僅幫助客戶定義未來，還在他們準備好迎接未來時提供解決方案。

As we conclude the call, we're pleased with the orders and revenue performance in the second quarter, and in the first half of the year, which has been supported by strong customer demand. We continue leading in AI and health care, topping the FDA's AI-enabled Medical Device list for the fourth year running with 100 authorizations.

在電話會議結束時，我們對第二季和上半年的訂單和收入表現感到滿意，這得益於強勁的客戶需求。我們繼續在人工智慧和醫療保健領域保持領先地位，連續第四年以 100 項授權位居 FDA 人工智慧醫療器材名單榜首。

We help drive clinical confidence, improve productivity for customers, and fuel our growth. We're also on track to deliver progress on our innovation pipeline with many of our higher-margin products launches planned in the second half of this year and into 2026. Our capital allocation strategy primarily focused on organic and inorganic investment, while also returning cash to shareholders through a dividend and share repurchases, demonstrates our financial flexibility.

我們幫助增強臨床信心、提高客戶的生產力並推動我們的成長。我們的創新管道也有望取得進展，計劃在今年下半年和 2026 年推出許多利潤率更高的產品。我們的資本配置策略主要著重於有機和無機投資，同時透過股利和股票回購向股東返還現金，體現了我們的財務靈活性。

We continue to drive long-term value through our strategic priorities, with healthy end markets, solid operating execution and a global trade environment that's becoming more clear, we're pleased to be in a position to raise our 2025 guidance today. I want to thank our teams for another strong quarter of execution and for their relentless focus to deliver for patients and customers globally.

我們繼續透過策略重點推動長期價值，憑藉健康的終端市場、穩健的營運執行和日益清晰的全球貿易環境，我們很高興今天能夠提高 2025 年的指引。我要感謝我們的團隊又一個季度的強勁執行，以及他們堅持不懈地致力於為全球患者和客戶提供服務。

Now let's open up the call for questions.

現在讓我們開始提問。

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

謝謝你，彼得。（活動指示）接線員，請您接通線路好嗎？

(Operator Instructions) Vijay Kumar, Evercore ISI.

（操作員指示） Vijay Kumar，Evercore ISI。

Congrats on a nice execution here. Maybe my first question here on the capital environment. Our math suggest capital book-to-bill was 1.13, another double-digit print here, a really strong trends in that first half. Maybe can you talk about capital environment across different regions, US, Europe and what China has bottomed?

恭喜您在這裡取得了出色的表現。我的第一個問題可能是關於首都環境的。我們的計算表明，資本訂單出貨比為 1.13，又是一個兩位數的印刷量，這是上半年非常強勁的趨勢。您能否談談不同地區的資本環境，美國、歐洲以及中國已經觸底的情況？

Hey Vijay, thanks for the question. Yes, I mean, our orders, obviously, in the first half were about 7% when you take a look across the two. And when we take a look at the different markets around the world, I'll kind of go around the horn. And I'd say US, one of the things we've talked about has an aging installed base, particularly in imaging, probably older than many around the world, some of that with the pauses that took place during COVID. So there is a robust replacement cycle that's going on.

嘿，Vijay，謝謝你的提問。是的，我的意思是，如果你看一下這兩個數據，那麼顯然我們上半年的訂單量約為 7%。當我們觀察世界各地的不同市場時，我會採取一些繞行措施。我想說，我們討論過的一個問題是，美國的設備安裝基礎老化，特別是在成像領域，可能比世界上許多地方的設備安裝基礎都要老，其中一些是由於新冠疫情期間的設備停用造成的。因此，強勁的替換週期正在發生。

I think that's one aspect of the US. The other aspect is many of the new clinical and products that are coming out, either on the drug or the device side. I mean, if you think of electrophysiology and what's happening in that boom driving the need for advanced cath labs as an example. Or what's happening relative to certain pharmaceuticals and the need for more MR follow-up imaging. I mean those are just examples that are driving, and we see those trends to be robust.

我認為這是美國的一個面向。另一方面是許多新的臨床和產品正在問世，無論是藥物方面還是設備方面。我的意思是，如果你想想電生理學以及推動對先進導管室的需求的繁榮發展的例子。或與某些藥物相關的情況以及對更多 MR 後續成像的需求。我的意思是，這些只是正在推動的例子，我們認為這些趨勢是強勁的。

The other, which is a big obvious one is the need for productivity. It's difficult for US hospitals to get staffed. And so equipment that moves the patient swiftly through the institution with a high-quality diagnosis is a very important asset. And hence, when we look at some of the surveys that come out, our most recent capital survey still has a rather a bullish view on spending and committing money towards our equipment.

另一個顯而易見的因素是生產力的需求。美國醫院很難找到合適的醫護人員。因此，能夠讓患者快速接受高品質診斷的設備是一項非常重要的資產。因此，當我們查看一些調查結果時，我們最近的資本調查仍然對設備支出和資金投入持相當樂觀的看法。

We haven't seen any significant pullbacks, I'd say, in any of the data at this point in time, even from some of the most recent bills that were passed in Washington. So stay tuned on that. Obviously, some of those won't come into effect until maybe '26, but we aren't seeing anything at this point in time.

我想說，目前我們還沒有看到任何數據明顯回落，即使是華盛頓最近通過的一些法案也是如此。請繼續關注。顯然，其中一些可能要到 26 年才會生效，但目前我們還沒有看到任何進展。

Europe, we're actually seeing some good growth. I would say last year, I had mentioned that with some government changes, there were positives, most notably like in the UK and France. We're actually seeing recovery in geographies there from a capital decision standpoint, UK, Germany. So I think that plays out. Obviously, we'll have to see how the final negotiations take place with some of the tariff bills does affect things. But at this point, we're not seeing a lot.

歐洲，我們實際上看到了一些好的成長。我想說，去年我曾提到，隨著一些政府改革，也出現了積極的進展，最明顯的是英國和法國。從資本決策的角度來看，我們實際上看到了英國、德國等地的復甦。所以我認為這是可行的。顯然，我們必須看看一些關稅法案的最終談判結果將如何影響事態。但目前我們還沒有看到太多。

I think emerging markets, countries like Indonesia, there's a lot of activity going on in a positive way for us. I know as well as other players. In Latin America, we're seeing strong. I'd say China, we're seeing activity pick up, but the market recovery is taking a little bit longer. And so our focus there is that it's probably still going to take a little bit more time to evolve.

我認為新興市場，例如印尼等國家，正在進行許多對我們有利的活動。我和其他玩家一樣清楚。在拉丁美洲，我們看到了強勁的成長動能。我想說的是，我們看到中國的經濟活動正在回暖，但市場復甦還需要更長的時間。因此，我們的重點是，它可能仍需要更多時間來發展。

We think the longer-term outlook will be positive just based on the size of the country. But we have, I'd still say a paced view of how that market will recover. I don't know, Jay, anything you'd add to that?

我們認為，僅從該國的規模來看，長期前景將是積極的。但我仍然認為，我們對市場復甦的速度有一個大致的了解。我不知道，傑伊，你還有什麼要補充的嗎？

Yes, sure. Vijay, just as it relates to your specific comment on equipment book-to-bill, we reported 1.07 times. By the way, this was after 1.09 times in the first quarter and the same number in the fourth quarter. So we're really pleased with this book-to-bill performance, the strength of the markets that we're experiencing right now. As we look at the -- as you know, with that calculation, we incorporate PDx and service revenue at one to one.

是的，當然。Vijay，正如您對設備訂單出貨比的具體評論一樣，我們報告的是 1.07 倍。順便說一句，這是在第一季達到 1.09 倍之後，在第四季度也達到了相同的數字。因此，我們對訂單出貨比的表現以及我們目前所經歷的市場強勁感到非常滿意。正如您所知道的，當我們看一下這個計算時，我們將 PDx 和服務收入一一合併。

So to your point, equipment book-to-bill in all three of those quarters was well above 1.1. So I think it's really a good backdrop as we look to accelerate the business over the midterm.

正如您所說，這三個季度的設備訂單出貨比都遠高於1.1。所以我認為這確實是一個很好的背景，因為我們期待在中期加速業務發展。

That's helpful comments here. And maybe one follow-up, if I may. Your tariff assumptions, you're mitigating half the impact in fiscal '25, noted that fiscal '26 impact to be lesser than '25. Maybe elaborate on the actions the company is taking, or any of these actions, or things that you would call is causing regret if rates were to change come down in -- based on all that you know right now? Do we have visibility into high singles EPS for fiscal '26?

這是很有幫助的評論。如果可以的話，也許還有一個後續問題。您的關稅假設是，您減輕了 25 財年一半的影響，並指出 26 財年的影響將小於 25 財年。也許可以詳細說明公司正在採取的行動，或者任何這些行動，或者如果利率下降，您會認為哪些事情會讓人後悔——基於您現在所知道的一切？我們是否能夠預見 26 財年的單筆 EPS 將會很高？

Great. Thanks, Vijay. Overall, we're very pleased with the work that the organization is undertaking on tariffs. It's been daily work across the board and a lot of progress over the last several months. As we think about the actions, I would bucket them in two pieces.

偉大的。謝謝，維傑。總體而言，我們對該組織在關稅方面開展的工作感到非常滿意。這是全方面的日常工作，過去幾個月來取得了很大進展。當我們考慮這些行動時，我會將它們分成兩個部分。

The first set are no regrets moves that we immediately implemented. And then the second are longer lead time items where we waited a bit. So let's talk about each piece. In the first bucket, there's things like USMCA exemptions, bonded logistics, simple supplier changes where we have dual sourcing in place. And so all of those activities are things that we benefited from immediately, and we will likely leave in place for the foreseeable future.

第一組是我們立即實施的無悔措施。第二種是交貨期較長的產品，我們需要等待一段時間。那麼讓我們來討論一下每一部分。第一個類別包括 USMCA 豁免、保稅物流、簡單的供應商變更（其中我們實施雙重採購）。因此，所有這些活動都讓我們立即受益，而且在可預見的未來我們很可能還會繼續這樣做。

The second piece, though, relates to the broader restructuring of the supply chain. And so as we gain clarity on how the final tariff deals look. We're starting to invest in some more substantive changes. For example, shifting manufacturing to more local for local, or working with our supply base to move capacity within their network to more tariff-friendly geographies. Those items are longer lead time items.

然而，第二部分涉及供應鏈的更廣泛的重組。這樣我們就能清楚了解最終的關稅協議是怎麼樣的。我們開始投資一些更實質的變革。例如，將製造業務轉移到更本地化的地區，或與我們的供應基地合作，將其網路內的產能轉移到關稅更友善的地區。這些物品是交貨時間較長的物品。

They do require some investment. But from our standpoint, you don't want to do those kinds of moves until you have clarity on final trade deals. And so as we've seen these trade deals shape of, we're now in a position to begin to execute on some of these, which we'll do in the second half of the year, and then those will benefit 2026. To your point, it's really important that we have 2026 below 2025 impact. That's a clear area of focus for us as we look to mitigate these things.

它們確實需要一些投資。但從我們的角度來看，在最終貿易協議明確之前，你不會想採取此類行動。正如我們所見，這些貿易協議已經成型，我們現在可以開始執行其中的一些協議，我們將在今年下半年完成，這些協議將惠及 2026 年。正如您所說，2026 年的影響力低於 2025 年的影響確實很重要。當我們尋求緩解這些問題時，這顯然是我們關注的重點領域。

As far as EPS growth for next year, no comment at this stage. We'll work through that in the coming months as we put together our plans for 2026. Pete, anything to add?

至於明年的每股盈餘成長，目前尚無評論。我們將在未來幾個月內解決這個問題，並制定 2026 年的計畫。皮特，還有什麼要補充的嗎？

Yes. I would just say, Vijay, I mean we've been really all over this one. I think it's going to set us up well going into '26, but also into '27. Sometimes these events also cause you to really take a deep look at your businesses. And so we're doing a lot of house cleaning as well.

是的。我只想說，維傑，我的意思是我們已經完全了解了這一點。我認為這不僅會為我們進入 26 年打下良好的基礎，而且也會為我們進入 27 年打下良好的基礎。有時這些事件也會促使你真正深入檢視自己的業務。因此我們也做了很多房屋清潔工作。

Configurations, things of that nature. I'll give you an example, our vascular business. We had a product that's used in orthopedics that was only made in China. We have the capability to make it in Utah. We'll make them in both locations.

配置，諸如此類的事情。我給你舉個例子，我們的血管業務。我們有一種用於骨科的產品，只有中國製造。我們有能力在猶他州實現這一目標。我們將在兩個地方製作它們。

And so we can better serve the customers and probably the turnaround time when a customer wants one, we've cut the lead time probably in half with that change. Ultrasound probes. We make them in four different places around the world. Sometimes that was led by one sole decision, maybe cost or something. As we see where these rates are, we can actually titrate where we want to make specific ones.

這樣，我們就可以更好地為客戶服務，當客戶需要時，我們可能會將週轉時間縮短了一半。超音波探頭。我們在世界各地的四個不同地方生產它們。有時，這只是由一個決定導致的，可能是成本或其他原因。當我們看到這些比率在哪裡時，我們實際上可以滴定出我們想要的特定比率。

So I would say our customer service out of this, as well as resolving that both of those are going to improve as we just get smarter, as we think about the geo landscape of where we want to make and how we provide customer service, and support, but also what the costs are associated with it.

因此，我想說，我們的客戶服務以及解決這些問題都將隨著我們變得更加聰明而得到改善，因為我們會考慮我們想要製造的地理環境以及我們如何提供客戶服務和支持，以及與之相關的成本。

Joanne Wuensch, Citi.

花旗銀行的 Joanne Wuensch。

I wanted to spend a minute or two talking about the order book. It looks like the order growth decelerated versus the first quarter. Can you help us understand the drivers? Were there any pull forwards in the first quarter? Or is this a better way to look at this more on a year over yearbook-to-bill type of order book?

我想花一兩分鐘來討論訂單簿。看起來訂單成長與第一季相比有所放緩。您能幫助我們了解驅動因素嗎？第一季有沒有什麼拉動？或者，這是以年度為單位來看待這個問題的更好方式，而不是以年鑑到帳單類型的訂單簿來看待這個問題？

Sure. As Pete mentioned earlier, Joanne, we're really pleased with the health of the customer capital environment, we think it's a robust backdrop. Surveys confirm that, and our performance confirms it as well. Second quarter order growth of 3% was certainly below Q1, but we knew that was going to happen.

當然。正如 Pete 之前提到的，Joanne，我們對客戶資本環境的健康狀況感到非常滿意，我們認為這是一個強勁的背景。調查證實了這一點，我們的表現也證實了這一點。第二季度訂單成長率為 3%，肯定低於第一季度，但我們知道這是會發生的。

Book-to-bill was healthy, as I mentioned moments ago, and we had a record backlog over $21 billion, which really sets us up well heading into next year. We did expect some moderation, as I said, and it's important to look at this not on a quarter basis, but on a period a little bit more extended than that. If you look at the first half orders growth, we're at 7%. I think if you look at the last nine months of orders, we're at 7% or 6%. If you look at the last year, we're at mid-single-digit growth.

正如我剛才提到的，訂單出貨比表現良好，而且我們的積壓訂單額創下了 210 億美元的新高，這為我們明年的經營打下了良好的基礎。正如我所說，我們確實預計會出現一些緩和，重要的是不要以季度為單位來看待這個問題，而要以比季度更長的一段時間來看待。如果你看一下上半年的訂單成長情況，你會發現我們的成長速度達到了 7%。我認為，如果你看一下過去九個月的訂單，我們的成長率是 7% 或 6%。如果你回顧去年，你會發現我們的成長率達到了中個位數。

So when we talk about this midterm aspiration of driving mid-single-digit growth, certainly, the performance that we've seen on a 3, 6, 9, 12 basis all supports that. We're seeing strength in US, EMEA emerging markets. Customers are committed to CapEx. So I wouldn't overanalyze the deceleration from Q1 to Q2. We did have a large customer order in the first quarter that did help the order growth a little bit.

因此，當我們談論推動中位數個位數成長的中期願望時，當然，我們在 3、6、9、12 年基礎上看到的表現都支持這一點。我們看到美國、歐洲、中東和非洲新興市場表現強勁。客戶致力於資本支出。所以我不會過度分析從第一季到第二季的減速。我們在第一季確實有一個大客戶訂單，這確實對訂單成長有一點幫助。

But overall, we're encouraged by the environment.

但總體而言，我們對環境感到鼓舞。

Yes. And just the only thing I would add, Joanne, is that with capital equipment, it's always going to be a little bit lumpy by quarter. And the more that we are successful with enterprise deals where you get a large commitment. We have POs cut in a given quarter for the next 18, 24 months of deliveries. We're going to put those in right then.

是的。喬安妮，我只想補充一點，對於資本設備來說，每季總是會有點不穩定。我們在企業交易中取得的成功越多，獲得大筆承諾的機會就越多。我們會根據未來 18 至 24 個月的交貨情況，在特定季度削減採購訂單。我們馬上就把它們放進去。

We're obviously not going to spread them out as such. And so that's going to create lumpiness. And so as Jay said, the retrospective look is super important there. But we feel very good about the position where we're in and obviously, with new products coming after two, three years of investment that we would expect that to accelerate here in future quarters.

我們顯然不會這樣傳播它們。這就會造成腫塊。正如傑伊所說，回顧過去非常重要。但我們對自己目前的地位感到非常滿意，而且顯然，經過兩三年的投資，新產品即將問世，我們預計未來幾季這一增長將會加速。

Larry Biegelsen, Wells Fargo.

富國銀行的拉里·比格爾森。

Pete, I wanted to ask about the progress with Flyrcado. What feedback are you hearing from customers? What are some of the barriers to adoption that you're addressing and how are you feeling about the $30 million in guidance for 2025? And I did have one follow-up.

皮特，我想問 Flyrcado 的進展。您從客戶那裡聽到了什麼回饋？您正在解決哪些採用障礙？您對 2025 年 3000 萬美元的指導金額有何看法？我確實有一個後續行動。

Okay. Larry, thanks for the question. Look, I'll start with the 30. I mean we feel good about it. Let me tell you a little bit.

好的。拉里，謝謝你的提問。瞧，我就從 30 開始。我的意思是我們對此感覺很好。讓我告訴你一點。

It's probably less about the $30 million and more of the composition of it that positions us for the next two, three, four years in the ramp. But Look, we're pleased with the progress. And some of the first things are is expanding the manufacturing footprint. Keep in mind, this is a product that we make the API, we make the chemistry labs. But the real actual manufacturing happens at CMOs, contract manufacturing organizations close to the site of delivery.

這可能並不關乎 3000 萬美元，而更重要的是它的組成，這決定了我們在未來兩到四年內能夠保持成長。但瞧，我們對進展感到滿意。首先要做的事情就是擴大製造足跡。請記住，這是我們製作 API、我們製作化學實驗室的產品。但真正的實際製造發生在靠近交貨地點的 CMO（合約製造組織）。

We set a goal that we need to have about 25 this year to meet those numbers. We're roughly at about 18. So we're actually on track or slightly ahead of where we need to be. I think that will help us reach over 90% of the PET imaging sites that we've targeted here by the end of the year. So that's an important characteristic.

我們設定的目標是今年需要有大約 25 人才能達到這些數字。我們大概 18 歲左右。因此，我們實際上已經走在了正確的道路上，或者說，已經略微領先於我們預期的目標。我認為這將幫助我們在今年年底前覆蓋我們所針對的 90% 以上的 PET 成像站點。這是一個重要的特徵。

The other one is can you pay for it? I'd mentioned earlier, the MAX, all seven in the US, the Medicare administrators are covering, and now we have over 65% of the commercially insured beneficiaries covering it. I think we'll pick up the other substantial covered lives here in the not-too-distant future. So from a reimbursement standpoint, feel good that we're on track to that. Building the partnerships and the structures we've always talked about is probably one of the most critical things.

另一個問題是你能支付得起嗎？我之前提到過，美國所有七個州的 MAX 都由醫療保險管理機構承保，現在我們有超過 65% 的商業保險受益人承保。我認為不久的將來我們就能在這裡找到其他實質的受保人。因此，從報銷的角度來看，我們很高興看到我們正在朝著這個目標前進。建立我們一直在談論的夥伴關係和結構可能是最關鍵的事情之一。

It's this training program with the physicians, the techs, clinical applications. Even the feedback on reimbursement and billing as this ramps up. That cycle time, honestly, is one of the most critical things. And today, kind of from when we engage a customer until they get reimbursement, and they get the cycle working to pay, takes about 90 days. The reality of it is we need to work on it, and we have our lean processes we're looking through with customers.

這是針對醫生、技術人員和臨床應用的培訓計劃。隨著這一進程的推進，甚至還會有關於報銷和帳單的回饋。說實話，週期時間是最關鍵的事情之一。如今，從我們與客戶接洽到他們獲得退款，再到他們開始付款，整個過程大約需要 90 天。事實上，我們需要為此努力，並且我們正在與客戶一起研究精實流程。

How we get that down to 40 or 30 days? When you get to that level if you engage a customer and 30 days later, they can be up and running and billing. That's when the real velocity takes out. We don't need to reach that velocity, get to the targets we have for this year, but we need that velocity to grow these things into 100-plus millions of dollars of growth down the road. So that's the work.

我們如何將其縮短至 40 或 30 天？當您達到該等級時，如果您與客戶接觸，30 天后，他們就可以啟動並運行併計費。這時，真實速度就會消失。我們不需要達到那個速度，實現我們今年的目標，但我們需要那個速度來將這些東西發展為未來 1 億多美元的成長。這就是工作。

The feedback has been fantastic. It hands down when someone sees the image quality on a product like this versus any of the predicate products out there, particularly on obese patients, or older patients. It's really second to none. So that's been great feedback that we've been receiving on it overall.

反饋非常好。當人們看到這種產品的圖像品質與市面上任何類似產品相比時，毫無疑問會做出選擇，尤其是針對肥胖患者或老年患者。真是無與倫比。整體而言，我們收到的回饋非常好。

Super helpful. Jay, the gross margin came in line with our expectations, but it was still down about 180 basis points year over year. It looks like tariffs were about an 80 to 90 basis point headwind in the quarter. What are the other factors that impacted the gross margin in the quarter? And how should we think about the gross margin for the rest of the year?

超有幫助。傑伊，毛利率符合我們的預期，但同比仍下降了約 180 個基點。看起來，本季關稅造成了約 80 至 90 個基點的阻力。還有哪些因素影響了本季的毛利率？那我們該如何考慮今年剩餘時間的毛利率呢？

Sure. In the second quarter, our gross margin did decline 180 basis points year over year, as you say. And I'd point to a few drivers on that. The tariffs are about half of the impact. Tariffs came in a little less than $50 million in the quarter, and that was clearly an impact to gross margin.

當然。正如您所說，第二季我們的毛利率確實比去年同期下降了 180 個基點。我想指出幾個驅動因素。關稅約佔影響的一半。本季的關稅收入略低於 5,000 萬美元，這顯然對毛利率產生了影響。

And then there's a couple of other elements in play, and one of them is a bit of reclassification -- I shouldn't say reclassification, but good news. We had $25 million shift from R&D to cost of goods sold. If we look at our total engineering and product spending at the company, about 70% of it sits within R&D and about 30% sits within cost of goods sold.

然後還有其他一些因素在起作用，其中之一就是重新分類——我不應該說重新分類，但這是一個好消息。我們將 2500 萬美元從研發轉移到銷售成本。如果我們看一下公司在工程和產品上的總支出，其中約 70% 用於研發，約 30% 用於銷售成本。

Of the 30% is made up of sustaining engineering, but also programs that pass technical feasibility and are close to launch. And what happened in the second quarter is we had about 50 basis points of impact from programs that shifted from pre-technical feasibility to technical feasibility as they approach the launch date.

其中 30% 是維持工程，但也包括透過技術可行性研究並即將啟動的專案。第二季發生的情況是，隨著專案接近發布日期，這些專案從前技術可行性階段轉向技術可行性階段，對我們產生了約 50 個基點的影響。

It's a really nice dynamic. Now overall, total program and product spending was basically flat in the quarter. So R&D was down 8%, but this dynamic really explains that reduction. We kind of look at this as a very good piece of news from our standpoint as we think about the continued performance on the pipeline and driving that forward. It was just -- it was a great performance in the quarter.

這確實是一個非常好的動態。整體而言，本季項目和產品總支出基本持平。因此，研發費用下降了 8%，但這種動態確實解釋了這種減少。從我們的角度來看，我們認為這是一個非常好的消息，因為我們考慮管道的持續表現並推動其向前發展。這只是——本季度的表現非常出色。

And so that did, in fact, negatively impact gross margin by about 50 basis points. The other thing I would say is we had about 50 basis points of impact from -- in our service business. What happened here is we had some negative mix, given the start-up costs for new multi-vendor service contracts as part of large enterprise wins that we have in place.

事實上，這確實對毛利率產生了約 50 個基點的負面影響。我想說的另一件事是，我們的服務業務受到了大約 50 個基點的影響。這裡發生的情況是，考慮到作為我們已經取得的大型企業勝利的一部分的新的多供應商服務合約的啟動成本，我們有一些負面組合。

When you take on the service on day one, the margin is a little bit lower. And as you convert some of those accounts to more GE HealthCare products, which is really the design, the service margin improves. So in the second quarter, that was a bit of a headwind. But again, as I look at the long-term contours of the business, I think it is really good news. Pete, I don't know if you'd add anything to this?

當你第一天接受這項服務時，利潤會稍微低一些。當你將其中一些帳戶轉換為更多的 GE HealthCare 產品時（這確實是設計），服務利潤率就會提高。因此，在第二季度，這有點不利。但當我再次審視業務的長期前景時，我認為這確實是個好消息。皮特，我不知道你還有什麼要補充的嗎？

No, I think you covered it, Jay. I think the main thing is when you look at engineering based type programs in R&D, we're spending a significant amount of funds. We're making good progress with them. The advancement of some of the key programs we spoke about in MR, and CT, and MI are the reasons that this conversion moving forward. We'll be talking about some of these and launches in future months and quarters.

不，我想你已經講清楚了，傑伊。我認為最重要的是，當你查看研發中基於工程類型的專案時，我們花費了大量的資金。我們與他們合作進展順利。我們在 MR、CT 和 MI 中談到的一些關鍵項目的進步是這種轉換不斷向前發展的原因。我們將在未來幾個月和幾個季度討論其中一些內容並發布。

So that's all great exciting news. And I think to Jay's point on the service side, the two sides of this. As these enterprise deals evolve, the actual margins increase with them over time because of this phenomena. And also as we add some of these new products into the contracts that have more AI, have more digital capabilities to capture rate on service, and the price to serve actually goes up. And so from a standpoint of total margin dollars contributing, that also has a pretty significant effect.

這些都是令人興奮的好消息。我認為傑伊在服務方面的觀點是兩面的。由於這種現象，隨著這些企業交易的發展，實際利潤率也會隨著時間的推移而增加。而且，隨著我們在合約中添加一些具有更多人工智慧、更多數位功能來捕捉服務費率的新產品，服務價格實際上也會上漲。因此，從總保證金貢獻的角度來看，這也具有相當顯著的影響。

The vitality of the products we're selling with the service contracts. So feel good about gross margin as you guys know it's a huge focus for us and something we're going to continue to drive.

我們透過服務合約銷售的產品的活力。所以對毛利率感到滿意，因為你們知道這是我們關注的重點，也是我們將繼續推動的事情。

Robbie Marcus, JPMorgan.

摩根大通的羅比·馬庫斯。

Two for me. I wanted to start off with China. What you saw in the quarter what the environment is like, how you're thinking about it for the rest of the year? And if there's an ex-China growth rate you're willing to give on the rest of the business?

對我來說是兩個。我想先從中國說起。您在本季看到了什麼環境？您對今年剩餘時間的情況有何看法？如果有中國以外的成長率，您願意為其餘業務提供什麼？

Robbie, let me start and then maybe I'll turn it over to Jay to give a little bit more details as well. Look, in China, I'd say we're seeing activity pick up. That being said, the velocity, obviously, the activity is picking up. But the pace of the recovery itself, meaning actual POs and people buying is taking a little bit longer. So seeing some uptick in activity, but things are taking a little longer.

羅比，讓我先開始，然後我可能會把它交給傑伊來提供更多細節。你看，在中國，我想說我們看到活動正在回升。話雖如此，但顯然活動速度正在加快。但復甦本身的速度，也就是實際採購量和人們的購買量，需要的時間要長一些。因此，我們看到活動增加，但需要更長的時間。

Tender cycles, in particular, at the provincial level have kind of extended, and just taking a little bit longer to get done. And so I think as we look at the back half of the year, our expectations is that's going to continue. That idea of bid to award is still going to be a little bit longer. So we've reflected a slightly more conservative back half for China to our total company guidance. Obviously, if that does better, we'll do better, but that's kind of how we've taken it.

招標週期，特別是省級招標週期有所延長，需要更長的時間才能完成。因此，我認為，當我們展望今年下半年時，我們預計這種情況將會持續下去。從投標到授予的想法還需要更長的時間。因此，我們在公司整體預期中對中國市場的後半部分做出了略微保守的反映。顯然，如果效果更好，我們就會做得更好，但這就是我們採取的做法。

I'd also say, we're really excited about. We brought in a new leader into our China team, Will Song, who has significant multinational experience, local experience, a lot of deep clinical channel work and is bringing some really interesting ideas for us that I think are going to obviously pay off for the future.

我還想說，我們真的非常興奮。我們為中國團隊引入了一位新領導者，Will Song，他擁有豐富的跨國經驗、本地經驗、大量深入的臨床管道工作經驗，並為我們帶來了一些非常有趣的想法，我認為這些想法顯然會在未來帶來回報。

And so we've got a lot of new launches that are going to be coming around the world, but they're really going to be consequential as well in China in the next 18, 24 months as well. Some of these higher-end products that won't be part of different tenders they'll stand alone. So we're excited about those as well.

因此，我們將在世界各地推出許多新產品，但在未來 18 到 24 個月內，這些產品在中國也將產生重大影響。其中一些高端產品不會成為不同招標的一部分，而是獨立存在。所以我們對此也感到興奮。

Jay, what would you add here?

傑伊，你想在這裡補充什麼？

Well, the first half in China did come in better than our expectations, and I think really what it came down to. In the second quarter, we had better-than-expected backlog conversion. We are expecting and modeling some softness in the second half versus the first half. Really, this is an unpredictable market as we've seen, and we're sort of reflecting a cautious view as we watch continued progress in tenders and awards. Our 3% outlook for the total company has a range of outcomes for China.

嗯，中國上半年的表現確實比我們預期的要好，我想這確實是事實。第二季度，我們的積壓訂單轉換情況比預期好。我們預計下半年經濟將比上半年疲軟。事實上，正如我們所見，這是一個難以預測的市場，隨著我們觀察招標和授予的持續進展，我們在某種程度上反映出一種謹慎的觀點。我們對整個公司 3% 的預期將對中國產生一系列影響。

So we're not counting on any meaningful step-up at this point, and we're kind of having that muted outlook for China as we consider the second half of the year. But as we look at this overall, the market is still large, and we still believe it will be an important growth driver going forward.

因此，我們目前並不指望中國經濟會出現任何有意義的成長，而且在考慮今年下半年時，我們對中國的前景持悲觀態度。但從整體來看，市場仍然很大，我們仍然相信它將成為未來重要的成長動力。

Great. Jay, that's a perfect segue into my follow-up question. You had a fairly in-line second quarter versus the street on organic sales growth. You raised the 2025 forecast a bit. How should we think about the cadence for the rest of the year? China is going down a little bit in that guide. What gives you the confidence in moving it higher and what's driving it?

偉大的。傑伊，這完美地引出了我的後續問題。與華爾街的預期相比，第二季的有機銷售額成長相當一致。您稍微提高了 2025 年的預測。我們該如何考慮今年剩餘時間的節奏？在該指南中，中國的排名略有下降。是什麼讓您有信心將其提升，又是什麼推動了這一進程？

Yes. I think, Robbie, we feel very good about the second half and full year guidance for a couple of reasons. And a lot of this relates to the strong performance that we've seen in the last several quarters on order growth, on book-to-bill and on backlog. All of these things are at, in some cases, record levels, but we've seen really robust performance overall. And so as we think about the cadence, first half organic revenue about 3%.

是的。羅比，我認為，我們對下半年和全年的業績預期非常滿意，原因有二。這在很大程度上與我們在過去幾季看到的訂單成長、訂單出貨比和積壓訂單的強勁表現有關。在某些情況下，所有這些事情都達到了創紀錄的水平，但總體而言，我們看到的表現確實非常強勁。因此，當我們考慮節奏時，上半年有機收入約為 3%。

The third quarter guidance, we've guided to 2% to 3%. The fourth quarter is typically our seasonally strongest quarter. We're expecting a little bit faster than the 2% to 3%, and the 3% to 4% range as we look at it. And so overall, I think it's a really nice story. And it sets up well as we look for really building on that acceleration into next year.

我們預計第三季成長率為 2% 至 3%。第四季通常是我們季度表現最強勁的季度。我們預計增速會比 2% 到 3% 以及 3% 到 4% 的範圍略快一些。總的來說，我認為這是一個非常精彩的故事。當我們期待在明年真正實現加速發展時，這一切都已準備就緒。

The one thing I will say is we do a lot of work in terms of looking at when deals are going to be delivered. And so a lot of our work in terms of secured rate revenue analysis allows us to forecast reasonably well in the future quarters.

我要說的一件事是，我們在研究何時達成交易方面做了很多工作。因此，我們在擔保利率收入分析方面所做的大量工作使我們能夠對未來幾季做出合理的預測。

And so I would say that we're increasingly confident and it sits on the back of this robust capital environment that we've seen, and that we've been able to capitalize on over the last several months. I'll remind you, some of those deals from the first quarter, some of the orders related to imaging and other equipment, they take 6, 9, 12 or even longer in terms of delivery dates. So that supports this acceleration that we're seeing in the second half.

因此我想說，我們越來越有信心，這是建立在我們所看到的強勁資本環境的基礎之上的，而且我們在過去幾個月中已經能夠利用這種環境。我提醒您，第一季的一些交易，一些與成像和其他設備相關的訂單，其交貨日期需要 6、9、12 甚至更長。這支持了我們在下半年看到的這種加速。

David Roman, Goldman Sachs.

高盛的戴維·羅曼。

Maybe we could start with the PDx business. And Pete, I think in your prepared remarks within imaging, you talked about increased orders for Omni Legend. Can you maybe help us understand how the expectations around Flyrcado may be impacting your ability to see benefits across the entirety of the PET/CT and nuclear imaging continuum? And to what extent that's kind of factored into your thinking, both for the balance of this year as well as the targets you set out last fall?

也許我們可以從 PDx 業務開始。皮特，我想您在成像方面的準備發言中談到了 Omni Legend 訂單的增加。您能否幫助我們了解對 Flyrcado 的期望會如何影響您在整個 PET/CT 和核子造影過程中看到益處的能力？那麼，對於今年的平衡以及您去年秋天制定的目標，您在多大程度上考慮了這一點？

Yes, Dave, thanks for the question. Yes, in the prepared remarks, I talked about this double-digit growth we're seeing in all the products that are associated with nuclear medicine, which are radiopharmaceuticals, the digital tools, and the equipment themselves, both spec and PET systems. So we're seeing a good amount of pull. How much we delineate it? Is it tied to a new tracer such is not that easy to delineate.

是的，戴夫，謝謝你的提問。是的，在準備好的演講中，我談到了我們在所有與核子醫學相關的產品中看到的兩位數成長，這些產品包括放射性藥物、數位工具和設備本身，包括規格和 PET 系統。所以我們看到了相當大的吸引力。我們對它的描述有多詳細？它是否與新的示踪劑有關，因為不太容易描述。

But in general, the energy that I'd say our customers are demonstrating as they look at this, it's pretty strong. I think it starts with -- if you look at the therapeutic pipeline beyond PSMA into other types of tumors, into cardiology capabilities like we're going to address with Flyrcado, what's happening in neuro. It's hard to not take a look at and say, nuclear medicine, particularly PET, the right types of systems are going to continue to grow significantly.

但總的來說，我認為我們的客戶在看到這一點時所展現出的能量是相當強大的。我認為首先要考慮的是——如果你看一下 PSMA 以外的治療管道，看看其他類型腫瘤的治療管道，看看心臟病學能力，就像我們將要用 Flyrcado 解決的那樣，看看神經領域正在發生的事情。很難不去注意並說，核醫學，特別是 PET，正確類型的系統將會繼續顯著成長。

I mean, we had some bigger orders within the quarter. For the most part, we'll probably play a significant role in cardiac had imaging in the future. But I think all of these platforms that customers are looking at because of this widespread approach is there. Relative to the guidance we gave last year, I don't think we've really contemplated a lot of that in there, what the uptake could be.

我的意思是，我們在本季收到了一些更大的訂單。在很大程度上，我們未來可能會在心臟成像領域發揮重要作用。但我認為，由於這種廣泛的方法，客戶所關注的所有這些平台都存在。相對於我們去年給予的指導，我認為我們並沒有真正考慮過其中的許多內容，以及可能產生的影響。

But obviously, as we get into later in the year and we start taking a look at -- as we get closer to giving our '26 guidance in the beginning of next year, that's going to be a critical part for us. But I'm quite bullish about not just what the tracers can do, but the need for added equipment. In today's world, there's enough PET systems to do the imaging that's out there.

但顯然，隨著我們進入今年晚些時候並開始審視——隨著我們越來越接近在明年年初給出我們的 26 年指導，這對我們來說將是一個關鍵部分。但我不僅對追蹤器的功能非常看好，而且對附加設備的必要性也非常看好。在當今世界，有足夠的 PET 系統來進行成像。

In tomorrow's world with the growth trajectories of some of the therapeutics and the diagnostics needed, obviously there will be needed more equipment in the marketplace. And so our timing of a new full-body PET, a next-generation, multi-head camera for spec, which we really are the only one in the industry that has all of those capabilities. We're super excited about what that can mean.

在未來的世界中，隨著一些治療和診斷方法的成長軌跡，顯然市場將需要更多的設備。因此，我們推出了一款新型全身 PET，即下一代多頭相機，我們是業界唯一擁有所有這些功能的公司。我們對此感到非常興奮。

And then, Jay, I appreciate your comments in response to Ravi's question on the six to nine months, to see revenue impact. But if you look at the totality of leading indicators here book-to-bill, I think your remaining performance obligations grew for the first time in several quarters.

然後，傑伊，我很感謝你對拉維關於六到九個月的收入影響的問題的回答。但如果你看一下這裡的訂單出貨比領先指標的整體情況，我認為你的剩餘履約義務在幾個季度內首次出現成長。

You're talking about record backlog. Obviously, that's a good underlying barometer for the business. But help us think about an algorithm when the book-to-bill turns into bill, and how we should think -- how we should contextualize the back half revenue guidance against that algorithm?

您正在談論記錄積壓。顯然，這對業務來說是一個很好的潛在晴雨表。但是，請幫助我們思考一下當訂單到出貨轉化為出貨時的演算法，以及我們應該如何思考——我們應該如何根據該演算法將後半年的收入指導具體化？

Sure. I think our business has both flow and project-based sales, okay? The purest of flow is PDx, or our service business, that's sort of straight flow through. But then we have other flow products like ultrasound. And so for orders related to ultrasound, they typically convert one to two quarters after the order is booked, turns into sales.

當然。我認為我們的業務既有流程銷售，也有基於專案的銷售，可以嗎？最純粹的流程是 PDx，或我們的服務業務，這是一種直接流通。但我們還有其他流量產品，例如超音波。因此，對於與超音波相關的訂單，他們通常會在訂單下達後一到兩個季度內轉換為銷售額。

But the biggest part of the equipment portfolio really is more project-based and that's our Imaging business. And think about this, like, for example, if you have an imaging project in California, there are all sorts of regulations and licenses required to get that approved. Earthquake code and so on. And so our Imaging business has typically a 9- to 12-month lead time from order to sale. And so for project-based, it's probably better to use 12-month trailing as you look at orders to get a sense of future sales growth.

但設備組合中最大的部分實際上更多是基於專案的，那就是我們的成像業務。想想看，例如，如果你在加州有一個成像項目，那麼需要各種各樣的法規和許可證才能獲得批准。地震規範等等。因此，我們的影像業務從訂單到銷售通常需要 9 到 12 個月的交付週期。因此，對於基於項目的情況，在查看訂單時最好使用過去 12 個月的數據來了解未來的銷售成長情況。

And so what I would say is orders can be lumpy, but I think over time, the sales can be smooth as those things emerge into the backlog and then come out of the backlog. And so what's happening in our second half is you see that 2% to 3% in the third quarter with a little bit of an uptick in the fourth quarter.

所以我想說的是，訂單可能會不穩定，但我認為隨著時間的推移，隨著這些東西進入積壓狀態，然後從積壓狀態中出來，銷售就會變得平穩。因此，下半年的情況是，第三季成長率為 2% 至 3%，第四季略有上升。

That uptick is generated by some of the orders that we saw in Q4 '24, and Q1 '25 as they start to convert into sales from the backlog. So again, to your point, very robust backdrop. Record backlog, tremendous performance on a three-quarter basis as we look at both book-to-bill and order growth. So we feel like we're well positioned, and that's why we were able to raise guidance for the full year.

這一增長是由我們在 2024 年第四季和 2025 年第一季看到的一些訂單引起的，這些訂單開始從積壓訂單轉化為銷售額。所以，再次重申你的觀點，背景非常強勁。從訂單出貨比和訂單成長來看，積壓訂單量創歷史新高，三個季度以來表現優異。因此，我們覺得自己處於有利地位，這也是我們能夠提高全年業績預期的原因。

And a very high-quality backlog as well as we've really taken a hard look at this. I mean I think that's the other aspect of it is real high-quality backlog.

而且積壓工作品質非常高，我們確實對此進行了認真的研究。我的意思是，我認為這是它的另一個方面，即真正的高品質積壓。

Matt Taylor, Jefferies.

馬特泰勒，傑富瑞。

Jay, you have tested this a couple of times on the call with some elevation to the innovation pipeline and higher value, higher margin products that are coming end of this year and in next year. I was wondering if you could kind of double click on that and highlight some of the key products that you're expecting to launch, and the kind of impact that we could expect from them in '26?

傑伊，您在電話會議上已經多次測試過這一點，並提到了一些創新管道以及將於今年年底和明年推出的更高價值、更高利潤的產品。我想知道您是否可以雙擊該內容並突出顯示您期望推出的一些關鍵產品，以及我們可以期待它們在 26 年產生的影響？

Yes, Matt, thanks. I mean I'll give an overview. I mean, look, this has been a key feature of what we've talked about of our strategy, or how do we evolve the company to be a consistent mid-single-digit grower, and even playing to the higher end of that range at certain windows of time. Mid-single-digit grower and how we can move to the higher end of that range. A big part of this is obviously making sure that we cover any product gaps but also be able to deliver on differentiated products.

是的，馬特，謝謝。我的意思是我將給出一個概述。我的意思是，看，這是我們所談論的策略的關鍵特徵，或者說我們如何將公司發展成為一個持續的中等個位數成長的公司，甚至在某些時間段內達到該範圍的高端。中等個位數成長以及我們如何達到這個範圍的高端。其中很大一部分顯然是確保我們彌補任何產品差距，同時也能夠提供差異化的產品。

And we've been forthright to say we've had gaps within our portfolio versus certain competitors in the marketplace. And what I'm super excited about is that in the next 18 months, we really fill all of those holes. And in some cases, I think we outperform what's in the marketplace. That would be a first for us really in the last decade. And that's really a catalyst moment for this company in many cases.

我們直言不諱地說，我們的產品組合與市場上的某些競爭對手相比存在差距。而令我非常興奮的是，在接下來的 18 個月裡，我們真的會填補所有這些漏洞。在某些情況下，我認為我們的表現優於市場。這對我們來說確實是過去十年來的第一次。在很多情況下，這對該公司來說確實是一個催化時刻。

Jay talked about the transition that's going on in the innovation work, meaning milestones are being hit. I think the teams are doing a very good job and have been doing a good job, both regulatory, R&D, manufacturing, to move things along. But if you think about AVS, we have a full refresh in our ultrasound platform that's coming out, work that's going on in cardiovascular and women's health care.

傑伊談到了創新工作中正在發生的轉變，這意味著里程碑正在達成。我認為團隊做得非常好，而且在監管、研發和製造方面一直做得很好，推動著事情的發展。但如果你想想 AVS，我們對即將推出的超音波平台進行了全面更新，並在心血管和婦女保健領域開展工作。

And with artificial intelligence, the integration on one of these devices now that allows a lower capable user to do things they couldn't do in the past, or automate so many steps in the use of the system, and puts out image quality on ultrasound that rivals in some cases modalities like CT in the past, things like that are going to be significant breakthroughs across the board in handheld as well. Vascular, look, we've been somewhat of a laggard in this space.

現在，人工智慧可以整合到這些設備中，讓能力較弱的用戶也能做過去無法做到的事情，或者自動執行系統使用過程中的許多步驟，而超音波影像的品質在某些情況下可以與過去的 CT 等設備相媲美，這類技術也將在手持設備領域取得重大突破。血管，你看，我們在這個領域有點落後。

I think we have a really competent cath lab that's out there now. We're winning share soon to be a vascular room, soon to actually that have neurovascular, all of that is business that we don't really even play in today. And so more to come on that. In our Imaging business, next-generation MR, the sealed products that we're working on, significant work on the UI and productivity for customers. And also, those changes also changed the profitability of many of those modalities.

我認為我們現在有一個非常有能力的心導管實驗室。我們很快就會贏得血管室的份額，很快就會擁有神經血管，所有這些都是我們今天實際上還沒有涉及的業務。關於這一點，我們還將做更多探討。在我們的影像業務中，我們正在開發的下一代 MR 密封產品在客戶的 UI 和生產力方面做出了重大工作。而且，這些變化也改變了許多模式的獲利能力。

And again, that's been an important message that we've delivered. CT, obviously, Photon Counting. We're super excited about our advancements. The team has done a tremendous job there. And I would say, look, in all due respect to the Photon accounting systems that are out there, they have advanced science and capability.

再次強調，這是我們傳遞的重要訊息。CT，顯然是光子計數。我們對我們的進步感到非常興奮。該團隊在那裡做出了巨大的貢獻。我想說，儘管對現有的光子會計系統表示尊重，但它們擁有先進的科學和能力。

But they haven't transformed it. We think we have a platform that brings things to clinical outcomes that the current products don't have. We'll see how that ultimately plays out, but that's the reason that we're focused on our silicon-based system. Full body PET. We haven't had a system.

但他們還沒有改變它。我們認為我們擁有一個平台，可以帶來當前產品所不具備的臨床結果。我們將拭目以待最終結果如何，但這正是我們專注於基於矽的系統的原因。全身 PET。我們還沒有一個系統。

We're going to be talking more about that in the near future. That's going to be critical and on the oncology care. And having a system that can change the amount of dose a patient receives, that can ultimately play into maybe different approaches to screening and evaluation. We're going to be a company that can play into that. PCS monitoring.

我們將在不久的將來進一步討論這個問題。這對於腫瘤治療至關重要。擁有一個可以改變患者接受的劑量的系統，最終可能會產生不同的篩檢和評估方法。我們將成為一家能夠發揮這一作用的公司。PCS監控。

And then a ton of AI. I mean I mentioned relative to what we're communicating in the marketplace, the most FDA-approved products. We have this product base called CareIntellect. You're going to hear us bring out in different care areas. Oncology, different areas around what we've traditionally called Command Center.

然後是大量的人工智慧。我的意思是，我提到的是相對於我們在市場上交流的內容，大多數獲得 FDA 批准的產品。我們有一個名為 CareIntellect 的產品基地。您將會聽到我們在不同的護理領域所提出的建議。腫瘤學，圍繞著我們傳統上稱為指揮中心的不同領域。

So a lot of good progress there. And then obviously, PDx, we talk about Flyrcado a lot. All of those molecules as well remind you now have reimbursement in the United States where they fundamentally didn't before. So I went a little long, but I wanted to state this, I'm super excited about this portfolio. I didn't even mention mammography, which we have not invested heavily in the past.

因此那裡取得了許多良好的進展。顯然，PDx，我們經常談論 Flyrcado。所有這些分子也提醒你，現在在美國可以獲得報銷，而以前根本無法取得。所以我說得有點長，但我想說的是，我對這個投資組合感到非常興奮。我甚至沒有提到乳房X光檢查，過去我們並沒有在這方面投入太多。

We are now, and I think we're going to have some differentiated products. So you take that and then you say, you gain share, hold share, expand your market growth of those, they all need service contracts as well. Most of those service contracts will be at higher value, higher margin than older products. So that mix of things are what we're super excited about. As we launch those then our opportunity to how to bring those together and bring this D3 strategy together really come alive.

現在，我認為我們將會推出一些差異化的產品。所以你接受了這一點，然後你說，你獲得了份額，保持了份額，擴大了你的市場成長，他們也都需要服務合約。大多數服務合約的價值和利潤都比舊產品更高。所以，我們對這些事物的混合感到非常興奮。當我們推出這些產品時，我們將它們結合在一起並將 D3 策略結合在一起的機會就真正實現了。

So more to come. I think it's going to be an exciting RSNA for us this year and some of the other clinical shows that we have in the fall, and into the beginning of '26.

未來還會有更多。我認為今年的 RSNA 對我們來說將是一次令人興奮的展會，我們將在秋季和 26 年初舉辦一些其他臨床展會。

Just going to sneak in, just a follow-up on capital allocation. And just wanted any updated views on organic and especially inorganic investments.

只是要偷偷溜進去，只是對資本配置進行後續跟進。只是想了解一下有關有機投資和無機投資的最新觀點。

Jay, do you want to take that?

傑伊，你想接受這個嗎？

Yes, sure. So our capital allocation approach is really designed to accelerate profitable growth. And it starts with the internal investments and the organic investments that we're making. Pete talked extensively about the pipeline, which we're so excited about. But that's been unlocked by 17% R&D growth in '23, 9% in 2024.

是的，當然。因此，我們的資本配置方法實際上是為了加速獲利成長。它始於我們正在進行的內部投資和有機投資。皮特詳細談論了管道，我們對此感到非常興奮。但這潛力已透過 2023 年 17% 的研發成長率和 2024 年 9% 的研發成長率得到釋放。

So really robust investment internally. And then the next area is M&A. We're really excited about the M&A pipeline. There's a lot of interesting opportunities for us. And what I would say is there are a lot of acquisitions that make a ton of sense for us.

因此內部投資確實強勁。下一個領域是併購。我們對併購通路感到非常興奮。我們面臨很多有趣的機會。我想說的是，有很多收購對我們來說都很有意義。

The MIM acquisition is going extremely well, and it's a really nice add-on to the portfolio that we have in place. Now as far as other items related to capital allocation, we have paid down $1 billion -- $1.5 billion in debt since the spin-off. So we've done a lot of work there. We have a small dividend, which has been growing. And then in the quarter, we did opportunistically repurchase $100 million in shares.

MIM 的收購進展非常順利，這對我們現有的投資組合來說是一個非常好的補充。現在就與資本配置相關的其他項目而言，自分拆以來，我們已經償還了 10 億至 15 億美元的債務。所以我們在那裡做了很多工作。我們有少量股息，而且一直在成長。然後在本季度，我們確實抓住機會回購了價值 1 億美元的股票。

We saw a really big dislocation in the share price relative to our intrinsic value calculations. And we took the opportunity to opportunistically repurchase shares in the quarter. But our priorities remain investment in the business and also this M&A pipeline. Pete, anything to add on M&A?

我們發現股價與我們的內在價值計算有很大差異。我們藉此機會在本季回購了股票。但我們的重點仍然是對業務和併購管道的投資。皮特，關於併購還有什麼要補充的嗎？

Just the fact that I think everyone knows, we've been pretty forward leaning to say in our capital allocation approach, as you mentioned, organic and inorganic are top of the list. Look, we're seeing probably one of the most robust pipelines of opportunities since I joined the company and one that would be very strong strategic fit. And accretive top line, accretive bottom line. Obviously, those are the sweet spot focus areas. In the current environment, we're seeing dislocations.

我認為每個人都知道，正如您所提到的，我們在資本配置方法上一直非常傾向於採用有機和無機資本配置。你看，我們看到的可能是自我加入公司以來最強勁的機會之一，而且是極具策略契合的機會之一。並且增加營業收入，增加利潤。顯然，這些都是最佳關注領域。在當前環境下，我們看到了混亂的現象。

I mean we're seeing some values that probably are too high, but we're also seeing some that are highly attractive and have the capabilities that would fit into it. So this opens up some interesting opportunities for us, and we're building a really strong M&A team and integration capabilities and looking forward to obviously leveraging that the right deals here come along for us.

我的意思是，我們看到一些價值可能太高，但我們也看到一些價值非常有吸引力並且具有與之相適應的能力。因此，這為我們開闢了一些有趣的機會，我們正在建立一支真正強大的併購團隊和整合能力，並期待利用這些優勢為我們帶來合適的交易。

Rick Wise, Stifel.

瑞克懷斯（Rick Wise），Stifel。

Let me just quickly follow up on some of your comments earlier, Pete, about Photon Counting, CT. We've for a variety of reasons, talked to a bunch of docs just in the last week or so, who saw your system at RSNA. They're excited about it. They're excited about the potential for improved resolution. Can you just update us -- at the Investor Day, you said that you expected -- if I recall correctly, second half '25 filing.

皮特，讓我快速跟進你之前關於光子計數、CT 的一些評論。由於各種原因，僅在上週，我們就與多位在 RSNA 上看過您的系統的醫生進行了交談。他們對此感到很興奮。他們對提高分辨率的潛力感到興奮。您能否向我們更新一下情況？如果我沒記錯的話，在投資者日，您說過您預計 2025 年下半年將提交文件。

Is that on track? Just give us a sense of potential possible approval timelines. And just touch on how quickly this could turn into a big deal for you. I -- just the reaction from the doctors it feels like it's going to be a big deal.

一切順利嗎？只需讓我們了解可能的批准時間表即可。並且只需簡單談談這對您來說可能有多快變成一件大事。我——只是從醫生的反應來看，感覺這會是一件大事。

Rick, thanks for the question. So look, it's obviously a gap right now. There's a competitor in the marketplace that's done a good job getting a product out. Getting customers to understand what the broader technology actually is. And I think there's three things about this technology we're excited about.

里克，謝謝你的提問。所以看起來，現在顯然存在差距。市場上有一位競爭對手在推出產品方面做得很好。讓客戶了解更廣泛的技術實際上是什麼。我認為這項技術有三點令我們興奮。

Increased spatial resolution, seeing greater detail. I think you're seeing that from the products that are out in the marketplace. Opportunity for lower radiation dose, which is always good. I think you're seeing that out there. And the third in the marketplace that you're not seeing is this whole broader spectral resolution capability.

提高空間分辨率，看到更多細節。我想您可以從市場上的產品中看到這一點。降低輻射劑量的機會總是好的。我想你已經看到了這一點。您在市場上看不到的第三個是更廣泛的光譜分辨率能力。

Being able to see at a tissue level what's actually happening. And we think that third attribute, which our system will bring at greater capabilities than the current technologies that are in the marketplace. That's why people are excited. And that means that you get into a scenario and a certain type of procedure you can actually alter the case of the therapy. You're not just getting a better picture, or maybe a little lower dose, or you're doing something.

能夠在組織層面上看到實際發生的情況。我們認為第三個屬性是我們的系統將比市場上現有的技術具有更強大的功能。這就是人們興奮的原因。這意味著，當你進入某種場景和某種類型的程序時，你實際上可以改變治療的情況。您不只是獲得更好的圖像，或者可能獲得稍微低一點的劑量，或者您正在做一些事情。

You're actually having more data to make a decision that could change the outcome for a patient, that could save their life. It also could be an economic outcome for the user about, do you use this drug, or you use that versus something else. That's the difference here that we're super excited about. To your point, regulatory approval, we're on track here for the second half standby.

實際上，你擁有更多的數據來做出可能改變病人結果、挽救生命的決定。對於使用者來說，這也可能是一個經濟結果，即您是否使用這種藥物，或者您是否使用那種藥物而不是其他藥物。這就是讓我們感到非常興奮的不同之處。正如您所說，獲得監管部門批准後，我們的下半年準備工作了。

When those things happen, we'll communicate. Our launch intentions are still on track. And fundamentally, all of the communicated that we had laid out back at Investor Day, nothing has changed at this point in time. We do think this is going to be a really important launch for us, obviously. CT tends to be the workforce and so many institutions around the world.

當這些事情發生時，我們會進行溝通。我們的發布意圖仍在進行中。從根本上來說，我們在投資者日上傳達的所有訊息到目前為止都沒有改變。顯然，我們確實認為這對我們來說將是一次非常重要的發布。CT 往往是勞動力和世界各地的許多機構。

And the more this can become even more of a Swiss Army knife, meaning it can actually help make broader patient decisions. We think that's going to be super exciting. So anyhow, that's our current update on photon counting. Things are coming along well. And I think, again, second half more news to come to the street.

這可以成為一把瑞士軍刀，這意味著它實際上可以幫助患者做出更廣泛的決定。我們認為這將會非常令人興奮。無論如何，這就是我們目前對光子計數的更新。事情進展順利。我認為，下半年還會有更多新聞傳出。

Got you. And just a quick last one. You announced a new leader for Patient Care Solutions in April. I think they started in May. I mean, clearly, work needs to be done. What gets the revenues growing? Again, what gets the margin story stabilized? You said improved growth in margins over time in your commentary, help us just better understand what's next?

明白了。最後再簡單說一下。您在四月宣布了患者護理解決方案的新領導人。我認為他們從五月開始。我的意思是，顯然，我們需要做一些工作。什麼使得營收成長？再說了，什麼能讓利潤率穩定下來呢？您在評論中提到利潤率會隨著時間的推移而提高，這有助於我們更好地了解下一步的發展嗎？

Rick, thanks for the questions. And maybe I'll start and then Jay come. Yes, we're really excited about how Jeannette Bankes is joining us, who's an industry veteran, who's had experience in many different industries, long, great career at Boston Scientific. Already having a significant impact in a very short period of time. And I just think her eye looking at the business, the team, building the capabilities to be successful. She saw already all over it. I look at this business area and say of any area that can be positively disrupted by artificial intelligence and capabilities that will transform the growth of it, this is the place.

里克，謝謝你的提問。也許我先開始，然後傑伊來。是的，我們非常高興 Jeannette Bankes 加入我們，她是一位行業資深人士，在許多不同的行業都有經驗，在波士頓科學公司擁有長期而輝煌的職業生涯。在很短的時間內已經產生了重大影響。我只是認為她關注的是業務、團隊，以及建立成功的能力。她已經看透了一切。我審視這個商業領域，並說任何一個可以透過人工智慧和能夠改變其成長的能力進行積極顛覆的領域，這裡就是最佳選擇。

So if you look at our anesthesia business, we've just launched a new platform there that will start driving more growth and margin accretion. It's a more profitable platform. We just literally launched it and are in the midst of that. But our monitoring systems capability, updating all of that, that will be really completed here within the next 18 to 24 months. There is a significant amount of AI enhancements to change how those systems actually work.

因此，如果你看看我們的麻醉業務，我們剛剛在那裡推出了一個新平台，它將開始推動更多的成長和利潤成長。這是一個更有利可圖的平台。我們剛剛啟動它並且正處於其中。但我們的監控系統能力、更新所有這些將在未來 18 到 24 個月內真正完成。大量的人工智慧增強功能改變了這些系統的實際運作方式。

Our diagnostic cardiology business and our MIC business, which is our prenatal and baby business, also heavily influenced and potentially positively disrupted with AI. It's also where we bring to market some of these care intellect products. So when you step back from it, it is about a refresh of products in critical care that actually bring higher margins based on a new design and approach.

我們的診斷心臟病學業務和 MIC 業務（即我們的產前和嬰兒業務）也受到人工智慧的嚴重影響，並可能受到積極的顛覆。這也是我們將一些護理智慧產品推向市場的地方。因此，當你退一步來看，它實際上是對重症監護產品的更新，實際上基於新的設計和方法帶來了更高的利潤。

New feature sets brought because of digital. And then I would say this is a really interesting area, too, that we can bring tuck-in products that we string together to bring departmental solutions. And so we'll talk more about that. I'd say, as we get into the fall, but we have some really interesting things there to go. So thanks again for your question.

數位化帶來的新功能集。然後我想說這也是一個非常有趣的領域，我們可以將整合在一起的產品提供部門解決方案。我們將進一步討論這個問題。我想說，隨著我們進入秋季，我們還有一些非常有趣的事情要做。再次感謝您的提問。

That concludes the question-and-answer session. Please proceed with any closing remarks.

問答環節到此結束。請繼續做結束語。

Yes. I'd just like to say, again, thanks, everyone, for your interest in joining us today. We look forward to connecting with many of you on calls or at upcoming conferences in the future. That concludes our call. Thank you.

是的。我只想再次感謝大家今天有興趣加入我們。我們期待在未來的電話會議或即將召開的會議上與你們中的許多人建立聯繫。我們的通話到此結束。謝謝。

Thank you, ladies, and gentlemen. This does conclude today's presentation. You may now disconnect and have a wonderful day.

謝謝各位，女士們，先生們。今天的演講到此結束。現在您可以斷開連接並享受美好的一天。