GE Healthcare Technologies Inc (GEHC) 2025 Q3 法說會逐字稿

Good day, everyone, and welcome to GE Healthcare third quarter 2025 earnings conference call. (Operator Instructions) Please note that this conference is being recorded. Now it's my pleasure to turn the call over to the Investor Relations Officer, Carolynne Borders. Please proceed.

大家好，歡迎參加GE醫療2025年第三季財報電話會議。（操作員說明）請注意，本次會議正在錄音。現在我很高興將電話轉交給投資者關係主管卡洛琳·博德斯。請繼續。

Thanks, operator. Good morning, and welcome to GE Healthcare's third 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醫療2025年第三季財報電話會議。與我一同出席的還有我們的總裁兼執行長彼得·阿杜伊尼，以及副總裁兼財務長傑伊·薩卡羅。我們的電話會議演講將包括GAAP和非GAAP財務表現。GAAP 和非 GAAP 指標之間的調整情況可在今天的新聞稿和我們網站上提供的簡報中找到。

During this call, we'll make forward-looking statements about our performance. These statements are based on how we see things today. As described in our SEC filings, actual results may differ materially due to risks and uncertainties.

在本次電話會議中，我們將對公司績效做出前瞻性陳述。這些說法是基於我們今天看待事物的方式。正如我們在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，實際結果可能與預期有重大差異。

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

這樣，我就把電話交給彼得了。

Thanks, Carolynne. Good morning, and thank you for joining us today. We delivered another quarter of solid results, and we're focused on executing our precision care strategy. In the third quarter, organic revenue grew 4%. We delivered robust orders growth of 6% with growth across all segments. This reflects solid customer demand for our innovative solutions, a healthy capital equipment environment and our strong commercial execution.

謝謝你，卡洛琳。早安，感謝各位今天收看我們的節目。我們又一個季度取得了穩健的業績，目前正專注於執行精準醫療策略。第三季度，有機收入成長了 4%。我們實現了6%的強勁訂單成長，所有業務板塊均實現成長。這反映了客戶對我們創新解決方案的強勁需求、健康的資本設備環境以及我們強大的商業執行力。

We're now entering a new wave of innovation as a result of our increased R&D investments over the past few years. When you couple this with our focus on lean, we expect to accelerate future top and bottom line growth. Solid backlog demonstrates that our customers are investing in our new products and solutions. For instance, we're seeing robust growth in contrast media and nuclear medicine, where we're uniquely positioned to deliver end-to-end solutions for our customers. Our synergistic portfolio of diagnostic imaging equipment, radiopharmaceuticals, AI cloud and software help drive efficiencies for our customers and creates a competitive advantage for the company.

由於過去幾年我們加大了研發投入，我們現在正進入新一輪創新浪潮。結合我們對精實生產的重視，我們期望能夠加速未來的營收和利潤成長。充足的訂單儲備表明我們的客戶正在投資我們的新產品和解決方案。例如，我們在造影劑和核子醫學領域看到了強勁的成長，我們在這些領域擁有獨特的優勢，可以為客戶提供端到端的解決方案。我們擁有協同效應的診斷影像設備、放射性藥物、人工智慧雲和軟體產品組合，有助於提高客戶的效率，並為公司創造競爭優勢。

Looking at commercial execution. We continue to see momentum across our business as we secured multiple large system deals in the quarter, totaling nearly $0.5 billion in future revenue. Earlier this month, we announced a 14-year Care Alliance with UC San Diego Health focused on early detection and advancing cancer care with imaging solutions and novel therapies such as theranostics.

著眼於商業執行。我們業務持續保持成長勢頭，本季我們獲得了多項大型系統交易，未來總收入將接近 5 億美元。本月初，我們宣布與加州大學聖地牙哥分校健康中心建立為期 14 年的護理聯盟，重點是早期檢測和利用影像解決方案和治療診斷等新型療法來推進癌症治療。

Collaborations like these exemplify our ability to leverage our broad portfolio and service capabilities to deepen relationships with customers, creating predictable revenue streams. To support this, we've strategically invested in capabilities that accelerate growth and expand margins while enhancing operational efficiency across the health care ecosystem.

此類合作體現了我們利用廣泛的產品組合和服務能力來加深與客戶關係、創造可預測的收入來源的能力。為了支持這一目標，我們已對能夠加速成長、擴大利潤率並提高整個醫療保健生態系統營運效率的能力進行了策略性投資。

In addition to organic investment, our disciplined capital allocation approach has strengthened our portfolio. For example, our planned acquisition of icometrix includes digital tools to help clinicians detect and quantify potential high-risk side effects in patients undergoing Alzheimer's therapies.

除了有機投資外，我們嚴謹的資本配置方法也增強了我們的投資組合。例如，我們計劃收購 icometrix，其中包括幫助臨床醫生檢測和量化接受阿茲海默症治療的患者可能出現的高風險副作用的數位工具。

Global approvals of these therapies are increasing, and demand for more frequent MRI exams and our PET amyloid agent, Vizamyl, are also growing. With the integration of icometrix technologies into our MR systems, we will strengthen our unique and comprehensive portfolio to support the full Alzheimer's care pathway.

全球對這些療法的批准數量正在增加，對更頻繁的 MRI 檢查和我們的 PET 澱粉樣蛋白藥物 Vizamyl 的需求也在增長。透過將 icometrix 技術整合到我們的 MR 系統中，我們將加強我們獨特而全面的產品組合，以支援完整的阿茲海默症照護路徑。

This is a great example of our D3 strategy at work, smart devices and imaging, and drugs in PDx enabled by AI to create meaningful value for our customers and patients while driving sustainable growth for the company. As we continue to navigate a dynamic global environment, our teams remain agile and focused on operational improvements and actions to reduce tariff impact. We've mitigated approximately 50% of our 2025 gross exposure, and we're on track with our goal of delivering a lower net tariff impact in 2026 versus 2025 based on currently enacted tariffs.

這是我們的 D3 策略的絕佳例證，智慧設備和成像技術，以及人工智慧賦能的 PDx 藥物，為我們的客戶和患者創造了有意義的價值，同時推動了公司的可持續成長。在全球環境不斷變化之際，我們的團隊保持靈活，專注於營運改善和採取措施減少關稅影響。我們已經減輕了 2025 年總風險敞口的約 50%，並且根據目前已實施的關稅，我們正按計劃實現 2026 年淨關稅影響低於 2025 年的目標。

As a result of our strong performance year-to-date and the healthy capital environment trends we're observing, we're pleased to raise our adjusted EPS guidance, which Jay will expand on later in the call. Above all, we're intensely focused on delivering for our customers and shareholders.

由於我們今年迄今的強勁業績以及我們觀察到的健康資本環境趨勢，我們很高興上調調整後的每股收益預期，Jay 將在稍後的電話會議中對此進行詳細說明。最重要的是，我們始終專注於為客戶和股東創造價值。

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

這樣，我就把電話交給傑伊了。傑伊？

Thanks, Pete. Let's start with our financial performance on Slide 4. We're pleased with our solid operational performance across the business in the quarter. Revenues of $5.1 billion increased 4% year-over-year organically, ahead of our expectations. Revenue growth was driven by strength in our Imaging, AVS and PDx businesses. We saw particular strength across EMEA and the US.

謝謝你，皮特。讓我們先從第 4 張投影片上的財務表現開始。我們對本季公司各業務部門的穩健營運表現感到滿意。營收達 51 億美元，年增 4%，超乎預期。營收成長主要得益於影像、AVS 和 PDx 業務的強勁表現。我們看到歐洲、中東和非洲地區以及美國市場表現特別強勁。

On a reported basis, service revenue was strong, growing 6% year-over-year, driven by new and existing customer agreements. Product revenue was up 5% year-over-year, reflecting healthy customer demand and procedure volumes. We delivered robust organic orders growth in the quarter, up 6% year-over-year. On a trailing four-quarter average, orders growth was also up 6%.

據報告顯示，服務收入表現強勁，年增 6%，這主要得益於新舊客戶的協議。產品收入年增 5%，反映出客戶需求和手術量均維持健康成長。本季我們實現了強勁的有機訂單成長，年增 6%。過去四個季度的平均訂單成長率也達到了 6%。

We delivered strong book-to-bill at 1.06 times, and we exited the quarter with a solid backlog at $21.2 billion. Taken together, we believe these metrics as well as our success with multiyear enterprise deals and high-margin innovations are good indicators of future growth. Adjusted EBIT margin was 14.8%, down 150 basis points year-over-year. We delivered adjusted EPS of $1.07 per share, down 6% year-over-year. This included approximately $0.16 of tariff impact. Excluding this impact, adjusted EPS would have been up in the high single digits year-over-year. Lastly, our free cash flow was $483 million in the quarter.

我們實現了強勁的訂單出貨比，達到 1.06 倍，並且本季末積壓訂單總額達到 212 億美元。綜合來看，我們認為這些指標以及我們在多年期企業交易和高利潤創新方面的成功，都是未來成長的良好指標。調整後 EBIT 利潤率為 14.8%，較去年同期下降 150 個基點。我們公佈的調整後每股收益為 1.07 美元，年減 6%。這其中包括約 0.16 美元的關稅影響。剔除此影響，調整後的每股盈餘將年增接近兩位數。最後，本季我們的自由現金流為 4.83 億美元。

Looking closer at margin performance in the third quarter on Slide 5, adjusted EBIT margin of 14.8% was down due to the impact of tariffs, which was approximately $95 million and was partially offset by favorable volume and pricing. Excluding the tariff impact of 180 basis points, adjusted EBIT margin would have expanded approximately 30 basis points. Adjusted gross margin declined 300 basis points year-over-year, primarily due to tariff impact and investments. Strong volume growth and sustained pricing momentum have helped to partially offset broader macroeconomic margin pressures.

仔細觀察幻燈片 5 中第三季的利潤率表現，調整後的息稅前利潤率為 14.8%，這是由於關稅的影響，約為 9,500 萬美元，但有利的銷售和定價部分抵消了這一影響。如果排除關稅影響（180 個基點），調整後的息稅前利潤率將成長約 30 個基點。調整後的毛利率年減 300 個基點，主要原因是關稅影響和投資。強勁的銷售成長和持續的價格上漲勢頭在一定程度上抵消了宏觀經濟利潤率面臨的壓力。

Related to investments, similar to last quarter, we had certain costs move from R&D to cost of goods sold as products move closer to commercialization, including in MR and PET. Without this shift, R&D expense would be up year-over-year, reflecting our continued commitment to innovation investment.

與上個季度類似，在投資方面，隨著產品逐漸接近商業化，包括MR和PET在內的一些產品，其部分成本從研發成本轉移到了銷售成本。如果沒有這種轉變，研發支出將逐年增加，這反映了我們對創新投資的持續承諾。

We have a number of strategic programs underway to drive operational margin expansion. These include sourcing from lower-cost regions, developing second sources, implementing value engineering initiatives, executing targeted site transfers and achieving price increases. These efforts are not only designed to improve our margin, but also strategically reduce our exposure to high tariff trade flows, further strengthening our global supply chain resilience and margin profile.

我們正在實施多項策略計劃，以推動營運利潤率的提升。這些措施包括從成本較低的地區採購、開發第二供應商、實施價值工程計劃、執行有針對性的場地轉移以及實現價格上漲。這些措施不僅旨在提高我們的利潤率，而且還旨在從策略上減少我們對高關稅貿易流的依賴，進一步增強我們全球供應鏈的韌性和利潤率。

Taken together, these initiatives contributed to the 30 basis points of adjusted EBIT margin improvement, excluding the impact of tariffs, and we mitigated nearly half of the gross tariff impact. We're also driving greater efficiency in SG&A while making targeted investments in commercial capabilities, such as with Flyrcado, to strengthen our go-to-market approach and support long-term growth. These actions reflect our commitment to margin expansion and delivering sustainable value.

綜合來看，這些措施使調整後的息稅前利潤率提高了 30 個基點（不包括關稅的影響），並且我們減輕了近一半的關稅總影響。我們也正在提高銷售、一般及行政費用的效率，同時有針對性地投資於商業能力，例如與 Flyrcado 的合作，以加強我們的市場推廣方式並支持長期成長。這些舉措體現了我們對擴大利潤率和創造永續價值的承諾。

Moving to segment performance, starting with Imaging on Slide 6. Organic revenue in the quarter was up 4% versus the prior year, driven by strong commercial execution in EMEA and the US, as imaging equipment remains a top investment priority for customers. Segment EBIT margin declined 260 basis points year-over-year, largely driven by tariff pressures. We're pleased that sequentially, both Imaging revenue and margin increased.

接下來進入分段效能分析，先從第 6 張投影片中的成像部分開始。本季有機收入較上年同期成長 4%，這主要得益於 EMEA 和美國市場強勁的商業表現，因為成像設備仍然是客戶的首要投資重點。受關稅壓力影響，分部息稅前利潤率較去年同期下降 260 個基點。我們很高興地看到，影像業務的營收和利潤率均較上季成長。

We're focused on disciplined price management as well as operational efficiency and platforming improvements. Overall, we saw robust growth in the US as customers continue to upgrade an aging installed base in areas such as radiology and cardiology.

我們專注於嚴格的價格管理、營運效率提升和平台改進。總體而言，隨著客戶不斷升級放射學和心臟病學等領域的老舊設備，我們在美國看到了強勁的成長。

Turning to Advanced Visualization Solutions on Slide 7. Organic revenue was up 6% year-over-year with strong performance in the US and demand for new products. Segment EBIT margin increased by 180 basis points year-over-year, driven by volume growth and cost productivity. We had strong execution in new products and commercial investments that are delivering faster growth and higher margins. This was the fourth consecutive quarter of year-over-year sales and margin growth for AVS. Our pipeline continues to focus on growing many clinical areas, including our cardiovascular ultrasound market leadership.

請參閱第 7 張投影片，以了解進階視覺化解決方案。有機收入年增 6%，這主要得益於美國市場的強勁表現以及對新產品的需求。受銷售成長和成本效率提高的推動，分部息稅前利潤率年增 180 個基點。我們在新產品和商業投資方面執行力強勁，實現了更快的成長和更高的利潤率。這是 AVS 連續第四個季度實現同比增長的銷售額和利潤率。我們的研發管線將繼續專注於拓展多個臨床領域，包括我們在心血管超音波市場的領先地位。

Examples of this include our most recent Vivid Pioneer launch, which has been well received by customers and other key products for radiology and cardiology interventional procedures. In addition, AI-enabled products launched earlier in the year are contributing significantly to our revenue growth and margin expansion.

例如，我們最近推出的 Vivid Pioneer 產品受到了客戶的好評，此外，我們還推出了其他用於放射學和心臟病介入手術的關鍵產品。此外，今年稍早推出的人工智慧產品也為我們的營收成長和利潤率擴張做出了重大貢獻。

Turning to Patient Care Solutions on Slide 8, orders growth in the third quarter was healthy. However, organic revenue was down 7% versus the prior year, primarily due to a product hold. This hold has now been resolved and shipments for the impacted products have resumed, positioning us for a sequential sales step-up in the fourth quarter. Segment EBIT margin declined by 680 basis points year-over-year, primarily driven by the product hold, unfavorable product mix and tariffs. With expected volume improvements and continued productivity actions, we anticipate a meaningful sequential improvement in EBIT margin in the fourth quarter.

翻到第 8 張投影片中的「病患照護解決方案」部分，第三季的訂單成長情況良好。然而，由於產品暫停銷售，有機收入比前一年下降了 7%。目前該問題已解決，受影響產品的發貨已恢復，這使我們能夠在第四季度實現銷售額的環比增長。分部 EBIT 利潤率年減 680 個基點，主要原因是產品暫停、不利的產品組合和關稅。隨著銷售預期成長和生產效率提升措施的持續推進，我們預計第四季度息稅前利潤率將出現顯著的環比增長。

Earlier this year, we brought Jeannette Bankes as our PCS leader, and we're seeing progress around her efforts with the goal to improve growth and margin performance. She's working to drive commercial execution for recent product launches and setting the business up for sustainable growth. She brings a new perspective. And her top priorities are accelerating growth, driving variable cost productivity and optimizing our cost structure. We're confident these actions will yield meaningful results. We're also excited about new product launches and AI-driven software solutions in PCS. These build on our clinical capabilities and are expected to drive faster growth and higher margins.

今年早些時候，我們聘請了 Jeannette Bankes 擔任 PCS 負責人，我們看到她在提高成長和利潤率方面的努力取得了進展。她致力於推動近期產品上市的商業執行，並為公司的永續成長奠定基礎。她帶來了新的視角。她的首要任務是加快成長、提高變動成本生產力和優化成本結構。我們相信這些措施將會取得顯著成效。我們也對PCS領域的新產品發布和人工智慧驅動的軟體解決方案感到興奮。這些舉措建立在我們的臨床能力之上，並有望推動更快的成長和更高的利潤率。

Moving to Pharmaceutical Diagnostics on Slide 9. We delivered a strong quarter with sales growing 10% organically year-over-year. This was driven by solid performance in our contrast media and radiopharmaceutical portfolios, both of which contribute to our growing recurring revenue profile. EBIT grew 14% while margins declined 150 basis points year-over-year due to planned investments in NPIs such as Flyrcado as well as the Nihon Medi-Physics acquisition.

第 9 張投影片將進入藥物診斷部分。本季業績強勁，銷售額年增10%。這主要得益於我們的造影劑和放射性藥物產品組合的穩健表現，這兩大業務都為我們不斷增長的經常性收入做出了貢獻。由於計劃對 Flyrcado 等新產品進行投資以及收購 Nihon Medi-Physics，息稅前利潤同比增長 14%，但利潤率同比下降 150 個基點。

We're very encouraged by the growth in our US radiopharmaceuticals business and in our molecular imaging equipment. Imaging and PDx work in concert. And when enabled by AI and services, we're uniquely positioned to bring value in new ways for our customers. Let's look at cash performance on Slide 10. We delivered free cash flow of $483 million with a 99% free cash flow conversion. This was down $168 million year-over-year, primarily due to higher receivables attributable to revenue growth as well as higher tariff payments of approximately $95 million.

我們公司在美國放射性藥物業務和分子成像設備業務的成長令我們倍感鼓舞。影像和PDx協同工作。借助人工智慧和服務，我們擁有獨特的優勢，能夠以全新的方式為客戶創造價值。讓我們來看看第 10 張投影片上的現金流量表現。我們實現了 4.83 億美元的自由現金流，自由現金流轉換率達到 99%。與去年同期相比下降了 1.68 億美元，主要原因是收入成長帶來的應收帳款增加，以及關稅支出增加約 9,500 萬美元。

As it relates to our capital allocation strategy, our priority is to drive organic growth while evaluating a rich M&A pipeline focused on tuck-in opportunities. We'll maintain a disciplined approach that aligns with the key metrics we've discussed in the past. During the third quarter, we repurchased approximately $100 million of our shares, reflecting our confidence in our growth prospects. Our strong balance sheet, coupled with an attractive leverage profile positions us well to execute on our capital allocation strategy.

就我們的資本配置策略而言，我們的首要任務是推動內生成長，同時評估豐富的併購項目，並專注於補充收購機會。我們將保持嚴謹的態度，並與我們過去討論過的關鍵指標保持一致。第三季度，我們回購了約 1 億美元的股票，這反映了我們對自身成長前景的信心。我們強勁的資產負債表，加上極具吸引力的槓桿水平，使我們能夠很好地執行我們的資本配置策略。

Now let's turn to our outlook on Slide 11. Given the strong performance year-to-date and healthy capital investment trends, we're updating our guidance for full year 2025. We continue to expect full-year organic revenue growth of approximately 3%. Based on where our rates are today, we expect FX to be a 50 basis point tailwind to revenue. Adjusted EBIT margin for the full year is unchanged in the range of 15.2% to 15.4%.

現在讓我們來看看第 11 張幻燈片的展望。鑑於今年迄今的強勁業績和健康的資本投資趨勢，我們正在更新 2025 年全年業績預期。我們仍然預計全年有機收入成長約為 3%。根據我們目前的匯率情況，我們預期外匯波動將對收入產生 50 個基點的利好作用。全年調整後 EBIT 利潤率保持不變，在 15.2% 至 15.4% 的範圍內。

We remain focused on innovation, productivity. And G&A optimization to drive long-term margin expansion. We expect our adjusted effective tax rate to be in the range of 20% to 21% for the full year. For adjusted EPS, we're raising the lower end of our guidance range and now expect to deliver between $4.51 and $4.63 per share for the full year. Based on the current environment, we continue to expect tariffs in 2025 to impact adjusted EPS by approximately $0.45 for the year. Finally, we expect to deliver free cash flow of at least $1.4 billion for the full year, which includes the tariff payments.

我們將繼續專注於創新和生產力。並透過優化一般及行政費用來推動長期利潤率成長。我們預計全年調整後的實際稅率將在 20% 至 21% 之間。對於調整後的每股收益，我們提高了預期範圍的下限，現在預計全年每股收益將在 4.51 美元至 4.63 美元之間。根據當前局勢，我們仍然預計 2025 年的關稅將對當年的調整後每股收益產生約 0.45 美元的影響。最後，我們預計全年自由現金流至少 14 億美元，其中包括關稅收入。

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

這樣，我就把電話交給皮特了。皮特？

Thanks, Jay. Turning to innovation. We've invested more than $3 billion in R&D since 2022 to deliver differentiated products and solutions that exceed customer expectations. Our R&D and go-to-market execution is enabling accelerated growth and margin improvement. A great example of this is in AVS. In 2024, we launched AI-powered systems across the entire segment. We've had strong customer adoption for these products.

謝謝你，傑伊。轉向創新。自 2022 年以來，我們已投入超過 30 億美元用於研發，以提供超越客戶期望的差異化產品和解決方案。我們的研發和市場推廣執行正在加速成長並提高利潤率。AVS 就是一個很好的例子。2024年，我們在整個領域推出了人工智慧驅動的系統。這些產品獲得了消費者的廣泛認可。

For example, in image-guided solutions, we redesigned our Interventional Cardiology system, Allia, with a more powerful tube, reduced footprint and onboard AI capabilities. It's ideal for ambulatory surgical centers and office-based labs, allowing us to partner with customers and win new deals in a rapidly growing ASC setting.

例如，在影像引導解決方案方面，我們重新設計了介入性心臟病學系統 Allia，使其擁有更強大的導管、更小的佔地面積和內建人工智慧功能。它非常適合門診手術中心和辦公室實驗室，使我們能夠與客戶合作，並在快速發展的門診手術中心環境中贏得新交易。

In addition, our ultrasound portfolio underwent a complete refresh. We integrated advanced technology like Caption AI and are upgrading our entire fleet of our clinical subsystems into common platforms, which has increased the margins of these new products compared to prior models. All of these are driving revenue growth and margin accretion now, and we expect that to continue in 2026 and beyond.

此外，我們的超音波產品組合也進行了全面更新。我們整合了 Caption AI 等先進技術，並將我們所有的臨床子系統升級到通用平台，與先前的型號相比，這提高了這些新產品的利潤率。所有這些因素都在推動收入成長和利潤率提升，我們預計這種情況將在 2026 年及以後繼續保持。

Moving to the middle row on the chart, where we featured several products that are commercially available in 2025. In PCS, we're excited about three new products, a completely refreshed anesthesia delivery system, a monitoring platform that allows us to compete in new ways outside the US and CareIntellect for perinatal, a SaaS offering designed with clinicians to provide real-time insights in labor and delivery. It's the first of many clinical and operational applications that we expect to deliver faster growth, higher margins and recurring revenue for PCS.

接下來我們來看圖表的中間一行，展示了幾款將於 2025 年上市的產品。在 PCS，我們非常高興地推出三款新產品：一個完全更新的麻醉輸送系統、一個監測平台（使我們能夠在美國以外以新的方式參與競爭）以及 CareIntellect（圍產期），這是一個與臨床醫生合作設計的 SaaS 產品，旨在提供分娩過程中的即時見解。這是眾多臨床和營運應用中的第一個，我們期望它能為 PCS 帶來更快的成長、更高的利潤率和經常性收入。

Feedback on Flyrcado is strong with exceptional image quality, half-life benefits, healthy reimbursement and new global guidelines to increase clinical confidence. As a result, our prospect list is expanding. And we're going slow to go fast, so that customers get the best experience as this pharmaceutical has many years of strong growth opportunity in front of us.

Flyrcado 的回饋非常積極，其影像品質卓越，半衰期更長，報銷情況良好，並且有新的全球指南來增強臨床信心。因此，我們的潛在客戶名單正在擴大。我們採取穩紮穩打的策略，力求快速發展，以便為客戶帶來最佳體驗，因為這種製藥方式在未來幾年將迎來強勁的成長機會。

In September, we signed an agreement to distribute Flyrcado through CDL and an outpatient cardiology leader accounting for about one-third of the current US PET procedures. Our commercial and clinical teams are working closely with their CDL counterparts to begin transitioning their customer volume in the coming quarters.

9 月，我們簽署了一項協議，透過 CDL 和一家門診心臟病學領導企業分銷 Flyrcado，該企業約佔目前美國 PET 手術量的三分之一。我們的商業和臨床團隊正與他們的 CDL 同行密切合作，以便在接下來的幾季開始過渡他們的客戶量。

We're also encouraged by the strong backlog of new PET systems that will support imaging tracer growth. In Imaging, it's great to see the pipeline coming together after 4 years of investment. The new products will bring unique capabilities to the market and be key enablers for our sales teams to drive faster growth and higher margins in the Imaging portfolio. We're entering a new wave of innovation across the enterprise, and these are some of our boldest ideas yet. We're confident that we have the right innovations across all of our segments, a strong commercial strategy and a clear path to accelerate revenue growth from these new products over the medium term.

我們也對大量積壓的新 PET 系統感到鼓舞，這些系統將支持影像示蹤劑的成長。在影像領域，經過 4 年的投資，很高興看到整個流程逐漸成形。新產品將為市場帶來獨特的功能，並成為我們銷售團隊推動影像產品組合更快成長和更高利潤的關鍵推動力。我們正進入企業新一輪創新浪潮，以下是我們迄今為止最大膽的一些想法。我們有信心，我們在所有業務領域都擁有正確的創新，制定了強有力的商業策略，並明確了在中期內加速這些新產品收入成長的路徑。

In summary, we feel good about our third quarter performance and the disciplined execution that has helped us effectively navigate a dynamic environment. I'm proud of our teams as they work to offset costs and manage through macro challenges. We're pleased that despite a $0.45 tariff headwind, we expect to deliver adjusted EPS growth for the year. We remain fully committed to our total company medium-term targets shared at Investor Day and feel good about the underpinnings that support that growth. The fundamentals of our business remain strong.

總而言之，我們對第三季的業績以及幫助我們有效應對瞬息萬變的環境的嚴謹執行感到滿意。我為我們的團隊感到驕傲，他們努力抵消成本並應對宏觀挑戰。儘管面臨 0.45 美元的關稅阻力，我們仍欣慰地預計今年將實現調整後每股盈餘成長。我們仍然完全致力於實現投資者日上公佈的公司中期目標，並且對支撐成長的基礎感到滿意。我們業務的基本面依然強勁。

Globally, we continue to see a healthy capital equipment market, and tenders are improving in China, with the recovery ongoing. While PCS had a challenging quarter, with new leadership and fresh eyes on the portfolio, we expect to see significant improvements in this segment.

全球範圍內，資本設備市場持續維持健康發展，中國的招標情況也在改善，經濟正在持續復甦。儘管 PCS 經歷了一個充滿挑戰的季度，但隨著新的領導層和對產品組合的全新審視，我們預計該業務板塊將顯著改善。

Lastly, as planned, we will introduce a significant number of new AI-enabled products, solutions and services at RSNA. As we discussed at our last investor conference, these new products are expected to drive significant growth over the medium term and play a key role in margin expansion, plan to join us in Chicago on December 1 and 2.

最後，我們將按計劃在 RSNA 上推出大量新的 AI 產品、解決方案和服務。正如我們在上次投資者大會上所討論的，這些新產品有望在中期內推動顯著增長，並在利潤率擴張中發揮關鍵作用，請計劃於 12 月 1 日和 2 日與我們在芝加哥相聚。

Now let's open up the call for questions.

現在開始接受提問。

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

（事件指示）接線員，請開通線路好嗎？

(Operator Instructions)

（操作說明）

Lawrence Biegelsen, Wells Fargo.

勞倫斯‧比格森，富國銀行。

Congrats on a nice quarter here. I wanted to start on China. I heard your comments earlier on tenders improving in China. Any additional color on what you're seeing, how you're thinking about growth there this year and next year? And I know you won't comment on media reports, but can you comment on how you're thinking about your business in China long term? And if you'd consider ways to mitigate the risk or exposure to that market? And I had one follow-up.

恭喜你本季業績不錯。我想先從中國開始。我之前聽過你關於中國招標制度改善的評論。關於您觀察到的情況，以及您對今年和明年該地區成長的看法，您還有什麼補充說明嗎？我知道您不會對媒體報導發表評論，但您能否談談您對在中國的長期業務發展有何看法？您是否考慮過降低在該市場面臨的風險或敞口的方法？我還有一個後續問題。

Yes, Larry. As I said in the prepared comments, we're seeing the stimulus kind of tender activity improve and the recovery in the market is ongoing. I think that's kind of the headline. Last quarter, I spoke about our second-half China sales being lower than the first half, and that's playing out as we expected.

是的，拉里。正如我在準備好的評論中所說，我們看到刺激性招標活動正在改善，市場復甦正在進行中。我覺得這大概就是標題的意思了。上個季度，我曾說過我們下半年在中國的銷售額會低於上半年，而現在情況正如我們預期的那樣。

Our new leader in the role there, Will, is doing a really nice job. He's been focused on making investments in market access capabilities and renewing our focus on clinical selling. And where we've implemented those changes, which we're going to be going across the whole country with them, we've seen positive progress both in ultrasound and imaging. And so look, the market has been challenged over the past 2 years due to stimulus as well as the anticorruption campaign. That said, we don't see any structural reason to prevent China market returning from growth.

我們新上任的領導威爾做得非常出色。他一直致力於投資市場准入能力，並重新聚焦臨床銷售。在我們已經實施這些變革的地方（我們將在全國範圍內推廣這些變革），我們在超音波和成像方面都看到了積極的進展。因此，過去兩年來，由於刺激政策和反腐敗運動，市場一直面臨挑戰。也就是說，我們認為沒有任何結構性因素會阻止中國市場恢復成長。

Look, to your last point that you made, look, we like the China business. It's one of the largest health care markets in the world, a significant portion of the population needing better access to care. We're optimistic about its long-term potential. I would say, we constantly look at our segments, our countries, our products and assess their growth, their margin and ultimately, their fit in the portfolio. It's just kind of how we run our business, is what we do.

關於你剛才提出的最後一點，我們確實喜歡中國市場。它是世界上最大的醫療保健市場之一，很大一部分人口需要更好地獲得醫療保健服務。我們對其長期發展潛力持樂觀態度。我想說，我們會不斷審視我們的業務板塊、國家和產品，評估它們的成長、利潤率，以及最終它們在產品組合中的契合度。這就是我們經營業務的方式，這就是我們一直以來的做法。

That's super helpful. Pete, for my follow-up, the press release, the slides talk about revenue growth acceleration. It sounds like you're still confident in achieving your '26 to '28 revenue growth target of mid-single-digit organic growth. I just want to confirm that. And how much do you need China to recover to hit that goal? And is mid-single-digit growth on the table for next year?

這太有幫助了。皮特，我的後續問題是，新聞稿和幻燈片都談到了收入成長加速。聽起來你仍然有信心實現 2026 年至 2028 年的中等個位數有機成長的收入成長目標。我只是想確認一下。要實現這個目標，你需要中國經濟復甦到什麼程度？明年能否達到個位數中段的成長？

Yes. Look, I would just say, over the medium term, we feel good about mid-single digit. Our views are the mid-single opportunity hasn't changed for us. Since we spun in 2023, we've invested, as we mentioned, significant amount in R&D. And it takes time for that to pay off.

是的。總的來說，我認為中期來看，我們對個位數中段的成長率感到樂觀。我們認為，單身人士的中年機會對我們來說並沒有改變。自 2023 年分拆以來，正如我們之前提到的，我們已經在研發方面投入了大量資金。而且這需要時間才能看到成效。

I think the example that we gave with AVS is a great example of how that's paying off. New products that have a faster growth profile because of leadership features a better cost position, so it has higher profitability. And that same model will apply to Imaging and also PCS. So we're excited about RSNA coming up because you're going to see a lot of these new products coming out that will carry that capability that we just mentioned. So I think that's the broader point. But relative to China, consistent with what I've said in the past, if China remains roughly flat and stable market, all of our goals relative to mid-single digit are intact. Jay, you may --

我認為我們用 AVS 舉的例子就是一個很好的例子，說明了這種做法是如何運作的。由於領先地位而成長速度更快的新產品具有更好的成本優勢，因此盈利能力更高。同樣的模式也適用於影像和個人電腦服務。所以我們對即將到來的RSNA感到興奮，因為屆時將會出現許多具備我們剛才提到的那種能力的新產品。所以我認為這才是更廣泛的意義。但相對於中國而言，正如我過去所說，如果中國市場保持大致平穩，那麼我們所有關於中個位數成長的目標都將保持不變。傑伊，你可能--

Just Larry, in '26, we're in our operating planning process right now. So a lot of work to be done there. But I think it's safe to say this year, our expectation is to grow approximately 3%. We pointed to record backlogs, outstanding book-to-bill order growth at 6% for the last 4 quarters. So we feel very good about the commercial momentum and the innovation momentum. And so as we look at '26, our expectation would be to grow faster than 3%. So stay tuned for our earnings call in February. But at this point in time, we feel very good about the progress that we've made.

拉里，就目前而言，在 2026 年，我們正在進行營運規劃。所以那裡有很多工作要做。但我認為可以肯定地說，今年我們的預期成長率約為 3%。我們指出，積壓訂單數量創歷史新高，過去四季未完成訂單出貨量成長率達 6%。因此，我們對商業發展動能和創新發展動能都感到非常樂觀。因此，展望 2026 年，我們預期成長速度將超過 3%。請留意我們二月份的財報電話會議。但就目前而言，我們對所取得的進展感到非常滿意。

Travis Steed, Bank of America Securities.

特拉維斯·斯蒂德，美國銀行證券。

Congrats on a good quarter. Maybe the first question I have is maybe talk about some of the strength in Q3 and why it reiterate the full-year revenue guidance and not let more of that flow-through for Q4?

恭喜你本季業績出色。我的第一個問題或許是，能否談談第三季的一些強勁表現，以及為什麼它重申了全年營收預期，而不是讓這​​種強勁勢頭延續到第四季？

Thanks, Travis. We were definitely pleased with the commercial performance in the third quarter, and it's evidence of all the good progress that we're making both from innovation and also a go-to-market standpoint. We previously said 2% to 3% in the third quarter. We delivered 4%. And I would say a lot of that comes from our AVS business, where we're seeing the dividends of all the innovation investment pay out, along with some great work in the field. We did see some particular strength across EMEA and U-Scan, really driven by a healthy CapEx environment and the procedural trends there. So overall, definitely pleased with the third quarter.

謝謝你，崔維斯。我們對第三季的商業表現非常滿意，這證明了我們在創新和市場推廣方面都取得了良好的進展。我們之前說過第三季會成長2%到3%。我們完成了4%。我認為這很大程度上要歸功於我們的AVS業務，我們看到了所有創新投資的回報，以及該領域的一些出色工作。我們確實看到 EMEA 和 U-Scan 地區表現出特別強勁的勢頭，這主要得益於健康的資本支出環境和當地的業務發展趨勢。總的來說，我對第三季的表現非常滿意。

As we look at the fourth quarter, our current expectation is 3% to 4% growth, very much aligned to our expectations in July. There's a bit of a benefit from the PCS, some of that coming back in the fourth quarter, that product hold. But as we did the analysis, historically, we've seen about a 9% step-up from Q3 to Q4. We're modeling at the midpoint, that 9% step-up.

展望第四季度，我們目前的預期是成長 3% 至 4%，與我們 7 月的預期非常一致。PCS帶來了一些好處，其中一部分將在第四季度回歸，產品保持率也是如此。但根據我們的分析，從歷史數據來看，第三季到第四季度，我們看到大約有 9% 的成長。我們以中間值（即9%的漲幅）進行建模。

The other thing we look at when we do revenue forecasting is we look at this idea of secured rate. Remember, about half of our business is recurring and the other half is equipment related. And for the equipment related, we have a portion of that business that has delivery dates in the quarter.

我們在進行收入預測時也會考慮擔保利率這個概念。請記住，我們大約一半的業務是經常性業務，另一半是設備相關業務。至於設備相關業務，我們有一部分業務的交貨日期在本季內。

And so at this point in the quarter, we have about 80% of the 50% secured. So we feel very good about where that sits relative to historic levels. It's consistent with that. Having said all of that, what I would say is our confidence in achieving the 3% has clearly increased based on the strong performance that we saw in the third quarter.

因此，在本季的這個階段，我們已經確保了50%目標的80%左右。因此，我們對目前的水平相對於歷史水平的位置感到非常滿意。這與此相符。綜上所述，我想說的是，基於我們在第三季取得的強勁業績，我們實現 3% 目標的信心顯然已經增強。

That's very helpful, Pete. And then Flyrcado, just make sure you're on track for the $30 million in this year, and how you should think about some of the puts and takes as that ramps over 2026 and 2027?

那很有幫助，皮特。那麼 Flyrcado，請確保你今年能實現 3000 萬美元的目標，以及隨著目標在 2026 年和 2027 年逐步實現，你該如何考慮一些買賣操作呢？

Yes, Travis, look, we're excited about this opportunity with Flyrcado. Things -- opportunities like this only come around every once in a while. I mean the customer feedback on Flyrcado has been great, exceptional image quality over any other type of perfusion capabilities, the longer half-life unit dose model, all this kind of making a significant game-changing innovation for nuclear cardiology. And as I said in the prepared remarks, we're going slow to go fast. So for us, it's crucially important at this stage of the launch that customers have an excellent experience and are getting their processes and capabilities in place that they can convert a majority of their patients to Flyrcado over a reasonable time period.

是的，Travis，你看，我們對與 Flyrcado 的這次合作機會感到非常興奮。這樣的機會可不是偶爾才會遇到的。我的意思是，Flyrcado 的客戶回饋非常好，其影像品質優於任何其他類型的灌注功能，半衰期較長的單位劑量模型，所有這些都為核心臟病學帶來了重大的變革性創新。正如我在準備好的演講稿中所說，我們採取的是循序漸進的方式，以求快速發展。因此，對我們來說，在產品發布的這個階段，至關重要的是客戶能夠獲得良好的體驗，並建立起相應的流程和能力，以便在合理的時間內將大部分患者轉化為 Flyrcado 的客戶。

So in 2025, we're going to be short of the 30 million. But with the progress we're making, we're really excited about the opportunity in '26 and beyond. So obviously, the question is, so why slower ramp in 2025? Look, we made a deliberate decision to prioritize the customer experience rather than short-term revenue. And look, we've slowed the launch for two reasons. One is on the supply side, remember, each of these products is delivered by a local contract manufacturing operation. And we're working to achieve a consistent 95%-plus yield, which will deliver that exceptional experience to customers. It's taken some time to get to that level, but we're close to achieving that consistently now, which is a very good point.

所以到 2025 年，我們將缺少 3000 萬。但就我們目前的進展而言，我們對 2026 年及以後的機會感到非常興奮。所以很顯然，問題是，為什麼 2025 年的成長速度會放緩？你看，我們經過深思熟慮，決定優先考慮客戶體驗，而不是短期收入。你看，我們放慢發布速度有兩個原因。首先是供應方面，請記住，這些產品均由當地的合約製造企業交付。我們正在努力實現穩定的 95% 以上的收益率，這將為客戶帶來卓越的體驗。達到這個水平花了一些時間，但我們現在已經接近穩定地達到這個水平了，這是一個非常好的方面。

Second, we're working with our customers on their workflow, which is a combination of their billing and patient processes at site. And so where we sit today, we're seeing week-over-week improvement on the number of patients treated with Flyrcado, and we expect that ramp considerably to move forward faster in the fourth quarter. So look, with significant interest building, our opportunity funnel is actually exceeding what we initially laid out. We expect Flyrcado to have a significant meaningful impact over time.

其次，我們正在與客戶合作改進他們的工作流程，這包括他們的現場計費和病患處理流程。因此，就目前的情況來看，使用 Flyrcado 治療的患者人數每週都在增加，我們預計第四季度這一增長速度將大大加快。所以你看，隨著興趣的顯著提升，我們的銷售機會管道實際上已經超過了我們最初設定的目標。我們預計 Flyrcado 將在未來產生重大且有意義的影響。

And this positions us really well on our midterm expectations for $0.5 billion by 2028. If we were able to take 25% of the PET myocardia perfusion market and converted to Flyrcado, that would lead to roughly $1 billion a year. And so hence, why this launch taking it at the right pace, we believe is super critical.

這使我們在中期預期目標——到 2028 年實現 5 億美元——方面處於非常有利的地位。如果我們能夠佔據 25% 的 PET 心肌灌注市場並全部採用 Flyrcado 技術，那將帶來每年約 10 億美元的收入。因此，我們認為以合適的節奏推出這款產品至關重要。

Joanne Wuensch, Citibank.

Joanne Wuensch，花旗銀行。

I have two. I'm just going to put them upfront. Could you please give us an update on the timing for Photon Counting? And how we should think about that ramping? And then the second question has to do with the Patient Care Solutions franchise. How do we think about going from down high single digits this quarter to reaccelerating over the next couple of quarters?

我有兩個。我打算把它們放在最前面。請問能否告知我們光子計數的具體時間安排？我們該如何看待這種加速增壓？第二個問題與病患照護解決方案特許經營權有關。我們該如何看待本季出現接近兩位數的下滑，以及未來幾季重新加速成長的情況？

Thanks, Joanne, for the question. Yes, on Photon Counting, we remain on track to our plans that we have laid out. As you've seen on the slide that I referenced in our deck with the new wave of innovation, we actually have it there listed on the page, I think it's no surprise that we're ramping up here to be able to talk about it at our biggest radiological show here in the near future.

謝謝喬安妮的提問。是的，在光子計數方面，我們仍然按照既定計劃進行。正如您在我提到的幻燈片中看到的，我們在簡報中展示了新一波創新浪潮，我們實際上已經將其列在頁面上了。我認為，我們正在加緊準備，以便在不久的將來在我們最大的放射學展會上談論它，這並不奇怪。

So all of our plans relative to FDA submission our plan is to be able to communicate and talk about it in more detail are on track. And again, I would just say, I'm, again, very excited about our approach. We are the most unique approach within the marketplace.

因此，我們所有與向 FDA 提交申請相關的計劃，包括能夠就此進行更詳細的溝通和討論，都在按計劃進行。我再次重申，我對我們的方法感到非常興奮。我們擁有市場上最獨特的方法。

It's the reason that we went this direction, is not to follow the crowd, but to bring something that's going to have a significant impact in the marketplace, not just on the image quality changes, but actually how CT is used. And that's where we believe our deep silicon approach is going to make a significant difference in what's called spectral imaging. So that's where we are. And we hope we'll see at the RSNA to see more of these technologies that I mentioned here on the page.

我們之所以選擇這條路，不是為了隨波逐流，而是為了帶來一些能夠對市場產生重大影響的產品，不僅在影像品質方面有所改進，而且在實際的CT使用方式方面也有所改進。我們相信，我們的深矽技術將在光譜成像領域中發揮重要作用。這就是我們目前的處境。我們希望能在 RSNA 上看到更多我在這裡提到的這些技術。

Jay, maybe you can talk a little bit about PCS.

傑伊，或許你可以稍微談談PCS（永久性變更駐地）的事。

We were disappointed with PCS performance in the third quarter. And really, this comes down to a product hold. We did take quick action to be ready to ship units as soon as possible. Our regulatory team did a great job navigating the pathway here. And the good news is that we're back in the market shipping.

我們對PCS第三季的表現感到失望。說到底，這其實是產品停滯的問題。我們迅速採取行動，做好盡快出貨的準備。我們的監管團隊在整個過程中做得非常出色。好消息是，我們已經恢復市場出貨了。

We'll recover some of this in the fourth quarter. Some will bleed to next year. But overall, we feel good with the product back on the market. Of the 7% sales decline in the quarter, about 5 of that was tied to the product hold. And the margin was also significantly impacted. In fact, about half of the margin decline year-over-year related to this product hold, we had a big tariff impact as well of about a couple of hundred basis points.

我們將在第四季挽回一部分損失。有些病例會延續到明年。但總的來說，我們對產品重新上市感到滿意。本季銷售額下降 7%，其中約 5% 與產品暫停銷售有關。利潤率也受到了顯著影響。事實上，與該產品相關的年比利潤下降約有一半，此外，關稅也造成了約幾百個基點的較大影響。

So as Pete said or I said in my prepared remarks, we're really excited to have Jeannette onboard, a seasoned leader, and she's looking carefully at the portfolio, the opportunities to drive growth and enhance margin. That will start to pay dividends in the fourth quarter, so we will see a meaningful improvement here. And then we'll also continue to pay dividends as we migrate into next year.

正如皮特所說，或者正如我在準備好的演講中所說，我們非常高興珍妮特加入我們，她是一位經驗豐富的領導者，她正在仔細研究投資組合，尋找推動增長和提高利潤率的機會。這將在第四季度開始產生效益，因此我們將看到顯著的改善。然後，隨著我們進入明年，我們也將繼續派發股息。

David Roman, Goldman Sachs.

大衛羅曼，高盛集團。

Appreciate all the detail on some of the new products here. Maybe first, we could go into AVS and specifically talk about some of the opportunities as we see procedure volumes like in EP potentially start to move into the ASC. I think in your earnings presentation from last year in the second quarter, you laid out all the key products that GE provides to support an EP lab. But maybe what are you seeing specifically on the opportunity in the ASC setting for EP?

非常感謝這裡對一些新產品的詳細介紹。或許我們可以先進入AVS領域，具體談談隨著EP等手術量可能開始轉移到ASC，這其中的一些機會。我認為在去年第二季的收益報告中，您列出了GE為支持EP實驗室而提供的所有關鍵產品。但您具體看到了在 ASC 環境中進行 EP 的機會是什麼？

Yes, David. Thanks for the question. I would say, look, part of this started with this discussion when we talk about D3, it's not just a slogan, it's about how we operate, which again is this whole part of leadership products that can plug and play across the disease state -- focus on a disease state.

是的，大衛。謝謝你的提問。我想說，這其中一部分始於我們討論 D3 的時候，它不僅僅是一個口號，而是關乎我們的運作方式，這又是領導力產品的一部分，這些產品可以即插即用，適用於各種疾病狀態——專注於疾病狀態。

So again, cardiology is a broader area, but a specific disease state might be electrical issues with the heart, to your point, and how they're addressed and then how digital and tools can bring that together. And so for the first part for us was having a lab that wasn't just competitive, but was leadership. And I would argue this is really our first cath lab in a long, long time, that is a leadership position. And so we're seeing the uptick of that.

所以，心臟病學是一個更廣泛的領域，但正如你所說，具體的疾病狀態可能是心臟的電生理問題，以及如何解決這些問題，以及數位化和工具如何將這些結合起來。因此，對我們來說，第一部分是建立一個不僅具有競爭力，而且具有領導地位的實驗室。而且我認為這真的是我們很長一段時間以來第一個處於領先地位的導管室。因此，我們看到這種情況上升。

So look, when it comes to electrophysiology, we see the opportunity that's out there, pulse field ablation, all the excitement that's in the marketplace. We want to be the partner of choice. It's a one-stop shop to be able to make that happen. And so Phil and the team, I think, have done a really nice job.

所以你看，就電生理學而言，我們看到了其中的機會，脈衝場消融術，以及市場上的所有令人興奮的事情。我們希望成為客戶的首選合作夥伴。這是一個可以實現這一目標的便利服務平台。所以我覺得菲爾和他的團隊做得非常好。

We're uniquely positioned with the Allia Pulse. Its small footprint, its ability to play in ESCs. The Vivid Pioneer, our brand-new cardiovascular ultrasound platform does a lot of early assessment, esophageal work while the procedure is going on. And then our Mac-Lab new version, which is the AltiX, which is the recorder for all of this during the EP procedure. Those all work together.

我們憑藉 Allia Pulse 擁有獨特的優勢。它體積小巧，能夠在電子調速器中使用。Vivid Pioneer 是我們全新的心血管超音波平台，可在手術過程中進行大量早期評估和食道檢查。然後是我們 Mac-Lab 的新版本，即 AltiX，它是 EP 手術過程中所有操作的記錄器。它們共同發揮作用。

And then we have partner relationships with many of the device companies that their products were more integrated with ours. So you couple that with the new reimbursement that's coming out that fundamentally takes what was 80% of the acute care reimbursement and makes it available in the ASC, we're really set up well to take advantage of that growth.

此外，我們還與許多設備公司建立了合作夥伴關係，他們的產品與我們的產品更加融合。因此，再加上即將出台的新報銷政策，該政策從根本上將原本佔急性護理報銷額 80% 的資金用於門診手術中心，我們實際上已經做好了充分準備，可以利用這一增長。

And again, we want to be able to come to an institution and say, you want to really grow your EP business work with us. Whoever used on the device side, we can make it easy for you to stand up. And in many cases, that's really what we're starting to see come through. So that's kind of how we look at electrophysiology. I would say, structured heart has a similar framework to it as well.

再次強調，我們希望能夠走進一家機構，告訴他們：你們想要真正發展你們的EP業務，就和我們合作吧。無論誰在使用設備，我們都能讓您輕鬆站立。在很多情況下，這正是我們開始看到的現象。這就是我們看待電生理學的方式。我認為，結構化的心臟也有類似的框架。

Very helpful. And maybe, Jay, just on the margin side, trying to understand, how long this transition between R&D and COGS takes place? And maybe if you could just unpack a little more operationally what's happening. I think on the last call, you started talking about this, it sounded kind of like an accounting dynamic, but I think it's actually more of an operational dynamic. So how long does this kind of transition last? And how should we think about the trajectory of underlying gross margins in R&D going forward?

很有幫助。傑伊，或許可以從邊緣角度來理解，研發成本和銷售成本之間的這種過渡需要多長時間？或許您能再詳細解釋一下具體操作流程中發生了什麼事。我覺得在上次通話中，你開始談到這個問題，聽起來有點像會計方面的動態，但我認為它實際上更像是營運方面的動態。那麼這種過渡期會持續多久呢？那麼，我們該如何看待未來研發領域毛利率的發展軌跡呢？

Sure. Maybe maybe let's just talk overall about the gross margin, and then we can get into the specifics of this aspect of it. Overall, in the third quarter, our gross margin was down 300 basis points year-over-year. About 180 basis points of that relates to tariff expenses. And then we had 60 basis points of really reclass or movement between R&D and cost of goods in the quarter, and that's about a little over $30 million.

當然。或許我們先來整體談談毛利率，然後再深入探討這方面的具體細節。整體而言，第三季我們的毛利率年減了300個基點。其中約有 180 個基點與關稅支出有關。然後，本季研發成本和商品成本之間出現了 60 個基點的重新分類或變動，這大約相當於 3,000 多萬美元。

Now overall, this is good news because from our standpoint, as products move closer to commercialization, we start to report those projects through -- those product expenses as cost of goods versus R&D. And so it's net neutral to adjusted EPS. We actually have about 12 products, material programs that are moving very close to commercialization stage. Pete talked about that extensively during his remarks, you'll see that on full display at RSNA.

總的來說，這是個好消息，因為從我們的角度來看，隨著產品越來越接近商業化，我們開始將這些項目——這些產品支出——作為商品成本而不是研發費用來報告。因此，對調整後的每股盈餘沒有影響。我們實際上有大約 12 個產品和材料項目已經非常接近商業化階段。皮特在演講中對此進行了廣泛的討論，你會在RSNA上看到這一點的充分展現。

And remember, about 70% of our total engineering and product program spend sits within R&D. The remaining aspect of 30 sits in COGS. And so overall, I think it's important to note, R&D spending or project spending was up for the quarter, but we did see this dynamic.

請記住，我們工程和產品項目總支出的約 70% 都用於研發。30 的剩餘部分屬於成本。因此總的來說，我認為需要注意的是，本季研發支出或專案支出有所增加，但我們確實看到了這種動態。

This dynamic will continue somewhat in the fourth quarter, and there will be some impact of this next year as well. But it's safe to say we will see margin expansion in the fourth quarter sequentially, north of 50 basis points of gross margin at the midpoint. And we'll also see -- remember the third quarter also did have an impact from the product hold at a company level, that was about 20 basis points.

這種趨勢在第四季還會持續一段時間，明年也會受到一定影響。但可以肯定的是，第四季毛利率將環比擴張，中點毛利率將超過 50 個基點。我們也要看到——別忘了，第三季也受到了公司層級產品暫停的影響，影響約為 20 個基點。

So overall, the team is intensely focused on margin expansion and gross margin expansion, in particular this particular item does sort of cloud, what I think is a solid overall story. If you point to the bottom line, we saw 30 basis points of margin expansion in the quarter, excluding tariffs. We'll see more than that in the fourth quarter on our way to achieving the full-year expectation.

所以總的來說，團隊非常注重利潤率和毛利率的提升，尤其是這個特定項目，確實讓原本我認為很穩健的整體情況變得有些模糊不清。如果只看最終利潤，不計關稅，本季利潤率增加了 30 個基點。在實現全年預期目標的過程中，我們將在第四季看到更多成果。

Patrick Wood, Morgan Stanley.

派崔克‧伍德，摩根士丹利。

First one is really on the ultrasound side of things. Obviously, one of your peers has vice fund with the FDA. I think we all chunk of us lived through this before with Cleveland and CT. Any implications for you when you think about the competitive market on that side and how that could evolve?

第一個問題確實跟超音波檢查有關。顯然，你的某個同行與美國食品藥物管理局（FDA）有利益關係。我想我們很多人都經歷過克利夫蘭和康乃狄克州的類似情況。您認為從競爭激烈的市場以及市場未來發展趨勢來看，會有哪些影響？

Patrick, I -- we just saw the information as well. So I don't really have any comment. And there's really no effect in third quarter. The strength of our AVS in Q3 was really about really strong go-to-market execution in our field teams. And then products that we mentioned, the Vivid Pioneer and the Venue point of care and LOGIQ, all of those new products.

派崔克，我——我們也看到了這些資訊。所以我沒什麼好說的。第三季確實沒有明顯效果。第三季 AVS 的強勁表​​現，其實得益於我們現場團隊強大的市場推廣執行力。還有我們提到的產品，Vivid Pioneer、Venue 即時護理系統和 LOGIQ，所有這些新產品。

Got you. Makes sense. The other one is actually your MUSE platform has like a 50% market share, if I'm right, on the ECG side of things. And I know you guys have -- you've got a partnership with AliveCor and a few other bits, but is there any interest on the longer-term cardiac termitary market? There's a lot of the perhaps players outside of things. Because that strength on the ECG side on the software end feels like that would pair well. Is that something you ever thought about?

抓到你了。有道理。另一個方面是，如果我沒記錯的話，你們的 MUSE 平台在心電圖領域擁有約 50% 的市場份額。我知道你們與 AliveCor 和其他一些公司建立了合作關係，但是你們對長期心臟移植市場有任何興趣嗎？還有很多可能在場外發揮作用的因素。因為軟體方面在心電圖方面的優勢感覺會與此完美結合。你有沒有想過這個問題？

Yes. So Patrick, I think, uses to your point, it's the significant position relative to recording of all EKG data really around the world, and we have this AliveCor mode, which is portable handheld device that individuals would use, and that can be recorded in the base. Today, we have customers that actually after an EP procedure when you use their sent home, they'll be sent home with the AliveCor device. And they do spot checks on themselves to make sure how effective the ablation actually was. That data all connects directly back into our system.

是的。所以派崔克，我認為，正如你所說，這對於記錄全世界所有心電圖數據而言意義重大，我們有 AliveCor 模式，這是一個個人可以使用的便攜式手持設備，可以在基地進行記錄。如今，我們的一些客戶在接受 EP 手術後，當您使用他們的送回家設備時，他們會帶著 AliveCor 設備回家。他們也會進行抽查，以確保消融術的實際效果。所有這些數據都直接連接到我們的系統。

So that's there today. But I think that where you're going with this is exactly a big part of when we talk about CareIntellect, the perinatal example is one of those where we're connecting all this information and serving it up in a way that makes it very easy to use for that caregiver. So in the case you brought up would be in the cardiology world, perinatal play is obviously in labor and delivery. But I think you're going to see more and more of these departmental solutions come out from us here in '26 under the branding of CareIntellect. So thanks for the question.

以上就是今天的情況。但我認為你所說的正是我們談論 CareIntellect 時的一個重要部分，圍產期的例子就是我們將所有這些資訊聯繫起來，並以一種讓護理人員非常容易使用的方式呈現出來。所以，你提到的案例是在心臟病學領域，圍產期遊戲顯然是在分娩過程中進行的。但我認為，在 2026 年，你會看到我們公司推出越來越多以 CareIntellect 品牌為名的部門解決方案。謝謝你的提問。

Vijay Kumar, Evercore ISI.

Vijay Kumar，Evercore ISI。

Congrats on the next gen here. Pete, maybe my first one for you. I saw you guys signed a distribution agreement with CDL on your pharma diagnostics side for Flyrcado. Is -- my understanding was CDL represents maybe -- or serves half the US market. Is that the right assumption? Have they started shipping this product? And do they have the capability to ship this on a weekend? So I'm curious on how the partnership is evolving.

恭喜新一代的誕生。皮特，這或許是我為你準備的第一份禮物。我看到你們在醫藥診斷方面與 CDL 簽署了 Flyrcado 的分銷協議。據我了解，CDL 可能代表或服務美國一半的市場。這個假設正確嗎？他們已經開始出貨了嗎？他們有能力在週末出貨嗎？所以我很想知道這種合作關係將如何發展。

Yes. No. Look, CDL and their group, CardioNavix, is a large part of the US PET market, and they actually have a full distribution reach into individual cardiology offices typically with rubidium. But our strategy is working along with them is to obviously convert many of those customers over into Flyrcado.

是的。不。你看，CDL 及其集團 CardioNavix 佔據了美國 PET 市場很大一部分份額，而且他們實際上已經全面覆蓋了各個心臟病診所，通常使用銣。但我們與他們合作的策略顯然是將其中許多客戶轉化為 Flyrcado 的用戶。

We're just getting started. As you know, we announced earlier this quarter. It typically takes a 60, 90 day window cycle to move through. But all of the customers that have seen it on their side are very excited about it. I think the economics, the clinical capabilities, all of those play out to be a really positive opportunity. And so a higher percentage of that conversion of that group moves us very close along our goals that we've laid out over the medium term of $0.5 billion. And so they're a key part of it and starting out quite well.

我們才剛起步。如您所知，我們在本季早些時候已經宣布了相關消息。通常需要 60 到 90 天的時間才能完成整個流程。但所有看過實體物品的用戶都對此感到非常興奮。我認為經濟因素、臨床能力等等，都帶來了一個非常正面的機會。因此，該群體轉換率的提高將使我們離中期設定的 5 億美元目標更近一步。所以他們是其中的關鍵部分，而且開局相當不錯。

Understood. And then just my related question on -- if I just look at your equipment book-to-bill, capital book-to-bill, if you will, last 7 quarters, you've ranged it around 1.12. And I know fiscal '25, some of the revenue recognition was impacted by timing of delivery, which was pushed out. So when you look at '26, Pete, is there anything unusual about delivery dates on these orders? Any change in cancellation trends? Or cancellation trends been stable?

明白了。然後，我還有一個相關的問題——如果我看一下你們過去7個季度的設備帳面出貨比（或者說資本帳面出貨比），你們的這個比率在1.12左右。我知道2025財年，部分收入確認受到了交貨時間的影響，交貨時間被推遲了。皮特，你看 2026 年的訂單，這些訂單的交貨日期有什麼不尋常的地方嗎？取消訂單的趨勢有改變嗎？或者說，取消訂單的趨勢一直保持穩定？

Yes, Vijay, we're definitely happy with the performance in terms of equipment book-to-bill, in terms of overall book-to-bill, in terms of record level of backlog. And then importantly, this trailing 4 quarters orders growth, which we think is perhaps a better indicator of performance than looking at on a quarterly basis. And so as we approach 2026, we think the setup is pretty good.

是的，Vijay，我們對設備訂單出貨率、整體訂單出貨率以及創紀錄的積壓訂單量等方面的表現都非常滿意。此外，重要的是，我們也要關注過去四個季度的訂單成長情況，我們認為這或許比按季度來看更能反映業績。因此，隨著 2026 年的臨近，我們認為目前的情況相當不錯。

We guided to approximately 3% this year. We will -- there's a lot of work to be done to finalize our plan, but our expectation is we'll grow faster than that next year. And a lot of that comes down to the strength of the capital book that we currently sit on today.

我們預計今年的成長目標約為3%。我們會的——雖然要最終確定我們的計劃還有很多工作要做，但我們預計明年我們的成長速度會比這更快。而這一切很大程度上取決於我們目前所擁有的資本實力。

And just, sorry, on cancellations here?

還有，不好意思，這裡可以取消預訂嗎？

Cancellations is normal levels. We haven't seen any major changes in those in cancellation rates, Vijay.

取消訂單數量處於正常水準。Vijay，我們還沒有看到取消率方面有任何重大變化。

Matt Miksic, Barclays.

馬特·米克西奇，巴克萊銀行。

So one follow-up on the sort of rollout of some of these new systems next year Photon Counting and total body. Just wondering if you could -- I know it's a '26 question, but talk a little bit about for launches like that in midyear and end of year, what does that look like in terms of capturing orders, capturing interest, building a pipeline? Is that ahead of that, understanding that your customers are where these are coming also? And just what's the shape of that? And then I have one quick follow-up.

因此，關於明年推出的一些新系統（光子計數和全身掃描）的後續進展，我們想了解一下。我想問一下——我知道這是個 2026 年的問題，但能否談談年中和年末這類產品發布的情況，在獲取訂單、吸引關注、建立銷售渠道方面，情況會是怎樣的？你是否已經提前意識到，你的客戶也來自這些管道？那它的形狀究竟是什麼樣的呢？最後我還有一個簡短的後續問題。

Yes, Matt. Obviously, each of the products is unique based on their regulatory approval files. Some might be approved in Europe first, some might be in the US. So there's a little bit of mix of that. But the first part is to be able to make the announcement and get customers understanding when it's coming. To your point, there are certain products like full body PET and Photon County, we've been more transparent that are coming. And so a big part of this is when they come out is if they already have an order for an existing system and they want to upgrade to the other, how can you do that?

是的，馬特。顯然，每種產品都是獨一無二的，這可以從它們的監管審批文件中看出。有些項目可能先在歐洲獲得批准，有些項目可能先在美國獲得批准。所以這其中有點混合的成分。但首先要能夠發佈公告，並讓客戶了解何時會發布。你說得對，像全身PET和Photon County這樣的產品，我們一直以來都更透明地對待它們。因此，其中一個重要問題是，當他們推出新產品時，如果他們已經訂購了現有系統，並且想要升級到另一個系統，該如何操作？

Many of our design features have been done so that the footprint matches the predicate product the best it can. So there's minimal site disruption that can help with faster turnaround. In most cases, we've done that with our products that we're coming out.

我們的許多設計特點都力求使產品的外觀盡可能與同類產品保持一致。這樣可以最大限度地減少對網站的干擾，從而有助於加快週轉速度。大多數情況下，我們對即將推出的產品都是這樣做的。

But we typically have a fleet discussion with our big customers about what products do you have, how are you evolving your products. This is a big part of what our field teams do a very good job with and having customers be thinking about what budgetary dollars that they need to be having, thinking about which products are probably need to be upgraded based on age, but also based on what you want to do. I think back to the question about EP, if that's a focused plan for you, what are you going to be doing with your fleet? So in many cases, customers have been already thinking about that. But until we actually announce it and give dates on availability, which RSNA for us tends to be one of those milestones in radiology, that's when people really then start doing the final planning.

但我們通常會與大客戶進行一次全面的產品討論，了解你們有哪些產品，以及你們的產品是如何發展演變的。這是我們現場團隊做得非常好的一項重要工作，他們讓客戶考慮他們需要多少預算資金，考慮哪些產品可能需要根據使用年限進行升級，同時也要考慮他們想要做什麼。我想回到關於EP的問題，如果這是你的重點計劃，你打算如何處置你的艦隊？所以在很多情況下，顧客早就考慮過這個問題了。但是，直到我們正式宣布並給出上市日期（RSNA 對我們來說往往是放射學領域的里程碑），人們才會真正開始進行最終的計劃。

Got it. Okay. So for at least maybe one of these that might be next year at RSNA and then that kind of makes it official from what you're saying that sounds like. And then other thing -- go ahead. I'm sorry.

知道了。好的。所以至少其中一個可能是明年在RSNA上，從你剛才說的來看，那似乎就正式確定了。還有一件事——繼續。對不起。

This year at RSNA, we're going to talk a lot about all of our big launches. So I would say, expect to hear a good dozen of high-impact products that we'll be talking about at RSNA.

今年在RSNA大會上，我們將重點介紹我們所有的大型新品發布。所以我想說，大家可以期待在 RSNA 上聽到十幾個具有重大影響的產品介紹。

That's great. Look forward to it. And just I know AI is sort of one of these big broad topics that sort of means a lot and nothing, sometimes, at the same time. But just I really admire, I think a lot of folks recognize how much work you've done on sort of approved the software's device applications and roll out an investment in this area.

那太棒了。敬請期待。而且我知道人工智慧是一個很大的話題，有時它意義重大，有時又什麼都不是。但我真的非常欽佩你，我認為很多人都意識到你在軟體設備應用方面所做的工作，並批准了該領域的投資。

In the results that you're printing and the growth that you're showing, where and when and how do you think this is playing through your growth and engagement with your customers? Is it growth? Is it in, I don't know, defensive ability to defend accounts, to go deeper in accounts? Just as general, where do you see the value that you've invested playing out in the economic returns and growth in your business?

從你所展現的業績和成長來看，你認為這在何時何地、以何種方式影響著你的客戶成長和互動？這是成長嗎？我不知道，這是否屬於防禦能力範疇，例如保護帳戶、深入帳戶內部？同樣地，您認為您所投入的價值將如何體現在企業的經濟回報和成長中？

Yes, Matt, I'll just give you two quick examples. One is AVS this quarter, you're seeing it. It's loaded all of these products with different official intelligence capabilities that result in superior performance versus competition. So we actually are getting better price and higher capture rate.

是的，馬特，我舉兩個簡單的例子給你聽。本季AVS就是其中之一，你已經看到了。它在所有這些產品中都加載了不同的官方情報功能，使其性能優於競爭對手。所以實際上我們獲得了更優惠的價格和更高的捕獲率。

So if you look at this quarter, we were actually up in margin as well. That's also due to the redesign that we've had to leverage what we've called platforming. So the combination of those two together has been able to enable that.

所以如果你看一下這個季度，我們的利潤率其實也有所提升。這也要歸功於我們為了利用我們稱為平台化的技術而進行的重新設計。因此，這兩者的結合才使得這一點成為可能。

The second phase -- and then all of these new products, like the ones I mentioned for RSNA are going to have that same type of AI inside. This CareIntellect platform is a big deal for us because this is where we start actually having a departmental solution that starts connecting multiple modalities or multiple data flows to bring kind of longitudinal solutions.

第二階段－所有這些新產品，像是我之前提到的RSNA產品，都將內建同類型的AI。CareIntellect 平台對我們來說意義重大，因為它標誌著我們真正開始擁有一個部門級解決方案，該方案開始連接多種模式或多個資料流，從而帶來某種縱向解決方案。

And so we're just entering into that phase. This labor and delivery is the first one. But I would argue relative to broader SaaS and stand-alone applications, that's really our first wave that we're going to see bigger capabilities coming out there. And again, price and added capture rate where we're winning share, typically, it comes back to a really good device. But honestly, the AI and the software components of it is making the differentiation in the eyes of customers. I don't know, Jay, if you got anything.

所以我們現在正進入這個階段。這是第一次分娩。但我認為，相對於更廣泛的 SaaS 和獨立應用程式而言，這才是我們真正將要看到更強大功能出現的第一批產品。再次強調，在價格和新增市場份額方面，我們通常都能贏得市場份額，而這最終都歸結於一款真正優秀的設備。但說實話，人工智慧及其軟體組件才是真正讓產品在客戶眼中脫穎而出的關鍵。傑伊，我不知道你有沒有什麼東西。

Yes, sure. At the Investor Day, Matt, we talked about digital revenue expanding from $1.2 billion to $1.8 billion by '28, and we're well on track with respect to that. It remains an important growth engine. And I would say, implementation is going really well. Notably, we went from 85 AI-enabled FDA device authorization last year to 100. So we're pleased with where we sit with AI-enabled devices. It's an important unlocker. But what we're seeing is, as Pete said, a lot of this is just a great way to differentiate our portfolio of products.

當然可以。馬特，在投資者日上，我們討論了到 2028 年數位收入將從 12 億美元增長到 18 億美元，而我們在這方面進展順利。它仍然是重要的成長引擎。我認為，實施工作進展非常順利。值得注意的是，我們去年獲得的 85 項 AI 賦能的 FDA 設備授權增加到了 100 項。因此，我們對目前在人工智慧設備領域所取得的成就感到滿意。這是一個重要的解鎖器。但正如皮特所說，我們看到的是，這其實是我們產品組合差異化的一個很好的方式。

Robert Marcus, JPMorgan.

Robert Marcus，摩根大通。

Great. Two for me. First, I want to start with the high-level question. It's about a year since you gave the long-range plan at the Analyst Day last November. Just wondering on year in, how you think you're stacking up versus it? Do you feel like you're still on track? And any puts and takes you want to highlight, as we just think about the outlook on growth and margins?

偉大的。我兩個。首先，我想先從一個高層次的問題開始。距離您在去年 11 月的分析師日上提出長期計劃已經過去大約一年了。一年過去了，我想知道你覺得自己現在的情況和以前相比如何？你覺得自己目前還在照計畫進行嗎？在考慮成長和利潤率前景時，您有什麼想重點強調的賣出和買入策略嗎？

Rob, thanks for the question. Look, I think relative to mid-single-digit growth is as I've mentioned before, we feel quite good about the ability to be able to achieve that. This year, there's been added complexities with tariffs and things that we're navigating through, but we're navigating that well. And so from a margin standpoint, to be in the 17% to 20%-plus range, we also feel very good about.

羅布，謝謝你的提問。你看，我認為相對於中等個位數的成長，正如我之前提到的，我們對實現這一目標的能力感到非常有信心。今年，關稅等方面出現了一些新的複雜情況，我們正在努力應對，但我們應對得很好。因此，從利潤率的角度來看，我們覺得利潤率能達到 17% 到 20% 以上，也相當不錯。

I think the underpinning of that is what we're being able to do within the field with our commercial teams. I think our go-to-market execution has been very good, both in large enterprise deals and individually at the street level. Some of that then comes back to this product portfolio. What we said and when we would launch products, we're right on to those dates, whether it be on the pharmaceutical side or be on the device side. All those are lining up, as we laid out in that Investor Day back in November.

我認為這一切的基礎是我們能夠與我們的商務團隊在現場進行的工作。我認為我們的市場推廣執行得非常好，無論是大型企業交易還是個體市場交易。其中一些因素最終還是會反映在該產品組合中。我們先前承諾的產品上市時間和日期都準確無誤，無論是藥品或醫療器材。所有這些都在按計劃進行，正如我們在去年 11 月的投資者日所闡述的那樣。

So again, it's one of the reasons that we're very excited about this RSNA, big radiological meeting in Chicago, December 1 and 2, because that's going to showcase many of the products where we had some honestly, gaps in the portfolio and secondly, how those gaps are not only filled but we come with a product that's actually significantly different than what competition has. So that's kind of where we stand there, and we feel quite good about it.

所以，這也是我們對 12 月 1 日至 2 日在芝加哥舉行的 RSNA 大型放射學會議感到非常興奮的原因之一，因為它將展示我們產品組合中一些產品方面的空白，其次，它將展示我們不僅如何填補這些空白，而且還如何推出與競爭對手的產品有顯著區別的產品。這就是我們目前的立場，我們對此感覺相當不錯。

Great. Really helpful. One quick follow-up on Flyrcado. It sounds like it's going a little slower this year, still confident in the long run. Maybe you could just give us a little more on what GE HealthCare can do to help streamline the workflow conversion.

偉大的。真的很有幫助。關於 Flyrcado 的後續報導。聽起來今年的發展速度會稍微放緩一些，但從長遠來看，他們仍然充滿信心。或許您可以再詳細介紹GE醫療可以如何幫助簡化工作流程轉換。

There's obviously a change at the hospital level on what they need to do and how to source it. So maybe just help us on what investments you're doing to help advance that. And do you think you could be back on track to your goals in 2026?

顯然，醫院層級在需要做什麼以及如何獲取資源方面發生了變化。所以，或許您可以告訴我們，您正在進行哪些投資來推進這項工作。你認為你能在 2026 年重回正軌，實現你的目標嗎？

So the short answer is absolutely back on track to our goals in 2026. And it starts with the opportunity funnel, meaning people that want to buy and convert to Flyrcado is much larger than we initially envisioned. So that's point one. And again, why is that? That comes back to anyone that sees this product that's from an image quality standpoint, and its ability to aid diagnosis is second to none. So it starts with that. I think the economics now are clear on the private pay side as well as on the Medicare piece. And as far as how the models work, they actually work quite well for customers. So all of those things are in place.

所以簡而言之，我們的目標在 2026 年將完全重回正軌。這一切都始於機會漏斗，這意味著想要購買並最終成為 Flyrcado 用戶的人數比我們最初設想的要多得多。這是第一點。那又是為什麼呢？任何看過這款產品的人都會發現，從影像品質的角度來看，它的輔助診斷能力是首屈一指的。一切都從這裡開始。我認為現在無論是私人付費還是健保方面，經濟狀況都已經很清楚了。至於這些模型是如何運作的，它們實際上對客戶來說效果相當不錯。所以所有這些條件都已具備。

And as I previously mentioned, getting the CMOs running, we have the recipe. But now the recipe is kicking in place to have 95%-plus, between now and the end of the year, we're going to ramp that at the right level of speed. So again, what does that mean? Well, you get a customer, new customer and they might be only doing 1 to 2 patients. You want to have those 1 to 2 patients have great, great experience. And then maybe 60 days in, they move to 12 to 15 patients. And that ramp can happen very, very quickly once they have their process in place.

正如我之前提到的，要讓首席行銷長們運作起來，我們有辦法。但現在，實現 95% 以上目標的方案已經到位，從現在到年底，我們將以適當的速度提高這一目標。所以，這又意味著什麼呢？嗯，你得到一個新客戶，他們可能只接待 1 到 2 個病人。你想讓那 1 到 2 位病人有非常好的就醫體驗。然後，大約 60 天后，他們將患者人數增加到 12 到 15 人。一旦流程到位，這種成長速度就能非常非常快速地實現。

The processes, Robbie, are no different than what you would think in other areas. When you have a new product you bring in and a drug, you want to do your first billing to your private payers. Do you get the billing back? That process is working well, your flow about how you actually do the reads. So your cardiologist in your department referring for these procedures, the right software on the systems. Those are the things that we now have a really tight structure in place to bring people up.

羅比，這些流程和你在其他領域所想的並沒有什麼不同。當你引進新產品或藥品時，你需要向你的私人支付方進行首次結算。你會收到帳單嗎？這個過程運作良好，你實際閱讀的方式也很流暢。所以，您所在科室的心臟科醫生會推薦您進行這些手術，並且系統上需要安裝正確的軟體。這些方面，我們現在已經建立了一套非常完善的體系來培養人才。

In the case of like CDL, they have all that in place. So their ramp is actually a much faster capability than someone, lets just say, that's new to the area or had an oncology practice and now you're bringing up as a cardiology brand. So we're very confident that our ability to ramp this. And again, the most important thing is do customers look at this and say, it's a game changer. And so I think that's the key. And then lastly is the cardiology, ACC came out with guidelines that basically say this is the best direction to go for myocardial perfusion. So we've got all of those tailwinds.

以CDL（商業駕駛執照）為例，他們已經具備了所有這些條件。所以他們的發展速度實際上比那些剛到這個地區或以前是腫瘤科醫生，現在想轉型成心臟科醫生的人要快得多。因此，我們非常有信心能夠擴大規模。再次強調，最重要的是顧客是否會認為這是一個顛覆性的產品。所以我認為這就是關鍵。最後是心臟病學方面，ACC 發布了指南，其中基本上指出這是心肌灌注的最佳方向。所以我們擁有所有這些順風。

And again, the conversion factor here, I think, will ramp up rather quickly. But we wanted to obviously kind of lay out where we actually are for the year and talk about why it's so important to do this the right way and be deliberate because in the long run, this has clearly the potential to be a $1 billion drug at some point over in the future.

而且，我認為這裡的轉換率會很快提高。但我們顯然想闡明我們今年的實際進展情況，並談談為什麼以正確的方式和謹慎的態度做這件事如此重要，因為從長遠來看，這顯然有可能在未來的某個時候成為一種價值 10 億美元的藥物。

Anthony Petrone, Mizuho Americas.

Anthony Petrone，瑞穗美洲公司。

Congrats on the quarter here. I'll stick with Flyrcado and one on tariffs. Maybe, Pete, to expand, you mentioned a larger PET and maybe possibly PET/CT backlog. Maybe how much of that is being driven by Flyrcado? Does the existing installed base within GE of PET/CT systems, does that support this getting to $1 billion? Or do you need some of that on the capital side to be released in order to sort of let Flyrcado flourish here a little bit?

恭喜你本季取得佳績。我還是會選擇 Flyrcado 和 one on 關稅。或許，Pete，補充一下，你提到了更大的 PET 和可能更大的 PET/CT 積壓。其中有多少是由 Flyrcado 推動的呢？GE現有的PET/CT系統裝置量是否足以支撐其達到10億美元的銷售額？或者說，你們是否需要從資本方面釋放一些資金，以便讓 Flyrcado 在這裡發展壯大一些？

And then quickly on tariffs, it stood at a net negative $0.45 headwind for this year. All else equal, the company was talking about mitigation efforts into '26. How much of the negative [$0.45] can be offset into 2026?

然後，就關稅而言，今年的淨不利因素為0.45美元。在其他條件相同的情況下，該公司正在討論將緩解措施持續到 2026 年。2026 年可以抵銷多少負 0.45 美元？

I'll take the Flyrcado piece, and then maybe, Jay, you can touch on the second part on the tariffs. I think, look, without adding any more PET systems, I think I mentioned this prior is that if we were to just take 25% of the current pet myocardia perfusion market, just 25% of it, that's roughly $1 billion of Flyrcado revenue without one other scanner at it. And those are already in cardiology.

我來談談 Flyrcado 的那部分，然後 Jay，也許你可以談談關稅的第二部分。我認為，你看，即使不增加任何 PET 系統，我之前也提到過，如果我們只佔當前 PET 心肌灌注市場 25% 的份額，僅僅是 25%，那 Flyrcado 的收入就大約是 10 億美元，而沒有其他掃描儀與之競爭。而這些已經在心臟病學領域了。

To your other point, though, we are seeing the amount of PET systems increasing. Now some of that is in cardiology for sure, but some of it's also in -- across the board in oncology because of the new molecules that are coming up, some of the new diagnostics capabilities that we actually have as well. So we're seeing both of those.

關於你的另一點，我們看到PET系統的數量正在增加。當然，其中一些肯定與心臟病學有關，但其中一些也普遍存在於腫瘤學領域，因為出現了新的分子，我們也擁有了一些新的診斷能力。所以我們看到了這兩種情況。

But I think to your point, it's super important to understand just with a quarter of the conversion of the PET MPI today away from rubidium to Flyrcado, that gets you to $1 billion, which, again, why it's so important that you manage the ramp appropriate and customers have a world-class experience when they do, the ability to convert a higher percentage of their patients over can happen rather quickly.

但我認為你的觀點非常重要，那就是，即使只有四分之一的 PET MPI 從銣劑轉​​換為 Flyrcado，也能達到 10 億美元的收入。因此，再次強調，妥善管理產能爬坡至關重要，並且客戶在使用 Flyrcado 時能夠獲得世界一流的體驗，這樣就能很快地將更高比例的患者轉化為 Flyrcado 患者。

Sure. Quickly on tariffs, overall, as you noted, we're $265 million in tariff impact this year. We expect less than that next year. We're going through our planning processes right now to get the fine-tuned answer in terms of what the impact will be. But it's safe to say it will be a tailwind. We're looking at things like structural changes to supply chain, continuing to work on US MCA certification using free trade zones and then, of course, some selective pricing. But working together, we expect tariffs to be a tailwind next year to earnings growth.

當然。關於關稅問題，正如您所指出的，今年關稅影響總計達 2.65 億美元。我們預計明年這個數字會更低。我們目前正在進行規劃流程，以獲得關於其影響的更精確答案。但可以肯定的是，這將是一股順風。我們正在研究供應鏈的結構性變化，繼續利用自由貿易區來推進美國MCA認證，當然還有一些選擇性定價措施。但透過共同努力，我們預期關稅將在明年成為企業獲利成長的利多因素。

And that concludes our Q&A session for today. Please proceed with any closing remarks.

今天的問答環節到此結束。請繼續作總結發言。

Just thanks, everyone, for joining today, and we look forward to connecting with you those that will be attending the RSNA or one of our upcoming conferences.

感謝各位今天參加，我們期待與即將參加 RSNA 或我們即將召開的會議的各位交流。

And this concludes our conference. Thank you for participating, and you may now disconnect.

我們的會議到此結束。感謝您的參與，您現在可以斷開連接了。