GE Healthcare Technologies Inc (GEHC) 2025 Q4 法說會逐字稿

Good day and thank you for standing by. Welcome to GE Healthcare fourth-quarter 2025 earnings conference call. (Operator Instructions) Please note that today's conference is being recorded.

您好，感謝您的耐心等待。歡迎參加GE醫療2025年第四季財報電話會議。（操作員說明）請注意，今天的會議正在錄音。

I will now turn the call over to your speaker host for today, Carolynne Borders. Please go ahead.

現在我將把電話交給今天的演講主持人卡洛琳·博德斯。請繼續。

Thanks, operator. Good morning and welcome to GE Healthcare's fourth-quarter and full-year 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年第四季及全年財報電話會議。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. As I look back on our performance in 2025, our third year as a public company, I'm incredibly proud of the meaningful progress that we're making on our innovation renaissance to deliver for our customers and improve patient lives.

謝謝你，卡洛琳。早安，感謝各位的參與。回顧我們2025年的表現，也就是我們作為上市公司的第三年，我為我們在創新復興方面取得的實質進展感到無比自豪，這些進展將為我們的客戶帶來價值，並改善患者的生活。

In the fourth-quarter, we delivered strong financial performance above our expectations. This included double-digit organic revenue growth and pharmaceutical diagnostics and mid-single-digit growth in imaging and advanced visualization solutions. We delivered strong bottom line and cash performance in the fourth quarter, excluding tariffs.

第四季度，我們的財務業績強勁，超乎預期。這其中包括兩位數的有機收入成長和醫藥診斷，以及影像和高級視覺化解決方案的中等個位數成長。第四季度，不計關稅，我們的淨利潤和現金流表現強勁。

The overall capital equipment environment remained healthy. Demand in the US and EMEA remained strong. In our recent US customer survey, we saw an increase in the number of large customers that plan to invest in capital equipment in 2026. We secured multiple large agreements in the quarter and extended several others. A great example is our seven-year agreement with the University of Rochester Medical Center to advance theragnostics and precision medicine.

整體資本設備環境保持健康。美國和歐洲、中東及非洲地區的需求依然強勁。在我們最近對美國客戶的調查中，我們發現計劃在 2026 年投資資本設備的大型客戶數量增加。本季我們達成了多項大型協議，並延長了其他幾項協議的期限。一個很好的例子是我們與羅徹斯特大學醫學中心簽訂的為期七年的協議，旨在推進治療診斷和精準醫學的發展。

This collaboration crosses every aspect of our enterprise, from AI enabled imaging equipment and radio pharmaceutical production to system-wide patient monitoring solutions and services. In November we announced the planned acquisition of Intelerad. We expect this will accelerate our fully connected cloud-first imaging ecosystem by adding digital tools and SaaS offerings that enhance clinical operations, drive recurring revenue, and enable more personalized patient care.

此次合作涵蓋了我們企業的各個方面，從人工智慧成像設備和放射性藥物生產到全系統患者監護解決方案和服務。11月，我們宣布了收購Intelerad的計畫。我們預計這將透過增加數位工具和 SaaS 產品來加速我們完全互聯的雲端優先影像生態系統的發展，從而增強臨床營運、推動經常性收入並實現更個人化的患者護理。

As a reminder, in the first full year of ownership, we expect Intelerad revenues to be approximately $270 million which is growing in the low double-digits with an adjusted EBITDA in excess of 30%.

提醒一下，在收購後的第一個完整年度，我們預計 Intelerad 的營收約為 2.7 億美元，以兩位數的低成長率成長，調整後的 EBITDA 將超過 30%。

Finally, we advanced Heartbeat, our proprietary business system, which we implemented mid-year as the next step in our lean journey we started a few years back, and I'll talk more about this shortly.

最後，我們推進了我們專有的業務系統 Heartbeat 的開發。該系統是我們幾年前開始的精益之旅的下一步，於年中實施。稍後我會詳細介紹該系統。

Moving to 2025 highlights on Slide 4. We made meaningful progress across the three pillars of our strategic framework. Let's start with Precision Care, with diseases becoming more prevalent, complex and chronic, the need for integrated solutions has never been greater. As the only diagnostic imaging company with a full portfolio of contrast media and radiopharmaceuticals, we differentiate ourselves with our D3 strategy. We bring together smart devices and drugs across disease states, enabled by digital AI and cloud to help support earlier, more accurate diagnosis and ultimately, therapy delivery.

第 4 張投影片將重點介紹 2025 年的亮點。我們在戰略框架的三大支柱方面都取得了實質進展。讓我們從精準醫療說起。隨著疾病變得越來越普遍、複雜和慢性，對綜合解決方案的需求也空前高漲。作為唯一一家擁有全系列造影劑和放射性藥物的診斷影像公司，我們憑藉 D3 策略脫穎而出。我們將智慧型設備和藥物整合到各種疾病狀態中，借助數位人工智慧和雲端運算技術，幫助支援更早、更準確的診斷，並最終實現治療。

Our three-year vitality rate for new products is strong at 55%, up approximately 5% from our prior year. Recall, this means 55% of our revenue is coming from new products. This reinforces that we're delivering the right offerings for our customers. We're making solid progress on our launches. For example, our Omni total body PET and next-gen spec are commercially available in Europe, strengthening our position in theranostics.

我們的新產品三年活力率高達 55%，比前一年增長了約 5%。請記住，這意味著我們 55% 的收入來自新產品。這進一步證明，我們正在為客戶提供合適的產品和服務。我們的產品發布工作進展順利。例如，我們的 Omni 全身 PET 和下一代規格已在歐洲上市，鞏固了我們在診療整合領域的地位。

Our regulatory timelines for products we announced at RSNA are all on track, including Photonova Spectra Photon Counting CT and SIGNA MR with Freelium. Additionally, customers have great things to say about Vivid Pioneer, our most advanced cardiovascular ultrasound system, which has been contributing to strong growth in ABS.

我們在 RSNA 上宣布的產品的監管時間表均按計劃進行，包括 Photonova Spectra Photon Counting CT 和 SIGNA MR with Freelium。此外，客戶對我們最先進的心血管超音波系統 Vivid Pioneer 也給予了高度評價，該系統為 ABS 的強勁成長做出了貢獻。

And Flyrcado for myocardial perfusion, both of which are currently in the market. We're pleased to report that Flyrcado ramp has been progressing well. You may recall at our last earnings call that we said we're going slow to go fast, to help ensure customers have a high-quality experience, and that starts with being able to deliver doses consistently.

還有用於心肌灌注的 Flyrcado，這兩種產品目前都在市場上銷售。我們很高興地報告，Flyrcado 的坡道建設進展順利。您可能還記得，在我們上次的財報電話會議上，我們說過，我們正在採取穩紮穩打的策略，以確保客戶獲得高品質的體驗，而這首先要從能夠持續穩定地提供劑量開始。

I'm happy to say we're starting the year with our CMO partners more consistently operating at approximately 95% on-time to delivery to meet customer demand, which allows us to begin bringing on more patients. In the week ended January 23, we delivered 220 doses of Flyrcado, and we expect the weekly dose rate to continue to increase throughout the year. These improvements allow us to onboard more customers, and we've been making solid progress in reducing the cycle time to activate a new customer.

我很高興地宣布，今年伊始，我們的 CMO 合作夥伴的營運更加穩定，按時交付率約為 95%，能夠滿足客戶需求，這使我們能夠開始接納更多患者。在截至 1 月 23 日的一周內，我們交付了 220 劑 Flyrcado，我們預計全年每週的交付量將繼續增加。這些改進使我們能夠接納更多客戶，並且在縮短新客戶啟動週期方面取得了顯著進展。

Overall, the customer experience with Flyrcado has been quite positive based on its many advantages. Also recently, the American Society of Nuclear Cardiology, recommended PET as the preferred imaging modality over spec, the current standard of care, reinforcing a meaningful shift towards PET and nuclear cardiology. As I stated before, our confidence in our ability to deliver $500 million or more in Flyrcado revenue by year-end 2028 remains intact. And in the long run, we see a $1 billion opportunity for this novel molecule.

整體而言，基於 Flyrcado 的諸多優勢，客戶體驗相當正面。最近，美國核子心臟病學會也推薦 PET 作為優於目前標準治療的 SPECT 的首選影像方式，這進一步推動了向 PET 和核心臟病學的重大轉變。正如我之前所說，我們對在 2028 年底 Flyrcado 實現 5 億美元或更多收入的能力仍然充滿信心。從長遠來看，我們認為這種新型分子蘊藏著10億美元的商機。

Turning to our second pillar. We accelerated growth with more than $7 billion in enterprise deals globally since our spin. For example, we entered 2025 with one of the largest collaborations Sutter Health. In addition, we signed a multiyear agreement with the Ministry of Health in Indonesia, where we installed more than 300 advanced CT scanners in urban and remote hospitals. Many of these deals have a service component that deliver strong recurring revenue with attractive margins.

接下來，我們來看第二個支柱。自分拆以來，我們在全球透過超過 70 億美元的企業交易加速了成長。例如，我們與 Sutter Health 進行了最大的合作之一，並以此進入了 2025 年。此外，我們還與印尼衛生部簽署了一項多年協議，在城市和偏遠地區的醫院安裝了 300 多台先進的 CT 掃描儀。這些交易中有很多都包含服務部分，能夠帶來可觀的經常性收入和利潤率。

In 2025, our service business grew mid-single digits. With the launch of many new advanced products, we would expect our capture rate of service agreements to increase in the future with all the new wave of innovation entering the marketplace. We're also executing on our disciplined capital allocation strategy with tuck-in acquisitions like Nihon Medi-Physics and icometrix, and our planned acquisition of Intelerad. These transactions elevate our portfolio and are expected to drive recurring revenue and supplement top line growth and profitability.

2025年，我們的服務業務實現了中等個位數的成長。隨著眾多先進新產品的推出，我們預計未來隨著新一波創新浪潮湧入市場，我們的服務協議獲取率將會提高。我們也正在執行我們嚴謹的資本配置策略，透過收購 Nihon Medi-Physics 和 icometrix 等公司進行補充收購，以及我們計劃收購 Intelerad。這些交易提升了我們的投資組合，預計將推動經常性收入成長，並促進營收成長和獲利能力提升。

Turning to Business Optimization, our third strategic pillar. We continue to advance our business system Heartbeat to improve the customer experience and drive productivity to deliver margin expansion. Our teams accomplished this by remaining focused on helping clinicians provide care for patients and delivering greater value for customers and shareholders.

接下來是業務優化，這是我們的第三個策略支柱。我們不斷改進業務系統 Heartbeat，以改善客戶體驗並提高生產力，從而實現利潤成長。我們的團隊透過始終專注於幫助臨床醫生為患者提供護理，並為客戶和股東創造更大價值，從而實現了這一目標。

We're gaining momentum with our clinical and solution selling strategy in EMEA with several multi-modality deals, including a 20-year collaboration with Nuffield Health, the UK's largest health care charity. The combination of our differentiated portfolio, our team's deep expertise across disease states and best-in-class services sets us apart with our customers globally.

我們在 EMEA 的臨床和解決方案銷售策略正取得進展，達成了多項多模式交易，其中包括與英國最大的醫療保健慈善機構納菲爾德健康 (Nuffield Health) 開展的 20 年合作。我們差異化的產品組合、團隊在疾病領域的深厚專業知識以及一流的服務，使我們在全球客戶中脫穎而出。

Turning to Slide 5. Underpinning our execution is a step change in how we run the company anchored in key metrics around safety, quality, delivery cost and innovation or SQDC. Heartbeat is about driving the right leadership behaviors, culture and KPIs, supported by disciplined processes and tools for problem solving and continuous improvement. Think of Heartbeat as the steady pulse that ultimately runs through our organization to deliver results.

翻到第5張投影片。我們執行的根本在於公司營運方式的變革，而這項變革以安全、品質、交付成本和創新（SQDC）等關鍵指標為基礎。Heartbeat 旨在推動正確的領導行為、文化和 KPI，並輔以嚴謹的流程和工具來解決問題和持續改進。把心跳想像成貫穿我們組織並最終帶來成果的穩定脈動。

Example of where we've deployed Heartbeat in the back half of 2025 was related to a key priority to improve past due backlog, which relates to site readiness or our ability to deliver product. Heartbeat provides a structured approach to problem solving by eliminating steps, improving information flow across the value stream from our plants all the way to the customer. We increased visibility to orders to help ensure timely delivery, strength and alignment with our factories and improve how we manage customer site readiness.

2025 年下半年，我們部署 Heartbeat 的一個例子是，它與改善逾期積壓工作這一關鍵優先事項有關，這與網站準備或我們交付產品的能力有關。Heartbeat 透過消除步驟，為解決問題提供了一種結構化的方法，改善了從我們的工廠到客戶的整個價值流的資訊流動。我們提高了訂單的可見性，以幫助確保及時交付、增強實力並與我們的工廠保持一致，並改善我們管理客戶現場準備的方式。

Because of this, we were able to drive an average monthly improvement of 25% and past due backlog versus the prior year, ultimately translating into improved sales and cash conversion in 2025. It's early days, but we're building our Heartbeat muscle and already seeing the impact. I'm excited about the progress our teams have made to date.

正因如此，我們才能實現平均每月 25% 的改進，並減少逾期積壓訂單，最終在 2025 年轉化為銷售額和現金轉換率的提高。現在還處於早期階段，但我們正在增強 Heartbeat 的能力，並且已經看到了影響。我對我們團隊迄今為止的進展感到非常興奮。

With that, I'll turn it over to Jay to discuss our financial results. Jay?

接下來，我將把發言權交給傑伊，讓他來討論我們的財務表現。傑伊？

Thanks, Pete. Let's start with our financial performance for the fourth quarter on Slide 6. We delivered revenue of $5.7 billion, which grew 4.8% organically year-over-year, exceeding our expectations. On a reported basis, product revenue grew 7.9%, and service revenue grew 5.5%. In the quarter, orders growth was 2%, following 5.6% growth in the year ago period. We exited the quarter with a record backlog of $21.8 billion, which grew $2 billion year-over-year and $600 million sequentially, and we delivered a book-to-bill ratio of 1.06 times.

謝謝你，皮特。讓我們從第 6 張投影片上的第四季財務表現開始。我們實現了 57 億美元的營收，年增 4.8%，超出預期。據報告，產品收入成長了 7.9%，服務收入成長了 5.5%。本季訂單成長2%，去年同期成長5.6%。本季末，我們的積壓訂單金額達到創紀錄的 218 億美元，年增 20 億美元，季增 6 億美元，訂單出貨比為 1.06 倍。

Adjusted EBIT margin was 16.7%, down 200 basis points. Margin was negatively impacted by approximately $100 million in tariff expense as well as unfavorable mix. This was partially offset by volume and price. Adjusted EPS was $1.44 per share, down 0.7%, including approximately $0.17 of tariff impact. Excluding this impact, adjusted EPS grew 11%. Lastly, free cash flow was $916 million in the quarter, up $105 million, which included an approximate $90 million tariff impact.

調整後息稅前利潤率為 16.7%，下降 200 個基點。關稅支出約 1 億美元以及不利的產品組合對利潤率產生了負面影響。銷售和價格部分抵消了這一影響。調整後每股收益為 1.44 美元，下降 0.7%，其中包括約 0.17 美元的關稅影響。剔除此影響，調整後每股收益成長11%。最後，本季自由現金流為 9.16 億美元，增加了 1.05 億美元，其中包括約 9,000 萬美元的關稅影響。

Turning to our full year results on Slide 7. We made excellent progress in 2025, supported by strong end markets, particularly in the US and EMEA. This enabled us to deliver revenue of $20.6 billion with organic growth of 3.5% ahead of guidance. On a reported basis, product revenue increased 4.5% and service revenue grew 5.6%.

接下來請看投影片 7，了解我們的全年業績。在強勁的終端市場（尤其是美國和歐洲、中東及非洲地區）的支持下，我們在 2025 年取得了優異的進展。這使我們能夠實現 206 億美元的營收，有機成長率達到 3.5%，高於預期。據報告，產品收入成長了 4.5%，服務收入成長了 5.6%。

For the year, organic orders grew in the mid-single digits. We recorded record backlog and book-to-bill was solid at 1.07 times. 2025 adjusted EBIT margin of 15.3%, declined 100 basis points versus the prior year and adjusted EPS of $4.59, grew 2.2%.

今年有機食品訂單實現了中等個位數的成長。我們創下了訂單積壓量新高，訂單出貨比維持在1.07倍的穩健水準。 2025年調整後息稅前利潤率為15.3%，較上年下降100個基點；調整後每股盈餘為4.59美元，成長2.2%。

Full year results included a tariff impact of approximately $245 million to EBIT and $0.43 to adjusted EPS. Excluding these impacts, adjusted EBIT margin will be up 20 basis points for the year, and adjusted EPS would grow 12%. The improvement was driven by volume and price.

全年業績包括關稅對息稅前利潤約 2.45 億美元的影響，以及對調整後每股收益 0.43 美元的影響。剔除這些影響，調整後的息稅前利潤率將成長 20 個基點，調整後的每股盈餘將成長 12%。銷量和價格的下降是推動成長的主要因素。

Turning to margin performance on Slide 8. Mitigating tariff impact is another example of Heartbeat in action. For example, we enhance manufacturing flexibility by shifting a PET CT [line] from the Middle East to the US and a surgery line from Asia to the US, leveraging existing infrastructure. We also partner with large vertically integrated contract manufacturers to reposition production within their global networks to more favorable geographies. This is a clear proof point of how Heartbeat enables execution, accelerates change and delivers measurable results.

接下來，我們來看第 8 張投影片中的利潤率表現。減輕關稅影響是 Heartbeat 發揮作用的另一個例子。例如，我們利用現有基礎設施，將一條 PET CT 生產線從中東轉移到美國，將一條手術生產線從亞洲轉移到美國，從而提高生產彈性。我們也與大型垂直整合的合約製造商合作，將他們全球網路內的生產重新定位到更有利的地區。這清楚地證明了 Heartbeat 如何促進執行、加速變革並帶來可衡量的結果。

We're pleased with the work our teams are doing to drive operational efficiency, productivity and SG&A optimization. At the same time, we deployed more than $1.7 billion of innovation investment in 2025. We're doing this in a targeted way, prioritizing programs that strengthen our competitiveness and supports durable, profitable growth.

我們對團隊在提高營運效率、生產力和優化銷售、一般及行政費用方面所做的工作感到滿意。同時，我們計劃在 2025 年投入超過 17 億美元的創新資金。我們正在有針對性地開展這項工作，優先考慮能夠增強我們競爭力並支持持久盈利增長的項目。

Let's move on to segment performance, starting with imaging on Slide 9. Organic revenue in the quarter was 5.3% versus the prior year, driven by strong execution in EMEA and the US, particularly in nuclear medicine. Segment EBIT margin benefited from volume and price but declined year-over-year due to tariff pressure. Imaging margin was accretive, excluding tariffs. EBIT margin improved sequentially as a result of continued operational rigor. Overall, we expect to continue to grow this business through large enterprise deals and new product launches.

接下來我們來看分段效能，先從第 9 張投影片上的影像處理部分開始。本季有機營收年增 5.3%，主要得益於 EMEA 和美國市場的強勁表現，尤其是在核醫領域。業務部門息稅前利潤率受益於銷售量和價格上漲，但由於關稅壓力，較去年同期下降。不計關稅，影像業務利潤率提高。由於持續嚴格的營運措施，息稅前利潤率環比提高。總體而言，我們期望透過大型企業交易和新產品發布繼續發展這項業務。

Turning to Advanced Visualization Solutions on Slide 10. Organic revenue for the quarter was up 4.2%, with continued strong performance in the US and EMEA. New product adoption across the portfolio also contributed to revenue growth. EBIT performance was driven by volume growth and productivity gains, offset by tariffs and inflation. EBIT margin increased, excluding the impact of tariffs. We've seen progress driven by MPIs with growth in surgery, cardiovascular and women's health.

請參閱第 10 張投影片，以了解進階視覺化解決方案。本季有機營收成長 4.2%，其中美國和歐洲、中東及非洲地區持續保持強勁表現。產品組合中新產品的推出也促進了收入成長。息稅前利潤主要得益於銷售成長和生產力提高，但被關稅和通貨膨脹所抵銷。不計關稅影響，息稅前利潤率提高。我們看到，在多學科診療合作 (MPI) 的推動下，外科手術、心血管疾病和女性健康領域取得了成長。

Key introductions like Vivid Pioneer are strengthening our leadership in cardiovascular ultrasound. Looking ahead, our road map is focused on differentiated data-driven technologies to accelerate recurring revenue.

Vivid Pioneer 等關鍵產品的引進正在鞏固我們在心血管超音波領域的領先地位。展望未來，我們的發展路線圖著重於差異化的數據驅動技術，以加速經常性收入的成長。

Turning to Patient Care Solutions on Slide 11. Organic revenue improved sequentially with restoration of shipments from the third quarter product hold. Organic revenue declined 1.1% versus prior year due to a decline in Life Support Solutions. EBIT margin improved 530 basis points sequentially driven by volume recovery from the product hold, but declined 380 basis points year-over-year, largely due to unfavorable mix and tariffs.

請參閱第 11 頁投影片中的「病患照護解決方案」。由於第三季產品暫停發貨，有機收入環比增長，恢復了出貨。由於生命維持解決方案業務下滑，有機收入較前一年下降 1.1%。受產品停產後銷量回升的推動，息稅前利潤率環比提高了 530 個基點，但同比下降了 380 個基點，主要原因是產品組合不利和關稅。

Our monitoring transformation remains on track, driven by digitally integrated NPIs that enable improved clinical decision support and workflow management as well as large commercial agreements. Looking ahead, we are also confident that our cost productivity funnel and structural optimization actions position [PTS] for profitability improvement in the future.

在數位整合的新產品開發 (NPI) 的推動下，我們的監測轉型仍在按計劃進行，這些新產品開發能夠改善臨床決策支援和工作流程管理，並達成大型商業協議。展望未來，我們也相信，我們的成本生產力漏斗和結構優化措施將使 [PTS] 在未來實現盈利能力的提升。

Moving to Pharmaceutical Diagnostics on Slide 12. We delivered another strong quarter with organic sales growth of 12.7%. This was driven by global growth in contrast media pricing execution and adoption of our US radiopharmaceutical MPI portfolio. EBIT grew 10% and sequential margin expanded 20 basis points, while margin declined 330 basis points year-over-year due to ongoing planned investments in NPIs along with the Nihon Medi-Physics acquisition. We're executing our strategy and expect continued robust growth driven by global demand for contrast media and radiopharmaceuticals for PET imaging.

第 12 張投影片將轉到藥物診斷。我們又迎來了一個強勁的季度，有機銷售額成長了12.7%。這主要得益於對比劑定價執行的全球成長以及我們美國放射性藥物 MPI 產品組合的採用。息稅前利潤增加了 10%，環比利潤率提高了 20 個基點，但由於持續對新產品進行計劃投資以及收購 Nihon Medi-Physics，利潤率同比下降了 330 個基點。我們正在執行我們的策略，並預計在全球對PET成像用造影劑和放射性藥物的需求推動下，公司將繼續保持強勁成長。

Now let's look at cash performance and capital deployment on Slide 13. For the year, we delivered free cash flow of $1.5 billion. This included approximately $285 million tariff impact. Free cash flow conversion was 72%. Reinvesting in innovation and organic growth is a top priority. This is translating into a differentiated product portfolio that we expect to improve our competitive position globally.

現在讓我們來看看第 13 頁的現金表現和資本部署情況。本年度，我們實現了15億美元的自由現金流。這其中包括約 2.85 億美元的關稅影響。自由現金流轉換率為72%。對創新和內生成長進行再投資是重中之重。這將轉化為差異化的產品組合，我們期望藉此提升我們在全球的競爭地位。

We also look to deploy capital inorganically as evidenced by the seven acquisitions we've closed in spin. We're pleased that we've also been able to deleverage the balance sheet and solidify our investment-grade credit ratings. During the year, we returned capital through our dividend and new share repurchase program, which we authorized -- which was authorized by our board in April. Since that time, we've repurchased $200 million in shares at an average price of $71. We continue to demonstrate conviction that our business strategy will drive meaningful shareholder return over time.

我們也尋求以非內生方式部署資本，這從我們透過分拆完成的七項收購中可見一斑。我們很高興能夠降低資產負債比率，並鞏固我們的投資等級信用評級。今年，我們透過分紅和新股回購計畫返還了資本，該計畫已獲得董事會於 4 月的批准。自那時以來，我們以平均每股 71 美元的價格回購了價值 2 億美元的股票。我們始終堅信，我們的商業策略將隨著時間的推移為股東帶來可觀的回報。

Let's turn to our outlook on Slide 14. For 2026, we expect organic revenue growth of 3% to 4%. We've taken a prudent approach to this guidance, which reflects a healthy capital equipment environment and continued commercial execution, while factoring in a cautious outlook on China. Relative to foreign exchange, we expect a benefit to revenue of approximately 150 basis points for the year. Adjusted EBIT is expected to be in the range of 15.8% to 16.1%, reflecting 50 basis points to 80 basis points of expansion.

讓我們來看看第 14 張幻燈片中的展望。我們預計 2026 年有機收入成長率為 3% 至 4%。我們對這項指導採取了謹慎的態度，這反映了健康的資本設備環境和持續的商業執行，同時也考慮了對中國市場的謹慎展望。相對於外匯匯率，我們預計今年的收入將受益約 150 個基點。調整後 EBIT 預計在 15.8% 至 16.1% 之間，反映出 50 至 80 個基點的成長。

We continue to expect the impact from tariffs in 2026 to be less than 2025. We plan to continue our tariff mitigation actions in 2026, including supply chain shifts, product transfers to more tariff efficient geographies and expansion of duty-free USMCA efforts. Our adjusted effective tax rate is expected to be in the range of 20% to 21% for the full year. On adjusted EPS, we expect to deliver a range of $4.95 to $5.15, representing 8% to 12% growth.

我們仍預期 2026 年關稅的影響將小於 2025 年的影響。我們計劃在 2026 年繼續採取關稅緩解措施，包括供應鏈轉移、將產品轉移到關稅效率更高的地區以及擴大美墨加協定免稅範圍。預計全年調整後的實際稅率將在 20% 至 21% 之間。經調整後的每股盈餘預計在 4.95 美元至 5.15 美元之間，年增 8% 至 12%。

Lastly, we anticipate free cash flow of approximately $1.7 billion for the full year, representing growth of 13.0%. For the first quarter, we expect year-over-year organic revenue growth to be in the range of 2% to 3%. While we expect to see the largest tariff impact in the first quarter of the year. Given the timing of the 2025 policy changes, we still expect mid-single-digit adjusted EPS growth driven by an increase in volume. For the first quarter, recall that we had particularly strong orders growth last year, supported by a strong US market, along with the initial booking of a large enterprise deal.

最後，我們預計全年自由現金流約 17 億美元，年增 13.0%。我們預計第一季有機收入年增率將在 2% 至 3% 之間。我們預計關稅影響最大的時期將在今年第一季。考慮到 2025 年政策變化的時機，我們仍然預計，在銷售成長的推動下，調整後的每股盈餘將實現中等個位數的成長。回顧去年第一季度，在強勁的美國市場以及一筆大型企業交易的初步預訂的支持下，我們的訂單成長尤為強勁。

As Pete mentioned, we've got a robust pipeline of NPIs. Upon clearance, we expect these to drive future orders growth beginning in 2026.

正如 Pete 所提到的，我們擁有強大的新產品研發管線。一旦獲得批准，我們預計這些措施將從 2026 年開始推動未來的訂單成長。

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

這樣，我就把電話轉回皮特了。皮特？

Thanks, Jay. In conclusions, we entered 2026 with strong momentum. As part of our ongoing commitment to innovation, we're proud of the demonstrated progress in our pipeline of new products. We are deploying our business system Heartbeat across the enterprise to drive top and bottom-line growth. We have significant opportunities in large resilient end markets, a record backlog and are accelerating innovation both organically and inorganic. We also see solid runway for additional margin expansion over time.

謝謝你，傑伊。總之，我們以強勁的發展勢頭進入了2026年。作為我們持續致力於創新的一部分，我們為新產品研發管線所取得的進展感到自豪。我們正在全公司部署我們的業務系統 Heartbeat，以推動營收和利潤的成長。我們在具有強大韌性的大型終端市場擁有巨大的機遇，訂單積壓量創歷史新高，並且正在透過內生式和外延式創新加速發展。我們也看到，隨著時間的推移，利潤率還有很大的進一步擴張空間。

Lastly, I'd like to recognize our colleagues worldwide, who have navigated a dynamic environment while remaining focused on delivering for our customers and patients every day.

最後，我要感謝我們全球的同事們，他們在瞬息萬變的環境中，始終專注於為我們的客戶和患者提供優質服務。

With that, we'll open up the call for Q&A.

接下來，我們將開放問答環節。

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

謝謝你，彼得。請各位參與者將提問數量限制為一個問題和一個後續問題。接線生，請您接通線路好嗎？

(Operator Instructions)

（操作說明）

Matthew Taylor, Jefferies.

馬修泰勒，傑富瑞集團。

Hi, thanks for taking the question. I did want to ask, first for a little bit more color about the 2% order growth if you could talk about the composition of that and just the outlook for orders and book-to-bill as you look into 2026 given now trailing 12 month orders in the kind of the mid single-digit range, what are some of the puts and takes, I guess, what are some of the headwinds and tailwinds for orders next year?

您好，感謝您回答這個問題。我想先問一下，關於2%的訂單增長，能否更詳細地說明一下其構成，以及展望2026年的訂單和訂單出貨比，考慮到過去12個月的訂單增長率在個位數中段，您認為有哪些利好和不利因素？明年訂單方面有哪些利多不利因素？

Matt, thanks for the question. So, we're actually pleased with the order book performance in the fourth quarter. And as I've said in the past, when we think about the health of the business, we really look at three different areas. We look at book-to-bill, which we was 1.06 times in the fourth quarter, 1.07 times on a trailing twelve-month basis. So, robust book to bill.

馬特，謝謝你的提問。所以，我們對第四季的訂單表現感到滿意。正如我過去所說，當我們考慮企業的健康狀況時，我們實際上會專注於三個不同的方面。我們檢視訂單出貨比，第四季為 1.06 倍，過去十二個月為 1.07 倍。所以，帳務處理非常順利。

We look at the backlog. The backlog sits at a record level. It was up $2 billion year over year. And then finally, we look at the order growth rate. Now, when we look at orders, we do look at it in a couple of different ways. We look at the trailing 12 months, as you pointed out, solidly in the mid-single-digits. And we also look at a kind of two-year comparison, two-year compounded growth or stacked growth to eliminate some anomalies there.

我們來看看積壓的工作。積壓案件數量已達到歷史最高水準。比上年同期成長了20億美元。最後，我們來看訂單成長率。現在，當我們查看訂單時，我們會從幾個不同的角度進行查看。正如您所指出的，我們觀察過去 12 個月的數據，發現各項指標都穩定在個位數中段。我們也會檢視兩年的比較，兩年的複合成長率或疊加成長率，以消除其中一些異常的情況。

And again this gets us to about 4% in the quarter. So, we feel pleased with the order backdrop, and then as we look to next year, a few things are going to happen. Now, first, we'll have a difficult comp in the first quarter of the year related to the Sutter deal, and some of those bookings. But then as we move through the rest of the year, we'll start to see the benefit of many of the new products that we highly at RSNA, start to come into the order book. So we're really going to see a bit of an acceleration as we approach the second half of the year, versus early in the year, and we think this is a really good setup for '26, but as we think about sales impact, we start to see a great sales impact in 2027. Pete, anything to add?

這樣一來，本季佔比就達到了 4% 左右。所以，我們對目前的訂單狀況感到滿意，展望明年，將會發生一些事情。首先，由於 Sutter 的交易以及一些預訂，今年第一季我們將面臨一個比較困難的比較期。但隨著今年剩餘時間的到來，我們將開始看到我們在 RSNA 大力推廣的許多新產品的好處，這些新產品將開始進入訂單簿。因此，隨著我們進入下半年，我們將會看到成長速度明顯加快，與年初相比，我們認為這對 2026 年來說是一個非常好的開端，但當我們考慮銷售影響時，我們開始看到 2027 年的銷售影響巨大。皮特，還有什麼要補充的嗎？

No, just to the point that you mentioned, Jay, for '26 this year, with all the new products we launched in Q4, it's not untypical, we have -- we're on track to all of those regulatory approvals, but until we have those approvals, we can't take an order on this. And once we get that approval, the orders will come in and ramp up rather quickly. And if you recall, there's nine products there, probably are the biggest launches we've had in the last decade.

不，傑伊，就你提到的這一點而言，今年 26 年，我們在第四季度推出了所有新產品，這並不罕見，我們正在按計劃獲得所有這些監管部門的批准，但在獲得這些批准之前，我們不能接受訂單。一旦獲得批准，訂單就會源源不斷地湧來，並迅速增加。如果你還記得的話，這裡有九款產品，可能是我們近十年來規模最大的產品發表會。

So all of those have $100 million-plus type capabilities in growth. So once we get the right global regulatory approvals, we'll be able to start bringing those into the order book. So from that standpoint, the size of our backlog -- I mean, we feel very good where we're positioned here as we start the year.

所以所有這些公司都具備超過1億美元的成長潛力。一旦我們獲得全球監管機構的批准，我們就可以開始將這些產品納入訂單簿。所以從這個角度來看，我們的積壓訂單規模——我的意思是，在年初之際，我們對目前的狀況感到非常滿意。

Great. And as a follow-up, can I ask a question on Flyrcado? It's my favorite topic. So just wanted to get more color on the current state of supply, how things are going with the big partners that you signed, and the kind of reception that you're getting from facilities adopting Flyrcado into existing (inaudible) respect workflows.

偉大的。另外，我可以問一個關於 Flyrcado 的問題嗎？這是我最喜歡的話題。所以，我只是想更詳細地了解一下目前的供應狀況，與你們簽約的大合作夥伴的合作進展如何，以及將 Flyrcado 融入現有（聽不清）工作流程的設施的反響如何。

Yeah, no, look, I think broadly, as I mentioned in the prepared remarks, we feel really good about where we are with Flyrcado. The feedback, what's always so important here is, how do clinicians feel about this product and making a difference in the diagnosis of the patient. And it is unanimous on the feedback relative to what we're hearing relative to the image quality, the specificity, the sensitivity that it brings, and then also ultimately the convenience that it will bring to people that just can't ultimately have a generator on site. So it has all of those capabilities.

是的，不，你看，我認為總的來說，正如我在準備好的演講中提到的那樣，我們對 Flyrcado 目前的發展感到非常滿意。回饋，也就是臨床醫生對該產品及其對患者診斷的影響的看法，始終是最重要的。對於我們所聽到的關於影像品質、清晰度、靈敏度等方面的回饋，以及最終它將為那些無法在現場放置發電機的人們帶來的便利，大家的意見一致。所以它具備所有這些功能。

That being said, the process to implement, it's different. And so, the thing that we talked about in our last call I mentioned it here in the comments we're consistently delivering the doses as a critical item for us to focus on to provide the best experience, because again if that doesn't show up that morning that's a missed patient. So we really you know throttle back how many patients and customers we would bring on until the what we call OTD, on time delivery is at a 95% rate and we're roughly in that rate.

也就是說，實施過程有所不同。所以，就像我們在上次通話中提到的那樣，我在評論中也提到過，我們一直把按時送達藥品作為一項關鍵事項，以此來提供最佳體驗，因為如果當天早上沒有按時送達，那就意味著錯過了一位病人。所以，我們確實在逐步減少接收的患者和客戶數量，直到我們所說的準時交付率 (OTD) 達到 95%，而我們目前大致達到了這個水平。

So you know you heard the numbers that I talked about -- you know January, roughly 220 was kind of what the weekly number was, I think we said on January 23. And the important part then is now that we have that CMO level, we can continue now to be able to increase that level and so we would expect that the doses will go up, each of the following weeks.

所以你們都聽到了我剛才提到的那些數字——你們知道，一月份的周數字大約是 220，我想我們在 1 月 23 日說過。因此，重要的是，既然我們已經達到了 CMO 水平，我們就可以繼續提高這個水平，所以我們預計接下來的幾週劑量都會增加。

So I think that's the really important part here and that consistency is key. We'll be bringing on more CMOs to go into more geographies and specifically to your point, with the CBA/CDL, two of the biggest players really in North America here, we're on the go slow to go fast, but I think both of those, we have great relationships. They see the potential, they see the opportunity to continue to expand, and so we feel very good about where we are at this point in time.

所以我認為這才是真正重要的部分，堅持不懈是關鍵。我們將聘請更多首席行銷官，拓展更多地區，特別是正如您所說，與北美兩大巨頭 CBA/CDL 合作，我們正在穩步推進，以求快速發展，但我認為我們與他們都保持著良好的關係。他們看到了潛力，看到了繼續擴張的機會，所以我們對目前所處的位置感到非常滿意。

Great, thanks for all the color.

太棒了，謝謝你帶來的繽紛色彩。

Robbie Marcus, JP Morgan.

羅比馬庫斯，摩根大通。

Hi, thanks, this is Alan on for Robbie. Just to start off, can you talk through some of your assumptions for China and how we should think about potential upside when it comes to EPS versus Street expectations as well?

您好，謝謝，我是Alan，替Robbie為您服務。首先，您能否談談您對中國市場的一些假設，以及我們應該如何看待每股盈餘與華爾街預期之間的潛在成長空間？

Okay, so I think we got two questions there, one on China and then EPS. And I think that's related to 2026. From a China standpoint, really this has evolved broadly in line with our expectations. We previously commented that the second half would be worse than the first half. And we also anticipated that the fourth quarter would be the most challenging quarter of the year largely driven by prior year growth. So, I would say all of that kind of came in line with our expectations.

好的，我想我們有兩個問題，一個是關於中國的，另一個是關於EPS的。我認為這與 2026 年有關。從中國的角度來看，這其實基本上已經符合我們的預期。我們之前說過，下半場會比上半場更糟。我們也預計，受去年同期成長的影響，第四季將是今年最具挑戰性的季度。所以，我覺得這一切都符合我們的期望。

While we feel very good about the progress that our team is making in China, and we are seeing some improvements in things like VBP win rate. We're also seeing a more robust imaging funnel and some tender wins there. We really wanted to take a cautious approach to China when we put together this guidance. And so in our 3% to 4% total company guidance, we're anticipating a decline in China in 2026.

雖然我們對團隊在中國的進展感到非常滿意，並且我們看到在 VBP 勝率等方面取得了一些進展。我們也看到成像管道更加完善，並且在該領域贏得了一些招標項目。我們在製定這份指導方針時，確實希望對中國採取謹慎的態度。因此，在我們3%至4%的公司整體成長預期中，我們預期2026年中國市場將會下滑。

We'll watch this as we move throughout the year, but again, we wanted to take a prudent approach at this point and then let's see how things evolve. Pete, anything to add to this?

我們會密切關注事態發展，但目前我們想採取謹慎的態度，然後看看情況如何發展。皮特，你還有什麼要補充的嗎？

I would just say, look, I think it's a good perspective on how we're thinking about China early in the year is this prudent approach, we're seeing improved commercial execution. I think Will and his team have pivoted to focus more on how we think about provincial interactions as well as the clinical selling.

我想說的是，我認為我們年初對中國市場採取的謹慎態度是一個很好的視角，我們看到了商業執行力的提升。我認為威爾和他的團隊已經調整了工作重心，並更加關注我們如何看待省際互動以及臨床銷售。

And so just to kind of give you a little bit of proof point why we feel good about the progress is, Jay mentioned the VBP tender win rates. I know, you've heard from us, you've heard from others that some of the tenders and are being disputed which lengthens them out before orders are issued but we have good insights into those ones which we want which aren't converted to orders yet.

所以，為了給你們一點證據來證明我們為什麼對進展感到滿意，Jay 提到了 VBP 招標中標率。我知道，你們從我們這裡以及其他人那裡都聽說，一些投標項目存在爭議，導致訂單下達時間延長，但我們對那些我們想要但尚未轉化為訂單的項目有很好的了解。

And so we know that our rate in the last six months versus the prior 12, we're doing better and then we would expect that those orders become issued through those tenders -- that later Q2 and beyond, we'll start seeing some of that coming through.

因此，我們知道，與前 12 個月相比，過去六個月的成長率有所提高，我們預計這些訂單將透過招標方式下達——在第二季度晚些時候及以後，我們將開始看到一些訂單落實到位。

All that being said, I think what Jay talked about is we're taking a prudent approach when it comes to China and obviously if things come through at a stronger level that will be an upside to us. But as we enter the year, I think we're coming in at the right spot.

綜上所述，我認為 Jay 所說的是，我們在對華關係上採取了謹慎的態度，顯然，如果中國市場發展勢頭強勁，那對我們來說將是一個利好因素。但隨著新年的到來，我認為我們正處於一個合適的時機。

And then I think you said, well, can you confirm you're asking about 2026 guidance? Is that the question?

然後我想你又說，你能確認一下你問的是 2026 年的指導嗎？這就是問題嗎？

Yeah, just, how you got to the range, why this is the right range to start off the year, and how you see upside to the initial targets?

是的，就是想問一下，你是如何確定這個區間的，為什麼這是年初的合適區間，以及你認為初始目標價位的上漲空間有多大？

Okay. No, listen, thank you. I just wanted to make sure. So, as we think about the EPS guidance for 2026, maybe we pause for a second on 2025. One of the things, I think our team was really proud of was the ability to deliver 2% EPS growth, despite a $0.43 tariff headwind. And so the result of that is, we saw about $0.50 of EPS growth, in 2025. We were able -- when tariffs hit, we took action not only to reduce tariff exposure, which is something we spent a lot of energy and effort on but we also did some self-help cost management across the business and we saw some performance from our heartbeat business system help improve our operating margins and reduce waste cost productivity, et cetera. So all of those things contributed to a solid performance in 2025.

好的。不，聽著，謝謝你。我只是想確認一下。所以，在考慮 2026 年的每股盈餘預期時，我們不妨先停下來思考一下 2025 年的情況。我認為我們團隊真正引以為傲的一點是，儘管面臨 0.43 美元的關稅阻力，我們仍然實現了 2% 的每股盈餘成長。因此，我們預計到 2025 年，每股盈餘將成長約 0.50 美元。當關稅生效時，我們採取了行動，不僅降低了關稅風險（我們為此投入了大量精力），而且還在整個業務範圍內進行了一些自助成本管理，我們看到我們的業務核心系統的一些性能有助於提高我們的營業利潤率，降低浪費成本，提高生產力等等。因此，所有這些因素都促成了2025年的良好表現。

Now, moving to 2026, we're going to see many of those things resulting in positive impacts in our numbers again without -- hopeful, without the drag of incremental tariffs, because now tariffs are neutral to positive to our financial performance. The other thing that happens in 2026 is we start to see some benefit from new products, although that will be more predominant in 2027, but things like Flyrcado, things like some of our AVS launches will impact performance on sales in the second half of the year, and hopefully we'll see that impact.

現在，展望 2026 年，我們將看到許多此類因素再次對我們的財務數據產生積極影響，而且——希望如此——不會受到逐步增加的關稅的拖累，因為現在關稅對我們的財務業績是中性甚至積極的。2026 年發生的另一件事是，我們將開始看到新產品帶來一些好處，儘管這種情況在 2027 年會更加明顯，但像 Flyrcado 這樣的產品，以及我們的一些 AVS 產品發布，將在下半年對銷售業績產生影響，希望我們能看到這種影響。

So, as we think about the growth in EPS, in 2026, at the midpoint of the range, it's about $0.45. And as we think about the drivers of it, about $0.30 will come from volume growth. About $0.30 will come from cost and productivity initiatives that we have and then we'll offset that with continued investments in growth. For us we're very focused on SG&A investments to drive acceleration in sales performance. We did spend in the fourth quarter to start to set that up, we'll spend next year as well along with R&D.

因此，當我們考慮 2026 年每股收益成長時，按預測區間的中位數計算，約為 0.45 美元。而當我們考慮其驅動因素時，約 0.30 美元將來自銷售成長。我們將透過成本和生產力提升計劃來節省約 0.30 美元，然後透過持續投資成長來抵消這部分支出。我們非常注重銷售、一般及行政費用的投資，以推動銷售績效的加速成長。我們在第四季投入資金開始進行這方面的準備工作，明年也會繼續投入資金進行研發。

We think these investments are really crucial to the mid and long-term growth of the company, so we'll continue that. That's really the complexion of how we deliver on the EPS expansion next year.

我們認為這些投資對公司的中長期發展至關重要，因此我們將繼續進行這些投資。這就是我們明年實現每股盈餘成長目標的實質所在。

Thanks Jay and then if I could just slip in --

謝謝傑伊，然後如果我能順便插話一下就好了。--

Larry Bickleson, Wells Fargo.

拉里·比克爾森，富國銀行。

Hey, good morning. This is Vick in for Larry. Two for me. I guess your organic growth guidance of 3% to 4% implies 3.5% at the midpoint, which is what you did in 2025. Jay, I think you've said before that you expect to grow faster in 2026. So maybe just talk about why the midpoint of the '26 guidance is in line with 2025. And then I had a follow-up.

嘿，早安。維克替補拉里上場。我兩個。我猜你們3%到4%的有機成長預期意味著中間值為3.5%，這和你們2025年實現的成長目標一致。傑伊，我想你之前說過，你預計2026年成長速度會更快。所以或許可以談談為什麼 2026 年指引值的中點與 2025 年一致。然後我還有後續跟進。

Yes, Vick, thanks for the question. So on the last earnings call and at JPMorgan conference, we kind of highlighted, we expect to grow sales in 2026 faster than 3%. Now we expected to grow sales in 2025 at 3%, and we did better than that. So we were pleased with that performance. But this is very consistent with what we shared.

是的，維克，謝謝你的提問。因此，在上次財報電話會議和摩根大通會議上，我們重點強調，我們預計 2026 年的銷售額成長速度將超過 3%。我們原本預期 2025 年銷售額將成長 3%，而我們實際的業績比預期還要好。所以我們對那次演出很滿意。但這與我們之前分享的內容非常吻合。

And we feel good about the guidance to start the year. Remember, at the start of last year, we guided 2% to 3%, and we ultimately did a little bit better than that based on commercial execution and some of the early success in our innovation cycles. As we start this year, I'll point you back to the $2 billion increase in total backlog. I think that's a great setup to support our sales growth. And a lot of this revenue outlook is built on a strong secured backlog that we have in place.

我們對今年的指導方針感到滿意。請記住，去年年初，我們的預期是 2% 到 3%，而最終，基於商業執行和我們在創新週期中取得的一些早期成功，我們做得比預期略好一些。今年伊始，我想提醒大家注意積壓訂單總額增加了 20 億美元。我認為這是一個支持我們銷售成長的絕佳方案。而這種收入預期很大程度上是建立在我們已有的強大且有保障的訂單儲備之上。

We feel very good about the backlog that we've been able to develop over the last several quarters. We feel very good about the orders funnel that we have in place. So all of that sets us up well as we approach 2026. And then also, as I just commented, we're taking a pragmatic view on China. We want -- we're watching this market very carefully.

我們對過去幾季累積的訂單量感到非常滿意。我們對目前建立的訂單流程非常滿意。因此，所有這些都為我們迎接 2026 年做好了充分準備。而且，正如我剛才所說，我們對中國採取務實的態度。我們正在密切關注這個市場。

We've taken a conservative approach here. Let's see how this plays out. So it's early in the year. I think there's a lot of good momentum that our business is building, and we'll watch things very carefully. Pete, I don't know if you want to add anything.

我們採取了較保守的做法。讓我們看看事情會如何發展。現在才年初。我認為我們公司目前發展勢頭良好，我們會密切關注事態發展。皮特，我不知道你是否還有什麼要補充的。

I think you covered it, Jay, but I mean the way we're set up here is, obviously, depending on when approvals come for some of the new products our ability to convert backlog, the ability ultimately to be able to convert some of the acquisitions that we've had now that we'll start to roll into organic growth, all of those position us well here for the year. So I think, again, as Jay laid out, I think it's the right place to start for the year, and we're going to be leaning in to be able to deliver.

傑伊，我覺得你已經涵蓋了這一點，我的意思是，我們目前的狀況顯然取決於一些新產品何時獲得批准，以及我們轉化積壓訂單的能力，最終轉化我們收購的一些公司並將其轉化為內生增長的能力，所有這些都將使我們在今年處於有利地位。所以我覺得，正如傑伊所說，我認為這是今年最好的開端，我們將全力以赴，爭取有所作為。

Thanks for that answer. A quick follow-up for me. Can you maybe talk about the timing of both orders and sales for Photon Counting and some of the other NPIs that you've highlighted? Thank you.

謝謝你的解答。我還有一個後續問題。您能否談談光子計數技術以及您重點介紹的其他一些新產品的訂單和銷售時間表？謝謝。

Yeah. No, thanks. As I made in my remarks here just a few minutes ago. Timelines for all of those significant launches are on track that we introduced at the RSNA. And we expect those to have the biggest meaningful contributions in '27, mainly because the order cycle typically is 6 to 9 months when you get the order you have many of these have to be installed within a site.

是的。不，謝謝。正如我幾分鐘前在這裡所說。所有這些重要產品的發佈時間表都按我們在 RSNA 上公佈的計劃進行。我們預計這些產品將在 2027 年做出最大的實質貢獻，主要是因為訂單週期通常為 6 到 9 個月，當你收到訂單時，其中許多產品必須在現場安裝。

That being said, much of these will have an impact at some point later this year, which we're very excited about. And as we're out with customers and stuff, there's just a lot of buzz about that pipeline that we have out there. And so things like the Allia [indiscernible], which is our vascular system, that now is fully approved both by the FDA and so it's really our first interventional vascular system of a modern design in quite some time. We're excited about the growth that, that's going to bring forward. The omni total body PET CE marked with two installs within Australia, and we also have a European installation.

也就是說，其中許多措施將在今年稍後產生影響，對此我們感到非常興奮。當我們和客戶外出交流時，大家都在熱議我們正在建造的這條輸油管。因此，像 Allia（聽不清楚）這樣的血管系統，現在已經獲得了 FDA 的全面批准，所以它確實是我們相當長一段時間以來第一個採用現代設計的介入血管系統。我們對這將帶來的成長感到興奮。這款全效 PET 全身防護罩已獲得 CE 認證，在澳洲有兩處安裝案例，我們在歐洲也有一處安裝案例。

So great feedback that we're gaining. Our Star Guide GX, which is the advanced system for doing alpha as well as beta imaging is CE Mark in. We're going to be doing our first installs here quite soon. And then things such as MR, which was the Sprint Prelim and the bolt, all of those are under review and making good progress. Christina making good progress as well as Care station.

我們收到的回饋非常棒。我們的 Star Guide GX 是一款先進的 alpha 和 beta 成像系統，已獲得 CE 認證。我們很快就要在這裡進行首次安裝工作了。還有像 MR（即 Sprint Prelim）和螺栓之類的東西，所有這些都在審查中，並且取得了良好的進展。克里斯蒂娜和護理站的情況都很好。

On Photonova, all systems go. I mean, we're lined up. We'll see how the approval time lines ultimately play out for us, but we're in very good shape manufacturing teams, getting everything ready to be able to advance that product. But I'm very proud of our engineering and manufacturing teams that have really come together. When we talk about our business system, we talk about this SQDC and safety of our folks, safety for patients, quality of the products, getting the delivery commitments, the right cost and gives you the right to bring innovations out to the marketplace.

Photonova 系統一切就緒。我的意思是，我們已經排好隊了。我們會看看審批時間表最終會如何發展，但我們的生產團隊狀態非常好，正在為推進產品做好一切準備。但我為我們的工程和製造團隊感到非常自豪，他們真正團結一致。當我們談到我們的業務系統時，我們談到的是 SQDC 和我們員工的安全、病患的安全、產品品質、履行交付承諾、合理的成本，並賦予您將創新推向市場的權利。

And that's really philosophy that we've put in place here. So feeling quite good about it. This business is so much about innovation. And I think we've got the right seeds in place here to set us up well, not only later this year, but ultimately into '27, '28 for our midterm targets.

這就是我們在這裡真正貫徹的理念。所以感覺還不錯。這個產業非常注重創新。我認為我們已經播下了正確的種子，這不僅能讓我們在今年晚些時候取得好成績，而且最終還能讓我們在 2027 年、2028 年實現中期目標。

Ryan Zimmerman, BTIG.

Ryan Zimmerman，BTIG。

Thank you and congrats on the year. On that point, Pete, on midterm targets, I guess I'll ask the question now, which is with the midterm targets being mid-single-digit rev growth, high teens to 20% adjusted EBITDA margin, et cetera, just maybe you can kind of bridge us, I think, in terms of the '26 guide to those medium-term targets, and kind of how you see that progressing over the next few years?

謝謝，也恭喜你度過了美好的一年。關於這一點，皮特，關於中期目標，我想現在就問一下，中期目標是實現個位數的營收成長，調整後的 EBITDA 利潤率達到 10% 到 20% 等等，您能否就 2026 年的業績指引與這些中期目標之間取得一些聯繫，以及您認為未來幾年這些目標將如何發展？

Yeah, sure. Look, we feel good about the midterm targets that we put together. I think one of the things that -- this year is a setup. But as we move to next year, you start to see the real benefit from many of the new products we launched at RSNA. We expect those products along with Flyrcado to help drive 1 to 2 points of additional sales growth over the medium burn.

當然可以。你看，我們對設定的中期目標感到滿意。我認為今年的一大看點是——這是一個佈局。但隨著我們邁入明年，您將開始看到我們在 RSNA 上推出的許多新產品帶來的真正好處。我們預計這些產品以及 Flyrcado 將在中期內推動銷售額額外成長 1 到 2 個百分點。

And then from a margin expansion standpoint, we're pleased to get back to reasonable margin expansion, 50 basis points to 80 basis points is more reflective of what a normal year should look like. But with Heartbeat helping us to deliver higher-margin NPIs to improve productivity, to optimize SG&A, we expect to deliver on our high teens to 20% plus margin targets over the medium term. So all of this will flow down to EPS, and we'll continue to see this high single-digit to low double-digit growth. So in short, we feel solid.

從利潤率擴張的角度來看，我們很高興利潤率能夠恢復到合理的水平，50 到 80 個基點更能反映正常年份的水平。但有了 Heartbeat 的幫助，我們可以提供利潤率更高的新產品，提高生產力，優化銷售、一般及行政費用，我們預計在中期內能夠實現 20% 到 10% 以上的利潤率目標。因此，所有這些都將反映在每股收益上，我們將繼續看到這種高個位數到低兩位數的成長。簡而言之，我們感覺很穩固。

Yeah. And Ryan, just to the point, I mean, we're committed to those midterm targets top and bottom, full stop. I think we realize that the tariffs kind of moved us back a year or two just based on -- that's why we really started aggressively last year with moves with changes, things of that nature that would make a significant difference because our goal ultimately is to neutralize as much of that as possible, to move us obviously into that 17% to 20% plus EPS range.

是的。瑞安，說句實話，我的意思是，我們堅定不移地致力於實現中期目標，從上到下，就這麼簡單。我認為我們意識到，關稅在某種程度上使我們倒退了一兩年——這就是為什麼我們去年開始積極採取措施進行調整，諸如此類的事情，這些措施將產生重大影響，因為我們的最終目標是盡可能抵消這些影響，使我們的每股收益達到 17% 到 20% 以上。

And hopefully, you see from even the guide this year that we've put out there, we've made good progress from what we've done last year. And I think our focus on our -- all our NPIs having higher gross margins than their credit its with the right selling and lift to that, we'll see the benefit as well as the corresponding service revenue that comes with and all of that together is going to be very important for us, not only for our top line, but also to be able to deliver on our medium-term profit goals as well.

希望大家從我們今年發布的指南中可以看出，我們比去年取得了很大的進步。我認為，我們專注於讓所有新產品的毛利率高於其信貸產品，透過正確的銷售和推廣，我們將看到收益以及隨之而來的相應服務收入，所有這些加起來對我們來說都非常重要，不僅對我們的營收，而且對我們實現中期利潤目標也至關重要。

And Pete, it's like you anticipated my next question here. The RPO and the -- specifically the service RPO was up really well. And I'm just wondering if you can kind of elaborate on kind of the composition of service revenue. And how -- as that becomes more predictable, we can see that start to flow through, particularly in the guide. If I think about the mid -- the 3.5% this year or whatever it may be, I mean if your service revenue and your service IPO is just becoming that much more predictable with Intelerad and other things.

皮特，你好像預料到了我的下一個問題。RPO，特別是服務 RPO，表現非常出色。我想請您詳細說明一下服務收入的組成。而且，隨著這種情況變得越來越可預測，我們可以看到這種趨勢開始顯現，尤其是在指南中。如果我考慮今年的中期成長率——3.5%或其他什麼數字，我的意思是，如果你的服務收入和服務IPO隨著Intelerad和其他因素的出現而變得更加可預測。

I mean, just help us understand kind of what that looks like as a percentage or a composition of your broader revenue and maybe moving away from lumpier capital sales?

我的意思是，請您幫我們了解一下，這筆收入佔您整體收入的百分比或組成，以及您是否正在逐步減少大宗資本銷售？

Yes. We've talked extensively about our goal to expand recurring revenue. And so we're definitely pleased to see service growth. And then to your point, the Intelerad deal is another example that starts to tilt us more to recurring revenue. Services was a bright spot for us, I have to say, in the fourth quarter and in 2025, we grew sales 6% with growth driven by both price and volume.

是的。我們已經深入探討了擴大經常性收入的目標。因此，我們非常高興地看到服務成長。正如您所說，Intelerad 的交易是另一個例子，它開始讓我們更傾向於經常性收入。不得不說，服務業是我們第四季和 2025 年的一大亮點，銷售額成長了 6%，成長主要得益於價格和銷量的雙重推動。

And the reality is as we continue to expand our enterprise agreements, they typically include a meaningful multiyear service elements. The other thing that's happening is we have a growing installed base. And because of the complexity and technology embedded in our products and because of advancements that we're making in how our service offering is delivered, things like AI remote fix, we're seeing improved capture rates on our service business, which is a really important metric for us. And so all of that is good. And then the other thing that's happening, Ryan, is we're seeing utilization based on procedures of our equipment.

而現實情況是，隨著我們不斷擴大企業協議的範圍，這些協議通常包含重要的多年服務條款。另一件事是，我們的用戶基數正在不斷增長。由於我們的產品蘊含著複雜性和技術，並且我們在服務交付方式上取得了進步，例如人工智慧遠端修復，我們看到服務業務的捕獲率有所提高，這對我們來說是一個非常重要的指標。所以這一切都是好事。Ryan，還有一點是，我們看到設備的使用情況是根據操作流程來決定的。

And when that happens and departments are constrained and equipment is used heavily the need for services there. So I think there's a whole set of dynamics that are supporting continued robust growth in our service business, and our team is ready to support that. Pete?

當這種情況發生，各部門資源緊張，設備使用率高時，就會出現對服務的需求。所以我認為，一系列因素正在推動我們的服務業務持續強勁成長，而我們的團隊也已準備好為此提供支援。皮特？

Yeah. And Ryan, I think you alluded to this just off the new products piece. There is a flywheel effect as you bring new products out. You bring new products out that are very sophisticated AI-based cloud the capture rate on the service contracts typically goes up, mainly because they're such a sophisticated product. And a product like total body PET or something like photon counting where the actual price of the product is higher than a lot of the predicate products.

是的。瑞恩，我覺得你在新產品介紹部分已經暗示過這一點了。推出新產品會產生飛輪效應。當你推出非常複雜的基於人工智慧的雲端新產品時，服務合約的取得率通常會上升，主要是因為它們是非常複雜的產品。而像全身PET掃描或光子計數這樣的產品，其實際價格卻高於許多同類產品。

So is your service contract with margins that would be at that same level. So that's some of the tailwind that we think ultimately will come along with it. It's a really important part of a sustainable revenue and profit story as well over the long run.

所以，您的服務合約的利潤率也應該處於同樣的水平。所以，我們認為這最終會帶來一些有利因素。從長遠來看，這對於實現可持續的收入和利潤成長至關重要。

Appreciate it. Thank you.

謝謝。謝謝。

Anthony Petrone, Mizuho Group.

Anthony Petrone，瑞穗集團。

Thanks. And maybe I'll stick with some of the inputs into the top line guide to 3% to 4%. And maybe more beyond just how much price is actually in there just considering you have a fair amount of new product introductions this year versus last year. So how do you think about price in 2026? And and Pete and Jay both brought up Intelerad, came up on the last question. $270 million, growing low double digits, 30% margin.

謝謝。或許我會堅持將一些建議納入 3% 到 4% 的預算中。或許除了價格因素之外，還要考慮今年相比去年推出的新產品數量。那你認為2026年的價格會是多少呢？而且，皮特和傑伊都在最後一個問題中提到了英特爾公司。該公司營收2.7億美元，維持兩位數的低成長率，利潤率為30%。

Maybe just a little bit, timing of that deal closed and just the drivers of that business, like how many sites outpatient are live on day one? Is opening new sites or just new users, sort of the growth KPI that we should be looking for? Thanks.

或許只是稍微有點影響，例如交易完成的時機，以及推動這項業務發展的因素，例如第一天有多少門診站點上線？我們應該關注的成長KPI是開設新網站還是增加新用戶？謝謝。

Thank you, Anthony. SP1, on price, I think from an order book standpoint with the new products, some of it will show up in mix for like-for-like product, like-for-like product price as well. But I think a lot of that will first be seen in the orders book as those new products come out. Relative to this year in revenue, we don't have any significant step-ups in price. We have price advancement this year.

謝謝你，安東尼。SP1，關於價格，我認為從新產品的訂單簿角度來看，其中一些會反映在同類產品的價格組合中。但我認為，隨著新產品的推出，許多影響首先會反映在訂單簿上。與今年的收入相比，我們的價格沒有任何顯著上漲。今年我們有價格優惠。

I think based on as the tariffs are settling out, and we see how the global landscape plays, there could be opportunity for more price later this year. That will be something that we'll be taking a look at. But I think as we entered the year, we don't have any major step-ups in it from a like-for-like product. It is important, and I think you're alluding to this, all of the new products that are coming out, when you think about their category that they're in. We'll have quite a step-up in many cases in price.

我認為，隨著關稅逐漸穩定，以及全球情勢的發展，今年稍後可能會有更大的價格上漲空間。我們會對此進行調查。但我認為，進入新的一年後，我們並沒有推出任何與同類產品相比有重大進步的產品。這一點很重要，我想你也暗示了這一點，所有新推出的產品，當你考慮它們所屬的類別時，就會發現這一點。很多情況下，價格都會大幅上漲。

I think our Vivid Pioneer, which has been quite successful, we launched earlier this year has not only a better cost position, it also has a nice step-up in price, hence, then the translation into better gross margin. So more to come, and we're going to keep an eye on the marketplace to make sure that we appropriately gather the right pricing for the products that we're bringing out. I guess the next question you had was on Intelerad, Jay, maybe you want to kick us off on Intelerad.

我認為我們今年早些時候推出的 Vivid Pioneer 非常成功，它不僅成本優勢明顯，價格也有顯著提升，因此，其毛利率也更高。所以，未來還會有更多產品推出，我們會密切關注市場，確保我們為即將推出的產品製定合適的價格。我猜你接下來的問題是關於 Intelerad 的，Jay，也許你想讓我們從 Intelerad 開始。

Yeah, sure. Maybe I'll share some elements and then Pete, you can add. We're very excited about the Intelerad acquisition. We do expect that to close in the first half of the year as planned. There's some really nice elements.

當然可以。或許我可以分享一些元素，然後皮特，你可以補充。我們對收購 Intelerad 感到非常興奮。我們預計該項目將按計劃在今年上半年完成。裡面有一些很不錯的元素。

The combined company advances our cloud-enabled AI solutions in both radiology and cardiology. So really -- and then also extends our capabilities across the outpatient network. So we feel really nice about this, and we're on track to close it along the lines of our expectations. As we think about the financial components of the deal, we haven't incorporated that in our guidance. What we've said is it would be slightly dilutive, but we expect to offset that with cost efficiency.

合併後的公司將推進我們在放射學和心臟病學領域的雲端人工智慧解決方案。所以實際上——這也擴展了我們在整個門診網絡中的能力。所以我們對此感到非常滿意，而且我們正按計劃推進，並有望按預期完成這項工作。在考慮這筆交易的財務組成部分時，我們尚未將其納入我們的預期。我們說過，這會略微稀釋股權，但我們預計可以透過成本效益來抵消這一點。

So what will happen when we do ultimately close the transaction is we will see an increase in interest expense an increase in EBITDA attached to the company, there will be a revenue impact, but we'll be able to offset to make it neutral for the remainder of the year. So overall, that's really the status on the deal. Pete, anything else you'd like to highlight from a strategy?

因此，當我們最終完成交易時，將會看到利息支出增加，公司 EBITDA 增加，收入也會受到影響，但我們能夠抵消這些影響，使其在今年剩餘時間內保持中性。所以總的來說，這就是這筆交易目前的最新進展。皮特，你還有什麼想重點強調的策略嗎？

I think just the standpoint of these are the type of deals that we think make a lot of sense for the company. relative to a strategic fit for us, the enablement of artificial intelligence to be deployed at an enterprise level, both inpatient and outpatient. We know the future of diagnosis is much more the integration of multimodalities, and how they're read. And so having a critical platform such as this will be super important for us. And then I just think from a deal complexion standpoint, accretive to top line, accretive to bottom line, fit strategically.

我認為，就公司而言，我們認為這類交易非常有意義。就我們的策略契合度而言，這些交易能夠使人工智慧在企業層級部署，包括住院和門診領域。我們知道，診斷的未來在於多模態技術的整合以及如何解讀這些技術。因此，擁有這樣一個關鍵平台對我們來說至關重要。然後，我認為從交易的整體情況來看，這筆交易能夠增加收入，增加利潤，並且在策略上是合適的。

These are the type of tuck-in deals that we're obviously looking at, and we're excited to have the Intelerad team, a part of the family. It's a group of great individuals, and we're excited to get this one here closed in the first half. Thank you.

顯然，我們正在考慮這類收購交易，我們很高興 Intelerad 團隊成為我們大家庭的一員。這是一群非常優秀的人，我們很高興能在上半年完成這個專案。謝謝。

Joanne Wuensch, Citi.

Joanne Wuensch，花旗銀行。

Good afternoon and thanks for taking the question. I'm sort of asking us of everybody early in the season, which is, can you sort of give a state of the union on medical technology, and what you're seeing? And specifically, if you could share some comments or thoughts on the hospital CapEx environment and any impacts you may be seeing or expect to see on changes to the Affordable Care Act. Thank you so much.

下午好，感謝您回答問題。我其實是在賽季初期問大家一個問題，那就是，你們能否大致介紹一下醫療技術的現狀，以及你們所看到的？具體來說，如果您能分享一些關於醫院資本支出環境的評論或想法，以及您可能已經看到或預期會看到的《平價醫療法案》變化所帶來的任何影響，那就太好了。太感謝了。

Great. So the capital backdrop in the US is solid. Every quarter, we conduct a study of our top 50 US customers to really get a pulse on investment sentiment. It gives us a reasonable picture of investment plans and priorities, and we found that it's a fairly reliable survey that we conduct. What we found after completing the recent study is the US market continues to be robust, driven by customer investment in an aging installed base. So we're seeing continued momentum on the US CapEx side.

偉大的。因此，美國的資本環境十分穩健。每個季度，我們都會對我們排名前 50 名的美國客戶進行調查，以真正了解投資情​​緒。它讓我們對投資計劃和優先事項有了較為清晰的了解，我們發現我們進行的這項調查相當可靠。我們最近的研究發現，美國市場依然強勁，這主要得益於客戶對老舊設備基礎的投資。因此，我們看到美國資本支出方面持續保持成長動能。

Some of that is definitely driven by strong procedure trends that we're seeing. We just finished our latest survey. And many of those customers are anticipating investment increases versus what they previously assessed. As we go over the pond, the European market has continued to improve. Over the past couple of quarters, we've seen orders recover in many European geographies.

其中一部分肯定是由我們觀察到的強勁的手術流程趨勢所驅動的。我們剛剛完成了最新一輪調查。許多客戶預計投資金額將比他們之前評估的要高。當我們把目光投向大西洋彼岸時，歐洲市場持續改善。過去幾個季度，我們看到歐洲許多地區的訂單有所回升。

So that's another robust market. And then emerging markets, really solid trends there. So I think overall, the global backdrop is pretty good. I've commented already on China. But I think it's a decent setup as we look into 2026, Pete?

所以，這又是一個強勁的市場。然後是新興市場，那裡的發展趨勢非常穩健。所以我覺得整體而言，全球情勢相當不錯。我已經對中國發表過評論了。但我認為，展望2026年，這是一個不錯的安排，皮特？

Yeah, Joanne, to your question, I mean, the ACA, obviously, there's challenges for certain subsets of customers based on what the patient mix is or the scenarios Well, we haven't heard anything that is concerning relative to the capital environment. I think, Jay, as we survey customers, this is a critical part to it, how that's playing out. So we haven't seen anything that stood out on that. I think you had mentioned about technologies in health care. Again, I do think this is one of the interesting dynamics about us and some of our other peer companies at plan is -- in many cases, we are the enabler of so many breakthrough technology, whether it be device or drug.

是的，Joanne，關於你的問題，我的意思是，ACA（平價醫療法案）顯然會給某些客戶群帶來挑戰，這取決於患者組成或具體情況。嗯，我們還沒有聽到任何與資本環境相關的令人擔憂的消息。傑伊，我認為，在我們進行客戶調查時，這是至關重要的一部分，它決定了調查結果如何。所以，我們還沒有看到任何特別突出的情況。我想你之前提到過醫療保健領域的技術。再次強調，我認為我們和 Plan 的其他一些同行公司之間一個有趣的動態是——在許多情況下，我們都是許多突破性技術的推動者，無論是醫療器材還是藥物。

And so with all of the new with all the new cardio-oncology devices and drugs. In many cases, we're either the early screening or planning tool or we are ultimately helping executor of the therapy delivery. In the pharmaceutical space, in particular, we play a bigger role of that, which is why in many cases, you see even as a capital environment might be tighter, our equipment typically rises to the top of the list, the priority because it is an enabler for profit growth within the institution. So all signs at this point look quite healthy, and we feel good about as we enter 2026 for sure.

因此，所有新的心血管腫瘤學設備和藥物也隨之而來。在很多情況下，我們要么是早期篩檢或規劃工具，要么最終是治療實施的執行者。尤其是在製藥領域，我們扮演著更重要的角色，因此在許多情況下，即使資本環境可能比較緊張，我們的設備通常也會成為首要考慮因素，因為它能夠促進機構的利潤成長。所以目前來看，所有跡像都相當健康，我們對進入 2026 年充滿信心。

Terrific. Thank you so much.

了不起。太感謝了。

David Roman, Goldman Sachs.

大衛羅曼，高盛集團。

Thank you. Good morning, everyone. Hey, Pete, hey J, and Carolynne. Maybe I'll start with -- just trying to put some of the pieces together in Pete's comments around the order growth in Q4 potentially being impacted by the timing of new product announcements, but then why that wouldn't impact performance in 2026, but another way, do you freeze the market in anticipation of some of these new product launches? And then I have one follow-up on China.

謝謝。各位早安。嘿，皮特，嘿，J，還有卡洛琳。也許我可以先從——試著把皮特關於第四季度訂單增長可能受到新產品發佈時間影響的評論中的一些碎片拼湊起來，但為什麼這不會影響 2026 年的業績，或者換句話說，你會為了等待這些新產品的發布而凍結市場嗎？然後我還有一個關於中國的後續問題。

Yeah, David, it's less about do you freeze the market. But I mean to the point when you introduced a bunch of new products, particularly in a premium area for us, many of those products, particularly just take photons counting, we haven't had a predicate product. So yes, there are some higher-end premium ones of customers that may say, Hey, I may wait until it's available.

是的，大衛，問題不在於你是否凍結市場。但我的意思是，當你們推出一系列新產品時，尤其是在我們這個高端領域，很多產品，特別是光子計數產品，我們還沒有同類產品。所以，是的，有些高端優質客戶可能會說：“嘿，我可能會等到它上市後再購買。”

But a vast majority of those are new ones, but we don't see the order come into the order book until it's approved. So I mean that's some of the basic dynamics. And I think Jay talked about trailing 12 months in the (inaudible) compare, those are interesting ways to take a look at it because we could have multiple quarters where we're significantly higher, and then we got multiple quarters where we're below.

但其中絕大多數都是新訂單，但只有在獲得批准後，我們才能在訂單簿中看到訂單。所以我的意思是，以上就是一些基本動態。我認為 Jay 談到了過去 12 個月的比較，這是一種很有趣的觀察方式，因為我們可能有多個季度業績顯著高於預期，然後可能有多個季度業績低於預期。

But what's really important is that backlog growth, and then how the sales come out. And again, I think that's an important part of this. And when you saw the sales performance, particularly in imaging and some of the other businesses in the fourth quarter, a lot of that is actually the work that the teams have done relative to on-time delivery and executing that more effectively.

但真正重要的是積壓訂單的成長，以及最終的銷售情況。而且，我認為這是其中很重要的一部分。當你看到第四季度的銷售業績，尤其是在影像和其他一些業務方面，你會發現這很大程度上歸功於團隊在按時交付和更有效地執行方面所做的工作。

Okay. Very helpful. And maybe I'll switch gears from China and actually ask on OmniPay and just the PDX business. We did see an acceleration in that franchise in 2020, in the fourth quarter, excuse me, it doesn't look like for audit was probably big enough to be the contributor there. So I was thinking about OmniPay, what are you seeing thus far from a competitive standpoint on the ground?

好的。很有幫助。也許我會把話題從中國轉移到 OmniPay 和 PDX 業務上去問。我們在 2020 年第四季確實看到了該特許經營權的加速增長，抱歉，看起來審計可能不足以成為那裡的貢獻者。所以我一直在想 OmniPay，從目前的市場競爭角度來看，您認為它的表現如何？

And what's kind of reflected in your guidance here?

那麼，你在這裡的指導體現了什麼呢？

Yeah. No, I would come in and Jay, you can jump. I think some of our other molecules as well continue to do along. I think you're correct based on my comments with Flyrcado, not a significant contributor from that standpoint this where we are. Obviously, now that we have higher CMO capabilities, that it will continue to grow.

是的。不，我會進去，傑伊，你可以跳。我認為我們的一些其他分子也繼續朝著這個方向發展。根據我和 Flyrcado 的交流，我認為你的說法是正確的，從這個角度來看，他並不是一個重要的貢獻者，這就是我們目前的情況。顯然，現在我們擁有了更高的首席行銷長能力，它將繼續成長。

But the largest part of that business is the contrast media business. We have large customers that have many, many SKU contracts with us. there has been rumor discussion of new entrants coming in the area. Haven't seen anything developing at this point in time. Supply is rather tight within the industry, just based on the players that exist.

但該業務中最大的部分是對比劑業務。我們有一些大客戶，他們與我們簽訂了大量的SKU合約。有傳言說，這個領域將有新的競爭者進入。目前還沒有看到任何進展。僅從現有參與者來看，業內供應就相當緊張。

And so it's been a pretty consistent play. And usually it's highly correlated to procedures growth. And we've seen a pretty healthy procedures growth coming from, again, many other types of procedures in cardiology and oncology continuing to exist. So solid trends across the board there.

所以，它的表現一直相當穩定。而且通常與手術量的增長高度相關。我們看到，心臟病學和腫瘤學中的許多其他類型的手術也持續進行，從而帶來了相當健康的手術成長。所以各方面都呈現穩健的趨勢。

Vijay Kumar, Evercore ISI.

Vijay Kumar，Evercore ISI。

Hey guys, thanks for taking my question. My first question is on guidance here, Jay. What does fiscal '26 assuming for Flyrcado? And I know you mentioned China declines, but China Q4 was, I think, down teens. So maybe some noise around there on what is going on in China?

各位好，感謝你們回答我的問題。傑伊，我的第一個問題是關於指導方面的。Flyrcado 2026 財政年度有何假設？我知道你提到了中國經濟下滑，但我認為中國第四季下滑了十幾個百分點。所以，那邊可能對中國正在發生的事情有些討論？

Yes. So on the China story, we're anticipating -- so what I would say is the fourth quarter came in broadly speaking, in line with our expectations. We knew if you look at the growth -- the comparisons to prior year, we knew the fourth quarter was the most difficult comparison year-over-year. So we did anticipate a bit of a deterioration, which was embedded when we said the second half was going to be worse than the first half. And so to Pete's comments earlier, we're making some good commercial progress in China, but we're just going to take a cautious approach here.

是的。關於中國市場，我們預期——總的來說，第四季的表現符合我們的預期。我們知道，如果從成長情況來看——與前一年相比，第四季是年比比較最困難的季度。所以我們確實預料到情況會有所惡化，這一點在我們之前說過下半年會比上半年更糟時就已經預料到了。正如皮特之前所說，我們在中國取得了一些不錯的商業進展，但我們在這裡將採取謹慎的態度。

we're budgeting China down. I'm not going to get into specifics as to precise amounts down. We're budgeting China down. That's included in our 3% to 4%. And maybe there's a scenario we do better than that.

我們正在削減對中國的預算。我不會透露具體的下降幅度。我們正在削減對中國的預算。這包含在我們 3% 到 4% 的範圍內。或許我們還能做得更好。

but we really wanted to take a cautious approach on China. As it relates to Flyrcado, we shared the dose number in terms of what we performed in a week in January. I previously said that was really a critical metric for us. How are we doing at that point. Now we have confidence, and we've started to open up the throttle in terms of bringing on new customers and advancing those customers to higher states of maturity.

但我們確實想對中國採取謹慎的態度。關於 Flyrcado，我們分享了我們在 1 月一周內進行的劑量數量。我之前說過，這對我們來說是一個非常關鍵的指標。那時我們做得怎麼樣？現在我們有了信心，並且已經開始加強吸引新客戶，並推動這些客戶達到更高的成熟度。

So we're really excited about the product. We expect weekly dose numbers to grow. In the first year of launch, we'll periodically share information on doses, but again, given the number of products we have launching in the near term, we're not going to give guidance on any specific product at this point, but we will share some information to help you model this over time. And I can tell you, based on the progress that we've made over the last couple of months, very pleased with the direction that we're going, very pleased with the progress that our team is making.

所以我們對這款產品感到非常興奮。我們預計每週的劑量數量將會增加。在產品上市的第一年，我們會定期分享劑量信息，但鑑於近期我們將推出大量產品，目前我們不會就任何具體產品提供指導，但我們會分享一些信息，幫助您隨著時間的推移進行建模。我可以告訴你們，根據我們過去幾個月的進展，我對我們前進的方向非常滿意，對我們團隊的進展非常滿意。

That's helpful, Jay. And then maybe one clarification on -- by my math, it looks like backlog grew 10% in fiscal '26 and your capital book-to-bill in Q4 was something north of 1.1. Is my math correct?

那很有幫助，傑伊。還有一點要澄清——根據我的計算，2026 財年積壓訂單增加了 10%，第四季資本訂單出貨比超過了 1.1。我的計算正確嗎？

Vijay, we share a book-to-bill that includes all the elements that we include with both service and PDX. So we don't comment, but I think you've done some good math. And then on the backlog, yes, backlog was up very substantially in the fourth quarter. Really pleased with the growth there and how that sets us up for the multiyear view.

Vijay，我們共用一個包含所有服務和 PDX 要素的帳目到帳單。所以我們不予置評，但我認為你的計算很到位。至於積壓訂單，是的，第四季積壓訂單大幅增加。我對這方面的成長非常滿意，也為我們的多年發展奠定了基礎。

Understood. Thank you, guys.

明白了。謝謝大家。

Thank you, and that concludes our question-and-answer session. Speakers, please proceed with any closing remarks.

謝謝，我們的問答環節到此結束。發言人，請繼續進行總結發言。

Thank you all for joining us today. We look forward to connecting with you all here in the coming weeks at one of our -- ones of our upcoming conferences. Thanks again.

感謝各位今天蒞臨。我們期待在接下來的幾周里，在我們即將舉行的其中一場會議上與大家見面。再次感謝。

Ladies and gentlemen, this concludes today's conference call. Thank you for your participation, and you may now disconnect.

女士們、先生們，今天的電話會議到此結束。感謝您的參與，您現在可以斷開連接了。