GE HealthCare Technologies Inc. (GEHC) 2026 Q2 法說會逐字稿

Good day, and thank you for standing by. Welcome to the GE Healthcare second quarter 2026 earnings conference call. (Operator Instructions) Please be advised that today's conference is being recorded.

各位好，感謝您耐心等候。歡迎參加 GE Healthcare 2026 年第二季財報電話會議。(接線員指示) 請注意，今天的會議將被錄音。

I would now like to hand the conference over to your speaker today, Carolynne Borders, Chief Investor Relations Officer. Ma'am, please go ahead.

現在我想把會議交給今天的講者——投資人關係長 Carolynne Borders。女士，請開始。

Thanks, operator. Good morning, and welcome to GE Healthcare's second quarter 2026 earnings call. I'm joined by our President and CEO, Peter Arduini; Vice President and CFO, Jay Saccaro; and our Controller and Chief Accounting Officer, George Newcomb.

謝謝，接線員。各位早安，歡迎參加 GE Healthcare 2026 年第二季財報電話會議。今天與我一同出席的有：總裁暨執行長 Peter Arduini；副總裁暨財務長 Jay Saccaro；以及我們的財務控管長兼首席會計長 George Newcomb。

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

本次電話會議的發言將同時包含 GAAP 與非 GAAP 財務結果。GAAP 與非 GAAP 指標之間的調節表可見於今日新聞稿，以及我們網站上提供的簡報投影片。在本次電話會議中，我們將就公司表現發表前瞻性陳述。這些陳述係基於我們目前對情勢的看法。如我們向 SEC 提交的文件所述，實際結果可能因風險與不確定性而與前述陳述有重大差異。

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

接下來，我把電話交給 Peter。

Thanks, Carolynne. Good morning, and thank you for joining us today. We were pleased with our strong performance in the second quarter. Orders increased 11% with strong backlog, which grew $2.6 billion year-over-year and book-to-bill of 1.15 times, all of which were at record levels.

謝謝你，Carolynne。各位早安，感謝今天加入我們。我們對第二季的強勁表現感到滿意。訂單成長 11%，在手訂單表現強勁，年增 26 億美元，接單出貨比（book-to-bill）為 1.15 倍，以上皆創下歷史新高。

We're seeing healthy end market demand in all three of our segments and across geographies, reflected in the growth of our differentiated products and solutions that improve clinical outcomes and productivity. This sentiment was once again reflected in our most recent survey of top US customers. We're increasingly becoming a key productivity enabler for our customers as they navigate capacity constraints and workflow challenges.

我們在三大事業部門及各地區都看到健康的終端市場需求，反映在我們具差異化的產品與解決方案的成長上，這些方案可改善臨床結果並提升生產力。我們近期針對美國主要客戶所做的最新調查也再次反映了這樣的情緒。隨著客戶面臨產能限制與工作流程挑戰，我們正日益成為其關鍵的生產力推動者。

At the same time, the substantial changes that we've made in our commercial organizations and progress on our new innovations, many of which are AI-enabled, strengthen our competitive position and are delivering results. We've launched several new products from our pipeline with more to come, and these products position us well to contribute meaningfully through the balance of the year and beyond.

同時，我們在商業組織所做的重大變革，以及在新創新上的進展（其中許多具備 AI 能力），強化了我們的競爭地位並正在帶來成果。我們已從產品管線推出多項新產品，後續還會有更多，這些產品使我們能在今年剩餘期間及更長遠的未來做出實質貢獻。

We're also seeing continued traction in our service businesses, strengthening our recurring revenue base and creating additional value for customers. Fundamentally, it's the sum of all of these parts that gives us confidence in the remainder of the year and our medium-term outlook.

我們也看到服務業務持續取得進展，強化我們的經常性收入基礎，並為客戶創造額外價值。從根本上來說，正是這些要素的總和，讓我們對今年剩餘期間以及中期展望充滿信心。

Revenue growth in the quarter was led by strength in pharmaceutical diagnostics and advanced imaging solutions. Patient Care Solutions performance remained challenged. We're actioning improvement initiatives via our business system Heartbeat with a focus on increasing shipment velocity and backlog conversion of our monitoring and anesthesia product lines to deliver PCS revenue and margin improvement in the second half.

本季營收成長主要由藥物診斷與先進影像解決方案的強勁表現帶動。病患照護解決方案（PCS）的表現仍面臨挑戰。我們正透過業務系統 Heartbeat 推動改善計畫，聚焦提升出貨速度，以及加速監護與麻醉產品線的在手訂單轉換，以在下半年帶動 PCS 營收與利潤率改善。

A bright spot in the quarter was strong PCS orders growth, particularly in monitoring, driven by our new platforms and recent sales force realignment. As we focus on accelerating recovery in this business, a comprehensive review of the strategic options is underway to determine the best path to maximize long-term growth and value, including continued ownership, a sale and other value-enhancing transactions. This is a business with depth and breadth that touches many areas within health systems. We have a healthy pipeline of new products in anesthesia and monitoring as well as digital offerings expected to be introduced this year and in 2027.

本季的一大亮點是 PCS 訂單強勁成長，尤其是監護產品，主要受新平台與近期銷售團隊重新配置所帶動。在我們聚焦加速該業務復甦之際，正進行全面性的策略選項檢視，以決定能最大化長期成長與價值的最佳路徑，包括持續持有、出售及其他可提升價值的交易。這是一項具深度與廣度的業務，觸及醫療體系內的許多領域。我們在麻醉與監護方面有健康的新產品管線，亦有預計於今年及 2027 年推出的數位化產品。

Moving to Slide 4. Let's look at how we're delivering on our growth strategy, starting with how we enable precision care. D3 brings together smart devices and drugs, a disease state focus and digital capabilities, particularly AI. Heartbeat helps us align customer needs, product development, sales and service capabilities more effectively. And together, they help us bring innovative products to market faster and strengthen customer relationships while improving the margin profile of the portfolio over time.

接著看第 4 張投影片。讓我們看看我們如何落實成長策略，先從我們如何推動精準照護談起。D3 結合智慧裝置與藥物、以疾病狀態為核心的聚焦，以及數位能力，特別是 AI。Heartbeat 協助我們更有效地對齊客戶需求、產品開發、銷售與服務能力。兩者結合，能幫助我們更快將創新產品推向市場、強化客戶關係，並隨時間推進改善產品組合的利潤結構。

Our D3 strategy is resonating with customers and their interest in our differentiated solutions is reflected in our strong orders growth in the quarter, including broad-based contributions from ultrasound, MR, CT, patient monitoring, radiopharmaceuticals and interventional labs, among others. This aligns to the global demand backdrop we're seeing for our technologies and underscores how our differentiated innovations and field teams are winning in the market.

我們的 D3 策略正獲得客戶共鳴，客戶對我們差異化解決方案的興趣也反映在本季強勁的訂單成長上，包括超音波、MR、CT、病患監護、放射性藥物以及介入式導管室等多個領域的廣泛貢獻。這與我們所見的全球技術需求背景一致，並凸顯我們的差異化創新與前線團隊如何在市場上取得勝利。

In the U.S., we're seeing strong interest in Photonova Spectra, our photon-counting CT platform, and we expect CE marking in the second half of 2026, which will expand our opportunity in Europe. We've also received great customer feedback on True Definition DL, our latest deep learning CT software upgrade that enables nearly double the image resolution across the installed base.

在美國，我們看到市場對 Photonova Spectra（我們的光子計數 CT 平台）有強烈興趣；我們預期將於 2026 年下半年取得 CE 認證，這將擴大我們在歐洲的機會。我們也收到客戶對 True Definition DL 的高度正面回饋；這是我們最新的深度學習 CT 軟體升級，可在既有裝機基礎上將影像解析度提升至近乎兩倍。

Like Air Recon DL, this is another good example of how we are using AI to enhance the clinical value of existing systems while giving customers another pathway to enhance performance. We also offer this as a subscription model, which brings recurring revenue. Together, these innovations highlight how we're expanding the value of our CT portfolio through new products and software innovations that appeal to customers.

如同 Air Recon DL，這是我們運用 AI 來提升既有系統臨床價值的另一個良好例子，同時也為客戶提供另一條提升效能的途徑。我們亦以訂閱模式提供，帶來經常性收入。綜合而言，這些創新凸顯我們正透過新產品與軟體創新擴大 CT 產品組合的價值，並吸引客戶採用。

In PDx, we had a strong quarter in contrast media and robust growth in US radiopharmaceuticals. This reflects the growing demand for advanced imaging that requires the breadth of our PDx portfolio. As an example, Vizamyl, our amyloid PET imaging agent, had strong double-digit revenue growth in the quarter, reflecting an increase in therapy adoption and an evolving Alzheimer's ECHO Care system, which includes broader diagnostic capabilities to identify and evaluate at-risk patients.

在 PDx 方面，本季造影劑表現強勁，美國放射性藥物亦呈現穩健成長。這反映出市場對先進影像的需求日益增加，而這類需求需要我們 PDx 產品組合的廣度支援。例如，我們的類澱粉蛋白 PET 影像顯影劑 Vizamyl，本季營收呈現強勁的雙位數成長，反映治療採用率提升，以及阿茲海默症 ECHO Care 系統的演進；該系統包含更廣泛的診斷能力，用以辨識並評估高風險病患。

Additionally, we are on track with our Flyrcado ramp. In the quarter, we delivered 545 doses for the week ending July 24. This is approximately a 40% increase over April levels. We onboarded more customers this quarter, which we expect will lead to increased utilization in the second half of the year. Customer feedback and acceptance remains strong. Looking to the second half, we remain focused on continuing to build momentum and these important indicators of our long-term growth trajectory. We remain confident in our medium-term target of $500 million or more in annual revenues by 2028.

此外，我們的 Flyrcado 產能爬坡也按計畫進行。本季截至 7 月 24 日當週，我們交付了 545 劑量。這較 4 月水準約增加 40%。本季我們新增了更多客戶，我們預期這將在下半年帶動使用量提升。客戶回饋與接受度仍然強勁。展望下半年，我們仍聚焦持續累積動能，以及這些反映長期成長軌跡的重要指標。我們對 2028 年前達成年營收 5 億美元或以上的中期目標仍具信心。

Moving to business optimization. We continue to prioritize additional cost and price actions as we navigate a dynamic macro environment. We lead the industry in bringing AI to customers, and we're also equally focused on using AI inside the company to improve productivity, simplify work and strengthen our supply chain so teams can spend more time on activities that create the greatest value for our customers.

接著談業務優化。在動態的總體環境下，我們持續優先推動額外的成本與價格行動。我們在將 AI 帶給客戶方面領先業界，同時也同等重視在公司內部運用 AI 以提升生產力、簡化工作並強化供應鏈，讓團隊能把更多時間投入在為客戶創造最大價值的活動上。

Since implementing the operational changes to create AIS in Global Markets, we have significantly increased our customer focus with channel changes that were completed in the second quarter. The AIS structure allows us to be a more nimble and agile organization.

自從在全球市場實施營運變革以成立 AIS 以來，隨著第二季完成通路調整，我們已顯著提升對客戶的聚焦。AIS 架構使我們成為更靈活、更敏捷的組織。

Before I turn the call over to Jay to review our financial results, I'd like to take a moment to thank him for his partnership and contributions to GE Healthcare over the past three years. Jay has helped build a strong financial organization and still greater financial discipline across the company and has been an important partner as we've executed our strategy. We're grateful for his leadership and impact that he's had on the business, and we wish you all the best in your next endeavor. During this transition, I have full confidence in George Newcomb, our incoming interim CFO, who has extensive experience.

在我把電話交給 Jay 回顧財務結果之前，我想花點時間感謝他在過去三年與 GE Healthcare 的合作與貢獻。Jay 協助建立了強健的財務組織，並在全公司推動更高的財務紀律；在我們執行策略的過程中，他一直是重要的夥伴。我們感謝他的領導與對業務帶來的影響，並祝福你在下一段職涯一切順利。在此過渡期間，我對即將上任的代理財務長 George Newcomb 充滿信心，他擁有豐富的經驗。

With that, I'll turn the call over to Jay to review our financial results. Jay?

接下來，我把電話交給 Jay，請他回顧我們的財務結果。Jay？

Thanks, Pete. I really appreciate the partnership, and it's been a privilege to work alongside you in such a talented organization. I'm also proud of all that we've accomplished together, and I have great confidence in the team and the strong foundation we've built to continue executing on the strategy, delivering for patients, customers and shareholders.

謝謝你，Pete。我非常感謝這份合作關係，能在這樣一個人才濟濟的組織中與你並肩工作是一種榮幸。我也為我們共同完成的一切感到自豪，並且對團隊以及我們建立的堅實基礎充滿信心，能持續推進策略執行，為病患、客戶與股東創造價值。

With that, I'll turn to our second quarter financial performance on Slide 5. We delivered revenue of $5.3 billion, representing 3.5% organic growth year-over-year, in line with our expectations. On a reported basis, we saw revenue growth across all regions. We had solid performance in product and service revenues at 4.7% and 7.7% growth, respectively. Service growth benefited from operational performance as well as contributions from the recent Intelerad acquisition.

接下來，我將在投影片 5 說明我們第二季的財務表現。我們實現營收 53 億美元，年對年有機成長 3.5%，符合我們的預期。以報告口徑來看，我們在所有地區都看到營收成長。產品與服務營收分別成長 4.7% 與 7.7%，表現穩健。服務成長受惠於營運表現，以及近期收購 Intelerad 所帶來的貢獻。

Organic orders growth was robust, up 11.1% year-over-year, the highest since our spin. We saw orders growth across all of our segments, with particular strength in several of our longer-cycle products in radiology, which represents our former imaging business. These products have longer sales conversion cycles, and we expect these orders to contribute to revenue more meaningfully in 2027.

有機訂單成長強勁，年對年上升 11.1%，為我們分拆以來最高。我們所有事業部門的訂單皆成長，其中以放射科若干長週期產品表現尤為突出，該領域代表我們過去的影像業務。這些產品的銷售轉換週期較長，我們預期這些訂單將在 2027 年對營收做出更顯著的貢獻。

Book-to-bill was 1.15 times, also our highest since the spin, and we exited the quarter with a record backlog of $23.9 billion, up $2.6 billion year-over-year and $2.1 billion sequentially. Approximately 1/4 of the sequential increase is in product backlog, while the balance relates to multiyear service agreements that convert to revenue over time.

接單出貨比（Book-to-bill）為 1.15 倍，同樣是分拆以來最高；季度末我們的在手訂單（backlog）創下 239 億美元新高，年對年增加 26 億美元，較前一季增加 21 億美元。約四分之一的季增來自產品在手訂單，其餘則與多年期服務合約有關，這些合約會隨時間轉換為營收。

Adjusted EBIT of $750 million included $23 million in recognized refunds from IEEPA tariffs incurred in the first quarter of 2026. Adjusted EBIT margin of 14.2% was down 40 basis points year-over-year. We delivered adjusted EPS of $1.13 in the quarter, up 6.6% year-over-year. Adjusted EPS benefited from $0.04 of tariff refunds and $0.02 due to a lower tax rate year-over-year. Even when adjusting for these contributions, performance exceeded our expectations. Lastly, our free cash flow was $68 million in the quarter, which includes tariff refunds of $107 million.

調整後 EBIT 為 7.5 億美元，其中包含 2,300 萬美元，為 2026 年第一季所產生 IEEPA 關稅的已認列退稅。調整後 EBIT 利潤率為 14.2%，年對年下降 40 個基點。本季調整後 EPS 為 1.13 美元，年對年成長 6.6%。調整後 EPS 受惠於每股 0.04 美元的關稅退稅，以及年對年較低稅率帶來的每股 0.02 美元。即使扣除這些貢獻後，表現仍超出我們的預期。最後，本季自由現金流為 6,800 萬美元，其中包含 1.07 億美元的關稅退稅。

For this quarter, given macro dynamics, we thought it would be helpful to include additional details on our margin performance on Slide 6. Adjusted EBIT margin was 14.2%, down 40 basis points year-over-year. Let's walk through the drivers. First, year-over-year margin was negatively impacted by the challenging quarter in PCS as well as incremental inflationary costs from memory chips, oil and freight and other components. Despite these challenges, strong commercial execution drove volume growth, providing a margin tailwind year-over-year.

本季鑑於總體環境動態，我們認為在投影片 6 補充更多關於利潤率表現的細節會有所幫助。調整後 EBIT 利潤率為 14.2%，年對年下降 40 個基點。我們來逐一說明驅動因素。首先，年對年利潤率受到 PCS 困難季度的負面影響，以及記憶體晶片、油價與運輸費等帶來的額外通膨成本與其他零組件成本上升。儘管面臨這些挑戰，強勁的商業執行帶動量的成長，為年對年利潤率帶來正向助益。

Heartbeat is helping us better connect our product and commercial teams as we bring our latest innovations to market, supporting both growth and margin expansion. A great example is our Vivid Pioneer ultrasound, which leverages a platform approach to achieve a lower manufactured cost, coupled with differentiated AI capabilities that drive higher pricing. This product is performing better than we expected and has allowed us to deliver a significantly higher gross margin than the prior platform. This development model is replicated across all of our products in our new wave of innovation.

Heartbeat 正協助我們在將最新創新推向市場時，更好地連結產品與商業團隊，同時支持成長與利潤率擴張。一個很好的例子是我們的 Vivid Pioneer 超音波，透過平台化方法降低製造成本，並結合具差異化的 AI 能力以支撐更高定價。該產品表現優於我們預期，並使我們能夠實現顯著高於前一代平台的毛利率。這種開發模式也在我們新一波創新中的所有產品上複製推行。

Meanwhile, we're focusing on daily management to enable incremental price and cost actions to help offset inflation impacts in 2026. We started to see these improvements take hold in the second quarter and expect this to contribute more meaningfully to margin in the second half of the year and in 2027, even net of investments that we continue to make in the business. Lastly, the year-over-year impact of tariffs was neutral when including the benefit of refunds.

同時，我們聚焦日常管理，推動額外的價格與成本行動，以協助抵銷 2026 年的通膨影響。我們在第二季開始看到這些改善逐步落地，並預期即使扣除我們持續對業務的投資，這些措施仍將在下半年以及 2027 年對利潤率做出更具意義的貢獻。最後，若將退稅效益納入，關稅對年對年的影響為中性。

Let's move to segment performance, starting with Advanced Imaging Solutions on Slide 7. As a reminder, this is our first quarter reporting the combined business that were formerly known as Imaging and Advanced Visualization Solutions, and we are providing a recast of prior period financials on our website. Organic revenue grew 5% year-over-year, driven by strength in Cardiovascular and Interventional Solutions, CT and Molecular Imaging.

接著看各事業部門表現，先從投影片 7 的先進影像解決方案（Advanced Imaging Solutions）開始。提醒一下，這是我們首次以合併後的業務進行季度揭露，該業務先前分別稱為 Imaging 與 Advanced Visualization Solutions；我們也已在官網提供前期財務的重編（recast）。有機營收年對年成長 5%，主要由心血管與介入解決方案、CT 與分子影像的強勁表現所帶動。

EBIT margin increased 90 basis points year-over-year, driven by volume and price, partially offset by inflation. We expect the combination of higher-margin AI-enabled NPIs like those in MR and CT, along with elevated clinical and commercial expertise to continue to drive growth.

EBIT 利潤率年對年提升 90 個基點，主要由量與價格帶動，部分被通膨抵銷。我們預期，較高毛利、具 AI 功能的新產品導入（NPI）（例如 MR 與 CT 的產品），加上更高水準的臨床與商業專業能力，將持續推動成長。

Moving to Pharmaceutical Diagnostics on Slide 8. We delivered particularly strong organic revenue growth of 14.6%, with strong volume and pricing in contrast media as well as robust growth in our US. radiopharmaceutical business. This was driven by increased adoption of disease-specific tracers across the portfolio.

接著看投影片 8 的藥品診斷（Pharmaceutical Diagnostics）。我們實現特別強勁的有機營收成長 14.6%；造影劑業務的量與價格表現強勁，同時我們在美國的放射性藥品業務也有穩健成長。這主要由產品組合中各項疾病特異性示蹤劑（tracer）的採用率提升所帶動。

EBIT margin of 29.6% grew 30 basis points year-over-year, benefiting from volume and price, partially offset by planned investments in new products and our innovation pipeline. For example, we're making progress in our ongoing Phase II and III clinical trial for a non-gadolinium-based contrast agent, which we believe has the potential to significantly advance the MR contrast landscape.

EBIT 利潤率為 29.6%，年對年提升 30 個基點，受惠於量與價格，部分被對新產品與創新管線的既定投資所抵銷。例如，我們在一項非釓（gadolinium）基造影劑的第二期與第三期臨床試驗持續取得進展；我們相信這有潛力顯著推進 MR 造影劑的市場格局。

Looking ahead, we continue to expect growth driven by global contrast demand and scaling of our US radiopharmaceutical business. As a reminder, current market demand is close to outpacing total market supply. We're a leader in contrast media where we win through our focus on supply chain resiliency and delivering the diversity of SKUs our customers require.

展望未來，我們仍預期成長將由全球造影劑需求，以及我們美國放射性藥品業務的規模化所帶動。提醒一下，目前市場需求已接近超過整體市場供給。我們在造影劑領域居於領導地位，憑藉對供應鏈韌性的聚焦，以及提供客戶所需的多樣 SKU 來取得勝利。

Moving to Patient Care Solutions on Slide 9. Organic revenue declined 13.5% and segment EBIT was negative. We had operational fulfillment challenges in the quarter. As Pete mentioned, we've implemented several changes to strengthen supply and manufacturing capabilities that will address these issues. We expect to see supply improvement, which will benefit both sales and margin in the second half of the year. July has started well in this regard.

接著看投影片 9 的病患照護解決方案（Patient Care Solutions）。有機營收下滑 13.5%，部門 EBIT 為負值。本季我們在營運履約方面遭遇挑戰。如 Pete 所提，我們已實施多項變革以強化供應與製造能力，將可解決這些問題。我們預期供應將有所改善，並在下半年同時帶動銷售與利潤率。就此而言，7 月開局表現良好。

On a positive note, PCS had strong first half orders growth, driven by monitoring as well as demand for our premium anesthesia product internationally. Backlog is well positioned. And in the second half of the year, we expect to deliver sequential improvement driven by daily focus and weekly execution plans to drive volume and margin recovery. We expect FDA clearance for our premium anesthesia device in the second half of 2026. As we reflect on overall results in the quarter, while PCS continued to be challenged, we're very pleased with the performance in the remainder of our business.

正面來看，PCS 上半年訂單成長強勁，主要由監護（monitoring）以及國際市場對我們高階麻醉產品的需求所帶動。在手訂單狀況良好。而在下半年，我們預期在日常聚焦與每週執行計畫的推動下，將實現逐季改善，帶動量與利潤率的復甦。我們預期在 2026 年下半年取得我們高階麻醉設備的 FDA 核准。回顧本季整體結果，雖然 PCS 仍面臨挑戰，但我們對其餘業務的表現感到非常滿意。

Turning to cash on Slide 10. We delivered free cash flow of $68 million. Year-over-year cash flow increased primarily due to tariff refunds, partially offset by working capital investments and CapEx to support growth. We returned capital to shareholders through the repurchase of approximately $200 million worth of shares and continue to pay a dividend.

接著看投影片 10 的現金流。我們實現自由現金流 6,800 萬美元。年對年現金流增加主要來自關稅退稅，部分被為支持成長所進行的營運資金投資與資本支出（CapEx）所抵銷。我們透過回購約 2 億美元的股票向股東返還資本，並持續發放股利。

I'll now turn the call back over to Pete to talk more about the full year outlook. Pete?

我現在把電話交回給 Pete，請他進一步談談全年展望。Pete？

Thanks, Jay. As noted throughout the call, we're pleased with the momentum in our business, reflecting healthy end market demand and continued commercial execution, which gives us confidence in our full year outlook. We're maintaining full year guidance, and this reflects 3% to 4% organic sales growth and 10 basis points to 40 basis points adjusted EBIT margin expansion that gets us to a range of 15.4% to 15.7%.

謝謝，Jay。如同整場電話會議中所提到的，我們對業務動能感到滿意，這反映出終端市場需求健康，以及商業執行持續到位，讓我們對全年展望更有信心。我們維持全年指引不變，包含有機銷售成長3%至4%，以及調整後EBIT利潤率擴張10至40個基點，使利潤率落在15.4%至15.7%的區間。

We're maintaining our adjusted EPS guidance in the range of $4.80 to $5, approximately 5% to 9% growth year-over-year. Free cash flow is expected to be approximately $1.6 billion in 2026. For the third quarter, we expect year-over-year organic revenue growth to be in the range of 3% to 4% as well as low double-digit adjusted EPS growth year-over-year.

我們也維持調整後EPS指引在4.80至5.00美元區間，約為年增5%至9%。預期2026年的自由現金流約為16億美元。就第三季而言，我們預期有機營收年增將落在3%至4%的區間，同時調整後EPS年增為低雙位數。

Now I'll turn to Slide 12, which highlights the strategic value of creating AIS and how our team, our differentiated portfolio and these unique advantages are advancing our growth strategy. We're in the early stages of our new wave of innovation, which is already driving strong results as reflected in our orders growth in the quarter, while also delivering higher gross margins as these products scale.

接著我將翻到第12頁投影片，重點說明成立AIS的策略價值，以及我們的團隊、差異化產品組合與這些獨特優勢如何推進我們的成長策略。我們正處於新一波創新的早期階段，已經帶來強勁成果，反映在本季訂單成長上；同時，隨著這些產品規模化，也帶來更高的毛利率。

Today, we have stronger commercial alignment with our customers, which includes three areas that we hear differentiate GE Healthcare. One, deeper clinical expertise. Our field teams with their business alignment create an agile team of experts able to address clinical and technical challenges.

目前，我們與客戶之間的商業協同更為緊密，其中包含三個我們聽到能夠區隔GE Healthcare的面向。第一，更深厚的臨床專業。我們的前線團隊透過業務對齊，形成一支敏捷的專家團隊，能夠應對臨床與技術挑戰。

Two, our expanded service capabilities, which includes equipment maintenance and also a growing set of SaaS and software AI-enabled offerings brings a broad toolkit to customers; and three, GE Healthcare brings enterprise problem solving to all levels in the integrated delivery network globally. We hear from customers that our teams are collaborative, creative and relentlessly focused on helping them solve their toughest challenges. These three areas allow us to get closer to our customers and help them solve increasingly complex clinical and operational challenges.

第二，我們擴大的服務能力，包含設備維護，以及日益增加的一系列SaaS與軟體AI賦能的產品，為客戶提供廣泛的工具組合；第三，GE Healthcare在全球整合式醫療服務網路（IDN）的各個層級提供企業級問題解決能力。我們從客戶那裡聽到，我們的團隊善於協作、富有創意，並且始終專注於協助他們解決最棘手的挑戰。這三個面向讓我們能更貼近客戶，並協助他們解決日益複雜的臨床與營運挑戰。

Lastly, Heartbeat strengthens how we execute. It enables repeatable processes and a culture of accountability and connects our teams more closely with customers. While we're still early in our Heartbeat journey, we're already seeing the benefits a global business system can bring. This focus is helping us win opportunities with leading institutions like the examples you'll see on the next slide.

最後，Heartbeat強化了我們的執行方式。它促成可複製的流程與問責文化，並讓我們的團隊與客戶更緊密連結。雖然我們的Heartbeat旅程仍在早期，但我們已經看到全球性業務系統所能帶來的效益。這項聚焦正協助我們贏得與領先機構的合作機會，例如你們在下一頁投影片將看到的案例。

Catholic Health in New York wanted to expand their structural heart and electrophysiology programs and improve productivity and consistency across care settings. Working with their team, we jointly built a road map for technology modernization and services support to address their needs. This includes our latest cardiovascular ultrasound, Vivid Pioneer, our interventional platform, Allia, and comprehensive digital tools to create a disease state integrated solution, which strengthens Catholic Health's position in the market. Technology was an enabler, not a starting point. The result was an approximately $500 million agreement for equipment, service and process expertise that will result in orders over time.

紐約的Catholic Health希望擴大其結構性心臟與心臟電生理（electrophysiology）計畫，並提升不同照護場域的生產力與一致性。我們與他們的團隊合作，共同建立技術現代化與服務支援的路線圖，以滿足其需求。其中包括我們最新的心血管超音波Vivid Pioneer、介入平台Allia，以及完整的數位工具，用以打造以疾病狀態為核心的整合式解決方案，強化Catholic Health在市場上的地位。技術是促成因素，而非起點。最終成果是一項約5億美元的協議，涵蓋設備、服務與流程專業，並將在時間推移中帶來訂單。

We saw a similar dynamic with the University Hospital Essen in Germany, where the focus was oncology and theranostics. By aligning technology goals and targeted outcomes, we work together to provide a fully integrated nuclear medicine solution that includes cyclotrons for tracer production, our new Total Body PET and SPECT/CT systems and MIM software for AI-enabled imaging analysis and therapy planning. These two examples show how we bring together our portfolio around disease states, not just products, underscoring the value of D3 and Heartbeat to deliver for customers.

我們在德國的埃森大學醫院（University Hospital Essen）也看到類似的動態，當時的重點是腫瘤學與診療一體化（theranostics）。透過對齊技術目標與具體成果，我們共同提供一套完全整合的核醫解決方案，包含用於示蹤劑生產的迴旋加速器（cyclotrons）、我們新的全身PET與SPECT/CT系統，以及用於AI賦能影像分析與治療規劃的MIM軟體。這兩個案例顯示，我們是以疾病狀態而不僅是產品來整合我們的產品組合，凸顯D3與Heartbeat為客戶交付成果的價值。

In summary, we've made meaningful progress with our innovation pipeline. New products are gaining traction. Our commercial changes are demonstrating results and our recent customer agreements show how those innovations are being pulled into larger long-term relationships. I'm proud of the AIS and PDx teams for their performance in the quarter.

總結來說，我們在創新產品管線方面取得了實質進展。新產品正逐步獲得市場動能。我們的商業變革正在展現成果，而近期的客戶協議也顯示，這些創新正被納入更大型、長期的合作關係中。我為AIS與PDx團隊本季的表現感到自豪。

Combined, these two businesses grew approximately 6.5% and expanded margin 100 basis points year-over-year. We remain confident in the fundamentals of our business, and I'm proud of our team's commitment to delivering value for patients and customers worldwide.

合計而言，這兩個業務年增約6.5%，利潤率年增擴張100個基點。我們對業務基本面仍然充滿信心，也為團隊致力於為全球病患與客戶創造價值的承諾感到自豪。

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

接下來，我們將開放問答。

Operator, we'll go ahead and take questions. Operator, can you please open the line?

接線員，我們現在開始提問。接線員，請您開放線路。

(Operator Instructions)

（接線員指示）

Larry Biegelsen, Wells Fargo.

Wells Fargo的Larry Biegelsen。

Good morning. Thanks for taking the questions. And, Jay, it was a pleasure working with you, and I wish you nothing but the best of luck going forward. So for my first question, Pete, I'd love to hear more color on what drove the strength in orders in Q2. Was there anything one-time? And how sustainable is that? And you know there are concerns around capital equipment demand in the US given the ACA subsidy cuts. What are you seeing? Thank you.

早安。謝謝讓我提問。另外，Jay，能與你共事很愉快，也祝你未來一切順利。我的第一個問題是，Pete，我想更了解第二季訂單強勁的驅動因素。是否有任何一次性因素？這樣的表現有多可持續？此外，鑑於ACA補貼削減，市場對美國資本設備需求有所擔憂。你們觀察到什麼情況？謝謝。

Yes, Larry, thanks for the question. Look, I mean, we were delighted with our orders performance in the quarter. I would say, look, I mean, 11% is an outstanding number. We've always talked about that being in the mid-single-digit range with orders is quite critical. I think we feel good about that as we go into the second half as well. And that converts that mid-single digit to mid-single-digit revenue, again, which is aligned to our guide. So this is quite good.

好的，Larry，謝謝你的問題。我們對本季訂單表現非常高興。我會說，11%是一個非常出色的數字。我們一直提到，訂單維持在中個位數成長區間相當關鍵。我認為，進入下半年我們對此也感到樂觀。而這也會把中個位數的訂單轉化為中個位數的營收成長，這與我們的指引一致。所以這相當不錯。

There really weren't any particular one-timers or any type of business coming in from Q3. It was just really good execution at a street level with our teams with the vast majority of it being our legacy portfolio. That complemented with some of the new products helping to deliver. And then as we've done and I highlighted the addition of enterprise accounts. I think we had about 6 enterprise accounts that contributed to some of the growth. But again, there weren't any items that were significantly big ones that were outliers. It was broad-based, and it was pretty consistent.

其實沒有任何特別的一次性因素，或是從第三季提前進來的業務。主要就是我們團隊在第一線的執行非常到位，其中絕大部分來自我們的既有產品組合。再加上一些新產品也有所貢獻。另外，如同我提到的，我們也新增了企業級客戶（enterprise accounts）。我想大約有6個企業級客戶對部分成長有所貢獻。但同樣地，沒有任何特別大、屬於離群值的單一項目。整體是廣泛分布的，而且相當一致。

I think if you look across molecular imaging, ultrasound, MR, CT, our vascular labs, the ultrasound whole portfolio, we talk a lot about cardiac, but point of care, general, women's health, everyone did well. And I would say there's been a lot of focus by our teams on how we execute. So we talk a lot about Heartbeat and the management system, but some of those things get down to how do we improve visibility. And we improve visibility, meaning what deals we see to participate around the world in by a couple of points this quarter.

我認為，如果你看分子影像、超音波、MR、CT、我們的血管實驗室，以及整個超音波產品組合，我們常談心臟領域，但包含床邊照護（point of care）、一般用途、女性健康等，各個領域表現都很好。我也會說，我們團隊在如何提升執行力上投入了很多心力。所以我們常談Heartbeat與管理系統，但其中一些具體作法會落到：我們如何提升可視性。而我們提升可視性，指的是本季我們能在全球看到並參與的交易（deals）比例提升了幾個百分點。

That translated into a couple of points of higher win rate. And those are some of the actions that you can't always execute each quarter on, but it came together quite well. So that's the broader level of it. And again, relative to a beat on the orders, that's the way we'd like to see it. It was broad-based and consistent across the board.

這也轉化為勝率提高了幾個百分點。這些行動並非每一季都能完全到位，但這一季整體配合得相當好。以上是較宏觀的說明。同樣地，就訂單超預期而言，這正是我們希望看到的方式。表現是廣泛且一致的，涵蓋各個面向。

The other aspect, I think you mentioned was how the markets are doing. From a procedure standpoint, I know there's been various news in the marketplace. Our best procedures view is really how PDx is doing and then actually how we would see some of the equipment that goes into procedure-based areas like cath labs. Both of those are doing very well. Our contrast agent business is doing extremely well. You heard that Jay mention about the performance of the numbers, both radiopharma as well as in contrast. And so that's a procedure based.

我認為你提到的另一個面向是市場表現如何。從手術量（procedure）的角度來看，我知道市場上有各式各樣的新聞。我們就手術量的最佳觀察，主要是看 PDx 的表現，以及實際上我們如何看待那些進入以手術為主的場域（例如心導管室 cath labs）的部分設備。這兩者目前都表現得非常好。我們的顯影劑（contrast agent）業務表現極為強勁。你也聽到 Jay 提到數字表現，無論是放射性藥物（radiopharma）還是顯影劑。因此，這確實是以手術量為基礎的表現。

And then in our vascular and surgical businesses, both represent vascular procedures, ortho procedures, cardiac, all of those continue to do well. And we haven't really seen any pullback from surveys that we've done out there. I would remind you, though, that we are a type of business that when any type of challenge comes to the hospital, the ability to have an imaging study that can get to a diagnosis very quickly and move a patient on to the right type of therapy and be able to get them out of the system healthy, we typically see an uptick. And in many cases, with large deals, that's a big part of the discussion. What can we do to improve their overall productivity. So thanks for the question.

接著在我們的血管與外科業務方面，兩者都代表血管手術、骨科手術、心臟相關等，這些都持續表現良好。而且從我們在外部做的調查來看，並沒有真正看到任何回落。不過我也提醒你，我們這類型的業務通常是：當醫院面臨任何挑戰時，能夠透過影像檢查快速做出診斷、把病人導向正確的治療，並讓他們健康地離開醫療體系，我們通常會看到需求上升。而在許多大型交易中，這也是討論的很大一部分。我們能做些什麼來提升他們的整體生產力。所以謝謝你的提問。

No, That's very helpful. And just for my follow-up, Pete, we heard the Q3 guidance that you gave. The comps get tougher in the second half. Help bridge the second half implied acceleration on a comp-adjusted basis embedded in the guidance. What are the drivers? Thanks for taking the question.

不，這非常有幫助。另外就我的追問，Pete，我們聽到了你給的第三季（Q3）指引。下半年比較基期會變得更具挑戰。請協助說明：在指引中、以調整比較基期（comp-adjusted）的角度看，下半年隱含的加速成長要如何銜接？驅動因素是什麼？謝謝讓我提問。

Sure, Larry. Maybe I'll start on this one. I think a lot of this comes down to the robust orders performance that Pete talked to, 11% on a quarter basis. If you look at it on a two-year stack, over 7% order growth, it really sets us up well heading into the second half. As we think about the first half to second half split over the last few years, we've seen roughly 48% of our revenue in the first half and 52% in the second half. Our 2026 outlook is basically in line with this historic trend.

當然，Larry。也許我先回答這題。我認為很大一部分來自 Pete 提到的強勁訂單表現，單季訂單成長 11%。如果用兩年疊加（two-year stack）來看，訂單成長超過 7%，這確實讓我們在進入下半年時處於很好的位置。回顧過去幾年上半年與下半年的分布，我們大約有 48% 的營收在上半年、52% 在下半年。我們對 2026 年的展望基本上與這個歷史趨勢一致。

And as we look into the third quarter, one of the areas that we analyze is the thing called secured rate, how secure is the equipment revenue heading into the quarter. And our secured rate on equipment, we're at over 80%, nearly 85% secured entering the quarter, which is up several percentage points versus prior quarters. So we feel very good about that forecast. Also supporting the second half growth will be PCS stabilization. We'll see a bit of that and Flyrcado growth and more broadly, radiopharmaceutical growth as well. So really, those are the contributors to the second half, which we feel very solid about at this point in the quarter.

而當我們看進第三季時，我們會分析一個稱為「secured rate」的指標，也就是進入該季度時設備營收的確定程度有多高。我們設備的 secured rate 超過 80%，接近 85% 在進入季度時就已確定，較前幾季提高了好幾個百分點。因此我們對這個預測感到非常有信心。另外支撐下半年成長的還有 PCS 的穩定化。我們也會看到一些這方面的改善，以及 Flyrcado 的成長，並且更廣泛地，放射性藥物的成長也會帶動。所以總的來說，這些就是下半年的貢獻來源，而在本季目前這個時間點，我們對此感到非常踏實。

And from a bottom line standpoint, look, our seasonality is such that we have more profit in the second half than the first half, we typically do. Historically, it's 55% roughly in the second half, 45% in the first half. And historically, we see from the first half to second half about 2.5 percentage points of margin improvement. Now interestingly, we'll do a little bit better than that this year.

從獲利端來看，我們的季節性一向是下半年獲利高於上半年，通常如此。歷史上大約是下半年 55%、上半年 45%。而且歷史上我們從上半年到下半年通常會看到約 2.5 個百分點的利潤率改善。有趣的是，今年我們會比這個幅度再好一些。

And what it's going to come down to is really all the price and cost actions that we implemented in the second quarter that will carry us through into the second half, driving us over 300 basis points of expansion from the first half to the second half, with the other notable point being the new products that are coming in that are higher margins really help the mix as we approach the second half. So really, that's the story of the first half versus the second half, Larry. Thanks so much.

而這主要會取決於我們在第二季所推動的所有價格與成本行動，這些將延續到下半年，帶動我們從上半年到下半年超過 300 個基點的擴張；另外一個值得注意的點是，新導入的產品毛利率更高，當我們進入下半年時，產品組合（mix）也會因此受益。所以這就是上半年相較下半年的整體故事，Larry。非常感謝。

(Operator Instructions)

（接線員指示）

Vijay Kumar, Evercore ISI.

Vijay Kumar，Evercore ISI。

Congrats. Pete, maybe my first one for you on the Pharma Diagnostics, another solid mid-teens. You gave the Flyrcado numbers. Can you just talk about what's driving it? It looks like the base business ex-Flyrcado is doing really well. What's driving that? And how are we thinking about Flyrcado ramp? Are we still good for the $0.5 billion number? Maybe time lines are moving here?

恭喜。Pete，我第一題想問你關於藥品診斷（Pharma Diagnostics），又是一個穩健的中十位數成長。你提供了 Flyrcado 的數字。能否談談是什麼在驅動？看起來扣除 Flyrcado 的基礎業務（base business ex-Flyrcado）表現也非常好。那是什麼在驅動？以及我們該如何看待 Flyrcado 的放量（ramp）？我們對 5 億美元（$0.5 billion）的目標數字仍然有把握嗎？時間表是否有在變動？

Yeah, Vijay, thanks for the question. Maybe I'll start at PDx and just kind of flow down through it to that point. So again, we did have a very strong quarter, and it was contrast and it was broad-based in radiopharma. And again, I think this is right on pace to many of the trends that we're seeing out there. We've said in the past, we expect the business to grow high single-digit range. I think that's kind of the expectation. This was obviously a little bit higher performance within the given quarter. But it was a broad-based. I think I mentioned Vizamyl, that was up significantly. And again, it's highly tied to the amyloid beta therapy adoption doing well there.

是的，Vijay，謝謝你的提問。我先從 PDx 談起，然後一路帶到你提到的那個點。所以再一次，我們確實有一個非常強勁的季度，顯影劑表現強，放射性藥物也呈現廣泛性的成長。而且我認為這與我們在外部看到的許多趨勢完全一致。我們過去說過，我們預期這項業務會在高個位數區間成長。我想那大致就是市場的預期。這一季在既定季度內的表現顯然高了一些。但這是廣泛性的成長。我想我提到過 Vizamyl，成長顯著。而且這與類澱粉蛋白 β（amyloid beta）療法的採用進展良好高度相關。

Our product DaTscan for Parkinson's disease was up quite a bit, Cerianna in breast cancer. And then obviously, Flyrcado is kind of our premier product within that area, and we're pleased with the progress. I think this won't obviously be linear. There's going to be bigger spikes at different points in time. But at this point, the 545 doses, which again is about 40% increase.

我們用於帕金森氏症的產品 DaTscan 也成長不少，還有用於乳癌的 Cerianna。而很明顯地，Flyrcado 算是我們在該領域的旗艦產品，我們對進展感到滿意。我認為這當然不會是線性的。在不同時間點會出現更大的跳升。但就目前而言，545 劑量（doses）代表大約 40% 的增幅。

The other aspect I mentioned in the prepared remarks was the fact that we brought on quite a few new customers as well, pretty much about that same ratio. And they will -- when you bring them on, I think we've talked about this in the past, first 60 days, they're minimally productive. And then past that, they start increasing the amount of doses. And so we're in a really good spot here to ramp this up as we go into Q3 and Q4. The longer-term opportunity of $0.5 billion annually by 2028 is fully intact.

我在事先準備的發言中提到的另一個面向是，我們也新增了相當多的新客戶，比例大致也差不多。而當你把他們納入後——我想我們過去談過——前 60 天他們的產出（productive）是最低的。之後他們就會開始提高劑量用量。因此，當我們進入第三季與第四季時，我們在放量上處於非常好的位置。到 2028 年每年 5 億美元的長期機會完全不變。

I mean, again, remind people, if you think of the perfusion studies that are out there in the PET world, you get about 10% of those studies overall, that's roughly about $500 million in revenue. So we think, as we've always talked about, we have much -- a very good chance to do better than that, but we're focused on the $0.5 billion here by 2028.

我的意思是，再提醒大家，如果你看 PET 領域中現有的灌注（perfusion）檢查，我們大約拿到整體檢查量的 10%，那大約就是 5 億美元的營收。所以我們認為，如同我們一直談到的，我們有很——有非常好的機會做得比那更好，但我們目前聚焦在 2028 年達到 5 億美元。

That's very helpful, Pete. Jay, one for you. Look, there's never an ideal time for transition. It seemed a bit abrupt for us. Maybe talk about why now and where are we in the CFO search process?

這非常有幫助，Pete。Jay，我有一題問你。你看，交接從來沒有理想的時機。對我們來說看起來有點突然。能否談談為什麼是現在，以及我們在 CFO 搜尋流程上進展到哪一步？

Vijay, obviously, it's very difficult to leave. We've made such tremendous progress at the company on the innovation pipeline, really setting up processes, establishing the Heartbeat operating system. I feel so good about where the business currently sits and where it's heading. And so makes it very hard to leave.

Vijay，顯然，要離開是非常困難的。我們在公司的創新產品管線上取得了巨大的進展，真正建立起流程，並建置了 Heartbeat 營運系統。我對目前業務所處的位置以及未來走向感到非常有信心。因此，這讓離開變得非常不容易。

Also, the partnership with Pete and our leadership team has been a remarkable one. I have nothing but respect for that team. And I believe we have a world-class finance function that I've been privileged to work with. So all of that makes it difficult. For me, what this came down to is a very unique opportunity at a great company to expand my role beyond finance. So that's what really this came down to. It's never an opportune time. But what I would say is I really do believe we've put the building blocks in place that have set the company up going forward in the right direction.

另外，與 Pete 以及我們領導團隊的合作關係也非常卓越。我對那個團隊只有尊敬。而且我相信我們擁有世界級的財務職能，我很榮幸能與之共事。所以這一切都讓離開變得困難。對我而言，歸根結底是一個在一家優秀公司出現的非常獨特機會，能讓我的角色擴展到財務以外。所以這才是真正的原因。離開從來都不是一個恰當的時機。但我想說的是，我確實相信我們已經把各項基礎建設到位，讓公司未來能朝正確方向前進。

Pete, maybe you could talk a little bit about the search.

Pete，也許你可以稍微談談這次的尋覓（人選）進度。

Yeah, I'll take the search. I mean, obviously, Vijay, we just kicked it off. We're going to move quite quickly as we dig into it. I think we're blessed with our market recognition, people understanding what we're doing with AI, how we're in the interesting seat to transform healthcare. So we've got a lot of interest that's out there. And so I would expect we'll be able to talk more about it here in the coming months about how we're making progress against it.

好的，我來談談尋覓。我的意思是，顯然，Vijay，我們才剛啟動。在深入推進時，我們會相當快速地往前走。我認為我們很幸運擁有市場知名度，大家理解我們在 AI 上做的事情，以及我們正處於一個能夠改造醫療照護的有利位置。所以外界有很多興趣。因此我預期在接下來幾個月，我們會能更進一步談到我們在這方面的進展。

In the meantime, George, who's been with us over 38 years in many different roles, deeply involved in all of our operations over the past years, at least since I've been here and beyond, is going to be a great partner here for me.

同時，George 已與我們共事超過 38 年，擔任過許多不同職務，過去多年深度參與我們所有營運——至少自我在任以來乃至更早——他會是我在這裡非常好的夥伴。

Understood. Wishing you the best as a chance, NJ.

了解。祝你在新的機會一切順利，NJ。

Thanks, Vijay.

謝謝你，Vijay。

Rick Wise, Stifel.

Rick Wise，Stifel。

Good morning, Pete, a question for you and then a question for Jay. You obviously talked about the new wave of innovation. And stepping back, just are you seeing the impact from that wave of innovation broadly speaking? Is that broadly at a higher level, we're seeing drive orders? Should we expect to see that broad portfolio drive accelerated order growth as you look ahead for the next several years? How are you thinking about it? And most specifically, talk about the impact that having Photonova Spectra now launched is having broadly on the full portfolio pull-through?

早安，Pete，我先問你一個問題，然後再問 Jay 一個問題。你顯然談到了新一波的創新。退一步來看，你是否正在廣義上看到那一波創新所帶來的影響？也就是在更高層次上，我們是否看到它在推動訂單？展望未來幾年，我們是否應該預期整體產品組合會帶動訂單成長加速？你是怎麼思考的？更具體地說，談談 Photonova Spectra 現在已經上市，對整體產品組合的帶動效應（pull-through）有什麼廣泛影響？

Yeah, Rick, thanks for the question. Again, I think particularly if you look at this quarter, we really had all the things kind of come together. I mean we've had some growth here from some of the new products. But again, in the spectrum of all the products that we've talked about, it's still under 20% of the value, meaning it's still a smaller contributor. I'll talk about Photonova in a minute, but Photonova was a minimal contributor to the orders book. That's all still in front of us.

好的，Rick，謝謝你的問題。再說一次，我認為特別是如果你看本季，確實各項因素有點同時到位。我的意思是，我們確實從一些新產品看到成長。但同樣地，在我們談到的所有產品光譜中，這部分仍不到 20% 的價值，也就是說它仍是較小的貢獻者。我等一下會談 Photonova，但 Photonova 對訂單簿的貢獻很小。那些都還在前方等著我們。

What really drove CT was our breadth of our core product line. So you've got really good products that we've been able to raise some level of price, fair amount of price on them and new products that actually have better cost positions and slightly higher price. That's in that book. But I think some of these changes we just talked about, we mentioned Global Markets and AIS, our ability to actually just execute better in front of the customer to be able to describe why us versus someone else, be able to focus on their problem and how to bring our products together to solve their problems. We've been focused on this quite a bit.

真正帶動 CT 的，是我們核心產品線的廣度。所以你有非常好的產品，我們也能在其上提高一定程度的價格——相當幅度的提價——以及一些新產品，這些新產品實際上具有更好的成本結構，且價格略高。這些都反映在訂單簿中。但我認為我們剛談到的一些變化——我們提到 Global Markets 和 AIS——我們能夠在客戶面前更好地執行，能夠說清楚為什麼選我們而不是別人，能夠聚焦他們的問題，以及如何把我們的產品整合起來解決他們的問題。我們在這方面投入了相當多的心力。

And so that's a rising impact, and I give a lot of credit to our field teams, both sales and service for that aspect of it. And then the piece relative to enterprise, there are more and more enterprise deals increasing. But I mean, just to put in perspective, I talked about Catholic Health, which is a great partner. Only about one-fifth of those orders are actually a part of what went in the second quarter. So there's still much in front of us. So it was broad-based and consistent.

因此這方面的影響正在上升，我要把很大的功勞歸於我們的前線團隊，包括銷售與服務，在這一塊做得很好。另外就企業端而言，企業級交易越來越多、也在增加。但我想提供一個對照：我提到的 Catholic Health，是很棒的合作夥伴。其中只有大約五分之一的訂單，實際上是第二季入帳的部分。所以我們前面還有很多。因此這是廣泛且一致的成長。

And then I think when you look at MR, MR is an area for us that we have talked about investing in to increase margins. We talked about increasing and changing the profile. The team has done quite well, the Bolt 3T, the new fully integrated user experience, which we updated just a few months ago. It's the first change in probably 25 years in our MR platform, widely viewed as probably the best UI now in the marketplace, making a big difference.

再來看 MR，MR 是我們一直談到要投資、以提升毛利率的領域。我們談到要提升並改變其組合輪廓。團隊做得相當好：Bolt 3T、全新且完全整合的使用者體驗，我們就在幾個月前更新。這大概是我們 MR 平台 25 年來的第一次變更，普遍被認為現在可能是市場上最好的 UI，帶來很大的差異。

The whole portfolio that's playing out in molecular imaging, our PET platform, what's happening there doing well. PCS, as we mentioned, actually on the orders front, actually doing quite well with monitoring for the new platforms that are out there. And then in the AI and specifically in ultrasound and interventional, we're doing very well. And those products, as Phil mentioned as well, have a faster turn. So they will contribute more to a revenue conversion in the second half. The traditional imaging products will be probably more so early in 2027, mainly because they have a room build-out. But we're in very good shape there.

分子影像方面，整個產品組合正在展開，我們的 PET 平台，以及那邊的進展都表現良好。PCS 如我們提到的，在訂單面其實表現相當不錯，針對市面上新平台的監測需求。此外在 AI，特別是在超音波與介入式領域，我們做得非常好。而這些產品，如 Phil 也提到的，週轉更快。因此它們在下半年對營收轉換的貢獻會更大。傳統影像產品可能會更偏向在 2027 年初貢獻，主要因為需要機房建置。但我們在那方面的狀況非常好。

And to your Photonova question, things are on track. I had mentioned we need CE marking. That's going to be in the second half of the year. It's a little bit later than we initially communicated, but all in good shape there. We had really very good step-ups in the funnel. I mean this is preorder, but this is prospects that were qualified and ready to step into an order phase. So we're in quite good shape there. And again, that will be a significant growth driver here as we get late to this year and into next year. And so at this point in time, it's not a major driver within the orders book, but will be in the future.

至於你問的 Photonova，進度都在軌道上。我先前提到我們需要 CE 認證。那會在今年下半年取得。比我們最初對外溝通的時間稍晚一些，但整體狀況都很好。我們在漏斗（funnel）中看到非常好的躍升。我的意思是，這是預購，但這些是已被篩選、具備資格，並準備進入下單階段的潛在客戶。所以我們的狀況相當不錯。而且同樣地，隨著今年稍晚以及進入明年，它將成為重要的成長驅動因素。因此就目前而言，它在訂單簿中還不是主要驅動，但未來會是。

Got you. And Jay, wishing you all the best in your next job, new role. But you're leaving Pete, you're leaving your successor and you're leaving us with the medium-term '26, '28 outlook goals and targets, the mid-single-digit organic growth, high teens to 20% adjusted EBIT margin, high single-digit to low double-digit EPS growth, 90% free cash flow conversion. Sorry to recite it all, but what's your comfort as you're leaving, or Pete, what's your comfort with the medium-term targets now? Thank you so much.

了解。Jay，也祝你在下一份工作、新角色一切順利。不過你離開後，留給 Pete、留給你的接任者、也留給我們的是 2026 到 2028 年的中期展望目標與指引：中個位數的有機成長、經調整 EBIT 利潤率高十幾到 20%、EPS 成長高個位數到低雙位數、自由現金流轉換率 90%。抱歉我把它全部背了一遍，但你在離開之際的信心如何？或者 Pete，你對目前這些中期目標的信心如何？非常感謝。

So Rick, while we're here live, I'll let Jay make his comment, and then I'll jump in. Jay, maybe you want to hit it quickly.

所以 Rick，既然我們現在是現場直播，我會先讓 Jay 發表他的看法，然後我再補充。Jay，你或許可以簡短帶過。

Yeah, Rick, we feel very good about the midterm story. And for us, what we always knew was that the midterm story would be unlocked by 2 things: One, the innovation cycle, and I'm so proud that we've been able to deliver on this. And now it's about executing commercialization that's going to drive that; and two is implementation of an operating system.

是的，Rick，我們對中期成長故事感到非常有信心。對我們而言，我們一直都知道，中期成長故事會由兩件事解鎖：第一是創新週期，我非常自豪我們已經能夠兌現這一點。而現在重點在於執行商業化，這將驅動它；第二是導入一套作業系統。

We call it Heartbeat to drive rigor around commercial and the operational aspects of what we need to do. And so those 2 ingredients are going to be the things that unlock this midterm story. And I have to say both have been put in place and serve as an incredibly solid foundation. Pete?

我們稱之為 Heartbeat，用來在商業面與營運面我們需要做的事情上，建立更嚴謹的管理節奏。因此，這兩個要素將是解鎖這個中期成長故事的關鍵。我必須說，兩者都已經到位，並且構成極其穩固的基礎。Pete？

Yeah, No, look, I think, Rick, we feel quite bullish about where we stand with our midterm targets. Jay hit it. I mean, look, it all starts with, do you have the right demand in the marketplace, which is matched up with the right sales and service teams, but it comes with the right products. We believe we've got the right portfolio coming out. And that portfolio is yet to really deliver the type of results.

是的，不，聽著，我認為，Rick，我們對自身在中期目標上的位置相當樂觀。Jay 已經點到了。我的意思是，聽著，一切都始於：市場上是否有正確的需求，並且能與正確的銷售與服務團隊相匹配，同時也要有正確的產品。我們相信我們即將推出的產品組合是正確的。而這個產品組合尚未真正交出那種水準的成果。

I just mentioned the Photonova ramp that we expect. All of those products have the opportunity for higher price. There's not been one product that we introduced that hasn't come out at a higher value than its predicate and customers are willing to pay for it. Why? Because it has a lot of embedded features that makes them more productive, whether they're AI or just how they're built into it. And we've leveraged this platform approach where we've been able to come up with, I think, better reliability, but also better cost because of the reuse and leverage of different chassis.

我剛才提到我們預期的 Photonova 放量爬坡。所有這些產品都有機會以更高的價格銷售。我們推出的每一款產品，沒有一款不是以高於前代產品的價值推出，而且客戶願意為此買單。為什麼？因為它內建了許多功能，讓客戶更具生產力，不論是 AI 功能，或只是其內建方式本身。而我們也運用這種平台化的方法，讓我們能夠達到我認為更好的可靠性，同時也因為重複使用並槓桿不同底盤而帶來更好的成本結構。

So the combination of those is faster growth and better gross margin. So there's a big chunk there. Jay hit on Heartbeat, which, again, I think you're going to hear more and more about what that does for consistency and better execution. And then this point I made on the prepared remarks about AI inside, we see a significant opportunity to increase our own productivity with the use of AI inside so that as we grow, we can grow with a lower G&A based on a higher base.

因此，這些因素的組合帶來更快的成長與更好的毛利率。所以這裡有很大一塊貢獻。Jay 提到了 Heartbeat，我想你們會越來越常聽到它，因為它能帶來一致性與更好的執行力。另外我在準備好的發言中提到「內部導入 AI」這點，我們看到一個顯著的機會：透過在內部使用 AI 來提升我們自身的生產力，讓我們在成長的同時，能以更高的基礎規模來攤提，進而以較低的 G&A 成本成長。

And a lot of that is with the use of agents and tools that can help us be more consistent. So we're locked in. We feel very good about our midterm targets. And honestly, this was a great quarter here to demonstrate that we're well positioned to deliver on it.

而其中很大一部分來自使用代理（agents）與工具，幫助我們更一致地運作。所以我們已經全力投入。我們對中期目標感到非常有信心。坦白說，這一季是很好的示範，證明我們已經處於有利位置，能夠兌現這些目標。

Travis Steed, BofA Securities.

Travis Steed，美國銀行證券（BofA Securities）。

Hey, thanks for taking the question, and Jay, we'll miss working with you and best of luck in your new role. I wanted to ask about inflation impact on margins. Anything you'd kind of call out or quantify this quarter? If you look at the different buckets you gave last quarter, memory, oil and freight costs and other inflation buckets, how those are trending versus three months ago and how you kind of think about the go-forward there?

嗨，謝謝讓我提問。Jay，我們會想念與你共事，也祝你在新職務一切順利。我想問通膨對毛利率的影響。這一季有沒有什麼你會特別點出或量化的？如果看你們上季提供的不同項目分類：記憶體、油價與運費成本，以及其他通膨項目，這些相較三個月前的趨勢如何？以及你們對未來走勢的看法是什麼？

So yes, overall, from an inflation standpoint, what I would say is we saw a very volatile macro environment to start the year. We had the memory chip phenomena. We had the war in the Middle East impact logistics and freight in certain other metals. So last quarter, we had to take an approach to adjust the guidance.

好的，是的，整體而言，從通膨角度來看，我會說我們在年初看到非常波動的總體環境。我們遇到記憶體晶片的現象。我們也遇到中東戰事對物流與運費，以及某些其他金屬的影響。因此在上一季，我們必須採取調整財測指引的做法。

What I would say is since then, things are, broadly speaking, tracking in line with our expectations. Memory chips have continued to increase, but much more modestly. So we're seeing -- we've seen a little bit of increase since the first quarter call, but nothing notable. And oil, while it remains elevated, it is down a bit from the previous peak. And so the $250 million assumption, which included some cushion in it when we put it together is still the appropriate amount for where we sit today.

我會說，自那之後，整體來看，各項因素的走勢大致符合我們的預期。記憶體晶片價格仍在上升，但幅度溫和得多。所以我們看到——自第一季電話會議以來確實有些微上升，但沒有什麼顯著的變化。而油價雖然仍處於高檔，但已較先前高點回落一些。因此，我們當時設定的 2.5 億美元假設（其中在制定時也包含一些緩衝）就目前而言仍是合適的水準。

In the second quarter, inflation was about 120 basis point headwind, which was in line with our expectations. And I think for me, the most important aspect is in conjunction with that gross inflation, we put in place a series of mechanisms to offset it, both in terms of cost and price. And we've made really good progress on both of those initiatives, which will support growth into the second half of the year, but then also into 2027.

第二季通膨約造成 120 個基點的不利影響，這與我們的預期一致。我認為對我而言最重要的是：在面對這些總體通膨的同時，我們也建立了一系列抵銷機制，包含成本端與價格端。我們在這兩項措施上都取得了非常好的進展，這將支撐今年下半年成長，並延伸到 2027 年。

Great. And then kind of follow-up on the PCS business and the decline this quarter, any more color you'd give on that and when that business starts to stabilize? And then the PCS strategic review, how that's tracking and what you do with extra cash if you got cash from that strategic review?

很好。接著追問 PCS 業務以及本季的下滑，你能否提供更多背景，這項業務何時會開始穩定？另外，PCS 的策略性檢討目前進展如何？如果策略性檢討帶來額外現金，你們會如何運用這些現金？

Yeah, Travis, thanks for the question. Look, I think, again, the first bright spot on PCS was we saw orders growth, particularly in the monitoring world that hasn't performed at that level in quite some months. That's heavily tied to, I think we refocused the sales organization in the quarter that was completed as well as some of the new products. So that's a super important point that needs to be out there.

好的，Travis，謝謝你的問題。聽著，我認為 PCS 的第一個亮點是我們看到訂單成長，特別是在監測（monitoring）領域，這樣的表現已經好幾個月沒出現過。我認為這與我們在本季完成的銷售組織重新聚焦，以及一些新產品高度相關。所以這是一個非常重要、需要被強調的點。

But the reality of it is, look, we had operational fulfillment challenges in the quarter. What do those mean? Short on supply of some critical components, things of that nature. Ultimately, that results in our inability to fulfill. Some of those specific orders, obviously, will move out into the second half. We feel good at this point in time with the new focus that the team has in place that we'll be able to fulfill those and correct those. But ultimately, it's about shoring up our supply chain and our ability to deliver consistency and consistently.

但現實是，聽著，我們本季在營運履約上遇到挑戰。那是什麼意思？某些關鍵零組件供應不足，諸如此類。最終，這會導致我們無法履約交付。其中一些特定訂單，顯然會遞延到下半年。就目前而言，隨著團隊已建立新的聚焦方向，我們對能夠履行這些訂單並修正問題感到有信心。但歸根結底，重點在於強化我們的供應鏈，以及提升我們交付的一致性與持續穩定交付的能力。

And so Jeannette and the team have a daily, weekly focus on this. I'd say we've really got into the details to be able to get the business aligned and feel good about what we can do to be able to address those. As we mentioned as well, I will expect that we will see improvement here within the second half quarter-over-quarter, I think both on top line and bottom line. This is a business that is heavily tied to its volume from its profitability standpoint. So as we move velocity, particularly in monitoring anesthesia through those facilities, you'll see the corresponding profit increase.

因此 Jeannette 和團隊每天、每週都聚焦在這件事上。我會說我們已經深入到細節層級，讓業務能夠對齊，並對我們能採取的措施感到有把握，以便解決這些問題。如同我們也提到的，我預期下半年將會看到逐季改善，我認為在營收端與獲利端都會改善。這項業務的獲利能力在很大程度上與其出貨量/銷量（volume）高度相關。因此，當我們提升動能，特別是把麻醉監測（monitoring anesthesia）在這些醫療機構中的流轉速度拉上來時，你會看到相應的獲利提升。

Look, on the strategic review, Travis, to your question, you would expect us to be taking a look at this business in many different ways to say, how do we have this be a contributor, whether it's a contributor for us or someone else that needs to be addressed. That's job one. And again, I think over the coming quarters, the efforts that we have to improve its profitability, improve its growth profile, we feel quite good about the level of actions that we have in place.

至於策略性檢討，Travis，回到你的問題，你會預期我們會從多個角度檢視這項業務，去判斷如何讓它成為貢獻者——不論是對我們而言成為貢獻者，或是對其他人而言需要被處理的貢獻者。這是首要任務。同樣地，我認為在接下來幾季，我們為提升其獲利能力、改善其成長輪廓所做的努力，我們對已經到位的行動力度感到相當有信心。

That being said, we're looking at multiple alternatives here. And so we have many different products that are in this portfolio. Do all of those fit? That's a fundamental question. The constructs of the geography of where we compete with that business, the construct of what our overall SG&A levels, those are all of the aspects there, obviously, to the full extreme of is this business better parked with someone else. So over the coming quarters, it will be about improvement of the business while simultaneously looking at those options.

話雖如此，我們正在評估多種替代方案。因此，這個投資組合裡有許多不同的產品。這些是否都適配？這是一個根本性的問題。包括我們在何種地理區域以該業務競爭的架構、我們整體SG&A水準的架構——顯然，這些都是需要考量的面向，甚至到最極端的情況：這項業務是否更適合由其他人來承接。因此，在接下來幾個季度，重點將是在改善業務的同時，也同步評估這些選項。

To your point on if you were to do something, would you do with the cash? I think it's obviously too early to discuss anything like that at this point. But our capital allocation priorities wouldn't change in either case, right? So we've been very clear about that, Jay and I in the past, that won't change going forward. Our focus on our organic investments is some of the highest returns. We've talked about those. You're seeing that play through in our orders growth.

就你提到的，如果你們要做些什麼，現金會怎麼用？我認為現在顯然還太早，無法在此時討論那類事情。但無論哪種情況，我們的資本配置優先順序都不會改變，對吧？所以我們過去我和Jay都非常清楚地說過，未來也不會改變。我們對有機投資的聚焦，是回報率最高的一些項目。我們也談過這些。你們也看到這在我們的訂單成長中逐步反映出來。

We believe that inorganic, the right level of tuck-in deals can make a lot of sense for this business to continue to grow it. And then we have other vehicles to distribute cash back, share buyback and stuff. We've done some in the quarter. Most likely, as in all things, it's not one lever. It's the right combination based on time.

我們相信在非有機方面，適當規模的補強型併購（tuck-in deals）對這項業務持續成長很有意義。然後我們也有其他工具把現金回饋給股東，例如庫藏股回購等等。我們在本季也做了一些。很可能，就像所有事情一樣，不會只靠單一槓桿。而是依時間點做出正確的組合。

Robbie Marcus, JPMorgan.

Robbie Marcus，摩根大通（JPMorgan）。

Hi. This is [Henry] on for Robbie. I'll just ask both of them upfront. So first, on the generic Omnipack, could you just talk a little bit about what you're seeing today in terms of the AB rated approvals, and a little more importantly, what you expect the impact to be in the second half of '26 and 2027? And then second question, on the EPS guide, the prior guide didn't include a rebate. So today, why did you choose not to raise the EPS guidance given the tariff refund and lower taxes that benefited second quarter relative to the prior expectations? Thanks.

嗨。我是代替Robbie的[Henry]。我先把兩個問題一起問。第一，關於學名藥Omnipack，你能否談談目前你們看到的AB等級核准情況，以及更重要的是，你們預期在2026年下半年與2027年的影響會是什麼？第二個問題，關於EPS指引，先前的指引並未包含回扣（rebate）。那麼今天，為什麼在關稅退稅以及較低稅率使第二季相較先前預期受益的情況下，你們選擇不調高EPS指引？謝謝。

Jay, do you want to take the first one and then maybe I'll take the guide?

Jay，你要先回答第一題嗎？然後也許我來回答指引的部分？

Sure. So on Amneal, we haven't seen any impact at this point at all. What I would say is that the current contrast market demand is very close to outpacing total market supply. So it's a very tight market as we sit here today.

好的。關於Amneal，我們目前完全沒有看到任何影響。我想說的是，目前造影劑市場需求幾乎要超過整體市場供給。所以以我們今天所處的情況來看，這是一個非常吃緊的市場。

And then as we forecast the market going forward, our expectation is based on increased procedure volumes in places like Cath labs, we expect the market to double in size over the next decade. So we're really talking about incredibly robust growth. With this growth, there have been periods of tight supply over the years. So we believe there's room for incremental supply on the market.

接著，當我們展望未來市場時，我們的預期是：基於像導管室（Cath labs）等地的手術量增加，我們預期未來十年市場規模將翻倍。所以我們談的是極其強勁的成長。在這樣的成長下，過去多年也曾出現供應吃緊的時期。因此我們認為市場仍有空間容納額外的增量供給。

The other thing I would say is like generic competition is not new in these contrast media markets and we've successfully navigated through multiple market cycles. And the way we do it, it comes down to being a trusted and consistent supplier. It comes down to having the full portfolio of products available and really being there when your customers need them.

另外我想說的是，在這些造影劑市場中，學名藥競爭並不是新鮮事，我們也成功度過了多個市場循環。而我們的做法，歸根結底在於成為值得信賴且供應穩定一致的供應商。也在於能提供完整的產品組合，並且在客戶需要時真正能夠到位供應。

So listen, we never underestimate competition at all. We haven't seen an impact to date. We think that this market is going to be a tight one going forward. But then also, we do believe that there are aspects that differentiate our offering relative to others. And then, Pete, maybe on the guidance one.

所以你看，我們從不低估競爭。截至目前我們尚未看到影響。我們認為未來這個市場仍會是偏緊的。但同時，我們也相信相較於其他業者，我們的產品/方案在某些面向具有差異化。然後，Pete，指引那題也許你來回答。

Yeah, I'll take the guidance question. So your question was with some of the tariff cash benefit, how come you didn't raise. Look, I think we recognized $0.04 of adjusted EPS related to the '26 tariffs within P&L. I think others have taken more at a $0.04 level, this being halfway through the year and multiple cost items tied to oil, chips still somewhat in flux.

好，我來回答指引的問題。你的問題是：既然有一些關稅現金利益，為什麼不調高？你看，我們在損益表（P&L）中認列了與2026年關稅相關的0.04美元調整後EPS。我想其他公司可能認列得更多；而我們現在才走到年中，且多項與成本相關的項目（例如油價、晶片）仍有些波動。

We just thought it made sense to kind of stay where we're at. Obviously, if those stay at lower levels, we'll have upside within our guide. I think we have the appropriate cushion here to meet and potentially exceed. And so it just made sense at this point in time to kind of hold where we're at.

我們認為維持目前水準是合理的。顯然，如果那些成本維持在較低水準，我們的指引就會有上行空間。我認為我們在這裡保留了適當的緩衝，以達成並可能超越目標。因此在這個時間點，維持現狀是合理的。

Joanne Wuensch, Citi.

Joanne Wuensch，花旗（Citi）。

Good morning, and thank you for taking the question. I want to pause on China and think about what is going on in that region in terms of provincial budgets, VBP, pricing and anything else you can share geographically? Thank you.

早安，謝謝讓我提問。我想聚焦一下中國，從省級預算、VBP、定價，以及你們能分享的其他地理面向來看，該地區目前的情況如何？謝謝。

Joanne, thanks for the question. Yes, look, there's always evolving dynamics in China. I would just say for us that when we look at China, the changes, the evolution are not new or I would say, out of the ordinary of what we're expecting. I mean we have expected that China over time will continue to expand VBP constructs.

Joanne，謝謝你的問題。是的，你看，中國一直都有持續演變的動態。我只能說，對我們而言，當我們看中國時，這些變化與演進並不新鮮，也不算超出我們預期的常態。我的意思是，我們一直預期中國會隨時間持續擴大VBP的機制架構。

We've seen over the past couple of years, we've seen in other industries that way. It makes sense. It aligns to their strategy on anticorruption because they tend to be more transparent than non-VBP do. So from that standpoint, we haven't seen anything out of the ordinary. We were pleased with our China performance in Q2, which I would describe as in line with expectations. And we're making good progress in the most recent quarters.

過去幾年我們也在其他產業看到同樣的趨勢。這是合理的。這也符合他們的反貪腐策略，因為VBP通常比非VBP更透明。因此從這個角度來看，我們沒有看到任何異常。我們對第二季在中國的表現感到滿意，我會形容為符合預期。而且在最近幾個季度我們也取得了不錯的進展。

I think under Will's leadership, we've strengthened the portfolio. We've focused on clinical value propositions as well as we've stood up a provincial government affairs group that's been very helpful in how we think about properly positioning and strategic alignment on these VBPs, which, again, based on the recent headline news are going to continue to grow. So I think we view it from that standpoint.

我認為在Will的領導下，我們強化了產品組合。我們聚焦於臨床價值主張，同時也建立了一個省級政府事務團隊，這在我們思考如何正確定位、以及在這些VBP上做策略對齊方面非常有幫助；而且同樣地，從近期新聞標題來看，VBP將會持續擴大。所以我想我們是從這個角度來看待。

I also think our view on the dynamics of the region haven't greatly improved at this point, but we feel it's prudent to continue to assume kind of a year-over-year decline in 2026. That's what we've built into our plan, and there hasn't been any change there. Obviously, if that improves, that would be upside. But fundamentally in line with what our current expectations are. And I'd say we're getting better at making the right configuration decisions getting the right clinical discussions happening to be able to perform at a better level.

我也認為，我們對該地區動態的看法目前並沒有大幅改善，但我們認為審慎起見，仍應持續假設2026年會出現年對年下滑。這已納入我們的計畫之中，且目前沒有任何改變。當然，如果情況改善，那就會是上行空間。但基本上仍符合我們目前的預期。我也會說，我們在做出正確的配置決策、推動正確的臨床討論方面正變得更成熟，從而能以更好的水準表現。

Thank you so much, and best of luck, Jay.

非常感謝，也祝你好運，Jay。

Thank you.

謝謝。

Vik Chopra, BMO.

Vik Chopra，BMO。

Hey, good morning and thanks for taking the questions. Jay, thanks for all your help over the years. It was a pleasure working with you. So maybe the first question, you've highlighted strong orders and growth and initiatives to improve shipment velocity and backlog conversion in PCS. I'm just wondering what level of margin recovery you expect from fixing these challenges alone? And how much would PCS have grown if you didn't have the supply chain issues in the second quarter?

嗨，早安，謝謝讓我提問。Jay，謝謝你這些年來的協助。很高興能與你共事。那第一個問題，你提到PCS的訂單與成長強勁，以及提升出貨速度與將積壓訂單轉換（backlog conversion）的改善措施。我想請問，僅靠解決這些挑戰，你預期毛利率能回升到什麼程度？另外，如果第二季沒有供應鏈問題，PCS本來會成長多少？

Vik, I'm not going to get into hypotheticals to kind of play that out. But I would say, if you looked at our historical performance, when we had minimal challenges, we would expect to be back to that level. That's how I would frame it up. And again, much of that is specifically tied to velocity. We have a fixed cost structure without that velocity going through it. It has a disproportionate effect on profit. So once we get velocity back, I think you can look at previous year rates, and that's what we'd expect to be getting back to.

Vik，我不打算進入假設情境來推演。但我會說，如果你看我們的歷史表現，當我們面臨的挑戰很少時，我們預期會回到那個水準。我會用這樣的方式來說明。而且再說一次，其中很大一部分是明確與「速度」相關。在沒有那樣的速度流經的情況下，我們的成本結構是固定的。這會對獲利造成不成比例的影響。所以一旦我們把速度拉回來，我認為你可以參考前幾年的水準，而那就是我們預期要回到的水準。

Okay. Got it. And you referenced this new product cycle, the back half of '26 and into 2027 with new products across all modalities, call it, over the next 6 to 18 months. I'm just curious, Pete, which 2 or 3 NPIs do you view as the highest margin and the highest share gain opportunities? Thank you.

好的。了解。你提到這個新的產品週期，從 2026 年下半年延伸到 2027 年，在未來 6 到 18 個月內，涵蓋所有模式的新產品。我只是好奇，Pete，你認為哪 2 到 3 個 NPI 具有最高毛利、以及最高市占提升的機會？謝謝。

Vik, it's tough to choose between all of your children, which ones you like the most. But look, I think the team has done a very good job of many of them having big contributions. Now obviously, there are certain segments that disproportionately are bigger use models within a hospital. So our MR growth will have a disproportionate benefit from a profit and growth standpoint as we roll new products out.

Vik，很難在所有孩子之間做選擇，說哪幾個最喜歡。但你看，我認為團隊做得非常好，很多項目都會有很大的貢獻。當然，醫院內有些細分領域在使用模型上規模特別大。因此，隨著我們推出新產品，我們的 MR 成長在獲利與成長的角度都會帶來不成比例的效益。

Our Photon-counting system, Photonova Spectra all in the same way and ultrasound across the board because what Phil and team have been able to do is leverage that platform approach across all of them. But I would say things such as like our vascular labs are very interesting. And that's a combination of we haven't traditionally performed as well there. We've had other competitors from outside the United States that have done better.

我們的光子計數系統、Photonova Spectra，同樣地還有全線的超音波，因為 Phil 和團隊能做到的是，將這種平台化的方法運用到所有產品上。但我會說，像我們的血管實驗室（vascular labs）就非常有意思。這部分的原因是，我們過去在那裡的表現並不算好。我們也有一些來自美國以外的競爭對手做得更好。

And I think as we've talked about, we think we actually have probably the best system out there today that will come in multiple configurations. For us, that opens up competitive account doors that we haven't been able to compete in. So that would be how I would frame that up. But again, even in our mammography platform, we're doing quite well because now we have a very competitive image quality and performance capabilities, our core X-ray platform.

而且我想如同我們討論過的，我們認為我們現在可能擁有市面上最好的系統，並且會以多種配置推出。對我們而言，這讓我們能打開過去無法競爭的競爭性客戶（account）大門。所以我會用這樣的方式來說明。但再說一次，即使在我們的乳房攝影平台上，我們也做得相當好，因為現在我們在影像品質與效能能力上非常具競爭力，也就是我們的核心 X 光平台。

Again, this has been just a maniacal focus to make sure that we're in a number 1 or number 2 position with all of our products and that they're greatly enhanced with artificial intelligence tools that change the productivity paradigm for customers. And that's what we're seeing. So early days yet, but we feel quite good about the receptivity at this point.

同樣地，我們一直以近乎偏執的專注，確保我們所有產品都處於第一或第二的位置，並且透過人工智慧工具大幅強化，改變客戶的生產力典範。而這正是我們所看到的。所以目前還算早期，但我們對目前的市場接受度感到相當樂觀。

Matt Taylor, Jefferies.

Jefferies 的 Matt Taylor。

Hi. Thanks for taking the question. Hey, Jay, good luck in your next role. It's been great working with you for 20 years.

嗨。謝謝讓我提問。嘿，Jay，祝你在下一個職務一切順利。過去 20 年和你共事非常愉快。

Thanks, Matt.

謝謝，Matt。

Thanks, Jay. So I just wanted to ask more about the outlook for costs. You talked about the levels versus your prior guide for this year. Could you talk a little bit about next year and how you're planning for the potential for increases in memory costs and oil is in flux, but if oil goes higher, how would you be able to hedge against that with some of the mitigation actions and the pricing that you've implemented?

謝謝，Jay。我想再多問一些關於成本展望的問題。你談到今年相對於先前指引的水準。能否談談明年，以及你們如何規劃記憶體成本可能上升的情況？另外油價仍在波動，但如果油價走高，你們要如何透過已採取的一些緩解措施與已實施的定價，來進行對沖或抵消？

Yeah, Matt, it's Pete. Look, I think the short answer is we have to be able to get adequate price to be able to offset those types of changes in the marketplace. All of our new products, we've been heavily focused on, on the cost side. And so there will be a natural lift in gross margins based on all of that. But in particular, the price aspects.

是的，Matt，我是 Pete。我想簡短的答案是：我們必須能取得足夠的價格，才能抵消市場上這類變動。我們所有新產品在成本端都投入了很大的專注。因此，基於這些因素，毛利率會自然上升。但特別是價格面的因素。

And if you recall, we talked about raising prices and taking price actions in the first half. We will see more of an uplift of price here in the second half. And then obviously, that will continue into the beginning of 2027. So I don't know, Jay, if you want to add anything else to it.

而且如果你還記得，我們談過在上半年調漲價格並採取定價行動。我們會在下半年看到更明顯的價格提升效益。然後很明顯地，這也會延續到 2027 年初。所以我不知道，Jay，你是否想再補充一些？

Yes. The only thing I would add, Matt, is if you look at -- the story in the quarter really related to a PCS challenge driving down overall margin for the company. Despite very, very high inflation in the quarter, some of the highest that we've seen in years in a specific quarter, we still expanded margin, excluding PCS, by, I think, around 100 basis points, so a really remarkable story.

是的。Matt，我唯一想補充的是，如果你看——本季的故事其實主要與 PCS 的挑戰有關，這拉低了公司整體毛利率。儘管本季通膨非常、非常高，是我們多年來在單一季度看到最高的幾次之一，但若排除 PCS，我們的毛利率仍然擴張了，我想大約 100 個基點，這真的是非常顯著的成果。

You can expect to see more of that as we go into the future. And with the PCS business stabilizing, that too serves as a catalyst. So I think the playbook that we put in place this year, notably cost management and price to offset inflation, while there is a lag, and we saw that in the second quarter, the lag does benefit Q3, Q4 and all the way into next year.

你可以預期，未來我們會看到更多這樣的表現。而且隨著 PCS 業務趨於穩定，這也會成為一個催化劑。所以我認為，我們今年建立的作戰手冊，特別是成本管理與以定價抵消通膨，雖然存在時間落差，我們在第二季也看到了，但這個落差會在第三季、第四季以及一路延伸到明年帶來助益。

Okay, great. Thank you, guys.

好的，很棒。謝謝各位。

Thanks, Matt.

謝謝，Matt。

This concludes the question-and-answer session, and I will hand the call back to Peter for his closing remarks.

問答環節到此結束，我將把電話交回 Peter 進行結語。

Thanks, operator, and thanks, everyone, for your interest in GE Healthcare. We look forward to connecting with many of you here in upcoming discussions or some of our investor events in the near term. Thank you.

謝謝主持人，也謝謝各位對 GE Healthcare 的關注。我們期待在近期即將到來的交流或一些投資人活動中，與各位中的許多人再度聯繫。謝謝。

This concludes today's conference call. Thank you for participating, and you may now disconnect. Everyone, have a great day.

今天的電話會議到此結束。感謝各位參與，現在可以掛線。祝各位有美好的一天。