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- **Q4 Strong Performance**: 4.8% organic growth, $5.7B revenue, and $1.44 EPS despite $100M tariffs.
- **Flyrcardo Momentum**: 220 weekly doses, 95% CMO on-time rate, targeting $500M+ by 2028.
- **Heartbeat Efficiency**: 25% backlog reduction, improving margins and cash flow.
- **2026 Outlook**: 3-4% growth, 15.8-16.1% EBIT margin, and $4.95-$5.15 EPS driven by new products and cost control.

**【CEO Summary Section】**
- Delivered 4.8% organic revenue growth in Q4, driven by strong performance in imaging and pharmaceutical diagnostics.
- Launched new products like Omni total body PET and Flyrcardo, with Flyrcardo achieving 95% on-time CMO delivery rate and 220 weekly doses in January.
- Secured a 7-year agreement with University of Rochester Medical Center and announced Intelerad acquisition to enhance imaging ecosystem.
- Advanced Heartbeat business system, reducing past due backlog by 25% and improving operational efficiency.

**【CFO Financial Commentary】**
- Q4 revenue of $5.7 billion, with adjusted EPS of $1.44 and free cash flow of $916 million.
- Faced $100 million tariff impact but mitigated through supply chain shifts and Heartbeat initiatives.
- Full-year 2025 revenue of $20.6 billion, with adjusted EBIT margin of 15.3% despite $255 million tariff headwinds.
- 2026 guidance: 3-4% organic growth, 15.8-16.1% EBIT margin, and $4.95-$5.15 EPS.

**【Q&A Highlights】**
- Order growth of 2% in Q4, with record backlog of $21.8 billion and book-to-bill of 1.06x.
- Flyrcardo expected to contribute $500 million+ by 2028, with CMO partners consistently meeting demand.
- China outlook cautious due to challenging comparisons, but VBP win rates and tender progress noted.
- 2026 EPS growth driven by volume (30%), cost productivity (30%), and new product launches like Photon Counting CT.
- Intelerad acquisition to close in Q1, adding $270 million in recurring revenue with 30%+ EBITDA margin.

GE HealthCare Technologies Inc. (GEHC) Q4 2025 Earnings Call Transcript

- **Revenue Growth**: 4% organic Q3 growth, 6% orders growth, $21.2B backlog.
- **Flyrcado Launch**: Cautious 2025 ramp, targeting $0.5B by 2028; CDL partnership to accelerate adoption.
- **Tariff Mitigation**: 50% of 2025 impact mitigated; 2026 net impact to be lower.
- **Photon Counting CT**: FDA submission on track, unique spectral imaging capability.
- **AVS Expansion**: 6% growth, 180bps margin expansion YoY.
- **China Outlook**: Tenders improving, 2026 growth achievable despite China headwinds.

**【CEO Summary Section】**
- Delivered 4% organic revenue growth, driven by Imaging, AVS, and PDx segments.
- Orders growth of 6% year-over-year, with a book-to-bill ratio of 1.06x.
- Launched Flyrcado, a game-changing nuclear cardiology agent, with cautious ramp to prioritize customer experience.
- Signed 14-year Care Alliance with UC San Diego Health for AI-driven cancer care solutions.
- Raised 2025 adjusted EPS guidance to $4.51-$4.63, despite $0.45 tariff headwind.

**【CFO Financial Commentary】**
- Q3 revenue: $5.1B (4% YoY), with service revenue up 6% and product revenue up 5%.
- Adjusted EBIT margin: 14.8%, down 150bps YoY due to tariffs; excluding tariffs, margin expanded 30bps.
- Adjusted EPS: $1.07 (down 6% YoY), impacted by $0.16 tariff hit.
- Free cash flow: $483M, with $1.4B+ full-year target.
- Segment highlights:
  - Imaging: 4% growth, margin down 260bps due to tariffs.
  - AVS: 6% growth, margin up 180bps YoY.
  - PCS: 7% decline due to product hold, expected Q4 recovery.
  - PDx: 10% growth, driven by contrast media and Flyrcado pipeline.

**【Q&A Highlights】**
- **China Recovery**: Tenders improving; 2026 growth achievable even if China remains flat.
- **Flyrcado Rollout**: 2025 revenue <$30M, targeting $0.5B by 2028; CDL partnership to accelerate adoption.
- **Tariffs Mitigation**: 50% of 2025 impact mitigated; 2026 net tariff impact to be lower than 2025.
- **Photon Counting CT**: FDA submission on track, targeting 2026 launch with unique spectral imaging capability.
- **AVS Growth**: 4Q25 bookings up 9% YoY, driven by new AI-enabled ultrasound systems.
- **Patient Care Solutions**: New leader Jeannette Bankes driving margin improvement, 30%+ sequential EBIT margin expansion expected.


GE HealthCare Technologies Inc. (GEHC) Q3 2025 Earnings Call Transcript

- **Revenue Beat**: Q2 organic growth 2%, full-year guidance raised to 3% vs. prior 2%. Backlog at record $21.3B.
- **Tariff Mitigation**: 2025 net EPS impact reduced to $0.45 vs. $0.85, 2026 < $0.45. Half of 2025 impact mitigated.
- **Margin Improvement**: Adjusted EBIT margin 14.6%, 2025 target 15.2%-15.4%. Free cash flow target $1.4B+.
- **Flyrcado Momentum**: 65% U.S. commercial coverage, 18/25 manufacturing sites operational. Q2 2025 guidance $30M+.
- **AI Leadership**: Top FDA AI device approvals (100 in 2024). Upcoming 2025-2026 launches include full-body PET, vascular systems.

**【CEO Summary Section】**
- **Revenue Growth**: Q2 revenue of $5 billion with 2% organic growth, driven by U.S. and EMEA regions. Service revenue up 7%, product revenue up 2%.
- **Orders and Backlog**: Organic orders up 3% YoY, first-half order growth 7%. Record backlog of $21.3 billion (+$2.2B YoY, +$700M QoQ). Book-to-bill 1.07x.
- **Strategic Wins**: Largest-ever Omni Legend PET/CT order in U.S., $90M collaboration with Ascension, $250M 5-year Europe deal. 50%+ sales from new product introductions.
- **D3 Strategy**: AI and digital solutions driving growth. Flyrcado coverage expands to 65% of U.S. commercially insured population. FDA updates Vizamyl label for amyloid assessment.
- **Guidance Update**: Full-year 2025 organic revenue growth raised to ~3%, adjusted EPS $4.43-$4.63 (vs. prior $3.90-$4.10). Free cash flow target $1.4B+.

**【CFO Financial Commentary】**
- **Financial Highlights**: Adjusted EBIT margin 14.6% (-80bps YoY due to tariffs). Adjusted EPS $1.06 (+6% YoY). Free cash flow $7M (vs. -$182M prior year). Tariff impact Q2 < $50M, 2025 net EPS impact $0.45 vs. prior $0.85.
- **Segment Performance**: 
  - **Imaging**: Organic +1%, EBIT margin -110bps YoY (tariffs). Excluding tariffs, margin improved.
  - **AVS**: Organic +2%, EBIT margin +20bps YoY (productivity).
  - **PCS**: Flat organic, EBIT margin -240bps YoY (inflation, mix).
  - **PDx**: Organic +5%, EBIT margin -200bps YoY (investments, FX).
- **Tariff Mitigation**: Half of 2025 impact mitigated. 2026 impact < $0.45 EPS. Actions include USMCA exemptions, supply chain restructuring.

**【Q&A Key Highlights】**
- **Capital Environment**: U.S. aging installed base driving replacement; Europe recovery; China gradual pickup. Equipment book-to-bill >1.1 in Q1-Q2.
- **Flyrcado Progress**: 18/25 manufacturing sites operational, 65% U.S. commercial coverage. Q2 2025 guidance $30M+.
- **China Outlook**: First-half better than expected, second-half cautious due to tender delays. Long-term growth potential.
- **Innovation Pipeline**: 2025-2026 launches include full-body PET, vascular systems, AI-enhanced ultrasound. Photon Counting CT filing Q2 2025.
- **M&A Strategy**: Active pipeline, MIM acquisition integration successful. Focus on accretive, strategic deals.


GE HealthCare Technologies Inc. (GEHC) Q2 2025 Earnings Call Transcript

- **Q1 Growth**: 4% organic revenue, 10% orders YoY, $20.6B backlog.
- **Tariff Mitigation**: $0.80 EPS impact in 2025, 50%+ offset via supply chain shifts. 2026 impact < $0.85.
- **Innovation**: Flyrcado launch, photon-counting CT on track, expanding imaging pipeline.
- **China Resilience**: Mid-single-digit 2025 decline, Q2 toughest quarter, VBP managed through local strategies.
- **Cash Flow**: Full-year free cash flow $1.2B (tariff-impacted).

**【CEO Key Highlights】**
- **Q1 2025 Strong Performance**: Revenue of $4.8B with 4% organic growth, driven by U.S. market strength in imaging and oncology. Orders up 10% YoY, record backlog of $20.6B.
- **Tariff Mitigation Progress**: $0.80 EPS impact in 2025, with 50%+ mitigation through USMCA compliance, duty drawback, and supply chain shifts. 2026 impact expected below $0.85.
- **Innovation Momentum**: Launch of Flyrcado (myocardial perfusion tracer) and new CT systems. Pipeline includes photon-counting CT and total-body PET.

**【CFO Financial Breakdown】**
- **Profitability**: Adjusted EBIT margin 15% (up 30bps YoY), driven by volume and productivity. Adjusted EPS $1.01 (12% YoY growth).
- **Segment Strength**: Imaging (+5% organic), Advanced Visualization (+3%), Pharmaceutical Diagnostics (+8%).
- **Cash Flow**: Q1 free cash flow $98M (down due to timing), full-year guidance $1.2B (tariff-impacted).

**【Q&A Key Takeaways】**
- **China Strategy**: Mid-single-digit decline expected in 2025, with Q2 as toughest quarter. VBP tendering managed through local configurations.
- **Photon-Counting CT**: Submission on track for 2025, targeting 2026 launch with deep silicone detector tech.
- **Tariff Cadence**: 2025 impact peaks in Q3/Q4 ($200M/Q), 2026 mitigation to reduce impact below 2025 levels.


GE HealthCare (GEHC)-30 Apr 25-2025 Q1 Earnings call transcript

- **Revenue Resilience**: 2-3% organic growth in 2025, driven by U.S. procedure growth and China recovery. Recurring revenue at 45% of total.
- **AI and Innovation Edge**: 85 AI-enabled FDA authorizations, 50%+ revenue from 2024 NPIs. Flyrcado launch targeting $30M+ 2025 revenue.
- **Profitability Expansion**: 16.7-16.8% adjusted EBIT margin in 2025 (+40-50bps YoY), supported by gross margin improvements and lean initiatives.
- **Strategic Deals**: $1B Sutter Health deal highlights enterprise partnership strategy, part of $5B+ multiyear contracts.
- **China Risk Management**: 2025 China sales expected low single-digit decline, with tariffs impacting EPS by ~100bps.


**【CEO Summary Section】**
- **Revenue Growth and Market Momentum**: Q4 organic revenue growth of 2%, driven by U.S. strength and China orders recovery. Full-year recurring revenue at 45% of total, reflecting predictable margin benefits.
- **Innovation and AI Leadership**: 40+ new product launches in 2024, with 50% of revenue from NPIs. AI-enabled FDA authorizations increased from 58 to 85, expanding cloud-based solutions like CareIntellect.
- **Strategic Partnerships**: $1 billion 7-year deal with Sutter Health, part of $5 billion+ enterprise deals closed. Focus on holistic solutions (devices, drugs, services) to differentiate from competitors.
- **2025 Outlook**: Guidance for 2-3% organic revenue growth, 16.7-16.8% adjusted EBIT margin. China expected low single-digit decline, U.S. tariffs impact EPS by ~100bps.

**【CFO Financial Commentary】**
- **Q4 Financial Highlights**: $5.1B revenue, 18.7% adjusted EBIT margin (up 260bps YoY). Adjusted EPS $1.45 (+23%), free cash flow $811M. Full-year free cash flow $1.6B, down 8% YoY due to inventory builds.
- **Margin Expansion**: Gross margin +150bps YoY, driven by productivity (e.g., $1M+ capacity added in PDx manufacturing). R&D investment at 6.5% of sales ($1.3B annually), up 9% YoY.
- **Segment Performance**: Imaging EBIT margin +200bps YoY, AVS +240bps, Pharmaceutical Diagnostics at 33% margin. China headwinds offset by U.S. and Rest of World growth.
- **2025 Guidance**: Revenue 2-3%, adjusted EPS $4.61-$4.75 (+3-6%). Free cash flow target $1.75B, supported by $400M debt repayment in 2024.

**【Q&A Key Themes】**
- **China Dynamics**: Orders growth in Q4, but 1H25 sales expected negative. Sequential improvement in 2H25, with full-year low single-digit decline. Province-level stimulus execution tracking as expected.
- **Competitive Landscape**: U.S. imaging leadership, Europe recovery in 2025. Flyrcado launch (Q1 dosing, Q2 launch) targeting $30M+ 2025 revenue. Radiopharmaceutical manufacturing scale-up with CMOs.
- **Margin Sustainability**: 2024 margin expansion (120bps YoY) driven by price, mix, and productivity. 2025 targets 40-50bps expansion, despite R&D and SG&A investments for new product launches.
- **M&A Strategy**: Tuck-in deals like MIM Software and NMP to complement organic growth. 2025 focus on radiopharmaceuticals, interventional cardiology, and digital solutions.


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