Total Revenue [USD, Millions]

Cost of Goods Sold (COGS) [USD, Millions]

SG&A [USD, Millions]

R&D [USD, Millions]

D&A [USD, Millions]

Interest Expense [USD, Millions]

Operating Income (EBIT) [USD, Millions]

Net Income [USD, Millions]

EPS - Basic [USD, Per Share]

EPS - Diluted [USD, Per Share]

c200809e0acebf7b5260291936bc8cbc816aa4a50fd2b9c55e2948de5534aa5e

RPO (in $ million)

28ac9d4fc0c66fa839af283549051c69b6d1791f70246c2d620e0ccf69953a37

United States and Canada

- United States

Europe, Middle East, Africa

China region

- China

Rest of World

- All other countries

Total Revenue

d41db4273006b984068cdbe9c60ab8882be046dec7a86fe3941ccb9a7ee41e26

Current Assets [USD, Millions]

Cash and Cash Equivalents [USD, Millions]

Accounts Receivable [USD, Millions]

Inventory [USD, Millions]

Non-Current Assets [USD, Millions]

PP&E [USD, Millions]

Goodwill [USD, Millions]

Intangible Assets [USD, Millions]

Current Liabilities [USD, Millions]

Accounts Payable [USD, Millions]

Short-term Debt [USD, Millions]

Accrued Expenses [USD, Millions]

Non-Current Liabilities [USD, Millions]

Long-term Debt [USD, Millions]

Lease Liabilities [USD, Millions]

Deferred Tax Liabilities [USD, Millions]

Shareholders' Equity [USD, Millions]

Retained Earnings [USD, Millions]

Common Stock [USD, Millions]

Additional Paid-in Capital [USD, Millions]

Adjustments for Non-Cash Items

Stock-Based Compensation

Changes in Working Capital

Capital Expenditures (CapEx)

Proceeds from / Repayments of Debt

Share Repurchases

Dividend Payments

Net Change in Cash

8fea1431fef6a160667f7c3c54de16d1c0e5c3ba9c37044b0608951cce9f2fca

| Geographical Segment | Q1 2023 | Q2 2023 | Q3 2023 | Q4 2023 | Q1 2024 | Q2 2024 | Q3 2024 |
|----------------------|---------|---------|---------|---------|---------|---------|---------|
| **USCAN (United States and Canada) [USD Million]** | **2,083**  **[0001932393-23-000087_gehc-20230331.htm:35]**  | **2,139**  **[0001932393-23-000112_gehc-20230630.htm:37]**  | **2,075**  **[0001932393-23-000125_gehc-20230930.htm:37]**  | N/A | **2,093**  **[0001932393-24-000034_gehc-20240331.htm:35]**  | **2,243**  **[0001932393-24-000044_gehc-20240630.htm:39]**  | **2,246**  **[0001932393-24-000050_gehc-20240930.htm:43]**  |
| **EMEA (Europe, Middle East, and Africa) [USD Million]** | **1,168**  **[0001932393-23-000087_gehc-20230331.htm:35]**  | **1,216**  **[0001932393-23-000112_gehc-20230630.htm:37]**  | **1,249**  **[0001932393-23-000125_gehc-20230930.htm:37]**  | N/A | **1,174**  **[0001932393-24-000034_gehc-20240331.htm:35]**  | **1,206**  **[0001932393-24-000044_gehc-20240630.htm:39]**  | **1,237**  **[0001932393-24-000050_gehc-20240930.htm:43]**  |
| **China Region [USD Million]** | **672**  **[0001932393-23-000087_gehc-20230331.htm:35]**  | **714**  **[0001932393-23-000112_gehc-20230630.htm:37]**  | **719**  **[0001932393-23-000125_gehc-20230930.htm:37]**  | N/A | **597**  **[0001932393-24-000034_gehc-20240331.htm:35]**  | **583**  **[0001932393-24-000044_gehc-20240630.htm:39]**  | **564**  **[0001932393-24-000050_gehc-20240930.htm:43]**  |
| **Rest of World [USD Million]** | **784**  **[0001932393-23-000087_gehc-20230331.htm:35]**  | **748**  **[0001932393-23-000112_gehc-20230630.htm:37]**  | **779**  **[0001932393-23-000125_gehc-20230930.htm:37]**  | N/A | **785**  **[0001932393-24-000034_gehc-20240331.htm:35]**  | **807**  **[0001932393-24-000044_gehc-20240630.htm:39]**  | **816**  **[0001932393-24-000050_gehc-20240930.htm:43]**  |

ea391c0851fd55cdeeccd8f9cf48feb3fdf68f83aabca36167f0df745845cd05

e6eba97276e3292482fd76766ea25a29db93f6855d879926f6757c05ff101a58

GE HealthCare Technologies Inc. is a leading global innovator in medical technology, pharmaceutical diagnostics, and digital solutions **[0001932393-24-000013_gehc-20231231.htm:6]** **[0001932393-24-000013_gehc-20231231.htm:137]**. The company operates through four main business segments, offering a wide range of products that support various clinical specialties **[0001932393-24-000013_gehc-20231231.htm:137]**. These segments include Imaging, Ultrasound, Patient Care Solutions, and Pharmaceutical Diagnostics, each contributing significantly to the company's overall operations **[0001932393-24-000013_gehc-20231231.htm:137]**.

1. **Imaging** - Offers a comprehensive range of products including Molecular Imaging, Computed Tomography, Magnetic Resonance, Image-Guided Therapies, Women’s Health, and X-ray, supporting clinical specialties such as oncology, cardiology, and neurology **[0001932393-24-000013_gehc-20231231.htm:7]** **[0001932393-24-000013_gehc-20231231.htm:137]**.
   - **Molecular Imaging**
   - **Computed Tomography**
   - **Magnetic Resonance**
   - **Image-Guided Therapies**
   - **Women’s Health**
   - **X-ray**

2. **Ultrasound** - Provides solutions for Radiology and Primary Care, Women’s Health, Cardiovascular, and Surgical Visualization and Guidance **[0001932393-24-000013_gehc-20231231.htm:137]**.

3. **Patient Care Solutions (PCS)** - Encompasses Patient Monitoring, Anesthesia and Respiratory Care, Diagnostic Cardiology, and Maternal Infant Care **[0001932393-24-000013_gehc-20231231.htm:10]** **[0001932393-24-000013_gehc-20231231.htm:137]**.
   - **Patient Monitoring**
   - **Anesthesia and Respiratory Care**
   - **Diagnostic Cardiology**
   - **Maternal Infant Care**

4. **Pharmaceutical Diagnostics (PDx)** - Includes Contrast Media and Molecular Imaging business lines, enhancing the diagnostic value of imaging exams **[0001932393-24-000013_gehc-20231231.htm:12]** **[0001932393-24-000013_gehc-20231231.htm:137]**.
   - **Contrast Media**
   - **Molecular Imaging**

92de002cecbd651a1453d7da365734917be36b82b4c4bdd40d5419a0d6083c99

| Metric                | Q4 2022 | Q1 2023 | Q2 2023 | Q3 2023 | Q4 2023 | Q1 2024 | Q2 2024 | Q3 2024 |
|-----------------------|---------|---------|---------|---------|---------|---------|---------|---------|
| RPO (in $ million)    | **14,343**  **[0001932393-23-000025_gehc-20221231.htm:93]** **[0001932393-23-000025_gehc-20221231.htm:142]**  | **14,490**  **[0001193125-23-115560_d482973ds4.htm:297]** **[0001932393-23-000087_gehc-20230331.htm:32]**  | **14,309**  **[0001932393-23-000112_gehc-20230630.htm:39]**  | **14,162**  **[0001932393-23-000125_gehc-20230930.htm:39]**  | **14,655**  **[0001932393-24-000013_gehc-20231231.htm:93]**  | **14,313**  **[0001932393-24-000034_gehc-20240331.htm:12]** **[0001932393-24-000034_gehc-20240331.htm:35]**  | **14,531**  **[0001932393-24-000044_gehc-20240630.htm:14]** **[0001932393-24-000044_gehc-20240630.htm:40]**  | **14,563**  **[0001932393-24-000050_gehc-20240930.htm:14]** **[0001932393-24-000050_gehc-20240930.htm:44]**  |

9e197d554ec3c1b069e5c141c925a5a93a0acdfdbf982be1fcde51a9da03798a

1. Given the ongoing delays in China's stimulus funding and the slow recovery you've observed, how confident are you in your mid-term revenue and margin projections, and what specific strategies are you implementing to mitigate prolonged delays in China?
2. You've raised the low end of your adjusted EPS guidance despite challenges in China; what gives you confidence in achieving this guidance, and what levers can you pull if conditions in China do not improve as anticipated?
3. You anticipate Flyrcado could generate over $500 million annually once infrastructure is in place; can you elaborate on the timeline and key challenges in building out the necessary health system capacity, and how might delays impact your growth expectations?
4. With the expected launch of Flyrcado in late Q1 2025 and ongoing work around commercialization, reimbursement, and CMS approvals, what risks could potentially delay the launch or affect the adoption rates of this product?
5. Despite strong performance in the U.S. and PDx, your organic revenue growth was only 1% this quarter; what specific strategies are you pursuing to drive higher growth rates amid China headwinds and competitive pressures in the imaging equipment market?

c8ec475317efdf1dd5b264a4513f0bc071acf0a9eb5aacf50dd1afbf7bb4111d

- Siemens Healthineers: Primary global competitor in the medical technology industry  **[0001932393-24-000013_gehc-20231231.htm:13]** .
- Philips Healthcare: Primary global competitor in the medical technology industry  **[0001932393-24-000013_gehc-20231231.htm:13]** .
- Canon: Primary global competitor in the medical technology industry  **[0001932393-24-000013_gehc-20231231.htm:13]** .
- Mindray: Primary global competitor in the medical technology industry  **[0001932393-24-000013_gehc-20231231.htm:13]** .
- United Imaging: Primary global competitor in the medical technology industry  **[0001932393-24-000013_gehc-20231231.htm:13]** .
- Bayer: Primary competitor in the PDx business segment  **[0001932393-24-000013_gehc-20231231.htm:13]** .
- Bracco: Primary competitor in the PDx business segment  **[0001932393-24-000013_gehc-20231231.htm:13]** .
- Guerbet: Primary competitor in the PDx business segment  **[0001932393-24-000013_gehc-20231231.htm:13]** .
- Lantheus: Primary competitor in the PDx business segment  **[0001932393-24-000013_gehc-20231231.htm:13]** .
- Curium: Primary competitor in the PDx business segment  **[0001932393-24-000013_gehc-20231231.htm:13]** .

48fa4f2624929db20017fa29d6232692d81139e309b4ae6f50a1e9fcbf4356f5

### Q3 2024 Earnings Call
- **Issued Period**: Q3 2024
- **Guided Period**: FY 2024
- **Guidance**:
  1. **Adjusted EPS**: Raised to **$4.25 to $4.35 per share**, reflecting growth of **8% to 11%**  **[GEHC_3404648_5]** .
  2. **Free Cash Flow**: Expected to be approximately **$1.8 billion**  **[GEHC_3404648_5]** .
  3. **Organic Revenue Growth**: Expected to trend towards the lower end of **1% to 2%** due to market softness in China  **[GEHC_3404648_4]** .
  4. **Adjusted EBIT Margin**: Raised to **15.8% to 16%**, reflecting an expansion of **70 to 90 basis points**  **[GEHC_3404648_4]** .
  5. **Adjusted Tax Rate**: Trending towards the lower end of **23% to 25%**  **[GEHC_3404648_4]** .
  6. **Foreign Exchange Impact**: Revenue headwind expected to be less than **0.5%**  **[GEHC_3404648_4]** .

### Q2 2024 Earnings Call
- **Issued Period**: Q2 2024
- **Guided Period**: FY 2024
- **Guidance**:
  1. **Organic Revenue Growth**: Lowered to **1% to 2%** due to headwinds in China  **[GEHC_3395289_4]** .
  2. **Adjusted EBIT Margin Expansion**: Expected to be **60 to 90 basis points** year-over-year  **[GEHC_3395289_4]** .
  3. **Adjusted EPS**: Reaffirmed at **$4.20 to $4.35**, with growth of **7% to 11%**  **[GEHC_3395289_4]** .
  4. **Free Cash Flow**: Expected to be approximately **$1.8 billion**  **[GEHC_3395289_4]** .
  5. **Third Quarter 2024**: Expected organic revenue growth of approximately **1%** and similar adjusted EBIT margin expansion as Q2  **[GEHC_3395289_4]** .
  6. **Fourth Quarter 2024**: Expected highest organic revenue growth and adjusted EBIT margin of the year  **[GEHC_3395289_4]** .
  7. **Foreign Exchange Impact**: Revenue headwind expected to be less than **1%**  **[GEHC_3395289_4]** .

### Q1 2024 Earnings Call
- **Issued Period**: Q1 2024
- **Guided Period**: FY 2024
- **Guidance**:
  1. **Organic Sales Growth**: Modest improvement expected in Q2, with stronger growth in the second half  **[GEHC_3381527_3]** .
  2. **Adjusted EBIT Margin**: Modest improvement expected in Q2, with stronger improvements in the second half  **[GEHC_3381527_3]** .
  3. **Pricing Impact**: Expected **1% to 2%** impact on sales  **[GEHC_3381527_11]** .
  4. **China Market**: Negative first half, positive second half expected  **[GEHC_3381527_14]** .
  5. **Product and Service Growth**: Anticipated growth in both areas  **[GEHC_3381527_2]** .

### Q4 2023 Earnings Call
- **Issued Period**: Q4 2023
- **Guided Period**: FY 2024
- **Guidance**:
  1. **Organic Revenue Growth**: Approximately **4%**  **[GEHC_3371994_4]** .
  2. **Adjusted EBIT Margin**: Expected to be **15.6% to 15.9%**, expanding **50 to 80 basis points**  **[GEHC_3371994_4]** .
  3. **Adjusted Effective Tax Rate**: Expected to be **23% to 25%**  **[GEHC_3371994_4]** .
  4. **Adjusted EPS**: Expected to be **$4.20 to $4.35**, with growth of **7% to 11%**  **[GEHC_3371994_4]** .
  5. **Free Cash Flow**: Expected to be approximately **$1.8 billion**  **[GEHC_3371994_4]** .

05e171d1899c0305d287683d7c44615c3e9bc921b55edef6fbe69e67a5297d6e

| Name                  | Position                                      | Start Date         | Short Bio                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |
|-----------------------|-----------------------------------------------|--------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| Peter J. Arduini      | President, Chief Executive Officer, and Director | December 2022      | Peter J. Arduini has been serving as the President, Chief Executive Officer, and Director of GE HealthCare Technologies Inc. since December 2022, following the company's spin-off from GE. Prior to this role, he was the President and Chief Executive Officer of GE's healthcare business from January 2022 until the spin-off. He also held leadership roles at Baxter Healthcare and spent 15 years at GE's healthcare business in various capacities  **[0001932393-24-000013_gehc-20231231.htm:22]** **[0001932393-24-000022_gehc-20240404.htm:8]** **[0001193125-23-115560_d482973ds4.htm:132]** **[0001932393-23-000025_gehc-20221231.htm:24]** . |
| James K. Saccaro      | Vice President and Chief Financial Officer    | June 1, 2023       | James K. Saccaro has served as the Vice President and Chief Financial Officer of GE HealthCare Technologies Inc. since June 1, 2023. Before joining GE HealthCare, he was the Chief Financial Officer of Baxter International Inc., where he held various roles of increasing responsibility from 2002 through 2013 and again from 2015  **[0001932393-24-000013_gehc-20231231.htm:22]** **[0001932393-24-000022_gehc-20240404.htm:58]** .                                                                                                                |
| Frank R. Jimenez      | General Counsel and Corporate Secretary       | February 2022      | Frank R. Jimenez has served as the General Counsel and Corporate Secretary of GE HealthCare Technologies Inc. since the company's spin-off from General Electric (GE). He began his role as General Counsel of GE's healthcare business in February 2022, prior to the spin-off  **[0001932393-24-000013_gehc-20231231.htm:23]** **[0001193125-22-304909_d383836ds1.htm:204]** **[0001193125-23-115560_d482973ds4.htm:133]** **[0001932393-23-000025_gehc-20221231.htm:25]** .                                                                                                                                                                                                 |
| Taha Kass-Hout        | Chief Science and Technology Officer          | January 2023       | Dr. Taha Kass-Hout has served as GE HealthCare's Chief Science and Technology Officer since January 2023. In this role, he leads the company's Science and Technology organization, focusing on driving growth through clinical research and advancing digital and machine learning capabilities  **[0001932393-24-000013_gehc-20231231.htm:23]** **[0001932393-23-000025_gehc-20221231.htm:25]** .                                                                                                                                                  |
| Betty D. Larson       | Chief People Officer                          | February 2022      | Betty D. Larson has served as the Chief People Officer of GE HealthCare since the Spin-Off. She previously acted as the Chief People Officer of GE's Healthcare business from February 2022 until the Spin-Off  **[0001932393-24-000013_gehc-20231231.htm:24]** **[0001193125-23-115560_d482973ds4.htm:134]** **[0001932393-23-000025_gehc-20221231.htm:26]** .                                                                                                                                                                                                                             |
| Jan Makela            | CEO, Imaging                                  | Spin-Off           | Jan Makela has served as the Chief Executive Officer, Imaging at GE HealthCare since the Spin-Off. He was appointed to this role in connection with the Spin-Off and had previously served as Chief Executive Officer, Imaging of GE's healthcare business from 2020 until the Spin-Off  **[0001193125-22-304909_d383836ds1.htm:205]** **[0001932393-24-000013_gehc-20231231.htm:24]** **[0001193125-23-115560_d482973ds4.htm:134]** **[0001193125-22-297104_d379971dex991.htm:215]** .                                                                                                                                                 |
| Kevin M. O’Neill      | CEO, Pharmaceutical Diagnostics               | 2017               | Kevin M. O’Neill has served as the Chief Executive Officer of Pharmaceutical Diagnostics at GE HealthCare since 2017. He was appointed to this position in connection with the Spin-Off from GE  **[0001193125-22-304909_d383836ds1.htm:205]** **[0001932393-24-000013_gehc-20231231.htm:24]** **[0001932393-23-000025_gehc-20221231.htm:26]** .                                                                                                                                                                                                                                            |
| Roland Rott           | CEO, Ultrasound                               | Spin-Off           | Roland Rott has served as the Chief Executive Officer, Ultrasound at GE HealthCare since the Spin-Off. He was appointed to this position in connection with the Spin-Off and had previously served as Chief Executive Officer, Ultrasound of GE's healthcare business since 2021  **[0001193125-22-304909_d383836ds1.htm:206]** **[0001932393-24-000013_gehc-20231231.htm:24]** **[0001932393-23-000025_gehc-20221231.htm:27]** .                                                                                                                                                             |
| Kenneth Stacherski    | Chief Global Supply Chain and Service Officer | October 2022       | Kenneth Stacherski has served as the Chief Global Supply Chain and Service Officer of GE HealthCare since October 2022. Before joining GE HealthCare, he was the Chief Operations Officer at Array Technologies from July 2021 to October 2022  **[0001932393-24-000013_gehc-20231231.htm:25]** **[0001193125-23-115560_d482973ds4.htm:136]** **[0001932393-23-000025_gehc-20221231.htm:27]** .                                                                                                                                                                                             |
| Thomas J. Westrick    | CEO, Patient Care Solutions                   | Spin-Off           | Thomas J. Westrick has served as the Chief Executive Officer of Patient Care Solutions at GE HealthCare since the Spin-Off. He was appointed to this role in connection with the Spin-Off and had previously served as Chief Executive Officer, Patient Care Solutions of GE's healthcare business since 2020  **[0001193125-22-304909_d383836ds1.htm:206]** **[0001932393-24-000013_gehc-20231231.htm:25]** **[0001193125-23-115560_d482973ds4.htm:136]** **[0001932393-23-000025_gehc-20221231.htm:27]** .                                                                                                                         |

367ee19e6d2fb947982ce51b4970cdee026b7742445ae34f555dfd5fe72380d4

086b7ad7d85a409da6f7d6e067f8102f4201c9b78bfc5d6150d8c81285f11391

Imaging

- Radiology

- Interventional Guidance

Ultrasound

- Procedural Guidance

- Specialized Ultrasound

Patient Care Solutions

- Monitoring Solutions

- Life Support Solutions

Pharmaceutical Diagnostics

Other

eefc47a74f2da7e7201cecf3836f66c3a4bb71b2f2d056ea431bc740e8f56b4c

**Annual guidance for FY 2024:**
- **Organic Revenue Growth**: 1% to 2%  **[GEHC_3404648_4]**  (no change from prior guidance 1% to 2%  **[GEHC_3395289_4]** )  
- **Adjusted EPS**: $4.25 to $4.35  **[GEHC_3404648_5]**  (raised from $4.20 to $4.35  **[GEHC_3395289_4]** )  
- **Free Cash Flow**: $1.8B  **[GEHC_3404648_5]**  (no change from prior guidance $1.8B  **[GEHC_3395289_4]** )  
- **Adjusted EBIT Margin**: 15.8% to 16%  **[GEHC_3404648_4]**  (raised from 60 to 90 bps expansion  **[GEHC_3395289_4]** )  
- **Adjusted Tax Rate**: trending towards the lower end of 23% to 25%  **[GEHC_3404648_4]**  (no prior guidance)  
- **Foreign Exchange Impact**: <0.5%  **[GEHC_3404648_4]**  (raised from <1%  **[GEHC_3395289_4]** )  

02d69735fb8d697a57af02f6277fb8b06b9f8025743cf6cc6e8ad4cc88aeeaab

| Name                  | Start Date | End Date | Reason for Change |
|-----------------------|------------|----------|-------------------|
| Deloitte & Touche LLP | 2022  **[0001932393-24-000013_gehc-20231231.htm:112]**    | Present  | Current auditor   |

b3efaae1efba9868c408b22fd812036c2d377a0a9142c0f7995ce7e7299bd70b

f8dd3f4f199a309b3826ea3629ccf12153cf80829dcca9b269aed4adeb446123

23794d91c53ae875c8e247d72561e35d9d06ee07c70c9e0dbcc977a6d161504a

- Total Revenue: $4.863 billion (+1% YoY)  **[0001932393-23-000125_gehc-20230930.htm:37]** **[0001932393-24-000050_gehc-20240930.htm:42]**   
- Imaging: $2.229 billion (**-15%** YoY)  **[0001932393-23-000125_gehc-20230930.htm:37]** **[0001932393-24-000050_gehc-20240930.htm:42]** **[0001932393-24-000050_gehc-20240930.htm:15]**   
- Ultrasound: $1.216 billion (**+49%** YoY)  **[0001932393-23-000125_gehc-20230930.htm:37]** **[0001932393-24-000050_gehc-20240930.htm:42]** **[0001932393-24-000050_gehc-20240930.htm:15]**   
- Pharmaceutical Diagnostics: $625 million (**+6%** YoY)  **[0001932393-23-000125_gehc-20230930.htm:37]** **[0001932393-24-000050_gehc-20240930.htm:42]** **[0001932393-24-000050_gehc-20240930.htm:15]**   
- United States & Canada: $2.246 billion (**+8%** YoY)  **[0001932393-23-000125_gehc-20230930.htm:37]** **[0001932393-24-000050_gehc-20240930.htm:42]**   
- China Region: $564 million (**-22%** YoY)  **[0001932393-23-000125_gehc-20230930.htm:37]** **[0001932393-24-000050_gehc-20240930.htm:42]**   
- Operating Income (EBIT): $676 million (**+10%** YoY)  **[0001932393-23-000125_gehc-20230930.htm:37]** **[0001932393-24-000050_gehc-20240930.htm:42]** **[0001932393-23-000125_gehc-20230930.htm:3]** **[0001932393-24-000050_gehc-20240930.htm:6]**   
- Net Income: $47 million (**-87%** YoY)  **[0001932393-23-000125_gehc-20230930.htm:37]** **[0001932393-24-000050_gehc-20240930.htm:42]** **[0001932393-23-000125_gehc-20230930.htm:3]** **[0001932393-24-000050_gehc-20240930.htm:6]**   
- EPS (Basic): $1.03 (**+26%** YoY)  **[0001932393-23-000125_gehc-20230930.htm:37]** **[0001932393-24-000050_gehc-20240930.htm:42]** **[0001932393-23-000125_gehc-20230930.htm:3]** **[0001932393-24-000050_gehc-20240930.htm:6]**   

631546163113dae287cbf295b2451bbdfcb57ecbb0a664e70686e8861115a275

Organic revenue for Imaging (USD millions)

Organic revenue for AVS (USD millions)

Organic revenue for Patient Care Solutions (USD millions)

Organic revenue for Pharmaceutical Diagnostics (PDx) (USD millions)

Organic revenue for Other (USD millions)

Total organic revenue (USD millions)

Remaining Performance Obligations (USD millions)

Free cash flow (USD millions)

5eb156a674443f54a22cfd7973be66d4c171c69b3200d4f166024d38b4043519

b8a26dd872171cf00d1aa8317f75607e6c77eed29317adb1eaff4aa278266475

| Year | Amount Due (in millions) | Debt Type | Interest Rate | % of Total Debt |
|------|--------------------------|-----------|---------------|-----------------|
| 2024 | $1,000 **[0001932393-24-000050_gehc-20240930.htm:20]** | 5.550% Senior Notes **[0001932393-24-000050_gehc-20240930.htm:20]** | 5.550% **[0001932393-24-000050_gehc-20240930.htm:20]** | 9.7% = (1,000 / 10,312) * 100 **[0001932393-24-000050_gehc-20240930.htm:55]** **[0001932393-24-000050_gehc-20240930.htm:20]** |
| 2025 | $1,500 **[0001932393-24-000050_gehc-20240930.htm:20]** | 5.600% Senior Notes **[0001932393-24-000050_gehc-20240930.htm:20]** | 5.600% **[0001932393-24-000050_gehc-20240930.htm:20]** | 14.5% = (1,500 / 10,312) * 100 **[0001932393-24-000050_gehc-20240930.htm:55]** **[0001932393-24-000050_gehc-20240930.htm:20]** |
| 2026 | $1,000 **[0001932393-24-000050_gehc-20240930.htm:20]** | Floating Rate Term Loan Facility **[0001932393-24-000050_gehc-20240930.htm:20]** | N/A | 9.7% = (1,000 / 10,312) * 100 **[0001932393-24-000050_gehc-20240930.htm:55]** **[0001932393-24-000050_gehc-20240930.htm:20]** |
| 2027 | $1,750 **[0001932393-24-000050_gehc-20240930.htm:20]** | 5.650% Senior Notes **[0001932393-24-000050_gehc-20240930.htm:20]** | 5.650% **[0001932393-24-000050_gehc-20240930.htm:20]** | 17.0% = (1,750 / 10,312) * 100 **[0001932393-24-000050_gehc-20240930.htm:55]** **[0001932393-24-000050_gehc-20240930.htm:20]** |
| 2029 | $1,000 **[0001932393-24-000050_gehc-20240930.htm:20]** | 4.800% Senior Notes **[0001932393-24-000050_gehc-20240930.htm:20]** | 4.800% **[0001932393-24-000050_gehc-20240930.htm:20]** | 9.7% = (1,000 / 10,312) * 100 **[0001932393-24-000050_gehc-20240930.htm:55]** **[0001932393-24-000050_gehc-20240930.htm:20]** |
| 2030 | $1,250 **[0001932393-24-000050_gehc-20240930.htm:20]** | 5.857% Senior Notes **[0001932393-24-000050_gehc-20240930.htm:20]** | 5.857% **[0001932393-24-000050_gehc-20240930.htm:20]** | 12.1% = (1,250 / 10,312) * 100 **[0001932393-24-000050_gehc-20240930.htm:55]** **[0001932393-24-000050_gehc-20240930.htm:20]** |
| 2032 | $1,750 **[0001932393-24-000050_gehc-20240930.htm:20]** | 5.905% Senior Notes **[0001932393-24-000050_gehc-20240930.htm:20]** | 5.905% **[0001932393-24-000050_gehc-20240930.htm:20]** | 17.0% = (1,750 / 10,312) * 100 **[0001932393-24-000050_gehc-20240930.htm:55]** **[0001932393-24-000050_gehc-20240930.htm:20]** |
| 2052 | $1,000 **[0001932393-24-000050_gehc-20240930.htm:20]** | 6.377% Senior Notes **[0001932393-24-000050_gehc-20240930.htm:20]** | 6.377% **[0001932393-24-000050_gehc-20240930.htm:20]** | 9.7% = (1,000 / 10,312) * 100 **[0001932393-24-000050_gehc-20240930.htm:55]** **[0001932393-24-000050_gehc-20240930.htm:20]** |

9b4a50859ee428ee5536245e3e51f7d30f169fcc2a2b35b9d48bbe78f5f21ebc

- **GE HealthCare expects significant revenue growth from their new proprietary molecule, Flyrcado (flurpiridaz), projected to generate over \$500 million annually once health system infrastructure is in place.** Flyrcado is the first and only FDA-approved F-18 PET myocardial perfusion imaging tracer for patients with coronary artery disease and will be commercially available in early 2025.  **[GEHC_3404648_6]** **[GEHC_3404648_11]**
- **The company is experiencing strong margin expansion, raising their adjusted EBIT margin guidance to a range of 15.8% to 16%, reflecting an expansion of 70 to 90 basis points versus 2023 adjusted EBIT margin of 15.1%.** They feel confident about their margin expansion plan for 2025 and beyond.  **[GEHC_3404648_4]** **[GEHC_3404648_14]**
- **GE HealthCare is well-positioned in the growing radiopharmaceuticals market, leveraging their full-spectrum capabilities including proprietary molecules, imaging equipment, and digital integration, which could drive substantial future growth.** They are uniquely equipped to support customers across the entire spectrum, capitalizing on opportunities in areas like theranostics and benefiting from potential changes in reimbursement policies.  **[GEHC_3404648_12]** **[GEHC_3404648_11]**

f864727b32c5a0c84df3eec2959c1626de3fdee19be83ef019150e7314d78370

- **Strong orders growth and backlog despite China headwinds**: GE HealthCare delivered **3% orders growth** globally, or **6% excluding China**, with a **book-to-bill ratio of 1.06x**, the highest since the spin-off, demonstrating strong demand and market share gains, particularly in the U.S.  **[GEHC_3395289_10]**
- **Positive impact from CMS reimbursement changes on Pharmaceutical Diagnostics (PDx) business**: The recent CMS proposed rule change is expected to **unlock value in radiopharmaceuticals**, benefiting products like **Vizamyl**, and potentially accelerating growth in the PDx segment.  **[GEHC_3395289_15]**
- **Maintained earnings guidance and margin expansion despite revenue headwinds**: Despite lowering revenue guidance due to China's temporary market headwinds, GE HealthCare is **maintaining its EPS guidance** and **raising adjusted EBIT margin guidance**, reflecting successful productivity initiatives and cost optimization efforts.  **[GEHC_3395289_8]**

3bc1e26f72166421d80e3eb30bae5a41ed42267aa1f88ca739a28d19dd437292

1. **China Sales Outlook**  
   **Q:** How do you view China's sales trajectory?  
   **A:** Management noted that China's market recovery is taking longer than expected, with sales down **17% year-to-date** and expected to be down **high teens for the full year**.  **[GEHC_3404648_8]**  They anticipate **limited improvement through the first half of 2025**, as stimulus funding coordination is taking longer.  **[GEHC_3404648_8]**  Despite this, they believe the weakness is temporary and expect China's market to remain attractive in the mid- to long term.  **[GEHC_3404648_8]** 

2. **Margin Expansion**  
   **Q:** What's your outlook on future margin expansion?  
   **A:** Management is pleased with margin improvements, with EBIT margin up **70 basis points year-to-date** and gross margin up **130 basis points**.  **[GEHC_3404648_7]**  They have initiatives in place, including pricing, productivity, and cost savings, and see a long way to go on margins with good line of sight to further improvements.  **[GEHC_3404648_7]**  As transition service agreements conclude, they can pursue new initiatives to enhance margins.  **[GEHC_3404648_7]** 

3. **Flyrcado's Market Potential**  
   **Q:** How significant is Flyrcado's sales potential?  
   **A:** Flyrcado is expected to contribute over **$500 million** once infrastructure is in place.  **[GEHC_3404648_11]**  The product offers better specificity and sensitivity for myocardial perfusion imaging and could be a game changer for patients.  **[GEHC_3404648_9]**  The main hurdle is the availability of PET systems in the right locations, which may take **6 to 12 months** for customers to acquire and install.  **[GEHC_3404648_16]** 

4. **China's Impact on 2025 Outlook**  
   **Q:** How will China's trends affect 2025 growth and margins?  
   **A:** Management acknowledges the uncertainty in China and is cautious about forecasting its recovery.  **[GEHC_3404648_14]**  They anticipate limited benefit from stimulus in the first half of 2025 and will be conservative in guidance.  **[GEHC_3404648_14]**  Despite this, they feel good about midterm guidance of mid-single-digit organic revenue growth and margin expansion.  **[GEHC_3404648_14]** 

5. **Pricing Strategy for 2025**  
   **Q:** Can you sustain price increases next year?  
   **A:** Management has seen positive sales price contributions and feels good about pricing going forward.  **[GEHC_3404648_10]**  New products are key catalysts, and as they support customers with innovative solutions, **price follows**.  **[GEHC_3404648_10]** 

6. **P&L Considerations for Next Year**  
   **Q:** Any factors impacting next year's P&L?  
   **A:** They expect R&D spending to grow more in line with sales next year.  **[GEHC_3404648_13]**  While incentive payouts are lower when sales are off, they are variable and move with sales; they don't expect a dramatic one-time step-up next year.  **[GEHC_3404648_13]** 

7. **Vizamyl Update**  
   **Q:** How is Vizamyl performing?  
   **A:** Vizamyl sales in the U.S. nearly **doubled quarter-over-quarter**, showing robust growth.  **[GEHC_3404648_11]**  Management is encouraged by this progress and expects the CMS ruling to further accelerate growth.  **[GEHC_3404648_11]** 

8. **Flyrcado Driving System Sales**  
   **Q:** Can Flyrcado boost PET system sales?  
   **A:** Flyrcado could drive demand for PET systems, as some customers may need to acquire PET systems to utilize the product.  **[GEHC_3404648_16]**  Management is excited about the potential for equipment sales alongside the agent.  **[GEHC_3404648_16]** 

9. **Q4 Guidance and Ramp**  
   **Q:** What's expected for Q4 sales growth?  
   **A:** They expect Q4 revenue growth of approximately **2%**, with the fourth quarter typically being the strongest.  **[GEHC_3404648_15]**  Confidence is based on continued strength in PDx and service business, robust U.S. market, and secured backlog.  **[GEHC_3404648_15]** 

10. **Steps in China Recovery**  
    **Q:** Where are you in China's recovery steps?  
    **A:** Management indicated they are in the **first step**, with funds coordination but no release yet.  **[GEHC_3404648_18]**  They expect limited recovery through the first half of 2025 and are closely watching how the stimulus evolves.  **[GEHC_3404648_18]** 

eda00cb62b9977943c48beaac365bfbd7be51614103361079ffb352201584117

- **GE HealthCare's revenue growth is significantly impacted by ongoing market headwinds in China, leading to only 1% organic revenue growth in Q3 2024, compared to 6% in Q3 2023**  **[GEHC_3404648_14]** **[GEHC_3404648_4]** **[GEHC_3404648_2]** **[GEHC_3404648_1]** .
- **The company expects limited market benefit from China stimulus through the first half of 2025, creating uncertainty in achieving mid-single-digit top-line growth and margin progression next year**  **[GEHC_3404648_14]** **[GEHC_3404648_15]** **[GEHC_3404648_1]** .
- **GE HealthCare has refrained from providing specific guidance for 2025 due to volatility in the China market, indicating challenges in forecasting and potential risks to future performance**  **[GEHC_3404648_14]** **[GEHC_3404648_15]** **[GEHC_3404648_13]** **[GEHC_3404648_1]** .

6807feecea20b9ed5fb21367ce3de6470aa6049f6430e531dbe209703c96f69d

- **Continued revenue decline and uncertainty in China market:** GE HealthCare lowered its full-year organic revenue growth guidance, citing significant headwinds in China with first-half sales declining **15%** and expecting a **high-teens decline** in the second half. The timing of China's stimulus impact remains uncertain, adding risk to future growth  **[GEHC_3395289_11]** ,  **[GEHC_3395289_9]** ,.  **[GEHC_3395289_16]**
- **Reduction in revenue guidance by $500 million raises concerns about growth challenges:** Despite maintaining EPS guidance through cost-cutting measures, the **$500 million cut** in revenue guidance indicates potential difficulties in achieving growth targets, which may not be sustainable long-term  **[GEHC_3395289_8]** ,.  **[GEHC_3395289_9]**
- **Competitive threats from emerging diagnostics in Alzheimer's disease:** The potential introduction of **blood-based tests** for Alzheimer's could reduce demand for GE HealthCare's PET imaging agents like Vizamyl, posing a risk to growth in their Pharmaceutical Diagnostics segment  **[GEHC_3395289_10]** ,.  **[GEHC_3395289_15]**

ada6f774f8a68ce9fa49ec3885a44baad53dbcb5aa26c71cf11af7702dd14859

- **GE Healthcare is launching several new products, particularly in Ultrasound, which are expected to accelerate revenue growth from Q2 onwards.**  **[GEHC_3381527_20]** **[GEHC_3381527_4]** **[GEHC_3381527_12]**
- **The company has a healthy backlog and positive book-to-bill ratio, providing confidence in achieving mid-single-digit revenue growth targets over the next couple of years.**  **[GEHC_3381527_12]** **[GEHC_3381527_21]**
- **Resolution of fulfillment challenges in the Patient Care Solutions segment by midyear, along with potential upside from China's stimulus package, are expected to contribute to accelerated growth in the second half of the year.**  **[GEHC_3381527_20]** **[GEHC_3381527_14]**

170db89f78d8e8cb7b998a19c60181a881efbee6fc9143a3c8fd4b986fd4cf23

- **GE HealthCare expects negative revenue growth in China during the first half of 2024 due to anticorruption measures and challenging year-over-year comparisons, potentially impacting overall growth.**  **[GEHC_3371994_8]** **[GEHC_3371994_15]**
- **Revenue growth and margin expansion in Q1 2024 are anticipated to be below full-year expectations due to strong prior-year performance, indicating a possible slow start to the year.**  **[GEHC_3371994_7]**
- **Anticipated positive pricing impact in 2024 is lower (1–2%) compared to 2023 (approximately 3%), which may result in reduced contribution to revenue growth and margins from pricing actions.**  **[GEHC_3371994_9]**

bda836204d9f54a8d679893a2c99e9acca7871eecb95dd269693b8e49ba612bc

1. **China Sales and Stimulus Impact**  
   **Q:** How will China's stimulus affect sales this year?  
   **A:** Management expects China's new stimulus, which includes specific cash grants for equipment purchases, to positively impact sales in the second half of the year. However, the extent depends on when the stimulus details are clarified. They anticipate that clarity in Q2 could lead to an uptick in orders, especially benefiting ultrasound sooner. The stimulus could provide upside to prior guidance, but they maintain their current outlook, expecting China sales to turn positive in H2 after a negative first half.  **[GEHC_3381527_9]** ,  **[GEHC_3381527_14]** ,  **[GEHC_3381527_17]** ,  **[GEHC_3381527_18]** 

2. **Order Growth and Backlog**  
   **Q:** How confident are you in accelerating order growth?  
   **A:** Management is confident in mid-single-digit order growth picking up in the second half, supported by a **$19 billion backlog**—nearly **$1 billion higher** than pre-COVID levels. Positive book-to-bill ratios and new product introductions are expected to drive growth, despite low single-digit order growth over the last three quarters. They see improving market conditions and expect orders to translate into revenue growth.  **[GEHC_3381527_12]** ,  **[GEHC_3381527_17]** 

3. **Confidence in Guidance and Pricing**  
   **Q:** Are you confident in meeting full-year guidance?  
   **A:** Management remains confident in achieving their full-year guidance, citing easing comps, a growing orders funnel, and positive pricing trends. They are observing **1–2% price increases** contributing to sales, with pricing discipline not significantly impacting customer decisions.  **[GEHC_3381527_11]** ,  **[GEHC_3381527_13]** 

4. **Margin Outlook and Gross Margin Improvement**  
   **Q:** What is the outlook for gross margin improvement?  
   **A:** Gross margin expanded by **120 basis points**, driven by pricing and productivity. New product introductions are expected to further support gross margin expansion. Management emphasizes ongoing lean initiatives and variable cost productivity to offset inflation and drive margins.  **[GEHC_3381527_16]** 

5. **Ultrasound Growth Outlook**  
   **Q:** How will ultrasound growth evolve this year?  
   **A:** Management expects ultrasound revenue growth to ramp throughout the year, with new product introductions and improving market dynamics driving demand. Challenges in China affected Q1, but they anticipate a pickup as the year progresses, especially with the potential benefits from China's stimulus.  **[GEHC_3381527_7]** ,  **[GEHC_3381527_19]** 

6. **Imaging Business Outlook**  
   **Q:** What is the outlook for the imaging business?  
   **A:** The imaging backlog is solid, with growth supported by price increases and new platform capabilities that bring better margins. Sales are expected to pick up in Q2, with the majority of growth in Q3 and Q4. A larger uptick in imaging orders is anticipated in the second half, partly due to the China stimulus.  **[GEHC_3381527_8]** 

7. **Alzheimer's Diagnostic Uptake**  
   **Q:** What is expected for Alzheimer's diagnostic products?  
   **A:** Management saw slight upticks for Vizamyl but doesn't expect major material moves in 2024. They anticipate more significant uptake starting in the second half of the year, with larger impacts in **2025** and beyond as new therapies and reimbursement evolve.  **[GEHC_3381527_16]** 

8. **M&A Strategy and Business Development**  
   **Q:** Will you focus on larger acquisitions or small deals?  
   **A:** The company plans to continue pursuing tuck-in deals that strategically fit into core businesses, like the recent MIM Software acquisition. While they remain open to larger opportunities if they align well, the primary focus is on smaller acquisitions and partnerships that enhance their portfolio. Robotics, especially in surgery, is not a top priority.  **[GEHC_3381527_14]** 

85c2059ee4ba3bcf4708357ab5d4567441d28347016c1d8cae32127b794ad96c

1. **China Stimulus Delay**  
   **Q:** How will China stimulus delay affect orders and 2025 outlook?  
   **A:** The stimulus program rollout in China is taking longer than expected and is now anticipated to impact orders starting in late **2024**.  **[GEHC_3395289_7]**  GE HealthCare has removed the expected stimulus benefits from this year's guidance, acknowledging a **$500 million** impact in China relative to previous expectations.  **[GEHC_3395289_7]** **[GEHC_3395289_8]**  They expect the stimulus to positively affect **2025** results and are prepared to capitalize on it when it occurs.  **[GEHC_3395289_7]** 

2. **Maintaining Margins Despite Revenue Decline**  
   **Q:** How did you maintain margins and EPS despite lowering revenue guidance?  
   **A:** Despite lowering revenues by about **$500 million**, GE HealthCare maintained margins and EPS through cost initiatives, lean culture, and productivity improvements.  **[GEHC_3395289_8]**  They delivered **60 basis points** of margin expansion in the first half and expect continued margin improvement due to pricing, cost containment, and productivity initiatives.  **[GEHC_3395289_8]** **[GEHC_3395289_11]**  Below-the-line assumptions remain unchanged.  **[GEHC_3395289_11]** 

3. **Medium-Term Growth Confidence**  
   **Q:** Are you still confident in medium-term growth targets for 2025?  
   **A:** Management remains confident in their medium-term goals for both revenue and profit growth.  **[GEHC_3395289_9]**  While uncertain about the exact contribution from China in **2025**, they believe it could be more than previously expected.  **[GEHC_3395289_9]**  The confidence is based on core company changes, commercial execution, and new product introductions.  **[GEHC_3395289_9]** 

4. **Strong U.S. Market and Orders**  
   **Q:** How is the U.S. market performing, and what is your order visibility?  
   **A:** The U.S. market is robust, with orders excluding China up **6%** and a book-to-bill ratio of **1.06x**, the highest since the spin-off.  **[GEHC_3395289_10]**  Order growth outpaced sales growth in all segments in the U.S., and backlog increased by **$300 million** to **$19 billion**.  **[GEHC_3395289_10]**  GE HealthCare expects this strong performance to continue into **2025**.  **[GEHC_3395289_10]** 

5. **Positive Impact of Medicare Changes on PDx**  
   **Q:** How do Medicare changes affect your PDx business outlook?  
   **A:** The CMS ruling is favorable, unlocking better reimbursement for radiopharmaceutical diagnostics.  **[GEHC_3395289_10]** **[GEHC_3395289_15]**  Products like Vizamyl are experiencing significant growth, with U.S. volumes tripling.  **[GEHC_3395289_15]**  The ruling could accelerate growth in products like Vizamyl and Flurpiridaz next year.  **[GEHC_3395289_15]**  Management is more optimistic about the long-term opportunity in molecular imaging.  **[GEHC_3395289_15]** 

6. **New Product Momentum**  
   **Q:** What new products are driving growth, and how will they impact market share?  
   **A:** GE HealthCare has launched multiple new products across its portfolio, including value MR products, updates in Ultrasound, vascular lab equipment, surgical C-arms, and monitoring systems.  **[GEHC_3395289_12]**  These products are performing well and are expected to contribute to incremental market share gains in the back half and medium term.  **[GEHC_3395289_12]**  More details will be shared at the Investor Day in November.  **[GEHC_3395289_12]** 

7. **China Market Long-Term Potential**  
   **Q:** How do you view China's medium-term growth given recent challenges?  
   **A:** Despite current challenges, management views China as a good long-term market.  **[GEHC_3395289_13]**  The installed base in higher-tier hospitals is older, providing opportunities for refresh.  **[GEHC_3395289_13]**  Additionally, with only about **400 million** of China's **1.4 billion** population having good access to healthcare, expansion into untapped markets offers growth potential.  **[GEHC_3395289_13]** 

8. **EPS Guidance and Assumptions**  
   **Q:** Were there any changes to below-the-line assumptions affecting EPS?  
   **A:** There were no major changes to below-the-line assumptions like tax expense or other income.  **[GEHC_3395289_11]**  The EPS range remains wide due to uncertainty in China, but management feels confident about delivering within this range.  **[GEHC_3395289_11]** 

9. **Q4 Revenue Confidence**  
   **Q:** How confident are you in delivering Q4 revenue expectations?  
   **A:** GE HealthCare has a high level of confidence based on strong backlog and secured equipment orders.  **[GEHC_3395289_19]**  Approximately **75%** of equipment revenue comes from backlog, with the remaining **25%** sold and installed in the quarter.  **[GEHC_3395289_19]**  They expect a normal step-up from Q3 to Q4 supported by the backlog and robust U.S. market performance.  **[GEHC_3395289_19]** 

10. **Incremental Share Gains**  
    **Q:** What is driving incremental share gains in the back half?  
    **A:** The launch of new products and upgrades across business lines, such as MR, Ultrasound, and Interventional equipment, is driving share gains.  **[GEHC_3395289_12]**  The company is seeing positive orders and expects ultrasound revenues to pick up in the second half.  **[GEHC_3395289_12]**  They anticipate continued share gains due to these innovations.  **[GEHC_3395289_12]** 

4c22c83590b52ae8d72d21451f9ca178f1869e57221f4689fbecf97912763fd8

- GE HealthCare has a **strong order backlog exceeding $19 billion**, including **$2.5 billion in multiyear enterprise deals**, providing revenue visibility into 2024 and 2025.  **[GEHC_3371994_16]** **[GEHC_3371994_9]**
- The company is a leader in **theranostics**, with unique capabilities across **PET CT**, **PET MR**, and the **12-head StarGuide system**. The acquisition of **MIM Software** enhances their competitive edge in this rapidly growing market.  **[GEHC_3371994_19]** **[GEHC_3371994_18]**
- GE HealthCare's focus on **innovation and R&D** is driving growth. With a **new product vitality index of 26%**, over **25% of their products are new**, leading to higher gross margins and margin expansion.  **[GEHC_3371994_10]** **[GEHC_3371994_9]** **[GEHC_3371994_14]**

a6c7d4e8d0974599e62b63e2a29141792e8720eaa314f0a2dacf23abfab0a6f9

1. **China Sales Outlook**  
   **Q:** What's the outlook for China growth in 2024?  
   **A:** Management expects a decline in China revenue in the first half of 2024 due to strong comparators from H1 2023 when they grew over **20%** organically.  **[GEHC_3371994_8]** **[GEHC_3371994_11]** **[GEHC_3371994_15]**  Growth is expected to resume in the second half, leading to overall growth in China for the full year.  **[GEHC_3371994_15]** 

2. **Margin Expansion Outlook**  
   **Q:** What's the outlook for margin expansion in 2024?  
   **A:** They anticipate **50 to 80 basis points** of margin expansion, primarily driven by gross margin improvements from lean initiatives and pricing.  **[GEHC_3371994_7]** **[GEHC_3371994_10]**  R&D spending will increase as a percentage of sales, contributing to long-term growth.  **[GEHC_3371994_10]** 

3. **Revenue Growth Guidance**  
   **Q:** How confident are you in the 4% organic growth guidance?  
   **A:** They view the **4%** organic growth guidance for 2024 as solid despite challenging comps.  **[GEHC_3371994_7]** **[GEHC_3371994_9]**  A strong order book over **$19 billion**, including **$2.5 billion** in multiyear deals, provides good visibility into future revenues.  **[GEHC_3371994_9]** 

4. **Capital Allocation Priorities**  
   **Q:** How are you prioritizing uses of cash in 2024?  
   **A:** With a **95%** free cash flow conversion in 2023 and **$1 billion** debt paydown, they plan to reinvest in the business, pursue strategic M&A, strengthen the balance sheet, and continue paying dividends.  **[GEHC_3371994_19]** 

5. **Flurpiridaz Market Potential**  
   **Q:** When do you expect Flurpiridaz approval, and its market impact?  
   **A:** Approval is expected in the second half of 2024 based on typical timelines.  **[GEHC_3371994_12]**  Flurpiridaz could significantly improve specificity and sensitivity in myocardial perfusion imaging, potentially capturing a substantial portion of the **9 million** annual MPI tests in the U.S. over time.  **[GEHC_3371994_12]** 

6. **Photon Counting CT Progress**  
   **Q:** What's the progress with photon counting CT technology?  
   **A:** They are making good progress on their photon counting CT platform, which could revolutionize CT imaging.  **[GEHC_3371994_13]**  Industry-wide adoption is expected over a **10-year** period, particularly in the premium segment.  **[GEHC_3371994_13]** **[GEHC_3371994_17]** 

7. **AI Monetization Strategy**  
   **Q:** How will you monetize AI-enabled technologies?  
   **A:** Strategies include higher pricing for AI-enhanced hardware and offering SaaS-based software capabilities.  **[GEHC_3371994_14]**  In 2024, they plan to build out their go-to-market and monetization models, including cloud-based applications and partnerships.  **[GEHC_3371994_14]** 

8. **Multiyear Contracts Impact**  
   **Q:** How are multiyear contracts affecting your orders?  
   **A:** They've secured over **$2.5 billion** in multiyear enterprise deals, providing 2–3 years of revenue visibility.  **[GEHC_3371994_9]** **[GEHC_3371994_16]**  They only book orders within a 2-year window, so longer-term deals are not fully reflected in current order numbers.  **[GEHC_3371994_16]** 

9. **Service Pricing Uplift**  
   **Q:** Are you seeing pricing uplift in service agreements?  
   **A:** Yes, they've achieved price increases across service offerings through multiyear contracts with escalators.  **[GEHC_3371994_20]**  Services are high-margin, and gaining market share increases future service contract revenues.  **[GEHC_3371994_20]** 

10. **Theranostics Opportunities**  
    **Q:** How are you approaching theranostics opportunities?  
    **A:** With unique products like the 12-head StarGuide system and capabilities in manufacturing tracers and cyclotrons, they are well-positioned to play multiple roles in theranostics growth.  **[GEHC_3371994_18]** 

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- **Uncertainty in the China market due to anti-corruption measures and delays in stimulus implementation may negatively impact GE HealthCare's revenue growth.** While the company expects the second half of the year to be positive, the timing of the stimulus benefits remains unclear and could potentially impact 2025 instead of 2024.  **[GEHC_3381527_14]** ,  **[GEHC_3381527_18]**
- **Low order growth over recent quarters may signal weaker future revenue growth than expected.** Analysts noted that GE HealthCare has seen low single-digit order growth over the last three quarters, which may not be sufficient to drive the anticipated mid-single-digit revenue growth in 2025.  **[GEHC_3381527_12]** ,  **[GEHC_3381527_18]**
- **Fulfillment delays in the Patient Care Solutions (PCS) segment and challenges in the Ultrasound business could impact revenue growth and margins.** The company experienced fulfillment delays in PCS and a 4% year-over-year decline in Ultrasound revenue in Q1 2024. Although management expects improvements, the timing and extent of recovery remain uncertain.  **[GEHC_3381527_7]** ,  **[GEHC_3381527_20]**

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GE Healthcare Technologies Inc (GEHC)

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