Thanks, Pete.
Let's on start financial Slide our with performance X.
organic driven easing Solutions. delivered Recall increased of top in fourth the quarter Care and of this Patient growth supply quarter XXXX, in XX% benefited billion X% fourth chain. from of revenues on and of by Imaging X% This organically. $X.X was we Diagnostics, year-over-year XXXX, which grew the Pharmaceutical was that For X% the sales
healthy equipment. continue year-over-year. Order X% outpace total product including X.XXx to book-to-bill a sales, increased leading sequentially company dollars from to orders to of up Organic X.XXx, due orders,
backlog record continued expectations This up confidence in million gives us performance the with $XX.X XXXX. our $XXX year billion, a exited for We of sequentially.
higher seasonally margin productivity and Sequentially, XX.X%. supported from primarily was future by was expanded benefits investment innovation. as margin Year-over-year, investments. price our EBIT adjusted offset margin adjusted we quarter flat standalone XX points, EBIT volume were Fourth while improved in by basis
fourth The and lean productivity, methodology is services. at in the performance quarter in yielding sourcing logistics, improvements with of foundation the our strong
delivery together Our actions forecast with our customers lead and came supplier lean to to teams increase by year-over-year times. on-time accuracy, demand XX% planning improving
past-due We also saw XX% with improvement than a Imaging backlog a efficiency in alone. greater year-over-year
of by million million interest fourth and delivered spin-related quarter, the on post-retirement was items of of This cash such $XXX payments. down we a impacted standalone XX% slightly For EPS flow approximately adjusted $XXX $X.XX, Free basis. year-over-year. as benefit up was
Turning to X. our Slide on year full results
last billion grew organically $XX.X X% year. of revenues XXXX, versus For
regions a our positive of growth. revenue saw and All segments
which important orders recurring Organic X.XXx. for grew was higher XX% note, book-to-bill and X% of than greater was Also margin, revenues revenue, the year-over-year, year. and to drives predictability revenue total
On Adjusted of XX%. growth standalone of EBIT basis, basis margin a guidance was up XXXX and EPS XX adjusted our exceeded $X.XX represented standalone points.
was This on was year. the solid flow multiple our cash of by working ahead collections and Free with which and into for inventory more a billion was made rate guidance than XX%, translated strong focused progress initiatives the we processes. of conversion associated in $X.X capital driven
look On revenue X, year. at Slide let's for the take segment performance a closer
'XX, PCS at price. by This both driven For full for year-over-year X% delivered we X% volume organic XX% year revenues. was Imaging at led of PDx and growth, by strong with X% growth and
had supply multiple Ultrasound as increased in the results we price XXXX, eased. strong constraints quarters note pricing in our chain Ultrasound year, of reflecting continued revenue segments Recall all that organic positive discipline. delivered I'd X%. that also
on through all shortly. segment I'll of we positioned more Looking operational segments move as details well believe into are an each both ahead, XXXX for from perspective. we and this our walk innovation
Slide progress made on on margin in XXXX initiatives Turning X. to we the
improvements through commercial EBIT drove execution move by year, productivity. driven we volume, in margin the adjusted As sequential we and
price to points than as positive XXXX of X% our For increasing customers. by In X price the expectations. expect X percentage XXXX, year, deliver margin the in we year, for value ahead more gross we increased adjusted XXX basis positive delivered and to we points sales versus of our
NPIs, from higher-margin R&D and expansion continued investment. see to given volumes improving starting our also We're margin
year, we in XXXX, our as the innovative expect expanding of R&D, sales all equating same of invested be range $X than sales, X% billion slightly pipeline. [indiscernible] supporting For margins. a or to higher, to more In we in while percent over the
productivity improve, continue and Our spot buys logistics have costs cost-efficient as also to we decrease changes. initiatives gained implemented as traction design
We have also driven of a greater experienced proportion and of by remote application improved tools. labor the productivity fix digital
additional by with progress Relative real optimizing in made to to optimization part IT nearly spend plans, which footprint through our estate We're medium-term of solid our G&A, our generate confidence in We margin the to G&A an exiting the infrastructure XXXX exit we're TSAs us completed and XXX efficiencies. goals. XQ. in of remaining of reaching majority on important vast in the XXXX, track end gives TSAs rightsizing
solid to deliver have adjusted to high we EBIT organization, the across progress XX% on margin target over teens term. our visibility our the Given medium
I'll segments. Now to our turn
that in incurred on EBIT not standalone of were million XXX XXXX. allocated These to our expenses costs impact XXXX, we margin rates. As $XXX margin of revenue basis We and did equated based each segment. costs recurring for approximately approximately reminder, a segment have these in headwind points
to the run in future. costs as Going rate opportunity an be serve will more in operate but our efficiently forward, these
where we in sales XXXX. that by fourth double-digit was with start Slide was This generated backlog increase a organic driven of up and improved experienced strong on X% segment quarter conversion Growth Let's year-over-year. our X, revenue growth price. Imaging against
future Segment year-over-year with Imaging our we in gross service build and enhancing progress as impacted EBIT equipment service we up opportunity. year, which for outpaced basis as the base points growth installed XX made margin growth on was quarter mix the margin. margin growth
and We Customer platforming MR. Imaging saw in CT and product demand driven our initiatives introductions. product new product including growing by our for strong progress several modalities, remains backlog healthy, is our across
due the to Slide impact a the down of X% revenue year. comparison year-over-year same on period Ultrasound to challenging tied lower to Organic Turning last for was X. volume
enter positive continue segment for have We we a to XXXX. this outlook as
investments EBIT standardization Health such margin due to commonality year-over-year margin our mitigated and across the partially declined Caption we by Segment as productivity integration. This drove as decline intelligence cost was platforms. artificial year-over-year
commercial AI as based conditions. enter and combination the saw interest we're for With in efforts positioned exited we by technology, new and customer market we equipment improving recent we enhanced XXXX. As Ultrasound a of commitments year, on well products our opportunities
Care Solutions price and X% fulfill contribution process increased NPIs. from by operational improvements. as on addition Revenue up revenue was progress XX. we Patient driven Slide to Moving Organic to more on backlog in
by Imaging, supply sales Similar increased year growth fourth the recall to environment. chain onetime XXX experienced driven in prior and that the basis last favorability easing decreased investments quarter in to to year year. that digits last margin due points compared we PCS double
quarter, team times During improved lower and lead supplier inventory. the on the delivered
to about look As we launches recent growth. excited product that future we're should contribute ahead,
on Diagnostics Finally, XX. Slide moving Pharmaceutical to
year-over-year easier quarter, associated We XX% generating comparison pricing. growth solid an year-over-year with and organic have another
productivity EBIT price, actions. which points margin imaging need year-over-year improved the of drives agents. XX.X% procedures, for driven and imaging We're by basis encouraged strength continuing by Segment the XXX of global volume
We key communities. nuclear a for cancer. certain our and of oncology detect the pipeline role targeting strategy are types areas, This assets, our play of an is in executing including in through potential protein across will in-licensing on care we this investments medicine which to significant the believe innovation area FAPI of
during free our We We balance to Turning quarter, fourth the financial to of year-over-year profile, cash Slide down cash an million sheet through I'll $XXX exited enhanced improved walk year and the support flow cash performance. stronger with million including XX, our flow outflows. growth. a with financial $XX generated flexibility standalone future
since improved time in reductions chain the including segments. result inventory XXXX. they improvements, the This lean in the of and been highest the greater our quarter, have saw supply is Inventory turns lead all actions. operational We of turns beginning
controls safety we aged planning. and have optimized decreased, including balance Our stock in place, reduction stock and input stronger inventory
as improved focused In a our management of system. addition, result our collections daily
billion. strong year, to flow cash of we delivered $X.X over free XX% the conversion. equates This flow cash free For
balanced inorganic organic paying quarter. sheet a debt continue our by start balance sheet also the capital We investment, strong and billion $X down of deleveraging the balance on dividend. a a fourth we'll strategy, since paying to and With and strengthened focus allocation of
Now our let's Slide turn XX. to outlook on
compares growth foreign approximately in This revenue X%. we expect 'XX than and headwind supply that of exchange XXXX, gains. in revenue For would price chains X% of to driven expect that easing growth organic was be we X% strong less XXXX. a note to by I to
The to an XX.X% on the optimization. we're progress range XX%. of to tax We in to anticipated tax making of impact have XX EBIT volume, minimum XX.X%, We in basis year the XX% effective given tax XXXX. execution representing margin be expect significant our to the adjusted assume expense commercial points, in to XX adjusted with Pillar X of expansion a range global rate and not is full
XXXX. versus deliver expect representing $X.XX the the $X.XX between EPS, of to to we in and for year, growth adjusted XX% range On X% full
to $X.X cash approximately expect full year. free we flow deliver for Lastly, of the billion
we guidance, business, it's give While that EBIT for the important quarterly margin. orders, to and dollars of the the fourth is given our strongest note adjusted don't sales nature period seasonal typically quarter
We expect growth sales of in growth first adjusted year-over-year revenue at margin remember strong Also was quarter organic the in to organic first XXXX XX%. the be very of year. the that lowest the half EBIT and
As first stronger the versus a XXXX. second in to result, year the be expected half organic growth revenue half is in of the
To wrap well as position of executed we're up, from XXXX XXXX. in entering a we strength
backlog, for our ability deliver us our intake progress in margin order Our and EBIT guidance on confidence solid adjusted gives XXXX. to
Now over to Pete. call I'll the back hand
