GE HealthCare Technologies Inc.

RESULTS OF OPERATIONS

The following tables set forth our results of operations for each of the periods presented.

TOTAL REVENUES.

(1) Financial information not presented within the reportable segments, shown within the Other category, represents HealthCare Financial Services which does not meet the definition of an operating segment.

Total revenues were $5,007 million, growing 3% as reported and 2% organically*. The reported growth was largely driven by Sales of services increasing 7% or $111 million primarily driven by growth in new and existing customer contractual agreements.

The segment revenues were as follows:

•Imaging segment revenues were $2,204 million, growing 2% or $33 million, with growth in the EMEA and USCAN regions, largely offset by continued pressure in the China market;

•AVS segment revenues were $1,289 million, growing 3% or $41 million, driven by continued strength in the U.S. market;

•PCS segment revenues were $778 million, growing 1% or $6 million, driven by growth in Monitoring Solutions, largely offset by a challenging year-over-year comparison in Life Support Solutions; and

•PDx segment revenues were $729 million, growing 14% or $90 million as reported, driven by the acquisition of Nihon Medi-Physics Co., Ltd. (“NMP”) and an increase in Organic revenue*. Organic revenue* grew 5% driven by continued growth in price and volume.

The regional revenues were as follows:

•USCAN revenues were $2,340 million, growing 4% or $97 million with growth across all segment revenues, led by strong growth in AVS and PDx revenues;

•EMEA revenues were $1,268 million, growing 5% or $61 million, with growth in Imaging revenues as well as favorable foreign currency impacts;

•China region revenues were $563 million, decreasing 3% or $20 million due to a decrease in Imaging revenues, partially offset by growth in PDx and AVS revenues; and

•Rest of World revenues were $836 million, growing 4% or $29 million due to growth in PDx revenues, inclusive of NMP revenues, partially offset by declines in Imaging revenues.

Total revenues were $9,784 million, growing 3% or $295 million. The reported growth was largely due to Sales of services increasing 5% or $167 million primarily driven by growth in new and existing customer contractual agreements.

The segment revenues were as follows:

•Imaging segment revenues were $4,344 million, growing 3% or $111 million, with growth in the USCAN and EMEA regions led by Molecular Imaging and Computed Tomography (“MI/CT”) and Magnetic Resonance (“MR”) product lines;

•AVS segment revenues were $2,529 million, growing 2% or $53 million with strength in the U.S. market, partially offset by continued pressure in the China market;

•PCS segment revenues were $1,531 million, growing 1% or $12 million, driven by growth in Monitoring Solutions, largely offset by a challenging year-over-year comparison in Life Support Solutions; and

•PDx segment revenues were $1,362 million, growing 10% or $124 million as reported, driven by the acquisition of NMP and an increase in Organic revenue*. Organic revenue* grew 6% driven by continued growth in price and volume.

The regional revenues were as follows:

•USCAN revenues were $4,577 million, growing 6% or $240 million with growth across all segment revenues;

•EMEA revenues were $2,442 million, growing 3% or $62 million largely due to growth in Imaging revenues;

•China region revenues were $1,156 million, decreasing 2% or $24 million with declines in Imaging and AVS revenues partially offset by growth in PDx revenues; and

•Rest of World revenues were $1,609 million, growing 1% or $17 million with growth in PDx revenues, inclusive of NMP revenues, partially offset by unfavorable foreign currency impacts and declines in Imaging revenues.

OPERATING INCOME, NET INCOME ATTRIBUTABLE TO GE HEALTHCARE, ADJUSTED EBIT*, AND ADJUSTED NET INCOME*.

Operating income was $654 million, an increase of $46 million and 50 basis points as a percent of Total revenues. The increase was due to the following factors:

•Gross profit decreased $17 million or 170 basis points as a percent of Total revenues primarily due to an increase in both Cost of products sold and Cost of services sold as a percent of Total revenues. Cost of products sold increased $114 million or 240 basis points as a percent of Sales of products. The increase as a percent of sales was driven primarily by cost inflation, including the impact of incremental tariffs, and investment in design follow-through, partially offset by cost productivity. Cost of services sold increased $71 million or 90 basis points as a percent of Sales of services. The increase as a percent of sales was driven by unfavorable mix within our service offerings and cost inflation, including the impact of incremental tariffs, partially offset by an increase in pricing of our service offerings. Included in our total cost of revenues as part of our product investment was $128 million in engineering costs for design follow-through on new product introductions and product lifecycle maintenance subsequent to the initial product launch, compared to $102 million for the prior year comparable period; and

•Total operating expenses decreased $63 million primarily due to a decrease in Research and Development (“R&D”) of $26 million, driven by certain programs achieving development milestones resulting in costs to be reported under cost of revenues, and a decrease in Selling, general, and administrative (“SG&A”) expense of $38 million, primarily driven by a decrease in Spin-Off and separation costs, partially offset by increased investment in our commercial teams. As a result, SG&A as a percentage of Total revenues decreased by 150 basis points and R&D as a percentage of Total revenues decreased by 70 basis points.

Net income attributable to GE HealthCare and Net income margin were $486 million and 9.7%, an increase of $57 million and 80 basis points, respectively, primarily due to the following factors:

•Operating income increased $46 million, as discussed above;

•Interest and other financial charges – net decreased $18 million primarily driven by repayments made on the Term Loan Facility;

•Non-operating benefit income decreased $28 million primarily due to lower expected returns on plan assets; and

•Provision for income taxes decreased $30 million primarily due to the use of tax attributes from updating our global structure following the Spin-Off. For additional detail regarding our income taxes, see Note 10, “Income Taxes.”

Adjusted EBIT* and Adjusted EBIT margin* were $729 million and 14.6%, a decrease of $13 million and 80 basis points, respectively, primarily due to a decrease in Gross profit, partially offset by a decrease in operating expenses.

Adjusted net income* was $487 million, an increase of $28 million primarily due to lower Provision for income taxes and lower Interest and other financial charges – net, partially offset by a decrease in Gross profit.

Operating income was $1,283 million, an increase of $135 million and 100 basis points as a percent of Total revenues. The increase was due to the following factors:

•Gross profit increased $93 million, but decreased 30 basis points as a percent of Total revenues primarily due to an increase in both Cost of products and Cost of services as a percent of Total revenues. Cost of products sold increased $110 million or 40 basis points as a percent of Sales of products. The increase as a percent of sales was driven by cost inflation, including the impact of incremental tariffs, partially offset by cost productivity. Cost of services sold increased $91 million or 30 basis points as a percent of Sales of services. The increase as a percent of sales was driven by unfavorable mix within our service offerings, and cost inflation, including the impact of incremental tariffs, partially offset by an increase in pricing of our service offerings. Included in our total cost of revenues as part of our product investment was $224 million in engineering costs for design follow-through on new product introductions and product lifecycle maintenance subsequent to the initial product launch, compared to $203 million for theprior year comparable period; and

•Total operating expenses decreased $42 million, with a decrease in R&D investments of $6 million and a decrease in SG&A expense of $36 million primarily driven by a decrease in Spin-Off and separation costs, partially offset by increased investment in our commercial teams. As a result, R&D as a percentage of Total revenues decreased by 30 basis points and SG&A as a percentage of Total revenues decreased by 100 basis points.

Net income attributable to GE HealthCare and Net income margin were $1,049 million and 10.7%, an increase of $247 million and 230 basis points, respectively, primarily due to the following factors:

•Operating income increased $135 million, as discussed above;

•Interest and other financial charges – net decreased $30 million primarily driven by repayments made on the Term Loan Facility;

•Non-operating benefit income decreased $56 million primarily related to lower expected returns on plan assets;

•Other income – net increased $106 million primarily driven by the remeasurement of the Company’s 50% interest in NMP based on the cash consideration exchanged for acquiring the remaining 50% equity interest. For additional detail on the NMP acquisition, refer to Note 7, “Acquisitions, Goodwill, and Other Intangible Assets”; and

•Provision for income taxes decreased $51 million primarily due to the release of income tax reserves in a foreign jurisdiction for tax years which are no longer subject to an assessment from the local taxing authorities and the use of tax attributes from updating our global structure following the Spin-Off. For additional detail regarding our income taxes, see Note 10, “Income Taxes.”

Adjusted EBIT* and Adjusted EBIT margin* were $1,443 million and 14.8%, an increase of $20 million, but a decrease of 20 basis points, respectively. The decrease of Adjusted EBIT margin* was primarily due to the decrease in Gross profit as a percent of Total revenues, as discussed above.

Adjusted net income* was $951 million, an increase of $79 million primarily due to lower Provision for income taxes, the increase in operating income, excluding the impact of lower Spin-Off and separation costs, and lower Interest and other financial charges – net.