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 $5,143 million, growing 6% as reported and 4% organically*. Sales of products increased 5% or $174 million primarily driven by strong growth in PDx, Imaging, and AVS revenues. Sales of services increased 6% or $107 million primarily driven by growth in new and existing customer contractual agreements.

The segment revenues were as follows:

•Imaging segment revenues were $2,349 million, growing 5% or $120 million, led by growth in the EMEA and USCAN regions;

•AVS segment revenues were $1,301 million, growing 7% or $84 million, with strength in the U.S. market;

•PCS segment revenues were $731 million, decreasing 6% or $48 million, primarily driven by a product hold; and

•PDx segment revenues were $749 million, growing 20% or $124 million as reported, driven by the acquisition of Nihon Medi-Physics Co., Ltd. (“NMP”) and an increase in Organic revenue*. Organic revenue* grew 10% driven by continued growth in volume and price.

The regional revenues were as follows:

•USCAN revenues were $2,358 million, growing 5% or $112 million with growth across AVS, PDx, and Imaging segment revenues, partially offset by a decline in PCS revenues;

•EMEA revenues were $1,360 million, growing 10% or $123 million, with growth in Imaging, AVS, and PDx revenues, as well as favorable foreign currency impacts;

•China region revenues were $547 million, decreasing 3% or $17 million due to a decrease in AVS and PCS revenues, partially offset by growth in PDx revenues; and

•Rest of World revenues were $879 million, growing 8% or $63 million due to growth in PDx revenues, inclusive of NMP revenues, and Imaging revenues.

Total revenues were $14,927 million, growing 4% as reported and 3% organically*. Sales of products increased 3% or $301 million primarily driven by strong growth in PDx, AVS, and Imaging revenues. Sales of services increased 6% or $274 million primarily driven by growth in new and existing customer contractual agreements.

The segment revenues were as follows:

•Imaging segment revenues were $6,693 million, growing 4% or $231 million, with growth in the USCAN and EMEA regions, partially offset by continued pressure in the China market;

•AVS segment revenues were $3,829 million, growing 4% or $138 million with strength in the U.S. market, partially offset by continued pressure in the China market;

•PCS segment revenues were $2,262 million, decreasing 2% or $36 million, largely driven by a challenging year-over-year comparison in Life Support Solutions; and

•PDx segment revenues were $2,110 million, growing 13% or $248 million as reported, driven by the acquisition of NMP and an increase in Organic revenue*. Organic revenue* grew 7% driven by continued growth in volume and price.

The regional revenues were as follows:

•USCAN revenues were $6,934 million, growing 5% or $352 million with growth across AVS, Imaging, and PDx segment revenues, partially offset by a decline in PCS revenues;

•EMEA revenues were $3,802 million, growing 5% or $185 million with growth in Imaging, PDx, and AVS revenues, as well as favorable foreign currency impacts;

•China region revenues were $1,704 million, decreasing 2% or $41 million with declines in Imaging, AVS, and PCS revenues partially offset by growth in PDx revenues; and

•Rest of World revenues were $2,487 million, growing 3% or $79 million with growth in PDx revenues, inclusive of NMP revenues, partially offset by unfavorable foreign currency impacts.

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

Operating income was $653 million, a decrease of $23 million and 120 basis points as a percent of Total revenues. The decrease was due to the following factors:

•Gross profit decreased $36 million or 300 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 $237 million or 380 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. Cost of services sold increased $79 million or 160 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 $134 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 $13 million primarily due to a decrease in Research and development (“R&D”) of $25 million, driven by certain programs achieving development milestones resulting in costs to be reported under cost of revenues, partially offset by an increase in Selling, general, and administrative (“SG&A”) expense of $11 million, primarily driven by increased investment in our commercial teams and the acquisition of NMP, largely offset by a decrease in Spin-Off and separation costs. R&D as a percentage of Total revenues decreased by 80 basis points and SG&A as a percentage of Total revenues decreased by 90 basis points.

Net income attributable to GE HealthCare and Net income margin were $446 million and 8.7%, a decrease of $24 million and 100 basis points, respectively, primarily due to the following factors:

•Operating income decreased $23 million, as discussed above;

•Interest and other financial charges – net decreased $19 million primarily driven by debt repayment and continued optimization;

•Non-operating benefit income decreased $27 million primarily due to lower expected returns on plan assets;

•Other income – net increased $17 million primarily driven by an increase in Net financing income and investment income (loss) as disclosed in Note 16, “Supplemental Financial Information”; and

•Provision for income taxes increased $11 million primarily due to U.S. and foreign tax law changes offset by 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 $761 million and 14.8%, a decrease of $33 million and 150 basis points, respectively, primarily due to a decrease in Operating income, as discussed above.

Adjusted net income* was $490 million, a decrease of $31 million primarily due to a decrease in Operating income and higher Provision for income taxes, partially offset by lower Interest and other financial charges – net.

Operating income was $1,936 million, an increase of $112 million and 30 basis points as a percent of Total revenues. The increase was due to the following factors:

•Gross profit increased $57 million, but decreased 120 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 $347 million or 160 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, and investment in design follow-through, partially offset by cost productivity. Cost of services sold increased $170 million or 70 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 $357 million in engineering costs for design follow-through on new product introductions and product lifecycle maintenance subsequent to the initial product launch, compared to $305 million for theprior year comparable period; and

•Total operating expenses decreased $55 million, with a decrease in R&D investments of $30 million, driven by certain programs achieving development milestones resulting in costs to be reported under cost of revenues, and a decrease in SG&A expense of $25 million primarily driven by a decrease in Spin-Off and separation costs, partially offset by increased investment in our commercial teams and the acquisition of NMP. R&D as a percentage of Total revenues decreased by 50 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 $1,495 million and 10.0%, an increase of $223 million and 120 basis points, respectively, primarily due to the following factors:

•Operating income increased $112 million, as discussed above;

•Interest and other financial charges – net decreased $49 million primarily driven by debt repayment and continued optimization;

•Non-operating benefit income decreased $83 million primarily related to lower expected returns on plan assets;

•Other income – net increased $123 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 $39 million primarily due to foreign income tax reserve releases 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, offset by U.S. and foreign tax law changes. For additional detail regarding our income taxes, see Note 10, “Income Taxes.”

Adjusted EBIT* and Adjusted EBIT margin* were $2,205 million and 14.8%, a decrease of $13 million and 70 basis points, respectively, primarily due to an increase in Total operating expenses, excluding the impact of Spin-Off and separation costs, partially offset by an increase in Gross profit, as discussed above.

Adjusted net income* was $1,441 million, an increase of $48 million primarily due to lower Interest and other financial charges – net and lower Provision for income taxes, partially offset by a decrease in operating income when excluding the impact of lower Spin-Off and separation costs.