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GE Healthcare INVESTOR UPDATE March 11, 2016 New York City GE Healthcare INVESTOR UPDATE March 11, 2016 New York City Caution Concerning Forward-Looking Statements: This document contains "forward-looking statements" – that is, statements related to future events that by their nature address matters that are, to different degrees, uncertain. For details on the uncertainties that may cause our actual future results to be materially different than those expressed in our forward-looking statements, see http://www.ge.com/investor-relations/disclaimer-caution-concerning-forward-looking-statements as well as our annual reports on Form 10-K and quarterly reports on Form 10-Q. We do not undertake to update our forward-looking statements. This document also includes certain forward-looking projected financial information that is based on 1 current estimates and forecasts. Actual results could differ materially. This is GE Healthcare IMPACT AT SCALE Leader in Imaging – 1MM+ Installed Base • 16K+ Scans every minute Revenue $18B Leader in China & Emerging Markets Op Profit $2.9B Leader in Data & Analytics OP% 16.3% • 230MM exams; 124K assets under management Leader in Life Sciences FCF Conv. 126% • Presence in biologics 2 GE Healthcare in context Big opportunity GE store • $7T global market • Technology - ~10% of global GDP • Core long term growth • Digital platform - Aging demographics - Chronic disease - Emerging market access • Industrial “know how” - Cost out • Critical infrastructure - Lynchpin of economy • Leverages and enhances brand - Politically important • $3T market cap • Opens doors around the world - 12%+ of equity market Essential global industry … strong GE fit 3 A leading healthcare solutions provider Diagnostic imaging & Mobile diagnostics & IT & digital solutions Life Sciences service monitoring Magnetic Resonance Ultrasound Enterprise Imaging Bio process Computed Tomography Clinical Solutions Financial Management Protein & Cell Sciences Contrast Media & Nuclear Molecular Imaging Monitoring Care Area Workflows Tracers Service & Solutions Mobile Health GE Health CloudTM Cellular Therapy $8B $4B $2B $4B 4 History and path forward Financials ($B) Path forward $18B Running business better 126% - Differentiated customer experience $2.9B - Product costs down / restructuring - Invest in core imaging - Leverage Ultrasound playbook Revenue Op Profit FCF Conversion High return organic growth opportunities - Ultrasound “Slow growth” (Last 5 Yrs) - Emerging markets • Government funding pressures - Life Sciences • US market uncertainty (ACA) Grow Digital / Solutions • FX headwind - GE Health Cloud • Underachieved on cost New leadership team + AEIP alignment Driving growth and returns 5 Accelerating shift towards value-based healthcare Industry forces Burden of COST Explosion of DATA MOBILITY Systemic reactions GOV’T POLICY CONSUMERS DIGITIZATION NEW ENTRANTS Enabling the value agenda Bear more risk, System-wide connectivity Creating disruptive models demand value to enable value delivery to capture new profit pools New paradigms of care Community-Based Care … moving to clinic Acute … care-area focused Post-Acute Care … moving to mobile health Retail Cardiology In-patient Pharmacy Oncology Rehab Out-patient Dx Imaging Center Radiology OR Rehab Physician Clinic Preventive Care Hospital Home Care Customers need solutions for value-based and personalized care 6 GE Healthcare Leading provider of outcome-based solutions in healthcare 7 GE Healthcare Revenue Strategic priorities ($ in billions) 1 Margin expansion Sourcing at scale, brilliant/lean factories, digital services + + 2 World-class imaging $17.6 Distributed imaging … aligned to market needs 3 Leader in market solutions GE as partner of choice to grow access to affordable care 4 Expand Life Sciences Enable next generation of therapies & pharma productivity '15 '16E '17F+ 5 Digital growth Op Profit $2.9 + +/++ Mobile & cloud-based apps, product & system-wide solutions 6 Cash & capital allocation Rigorous cash mgmt & disciplined capital controls 8 1 Margin expansion Op Margin % Key drivers ~18%+ Design productivity ~16.8%+ • Engineering focus on material cost out … 2X Investment 16.7% 16.7% 16.3% • Launch NPIs with expanded CM rates Lowest cost procurement , manufacturing & assembly • Global best-cost country sourcing, reduced cost of quality • Global supply chain … lean, digital thread & brilliant factories '13 '14 '15 '16E '18F Services margin accretion Brilliant Factories 5 60 • Grow value-added software-enabled offerings ERPs 48 4 • Increase material and labor productivity VCP Invest $150-200 Structural simplification Metrics Dual Sources 28% 50% • Increasing shared service penetration, single ERP Service Margin Up 2 pts • Localize engineering/software, reduce spans/layers Poised for 3X historical cost out 9 2 World-class imaging Matching product development with market needs Avg Selling Price Interventional Women’s Health General Imaging Surgery Cardiology & Radiology Molecular Imaging IMAGING Seno Lunar Image Guided Systems Revolution CT SIGNA MR Discovery Surgical C-Arms ~$100k-500k ~$20k-200k ~$0.5-2MM ~$0.2-3MM ~$0.5-10MM ~$0.2-3MM ~$20-200K ULTRASOUND Women’s health – Cardiac General imaging Primary care Voluson $25-150k Vivid $25-200k LOGIQ $25-200k Vscan $7-25k • Market-backed new product introduction • Care area and value-based segmentation is key • Accretive margins across the value chain 10 3 Leader in market solutions Developed markets ~75% Emerging markets ~25% Rev Growth: ‘09 – ‘15 Building a $5B business China 70% • Local capabilities on par w/ U.S. & EU $13.5B + • Global COE for value products Revenue GE company-to-country focus M.East/ 80% • Aligned with MOH priorities Africa • Select localization in key regions ‘15 ’16E Solid path to growth • ACA uncertainty diminishing … U.S. growth returning LATAM 80% • Expand coverage & service • Mfg. localization in Brazil • Focus on outcomes … opportunity exists in solutions, Introducing disruptive NPI ex. Temple University Health System India 35% • Private driven … low govt. funding • Local R&D teams drive innovation • Solid growth in Europe platform Accelerate growth to meet demand - 6 consecutive quarters of organic orders growth ASEAN 90% • Countries investing in HC systems - Eastern Europe double digit growth • Expand coverage & svc. capability Diverse markets … customized approach 11 GE Healthcare in China Revenue Strong local presence ($ in billions) $1.9 ‘16 Private ++ Strong commercial presence $1.0 - 1,500+ direct sales force... 60% deployed in Tier 2 & 3 cities $0.5 Public =/+ - Dedicated sales managers to support private growth - Differentiated service offerings ‘05 ‘10 ‘15 Value COE … for China and the world Tenders … Market bottoming out - 1,000+ engineers … full system design (YoY Change %) - 36 China NPI’s launched … $1B+ rev. P.A. (35% China, 65% ROW) 1% Service … 70%+ parts local repair -6% - 1 local repair shop + 3 tier parts distribution … 40% remote fix -8% -7% -14% -13% Supply chain … 2X output - 1 of every 2 GE CT’s shipped from Beijing, 1 of 3 GE Ultrasound devices shipped from Wuxi, new MR plant Q3‘14 Q4‘14 Q1‘15 Q2‘15 Q3‘15 Q4‘15 Strong Life Sciences: first 2 global KUBio deals signed China still very attractive... increasing spend from 5.7% to 6.5% of GDP by 2020 12 4 Expand Life Sciences 2015 financials Critical solutions for biopharmaceutical companies $4B 20%+ Margins • Creates flexible, productive capacity ++ $1B+ FCF $4B • Highly regulated production process Revenue • Equipment + consumables business model Leverages GE’s strengths • GRC … product pipeline '15 '16E • Growth markets … China Wing-to-wing offering • Services model … GE “know how” • M&A leverages GE footprint / brand Software and Services Cell Culture Bio-Reactors Chromatography + + Strong organic growth opportunities Media & Sera for cell growth Media & Equipment • Strong top line growth… Bioprocess 10%+ • Turnkey investments with 20%+ returns • Leading partner in emerging field of cell therapy Robust business model with high returns 13 5 Digital growth ~$2B ’16+ Path forward Cloud: ++ Software business • Build on deep clinical domain expertise Revenues Existing: = • Standardize on Predix™ ‘15 “Internal” Digitization • Digital thread … Brilliant factories • Service efficiency + Deep installed base/customer relationships • Engineering/design tools + Leader in Radiology imaging GE Health Cloud + Gaining share in enterprise imaging & financial • Mobility/collaboration management • Analytics ... GE + 3rd parties ‒ Multiple platforms • Aggregated images & data outcomes Improving customer productivity & patient outcomes 14 GE Digital portfolio GE Healthcare apps ISV apps Enterprise Care area Diagnostic Asset imaging workflows imaging performance Cellular diagnosis Thousands of Financial Workforce Dose applications from GE advantage Ultrasound management management management Independent Software Installed base Drug Vendors Applications Population Health Operational Monitoring develop’mt (Caradigm) analytics Customer relationships GE Health Cloud services Clinical expertise Data science & Care Multi Care pathway decision Secure platform modality modeling coordination support Health Inter- FDA/regulatory data Mobility Guideline & Care Analytic model operability Platform mgmt support protocols navigation development GE Store Visualization Workflow Collaboration Analytics GE Predix™ services Security Privacy Scalability PaaS Infrastructure Services Deployment & Service 15 6 Cash & capital allocation Strong cash conversion Capital allocation Free Cash Flow 126% 106% 100%
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