USA TODAY (TDAY) UBS Global Healthcare Conference summary

Reflections on transformation and challenges

• Significant transformation over the past years, including business separations and verticalization, has been both challenging and foundational for future success.

• The company is focused on accelerating growth, improving cash flow, and executing consistently post-separation.

• Operational agility and simplification are key priorities as the company moves into its next phase.

Financial performance and guidance

• 2024 guidance reflects a $200 million top-line impact from North Cove, with $150–$160 million in solutions and $40–$50 million in kidney business.

• Operating income margin for 2024 is projected at 16.5% after adjustments, with a target of 17.5% in 2025 before dilution from MSAs and TSAs.

• 2025 sales growth is expected at 4–5%, driven by both volume and pricing, with about 100 basis points from pricing initiatives.

Product innovation and growth drivers

• Growth in 2025 will be supported by continued strong pump sales, especially Novum, and new launches in injectables and HST segments.

• New product launches in FLC and CCS are expected to impact 2025 and set up for further growth in 2026 and beyond.

• R&D focus is shifting toward innovation and growth-accelerating projects, with an emphasis on connected care and workflow efficiency.