Siemens Healthineers Capital Markets Day Summary Company Overview - **Company**: Siemens Healthineers (OTCPK: SEMH.F) - **Event**: 2025 Capital Markets Day - **Date**: November 17, 2025 Key Points Industry Position and Strategy - Siemens Healthineers is recognized as a leader in the healthcare industry, particularly in imaging and precision therapies, with a strong presence in the Americas, Europe, China, and APJ regions [6][9][10] - The company operates in 70 countries and has an installed base of 700,000 systems, impacting 3 billion patients annually [6][7] - The focus is on elevating health globally, addressing non-communicable diseases (NCDs) which account for 75% of global deaths [17][18] Financial Performance - Revenue growth has averaged over 6% per year since the last capital market day, with EPS growth at 11% per year [10][58] - Siemens Healthineers reported revenues of over EUR 23 billion and EBIT close to EUR 4 billion [9] - The company has a backlog of over EUR 6 billion from value partnerships [8][12] Research and Development - Siemens Healthineers invests more than EUR 2 billion annually in R&D, with a focus on software, AI, and data science [7] - The company holds 1,300 patent families in healthcare AI, showcasing its commitment to innovation [7] Business Segments - The company operates in three synergistic business segments: Imaging, Varian (Precision Therapy), and Advanced Therapies, with Diagnostics following a separate path [9][13] - Diagnostics has improved margins by 8 percentage points since 2023 and is expected to have more entrepreneurial freedom for strategic growth [13] Future Growth and Targets - Midterm growth targets (2027-2030) include revenue growth of 5-9% and double-digit EPS growth [41][42] - The company aims for margin expansion of about 100 basis points per year in Precision Therapy and mid-single-digit growth in Diagnostics [42] - Sustainability targets include reducing carbon footprint by 90% in scope one and two by 2030 [42] Customer Challenges - Key challenges for customers include efficiency, clinical excellence, and access to care, driven by staff shortages and the need for improved healthcare systems [34][35][36] - Siemens Healthineers aims to address these challenges through value partnerships and innovative solutions [37][38] Technological Innovations - The company is focusing on personalized treatment approaches for NCDs, leveraging AI and advanced imaging technologies [22][23][24] - Innovations such as photon counting CT and AI-enabled MRI are positioned to enhance early detection and treatment planning [25][29] Capital Allocation and Financial Strategy - Siemens Healthineers has a stable dividend policy, proposing EUR 1.00 per share for the next AGM, with a commitment to maintain a progressive dividend [52] - The company targets a net debt to EBITDA ratio of 2.5 over the next two years, aiming for a strong investment-grade rating [54] Conclusion - Siemens Healthineers is well-positioned to tackle significant healthcare challenges through its innovative technologies, strong market presence, and strategic focus on growth and sustainability [39][40]

Core Points - The Gross Law Firm has issued a notice to shareholders of DexCom, Inc. regarding a class action lawsuit for alleged misleading statements and undisclosed information related to the company's glucose monitoring products [1][2]. Allegations - The complaint alleges that DexCom made unauthorized design changes to its G6 and G7 glucose monitoring devices, which rendered them less reliable and posed health risks to users [1]. - It is claimed that the enhancements to the G7 device were overstated, and the company downplayed the severity of the issues related to the G7 devices [1]. - The allegations suggest that these actions increased the risk of regulatory scrutiny and potential legal, reputational, and financial harm to DexCom [1]. Class Action Details - The class period for the lawsuit is from January 8, 2024, to September 17, 2025, and shareholders are encouraged to register for participation by December 26, 2025 [2]. - Shareholders who register will receive updates on the case through a portfolio monitoring software [2]. Law Firm Background - The Gross Law Firm is a nationally recognized class action law firm focused on protecting investors' rights against deceit and illegal business practices [3].

Core Viewpoint - Baxter International, Inc. is facing a class action lawsuit due to allegations of issuing misleading statements regarding the safety and efficacy of its Novum LVP product, which reportedly has systemic defects leading to serious patient risks [1][2]. Summary by Sections Allegations - The lawsuit claims that Baxter's Novum LVP product suffered from systemic defects causing malfunctions such as underinfusion, overinfusion, and non-delivery of fluids, posing risks of serious injury or death to patients [1]. - Baxter was allegedly aware of multiple device malfunctions, injuries, and deaths related to these defects but failed to adequately address them [1]. - The company's attempts to mitigate these issues through customer alerts were deemed insufficient, as design flaws persisted [1]. - There was an increased risk that customers would be instructed to take existing Novum LVPs out of service, and Baxter would halt all new sales of these pumps [1]. - Baxter's statements regarding the safety, efficacy, product rollout, customer feedback, and sales prospects of the Novum LVPs were claimed to be materially false and misleading [1]. Class Action Details - The class period for the lawsuit is defined as February 23, 2022, to July 30, 2025 [1]. - Shareholders who purchased shares during this period are encouraged to register for participation in the class action, with a deadline for lead plaintiff appointment set for December 15, 2025 [2]. Firm Background - The Gross Law Firm is a nationally recognized class action law firm dedicated to protecting investors' rights against deceit and illegal business practices [3].

Core Viewpoint - A class action lawsuit has been filed against Inspire Medical Systems, Inc. for alleged securities fraud affecting shareholders between August 6, 2024, and August 4, 2025 [2] Group 1: Lawsuit Details - The lawsuit claims that the company made false statements and concealed the poor demand for its new product, Inspire V, which was launched unsuccessfully due to significant surplus inventory and reluctance from providers to adopt the new treatment [3] - The complaint highlights that the company failed to complete essential tasks for a successful launch, including training and onboarding for treatment center customers, setting up IT systems, updating insurer claims software, and ensuring Medicare reimbursement was in place [3] Group 2: Next Steps for Affected Shareholders - Shareholders who suffered losses during the specified timeframe are encouraged to seek information about their rights to recovery, with no cost or obligation to participate [4] Group 3: Legal Firm Background - Levi & Korsinsky LLP, the firm handling the lawsuit, has a strong track record in securities litigation, having secured hundreds of millions of dollars for shareholders and being recognized as one of the top securities litigation firms in the United States [5]

Core Insights - Modular Medical, Inc. has received Institutional Review Board (IRB) approval to conduct an in-house study of its next-generation Pivot™ insulin delivery system targeting the diabetes market [1] Company Overview - Modular Medical is focused on innovative insulin delivery technology aimed at the $3 billion adult "almost-pumpers" diabetes market [1] - The company offers user-friendly and affordable patch pumps for diabetes management [1] Regulatory Approval - The IRB approval is a significant step in compliance with U.S. Food and Drug Administration (FDA) regulations for conducting biomedical research involving human subjects [1]

Core Viewpoint - A class action securities lawsuit has been filed against Baxter International, Inc. due to alleged securities fraud affecting shareholders between February 23, 2022, and July 30, 2025 [2][3]. Group 1: Lawsuit Details - The lawsuit claims that Baxter's product, the Novum LVP, had systemic defects leading to malfunctions such as underinfusion, overinfusion, and non-delivery of fluids, posing serious risks to patients [3]. - It is alleged that Baxter was aware of multiple malfunctions, injuries, and deaths related to these defects but failed to take adequate remedial actions [3]. - The complaint states that Baxter's public statements regarding the safety, efficacy, and sales prospects of the Novum LVP were materially false and misleading [3]. Group 2: Next Steps for Shareholders - Shareholders who experienced losses in Baxter International, Inc. stock during the specified timeframe are encouraged to seek information on their rights to recovery, with no cost or obligation to participate [4]. Group 3: Legal Representation - Levi & Korsinsky LLP, a recognized securities litigation firm, has a strong track record in securing recoveries for shareholders and has been ranked among the top securities litigation firms in the U.S. for seven consecutive years [5].

Core Viewpoint - A class action lawsuit has been filed against Inspire Medical Systems, Inc. and its senior executives for securities fraud following a significant stock drop due to alleged violations of federal securities laws [1]. Company Overview - Inspire Medical Systems develops and manufactures an implantable medical device for the treatment of sleep apnea, with its latest product being the Inspire V, which received FDA approval on August 2, 2024 [4]. Lawsuit Details - The lawsuit claims are based on Sections 10(b) and 20(a) of the Securities Exchange Act of 1934, representing investors in Inspire stock. The case is currently pending in the U.S. District Court for the District of Minnesota [3]. Stock Performance - On August 4, 2025, Inspire announced that the launch of Inspire V would face an "elongated timeframe," leading to a reduction in its 2025 earnings per share guidance by over 80%. This announcement was attributed to undisclosed factors affecting the rollout and weak demand due to excess inventory of older devices [7][8]. Impact of News - Following the announcement, Inspire's stock price dropped by $42.04 per share, or more than 32%, from $129.95 on August 4, 2025, to $87.91 on August 5, 2025 [8].

Core Insights - Autonomix Medical, Inc. announced significant improvements in quality of life for patients with severe pancreatic cancer pain following a targeted ablation therapy, as evidenced by a post-hoc exploratory subgroup analysis of its proof-of-concept study [1][4][5] Study Findings - The analysis utilized the EORTC QLQ-C30 scale to assess quality of life, symptom burden, and functionality across various patient subgroups, including those with different tumor stages and metastatic statuses [1][4] - Late-stage patients demonstrated substantial improvements, indicating that the ablation therapy provided clinically meaningful changes even in advanced disease [1][4] - Average symptom scores improved by 14.53 points at 4–6 weeks and 26.07 points at 3 months, with functionality and global quality of life also showing significant enhancements [7][10] - Patients with Stage 4 pancreatic cancer experienced a 32.48 point improvement in symptoms and an 11.85 point functional gain by 4–6 weeks, with sustained benefits at 3 months [7][10] Clinical Trial Insights - The findings will inform the design and patient selection for Autonomix's upcoming U.S.-based multicenter clinical study, set to begin in 2026, which will formally evaluate pain relief and quality-of-life outcomes [2][6] - The initial proof-of-concept study enrolled 20 patients, with 100% of responding patients achieving opioid-free status at 3 months post-procedure [10][17] Future Directions - Based on the positive results from the proof-of-concept study, Autonomix is expanding its research to include additional visceral cancers and earlier-stage pancreatic cancers, aiming to address a broader market for interventional cancer pain management [11][12]

Core Insights - Royal Philips has introduced DeviceGuide, an AI-powered device tracking solution designed to assist physicians during minimally invasive heart valve repair procedures, enhancing clarity and confidence in navigating the beating heart [1][2][5]. Company Overview - Royal Philips is a global leader in health technology, focusing on improving health and well-being through innovation, with a strong emphasis on patient-centric solutions [12][13]. - The company generated sales of EUR 18 billion in 2024 and employs approximately 67,000 people across more than 100 countries [13]. Product Details - DeviceGuide is built on Philips' EchoNavigator platform and utilizes AI to provide real-time visual guidance during interventional cardiology procedures, specifically for repairing leaking mitral valves [1][4]. - The solution combines live echo and X-ray images to create a virtual 3D model of the treatment device, allowing clinicians to see its position and orientation within the heart [5][6]. Clinical Impact - Mitral valve regurgitation affects over 35 million adults globally, leading to symptoms such as shortness of breath and fatigue, and can result in severe complications if untreated [2][3]. - DeviceGuide aims to assist physicians in performing transcatheter edge-to-edge repair (M-TEER) procedures, which are vital for patients who are not suitable candidates for open-heart surgery [3][4]. Collaboration - The development of DeviceGuide involved collaboration with Edwards Lifesciences, integrating Philips' imaging and AI expertise with Edwards' leadership in structural heart innovation [6][10]. Future Outlook - The introduction of DeviceGuide exemplifies the potential of combining advanced imaging and therapy expertise to innovate procedural workflows, setting a precedent for future AI-enabled, image-guided interventions [7][10].

Capital Markets Day London, November 17, 2025 Unrestricted © Siemens Healthineers, 2025 1 Unrestricted © Siemens Healthineers, 2025 Capital Markets Day 2025 Safe Harbor Statement This webcast has been provided solely for use at this meeting. By attending the meeting or accessing this webcast, you agree to be bound by the following limitations. This webcast is provided in conjunction with an oral presentation and should not be taken out of context. This webcast serves for information purposes only and the in ...