Financial Data and Key Metrics Changes - Order intake grew by 8%, marking the fourth consecutive quarter of improvement, reflecting robust demand and disciplined execution [4] - Comparable sales growth increased to 3% year-on-year, with all businesses contributing to growth [4] - Adjusted EBITDA margin expanded by 50 basis points to 12.3%, despite the impact of tariffs [4][24] - Free cash flow for the quarter was EUR 172 million, representing a EUR 150 million improvement year-over-year [28] Business Line Data and Key Metrics Changes - Personal Health saw a strong performance with an 11% increase in comparable sales, driven by robust demand across all regions [22] - Diagnosis & Treatment (D&T) experienced a 1% year-over-year increase in comparable sales, with image-guided therapy showing solid growth [19][20] - Connected Care's comparable sales grew by 5%, supported by strong growth in monitoring solutions [21] Market Data and Key Metrics Changes - North America was a key growth driver, with strong demand for hospital patient monitoring solutions [8][16] - In China, tender activity has been gradually increasing, but market growth remains subdued due to centralized procurement challenges [17][59] - Capital spending in Europe and Latin America remains stable, while India and Saudi Arabia continue to invest in healthcare and digitization [17] Company Strategy and Development Direction - The company aims to maintain momentum with disciplined execution into the fourth quarter to achieve full-year plans [5] - Continued focus on innovation and productivity improvements, leveraging AI to enhance operational efficiency [26] - The company is actively engaging with industry associations and authorities to advocate for patients and ensure access to care [18] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving full-year commitments, with expectations for comparable sales growth in the range of 1%-3% [29] - The company anticipates a net impact of EUR 150 million-EUR 200 million from tariffs after substantial mitigation efforts [24] - Management remains cautious about the near-term outlook for China but is optimistic about long-term growth potential [17][59] Other Important Information - The company passed six out of nine FDA inspections with no observations, reflecting progress in quality systems [12] - A recent FDA warning letter is being addressed with full remediation efforts, with no expected impact on commercial operations [14][58] Q&A Session Summary Question: Future Price Increases - Management indicated that price increases may occur due to inflation and the inherent value of innovations, but growth remains a priority [35][37] Question: Personal Health Performance - Personal Health's strong sales were partially aided by a low comparable base in China, with no restocking observed [39] Question: Maintaining Productivity Momentum - Management is focused on delivering strong performance in 2025, with confidence in mitigating tariff impacts [43][44] Question: Order Timing in D&T - Management noted uneven order timing, with expectations for D&T to step up in Q4 [49][50] Question: Impact of GE's Decision - Management sees potential for competitive positioning improvement due to GE's decision to sell its Chinese business [67][69] Question: Tariff Impact on Margins - Management acknowledged that tariffs will have a larger impact next year but remains focused on improving margins [76] Question: VBP Impact in China - Management confirmed that the procurement rollout affects their business, contributing to slower market growth [78]