Before we begin, I would like to draw your attention to the Safe Harbor statement on page 2 of the Siemens Healthineers presentation. This webcast may include forward-looking statements. These statements are based on the company's current expectations and certain assumptions and are therefore subject to certain risks and uncertainties. We pioneer breakthroughs in healthcare for everyone, everywhere. For 66,000 Healthineers in 75 countries around the globe, this is what gets us up in the morning, this is what drives us every day, and this is what keeps us up at night. This is the purpose we defined for ourselves after Siemens Healthineers and Varian became one. This is what we ask you to measure us against. We pioneer breakthroughs in healthcare for everyone, everywhere. Ladies and gentlemen, on behalf of the entire Siemens Healthineers team, I warmly welcome you to our first Capital Market Day. Go back with the slide. In the next minutes, I will give you a short overview on what we have achieved during the upgrading phase and explain why it's time for the next chapter, our New Ambition. I will share our midterm financial targets and illustrate what makes us so unique. I will lay out how we leverage our uniqueness to achieve our New Ambition goals and finally introduce the team that will drive the execution of New Ambition. In the past two years, in the midst of a historic pandemic, the Healthineers team delivered nothing short of spectacular results. Be it operational or strategic, the team delivered. We achieved, actually overachieved, our financial targets. We closed the transformative combination with Varian. We launched breakthrough innovations and realized further market share gains. We further grew our Value Partnerships with leading customers worldwide. We developed an ambitious ESG program. The team was and is tireless in the front line of fighting the pandemic by keeping the supply chain running, by delivering uninterrupted highest quality service, by quickly seizing new opportunities, like with the rapid antigen tests. In parallel, and almost immediately after the closing of the Varian transaction, a joint team of Varian and Healthineers leaders came together to chart out the strategy for the combined company until 2025. We call this next chapter our New Ambition, and it will be a chapter of accelerated growth. A chapter of growth in revenue with a CAGR of 6%-8% for the fiscal year of 2022 to 2025, and a chapter of even stronger growth in EPS with a CAGR of 12%-15%. In the following, and in the presentations of my colleagues, all we will do is explaining how we will achieve this and why we are very confident about meeting these targets. At the core of New Ambition are the unique capabilities we have systematically built in the past years and which we keep strengthening every day. Patient twinning, precision therapy, and digital data and AI. I am deeply convinced that mastering these three capabilities, getting stronger in these three capabilities, and creating more and more interconnections between these three capabilities is right at the core of us transforming healthcare for the better. Patient twinning means adding more and more and better and better ways to accurately describe the state of an individual patient. Having the ultimate vision of a digital copy in mind on which diagnosis, therapy selection, and response control can be based. This is why we drive imaging to new levels of insights. This is why we develop new diagnostic tests. This is why we work on making imaging and diagnostics more productive and more accessible. Precision therapy means using cutting-edge technologies to deliver individualized therapies, often with sub-millimeter, millimeter accuracy, whether it's cancer, stroke, or cardiac disorders. This is what Varian is so unique at in cancer therapies. This is what Advanced Therapies is focusing on by developing image-guided and robotic-assisted procedures. Our third strength is our unique competence in digital data and AI. It is key for scaling the application of technical advances, for having the next patient benefiting from the knowledge generated by diagnosing and treating millions before. For connecting patient twinning with precision therapy. Now, to some, this description of our core might sound a bit nerdy, abstract or overly simplified. Therefore, let me show you some real-life examples. In imaging, we are always out to find new ways to understand the human body, like in this sodium image of a patient with a brain tumor. Besides the anatomical information of where the tumor sits, it adds the metabolic information, how active the tumor is, which is often elementary to choose the right treatment. We are leading in this field, as in so many others, and it is one more step towards the patient twin. In diagnostics, we do very similar steps. This summer, we were granted FDA De Novo marketing authorization for our enhanced liver fibrosis or ELF blood test. Liver fibrosis is caused by scar tissue due to illnesses or damages of the liver. It often leads to liver failure and death. By 2030, nonalcoholic steatohepatitis or NASH will be the number one most frequent reason for liver transplants in the U.S. The ELF test measures three serum biomarkers, which measure direct markers of fibrosis and can indicate the risk of disease progression for NASH patients. Now let's look at examples of precision therapy. This is a patient with a brain tumor with multiple metastases. Standard treatment is applying radiation therapy to the entire brain. Yet if you do that, the risk of damaging the hippocampus marked in blue in the center of the skull is almost unavoidable. The hippocampus plays a decisive role in our memory and therefore our personality. The laws of physics make it challenging to treat the outside edge, but not the middle, like a donut. It is even more complex than that because this is like two donuts next to one another. Treatment planning for such patients, well, over 1 million cases worldwide, by the way, is extremely difficult and time-consuming. We therefore have developed a machine learning tool that can bring the several days process down to just a few minutes. Here's another example of precision therapy. This video shows a Corindus robot-assisted intervention. In this case, it's crossing a lesion. Currently, minimally invasive procedures are very operator-dependent and can be very time-consuming. We created algorithms based on the knowledge and expertise of highly skilled operators. In other words, we created a digital summary of the years and years of human experience and put them into an automatic robotic intervention. Through procedural automation, lesions can be quickly and easily crossed to arrive more quickly at the area where the intervention is needed. Here are some more examples for our work in digital data and AI. In addition to fighting the tumor, preserving healthy tissue is elementary in cancer therapy. To accelerate and improve treatment planning, we introduced an AI-based solution that is automatically contouring 71 organs at risk when planning for radiation therapy in the upper body. A perfect example for how AI brings our strength in imaging and in Varian together. My final examples shows how we support radiologists by dealing with diagnostic questions around COVID-19. Given the still very high number of COVID-19 cases, it is essential to identify as quickly as possible if a specific patient is suffering from COVID-19 pneumonia or if the pneumonia has a different cause. This is what this rapidly developed AI-based algorithm does, by automatically quantifying airspace opacities associated with COVID-19 pneumonia. Ladies and gentlemen, these were just a few real-life examples that underscore what we mean when we talk about our unique capabilities in patient twinning, precision therapy, and digital data and AI. Now, let's switch gears and look at the business side of things. Our four leading businesses are grouped around the unique capabilities which I just mentioned. Imaging and Diagnostics forming the left side, Varian and Advanced Therapies, the right side of the triangle. Imaging is a EUR 9 billion business operating at industry-leading margins of around 21%. Due to long-term service contracts, 40% of revenues are recurring. Diagnostics stands currently at EUR 4.4 billion revenues with a margin of 13%. As you know, fiscal 2021 saw an extraordinary positive impact from the sales of COVID-19 rapid tests in both top and bottom line. Diagnostics recurring revenues are at around 90%. Varian contributes around EUR 3 billion in revenue at a margin between 15% and 17%. About half of its revenue is recurring. Advanced Therapies annual revenues amount to EUR 1.7 billion at an overall margin of 15%. Around 40% of revenues are recurring. All in all, you look at a company of EUR 18 billion revenues, an overall margin of 17.4%, an innovation and market leader in most of its businesses with recurring revenues north of 50%. Our setup is designed to enable both focus and scale. When needed, the segments apply laser-like focus on the specialty customer group they address and the particular competitors they are out to win against. Where possible, we use our unique scale when we leverage the breadth and the depth of the global Siemens Healthineers organization to provide holistic and tailored solutions, such as our long-term Value Partnerships, when we use our joint service team and digital expertise, or when we use synergies in purchasing and manufacturing. Siemens Healthineers has direct operations in 75 countries and is active in more than 100 countries around the globe, making us the local partner of choice with global scale for our customers wherever they are. We have R&D, production, service, and sales capabilities in all hemispheres. We have deep roots in emerging countries. We have almost 3,000 software engineers in India and strong R&D, manufacturing, sales, and service capabilities in China. That's the global perspective. Let's look at the perspective of an individual customer. When we take a look at how our customers are typically set up, it becomes obvious we are the holistic partner for the C-suite of an ever-consolidating and transforming customer base. Through the breadth of our portfolio, we provide offerings for virtually all critical departments. Our service offering ranges from highest-rated product-related service to consulting to comprehensive Value Partnerships. In the meantime, our backlog from long-term Value Partnerships is bigger than EUR 3 billion. With this, I turn to another of my favorite topics, our ever-accelerating stream of breakthrough innovations. Let's look at some of the most recent examples. Our MAGNETOM Free.Max is our lightest, smallest, and most cost-effective MR system and is designed to bring MR imaging to places that it has not been possible until today. Atellica CI 1900, Atellica Solution's little sister, is targeted towards mid-sized labs, hub and spoke settings, and the emerging countries. It brings the Atellica philosophy of combining quality and throughput to even more customers worldwide. NAEOTOM Alpha is the first FDA-cleared photon-counting CT on the planet. We have been working on this breakthrough for 18 years, and our customers confirm that photon-counting technology has the potential to become the global technical standard in CT in the decades to come. Turning the page over to precision therapy, Ethos, our AI-driven adaptive radiation therapy system exactly does what I illustrated a few minutes ago. Data-driven personalized cancer care with maximum impact while minimizing side effects. With CorPath, we are on the way to advanced endovascular robotics to better and more accessible state-of-the-art stroke treatment. All of this is enabled by the glue of digital data and AI, like our AI-Rad Companion or Varian's oncology-as-a-service offering. Ladies and gentlemen, we enter the New Ambition phase with two convictions. While it became fashionable to speak about the challenges of healthcare, we are convinced healthcare is full of opportunities. While we could be proud of the history of our company, we are convinced Siemens Healthineers is just at the beginning. Why is healthcare full of opportunities? Because of the unrealized opportunities to fight the most threatening diseases, because of the untapped potential to improve provider efficiency, because of the currently uneven access for billions of people. Why is Siemens Healthineers just at the beginning? Because whether it's fighting the most threatening diseases, enabling efficient operations, expanding access to care, our technologies and competencies are tackling exactly these opportunities. Thus, we will tirelessly strengthen them further. As a result, we will have even more impact on global health and accelerated growth. While we pursue these three company-wide growth vectors, each segment will keep razor-sharp focus on its respective targets. For Imaging, this means expanding the number one position and creating new markets. For Diagnostics, it is accelerated growth and margin expansion. For Varian, accelerating the cancer care impact now together as one. For Advanced Therapies, it is growing and disrupting procedures in cardio and neuro. The segment heads will provide more color on how they will contribute to our New Ambition targets in a moment. Each segment will benefit from and contribute to our three company-wide growth vectors of fighting the most threatening diseases, enabling efficient operations, and expanding access to care. This is how we will achieve the midterm targets I laid out in the beginning. Before I come to an end, let me introduce to you the team that will play the decisive roles in Siemens Healthineers' next chapter. Since February, Darleen Caron is our CHRO. Darleen will speak about how essential company culture is for us and about the progress of our sustainability program. Most of you know Jochen Schmitz, our CFO, who will speak after Darleen. Yesterday, we announced that Elisabeth Staudinger will become a member of the Managing Board as of December first. Elisabeth will be responsible for the AP region, for our global customer service business, as well as our technology excellence unit, which covers shared R&D and manufacturing. We also announced that Christoph Zindel will leave the company for personal reasons end of March 2022. I want to take the opportunity to thank Christoph for all he has achieved for Siemens Healthineers over so many years. André Hartung will speak about Imaging. Deepak Nath about Diagnostics, Chris Toth about Varian, and Carsten Bertram about Advanced Therapies. Carsten has taken over from Michel Therin in the third quarter of the last fiscal year. In scaling up our business, the regions play an elementary role, yet their representatives will not speak today. Nonetheless, let me introduce to you Dave Pacitti, who is responsible for the Americas, and Bernd Ohnesorge, who is responsible for Europe, Middle East, and Africa. Until we have a successor for Elisabeth in the AP region, she will hold the position as a region head on an acting basis. That's the team I have the privilege to be part of, and with that, I hand it over to Darleen. Very warm welcome to you. Thank you, Bernd. Thank you. Good morning. Good afternoon, everyone. You've heard from Bernd how the combination with Varian offers a clear competitive advantage through our unique capabilities, unmatched global footprint, and customer proximity. There's another angle to that competitive advantage that perhaps does not meet the eye, and that's how we have so much in common, Varian and Siemens Healthineers. This is of particular relevance when considering that most M&A transactions fail not because of the strategy, but because of the culture. Let's take a look at what we have in common. Two global leaders with a rich heritage, pioneers in their field. Two organizations that are very purpose-driven, with people that share a deep sense of pride and high levels of commitment. Building on that foundation, we jointly defined our purpose and core values that would unify 66,000 Healthineers. We anchored ourselves in our strategic and financial ambitions and brought together leaders and countless employees from both organizations to define what do we need to keep and what needs to evolve to make us even stronger. All along, we stayed connected to the voices of our customers and patients, and we heard very moving and true stories that inspired us even more. To quote Chris Toth, yes, Chris, take a bow. "Culture is not the soft stuff. It's the stuff." Defining the purpose and values was an important step, but the real work begins now as we are bringing our shared culture to life. We're embarking on what we call the embedding phase. To support that, we articulated a clear roadmap. Let me take you through four of the core elements. For one, continuing to promote skilled and diverse talent, and then making sure that we, what we call cross-fertilize, which means bringing talent across organizations. Building agility in the way we operate. Be it our operating model or our strategies for go-to-market. Preserving that agility is considered essential. Finally, aligning our incentives so that all of us turn our heads to winning together. We take the culture very seriously. We're convinced that it's as important as our strategic vectors and our financial ambitions, and we have and will continue to invest time and resources to become one unified company. We pioneer breakthroughs in healthcare for everyone, everywhere. That's our North Star. To guide our daily actions and behaviors, we carefully crafted five very simple values, and I'd like to take you through them. One, we listen first. You heard Bernd about our ambition to build unmatched C-level relationships. Listening to their needs is the start point. Listening to one another is also the best way to leverage the rich diversity we have in the organization. We win together. Our unique capabilities in patient twinning, precision therapy, and digital data and AI are only as powerful as our ability to work across domain and organizational boundaries and leverage our scale. Third, we learn passionately. There is no innovation without learning, and we embrace learning in our daily work as a means to continuously improve. We step boldly, not because we're arrogant, but because we are confident that thanks to our capabilities and people, we can make a difference in 8 billion lives. Last but not least, we own it. It's personal. When we make commitments, we don't find excuses. We deliver. We own it. Those are the five values that guide us. We pioneer breakthroughs in healthcare for everyone, everywhere. You will have heard this a lot of times. I'm sure you will be able to recite it by heart, but it says it all. Increasing quality of care and expanding access to care is not only one of our three strategic growth vectors, as illustrated by Bernd. It's also anchored in our sustainability framework. On this page, you see several examples of how we illustrate how we wanna bring healthcare, but let's focus on Vietnam. In this country, there are almost as many acute strokes each year as in Germany, but with much worse patient outcomes. Siemens Healthineers has entered into an eight-year partnership with the local Stroke International Services. With advanced med tech solutions provided by Siemens Healthineers, SIS aims to bring internationally acclaimed stroke treatment standards to this part of Asia while becoming an education hub for Southeast Asia. This includes robotic-assisted remote stroke treatment. Imagine how, in the not-so-distant future, a patient with an acute stroke could be treated quickly at the nearest hospital instead of being transported for hours on the speedboat that you see on the top left corner across the Mekong River Delta. In several cases, those precious hours are the difference between life and death. If we turn our heads to diversity, it's an integral part of our culture, and we have woven D&I in every one of our five values that I presented earlier. Diversity of gender, nationality, and thought makes us a better, more sustainable company. If we take a look at carbon footprint, my example here is very simple. All our new buildings will operate carbon neutral, be it our high energy photonics center in Forchheim, which by the way, is directly adjacent to our headquarters, where we just celebrated the topping out ceremony 10 days ago, or our new campus in Bangalore, where thousands of software engineers will develop digital solutions. Climate friendly, no exceptions. Our commitment goes far beyond anecdotal evidence. We've set ourselves clear measurable targets, and you certainly have seen some of them, but what have we achieved so far? Let me draw your attention to access to care again. At least one-third of the world's population has no access to safe, affordable and even basic healthcare. We're convinced we can help change that. We measure our progress through the increase of patient touchpoints in 90 underserved countries that the World Bank defines as low- or middle-income. Touchpoints can be, for instance, imaging exams on installed CTs or X-ray machines, or blood tests on our lab analyzers. Since we started, we've added 30 million touchpoints. You heard me talking about carbon neutral buildings. That's only one lever to achieve our target of 130 kilotons of CO2 emissions by 2025. We've already achieved a significant reduction of 52 kilotons in fiscal year 2021, but we're not gonna stop at Scope 1 and 2. Last October, we took the next ambitious step and committed to 13.5% reduction of Scope 3 emissions by 2030 over 2019. This in alignment with the Science Based Targets initiative who accepted our approach and target. I do wanna mention, I have to say a word about diversity. We're committed to seeing more women in leadership, and today's announcement is yet one additional proof point of that, and we are very optimistic that we will achieve our target of 26% by 2025. Our efforts, we believe, have paid off. Sustainalytics has raised our rating significantly. As you can see, we're in the top five. Definitely huge strides have been made, and you will hear much more about it when we proudly launch our first standalone sustainability report in nine days. Of course, we will proactively reach out to our investors and take you through all of that. Speaking of investors, let me now hand it over to Jochen Schmitz, our CFO, who will take us through all the details around the financial ambition. Jochen? Yes. Thanks, Darleen, and also a very warm welcome from my side. I structure my presentation in two main parts. I will talk about the midterm guidance in more depth and breadth as a second part of my presentation, and I would like to start with our financial framework first. I have structured it into four pieces. First, driving innovation and growth. Secondly, fostering profitability. Third, strengthening our financial soundness. Fourth, obviously last but not least, focused capital allocation. Let me kick it off with driving innovation and growth. Our high R&D and SG&A intensity is key for our growth agenda. We are currently spending around 9% of revenue for R&D and 17% of revenue for SG&A. We will stay at these peak levels in the current year and maybe also in the next year because we are currently in a phase where we significantly invest into, for example, on the R&D side, future revenue synergies on the Varian combination. We're also investing on the SG&A side heavily into new growth markets and in developing market activities. Over time, there might be some conversion coming, you know, which brings us into a 8%-9% arena of R&D intensity and 15%-17% arena due to leveraging our scale advantages. With this investment in R&D and SG&A, we fuel our industry-leading margins, which I want to talk about now. We have industry-leading margins in three of our four segments already, and this is due to the fact that we have a significant scale advantage as we are market leader in those businesses. Secondly, we have a very, very clear productivity culture in the company. We deliver every year 4%-5%, sometimes even more than 5% of productivity of our total cost. Thirdly, we have really strong price discipline and pricing strengths due to our innovation leadership and our strong go-to market. This will cater also in the future for potential tailwind, headwind from higher inflation. Now talking about high R&D investments fueling the growth agenda, industry-leading margin, another very, very important aspect is the resilience of our business. 55% of our revenue today is coming from recurring sources. Our ambition is that we grow the recurring revenue at the same speed as the non-recurring one. We will add new recurring revenue streams, for example, by expanding into digital and tech-enabled services, for example, in oncology-as-a-service. We will foster our service and software revenues in Imaging, Varian and Advanced Therapies, as well as our reagent revenue streams over time. Thirdly, on the Value Partnerships, we kind of transform non-recurring revenue streams classically in the product business into kind of recurring revenue streams due to long-term partnerships. Even on the non-recurring side, there is high level of resilience due to the fact that our demand or the demand for our products and services is based on a secular and stable procedure growth on the one hand, and secondly, our strong global reach compensates for certain short-term volatility in certain regions over time. Talking about resilience, the next topic which is strongly supported by a resilient business is free cash flow generation. We will deliver 0.7-0.9 cash conversion rate over the planning cycle. Our three segments, Imaging, Varian, and Advanced Therapies, will be at the upper end of this range throughout the cycle. Diagnostics is still in transition to reach its steady state level, which is a bit below the upper end, more in the 80% arena because of structural differences with regard to this KPI cash conversion rate. We invest in future growth in Diagnostics via seeding, hiring, operating lease, which eats up some of the free cash flow, and we also do more capitalization of R&D. The capitalization period is significantly shorter than the amortization period. One word on CapEx intensity. Our business is not very CapEx-intense. We spend about 3.5%-4.5% of revenue on CapEx. You see that we were in the midpoint of this range over the last three years. We might move up a bit to the upper end over time, this year and next year, due to the fact that we have to do necessary capacity expansion due to our significant growth agenda. This now leads me into the topic of capital allocation, and here I want to reconfirm our M&A principles. They remain transparent and unchanged. Everything is based on strategic fit. This is the fundament of everything. Is M&A a help to accelerate our strategic direction, yes or no? This is a prerequisite for everything we do in M&A. Secondly, we obviously look at financial accretion. And thirdly, we are opportunistic. We look for availability of the targets and for the right timing. Think about the Varian transaction. I think a perfect example of a well-executed opportunistic window. When you think about the M&A types, we stick to our structure of seed, small, adjacent, mid-portfolio, large acquisitions, with here displayed a kind of stereotype accretion profile, which is not always fully adhered to. When you look at the examples of Corindus, for example, I think it's an acquisition which was on the edge between seed and adjacency. Adjacency despite, because of the size. Yeah, it was mid-size, I would say. From an accretion standpoint, more on the seeding side. Varian, obviously a clear portfolio-type acquisition, transformative in nature, large and immediately EPS accretive. Another area of capital allocation I want to focus on now as my final slide on the financial framework is about two main KPIs, which both go into the wrong direction if you do significant R&D initially. M&A. Sorry, not R&D, M&A. The two KPIs are one on leverage, one on return on capital employed. On leverage, we will stick with our policy that we want to stay in solid investment-grade rating territory as a minimum, and we see 4x net debt over EBITA as the upper limit of what is possible under this regime, knowing that we have the ability to deleverage very, very quickly, as we have shown in fiscal year 2021. By the way, we will also stick to our dividend policy of distributing 50%-60% of net income every year. One word on return on capital employed. In our industry, in our sector, due to the long-term growth characteristics, multiples and prices are, relatively speaking, high, and they drive initially return on capital employed down. Our clear ambition is, with every deal we do, to improve return on capital employed over time in the long term, and this is the clear ambition of Siemens Healthineers with M&A. With this, let me now move to the outlook section, and let me briefly repeat what we have disclosed on November 4 for this fiscal year. Ex-antigen, we will grow revenue by 5%-7% and adjusted basic earnings per share by 17%-23%. Remember, last year, revenue from non-antigen of €1.1 billion. The assumption for this year is €200 million. The delta represents almost exactly 500 basis points, which explains then the 0%-2%, which is exactly in line with the 5%-7% ex-antigen. Just to repeat this, now I come to the midterm guidance. Here I start with one very, very important topic, and that are the synergies with the Varian combination. We have raised our synergy target to more than EUR 350 million by 2025. This will drive the Varian margin well above 20%, even with only 80% of the more than EUR 350 million showing up in the Varian segment. The other 20% will show up, so to say, in the rest of the entire portfolio of Siemens Healthineers. We also updated slightly our guidance on the cost synergies because we said beforehand we will be around EUR 150 million. Now we say it is more than EUR 150 million on cost synergies and more than EUR 200 million on revenue synergies. All of those synergies are now well-defined and in execution phase. As you know, the cost synergies will kick in earlier, and we will reinvest a significant portion of the cost synergies into exciting future revenue synergies. The cost synergies will come primarily from procurement, back office, and infrastructure consolidation, the delisting of Varian, just to name a few areas. Chris will later talk in more detail about the revenue synergies. What is also important, everything we talk about with regard to midterm guidance include those more than EUR 350 million of synergies from the Varian combination. Why is this important? Because we believe it is the more meaningful way that we that we show you fully synergized plans for Siemens Healthineers overall, as well as for the segments, so that we do not need to artificially, in particular in the outer years, to differentiate what is stand-alone and what is synergies, yeah. Again, the midterm guidance is fully synergized. Let me move with this to the midterm guidance in more detail. You have heard from Bernd, the 6%-8% growth per annum. How is this fueled by the segment? Let me start with Imaging. The Imaging growth is will be between 5%-8% on the back of market and innovation leadership in this business. We will bring new products to market. You have heard about photon counting, you have heard about MAGNETOM Free.Max. We will definitely optimize the workflow of radiology. Think about the product Syngo Carbon, which we also brought to the market. Thirdly, we will leverage our unparalleled Imaging AI capabilities and think about the product, AI-Rad Companion, just as an example. This will fuel the growth agenda. On top comes, based on our strong success in the last years, a significant growing installed base, which will drive our very, very stable and resilient service growth in Imaging to a 6% per annum. Let me move now to Diagnostics. The Diagnostics growth, we're progressing towards 4%-6% until 2025. This is on the back of a clear focus on workflow excellence coming from a much more stable Atellica Solution platform, Atellica CI 1900, and very meaningful innovations in the point of care site. Take as an example, Atellica VTLi. Secondly, we will also beef up significantly the clinical value of our reagent portfolio, and we will further invest in our digital offerings in the lab. When I look back to the performance of the core business in Diagnostics, in particular in the lab space, over the last two years, I saw already a clear improvement relative to main competitors with regard to growth rate. This gives me a strong confidence that we will get to mid-single-digit growth rates over the planning cycle and beyond. Varian, very exciting growth at 9%-12%, backed up by their market leadership position in radiation therapy as well as in proton therapy. In addition, they entered very attractive growth fields in interventional oncology as well as in multidisciplinary software and oncology as a service. Obviously, revenue synergies come on top, yeah. 9%-12% fully synergized on Varian every year. Advanced Therapies, 5%-8% every year. This is based on a fundamental trend in the healthcare sector on which the Advanced Therapies business sits on, so to say. It is minimally invasive procedures. The procedure growth is fueling this growth, and we have leading image guidance equipment which enables such procedures on the one hand. Secondly, we will make robotics, Corindus, a clinical routine in endovascular procedures when they are complex. Thirdly, service. The service growth will be fueling this 5%-8% with 5%+ growth every year. With this, let me move to bottom line. You heard from Bernd, the 12%-15% adjusted EPS growth every year. The Imaging margin, no news on this, will expand by 20-80 basis points on an industry-leading basis already every year. The bandwidth of 20-80 is primarily driven by mix impact. In a year with a more favorable mix, it is more towards the 80. In a year with less favorable mix, it's more towards the 20. The growth will fuel further margin expansion on an already leading industry-leading position. Diagnostics margins will progress towards the mid-teens in 2025. This and you should see this the following way. Yeah. We have invested a lot into the business with primarily with the rollout of Atellica. Therefore, we have already built up a significant cost base. With the constant growing reagent revenue stream and the respective contribution margin, we will sort of say outgrow this cost base. The consequence is that the margin progression will be skewed a bit towards the end of the planning cycle until 2025. Full confirmation of what we have guided for in the upgrading phase. On Varian, margin will progress to well above 20% in 2025. Also here, we will see good margin improvement for the first two years, means the current year and next year. We will see an even progressing margin expansion in the outer years due to the fact that we currently reinvest significant portion of the cost synergies for future revenue synergies, and their respective P&L impact will kick in at scale in the years 2024 and 2025. On Advanced Therapies, margin will also progress towards the 20% territory back in 2025. Here we also see most likely a bit is skewed towards the outer years due to the fact that we will see then a significant limited or lower dilution from the Corindus investments in the outer years. Secondly, we will see more and more tailwind also coming from the healthy growth in the Advanced Therapies business without Corindus. With this, let me summarize briefly. We have heard now, or you have heard now in much more detail about our midterm guidance, and you will hear later by the business area heads about how they wanna go about it. You have learned about our very, very consistent financial framework. Now it's time for the first round of Q&A. Marc, please join me on stage. Thank you, Jochen. Also thank you, Darleen and Bernd, for your very interesting presentations. I am Marc Koebernick, Head of Investor Relations. As your host of the day, I'm very excited to be sharing with you our Capital Markets Day 2021. I have to say, believe me, a CMD preparation sometimes feels like a marathon, and that means sometimes it's also painful. Right now, as I'm standing here, I feel very proud that all the work was worth it, especially since we're now heading for the first Q&A session, which you, by the way, can already register for. Before we start with the latter, I will do a bit of housekeeping. While I will be accompanying you on stage throughout the whole event, we have a team in the back end who are supporting you with any kind of technical issues that you might have. It could also be logging, login issues, these kind of things. In order to get that help that you might need, you click on the help desk that is on the top right of your screen. First of all, in terms of housekeeping, I'd like to make you aware of our virtual expo, where we are basically showcasing in a 3-D environment some of our breakthrough innovations across the segments. I really think it's worth to click yourself through this. You find it in the tab bar. Secondly, in the web environment that you are in, this will be your hub for the whole day. Next to the already referred to expo, you find the downloads of the presentations, and you will also be able to refer to the segment presentations, and the recordings of these, and also Bernd's and Jochen's later on. If you are on our IR distribution list, which I hope you are, you already received our presentations and the press release by email in the morning. For any other request, the IR team is always happy to help. Thirdly, I would like to get your eyes to the safe harbor statement that is on the second page of both of the presentations that we sent around this morning, so that we are on the safe side here with regards to all legal matters. Yeah. Finally, I would like to clarify the setup of the day. As Jochen said, we'll be starting with the first Q&A in a very few seconds. Yeah. Bernd and Jochen are already with me on stage. In total, we will have six Q&A sessions, four with the segment heads, one right now with Bernd and Jochen, and one at the end of the day, where you basically can come up with your final questions that you have. The four segment presentations come in two blocks of two. Between them, there will always be, before and after, breaks. After the first segment block, there will be a larger break of 30 minutes, so you can plan for your lunch, which will be around about 12:50 P.M. Yeah. Don't get me wrong, we're actually a bit ahead of time already now. Now it's time to start with the Q&A. If I look at my screen here, the first person on the line would be Patrick Wood. Yeah. I think he's also with us by video. I would say, hey, Patrick, I hope you're fine. Ready to receive your questions. Perfect. Hopefully you guys can hear me. Can you hear me okay? Yep. Excellent. Fabulous. Awesome. Well, thank you so much for taking my questions. I'll keep it to two, please. Slightly more big picture, I guess. You know, more and more of the business on the Imaging side and elsewhere is becoming software-driven. I'm just curious, you know, as you can push down innovation to customers on the software side, does that change the replacement cycle or indeed the innovation cycle on the hardware side over time as more and more improvements can be delivered through software? That's the first question. The second question is, you know, it seems to me, and correct me if I'm wrong, that, you know, there's more of a focus on the therapeutic direction of the business in terms of looking at things, you know, whether it's neuro or cardiovascular. Does that inform how you're thinking long-term about M&A and innovation and about whether you'd be more focused on looking at it through there, those areas or more around, let's say, you know, robotics as a holistic area? So is it more therapeutic-driven or sort of solutions-driven, I guess? Thanks. Okay. Thank you, Patrick. So the software question is actually a very good one as always. I mean, on the one hand, the higher software content of course helps us, I mean, because we are developing more and more into a software P&L when it comes to gross margins and so on. We know that when it comes to new business models, healthcare is a little bit conservative. We are also driving the digitally enabled services and so on. But the core of your question was whether it is slowing down the hardware, quote-unquote, cycle. I wouldn't see that really, yeah, because what we do, and you will see this in André Hartung's presentation, yeah, it is extremely very much about having that dedicated software interacting exactly with the specialized hardware. I mean, photon-counting being one very prominent example, yeah, which is a software-powered hardware disruption. Yeah. Typically when you go to the next level, you need to go hand in hand. Yeah. I mean, a little bit of a trivial analogy, when you compare ourselves with the smartphone business, yeah, and you know, Apple. Yeah. You see that there is a stream of hardware innovations or hardware advancements which is accompanied by software. The hardware makes things possible that the software is exploiting, yeah. Vice versa. On the M&A side, I would recommend look at the triangle which I explained, yeah, because this is from a core technology point of view, where our strength is, where our core belief is, yeah, to be super strong in the corners of the triangle, but in the interplay. Whatever makes us stronger there from a clinical and technical point of view is what I would call a technical adjacency, yeah. Technical medical adjacency. When it comes to more the business impact, it's worthwhile to look at the three growth vectors we talked about. Yeah. The disease focus with the cardio, onco, neuro, tech-enabled services, and also what brings us more to access to care. I think what you also saw is that especially the combination with Varian made us a more disease-focused company, and made us more relevant, and is allowing us to up the game. Looking at technology-enabled therapy certainly is a focus. Maybe one brief addition. Okay. To your question, to your first question, Patrick. When you, for example, think about photon counting and the combination of, I would say, a physical breakthrough with necessary software advancements to make this work, yeah, just from a sheer data volume, this might even trigger faster turnover cycles just because of the additional quality of the systems. Yeah. That you just need to have it, otherwise you are so far behind. Yeah. It can even have the opposite effect, yeah? Yeah. In theory. I mean, so you make us talk with your question. I mean, another topic is, you know, the MAGNETOM Free. Where the software and the interplay of a hardware which is designed to be more affordable is key. That means that you need to keep innovating also here on both sides of it. Thank you. Great. Thanks, Patrick, for your questions. Now we head over to the next person on the call, that will be Scott Bardo from Berenberg. He's also with us by video. Scott, get ready. You'll be visible in a few seconds. Get rid of the coffee cup. Hey, Scott. How are you? Thanks very much for taking my questions. Thanks, Marc. Thanks also for the confident message and outlook today, guys. A couple of questions, please, if I may. The first question, I think, somewhat emanating from the COVID pandemic, there certainly seems to be global shortages of staff for hospitals and care institutions and obviously inflationary considerations for everybody. I wonder, Bernd, if you could perhaps talk a little bit to, you know, your products and solutions and the capital side of the business and how that may be part of the solution to some of these ongoing or overriding problems faced by the healthcare system. The second question, please. I just wonder if you could give us a little bit of an update as to the enterprise service element of the business and help us understand whether the group are forming dedicated targets by 2025 and whether the picture and outlook changes here with respect to the Varian integration. Thank you. Yeah. Thank you, Scott. I mean, when it comes to solving really these bigger customer challenges you talk about, yeah. I mean, when I talk about the three growth vectors and the three opportunities behind them, yeah. I mean, I said about, you know, unlocking the potential of efficiency and on the provider side, yeah. Which is triggered by, on the one hand, I mean, there is cost pressure and so on and so on. One big topic is staff shortage. Yeah. Staff shortage is a problem in the developed world. It is a challenge when it comes to developing a healthcare system, yeah. We are very focused in a focused way, and that is why you saw also many of these AI examples, yeah. To help take over the routine tasks, yeah. To make the existing staff more productive, yeah. Or on the other hand, help in the emerging countries, yeah, that there are certain specialties are not really established that AI helps do the stuff, yeah. Or that we develop a remote way of doing things like we do with oncology as a service. This is why, you know, this tech-enabled services is one of the big topics. Yeah. Sometimes it's in the product, yeah, and the software around it, but we are very much focusing on developing also service models. On enterprise services, I mean, this is a great success story for us, but I am also here as for the entire company convinced we are just at the beginning. Yeah. Because what this does is the more our customers consolidate, the more they need to look at managing their institution. Which is often an institution with 50,000 employees. Specialty is a very personnel-intensive business, and it's about managing payers, managing patient stream, managing physicians, and so on. Having a strong technology partner, helping them to shape medicine, showing what's possible, and so on, it becomes more and more a need. The combination of what we have here of a super strong but also broad portfolio, plus the consulting capabilities we have built, plus the excellent reputation we have in service play exactly in that area. With Varian, it makes us even more relevant. On the other hand, it helps the Varian business because it gives them access or our Varian business access to the C-level conversation which so far was sometimes a bit tougher simply because they played on the departmental level mainly. Maybe there is also one other aspect. When all the services we provide, they all evolve from our domain. At the end of the day, out of the triangle. Therefore, it's still a very integrated aspect to what we do. Therefore, just from a reporting standpoint and from a target standpoint, it is built into our segment guidance. I would not see this changing, at least not in that planning horizon, that this will become an independent thing, for me. Maybe it changes in the future, but not in that New Ambition phase from my standpoint. Very much. Great. Thanks, Scott. Now we head on to Falko Friedrichs from Deutsche Bank, also with us via camera as far as I see. Falko, floor is yours. Hi there. Hi. Hi, Falko. Can't hear you. I can't hear you. Falko, we can't hear you. You have to unmute yourself. You might unmute. Okay. Can you hear me now? Yes. Yes. Excellent. Hey, everyone. I also have two questions, please. The first one is you mentioned that you aim to invest some of the R&D expenses into creating revenue synergies with Varian. Could you maybe elaborate a little bit on that and give us a flavor how the Varian products might be synchronized with the products in your other businesses? The second question is on M&A. Your leverage obviously relatively high at the moment, but it looks like it can come down quickly again. What would be some of your areas of most interest for further additions over the planning period? Falko, thank you. On the reinvestment into revenue synergies, some examples you saw in my presentation. Where you saw how we use AI capabilities to connect imaging to better radiation therapy. It shows what a potential is to optimize the triangle, not the individual corners, but to make the three things work together. You will hear Chris talk about a nice challenge we have given ourselves in Varian. The Two to Two Challenge. To go from two weeks to two hours when it comes to starting the treatment after diagnosis, which requires a lot of integration of the imaging and digital capabilities with radiation therapy. You will hear Carsten Bertram and Chris talk about the integration of image guidance systems with the Varian interventional oncology, plus also the oncology-as-a-service opportunities will be accelerated by further R&D investment. I hope that explains it, but I'm sure that in Chris's, but also Carsten's presentations, you will get even more tangible. On the M&A side, again, very similar answer. I would recommend, look at the triangle, yeah. Whatever helps us to understand the human body better, yeah, and helps to guide treatment. On the other hand, what helps us to make the therapy even more precise, ideally, by combining it with the digital information we provide with the other businesses, is more the medical technical story, yeah. I mean, whenever I could not really imagine, yeah, that we do something which doesn't fit to that core triangle picture. When we look at the growth vectors, yeah, the topic of the focus of the three disease areas, yeah, which are the major killers on this planet, yeah, when it comes to the non-communicable diseases, plus the topic we just had when it comes to enabling efficient operations, yeah, moving so to say a bit forward into the value chain, not by taking over what our customers do, but by scaling certain aspects of their value chain in order to create a win-win situation. Falko, when you think about what I wanted to say with the two slides, the two final slides on the financial framework, yeah, with regard to M&A, yeah. First of all, what I wanted or what we wanted to get across is with Varian, with the combination with Varian, it is not over, yeah. There is a future, and there might also be M&A coming in the future, yeah. But under clear boundary conditions, yeah, which were then laid out in the second slide, yeah. We said, okay, solid investment grade rating, 4x net debt over EBITDA as the absolute maximum of leverage we want to have, yeah. Therefore, when you think about timing, yeah, it's not contingent timing, you will not expect us making a portfolio move in the near term, yeah. We might be in the position to do smaller things already relatively near term. That doesn't mean that we do this, yeah. I'm just saying what we can do, yeah. Our position is we want to be in the position to do things because as I said, opportunistic driving M&A opportunistically is a very important topic, yeah, because that, yeah, and this is only possible if you have the ability to do so in the right timing window. Therefore, I think this is key, and that is what I wanted or we wanted to get across with the financial framework, yeah. Okay. Thank you, Falko. I think we lost you on the way. Anyway, not too bad. We still have two people in the queue. Just to remind you, if you wanna request, take part in the Q&A and get into the queue, you need to press the talk request button in your tab bar. Next one in line would be David Adlington from JP Morgan. David, you should be live now. Morning, guys. Hello. Can you hear me? Yes. Hi, there. We hear you. Great. Thanks, guys. Two questions, please. Firstly, just in terms of the 5%-8% growth in Imaging, I just wondered if you expect that to be relatively even over the time period or given the products you're introducing, whether we might see some years a bit stronger than others. Secondly, just interested to hear you talk about recurring revenues growing at about the same pace as the overall revenues. We would normally expect in a business like yours, as the installed base increases, we'd expect recurring revenues as a percentage of sales to increase. Maybe you could just talk the dynamics of that, and if that correlation of increasing recurring revenues has broken down or whether it's just a factor based on your new product introduction, we should expect that to return at some point in the future. I kick it off. I mean, Dave, I think it's a good question. The 5%-8%, yeah, will it be evenly spread over the planning cycle? Difficult to say. I think we have we can expect a strong start. Yeah, I mean, we have currently in the rollout phase in Imaging of very important innovations, yeah. But I mean, we gave out this corridor to be on the safe side, yeah, and to have some leeway. It's always difficult to say because there are also some exogenous factors which can play a role in things like this. So bear with us, yeah. 5%-8% is what we commit to, yeah. As we did not qualify further, yeah, using the midpoint for a model might be a meaningful way for now, yeah. Yeah, we will update you, as you know, on a yearly basis what we expect in more detail for the current year, yeah, as we did for this fiscal year, for example. On your second question, yeah, it might sound a bit odd that we just want to grow the recurring portion of the revenue stream at the same speed as the non-recurring one, yeah. I mean, first of all, with 55%, we are super resilient, and we have a significant recurring revenue stream already. Secondly, we intend to be very, very successful, yeah, on the non-recurring part of the portfolio, meaning equipment, yeah. Yeah, the question is, how do you so to say assign the Value Partnerships and the equipment we sell via Value Partnerships? Do you assign that now to recurring and non-recurring? Yeah, you can argue until the cows come home, yeah. I would say we have that so far in the non-recurring section assigned to. Yeah, if you take the midpoint of the top-line guidance, we grow both things with 7%, yeah. Will it be maybe skewed towards particularly to the end of the cycle, more towards a recurring piece? Maybe, yeah. I cannot commit now, yeah, to more than this because I also want to not steer the business wrongly because I have nothing against strong growth on the non-recurring part, yeah, to be honest. Yeah. Right. David, it's a very fair question. There's also an aspect of. I mean, you need to know how the installed base grows. What is replacement revenue? What is replacement business? What is business which comes on top? Yeah, we continue to grow massively the installed base, plus we create new markets, yeah. Over the period here, you need to bear in mind, yeah, that there is typically also a warranty period. Yes. Yeah. When you see that grow, the growth and the installation and so on happening, then it doesn't add immediately additional service contracts. Which is why the service growth follows. I mean, Jochen mentioned in his presentation, yeah, the 5%, roughly. I mean, it comes to the service growth. Can this go up, towards the end of the cycle, yeah, by a percentage point? Potentially, yeah. Yeah. In Imaging we are already at sixish, yeah, and in Advanced Therapies is 5+, yeah. There's also one from a modeling standpoint, one technical aspect, yeah. The business with the highest recurring revenue piece is with, in our portfolio, not the fastest-growing one, yeah. Yeah, therefore, there's also a mix topic in there, yeah, which hinders, so to say, a significant improvement on the recurring piece overall, yeah. Just for your modeling, yeah, there's also a mix topic in there, yeah. Super. Thank you. You're welcome. Great. Thanks, David, for your questions. We head on to Veronika Dubajova from Goldman Sachs. Veronika, you should be live on screen in a few seconds. Hey there. Hey. Hey, Veronika. Hey, guys. Good morning, and hope you can hear me okay. Yes. Thanks so much for having us. Two questions from me, please. The first one's on the Varian growth ambition of 9%-12%. Obviously this is substantially higher than what the company talked about in the proxy statement and what they've guided for historically. Would love to get some color from you on sort of what has changed. Do you have different assumptions around market growth, or is this really all coming from share gains? I guess, you know, given the size of the business, and the market share that it already has, that is a very ambitious growth target. Maybe you can give us some insights into what exactly is driving that. Is that selling and marketing execution? Is it R&D? Maybe just the shape of that growth. Is that 9-12 every year, or does it accelerate over time? I know there's quite a lot in there, but it's a big change from what we've heard from Varian in the past, so I think worth spending some time on that. My second question is just to circle back to some of the sort of, you know, software pieces of the revenue pie that you were talking about. Just curious if you can give us a little bit of a flavor for how large the software revenues are today. Then as you think about forward, you know, what would you expect the numbers to be by the time we get out to 2025? I know this is quite hard to quantify in some of your businesses, but even just a rough ballpark would be helpful. Thank you. Yeah, Veronika. Thank you. I mean, on the Varian side, first of all, you will have 30 minutes of Chris Toth presenting the plan, plus a Q&A. Yeah, so where we will go very much into detail. Main headline, yeah, what is triggering the growth? I mean, on the one hand, there is in the classic business, yeah, on what comes on top to the Varian growth ambition, yeah, from as from a proxy filing. On the one hand, it is the cross-selling, if you wish, opportunities utilizing the channel we have. Yeah, the areas where we are where Varian has not been as strong as Siemens Healthineers in, you know, second-tier emerging countries, certain areas in Europe and so on. But also when it comes to really utilizing the C-level contact. This is happening not only as we speak since day one of the combination. There's a lot of excitement in finding these joint opportunities to accelerate, to even accelerate the share gains in the classic radiation oncology business. Then come the new offerings, yeah, in the classic radiation oncology business. Then there are two additional growth engines in Varian, which also benefit strongly from the combination. One is the CTSI business or multidisciplinary oncology with this oncology as a service, yeah. Which f its like a hand in glove to our Value Partnerships approach to our enterprise services business, to the C-level relationships we have, because this type of business typically is a C-level conversation. The other growth engine is the interventional business, yeah. In the interventional oncology, where we can really play the strength of the triangle, so to say. Here is the image, here is the image guidance, and here is this therapy we can deliver. For an interventional oncologist, this is a dream coming true, yeah. That the leader in Imaging and the leader in cancer care team up, yeah, to build that fourth column of cancer treatment. Software business, you want to- I mean, Veronika, this is a very good question, yeah. Obviously. I mean, our current revenue stream in this, in the software business is EUR 500 million plus, yeah. As a company, yeah. It's clearly above this, yeah. On the other hand, we sell today software in the majority still at the point of sale of equipment, yeah. So it's not the classical software as a service business model and so on. This is relatively tiny still, yeah. Because the customer behavior has not changed in this regard. Due, I would say, due to the situation we are in with relation to our customer, we don't want to force it to them, yeah. There's no need to do this, yeah, for now, yeah. Secondly, I think this is also an important topic, why we're also shying away from further segmenting our revenue streams is that software is a key enabler of digital tech-enabled services, yeah. Now the question, is it now software business or is it service business? How do you want to quantify that? Maybe we do not sell service, but we sell software so that the customer does it on its own, or we provide service by utilizing our own AI capabilities in the future, yeah. This is something which is currently, so to say, developed and starting to find its way into the marketplace. How this exactly will pan out is still a bit open, yeah. Therefore, I think it would not be meaningful now to segment the revenue lines, yeah, further, yeah. This might change over time, yeah. We have high expectations towards this, yeah. What software and digital can enable either on the service side as well as on the standalone software side, yeah? That's helpful. Can I just ask a quick follow-up? For the revenue growth and the EPS growth targets that you've given, would you expect each of the divisions and the group to be in that range in each year? I mean, this is how we displayed it, yeah. That would be our what we love, yeah. Generally speaking, everywhere where we said P.A., yeah. This is the expectation, yeah. You see, you find some formulation where we said progressing towards, for example, in Diagnostics, towards 4%-6%, yeah. For example, for this year, we have our guidance out there, 2%-4%, not 4%-6%, yeah. You need to read it where everywhere where it's P.A. in there, so per annum, it's per annum, every year, yeah. Then we have given guidance clearly on where we see it progressing towards the end or the outer years, yeah, where we use the word progressing. I think that should describe it, yeah. Hopefully correctly, yeah. That's very helpful. Thank you, guys. You're welcome. Great. Thanks, Veronika. And thanks also to the other analysts for asking questions. Basically, this brings our first session, Q&A session to an end. We will now have a 15-minute break, so you can refresh yourself and free your mind, get some fresh air. That's what we will clearly do. Then we have the first block of segment presentations with André Hartung for Imaging and Deepak Nath for Diagnostics, where you also will have the chance to ask questions. If you haven't already found that button to request your question, maybe you can let yourself be helped by the IR team in the back end. See you then. Thanks, Jochen. Thanks, Bernd, for this first round. Back in 15 minutes. Welcome back. I'm very excited to announce the first segment presentation for you right now. Imaging. Welcome to the Capital Markets Day 2022 from the Imaging side. Imaging is indispensable, and there is a great example that illustrates why. This heart has been imaged with the latest breakthrough innovation, the NAEOTOM Alpha, the world's first photon-counting CT. It was performed in order to rule out coronary artery disease, the killer number one. When you look at this image, then you see it reveals a very severe calcified plaque on the left main coronary artery. If this causes a stenosis, it may result in a serious myocardial infarction. However, with a conventional CT, with such a calcified plaque, the examination basically would be inconclusive. You would have to perform an additional interventional procedure in order to make sure that you can do a safe diagnosis. With photon-counting CT and the spectral information related to this is changing. Because all of a sudden, you can isolate the plaque and you can remove it without removing any other tissue. All of a sudden you see there is no severe stenosis in the left coronary artery, and you saved for this patient an interventional procedure. Let's have a little bit a look into some of the business figures. Since the IPO, we did significantly increase market share, being number one in all large modalities, MR, computed tomography, conventional X-ray, molecular imaging. We have increased our installed base, so adding scale. We have a very strong top line with close to EUR 10 billion in revenue, and we have industry-leading margins. The revenue contribution is equally distributed throughout these three geographies. The good thing is, Imaging is on the rise. We are at the beginning of this. There are more and more diseases that drive Imaging. Just Alzheimer’s. Lately, there is a new drug introduced, MRI being needed in order to monitor the drug therapy. Think about oncology and therapy response monitoring. There are more and more diseases that are subject to imaging. At the same time, there’s a severe topic with access. As Bernd mentioned in his presentation as well, when you look into the low-income countries, then you see that 2/3s of the population don’t have access to imaging technology. This gets together with a lack of staff. I’ve just put up this one figure. 15,000 radiologists are already missing as of today in the United States. At the same time, chronic diseases and severe diseases, the most threatening diseases, are on the rise due to the aging population. There is an ever-growing demand for imaging. This is why we, as a leader, feel very well positioned to shape this Imaging market along our strategic pillars. The first is about Intelligent Imaging. Making devices smart, make them easy to operate, connect them. With that, we address a very resilient EUR 15 billion market that we are about to expand as well on top. The second is streamlining operations. Making sure that we improve the operational efficiency of our customers to enable them to do more with less. This is necessary as well to cope with the staff shortages. We have a very strong, unparalleled footprint in the field of artificial intelligence-driven clinical decision-making. There we do help our customers to perform even better than is today on their job. It's important then to put this as well in the context of the most threatening diseases to really understand what is the diagnostic information needed in order to facilitate the precise treatment later on. We focus on cancer, neurovascular, and cardiovascular diseases on top of this. When you look into the boundary conditions, we are really in a great situation right now. First of all the major markets after COVID were still in the managed COVID situation are back to growth. We have an extremely strong portfolio pipeline. We have the additional chances now with Varian being one company with us. As mentioned, there's the steady growth in demand. Let's have a look into one of the recent innovations in the field of intelligent imaging, and this is about creating access. It's about creating access to new markets with the MAGNETOM 3T. You know, last year we introduced the first version from it, the Free.Max. Now we already introduced the second version, bringing the TCO, the total cost of ownership for our customers even further down. At the same time, it has a very small footprint and a very easy-to-operate system. It's basically a push-button scanner. Our plan is to not sell this predominantly only in the radiology field, but to really look into new fields where MR hasn't been before. On the one hand, developing countries that can't afford an MR today, most likely now will get the first time access to this technology. At the same time, we open up the field into new clinical innovations. For instance, in pediatric, in the emergency department, and in the orthopedic arena. It's not only about access to new fields and access to areas where MR wasn't available before, it's as well the way we commercialize it. Because it's not only the scanner, it's as well the services around the scanner that sometimes is necessary on top. We have a portfolio that enables us to remotely scan and as well to remotely read, so we can offer the entire diagnostic service as a digital-enabled services, MR as a service to our customers. Let's have a look into what is really a breakthrough innovation and very close to my heart. I have to admit, I was part of this journey that took longer than 15 years from the very beginning. I tell you, it's very rewarding. Very rewarding to see that the FDA released a press release, that's not what they typically do, stating that this is the first major imaging device advancement for computed tomography in a decade. Now it's about photon-counting. Photon-counting brings really or sparks a new era in CT imaging. You will see just when you look into the technical parameters, two times the resolution, 40% less radiation dose, at the same time as well saving of contrast agent that we get here into a new league. More important, though, is the impact on the clinical arena. You recall the case that I've shown you at the beginning. It was the removal of the calcified plaque. At the same time, it will bring significant advances in the field of oncology. I put another case down there where you see the jaw of a patient imaged with photon-counting technology. As you always have the spectral information, with every scan you perform, you can see that the tumor in the jaw actually has blood flow, so it's a vital tumor. We create a lot of data. Data in hospitals do sit in various silos, and you have thousands of data points. Basically, for the clinical decision, you need maybe 50-60 critical ones. Radiologists sometimes take hours in order to collect the data for conferences out of the various silos. This we address with Syngo Carbon. We basically unify in one front end all the information from the very beginning of a radiology process to the final reporting into one solution, which is called Syngo Carbon. The great thing is we have 20,000 Syngo sites as of today that are potentially subject to upgrade to this type of technology in the field of enterprise imaging. I mentioned the example of MR, offering MR as a service. That makes perfect sense because as I mentioned, shortage of staff associated with high labor costs at the same time, is a key challenge in all healthcare systems around the world. If we are able now to support our customers there in order to fill experience gaps and/or staff shortage by offering scanning and reading solutions, we tap into a new era as well of services. Artificial intelligence-powered reading is gonna be key in the next couple of years. When you look into the high volumes that our customers have to cope with, from my point of view, in the next couple of years, there's no way around to invest in artificial intelligence-driven reading support. We have a very, very strong footprint there. We have already today more than 60 offerings around that field. We have access, which is key, to huge clinical data sets in order to train our algorithms. We have protected ourselves very well with the leading patent portfolio in that field, and we become more and more a software company. Today, we can cover 35% of the human anatomy. Just giving you some of the latest examples on the right, where we just launched the MRI AI-Rad Companion Brain, in particular, right in time now when I think about the news around Alzheimer's, then about to come in the near future, the AI-Rad Companion for Cardiac CT. It opens as well great opportunities in collaboration with Varian, because with the AI-Rad Companion Organs RT, we connect basically the diagnostic field with the therapeutic field in order to support this artificial intelligence radiation therapy planning. We have today at 35%, and our aim is to be at 85% by 2025. That makes a big difference, because you don't wanna work with 10, 15 different solutions. You wanna have somebody who is going on a journey with you in order to develop a portfolio and have an integrated workflow, integrated solution. In order to get to all this innovation, you need to have a strong foundation, and we have a very strong global footprint. We are present in all the geographies, be it in the United States, Germany. We are present in India, in China. We have access to the talent pools, we have access to local sourcing opportunities, and we have a lot of great market proximity. In particular, in China, we are one of the leading med tech employers, multinational med tech employers. We have a very strong footprint. We have a very strong installed base, and we have great sourcing opportunities. We move as well into new types of partnerships, like public-private partnerships with the Shanghai Innovation Center we recently launched, having a partnership with local authorities, local companies and local clinical players, and look there for targeted Chinese innovation as well, in particular on the digital field. Having now all this innovation, how is the business mechanic about? What is fueling basically our wheel to success? When you look how we translate innovation leadership, then you see 70% of the revenue from innovations as of today are from innovations introduced in the last three years, so more than two-thirds of our business. By leading innovation, we are about to gain market share, just from 2020 to 2021, 150 basis points. This is translated as well then in a very strong recurrent service business, because all these new devices being installed typically come with a multi-year service agreement, so that as well today, 40% of our revenue is recurrent and very resilient. We get innovator margins, so we have industry-leading margins around this that we steadily improve over the course of time, and that enables us to invest a significant amount of our revenue into the new innovations to further fuel the flywheel. To summarize, I've shown you that we are fighting the most threatening diseases and what a difference photon counting can make in that context. We have seen that we can enable efficient operations, talking about zero carbon, but as well digital-enabled services. We are expanding access to care, giving you the first example with MR. There is more to come. Leads to a mid-term guidance for Imaging, until 2025, between 5%-8% revenue growth and an adjusted EBIT margin between 20 and 80 basis points improved. Thank you very much for your attention. With that, the floor is open for questions. Thank you, André. That was very inspiring and interesting. Probably also for our analysts and investors who are anxiously waiting for the first segment Q&A that's just about to start. Just maybe let me remind you out there, asking the questions that we have in these segment Q&As, our business leaders here. Maybe you might refrain from asking too detailed financial questions in this session, but rather reserve them for the last slot that we have together with Jochen and Bernd. Again, remind you, press the talk request button in your hub that you have and we will start the Q&A now. The first caller in line for me here is William Mackie from Kepler Cheuvreux. Will, you're going live just about now. Hey, how are you? Hi, Will. You have to unmute yourself, Will, I think you are not- Can't hear you. Right. Yes. Good morning. Sorry for that. Thank you for the time. Great presentation. I wanted to dig into two areas first. When we talk about the growth ambitions across your segment, could you dive a little deeper into how you see the variances of growth, perhaps by region, and also by particular business area, whether it's service and product, and the contribution that we might expect from the new innovations you've mentioned? That's a general question on the growth across the segment. The second relates to the exciting innovations around AI and the application of AI. Can you perhaps discuss how you are able to sell the value preposition of AI to your customers? Particularly when you're working with your AI algorithms, are they able to utilize data from different competitor machines, or is this typically a closed system? Thank you. Yeah. Thank you, Will, for raising that question. Let me start with the first one. I mean, we gave the guidance of 5%-8%. We don't break it down into various years or into respective service revenue portion. I mean, of course, you can calculate we have 40% service revenue, so that kind of translates into something, but we don't give there more details on that one. When it gets to artificial intelligence, the value proposition is basically that you need to do or that we enable our customers to do more with less. When you look into this high-resolution data sets that we produce today, then sometimes it's thousands of images. When you look into, for instance, the case of photon-counting. It can be easily 4,000 images for a larger study. There's so much information in there so that there are various aspects. The one thing is you want to be sure that you don't miss anything. The second thing is you want to be sure that you don't spend too much time on single cases. It's really about speed, and it is as well about quality. We are not limited to the data from our systems so our AI solutions can work with data from all vendors. However, when you look into the workflow embedment, then it's important, of course, when you look into this, it will be perfectly embedded in the future in Syngo Carbon, so that you really have a completely undisruptive workflow, and there is then a proprietary advantage as you would use it with different systems. Thank you very much. You're welcome, Will. Next one in line would be Veronika Dubajova from Goldman Sachs. Veronika, your line should be open. Are you back again? You're on mute. Back. You're still on mute. Well, still can't hear you. Can't hear you now. Now? The big white button. Red. Okay, I hear from the direction. Maybe we redial again, and then we take the next question first. Okay? We go over to Scott Bardo from Berenberg. Hey, Scott, that was quicker than you thought probably. Hi, guys. Scott, you're live. Can you hear me okay? Yes, thanks. We hear you. Perfect. Sorry. You've also gone to mute on my system now. Maybe just a couple of questions if you can hear me. You can. Thanks, Marc. First question, please, André. I wonder if you can give us a sense of how big the high-end CT market is within the current CT market, and therefore, how much market share do you anticipate taking with the photon-counting CT, or how do you expect that segment of the market to grow? That would be very helpful. Perhaps a similar question, please, on the MAGNETOM Free.Max. Again, MRI, very successful franchise for Healthineers. Can you give us some sense of addressable opportunity for that sort of approach into some of the verticals you highlight? Okay, Scott. Thank you very much for the question. Great questions. Let's start with the high-end market. When you look into photon counting, what is going to happen is that it will be very attractive, in particular in the first years, for academic centers. You will see that there will be a lot of activities in order to raise third-party funds as well, and so on, in order to get access to these type of systems. To some degree, this is really adding to the high-end market and not cannibalizing it. You think about that there are a few thousand academic institutions out there. I think this alone already is a great opportunity. Everybody wants to have access to the research opportunities that you have with this system. From that point of view, we expect a little bit of an extra drive in this high-end segment that we already today lead. We are in a range of 40%+ market share in that arena, and certainly there is then additional opportunity when we think about the NAEOTOM Alpha. On the MR side, we are really looking for places where in the past budgets have not been allocated for MR, because basically it wasn't affordable. I believe that will spark new thoughts in the customer base. They will think about now as MR becomes in their reach, they will think about how to fund it, yeah, and maybe as well redirect funds from non-imaging for non-imaging investments into the imaging arena. We see that in particular in spaces like orthopedic. We see that in the arena of ICU. We see that in the arena of pediatrics. In the future, we believe there is as well a good chance on more specific niches, yeah, when you look like dental, for instance, for MR. There is a lot of clinical areas where MR now becomes attractive and where we believe there will be funds made available in order to get access to the technology. Thank you. Very helpful. Thanks for your question, Scott. Now we give it a second try with Veronika. We've sorted out your audio problems, and you should be live on screen. Hey, can we hear you? Can you hear me? Yes, Veronika. Yes, loud and clear. Perfect. Excellent. Fantastic. Second time lucky. Thank you so much for squeezing me back in. I just want to follow up on Scott's question around the high-end CT market. I just would love to get your thoughts a little bit on sort of the age of the devices that are out there, and whether you think there maybe might be a pent-up upgrade cycle and how significant that could be. I know it's a tough question, but obviously you have been talking about this technology for a while. I suspect there might be some customers who have been holding off for a bit, before going out there and purchasing another high-end CT. That's my first question. My second question is, on Monday on the Shape 22 event, you did mention a new MRI product called Free.Star. I'd just love to understand the differences between that and the FreeMax, both in terms of capability and market opportunity, and also maybe a little bit on pricing, and profitability for you guys. Thank you. Yeah. I mean, let's start with the question regarding photon-counting CT and the CT high-end market. I mean, you are right. Yeah. There are certainly a few people who did postpone some of the budgets in order to replace systems because they may have anticipated that something like the NAEOTOM Alpha is going to come. I believe the stronger impact it will have due to the fact that this system opens so much additional opportunities. From my point of view, what we'll see is we will see a strong catch up at the beginning, and then it most likely will stay on a pretty stable high level there. The second question around MR. First of all, the difference between the Free.Star and the Free.Max is the bore size. The Free.Star comes with a smaller bore, a 60 cm bore. But that enabled us really to bring the cost further down and make it even more affordable for entry-level segments. That's the main difference there. But it's based upon the same platform. The third aspect, you just need to help me again, Veronika. Oh. The third aspect was on. Pricing for Free.Star. I mean, this is really, we look at it that way. I mean, it is 30% less from a TCO point of view of what we had before, with our entry-level systems. It's tough to talk about specific prices. You know, the configuration, the variation of configurations leads as well to a strong variation in price. As well, there's a country element in there. It's tough to unveil their dedicated pricing. Would you think the Free.Star is more an EM product versus the Free.Max is more of a DM product, and that's kind of how you guys are thinking about it? Or am I sort of putting it too much in buckets? Yeah, I think both. Either way. Yeah, it really depends on the requirements. Yeah. I mean, the one thing is clear, due to the very favorable TCOs of the Star, we gonna expect this being in a lot of places, really the first MR, and the first time that it gets into a reach of in terms of affordability. Excellent. Thank you so much. Thanks, Veronika. The next one online would be Lisa Clive from Bernstein. I think we have you dialed in via phone with a photo. Beautiful photo. Here we go. Lisa, you should be on audio now. Great. Thank you very much. Yeah, I struggled with the IT, so here I am. There has been a lot of investment into artificial intelligence in Imaging over the past several years. I'm just trying to understand how much of that you're able to monetize today and if that will increase in the future. I guess as a follow-on to that, is it fair to assume that if you reach the high end of your 5%-8% Imaging revenue growth target, that an uptick in mix will be a notable contributor? I mean, first of all the factors that I have been mentioning in the presentation will basically account for the growth in a range of 5%-8%. It's hard to predict to what extent exactly this is going to be. Yes, on the artificial intelligence side, that is continuous investment field on our end. But we don't break now the imaging P&L down to individual pieces and the software piece. You recall the Q&A from Bernd and Jochen, yeah. Basically, what we aim for is that we turn more and more on the software revenue side from a more CapEx style of investment to a software-as-a-service style of investment. This is what we have introduced with the AI-Rad Companion. That is really one of the main areas where we want to get to, that we have more and more recurrent revenue out of this, making us more resilient. Maybe to look at this another way, as we think about that 5%-8% growth, what would be the growth rate just in machines? I guess trying to think of this in terms of volume and pricing mix software on top, but just, you know, the growth of the area of your imaging equipment specifically. No, I mean, obviously the equipment side is going to be the major portion of it, but as I mentioned, we don't break it further down in the respective individual P&Ls. Okay. Thanks very much. Thank you. Thanks, Lisa. That brings us to, at least for the time being, the last one in the queue. That's Falko from Deutsche Bank. We had you on video earlier, so I hope it works now as well. There you are. Hey, Falko. Hey. Hey, can you hear me? Yes. Yeah, loud and clear. Excellent. Thank you. Two questions, please. The first one on photon-counting CT. How many years ahead are you of your competition with that technology, and when would you expect them to catch up and launch similar devices? Secondly, on the AI reading support feature, do you have any data on the penetration in the field? Meaning, how many of your radiology customers are actually using this offering already today, and then where do you expect it to go until 2025? Thank you. Yeah, that's starting with photon counting. Yeah, sorry. I didn't get it. Can you repeat the photon counting question? Yes. How many years are you ahead of your competition? Yeah. With the technology? I mean, it's tough to really comment on competition. We typically don't do that. I mean, we invested 18 years of research, basically, in order to get there. And it was in the meantime, in between sometimes as well, a bumpy road, a rough ride in order to get there. We had all the ingredients, the entire value chain, from the crystal growth until the final system integration in our hands, which makes us unique from my point of view. So, clearly we see ourselves significantly ahead of competition. It's hard to quantify in years, but near-term, I won't expect to see the first competitor solution, but certainly we are aware that they are all investing in that field. AI, as mentioned, yeah, I mean, what you see is that the request for AI support is growing and growing and growing. There is no real good data yet to say how many customers are already using AI support, as of today. But there is clearly the tendency to move stronger into this, in particular on those sides that have issues to read this massive amount of volumes. That is what we feel as well, that we get more and more requests around artificial intelligence and reading support, in order to do more with less. Okay. Thank you. Great. Thanks, Falko. We have about 90 seconds left. William Mackie would be a short question left for you if we can quickly squeeze you in. There you are. Hi, Will. I hope we can hear you. You have to unmute yourself. Can't hear you. Will, we can't hear you. Can you speak about the evolution of Value Partnerships as a business development over the past three to five years and how you see that accelerating? Perhaps within the scope of the Value Partnerships, a short discussion on the proposition of Imaging as a Service enabled by AI and remote connectivity. How significant is that in the business mix now, and how could it grow? When you look into AI and digital-enabled services around that, we are basically now at the beginning, yeah. We take the elements, digital elements, including as well the scanner portfolio, combine that smartly in order to be able to take this or elements that the customer want us to take from the value chain over and scale it. Of course, in Value Partnerships, this is going to be one of the key discussions. Because in Value Partnerships, the main themes are around operational efficiency and cost pressure, but as well of medical advancements. There clearly, with digital-enabled services, we may have an inroad, like in CTSI with Varian, to offer services to the customer, leverage our scale and be more cost efficient as well. It's going to be a win-win situation for both sides. Yes, I do expect that in Value Partnerships, this is becoming a very relevant element. Great. Thanks, Will. Thank you for your questions. Thanks, André, for the great presentation. Thank you, Marc. Thank you for your time. This brings the Imaging segment to an end, the presentation and the Q&A no more. We now head over to Diagnostics. Let me welcome with me here on stage Deepak Nath, straight in from Tarrytown, New York, where our Diagnostics headquarters are based. Deepak, pleased to have you here. Thank you. It's a pleasure for me to be here. Good day. Super excited. In vitro diagnostics is top of mind for the world over in a way that those of us in the industry could not have imagined even two years ago. At Healthineers, we're well-positioned in this segment, especially on the back of tremendous progress we've made on the turnaround plan that we've previously communicated. I wanna talk about four topics today. First, I wanna talk about the market, how it's evolved, and our place within it. I wanna talk about Atellica Solution, a key driver of growth. I wanna talk about the exciting pipeline that we have. Fourth, I wanna talk about the plan that we're executing on that gets us to deliver the 4%-6% growth entering into 2024, and the mid-teens margins, and that has been previously communicated by Jochen and Bernd earlier today. With that, let's get right into it. In many ways, we are in a golden era of Diagnostics, fueled by COVID. It's an attractive segment, and in our addressable market, we see 5% growth over the planning period. There are four factors that are shaping this market. First is demographics, with more people entering into the system driving the need for testing. We see cost pressures manifest in different ways in healthcare systems around the world, but with the imperative to do more with less. We see technological advances providing even more information to help in clinical decision support. Fourth, we see a broadening of access to testing in markets around the world. All of this is fueling a bifurcation in the market that began some time ago, with more and more testing being done in near-patient settings, in decentralized settings. On the other end of the spectrum, testing being driven into networks of consolidated laboratories, hospital or reference laboratories. At Healthineers, we're well-positioned in this bifurcated market. We've got a product portfolio in terms of our strategy to deliver workflow excellence, an area where we have been strong historically. At the same time, we're focused on delivering clinical value for our customers, and with our digital offering, bridging testing that's done in the point of care setting as well as in the core lab. The portfolio we have on the point of care side allows us to provide quality testing at the point of need to enable fast actionable results for therapeutic actions and to foster conversation between patient and provider. On the core laboratory side, we've got scalable solutions, highly automated systems for the larger laboratories, and the integrated analyzers for the low to mid-volume settings. We have a portfolio that expands our ecosystem, particularly on Atellica, both in point of care and in the laboratory. We've got a development program that features assays to augment the clinical value that we provide to customers today. How are we doing with this portfolio? 2021 was a strong year for us, as Bernd and Jochen shared earlier. We're able to deliver in excess of EUR 5 billion on the top line at a 13%+ margin. Our rapid antigen tests were a key driver of this growth. When you peel the COVID-related tests off this and look at just the core business, whether on the point of care or Laboratory Diagnostics, you see strength in our business. Our performance, excluding COVID, was right in line with our competitors. We today have a 14% share of the market. We are number two in the point of care segment and number three across all the segments in Laboratory Diagnostics. We've retained our leading, market-leading position in the United States. Over the last couple of years, we've been able to stabilize market share in this area. We have a great plan that gets us to build from this position. Now let me talk about Atellica, which is the second part of my presentation. It's the key catalyst for growth for us. Atellica is an unparalleled product in terms of bringing workflow efficiencies to the laboratory. It features a modular, scalable, flexible architecture, and it enables the highest throughput on the immunoassay side in the industry. It's built with AI capabilities on board. It has 100+ sensors that provide in real time an operational status of the instrument that enables, among other things, remote troubleshooting. The benefits it brings to the lab, as these statistics show, very simply, is laboratories being able to operate with fewer operators, which is important in an environment where there's a shortage of skilled labor. Less hands-on time for the staff that are in the laboratory, and laboratories being able to accomplish what they need to do with fewer analyzers. We've gotten tremendous traction with Atellica so far globally. We've shipped over 6,000 analyzers to markets worldwide. It's covering large laboratories and medium-sized laboratories. Where we've had the greatest resonance is in the mega lab segment, where our win rate is well over 80%. This video behind me shows Quest and Pardini, two of the largest laboratories in the world. They both feature more than 100,000 tests per day. The key to success here is, of course, Atellica. Without Atellica, these labs simply could not do what they need to do in terms of serving the needs of the P&L. I think I'm in the wrong place. Thank you. The labs simply could not do what they need to do and that benefits their P&L. The other star of this show is actually our people. The capabilities that we've built and honed over time to take projects like this right from the blueprint stage through the design and construction and the reporting of patient results is simply unparalleled in the industry. Now, turning to the next part of the presentation. We acknowledged back in 2019 that we had some teething issues as we introduced Atellica to market, and we had our work cut out for us to deliver on the promise of Atellica. We'd outlined a three-part action plan that we've been working hard towards. The first was to drive performance and reliability improvements. The second is to improve our cycle times from shipment to the reporting of patient results. Third is to sharpen our commercial execution. I wanna talk about the progress now we've made in each of these areas. In the first two areas, we've made tremendous progress in improving the reliability and stability of the systems. As measured by, for example, reactive service visits, where over the last couple years, we've reduced reactive visits by 50%. The mean time between failures, or mean cycles between failures, has improved by a remarkable 150%. At the same time, we've made tremendous improvements in our cycle times. Over the last two years, the time it takes for us to go from shipment to the reporting results has improved by over 20%. The mean time to go live by 30%, and the implementation effort required has improved by about 20%. Tremendous progress in terms of maturing the platform, our experience with this platform, in terms of making it productive in the hands of our customer. At the same time we've been hard at work improving our commercial execution. Our order book from the first full year of launch in fiscal 2018 to today has improved by over 50%. Of course, last year, fiscal 2020, was a soft year, given COVID, but we have improved our order intake during that time. Importantly, deal quality over this period of time has improved by 40%, and deal quality is measured by our variable contribution margin. This, the basis for this is pricing excellence. We've gotten better at configuring our systems, the amount of hardware required to run a laboratory, and also the amount of assays that are loaded onto the instrument that we've contracted up in the beginning. At the same time, we see a dramatic increase in the utilization of our instruments as laboratories integrate Atellica into routine use. In fact, our cost base for Atellica now is on a par with our legacy platform, demonstrating the maturation of Atellica as a platform in our hands. Great progress for us over the last couple of years. On the back of this progress, I now wanna talk about our pipeline. Over the next 3, 4 years, we plan to introduce an unprecedented number of products. We begin now a very exciting chapter in our history in terms of new product introductions. So let me talk about the instruments first, and then I'll talk about assays. On the instrument side, Atellica CI 1900, as was referenced earlier, is our lead product. It allows us to take the power of Atellica and bring it into low and mid-volume hospitals, or spokes within hub-and-spoke kinda networks. It's built with the same technology, the same reagents, and the same consumables, as Atellica with a far lower cost structure. Secondly, we have Atellica integrated automation, which provides additional productivity tools in the same footprint as Atellica Solution to automate even more aspects of workflow, particularly pre-analytical stages. That we introduce by module over the next two years, starting in fiscal 2022. Just to go back to CI1900, we plan to introduce that into the market in 2023. Finally, in hematology, we plan to introduce a whole line of analyzers for low mid high volume settings that is going to rejuvenate that franchise. That cadence of introduction starts in 2023, and based on geography, comes into line over the next couple of years. A tremendous portfolio of instruments that expands the ecosystem of Atellica. Turning now to assays, as we drive and bring additional clinical value for our customers, we've got an exciting pipeline of 50+ assays. Actually, that number is 52 that we plan to bring forward over the next four years. 12 of those in 2022, 21 in 2023, 14 in 2024, and the residual in 2025. About a third of those assays are in our focus disease areas that Bernd talked about in oncology, neurology and cardiology, and the balance right across the spectrum in terms of disease states. 70% of these assays are new assays, with the balance being essentially improvements. What we're seeking to do is bring forward the type of differentiated assays that Bernd mentioned, enhanced liver fibrosis, which we're proud to be able to say we got a De Novo marketing authorization from the FDA that represents a culmination of 10 years worth of work. We're now excited to enter into the neuro space with the neurofilament light blood test, which is an exciting new marker to come along over the last five years, particularly for neurodegenerative diseases, especially multiple sclerosis. We plan to do with it what we've done with ELF. The key here is for us to not only fill the gaps that we have in our menu, improve the depth and breadth, but also bring forward truly unique and differentiated assays that we're super excited about. Now let me talk about point of care. Here I've got a little show and tell. We have made tremendous progress on pipelines here, but our most exciting development program is Atellica VTLi. We achieved CE mark for this back in April. It has the power to put at a patient or provider's fingertips a tremendous amount of information. An immunoassay platform that provides unrivaled sensitivity and specificity. Our lead product with this is actually high-sensitivity troponin. It's the only platform available on the market today that's able to provide high-sensitivity troponin results from a finger prick within eight minutes. The potential for this is tremendous. Imagine this analyzer that I've just demonstrated to you in an ambulance as a patient suspected of having a heart attack can get, and the providers there can prick the patient's finger and get important information about their troponin levels. Those can be transferred now into a laboratory environment with the results being concordant as other tests get done on this. That's just the lead product. We have a huge pipeline behind it to develop other cardiac markers, other infectious disease markers, and other critical care type of markers, particularly for sepsis. Exciting things to come in our point of care business. Now, as we think beyond our imperatives over the next two to three years, go into a mode of shaping diagnostics, shaping the industry, we're excited about the possibilities they are. We have now established a new center for diagnostic innovation that's led by a new leader, Dr. Ranga Sampath. The idea here is to bring forward pioneering breakthroughs into diagnostics. Three areas. First, oncology. The combination with Varian provides tremendous opportunities for us to bring our advantages and our strengths in diagnostics, particularly in computational genomics, that we have, together with the power of Varian on digital data and all the capabilities in radiation oncology together to improve outcomes, whether it's in screening, in diagnosis or in radiotherapy. Very excited about the possibilities that we have to augment our oncology offerings and diagnostics. Neurology, I alluded to this with the neurofilament light, but we are continuing to make progress on that and enter into new areas such as Alzheimer's, and other disease areas in neuro. A third and exciting area, thinking about the triangle that Bernd mentioned, is digital. Using our capabilities in AI and digital to gain new insights through a combination of markers rather than individual markers. Here it's about putting to work the capabilities that we have, very unique, in order to bring forward a new set of offerings in digital. We pioneered this with COVID, where we developed an AI-based COVID algorithm to help clinicians assess the severity of COVID in a patient. This is in use, investigational use in three or four centers around the world. It was a proof of principle for us to be able to bring forward new and unique sort of offerings in this space. Turning now to the right half of the slide, expanding our reach. We're making tremendous investments in China, expanding our manufacturing capabilities. We've been hard at work bringing a new factory online, an immunoassay factory online, which will be fully operational in 2023 in the Chinese market. In addition, we're exploring opportunities to build on the success so far with rapid antigen tests to bring even more solutions forward in decentralized testing, particularly in the area of rapid lateral flow technology. When you put these together, combination of what we're doing on the instrument side, on the assay side, our aspirations under New Ambition to bring forward market-shaping diagnostics. There could not be a better time than now in Diagnostics to begin a new chapter. Turning now to the third aspect. Actually, before I go into this piece, I want to spend a moment talking about COVID, where over the last 18 months, despite the imperatives we have in terms of our turnaround, we found a way to make a difference. To help society in a time of need through our product offerings, whether it's in the area of diagnosis, in the management of COVID patients or patients who are severely ill, or in monitoring. Here it showcases the power of Healthineers Diagnostics. On the one side, on innovation, where we had a couple of firsts. We were the first to bring forward a semi-quantitative test in the United States market. In fact, the FDA did its own press release in this regard to highlight the importance of the offering that we had. We were among the first companies to recognize the importance of neutralizing antibodies based off of the spike protein and design our tests with that in mind. This COVID also presented an opportunity for us to showcase our entrepreneurial spirit and demonstrate the power of our scale and reach with what the point-of-care team did, bringing forward the rapid antigen test to market in a number of important areas. Finally, in terms of COVID management, we have a whole portfolio of 25 critical care tests, some of them highly differentiated. Whether it's in the blood gas testing side or D-dimer for example, that made an important difference in the care of patients who are severely ill. We shipped well over 300 million tests in the last fiscal year across our different modalities. Turning now into the fourth part of my presentation, which is how do we plan to deliver the 4%-6% growth by entering into 2024 and mid-teens margin by 2025. The first pillar of this is commercial excellence. I talked about the progress we've made in the context of Atellica to improve our commercial performance. It's all the things I mentioned, pricing excellence. It's improved deal quality. It's driving higher instrument utilization in the way we construct our deals, but in fact, all the commercial activity that happens once the instruments are actually placed at an account. Importantly, with the cadence of products we plan to launch on the instrument and the assay side in each of the next 4 years, executing flawlessly in terms of the launch of these marquee products is gonna be key to our success in terms of getting to the 4%-6% corridor. Then the next two pieces are about tackling the big parts of our cost structure. On the service side, harnessing the capabilities of Atellica. I mentioned the 100+ sensors that enables remote troubleshooting. That enables us to make come to life remote service delivery and really bring proactive service or digitalized service to life. The imperative there is to hold our service costs flat even as our installed base grows by mid- to high-single-digit%, and the complexity of our portfolio increases over the next 3-4 years as we bring new platforms onto market. On the supply chain side, as we convert more of our portfolio onto Atellica, we have an opportunity to reexamine critically our network, what we manufacture where in order to drive the next level of resiliency within our network, and importantly, to make very, very significant improvements to our cost structure. That requires an investment, of course, but we have a plan in place that allows us to expand our margins to the mid-teens% quarter as we enter into 2025. We've got a robust plan that allows us to get there, but a plan is no good without having the right team in place. Over the last 2-3 years, we've invested heavily to build a competitive Diagnostics organization. We've transformed the org structure, particularly on the commercial side, where we now have three levels of management at a country, zone, and region level. We're 100% dedicated to Diagnostics reporting into me. That has allowed us to recruit the right caliber of talent and bring the right focus, discipline, and sophistication in execution. Second, as we enable our strategy to bring more clinical value to our customers, we have invested to augment our medical, clinical, and scientific affairs capability. We've also coalesced our disparate efforts into the Center for Innovation in Diagnostics that I mentioned earlier, to bring a greater intentionality and focus to our aspiration to bring breakthroughs into diagnostics. We've strengthened our R&D organization in critical areas. Our approach has been to build on the strengths and talents that we had at Healthineers and to go out into the market to recruit the best of the best in selected areas. The end result is we have a team that we've selected for seniority, for depth of domain experience and quality of experience in diagnostics, leadership, and long and visible track records of success. The combination of which is we have a world-class all-star team in diagnostics that's second to none in the industry. Finally now, as we make our contributions as Healthineers to pioneer breakthroughs in healthcare and diagnostics for everyone, everywhere, we've got the right products, we've got the right pipeline, we've got the right plan, and importantly, the right people and leadership to deliver against our aspirations of 4%-6% growth entering into 2024, mid-teens margin by 2025. Thank you very much. Thanks, Deepak. Love the video from the Quest site. It really kind of shows what complexity our Atellica Solution is able to master. It's time again for Q&A. We have slightly less than 15 minutes for the questions in the field. I've seen that we have quite a queue already that has been registering, so I don't wanna take too much time in talking. I would call up Patrick Wood, would be our first one to ask his questions. Patrick, you should be live. Thanks. You can hear me okay? Appreciate the questions. I have two, please. Curious for any update. You know, if you were to take a step back and look at your customer base, best guess, what proportion of your customers are now the larger centralized reference labs with the high volumes relative to, you know, the sort of mid-size, I don't wanna say mom and pop, but you know what I mean. That shift of the customer base, how far through that journey are we? So that's the first question. And then the second question, I'm interested on the ELF side of things. You know, it's NASH is a space on the DX side, there's a reasonable amount of competition. You've got companies like Perspectum. I think they've got a partnership with GE on the scan side. I'm just curious, how do you view the competitive landscape and what the ultimate opportunity for that kind of a test is? Thanks. Sure. On the first part, in terms of proportion of tests, it really does depend on where you are in the world. We do see the consolidation happening. I mean, I wouldn't wanna hazard a guess in terms of what the number is, but what I can tell you is over the last even three years, we've seen an increasing number of institutions accounting for larger and larger number of tests. What's happening is reference labs acquiring either smaller laboratories or performing tests, you know, for hospitals, right? You know, that factor at work. It's hard to put a number there, Patrick, but I think what I can speak to is a trend that shows that more and more of that testing is being done in those settings, right? In terms of ELF, clearly there's an alternative, and right now the standard of care is ultrasound-based imaging. You reference those in the market. The potential we see now is a significant expansion where it's a simple blood test can provide a significant amount of information that has the potential now to broaden this pool, right? Now going into essentially a GP type of setting, for to educate either a gastroenterologist or a primary care physician to order these tests based on risk factors and then to kind of get into the care pathway from there on out. The potential that we see is less a head-to-head competition, you know, with what's out there today, more about actually growing the pie with this unique and differentiated test. That's the potential that we see. Obviously, as much work remains ahead of us in order for us to activate the potential and to capture the opportunity that exists with this and to bring forward a unique solution that impacts about 25% of the adult population today. Perfect. Thank you. Thank you, Patrick. Thanks, Patrick. Next one on the line would be Lisa Clive by phone again. Lisa, we should be hearing you. Great. Hi. A few questions from me. First of all, the POC platform looks very interesting. You mentioned the finger prick test for troponin. Is this proprietary to Healthineers being able to use just a finger prick, and is it patented, and for how long? It is proprietary to us. It is patented, and I'll have to get back to you on the duration of patent, Lisa. Absolutely it is really a game-changing technology that we have literally in our hands. Okay. You mentioned Alzheimer's just in passing in your comments, but now that there's an FDA-approved drug, testing in this area is clearly going to increase, and the current sort of spinal fluid-based testing is Yeah. is clearly not ideal. Yeah. Are you working on any Alzheimer's tests either using mass spec or immunoassay, which seems to be the two approaches that are in development right now? Yeah, we're looking really more on the immunoassay side, Lisa. As you well know, it's not one marker in Alzheimer's. It's a complicated field with multiple biomarkers that we need to kinda go after in order to, you know, yield some insights there. Our focus is on the immunoassay side in terms of bringing forward solutions. We're in early stages here, Lisa, so don't wanna go into too much more detail. The short answer, our focus is on the immunoassay side. Okay, thanks. Lastly, I've read a bit about your computational genomics platform, which you mentioned, but can you just explain to the layperson what this platform does? It's particularly interesting because it appears that this is a way that Healthineers IVD business can get involved in some of the diagnostics that are actually mainly getting done with various molecular platforms where you aren't much of a player. Would just love to hear more about this. Yeah. It's less a platform, Lisa. It's a capability we have in computational genomics. It's the ability to now parse information to help with either biomarker identification or discovery efforts. Or really where we are focused is on looking at combination of biomarkers. It's less a platform, Lisa, and as you note, we're not significant players on the molecular side. Really here what I'm alluding to is the ability for us to play a role in the identification of biomarkers on the discovery side of biomarkers. Okay, great. Just lastly, on a follow-up on the Alzheimer's testing. Are you looking at a tau or amyloid beta biomarker at the moment? We're looking at tau for sure, and we're also looking at other things, but definitely I can confirm that we're looking at tau. Okay. Thanks very much. That's very smart. Yep. Thanks, Lisa. Thank you, Lisa. Now next one in the queue is Scott Bardo. Scott? Hi there again. Thanks very much for taking my questions. Hi, Deepak. So, I think Asia Pacific is an important part of your business, around 20% of sales, and we're certainly picking up increasing nationalistic tones in that region, some evidence of provincial tenders and so forth. I wonder if you can make any comment to whether the growth opportunities in Asia are now inferior to history or whether this indeed represents a broader opportunity for a domestically present organization. That's the first question, please, Deepak. The second question, please. At the time of the spin-out, I think the group communicated margin targets around 16%-19% for the Diagnostics business. Of course, you know, the mid-teens margin you outlined today is still a meaningful step up from where we are today. I'd love to hear some thoughts about the line of direction. Do you still think those more ambitious targets are a realistic opportunity for the group at some point? Like to hear that. Thanks. Great. Scott. Hi, Scott. Thank you for the questions. First off, we do, I think, your comments aim more at China, so I'll talk about that. We remain very much bullish on the opportunity in China. There are, of course, fairly significant moves happening in market in terms of value-based, volume-based procurement and things like this that are being rolled out from, you know, from province to province. There are fundamental shifts taking place. Having said that, we take a long view in China. We aim to be the partners of choice for the Chinese government. Today, we are not the market leaders in China. That presents an opportunity for us to grow in and you know take share within that market. With that long view, we're taking. I mentioned the manufacturing side of things. We believe it's an important investment and important signal to the Chinese government in terms of aspirations and how long-term we're actually thinking, right? It's an immunoassay plant, so fairly significant value that's gonna be added in country. We believe that's a significant investment that will make a difference. What I didn't mention, what I'll highlight here is, in addition to manufacturing, we plan to bring forward late-stage asset development capabilities in country, which I believe will make an important difference. We already have an innovation center on the Imaging side in Shanghai, capitalizing on our success so far on the Imaging side of the business and bring forward those success stories into Diagnostics. We believe the demonstration of our long-term view, the demonstration through investment, our aspiration to be in the country long haul will make a difference. The third thing on a practical level, we are number three in the market. There's plenty of opportunity that we see on the back of some of these investments and commercial execution to take share. I mentioned having the right leadership team in place. We have in Kenny Lam a very seasoned leader who came from Abbott, who drove Abbott's success in China in the core lab, and his subsequent investment banking experience, where he led HSBC's healthcare investing efforts and a combination of those things I do believe will make the difference in terms of taking our performance and market to the next level. That's kinda in a nutshell how we look at the opportunity in China and how in the near term we plan to do better. The second question, sorry, if you could remind me again, Scott. I Yeah, sure. I lost my train of thought there. It was just that the initial First of all, the previously communicated targets we do believe are achievable, time shifted in time. We had previously articulated we're a bit delayed a little bit in terms of our ability to get to those previously communicated targets. Over this planning cycle, as Jochen mentioned, we're gonna be on the back end of that cycle as to really hit the mid-teens number that was communicated. We believe the previously communicated target are within reach, and some of the initiatives we've talked about, particularly on the supply chain side, we believe are gonna get us to those previously communicated targets. It's gonna take us some time to make progress on the initiatives laid out, because those are, as you can imagine, not a short-term set of things that we've got to do there. Short answer is we do expect to get there. It's just time shifted in time and outside of the planning window that we've currently communicated. Thanks very much. Yep. Thank you, Scott. We are now heading over to Veronika Dubajova from Goldman Sachs. Welcome back, Veronika. Hi, guys. Good afternoon. Thanks for taking my questions. I just wanted to ask you, Deepak, a little bit about the service organization. I know that was also in the past one of the struggles that you had had in terms of customer retention. Maybe if you can give us an update on the kind of changes that you've made to that organization and whether you think the quality of service, and the relationships that you have with customers have improved as a result of that, and maybe how much further do you have to go on that front. That's my first question. My second question is just a little bit of a confirmation. The Atellica CI 1900, did you say the launch is 2023? I might be misremembering, but I thought that might have been on the cards for 2022. Any delays there or am I just mistaken in my recollection? Thank you. Great. Thank you, Veronika. First of all, hello. The first part of your question there in terms of. Let me answer the second one first, the delays with respect to Atellica CI 1900. You're not misremembering. It—we originally had 2022. The COVID has impacted our timeline a bit here. Our ability to do some of the work in the context of the pandemic, which involved, you know, folks having to be on-site in front of the instrument to do some of the verification, validation work has caused a delay that shifted it into the next fiscal year, which is why we've now communicated 2023 versus 2022. That is indeed. Sorry. No. No worries. That is indeed a factor in this. The first part of your question was around. Sorry, I'm blanking here. Can you remind me again on the first part, the first question? No, it was just the timing for Calac and then the service organization. Oh, the service organization. Yes. Sorry. First of all, the root of that was an inherent kind of instability and unreliability of the system at the time that we introduced this. It was less a factor of having, you know, the wrong folks in our service organization or an inherent weakness in service per se. It was that we weren't as well trained as we could have been. We weren't as experienced with the platform as we could have been. The combination of that plus the instability in the platform led to the kind of customer experience that you alluded to. What have we done about it? First and foremost, some of the metrics that I've demonstrated in terms of the improved reliability of the system. That's the root cause of it. We've come a long, long way since you and I talked back in 2019 in terms of the reliability of the fleet. I mean, really a long way. Some of the metrics, you know, do it some justice in terms of what we've been able to accomplish. Second, we've also improved greatly the proficiency of our organization, just pure experience of our field teams to be able to work with the instruments, you know, resolve issues. Our first time fix rate, I didn't pull up that metric, has actually gone up by well over 50%, during the same period of time. That speaks to the growing experience level and proficiency with the platform. Finally, on the organizational side, I alluded to the fact that we've now verticalized the organization where we have a diagnostics-oriented service or the core lab-oriented service folks reporting in into the business. A much closer tie between the commercial leaders in diagnostics and the service leaders who are responsible for executing on the service enterprising organization. That level of collaboration between commercial and service, as you well know, Veronika, is kind of the industry standard or the standard in the in vitro diagnostics industry. The combination, reliability, the proficiency plus this org construct, I believe will stand us in very good stead as we go forward into this planning period. That's great. Thank you. Absolutely. The time has actually run out for our Q&A session. I think the day is going to be very long anyway. As I know there are a few people on the queue still, you know that we have a final Q&A session with Bernd and Jochen. We can try and take your questions in that session. Other than that, we can also, of course, try and take your questions offline and solve this with the diagnostics organization, yeah? Thanks, Deepak, for your time. Thanks for the detailed presentation and Q&A. Looking forward to seeing you back in Tarrytown when we are road showing in the U.S. Great. Now it's really time for a longer break, yeah? We have 30 minutes for you to grab some lunch, for us to refresh, and then we'll be back with our new joiner in Healthineers, Chris Toth from Varian, and also a bit of a new joiner, at least in the segment management team, Carsten Bertram, who will be presenting Advanced Therapies. See you back in 30 minutes. Bye. Welcome back to the second part of our Capital Market Day. We will have again two segment sessions now with attached Q&A. Welcome with me on stage, live on stage all the way from California, Chris Toth from Varian. Thank you, Marc. The floor is yours. Appreciate it. Hello, everyone. First, just before starting, want to take a brief moment. Yeah, I've had the fortunate opportunity to be with Varian for 21 years, starting as an intern. Throughout the course of that time, saw many meaningful innovations, achievements and breadth of expansion in cancer care. I am standing here today in front of you, seven months in to being a Healthineer, and I am very proud to be a Healthineer. In fact, I have never been more convinced that together as one company, we will save more cancer patient lives than we ever could apart. Earlier today, you heard from Bernd talking about the purpose statement of Siemens Healthineers. We pioneer breakthroughs in healthcare for everyone, everywhere. You also heard Darleen share about culture is not the soft stuff, it's the stuff. I can share with you what I've seen over the seven -month period is a beautiful blending of the two organizations. Not just in the context of what we can do in terms of new innovation to save lives. There is plenty there, and I will share that with you to show why you've seen our ambitions increase with respect to financial performance. It's also been about blending the two organizations together and taking the 11,000 Varian employees and the 55,000 Healthineers to come together to 66,000 Healthineers. In fact, within the Varian business area, prior to the combination, our vision was a world without fear of cancer, something we all hold deep in our hearts. We've seen that vision shift to the mission of the business area in service to we pioneer breakthroughs in health care for everyone, everywhere. Probably the moment that sticks out to me the most with respect to this cultural integration and trajectory forward is we had a kickoff of this joint purpose statement to our top leaders in the combined organization. I had a long-tenured Varian employee who is a very strong leader in our organization, text me, and she said, "Chris, this is so powerful. If we help a cancer patient live, but they die of a stroke, we have not done our job." With that, I'd love to step forward and share with you a little bit more about cancer and specifically what we're going to do with respect to cancer as we look to the future. First and foremost, I think it's important to anchor in the fact that the cancer burden is growing globally. We're not just participating in a market where we've got a strong market presence and leadership, but also a market where so many patients need our help. If you look at the left-hand side of the screen, you see in 2018, 18 million new cancer patients were diagnosed. This number is going to balloon to 30 million by 2040. To put that in context, that's almost a 67% increase in roughly a two-decade span. But that's only half the story. The other half of the story, if you look at the icons and distinguish between the blue and the gray, blue represents those patients who have adequate access to care. Those in gray represent the patients that don't have access to care. By the way, those patients that do have access have great heterogeneity in the available quality of care. When we look to the right of the page, we see trends driving survivorship. There is optimism on the horizon as we move forward in creating a world without fear of cancer in service to driving breakthroughs in healthcare. If you look down in the bottom right of your page, the reality is there are true barriers that exist. Capital budgets, clinical skills gaps, technology adoption, patient access. Looking at all the trends in the blue, within Healthineers, we represent the only med tech company that goes end to end in this regard. That's why we're accelerating into the future to help more patients live. As you look at those below, what you'll hear from me as I take you through much of the picture of why we're so excited inside of Healthineers, you'll see how we're executing to address each of these barriers and challenges. Let me anchor you first with where we are. We are in an extremely strong position. Our radiation oncology business has had market leadership for decades, and that leadership will continue as we not only continue to take share, but expand the market. You will see some of those areas that will expand market as well as drive taking share. This is both in conventional linear accelerators as well as proton therapy. We've had two additional very significant business lines emerge over the past 24 months. The first is in interventional oncology, and the second is in multidisciplinary oncology. I'll seek to educate you a little bit more on how as these business lines grow, what you'll see is an expanded number of patients that we touch, an accelerated growth rate. When you look at the right-hand side of your page with the revenue split, both of those businesses, interventional oncology as well as multidisciplinary oncology, are driven from recurring type revenue streams. Before we dive in a little bit deeper to the businesses, I want to come back to something that Jochen shared with you today. We've seen such great progress with our teams, and watching what's been happening across each of the areas listed on the page, we've increased our expectations for our synergies by EUR 250 million to EUR 350 million. I'd like to take a few minutes and just walk you through some tangible, real examples that give us confidence in what was shared. I do want to emphasize as well a few notes from Jochen earlier today. The first of which is this is a growth story. While we're seeing cost synergies that are extremely meaningful, we are using those cost synergies in 2022 and 2023 to fund new developments that will drive sustained long-term growth. First talking about scale. You know, you heard Bernd talk about focus and scale, and this has really been the beauty of the combination. We've done a number of things to retain the focus within the Varian business area. On the scale front, as we look at markets or geographies where we've been indirect and had a desire to go direct, we now have a different level of a platform to access. Not to mention, just think of basic things like procurement of software licenses to run the business or other type of things where we have newfound purchasing power. I've been so impressed with the Healthineers capability around procurement. It's truly a core competency of the organization. Value Partnerships. This has come up through all of my colleagues today, and what I've seen with value partnerships is relationships that exist at the C-level in an unparalleled fashion to what Varian had access to on an independent basis. Let me maybe give you a couple examples. University of Missouri, I had the opportunity to join the Healthineers team and meet with the CEO of the University of Missouri. We talked about the picture of what Varian's creating as part of Healthineers and how we're seeking to accelerate new victories for cancer patients. Following that meeting, we've secured an Ethos adaptive therapy system that will be going in at the facility. I've had a chance to meet with many of the other CEOs across many of the institutions in the value partnership arena. Further to this, we have now seen opportunities where Varian has had strength in the cancer program, working with the Healthineers team to open new doors for Value Partnerships. Stay tuned. This is going to be an area where you'll see some exciting wins in not just one-time capital equipment wins, but significant contract values with recurring type revenues in some of our emerging businesses. Market access. You know, I referenced a little bit to this earlier around scale, but when we look at areas that we're indirect, and we look at the strength and breadth of the Healthineers organization, what it has done for us is allowed to play at a different level with our strategy. Digital offerings and integrated solutions. You know, this is where we start to see the power of the innovation inside of Healthineers. Looking at the artificial intelligence capabilities, what André shared earlier about AI-Rad Companion, the sophistication and the infrastructure of what's there for machine learning and AI has accelerated our programs in many different ways. In fact, AI-Rad Companion, we're just completing the process of interconnecting it to our 5,000+ Eclipse sites. Integrated solutions. You know, being at ASTRO, the large radiation oncology trade show this year, what I saw was a light bulb go off for our customers. Never before in radiation oncology has there been a leader, a vendor, a partner who goes end to end. Some of the conversations we had were incredibly inspiring. New ways of thinking about potentially bringing things like the MAGNETOM Free.Max into the radiation oncology department in the future. Much more to come, but we are extremely excited about the trajectory that we're on. Complementing this trajectory, as I referenced scale and I referenced focus, is the focused go-to-market customer channel that we have within the Varian business area. In fact, we made a very specific decision. The strength, especially in our radiation oncology business, is one of the core assets of the Varian brand. We have not only kept that Varian brand, as we are Varian, a Siemens Healthineers company, but we kept our go-to-market approach. What you see depicted on the page are a series of different bullet points about all of the activities taking place across the globe with many, many needs falling in line with the trends that I shared earlier. I'll simply say, as we are number one in each and every one of the geographies you see depicted, the additional benefit has been access to key opinion leaders to bring knowledge back in for conversations like, as you heard André talk earlier with photon-counting CT, as we think about ways to deploy this in cancer, what a platform to leverage the focus channel and then think at scale across the organization. Now, I want to orient you with our emerging and growth businesses. Personally, as I think about the future of the Varian business area inside of Healthineers, I want it to be marked with diversification and becoming a comprehensive cancer care business. We started much of this journey in 2019, but before I talk about some of the assets that we acquired in that journey, I do want to spend a minute on the radiation oncology market and the overall markets that we play in as a whole. The chart on the page shows in 2025, we anticipate that we'll be playing in over EUR 17 billion of total available market. Roughly half of that, or just under half of that, is in our radiation oncology business. Now, in radiation oncology, we'll not only seek to gain share with many of the solutions I'll share with you, but we'll also seek to expand the market with things like adaptive therapy. I'll give some better examples in a moment that will illuminate the possibilities that can exist for patient wins. As we move to the right on the page, you can see by 2025, there's almost a EUR 7 billion market in multidisciplinary oncology software and digitally enabled or tech-enabled services. We made acquisitions in 2019 of CTSI and just prior of Noona for patient-reported outcomes. I am thrilled to stand here today and tell you that these assets that we've acquired are accelerating our impact, not only in business growth, but in quality of care for patients and enabling access to care. One such example happened in the Philippines with AC Health, an institution that was seeking to open a cancer center but didn't have the knowledge and the capabilities. We not only utilized CTSI in order to create the ability to drive services in what will be a $ multimillion per annum services agreement, but we also created the opportunity for multiple millions of dollars in equipment sales. By the way, that same customer is now looking at expansion into imaging, and what they need is that infrastructure solution. You can guess who their desired partner will be. The next area is around interventional solutions. We acquired a series of assets, two of which are listed here, EndoCure and Alcon. In interventional oncology or interventional radiology, this is a burgeoning discipline. You can see by 2025, this is a market that will be almost EUR 2.2 billion, and it's also growing at a double-digit rate, growth rate. As we enter and access this market, it's not just about the speed of growth, but it's a large, fast-growing market that's new growth on top for the Varian business area. I'll share more with you some of the great advantages and opportunities we see in conjunction with Advanced Therapies to leverage some of the leading imaging technology to redefine this discipline or potentially said better, define it for the future. Then lastly, an innovation that will be beyond even this cycle through 2025 is our CyberHeart acquisition from 2019 and looking at cardiac radioablation. I'm not gonna give a spoiler, but I do have something for you as we get towards the end of this presentation that will show how we're not only bullish in the cycle through 2025, but we see acceleration well beyond. Going into radiation oncology solutions, our radiation therapy devices are market leading. Our software is market leading. The intelligent diagnosis capabilities bring to market not only a market-leading set of solutions within the imaging suite, but also an opportunity, an opportunity for us to integrate in new ways. Never before has there been the number one player in radiation oncology and the number one player in radiation oncology imaging as one in order to drive new opportunities. An example of this is what Bernd alluded to earlier today, something I'm personally very excited about. As we talked in the organization about what will mark how we will change the lives of people we may never meet, we talked about this concept of two weeks to two hours. Let me anchor you for a moment. It generally takes two weeks from the time of consultation to first treatment for a cancer patient. Think about putting yourself in that position. How do you feel over that two-week period? Well, my first question is why? Why in 2021 with artificial intelligence, machine learning, and now the combination of Siemens Healthineers and Varian and all of the platform stack available for integration, automation, and new levels of innovation, couldn't we reduce this down to two hours? As we put this challenge into the organization, this will redefine care both in developed markets as well as open up new doors in developing markets. Think for a moment about Africa. In Africa, they never used a landline. They jumped straight to cell phones. Why not the same thing? Why not start where it's two hours from diagnosis to treatment? We've got a few other tricks up our sleeve as well, such as creating an integrated radiation therapy device that can also do diagnostic imaging on the system in order to diagnose a disease and then treat all in one. Much more to come over the years to come in this regard. This focus of two weeks to two hours will not only unlock new growth, but more importantly, it will save many more lives. Further, I want to turn your attention to adaptive therapy. Just two short years ago, we launched the Ethos platform. At the time of launch, Ethos was the world's first AI-powered linear accelerator, and Ethos is focused on revolutionizing and transforming adaptive therapy. I still remember standing in Chicago at our users meeting and then at the booth launching this product to the community and thinking how over two decades of experience in radiation oncology, we were always seeking to adapt. When you think about a tumor, you're trying to avoid all of the healthy tissue around it. During the course of treatment, a tumor's shape and size can change. Why are we still irradiating with the same treatment plan? This is what you heard as MR-Linacs became available as the exciting new innovation in oncology. It wasn't about MR-Linac. It wasn't about a conventional Linac. It was about the capability sets to do this in a repeatable, high-quality way. We at Varian sought to democratize adaptive radiation therapy. In doing so, as we launched in 2019, we created a multimodality console that allowed to see various levels of images. Well, now, as part of Siemens Healthineers, in just these few short months since closing, we've begun to see new ways to unlock different types of imaging to come into the console area. Simply stated, we are very excited for the trajectory of the product, but it's also about clinical evidence. We've got almost 100 studies ongoing in clinical evidence. This dwarfs the combination of all of the competition in the adaptive therapy space is seeking to do. We are investing heavily here because the evidence generation that shows we can reduce toxicity will increase adoption as well as generate the potential for reimbursement. As we look at clinical adoption, we have over 40 units installed, over 100 orders received, and over 12,000 adaptive fractions performed. Turning our attention to interventional oncology and interventional radiology. Within the Varian business area, we have embolics looking at both bland and drug-eluting beads. We also have microwave and cryoablation. We have begun funding around next generation microwave and cryoablation products. More importantly than just the next gen products, what we've began looking at is integration across with the advanced therapies leading imaging systems. This will drive standardization. This will drive scale in interventional oncology and interventional radiology. Going back to the ASTRO meeting that I referenced earlier, the Society of Interventional Oncology leadership came to meet. As we sat down at the booth together, they said the single most exciting thing for the discipline has been the combination of Siemens Healthineers and Varian, because now we're going to integrate workflows, we're going to reproduce capabilities, and create the opportunity to democratize care globally for this very specialized discipline that can help many, many patients. Going to multidisciplinary oncology. This is what I discussed earlier as software solutions outside of radiation oncology, and in addition to that, technology-enabled or digitally enabled services. A simple example is remote treatment planning. COVID accelerated the tolerance and support for being able to utilize remote resources as we go forward into the future. At first blush, when we acquired CTSI in 2019, we looked at it very much as an emerging market opportunity where there were a lack of trained individuals, going back to my first slide, talking about the gap and the challenges with access. What we've seen since is not only a rapid acceleration in those emerging markets, but also developed markets coupled with the fuel of Value Partnerships and access to the C-suite. To bring this to life for a moment, CHRISTUS Health in Texas, we signed a seven-year, $70 million agreement. This is a combination of annual services as well as an equipment refresh, and this is just the foundation that we can expand on. There are many, many more in the pipeline like this, especially leveraging the Value Partnership relationships that exist. As I've taken you through so far, I've painted a picture of how together we will help save more cancer patients than we ever could apart. I've shown you a market that we're participating in that's going to double by 2025 from where we were prior to the acquisition of the assets in 2019. I've talked about the fuel that we're giving to the businesses to accelerate. In addition to that, I've highlighted the synergies and how we're taking some of the cost savings to give fuel to these businesses. I have two more things to share with you that I find incredibly exciting and really potentially transformative for the future of care. This is about what's even beyond 2025 and staying ahead of the innovation curve. The first is around cardiac radioablation. As you think about cardiac disease, and you look at what André shared earlier and some of the great opportunities we have for imaging and diagnosis, the reality is still cardiac disease and challenges and coronary artery issues result in the number one killer globally. We have, with CyberHeart, acquired technology that allows us to look at cardiac radioablation. The picture you see on the screen here is of a patient who went through a standard EP ablation procedure. As you can see with all of the catheters and tubes, this is a highly invasive procedure that has all sorts of challenges. Patients in the hospital can be up to 8 hours of OR time. Cardiac radioablation represents an incredible disruption to what can be accomplished in the future. Here you see a gentleman who is exiting, who just had a radiosurgical procedure on a Varian linear accelerator for ventricular tachycardia and is walking out and will go have dinner with his family. We are starting with ventricular tachycardia. We see options beyond. We see the scale of Healthineers opening up many opportunities for us to look well beyond ventricular tachycardia. Most importantly, we will begin accruing patients on clinical trials this year for this product, and we've fully developed the infrastructure for a cloud-based solution for segmentation of the heart in order to facilitate these treatments. Then there's a second area that I wanna highlight for you, which is around FLASH therapy. Let me describe first FLASH therapy. When you think of a way a cancer patient is normally treated within radiation oncology, that cancer patient is treated over multiple weeks. What FLASH does is take that entire course of therapy and distill it down to less than one second. Just to repeat that, if you look at the entire course of therapy over multiple weeks and distilling down the beam time to less than one second, what is happening is incredible. I'm gonna use the example of the zebrafish on the page to talk about toxicity, because that's the real story here. As you look to the left, there's a normal zebrafish. As you look to the middle and you see conventional, after a conventional schema of delivering radiation therapy, you can see a lot of healthy tissue damage. If you look at FLASH all the way to the right, you see some minor inflammation, but you do not see significant damage. This is potentially revolutionary in the way we think about care in the future, and likely opens up radiation therapy well beyond the current clinical paradigms and could even further it as a quintessential non-invasive surgical procedure of the future. Most importantly, in addition to the reduction or almost elimination of normal tissue impact, we're seeing tumor control probability not wane. In fact, in some preclinical studies, we've actually seen it slightly improve. We just completed accrual of our first-in-human trial. Now, to be clear on this was an initial small group of patients that we worked closely with the FDA on, but it represents the first in human in the entire industry. We've amassed over a hundred patents in this area, and as you think about FLASH and as you think about Siemens Healthineers, I'd encourage you to think of, as FLASH emerges, Siemens Healthineers and the Varian business area will lead. As I've taken you through many of the examples of how we will pioneer breakthroughs in healthcare for everyone, everywhere, I hope that you have seen the accelerating of our cancer care impact, the expanding of our addressable market and driving our innovative roadmap. All of this culminates into what you have seen that was put forward earlier today. I just want to reiterate and focus in on, which is our midterm guidance is 9%-12% on the top line of revenue growth. We realize this puts us in a strong market share gain position, but it's also about market expansion. Further to this, as we look at the bottom line margins, I've articulated this a few times over, but to emphasize, we need to invest in order to achieve the sustained growth rate. Those investments, as we look at costs coming out of the business due to the scale leverage, we'll be reinvesting back in 2022 and 2023. Thank you so much for your attention and time. Marc, I'll hand it over to you for Q&A. Thanks a lot, Chris. Incredible what breakthroughs we have on our hands here. If you look at FLASH, for example, it almost sounds a bit like science fiction, but it's not. I mean, these pictures were real that you just showed us. We have another 15 minutes for Q&A now, and I would ask you to line up. I see there are already a few people in the queue which makes us ready to go. I see that we have Julien Dormois, who had some trouble linking in, that's why he's also only via phone. Julien, I'm hearing you already in the background, so you can ask your question, Julien. Good afternoon, Marc, and hello, Chris. Thanks a lot for taking my questions. It's quite exciting to hear about the FLASH therapy first. Could you just maybe tell us realistically when that could be offered clinically, and maybe also what could be the share of cancer that could be addressed with this therapy? My second question relates to the great emphasis that you have put on having now the undisputed number one players in imaging and in radiotherapy under the same roof. Does that indicate that you would have an appetite to develop an image-guided radiotherapy machine anytime soon? Basically, how long would that take? Do you believe that is an attractive area for the future? Yeah. Thank you, Julien. Two wonderful questions. First, starting with FLASH. Rather than speculate, I think I want to let the science continue to guide us. Specifically when I say science, when we look at the biology and what we're learning about both in the preclinical work and then some of the early in-human clinical trials, this will inform better the technology development well into the future. I should denote that the Varian proton therapy system, the cyclotron of the device, is a system that has the ability to accelerate to dose rate levels that allow us to penetrate for deep-seated tumors. We know we're uniquely positioned. The first study was completed at Cincinnati Children's Hospital in a unit that was normally used for clinic, but then we also had the ability to do some of this research. I'd simply say stay tuned, but keep in mind, those numbers that I shared with you did not include what FLASH could do as an accelerant well into the future in disruption. With respect to the aspect of how broad it could go from a care perspective, this is where whereby disease site trials are necessary, and this is a capacity and competency we have within the business. It's something I'm excited to see thinking about, for example, lung cancer tumors on younger patients, where we want to think about what we would normally do a surgical intervention due to the fact that we have concern about toxicity to healthy lung tissue. We may learn that we can do this in a simple outpatient procedure. A lot more to come there, but there's excitement in the background. With respect to the image guidance question, I think it's important to reference Varian is the global leader in image-guided radiation therapy. All of the portfolio that we have today has received best-in-class awards with respect to the quality of images. In fact, what's been exciting is we've been looking at the IP portfolios in the combined company and thinking about how we may be able to apply different types of reconstruction algorithms and not only have it be on a new device, but sell into the installed base. One of the synergy pieces identified is around metal artifact reduction capabilities and some of the algorithms that exist that we could put into our 5,000+ installed base of TrueBeam systems and roughly 1,000-unit installed base of Halcyon systems. Lots of opportunity in that regard, and certainly we're leveraging the combined prowess of the entire organization. Thank you very much. Thanks. Thanks, Julien. The next one on the line would be David Adlington from JP Morgan. David, welcome back. Thanks, Marc. Hey, guys. Hi, Chris. Good to see you again. You didn't talk that much, maybe with the exception of FLASH, but about proton. The last time we met, there was quite an interesting discussion between you and Jochen about the outlook for proton. Just wondered, yeah, if you could give us an update there in terms of the path, maybe to better profitability, timing thoughts and how integral FLASH is to that. Then just on FLASH, it might be my misunderstanding, but I think FLASH has been developed on both proton and electron style. Are you focusing on the proton style only? I'm gonna start with the second question, then I'll go to the proton question. We are doing both the electron-based FLASH capability set. Keep in mind with electrons, your depth of penetration is very minimal, so it's gonna be for skin type of lesions. Quite frankly, we think the tremendous unlock is for deeper-seated lesions. There's really important research that will happen with electrons that will then translate over into protons. Beyond that, within our technology innovation office, we're looking at other types of ways to accelerate particles well into the future. I'd simply re-emphasize my point around over 100 patents in this area, and we are seeking to develop a very significant moat around technology differentiation. Around protons, since our last conversation, we are now at 88 rooms in backlog, 41 of which are installed. A significant number are gonna be coming out of warranty. The services business is a really critical component of that path to profitability, primarily because each one of those rooms generates around $1 million of services revenue. You've seen over time the difference in many cases with services profitability versus simply product, looking at the COGS on both sides of that equation. Furthermore, in protons, we've seen an acceleration in our market share position, winning some really key contracts in China as well as around the globe. Then lastly, maybe as I just sort of button up around the financials question, all of what was shared with you in that guidance there includes everything all in. Some of those units coming out of warranty, going into services, and getting the ongoing revenue from them, as well as the installations as we seek to put the backlog units into operation. That's great. Thank you. Thanks, David. Now, next caller on the line would be Lisa Clive. Back to you, Lisa. Great. Thanks. You mentioned the $6.7 billion market size for multidisciplinary software and tech-enabled services. Big market. Could you just give an indication of what you think your market share is today in the segment? Who are your biggest competitors, and can you just articulate what Varian's competitive strengths are? Yeah, wonderful question. I'd say we have less than 5% of that market today. It is in many respects a market making or market creation adventure, namely on the digitally enabled services side. What we saw when we decided to acquire CTSI in 2019 was that Varian is the strongest player in radiation oncology with deep insights to where we could increase quality, reduce costs for providers. In developed markets, that's incredibly critical due to pressure on the health system. In emerging or developing markets, it's the very gateway by which we can actually get access to care for patients. We have been embarking on that market creation effort. I will simply say, with CTSI and the trajectory we've been on with the services, we're well ahead of any deal model we had put forward. We think COVID has been a tailwind for that business, namely based upon what I denoted earlier. If you were to break that EUR 6.7 billion into the subcomponents, looking at digitally enabled software solutions versus digitally enabled services or tech-enabled services, it's roughly 50/50. I should also note that we've got a fantastic team leading multidisciplinary oncology, and we put both those digital assets and the services together because we wanted to not just go after anything and everything in the space. We wanted to be very precise and specific about what are the key problems for providers to solve, innovate a solution, offer a service, but then also offer a software product. This is showing early dividends. This is also where a good portion of some of our early investments, as we look at cost synergies, will go into this business. It's mainly being met with some great conversations with providers, especially within those Value Partnerships contexts that I shared before. Okay, thanks. One more question, just on the CHRISTUS Health deal, $70 million over seven years. You mentioned that includes, you know, advanced technology, clinical care services, tech-enabled solutions, but it also includes, I assume just replacing and upgrading some machines. Could you quantify for us how many sort of LINAC unit sales are in that amount? I'm just trying to understand, and what specifically is the value of the LINAC sales alone. I'm just trying to understand how much you're getting paid for sort of all the other stuff that you've been able to develop and package into something for customers. Yeah, perfect question. Thanks for asking it. Simply stated, it's roughly 50/50. Roughly 50% of that $70 million agreement is for technology-enabled services. It should be noted with the agreement we've structured and how we're helping with tech-enabled services, digitally enabled services in their operations, we're actually reducing their annual operating costs by roughly $1 million per annum while creating this revenue stream for ourselves. It had a multiplicative impact in this instance. That's why we announced it or talk about it together, is simply the fact that it's a very significant standalone services agreement where we're being paid adequately and appropriately for those services. We are not gonna lead with giving these away. These services unlock new levels of quality while also creating new efficiencies. At the same time, by generating operational efficiencies, we actually freed up some additional funding to add some further replacements into the mix. Great. Thanks for that. Thanks, Lisa. We have three people in the queue still. I would ask you now to limit yourselves to one question each. The next one would be Veronika from Goldman Sachs. Veronika? Excellent. Hi, guys, and hey, Chris, good to see you. Hope you can hear me fine. I'm gonna just go back. I asked this question of Jochen in the morning, and I'm sure you heard it, but the 9%-12%, can you decompose it a little bit for me in terms of, you know, the old RT business and then all the other contributors? How important do you think each of them is towards that 9%-12%? And maybe just to push you, I think, you know, it's a very ambitious growth strategy that you have. What's the kind of biggest risk that you see to that? Yeah, wonderful question. Thanks, Veronika. I did hear it earlier, so I appreciate the little bit of foreshadowing, but, you know, it's a simple answer. It's the same as what it would have been this morning. We've been on a journey. The journey is to become a comprehensive cancer company. What I would say is, I'm sure you're well aware of the guidance of the other players in the radiation oncology space. We're gonna take share with our plan. With what I shared is in the portfolio, even before some of the new items that we're going to be innovating that we have access to in this combination and new levels of capabilities that we have access to, we were going to be taking share. So you can use that as a baseline. Then the others are on top. They're on top with very significant growth from those businesses. You know, I think probably the biggest risk is, I think at this point is really looking at from a global perspective, how do we maximize the communication of this broader value proposition that we have? This is where I go back to the scale of the combined company. You know, just sitting with the geography leaders in the Varian business area and seeing the relationships that they've been forming with the Healthineers region leaders gives me the confidence in what we shared with you. If I looked at the one area in the early win, you know, I talked about upfront the purpose statement, and really, I'm personally extremely inspired by it. I've also seen culturally among our teams, the teams coming together. That scale is really accelerating the opportunity to get this message out faster. Excellent. Thank you. Thanks, Veronika. Next one coming in via phone and without image, I think would be Patrick Jarski. I hope we hear you. Yes, I can hear you. I hope you can hear me as well. Yes. Perfect. Thanks. Perfect. Okay. Since I'm gonna have to limit to one, I'm choosing one question that I had. Can you hear the caller about the competitive picture in China? I know you're producing your Linacs there, and I know China has a policy of made in China, so that puts you a strong competitive advantage. Also, are there plans to go with tenders and Linacs there as well? Are you facing any pricing pressures or foreseeing any for the mid-term ahead? Great. Great question. You know, China is a huge growth market. There's tremendous opportunity, especially namely in the fact that you've got the primary concentration of care in four major cities, and there's a push to get out to the county level. When I say county level, you know, let's not be confused. This is populations of 5 million plus in many instances. We have taken a really active approach starting back in 2018, where we wanted to be a multi-domestic company. We wanted to be viewed in China as being a local company. To this end, we start up our manufacturing operations there. We have to date built almost 800 linear accelerators locally. We've developed great relationships in China, not just with KOLs, but across all tiers that you could imagine. Further to that, we are in the process of securing how we will enter into the market with those digitally enabled services in the CTSI business, and we're thrilled about what that'll mean, especially as we go to the county level. We've been seeking through the Cancer Foundation of China to educate hospital presidents in the county setting about what does it take to really have radiation therapy. I bundle those together, and I'd simply say, while you may have some local manufacturers, they have not gotten to the point of having reliable systems, nor, more importantly, have been as in tune with the market needs of what it takes for cancer care as Varian has. This has shown up in our market share. We're by far number one in the country. Okay. Thank you very much. We head over to the last caller and the last question coming from Scott Bardo from Berenberg. Hey, Scott. Hey, Chris. Nice to see you again. Chris, I think last time we spoke, you highlighted optimism of a singular reimbursement for adaptive radiotherapy, and I appreciate the progress you've now shown us with the Ethos system. Of course, you know, your competitor in adaptive radiotherapy is primed to push for a separate premium reimbursement for MR-Linac. I wonder if you can help just share any thought development in this regard, whether you know, your discussions in and around ASTRO are leading more from one to the other. Thank you. Yeah. No, perfect. Happy to do so, Scott. Very nice to see you again as well. Let's also be careful. Let's just not only talk about the United States, 'cause as we think about reimbursement, we wanna look in each global market. What I shared with you around the studies to be performed is to generate a composite view or synthesis of clinical evidence that's going to show a demonstrable difference in quality of life or other benefit. What I showed on the slide would represent the most complete dossier of adaptive therapy clinical evidence across the industry. We will begin to see many of the fruits of that in late 2022, based on where studies are accruing well into 2023 and into 2024. We have a nice march of evidence coming. In the Netherlands, a modality-specific code has been denied multiple times. In the U.S., in discussions with ASTRO, it has very much been, it's about adaptive therapy. No real change from what I shared last time, but, you know, I would say when you look at what we have with Ethos, which is an AI-powered device that treats in 15-20 minutes, has a price tag at roughly the cost of an MR-Linac, installs in just a few weeks as opposed to 6-8 months, requires minimal room renovations in order to achieve. This is about accelerating adaptive therapy into the mainstream. While we'll continue down that reimbursement path, you should think about the big opportunity that exists for the business with Ethos, you know, as evidenced by a strong order book. Thank you. Great. Thanks, Scott. Thanks, Chris. Looking forward to working together. I think we have a great opportunity at hand here together. I would now hand over to the next presentation that's coming from Advanced Therapies. An emotional introductory movie first, and Carsten Bertram will then take you through our New Ambition at Advanced Therapies. Curtains up. For me, entering and winning a competition was always a highlight. I always wanted to be perfect, unconditionally. Like every other day, I got up at 6:00 A.M., and then I fell, and I couldn't speak anymore. We found a vascular occlusion with a fresh infarction, which is why we decided to continue the therapy by means of thrombectomy. After this incident, I very often went to the mountains. Nature keeps waking up again, and I felt like I was in symbiosis with nature. I also woke up again. It is very satisfying for us when we see that someone like Stefan is again able to go swimming and to enjoy life. That's our goal. Yeah. Like Stefan, 15 million people per year suffer a stroke, and very few of them receive thrombectomy, and that has dramatic consequences for the individual patient, up to permanent disability. For society, it means high cost and high burden. Advanced Therapies is here to make better care available, not only to Stefan but to everyone everywhere. My name is Carsten Bertram, and I had to smile a little bit when Marc introduced me as being the newcomer, which I am. On the other side, I have been with Siemens Healthineers for 30 years now in multiple roles, being responsible for businesses on the imaging and on the software side in Europe, Asia, and the U.S., and now for Advanced Therapies. We in Advanced Therapies, we focus on changing the way therapy is delivered to enable better care for more patients. By doing so, we as Advanced Therapies will continue to expand our position as one of the world's leading providers of innovative technology for minimally invasive procedures. What are we here for? We are here to address the most threatening diseases globally. What you see here is, on the left side, cardiovascular care, with the number one cause of this globally, which is coronary artery disease. We talked about neurovascular care, with 15 million people worldwide will have their first stroke. One third of them will die, and one third of them will be permanently disabled. Last but not least, cancer care, where if you listen to Chris, he talked about that 18 million people will be diagnosed with cancer in 2018, and that number goes up to 40 going forward. I think this is also the message you see here is looking familiar from the earlier presentation that were given by André on imaging, Chris for Varian, and Deepak for diagnostics. Because we as the Siemens Healthineers teams, we are focused on fighting these diseases with the entire portfolio that Siemens Healthineers brings to the table across the whole clinical care path for a patient. If you look at what is changing on the. Now, let me take you to the world of Advanced Therapies, and let me show you how innovative, minimally invasive procedures change the way that care is delivered. Let's start again with cardiovascular. Innovative, minimally invasive procedures, they grow double digit every year. Why is that? What you see here is how these procedures are growing. Why are they growing? Because we are bringing new and better treatments out each and every day. We have growth on the cardiovascular side, we have growth in the neurovascular side, and we have growth on the cancer care side. The innovations that you see here are being brought forward. I'm sorry. Right now it's not working, so I'm trying it slightly different. The procedures you see here are growing. Why are they growing? Because we have new and innovative technologies that are changing the way that these procedures are being done. We have more complex procedures, and we are bringing out new devices are being available each and every day. Okay. Yeah. Okay. Yeah, but the clicking doesn't work. I'm sorry. Okay, we have innovative treatments, we have innovative devices, and all of them can only be brought forward because image guidance is the key to bring all of these innovations into clinical routine. We as Advanced Therapies, with the strong portfolio we have in terms of image guidance products, in terms of endovascular robotics and digital solutions, are in the right place to translate that trend into sustainable business growth. Let me now give you a quick overview about Advanced Therapies and our performance in fiscal year 2021, and how we have done. Advanced Therapies offers, which you see on the right, fixed and mobile C-arms, and we have been pioneering endovascular robotics for two years now. We grew our business by more than 8% in fiscal year 2021, and that's something I'm super proud of. We extended our market share to 35%. Our profitability in fiscal year 2021 declined as COVID-19 significantly delayed the growth of our endovascular robotics product lines. At the same time, we saw currency headwinds, higher incentive provision, and negative mix effects that weighed on our fiscal year 2021 results. Yet, fiscal year 2021 was a very successful year for our ARTIS icono platform. We strengthened our number one position in neurovascular care, clearly proving that the continued investment in this area pays off for us. We have shown resilience throughout the last two fiscal years, and I think our Q4 numbers already show the positive trend. We as Advanced Therapies, we are fully committed to further improvements in top and bottom line in the coming years. Now let me take you back to the three clinical fields, and let me depict strategic highlights for each clinical field. Let me start with cancer care. One in two men and one in three women will develop cancer at some point in their lives, and the five-year survival rate for liver cancer is still below 16%. We want to change this. We are now in a unique position to change that for interventional oncology, because we can combine the Advanced Therapies image guidance portfolio with the interventional solution portfolio of our Varian colleagues that Chris just introduced. We combine it, and that's the cool thing, for the whole therapy pathway for less complications, for better outcomes, and for higher life expectancy. Chris talked a little bit about the feedback he was getting at the ASTRO, and I can only echo this. Our customers are thrilled about the combination of the leader in interventional solutions and our interventional imaging portfolio leadership. By bringing them together, we can create new solutions. To make this slightly more tangible for you, we can already now use the advanced image guidance software, myNeedle Companion, and increase with this the precision of the microwave and cryoablation therapies as they are provided by Varian. So with integrated solutions like these, we do two things. We increase our total addressable market, and we create new value for our customers. With that, we position ourselves firmly as the partner of choice. The opportunities are there, and we, together with our colleagues from Varian, will address them together. Now let's move to cardiovascular and neurovascular care, the other two fields I mentioned before. We will grow our share in cardiovascular care and strengthen our number one position in neurovascular care. How are we doing this? I mean, what you see on the left are the most prevalent cardiovascular clinical procedures. What you see is they are growing, and they are growing very fast. We invest into, and we provide the technologies that allow our customers to not only grow with the trend, but rather shape the trend. We provide the key enablers that you need to successfully do minimally invasive cardiovascular procedures. You see them at the bottom of the slide here. You see it's our ARTIS image guidance platforms, it's our Corindus endovascular robots, and it's our digital solutions that connect, complement, and optimize the two. If you now go over and look towards the right, you see the same happening on the neurovascular side, yeah. The number of neurovascular procedures is growing fast. If we go back to stroke, and if you remember the story of Stefan, stroke is the most prevalent neurovascular disease today with 15 million cases per year. If you look at the patients that receive thrombectomy, 48% of them can live independent lives, which makes the difference between life in a wheelchair and walking on your own legs. The problem, there are just 200,000 thrombectomy delivered every year. Good news, and that's really, really good news. The number of procedures is growing very, very fast. Our ARTIS icono biplane system has proven that this is the system for mechanical thrombectomy. This leads to consistently high sales numbers since our very successful launch in 2020. Again, with ARTIS, with Corindus, and with our digital solution, we will gain market share and strengthen our number one position in neurovascular care worldwide. I have been in this industry for a long time, and what still really fascinates me is our ability to change the way care is delivered. Let me now share a couple of examples on the clinical side, how we transform cardiovascular and neurovascular care. Let's start with cardiovascular and the most common minimally invasive procedures, treating coronary artery disease by placing a stent to restore blood flow. Our solutions, and these are solutions in image guidance, in robotic precision, and in intelligent digital solution, improve each step of the procedure, making it faster, more precise, less costly, and providing better outcomes. Let me show how our solutions differentiate us here. Let's start on the left. This is about assessing the degree and impact of the stenosis on blood flow. What you would typically do today is you're using a separate device, a pressure wire, to assess the stenosis. We already today offer a solution, a digital solution, where the assessment is now digitally and is done seamlessly integrated within the procedure, the so-called angiography-based virtual fractional flow reserve. You have a solution that's less invasive, that's faster, and that is less costly. Now let's move to step number 2 and 3, which is the treatment. If you remember the picture and the slide that Bernd showed earlier about the Corindus robot, this is where what we are talking about. With the Corindus robot, we are able to really cross the lesion fast and at the same time use the smart automated movements to help precisely to position the stent where it's needed. Yeah? If you look at the last step, was the procedure successful? Has blood flow improved as planned? You can again use the same digital solution from the start to assess if the procedure has worked out. In summary, our solutions enable faster, more precise, less costly procedures and provide better outcomes. For us, it means we address new market and generate additional business opportunities. Now let's move to neurovascular care, and let me outline how we change the way brain aneurysms are treated minimally invasive, and how our solutions make a clinical difference. What you see here is a brain aneurysm, stealthy, often silent abnormality that can be deadly if left untreated. If the weakness in the brain vessel wall, a bulge ruptures, it interrupts blood flow to critical areas of the brain. You treat it by closing off the aneurysm minimally invasive. You insert tiny platinum coils into the bulge. Now, our solutions improve each step of the procedure, making it faster, less complex by using smart digital solutions and more precise with robotic assistance. Second step or step number one. You look at the analysis. If you want to understand how the aneurysm works, what is the how to best treat it. You can get a complete and detailed analysis with our ultra-high-resolution 3-D imaging in less than a minute. Now, talking about the digital solution, step number 2. You can really do a complete virtual planning and placement of the stent in 3-D with our solutions. We are talking about a rather long and complex procedure. The outstanding image quality of the ARTIS icono is key to easily guide and precisely maneuver all devices into place during the intervention. Looking at the last point in the procedure. Again, you want to understand has the procedure been successful? Has the aneurysm been successfully sealed off? We offer the digital solution to easily compute and compare inflow and outflow of the aneurysm before and after the treatment. Again, in summary, it's all about faster, less complex, more precise procedures, and then at the end, better outcomes. Now, let's have a look because I talked a lot about imaging and robotics. Let's have a short look at how this typically looks like. What you see here is on the left, the ARTIS icono. You see the CorPath GRX mounted to the end of the table on the right. You see at the front the remote console from which the physician will conduct the intervention, all integrated in one solution. Now, given the fact that I talked a lot about Corindus, let's have a look at where we are right now. The investment into Corindus starts to pay off. The CorPath GRX has now been sold into more than 20 countries, and the Chinese authority granted us fast-track approval for innovative medical devices, a first for a medical imaging company. For us, it means a unique opportunity to get system approval in China in less than a year. Our orders more than doubled compared to last fiscal year, and our business model with the three revenue streams, equipment, service, and consumables, is working. Yes, the business has been hit by the global pandemic. Access to physicians was extremely restrictive. Healthcare providers were prioritizing the fight against COVID-19. As the endovascular robot is a first-of-its-kind solutions, physicians need to try and test it. At the same time, we need to conduct clinical studies to build clinical evidence. All of that was very difficult and limited during the pandemic, but we will and we are overcoming these hurdles. We started in cardiovascular. Now we have the first sites installed on the aneurysm treatment side, and we are working in parallel on the next-gen robot aimed at stroke treatment. We believe in and we are fully committed to make endovascular robotics part of the clinical routine for minimally invasive procedures. Now talk briefly about better care for more patients everywhere. The best way to make this happen is if healthcare providers and us, we join forces and work closely together. We call these collaborations Value Partnerships. With Value Partnerships, we are able to accelerate our growth through higher customer intimacy and create additional revenue streams based on long-term commitments. How are we doing it? By delivering measurable outcomes that benefit patients, staff, and hospital. For this, we bring together the customer expertise in clinical care and couple it with our engineering innovations and workflow improvement capabilities. Let me now show you two examples where we play a pivotal role in these Value Partnerships. The first one is a site in Portugal where we are working together for three years. The result of our Value Partnerships, we have been able to double the cath lab capacity and identify substantial time savings through optimizing workflow. The second one in the U.S., in USC. This is the nation's stroke belt. Target is clear. We have to reduce the time it takes for severe stroke patients to receive treatment. We have a common team that works on setting industry-wide standards for advanced stroke care. After just one year, initial results are very encouraging. Value partnerships, for us, it's about moving our business from transactional to long-term partnerships. Now let me summarize the strategy of Advanced Therapies in New Ambition in a few sentences. We provide pioneering solutions for minimally invasive procedures that solve key challenges of our customers. These solutions are centered around three core areas. We leverage our image guidance leadership, we scale our digital solutions, and we establish robotics in clinical routine, all with one clear goal. Better treatments for more patients. By doing so, we will continue to position ourselves for the future as one of the world's leading provider of innovative technologies for minimally invasive procedures. Based on this strategy, we will achieve high- to mid-single-digit growth of our business and increase the profitability in parallel. As Advanced Therapies, we are an integral part of the New Ambition phase of Siemens Healthineers. Bernd said earlier, New Ambition for Siemens Healthineers is about addressing the greatest opportunity in healthcare. For us, in Advanced Therapies, the greatest opportunity is fighting the most threatening diseases in cardiovascular, neurovascular and cancer care. We will make full use of these opportunities. We will utilize our unique capabilities to offer innovative technology for minimally invasive procedures, expanding image guidance, digital solutions and robotics further into cardiovascular and neurovascular care. With this embedded and fully integrated into New Ambition, we, as the Advanced Therapies team, will grow our business by 5%-8% per year and will progress towards 20% margin by fiscal year 2025. Thanks for your attention. Sorry for the technical problems at the beginning, and I'm now ready to take your questions. Thank you, Carsten. I'm a bit sorry from our side. There have been real technical problems, and you mastered it brilliantly, really. It would have totally thrown me off guard, off track, I would say, normally. We would be asking you to register for your questions right now. If you just press the call request button, that would be great. We have not seen anybody coming in, so I don't know if there's maybe a technical issue on the back end. Now, there's people appearing. Great. The first question coming in from Veronika. You're not limited to one or two questions. Go ahead. Yeah. Marc, you know me, I have an endless number of questions, as always. Maybe my first one is just sort of conceptually, obviously, you know, I think you're heading in the similar direction as we've seen some of your competitors, which is really integrating from purely Imaging to an interventional stage. You know, I'm just kind of curious what else you think you need in your portfolio to complete that journey, or are you happy with what you have today, and you think you can be successful. Maybe we can start with that, and then I'll ask my follow-up after that. Okay. Yeah. Thanks, Veronika. To answer your question, I'm super happy with the portfolio we have. We have the image guidance platforms with the ARTIS icono that we continue to expand both in breadth. That means adding more system variants. At the same time, we will add clinical depth by adding new clinical features to the system. We also have, and I talked about this now with the Corindus endovascular robot, a completely new groundbreaking solution available. Yes, it's one that will take time because we have to create the market. This is one where we will take time because customers need time to understand how its systems work. Customers need time to play and to work with the system before, and that makes the sales cycle significantly longer. I think as I have shown, we are well on our way there. We have our digital solutions that couple and combine all of this. With this, I think we have a very strong portfolio on the cardiovascular side, on the neurovascular side, but also on surgical oncology, interventional oncology. What you can add to this is that we are actively collaborating with multiple other companies in the field, so expanding our solutions by making sure that our products are seamlessly integrated with the offer that other companies in this area are providing. Okay. Thank you. That's helpful. Obviously, you cited that statistic about over 200,000 thrombectomies against 50 million strokes being performed. Sorry. I'm just curious how you think that what needs to change for that 200,000 number to grow? Is it awareness? Is it education? Is it technology? Is it reimbursement? What you can do to help accelerate that process? Yeah, that's a great question. I mean, on the one side, I mean, I think as I showed, the number is already growing, and it's growing really fast. We're talking plus 20% here. On the other side, definitely providing even better tools, both on the image guidance platform, on digital solutions, but also on the Corindus side will help. Then over time, I think this has been the Holy Grail for our Corindus acquisition, is that over time, when we advance and expand the Corindus robot, and we're calling that the next gen robot for stroke treatment, that will help. Then to make that kind of treatment, because you need to have a very good physician there to do that, and these kind of physicians are not available everywhere. Over time, when we bring the next-gen Corindus robot to the market, couple that with remote capabilities, I think you will see that this life-saving technology, this life-saving procedure, will become available to more and more patients and therefore will really help to broaden, on the one side, the number of procedures, while at the same time close the gap between the 15 million. Not all of them can be eligible for thrombectomy, but a significant part is to the 200,000 that we discussed. Okay. That's great. Thank you so much. Thank you, Veronika. Next question in line would be Scott Bardo. Scott, you should be going live just about now. Here you go. Hi, Scott. Hey, Marc. Thank you very much. Thanks, Carsten, for taking the question. Forgive me, Carsten, if you mentioned it, but could you provide perhaps some time frames of when you expect the stroke indications on the Corindus robot and the launch of the next generation system? Perhaps detail a little bit further whether you need to have a separate clinical study for the next generation system. I'm just trying to understand the building momentum in your- Yeah. --in space here. Now that would be helpful. Thanks. I think there are multiple steps we are talking about here. I mean, the first one is the one that I just talked about, that we have expanded the CorPath GRX into the first neural application, which is the brain aneurysm treatment. This is the first important step because it also adds the advanced cassette, which adds the capability to provide micro catheters and more catheters to the system, which is super important for what is required there. At the same time, we will go into clinical trials for the remote capability while at the same time in parallel working on the next gen robot. When all of these developments merge in the midterm, I think at that point in time we will be able to provide a clearer timeline and a more precise definition on when the system will become available, at what point in time and in which configuration. Thank you. Is it fair to say that is likely within this planning period or something more likely outside of this planning period? I think certain steps of it will be in that planning period. Okay, very good. Maybe last question, Marc, if I may. Could you give us an update on the ARTIS pheno system? I know there's a heavy focus on the ARTIS icono platform, but I think you have quite some differentiation with the KUKA robot there. Yeah. How is that system performing? Are there next generation iterations to follow? No, I think Scott, first of all, thanks for bringing that because I didn't talk about surgery at all today. As you rightly pointed out, it's a very important part of the Advanced Therapies business. I mean, the ARTIS pheno is doing extremely well in the market because of, as you said, features that very much differentiate us from the competition. What we see is very clearly an interesting move that the system is nowadays not only used for hybrid OR, but we see more and more of a multidisciplinary use on the system, which drives up the utilization and makes the system even more attractive to more customers, because now you can build a better business case on how using it. As I said, very important part of the portfolio and a part of the portfolio that we will continue to develop further. Thanks, Carsten. Thanks, Scott. That brings us to Delphine from Société Générale. Delphine, I think you should be live now. Yeah. Hey. Sure. Hi. Good afternoon, everybody. Thank you for taking my question. Just on the Corindus robotic. When I have a lot of discussions with some of the vascular surgeons, they often said to me, "We need to be two, even three surgeons on the back of the robots and aside the patient." When I look at the Corindus, I see there's, at the end from what I see, but I wanna have a confirmation, one position which is open. So I was wondering at what stage of development and when do you expect, is it by the end of the decade, to have a robot that might be multi-functional? Meaning that just not for cardiovascular or neuro surgery, but also for peripheral vascular or any other GI surgery, for instance. What's the plan? What's the plan in terms of future for the robots in terms of application? Mm-hmm. When do you see that? Do we have to think by 2030, for instance? Or would you say the development of Corindus will be achieved, let's say by 2025, we're gonna be already at a very good stage? Thank you. I mean, Delphine, first of all, thanks for the question. I think these are two very different types of robots we are talking about. One more in the surgical environment and the Corindus robot is definitely more on the endovascular side. I think if I look towards the future of Corindus, we are very much focused on pioneering and bringing that breakthrough technology to the market and creating the market for the endovascular side. I think doing this and making sure that we cover all of the clinical capabilities and opportunities that we see because, I mean, that's something that I find really fascinating. Whenever I talk to a customer about the Corindus robot, there are additional ideas coming up on how to use it in an endovascular environment. I think we will stay focused to the endovascular environment because we see so much opportunity there. I think with what we have done so far, we just scratched the surface, and we will therefore continue to really drive down that road, the endovascular road for the Corindus robot. Okay, good. Thank you. I think. Thanks, Delphine, for the question. That basically brings our Q&A to an end. Thanks a lot for bearing with our technical problems. All the time. Thanks a lot. Yeah, and managing so greatly. We have another break now before we go into the final Q&A with Jochen and Bernd. If you have any, let's say, bigger picture questions, et cetera, you can still ask them in this round in 15 minutes. By the way, maybe if you haven't done so until now, you can also have a look at the virtual expo which we've prepared for you, still delivering some additional information on some of our breakthrough innovations. Thanks for staying with us. See you in 15 minutes. Welcome back. Here we are again in our virtual studio. I'm accompanied now by Bernd and Jochen, as we had it in our first Q&A. Welcome back, Bernd and Jochen. The lines are open for you to register as usual, so if you click the talk request button, we will have you in the queue. The first one in the queue is Julien Dormois, really by phone this time again. Julien, welcome back. Thank you, Mark, and hello Bernd, hello Jochen. Thanks for taking my questions. I would have two. The first one relates to the very detailed financial framework that you have provided, and thank you for that. I have to say, and you may wonder why I'm looking into very detailed thing, but I'm surprised about the regional split for SG&A spending, especially because it seems to be geared towards EMEA in the coming years and actually to the detriment of Asia-Pacific, while the latter is making up nearly 30% of your group sales. Apparently you are planning to spend only 20% of your SG&A expenses in the region. I'm just a bit surprised because this is obviously probably the fastest growing region. I was wondering what's behind this guidance. The second question I have is related to something you put out on the slide, which seems to indicate that pricing headwinds at the group level have historically been between -1.5% and -2.5% per annum, but have been decreasing in recent years. Which here again comes a little bit as a surprise. I was wondering what are the drivers behind this reduced pricing pressure. Because you also indicate that this is what should help you offset cost inflation. Quite keen to get a few elements on that side too, please. Yeah. Thanks for the question, Julien. Let me start with the SG&A spread around the world. First of all, this is not the spread around the world, is not a guidance for the New Ambition phase. It is just the view how the numbers were in fiscal year 2021. And when you look at the distribution of SG&A, one significant driver which is not fully, I would say, in line with the revenue share is. One driver behind it is often the way how you get to revenue. Do you do direct or indirect, yeah, business? And in Asia-Pacific, it is definitely a significant higher portion of indirect business because we are not as direct as, for example, in Europe, yeah? I think that's the main driver. When you look into the future, it's clear, and I said that also briefly in my presentation, we definitely will focus on growth markets, also from an SG&A investment, for example, in China. I would expect, yeah, that our share in Asia-Pacific will grow over time, yeah. So that's an answer to that first question. Thanks for looking at the material very diligently, by the way. I like that a lot. No, that was one meant seriously, to be honest, yeah. On your second question. Man, we have seen historically always a price decline around the 1.5%-2.5%, yeah. It also varies a bit by business, yeah. We have, generally speaking, a higher price decline in Imaging where we say our biggest enemy is ourselves by innovating out our own products, so to say. The biggest enemy price-wise for your own product is a new product, yeah, which you bring to market, yeah? For example, on diagnostic side and also the service side, pricing stability is much higher than in the equipment side of Imaging Advanced Therapies, for example, yeah? We have started 3-4 years ago, also an initiative internally to focus even more on pricing excellence. Yeah. We see also the benefits of this, yeah? Yeah. I think we have established new tools, also, I would say new processes, how we interact between headquarters regions in this regard. This is obviously also paying off, and that is also why we see a bit less price decline than we have seen historically or in the past, yeah? With regard to inflation, I think that is more a natural process which will take place when prices and costs inflate everywhere. It would also put, I would say, some tail into our pricing excellence in the field. That's more the rationale. I hope that answers your questions, yeah? No, absolutely it does. Just to make sure I understood you correctly, so it would be the lower pricing headwinds are more related to your own execution than anything on the market themselves. Is that right? Yes. Correct. Yeah. Okay. Thank you very much for that. Good. Thanks, Julien. Next person online. Let me just remind you to press the talk request button if you wanna be in the queue. Next one online would be Scott Bardo from Berenberg. It's great. Thanks, guys. Thank you for taking all of my questions today and the excellent event today. Maybe two questions, please. One high level question for you, Bernd. I think we've seen since the spin out of Siemens Healthineers from the broader parent, a lot of evidence that being an independent focused company can take market share and lead to a higher performing business. With this in mind, is there anything new to fear now that GE seems to be following your footsteps to have a single healthcare company competing in the market? That's my first question, please. What is the statement, you know, that when you get copied, it is a form of flattery, or whatever the exact English expression for this is. I mean, it shows, yeah, that we are on the right track. I really think that what we have proven, yeah, is that a company with a super strong focus, yeah, which wakes up with the same intent in mind as our customers, yeah, pioneering breakthroughs in healthcare, yeah, for everyone, everywhere, makes a difference, yeah. From a business point of view, but also from a psychological point of view. Just doing that, yeah, is not doing the trick. I mean, you know, there is more special in us, yeah, than being an independent company. I mean, we have an extremely strong position, yeah, with leading businesses. We have an extremely rational portfolio. When you look at the triangle, and how things are interconnected, yeah, and how we combine the patient twinning, the precision therapy, the strength in digital data and AI, this is something which is unique. Yeah. Also I think, and this is why, it was very important to us and very important to me also when it comes to the culture piece, yeah, why we decided that it's also important that you hear from Darleen, yeah, who we are and how we do things and so on, yeah. This is something which is much more than just the fact of being in a listed company. Yeah. There is much more uniqueness in this. From that point of view, it is not a topic, yeah, which we are scared about. I mean, we take competition very seriously. I mean, we take GE very seriously, of course. It will certainly help us to get even better. Thank you. Maybe then just the second question, and Bernd, I appreciate you shared thoughts in an analyst forum about this more recently, but for a broader audience. Can you talk a little bit about some of the portfolio decisions for the group? I'm thinking particularly with respect to ultrasound and how core that business is to the group and also your determination on proton therapy. Do you need to wait for this FLASH clinical study before making a decision about the relevance of that asset within the broader group? Yeah. You know, in probably the smaller group you referred to, I mean, you know, I basically described, you know, the portfolio as, hey, here's the center of the city, and there are some businesses which are maybe more in the suburbs, yeah, still belong to the larger context. Ultrasound is a business which ticks differently than many of the other businesses or basically all the other businesses. Why is that? It has very different innovation cycles. It is a much more inexpensive device, and it is something which, and this is maybe the biggest difference, all the other products or all the other segments are focusing on a specialty customer group. They're basically operating the technology is almost what defines a profession, yeah. Operating a LINAC is the definition of radiation oncology to some extent, yeah. Operating MRI, CT and so on is what radiology does. Cardiology, you heard Carsten speak about interventional procedures and so on, and very similar in lab medicine. Ultrasound is a very broad tool, yeah, which is similar like an EKG or measure. It's very it requires also a different sales channel or different sales channels, yeah. which is why we have decided to run this business, which, by the way, is 3% of our overall top line, as a company within the company, because it needs its own innovation cycle and its own go-to market approach. That's the story about ultrasound. It's a business I'm very happy with the trajectory it's on. On the other hand, I also want to say it is more on the suburb side than right in the center of the triangle I described. On proton therapy, I mean, you heard Chris and including the exciting results not only on the zebrafish but also when it comes to the FLASH Consortium. Yeah, because I mean, in the end, and here I want to echo what Chris said in a little bit of a different context. This is about the science developing, yeah. This is about where will this really take cancer treatment and is it? Will the next years show that the benefit is so great, yeah, that it definitely will have its strong place and grow even further? Yeah. Or will it stay a bit of a specialty topic as it is, which currently it is more. We are very committed to drive that science forward. Yeah. I mean, this is a super important field in cancer care to find out, but to some extent the jury is out. It's primarily a science and technology development topic, and not a theoretical or a closed room business decision, yeah, which we can make today. Very clear. Thank you very much. Thank you, Scott, for all your questions today. Now we head on to Veronika. She's also been very active. Veronika, the line is open for you. Hi there. Hi. You're on mute. Oh, yeah, muted again. Red tab, I understand. Is that correct? Not working. No? Not working? Mm. I can't lip-sync, that's the problem. Now I hear something. Oh, no, I don't. No. Maybe you should dial out and come back. We'll wait for you. In the meanwhile, if there's anybody else who wants to j oin in the call with a request. Other than that, I will just use the meantime to get your eyes to the fact that we will be road showing after this event. Let me just kind of continue with this and then we get Veronika back on. We'll be road showing after this event, and we'll be virtually road showing the next 3, 4 work days, and then we will be in for-real physical form. I almost can't believe I'm saying that. Going on conferences, to the Peel Hunt Conference in London, hopefully. We will be going to the two New York conferences by ODDO and by Berenberg Bank. We will be at the JP Morgan conference in San Francisco, hopefully. That's the plan. If you want to see us in physical form, you just heard where you can meet us. Let's try it again with Veronika Dubajova. All right, let's see. Can you guys hear me now? Yes, we hear you. Perfect. Excellent. Sorry, it turns out that it's not my day today. Anyhow, thank you for taking my questions. I wanted to ask a short-term one, and I apologize. I know this is a sort of mid-term outlook discussion, but I'm just kind of curious. We are hearing a lot about things like staffing shortages from hospitals, in particular in the U.S. I'm just curious, Bernd, if you can comment to what extent that's changing any of the conversations you're having on, you know, CapEx and purchasing decisions, either to the upside in terms of, you know, folks wanting to deploy more technology faster or to sort of hospitals saying, "Hang on, we gotta pause 'cause we have other problems to address." I have a follow on after that, but I'll let you answer that. I think it's rather a positive for us, Veronika. Yeah, because in the end, every piece of equipment in our portfolio is more productive than what people operate today. Yeah. And helps overcome staff shortage problems. Yeah. Whether it's about throughput in Imaging or in LINAC or in Advanced Therapies or in the lab. Yeah, we are, you know. I think it was pretty impressive, yeah, to see what Deepak showed. Yeah. I mean, when it comes to these big installations here in Quest and Pardini. Yeah. The same you can basically imagine in other parts of technologies. In the end, it shows, yeah, that it's a term I don't really like so much, yeah, but that this industrialization of healthcare delivery is real. Yeah. It's about how we can do more with less, and the technology advancement very often goes into this direction. Plus, it helps us to accelerate what we do in digitally enabled services in our Value Partnerships. What I have not heard is that people take a pause because of that. It's really the opposite. It is, but it is as you rightfully say, one especially when you talk to the C-level. Staff shortage. More or less every hospital CEO you talk to has a list saying, "We are currently looking for this couple of hundreds of people." That is a big topic where we come to play s olving this productivity problem, e nabling more efficient operations. That's great. Thank you. Then I think sort of the other, you know, outcome of COVID has really been decentralization of care. Obviously, you guys have done quite a lot here. As I think about the MRI innovation, I'm curious if you're working on solutions in some of the other modalities that are similar to that. If you could maybe give us a little bit of a flavor or preview of anything that is on the R&D drawing board that would, you know, be a more suitable, I don't know, CT X-ray. I mean, ultrasound's not really the point here, but, you know, in more decentralized outpatient ASC settings. Yeah, I mean, maybe, it's a very good point. I mean, on the one hand, I start with Imaging. On the Imaging side, we always have two directions of innovation. One is going to the next level of clinical performance. Getting closer to the patient twin. And then with the photon-counting as one of the most prominent example. But the other direction, which is as exciting and as challenging aspect and target of engineering, is making more affordable what we have developed so far. And by not only making the product less expensive to build. With real design to cost, R&D creativity, but also looking at the entire TCO siting requirements, training requirements for the staff, and so on and so on. Yeah. You see the MAGNETOM 3T. In CT we do similar things. In X-ray we do similar things. The Halcyon product in Varian is extremely following this very similar philosophy. We do and will do the same also in Carsten's business. Yeah. Because it is not only about the diagnostic piece here, but it's also about delivering ambulatory therapies. Yeah. Whatever vascular interventions and so on, where it's not about hospitalization, where the real benefit of minimally invasive therapies comes to play. You can think the Atellica CI 1900 is a product which is for the hub-and-spoke care for decentralized settings and what we talked about in point of care, where we go in having, on the one hand, these spread devices, yeah, for a system, but then having them connected with informatics, yeah. It goes across the board, yeah, internally in our more, you know, you know, let's say more complete way of describing our growth vectors. We even call it not only enabling better operations, but we also have this supporting networked care as a clear paradigm. There's another example on this. When you think about Corindus Robotics, yeah, it's also an example for this, yeah. Because the robotics allows people who are not as experienced, yeah, to perform complicated procedures which are normally only be possible if somebody is very experienced, yeah. You can do this even remotely and other things that also increases in a, I would say, in a broader sense of the word, the access to care, yeah, kind of. True. Because, I mean, what we do also is the single virtual cockpit. You have a hub-and-spoke model of operating the Imaging. Same topic, oncology as a service. You have it where Chris spoke about. It's not only about this decentralized equipment. Also looking at how you can make sure that you don't have to deploy very rare medical specialties at remote places, because that is often the problem. Here comes the digitalization into play. That's great. Thank you. Thanks, Veronika. That takes us to Lisa from the phone again. Lisa, you should be live now. Hi. Great. Just going back to questions around potential Alzheimer's diagnostics, just pivoting to your PET business. You're a very strong player in that market, and I believe with the number one position. Could we expect higher growth in installations in the U.S. in particular, as there is more of a focus on Alzheimer's? And have you seen any sort of change in demand on that? It's, let's say, early in the ballgame, yeah. Because typically the PET CTs are let's say typically not on an absolute capacity limit when it comes to patient throughput, yeah. That normally, yeah, when we are in a situation like we are today, where it's in the early innings, yeah, of these type of diagnostic tests, it's not yet triggering this demand. On the other hand, it is certainly an upside, yeah. When you look at the PET business, which wasn't so much in the focus today, yeah, because we have so many other exciting topics, this is also when it comes to cancer treatment diagnosis, but potentially also, you know, treatment options, a super important business, yeah, where we are also in the. Where there are very inspiring discussion also between the Varian teams and our PET business. Maybe there's also one other aspect where we see tailwind from this already is because we run the largest radiopharmacy network in the United States, a business we call PETNET. Obviously, the tracers are produced and then delivered to the hospital in this network. Here we see definitely an uptake and a tailwind from the Alzheimer's companions, so say tracers which are needed for this. This is a smaller business. It will not fundamentally change our growth dynamic, but it's a nice upside to have. Can you just elaborate on that a little bit more? Because I just to be clear, you are not one of the companies that actually manufacture the PET tracers, but this is more around the distribution of them? Yes. This business where we are market leader in the United States in this business which we call PETNET, yeah, which is the distribution on the one hand, yeah. The quote, unquote, and this sounds more disrespectful than I want it to be, the bread and butter business in that area is the production of FDG. That is the standard tracer which is used in PET imaging. This is a radioactively labeled sugar, yeah, which is the tracer used, yeah, for imaging basic cancer cells. Typically, that's the mechanism. The interesting thing here is that whoever comes up with a new tracer, yeah, which is somewhere it's more of a pharma type development, yeah, than a Healthineers type of development, needs that distribution system. Yeah, because basically this is a super complicated, on the one hand, production process, but then it's a logistics process, yeah, because typically the half-life of these tracers is, I think, two hours, yeah. If you don't get the distribution right, yeah, the tracer is gone. Yeah. We get a fair share, yeah, from whoever comes up with novel tracers. Yeah. It is a good business to be in, yeah. I mean, speaking about suburb and center, yeah, this is more an attractive suburb, yeah. To be honest, to be very precise, we produce the tracer, yeah, as Bernd has said. Yeah, we do have the chemistry, and we produce also the radioactive material in the cyclotron, and then it gets, so to say, mixed, yeah, and then it gets immediately transported into the hospital. It's production as well as the distribution, yeah. Correct. Yeah, but we pay a license. Sure. So to say, to the owner of the IP for the respective tracer. Yeah. Be it prostate cancer, be it amyloid plaque, be it tau or whatever. Yeah. Okay, thanks for that. That's very helpful to understand. Great. Thanks, Lisa. I mean, it couldn't have been choreographed any better because the last caller of today is the first caller of the day. Oh, no, he's gone. Patrick, here you go. Perfect. Hopefully you guys can hear me. I'll just have one nerdy one on Imaging. You know, by application, you've got some areas where you're particularly strong. You know, we all know you're very good in neuro, and I think you guys gave a kind of amazing stat behind closed doors about your share within radiation oncology with the Imaging side over the last seven years or something had gone from 15%-50% or something like that. I guess my question is two parts. Question one is, where are the white spaces where you feel by application you could grow and do a little bit better than you're currently doing? Two, where you are strong, are there other ways you can monetize that? Obviously Varian is one way to monetize the strength in the imaging side, in terms of radiation oncology with the imaging. I guess Corindus on neurology is good for the neuro imaging. In other applications of imaging, is there another way to monetize that high market share of imaging? White spaces and how can you monetize further via therapeutics, the areas where you are strong? Thanks. Yeah. Good question. I give you a nerdy answer, okay? I mean, on the one hand, I mean, there's when you look now at core Imaging and MR, CT, PET/CT and so on and so on, to some extent, I mean, these are disease and oncology agnostic products, yeah. An MRI can image brain cancer, can do the knee, yeah, MSK Imaging, yeah, and can help you do cardiac imaging, yeah. That is to some extent the strength of radiology as a department or the role of radiology as a department, yeah, to answer whatever question comes in, whether it is the polytraumatized motorcycle accident, or a follow-up scan after chemotherapy to confirm health. This is one side, and this is the majority of the business in André's business, yeah. Then it's about developing a breadth of different applications and monetize the specialty of saying, "Hey, we have that cardiac package, we have the neuro package," and so on and so on. We currently don't have too many instances yet, and I say yet, where the use of the product is a single-use application and it's creating a new and additional footprint, yeah. This is different in Imaging for radiation oncology, yeah, where we did a very good job in the partnership with Varian, yeah, which we had before the acquisition, yeah, to have special products which are not so much of diagnostic nature but are used to do treatment planning. Yeah. With the path we are on of making of democratizing imaging and reducing the form factor, the whole TCO and so on, this is an area which can bring us to areas where in orthopedics or even in for dentists and in all kind of areas, specialty equipment can play a role, yeah. This is, for example, a big topic in the development of MRI, yeah, and it will also help us, yeah, to have better guided treatments, yeah. We are basically looking at areas, I mean, Carsten spoke very much about X-ray based, interventions, yeah. In the long run, there is the opportunity that minimally invasive therapies are also guided by MRI, for example, yeah. This is an area we are looking at, yeah. These are the big topics we are looking into. In addition, there is the potential upside. You know, when looking at neurodegenerative diseases, and we touched only in the last year a little bit, with the first Alzheimer drug, with all its, let's say, early stages. This is a super important untapped potential, but where the imaging only makes sense when there's a treatment. To some extent, we will for sure benefit from all the developments in the pharma industry when it comes to tackling neurodegenerative diseases, which are currently, maybe, on top of cancer, the big challenges in terms of science. Very clear. Thank you so much. Thank you, Patrick. This now takes our first real CMD as listed DAX company to an end. We really brought together a very informative program for you, I believe, personally. Also, we'll be very thankful for any kind of feedback. What remains to say is thank you, dear viewers, thank you, dear presenters, and also, of course, very much thank you, dear team in the back end, preparing the charts, running the event, running the camera. That's been really a great achievement. Bye. Stay healthy, and see you soon. Thank you. Thanks. Bye.