Good afternoon. My name is Kate and I will be your conference call operator today. I would like to welcome everyone to Solventum's second quarter 2025 earnings call. As a reminder, this conference is being recorded. All lines have been placed on mute to prevent any background noise. I would now like to turn the program over to your host for today's conference, Amy Wakeham, Senior Vice President of Investor Relations and Finance Communications. Please proceed. Thank you. Good afternoon and welcome to Solventum's second quarter fiscal year 2025 earnings call. Joining me on today's call are Chief Executive Officer Bryan Hanson and Chief Financial Officer Wayde McMillan. A replay of today's earnings call will be available later today on the investor relations section of our corporate website. The earnings release and presentation are both available on the site Now, during today's call, our discussion and any comments we make will be made on a non-GAAP basis, unless they've been specifically called out as GAAP. The non-GAAP information discussed is not intended to be considered in isolation or as a substitute for the reported GAAP financial information. You are encouraged to review the supporting schedules in today's earnings press release to reconcile the non-GAAP measures with the GAAP reported numbers. Additionally, our discussion on today's call will include forward-looking statements, including but not limited to, expectations about our future financial and operating performance. We make these statements based on reasonable assumptions. However, our actual results could differ. Please review our SEC filings for a complete discussion of the risk factors that could cause our actual results to differ materially from any forward-looking statements made today. Following our prepared remarks, we'll hold a Q&A session. For the Q&A portion of today's call, as a reminder, please limit yourself to one question and one related follow-up. If you have additional questions, you are more than welcome to rejoin the queue. With that, I'd like to now hand the call over to Bryan. All right, great. Thanks, Amy. To all of our shareholders and everyone else interested in our story, I just want to say thanks for joining us today for our second quarter results. I'll just start by saying that we are continuing where we left off in Q1, delivering another solid quarter. As a result of this positive momentum and strong execution, we are raising our sales growth and EPS guidance for the year. This continued strong momentum gives us even more confidence in delivering the growth and margin targets that we outlined at Investor Day back in March. Certainly there is still work to be done, there's no question about that. I am very happy with the progress the teams are making across all of our businesses. We are quickly and, importantly, decisively building on the strong foundation established by 3M. Our differentiated brands in attractive and diverse markets, now combined with the cultural and structural enhancements we've already made, are delivering results and accelerating our growth and, importantly again, putting us on a clear path to achieve our long range plan commitments. In addition to this, our work to revamp our innovation process is on track and our forecasted new product pipeline is steadily increasing in value as a result. Once we close the PNF transaction, as we stated before, we will focus on disciplined tuck-in M&A to further enhance our progress. Overall, it's clear to me that our value creation framework and our mission to improve lives have aligned our organization to focus on and deliver results and begin to establish Solventum as a mission-driven performance leader in our industry. I want to thank our dedicated global teams for advancing our mission and driving our success. This type of transformation just doesn't happen without your dedication and your desire to win. Again, thank you for making it happen. A few quick updates before moving to our business segments. Let's start with separation. Wayde 's going to give more color on separation in a minute, but I'll quickly highlight that things are proceeding well and they are on track. I can say that a big part of our success here is thanks to the very experienced team that we have assembled. They have been there and done this before and they are leveraging past insights to mitigate risk in our process. Our multi-year ERP implementation reached an important milestone as we executed the system cutover in Europe this quarter. As most of you probably know, these types of implementations are not without challenges. We experienced some of those challenges in the quarter, but the solvers in it, our global supply chain, and our businesses came together and worked as a team to leverage our comprehensive risk mitigation plans. As a result, they delivered the quarter, but most importantly, they delivered for our customers and patients. I can tell you that this success is a strong example of one of Solventum's five core values. Call it advancing together, and it increases our confidence, certainly my confidence, that even when things do not go exactly as planned, we have the right team with the right experience and the commitment to overcome and deliver. This is also a great example of this team's ability to effectively manage our go-forward ERP implementations as well. Okay, switching to tariffs again. Wayde is going to provide more detail here, but just as a quick summary, last quarter we discussed some of the mitigations we have already put into place and have been executing against to offset the tariff impact. Based on what we know today about current trade policy and our mitigation efforts, we are reducing the estimated tariff impact for 2025. Obviously, given the fluidity of the environment, we will continue to actively monitor the situation and implement new strategies as needed. Okay, now I am going to move to our business segments where we continue to demonstrate positive momentum. I can tell you a big part of this progress stems from the strategic clarity that we have created through our market and growth driver selection process. That was a very important process to create clarity of focus. As a reminder, we have five growth drivers that will account for 80+% of our growth over the long-range plan. As we stated, the five growth drivers are Negative Pressure Wound Therapy, IV Site Management, Sterilization Assurance, Core Restoratives, and Revenue Cycle Management. Now, starting with our MedSurg business, we had another solid quarter of progress fueled by our existing and differentiated brands, our recent new product launches, and our commercial restructuring to specialize the sales channel in our growth driver areas. For some additional color on the two subsegments of MedSurg, our IP and SS business showed solid underlying business performance in the quarter and also benefited from some follow-on advanced order timing. This order timing benefit was offset by short-term pressure in our advanced wound care business due to a voluntary recall that had no patient safety concerns. As we look forward into the back half of 2025, we expect advanced wound care to accelerate and our IP and SS sales to moderate relative to advanced wound care. We expanded our V.A.C. Peel and Place launch into Europe and established a dedicated acute care sales team to ensure focus on this game-changing technology. Importantly, we've also recently won several large negative pressure wound therapy customers, reaffirming our confidence in our technology differentiation and boosting momentum as we come into the back half of the year. When it comes to IV site management, we continue to see strong demand for our Tegaderm antimicrobial solutions with new product launches in major markets across Europe and Asia, again supported by specialized sales teams across our regions and within our sterilization assurance business. We have seen early success with our three new product launches and even though these are in early stages of the launch, we are already gaining renewals from our larger customers and our specialized sales team is generating the momentum to drive to full adoption. I n our Dental Solutions business, we continue to gain momentum in core restoratives with results driven by a focused portfolio accelerating new product innovation and specialization of the sales channel. New product launches were a key contributor in the quarter, driven by strong demand for Clinpro Clear and Filtek Easy Match. Our customer response to our first-to-market 3D printed Clarity Precision Grip attachment has remained positive, enhancing our ability to deliver a seamless combination of dental and orthodontic solutions. This innovation underscores momentum within the dental team's internal bed area of Custom Smile solutions and collectively these categories help offset pressure in areas like impressioning materials and core orthodontics, helping us to stabilize a segment even in a challenging market environment. The team expects new product demand to accelerate into the back half of the year and ultimately drive sales growth improvements as well. In our Health Information Systems business, we are clearly focused on revenue cycle management, and a key component of this is autonomous coding. We recently announced a new partnership with Ensemble, who is a leading end-to-end provider of revenue cycle management services. This is yet another step in solidifying HIS as the largest autonomous coding vendor and underscores its leadership in AI-driven solutions that transform customer operations. The ongoing success of 360 Encompass showcases HIS ability to streamline workflows and deliver meaningful customer benefits. In our international markets, we are seeing 360 Encompass installations in Australia and expansion efforts in the Middle East, demonstrating HIS commitment to equipping healthcare providers with the tools they need to operate smarter around the globe. Last month, I was on site with over 300 of our HIS customers at our annual Customer Experience Summit, and I tell you it was a fantastic opportunity to engage with customers, hear direct feedback about our solutions, and importantly for me to learn more about our customers' views on the future of this space. Overall, I would say it was an exciting week, very well spent with very good feedback. Last but not least, turning to our Purification and Filtration business, we saw continued strong demand for our bioprocessing solutions, again reaffirming the importance of our advanced technologies in this space. Our investment in expanded capacity for our industrial business also contributed, driving accelerated growth throughout the quarter. Overall, the PNF business is well- positioned for sustained growth, and our transaction process with Thermo is moving along nicely. Relative to the PNF transaction, in June we filed an amendment to our agreement for Solventum to retain the drinking water business. This has helped simplify the transaction and importantly increases the opportunity to accelerate the close. Keeping drinking water also provides Solventum with the opportunity to unlock additional value tied to this business. I would just say overall, Thermo has been a great partner, and we appreciate their collaboration, not just in streamlining the process, but also very importantly their commitment to ensuring the success of our PNF business. Now before I close, I'd like to highlight a couple of external recognition honors we received during the quarter. First, Solventum earned its place on the Fortune 500 in our first year as a standalone company. We were also excited to be named as a Best Company to Work For by U.S. News & World Report. I will tell you this recognition in particular reflects the hard work of our teams and the early success in driving our values and strategy to put people first and become a best and preferred place to work. In closing, I just say that thanks to our companywide teamwork and progress against our transformation plan, Solventum continues to chart a solid path forward. We have an incredible opportunity to create meaningful value and we are making consistent and repeatable progress in that value creation story. The foundation we inherited combined with the aggressive actions we've already taken positions us well for continued growth and margin acceleration and ultimately sustainable value creation. With that, I'll turn it over to Wayde for a closer look at our financial results and other key updates. Okay Wayde, pass it over to you. Thanks, Bryan. We're pleased to be able to report another solid quarter as we navigate the separation from 3M and prepare for the divestiture of Purification and Filtration, all while gaining momentum in the business amidst an uncertain macro environment backdrop consistent with prior quarters. I'll provide you with a separation update and then transition to our Q2 financial performance. I'll conclude my prepared remarks with an update on our 2025 guidance as well as a financial update for the pending sale of Purification and Filtration, less the drinking water business we are retaining. We continue to execute against separation milestones while making foundational changes to deliver on our long range plan. In Q2, we made further progress on our supply chain separation initiatives. We moved our European distribution centers from 3M to multiple third party distribution centers and exited a distribution center in South America along with executing our largest ERP cutover to date. We've made further progress exiting 35% of transition service agreements to date, including support services for commercial operations and logistics, human resources, marketing technology, and quality and regulatory. Finally, we're making good progress coordinating our product, packaging, and rebranding strategies and have materially completed our corporate rebranding, which includes our facilities, media, and trade shows. Now turning to our Q2 results, starting with sales. Second quarter 2025 sales of $2.2 billion increased 2.8% on an organic basis compared to prior year and increased 3.9% on a reported basis during the quarter. Foreign exchange was a 110 basis point benefit to reported growth. Overall, we had stronger than expected sales growth that benefited from positive contributions across all segments. Importantly, volume continues to be the main driver of our continued execution as we align our organization towards delivering sustainable sales growth and new product innovation. We managed ERP and distribution center challenges in Europe as we began executing our ERP and distribution center cutovers. We still expect the favorable timing benefits from Q1 and, to a lesser extent in Q2, will be offset by year end, mostly in Q3. Pricing remains within our expected ± 1% range and the impact of SKU exits in the quarter was 60 basis points. Moving to the segments, our largest segment, MedSurg, delivered $1.2 billion in sales, an increase of 3.9% on an organic basis. Growth was again led this quarter by the Infection Prevention and Surgical Solutions business, which grew 5.9% and benefited from follow-on advanced order timing, which contributed to the higher than expected performance. Advanced Wound Care growth of 0.8% was driven by negative pressure wound therapy, with growth muted by the previously mentioned product recall. Looking ahead to the second half, we expect a trade-off as Infection Prevention and Surgical Solutions absorbs the pullback associated with the order timing benefits in Q1 and Q2, while Advanced Wound Care delivers improved growth driven by acceleration in negative pressure wound therapy led by single use Provina and the continued rollout of Peel and Place. Our Dental Solutions segment delivered $338 million of sales, an increase of 70 basis points on an organic basis. We continue to demonstrate resilient performance despite a challenging market, aided by innovation across our restorative and prevention products as well as our Clarity aligners. Our Health Information Systems segment contributed $339 million in sales, an increase of 3.2% on an organic basis, which benefited from strong customer retention of our revenue cycle management software solutions. More than offsetting expected declines in clinician productivity solutions, we remain focused on system implementations to support our hospital customers as they navigate a challenging and dynamic environment for healthcare spending. Finally, the Purification and Filtration segment delivered $252 million of sales, an increase of 3.1% on an organic basis. Similar to prior quarters, growth was led by our bioprocessing, filtration, and industrial filtration categories, partially offset by declines in membrane OEM. Looking down the P&L, gross margins were 56% of sales in the quarter, an improvement of 20 basis points over prior year. As a reminder, gross margins include a headwind associated with a 3M supply agreement, which was more than offset by improved sales mix and programmatic savings. Notably, Q2 results also included $4 million related to the accounting treatment of the PNF business, which is treated as a held for sale asset and provided a $0.02 EPS benefit in the quarter related to a reduction of depreciation expense. Excluding the held for sale benefit, underlying gross margins improved 20 basis points sequentially compared to Q1, consistent with our expectations for seasonal improvement. Operating expenses of $736 million increased modestly compared to the prior year, which reflects inflationary headwinds, public company standup costs, and growth investments, mostly offset by savings from our restructuring program, which remains on track to deliver $120 million of annualized savings. In total, we delivered adjusted operating income of $474 million, which translates to an operating margin of 21.9%, ahead of expectations. Moving down the P&L to non-operating items, our net interest expense and other non-operating spend improved modestly versus Q1. Lastly, our effective tax rate of 18.3% was better than our expectations, driven by favorable geographic mix. Overall, we delivered earnings per share of $1.69, ahead of our expectations, driven mainly by sales outperformance and favorable margins. We also ended the quarter with $492 million in cash and equivalents, with no outstanding borrowings on our revolving credit facility. To date, we have made cumulative repayments of $500 million on our $1.5 billion prepayable term loans, which includes another $100 million paid off in June. For Q2, we generated free cash flow of $59 million, which was consistent with our expectations of improvement over Q1 and reflects normal seasonality and the timing of interest payments. Now turning to our 2025 guidance update, which reflects our Q2 performance and momentum to start the year. As a reminder, our guidance is for the whole company, including the Purification and Filtration business, which is treated as held for sale until the transaction closes. Starting with full year organic sales growth, we have increased our outlook to a range of 2%- 3%, a 50 basis point increase above our prior guidance. We continue to estimate a 50 basis point impact of SKU exits, which we anticipate will ramp throughout the year. Excluding this planned impact, our annual growth outlook is 2.5%- 3.5%, reflecting the continued volume-driven performance across our business segments as we execute against the phased approach to reposition for growth. Regarding foreign exchange, we now estimate currency will have a favorable impact of approximately 50 basis points on sales growth for the full year. This compares to our prior expected impact of neutral and will have a positive benefit on our reported sales and earnings. er share. Based on better than expected effective tax rate through the first half of 2025, we are now comfortable at the low end of our initial guidance range of 20%- 21%. Before commenting on earnings per share, I want to bring you up to date on our latest thinking on tariff headwinds, which we now estimate to be $60 million- $80 million, down from our initial range of $80 million- $100 million and impacting Q3 slightly less than Q4. The reduction represents improved estimates for U.S. and China tariff rates, partially offset by higher rates for Europe and other smaller regions. The favorable update will ease pressure on gross margin and operating margin in the second half of the year, and we continue to anticipate achieving full year operating margins now closer to the midpoint of our initial plan range of 20%- 21%. Altogether, for earnings per share, we have increased our guidance to a range of $5.80- $5.95 from the previous guidance of $5.45- $5.65, which reflects the strong performance in the quarter combined with further improvements into the second half of the year. We are maintaining our free cash flow guidance in the range of $450 million- $550 million. As a reminder, free cash flows are impacted in 2025 from separation related costs, and we expect our free cash flows to improve in the future as those costs step down in 2026 and again in 2027 as we complete the separation from 3M. Before closing out, I also want to provide you with an update on our Purification and Filtration divestiture. Following the amended terms Bryan touched upon earlier, we are updating our estimated pro forma annual adjusted EPS deal accretion to a range of $0.25- $0.30, an increase of $0.10 compared to the estimated EPS accretion shared at our investor day. We are also revising the gross margin accretion to approximately 100 basis points compared to our earlier estimate of 200 basis points, and revising our operating margin accretion to 50 basis points compared to the earlier estimate of 100 basis points. This deal represents a major milestone for our portfolio transformation strategy and accelerates our timeline to pay down debt to deleverage our balance sheet, which we expect to achieve through further pay down of our term loan and bond buybacks while positioning us to pursue programmatic tuck-in M&A on an annualized basis. The transaction improves our gross margins, operating margins, and earnings per share based on expected close by year end. We continue to anticipate the impact on EPS will be neutral in 2025. Finally, I want to reiterate our commitment to continued investment consistent with our attractive growth driver opportunities and realization of the long-term value creation ahead. We will balance these investments by identifying opportunities to expand margins and generate strong cash flows. In conclusion, we had a solid quarter and are making great progress towards achieving our long-range plan goals, accelerating sales growth to 4%- 5% and growing EPS at a 10% CAGR. We're also executing well on our plans to separate as an independent company. We can feel the momentum building and are excited about the continued value creation story at Solventum. With that, I'll now hand it back to the operator for the Q&A portion of the call. Thank you. If you would like to ask a question, press star, then the number one on your telephone keypad. I would like to remind everyone to please limit yourself to one question and one related follow up if applicable. We'll pause for just a moment to compile the Q&A roster. Your first question comes from the line of Jason Bednar with Piper Sandler. Your line is open. Hey, good afternoon everyone. Thanks for taking the questions and real nice quarter here. Why don't we start with the organic growth guide? You're doing really well with MedSurg, especially concerning the pull forward of the business, the business you had last quarter. Maybe talk about the trajectory that you're seeing in that part of the business. You know, what's driving some of that upside? Is it the commercial organization? Just the focus, anything you can add there, and then maybe talk a little bit about the back half, knowing that your comps here are still really favorable for that part of the business. Good to hear from you, Jason. Why don't I start with what's driving the MedSurg business and then you can speak to any movement between orders. What I'll tell you is that right now MedSurg, as we've talked about before, has three of our growth drivers. If you've got three growth drivers in your business, you better start to see some traction because that means we're spending a lot of time and effort in those areas, and inside of those growth drivers, regardless of which one we're looking at, there are really three levers that we're seeing. The first one, as you reference, is the commercial restructuring that we've done to specialize the team. That is paying significant dividends. It really is. It's a whole cultural change that we have in place. It's a specialized team and it's an incentive plan that is getting people focused on growth. That's a big piece of the movement right now. The second one's pretty big too. It really is taking advantage with this new engine, with these brands that we have that are differentiated in the space. I probably don't talk about this enough, but these are brands that have been around for a long time that have real clinical differentiation, that are as valuable as a new product launch in the right hands with the right focus. That's a significant benefit to us that probably I underappreciated when we started the game here. The third is just the new product launches that we've had that we've talked about either in sterilization assurance or negative pressure wound therapy or other parts of IP and SS. Those are the variables that are working. The momentum is there, the confidence is growing, and I would expect to see us continue to grow ahead of where we are today. I don't know. Wayde, you want to talk to anything about? Yeah, sure. Hey, Jason, on the second part of your question, there around growth rate in the second half, I think for context, it'd be help just to frame it for the total year. Keep in mind, we reported 3.5% growth in the first half and as we shared, about 1% of that is due to order timing that we got in advance in the first half of the year. We expect to see that pullback in the second half mostly in Q3. If you look at our guide now at 2%- 3% for the year, the second half implies a midpoint of 1.5%. As we give that 1% to the first half, we take it from the second half. If you normalize, what we said in the first half was we were normalized 2.5%. If you shift that 1% back to the second half, it would be a 2.5% at the midpoint. In other words, we think we're growing consistently in this 2.5% range in the first half. When you normalize for order timing and in the second half at the midpoint of our guide, if we continue to grow at the rate we are, we'll be in that 2.5%. As Bryan said, we feel like we've got really good momentum in the business here. Certainly there's puts and takes, but we've got, I think, a real building success story here with the commercial output that Bryan just outlined. Very helpful, Wayde, I'll stay with you. Just question on maybe the EPS bridge, if you could, from last quarter to this quarter you raised by $0.32 at the midpoint. You beat it almost by a quarter. We're picking up a dime on updated tariff assumptions, but you got FX with the tailwind. It doesn't seem like there's much being attributed to back half organic growth numbers maybe inching up a little bit. Tax is a good guy. I'm just wondering what may be cutting the other way that we're not accounting for. Is this just conservatism on only raising by the amount that you did here today? I notice how you asked the question there. It is quite a strong race and we are only halfway through the year. What we'll say here is we're tightening the range as we progress through the year, and given the year-to-date performance, it raises our confidence. As you said, we're in that $0.33 increase at the midpoint, and this accounts for the Q2 beat plus upside in the second half. As you know, and you just listed several of them, we're certainly managing a lot of variables. Number one, the separation activities, but also tariffs, taxes, foreign exchange. Given we're only halfway through the year and that these variables can turn, we're comfortable with the raise that we put in place this quarter. We're very happy to be tracking ahead of our commitments for the year, including offsetting pretty substantial tariffs here. We think it's a strong race. We'll continue to monitor all these multiple variables, continue to progress on our separation activities, and we'll see how we look in the second half of the year. Your next question comes from the line of Travis Steed with Bank of America. Your line is open. Hey, thanks for the question. There was a lot of m oving parts in the quarter, order timing, patient recall, ERP, SKU rationalization. I don't know if there's a way to kind of walk through those again and kind of bridge the 2.8% you reported and just kind of get to more of an underlying growth rate in the quarter that's kind of apples to apples. That way we kind of think about the underlying growth in Q3 a little bit better versus kind of first half, second half, yeah. Good to hear from you, Travis. I appreciate you thinking that. I can't answer that question. You go right to me. What I would say is we did have a lot of puts and takes, particularly on the revenue line in the quarter. We wanted to call those out in the prepared remarks because people would have questions on why certain businesses were up, certain businesses were down. I think on an underlying basis, if I take all those puts and takes into account, the 2.8% that we posted is a good view of what the realistic growth was in the quarter. You can kind of take that 2.8% and say that's the bank number. That's what we did. Puts and takes for sure, but they all set for the most part, and that's a good view of what we did in the quarter. Hey, Bryan, I think you cover that really well. Just, you know, to highlight a couple other data points that we put in the release and in our prepared remarks. As Bryan said, 2.8% is pretty representative of what we think. The business is growing with several puts and takes. Order timing was less in Q2 and certainly less than we saw in Q1, but had a benefit, as we said, primarily infection prevention, Surgical Solutions. Again, just given the setup of that business. We called out the SKU impact of 60 basis points headwind, that was about double the impact that we saw in Q1. Those are a couple of pieces there. Certainly appreciate a lot of moving pieces. Obviously in a separation like this, we've got more to deal with. Having said that, we're still very happy with the momentum we saw, the momentum we're building here in Q2 and the strength of Q2 to give us the confidence to raise the guide here puts us in a good position for t he second half of the year. Great, thanks. Sorry, Bryan. The other t hing I'd like to ask is kind of more like you're kind of at this kind of mid 2% underlying growth rate right now and as you look forward, and I know you're not going to give next year's guidance, but is there any kind of reason why we shouldn't think about this growth rate getting better or, you know, does it. Do you sell for certain, certain reasons or accelerate for certain reasons? Just kind of trying to think through the puts and takes and the model going forward? Yeah. We're going to have, as you probably remember, a bigger SKU impact next year. We talked about 50 basis points this year. Wait, before I say it did we already say what it is? Yeah, it's going to be about 100 basis points next year. You got to take that into account first and foremost. Outside of that, if you just get rid of SKU for a second, you look at underlying business strength. We would fully expect to continue to enhance our growth. That's the plan and it's going to be through those three vectors. The commercial restructuring that we've done and the focus that we have will continue to pay dividend. The new product launches that will continue to come in 2026 as well. Of course, the brands that we already have in the market that we're basically relaunching and I can't wait. At some point we need to get folks out to the businesses so they can talk about some of these brands that have been out there for a long time but are significantly under penetrated. They're very profitable, they're clinically relevant and we're going to relaunch those products. Your next question comes from the line of Patrick Wood with Morgan Stanley. Your line is open. Love it. Thanks guys. I'll keep it to one. I guess, you know, at least from our perspective the organic growth is going better than expected and you know, doing well on that side. If all things go well towards the end of this year you're going to have a balance sheet that looks pretty radically different. I guess compared to when you first took over the business, how are you feeling about that capital allocation? You know you mentioned bolt-on M&A but like how much you feel you need to do that to buy into the kind of midterm growth range versus the levers that you've already got. We're early with Peel and Place. How do you think about interplay between buying new businesses to augment the growth versus what you have on hand today versus when you first took over, if that makes sense. Okay, thanks Patrick. Thanks for the one question. I thought it was going to be a really long one so I appreciate the one question and its follow-up to mature. I would say that the M&A to me is an enhancement to, not a requirement to get to the mid single digit growth rate. We had said 4%- 5% which gets into mid single digits in our LRP. That is an organic go get that we're feeling much better about. If anybody was doubting whether we could get there or not, I think our performance so far is sculpting that out. I don't look at M&A as a way to get there. I see M&A as a way to potentially accelerate getting there or potentially overachieving. Your next question comes from the line of Rick Wise with Stifel. Your line is open. Good afternoon. Hi Bryan. Hi Wayde. Maybe talk about, if you would, a couple of the underpinning processes underway. You highlighted, Bryan, the progress, the positive progress on the ERP front in Europe. Maybe talk us through, you know, the n ext big milestone there, timelines there. Just maybe remind us if you would, the impact of this process going on and being maybe when it's totally completed and the impact you think it's going to have on the business. How are we going to see it? D oes it. Is it going to. Is it more in working capital that we're going to see it? Something about cash flow. Just help us think through about the positives, longer term implications of this process. Thanks. Yeah, thanks Rick. Maybe I'll start with that and then I'll pass it over to Wayde to talk about some implications. Implications beyond the obvious. If something goes wrong, it has a. Could have an immediate impact on revenue. Our goal is to make sure that that doesn't happen so you can talk about other potential implications. I would just say that first and foremost we just need to complete this larger implementation that we're in. You know that that's what we're highly focused on. Things have had some challenges, but we've really overcome them. I'm feeling great about where the team is, but that's first and foremost. We've got some smaller implementations through the rest of the year, but they're immaterial relative to this one. We don't have our next large cutover until 2026 where we have two that we're expecting in 2026 and we'd be pretty much fully through this as we come into the end of 2027. Wayde, anything you want to. Yeah, sure. On the cost, I think is your question, Rick, where we're incurring cost to separate both in OpEx that we carve out for non-GAAP separation costs. s well as capital expenditures. As we've said a couple times, we will expect to see that ramp down in 2026 and then ramp down further in 2027. As Bryan said, the big boulders here to move are those ERP implementations. As Bryan said, we're planning to have those completed in 2027. As a result of that, we're expecting our free cash flows. That's the metric that we'll see significantly improve in 2026 and then again in 2027 as we don't have to incur those separation related costs anymore. I think I would just add to this one as part of your question is not having the distraction and the level of work and focus that people have to put on separation activities while they're doing their day job. We've got a lot of our best and brightest working really hard on the separation. I think what we're looking very much forward to is getting to the other side of the separation and then focusing just on building and strengthening the business. Gotcha. Just a brief follow up. You highlighted that, of course, and reminded us that the drinking water business, you've kept it for all the reasons you said. I think Bryan's words were the potential to unlock additional value here. Maybe talk through that, you know, when, how might that value be realized? How big a priority is that, something that could happen this year, next year? Any additional color would be welcome. Thank you. Yeah, thanks, Rick. I'll say, for a number of reasons, I probably don't want to get into too many specifics about the timing of a transaction, particularly a future transaction. The goal here is to really just take the time that we need because we got a lot going on right now to ultimately be prepared for a transaction and also ensure that we find the right home for our drinking water business and our team members there. It's not an urgent thing for us. It is one that we want to make sure that we've got the time to do and we find the right company. Your next question comes from the line of Steven Valiquette with Mizuho Securities. Your line is open. Oh, thanks. Yeah. Good afternoon, Bryan and Wayde. Thanks for taking the question. I just wanted to follow up on the Health Information Systems segment. Curious to hear more about that partnership with Ensemble for autonomous coding. They're the leader on full RCM outsourcing. From that press release in May, it says that Ensemble is going to implement your autonomous claim solution across all 28 of their health system clients. If I read that right, it seems like it'd be a pretty large revenue opportunity. One, are you able to quantify the revenue opportunity tied to that partnership? Also, what's the timing of that sort of implementation? That would be pretty large. Make sure that in the way I'm reading it right, that is the size and magnitude. Any quantification around all that would definitely help. Thanks. Maybe just for some that don't know Ensemble, I'll take one step back and then answer the question. Ensemble really is, as you referenced, a leader in outsourcing the revenue cycle management services. In other words, they would come into an account, absorb that whole responsibility, including the FTEs from the account, and then provide those services for the hospital or hospital systems. It's different than what we do. It's truly absorbing that entire process. Inside of that, they would use products like ours. Obviously, with this relationship, there's going to be a bias to our technology. Things like 360 Encompass, for instance. That's the relationship. The benefit that we'll see is the marketing arm of our organization can now talk about the benefits of Ensemble and potentially get customers to move towards them. The benefit we get, which is what you referenced, is now Ensemble will begin to integrate our technologies into their accounts or new accounts. The benefit they have as a result of putting it in, particularly with autonomous coding, is it could take the cost down for them to service those accounts and that increases their margin profile. To be fair, autonomous coding is in early stages. We're moving rapidly, obviously, but it's not going to be applicable everywhere. I fully expect us, where we can do it, to move aggressively with Ensemble to be able to make the process more efficient. Ultimately, the goal here is not just efficiencies to get better reimbursement, because as you drive autonomous coding versus a human being involved in the process, you get fewer mistakes. As a result of your mistakes, the concept is get better revenue capture. That is the reason why Ensemble is focused here and excited about it. I'm pushing pretty hard, same way you are, to make sure that we're driving fast. I don't want to size the opportunity, but we wouldn't have done the partnership if we didn't think there was a real opportunity here. The only real quick follow-up is, to win that partnership, was there like an RFP where you had to compete against others to get that partnership, or was there already just a relationship that kind of evolved into this? Just curious if any sort of back color on that as well. Thanks. It's more of a relationship, and I'd say a mutual respect. One of the most dangerous things that we can do in autonomous coding is go with folks that don't know the quality aspects of doing coding. If you're going to bring autonomous coding, you've got to be careful not to do it too rapidly where you lose the quality control. I think Ensemble trusts that we're going to do that and do it well, and we trust that they're also going to do the same thing. That, to me, is what makes the relationship really strong. They're high quality, and we're the same way. Your next question comes from the line of David Roman with Goldman Sachs. Your line is open. Thanks for taking the questions. This is Jenny Rabinowitz on for David. Just for a quick one from me, I was hoping you guys could walk through the decision to raise organic sales growth and EPS guides while maintaining free cash flow and more broadly, the puts and takes you consider for free cash flow throughout the year. Thank you. Yeah, sure. The logic to raise organic sales growth I think we've talked about. Bryan had it in his prepared remarks and a little bit more color in the Q and A here where we feel really strong with the commercial improvements even faster than we expected. That's what's given us confidence there. Obviously, down the P and L we're seeing mixed benefits and strong performance and margins. That's what's also helping us on the EPS side. Having said that, I think the main crux of your question is why not seeing that increase in free cash flows as well? What I would say there is that we've had a slow start on free cash flows at the beginning of the year here. We've had some timing of payments that we've had to make in the first half, and we've got some work to do in the second half to achieve the guide. That's why we're holding the guide where it is. We are anticipating improvements in working capital as well as lower deferred cash payments. That's really what improves the second half over the first half. As I think everybody knows, cash flow can be lumpy, and we still anticipate delivering in that range for the year. Your next question comes from the line of Brett Fishman with KeyBanc Capital Markets. Your line is open. Hey guys, thank you very much for taking the questions. Maybe I'll shift to the one segment that hasn't come up yet. Was just curious if you could maybe touch on how you're viewing the underlying patient trends in the Dental Solutions business. Obviously it's been a little bit of a challenging space post-Covid, but just wondering if you've started to see any change in kind of the underlying volume trend around patients. Yeah, you know, we really haven't seen a dramatic change. I would almost say unfortunately at the end of that statement, because we'd like to see it improve. The good news, I guess, is that it's not decelerating, at least on a broad-based perspective. On a broad-based perspective. We're not seeing the acceleration yet either. I would say that when we talk about acceleration in our business, we're not depending on any acceleration in the market. We're truly depending on the new products and attraction they're getting in the marketplace and our specialized sales organization. If we happen to get a positive traction in the market, that would benefit us for sure, but we're not counting on it right now. Yep, makes sense. Also, ask one kind of open-ended follow-up. It sounded like you had some new product launches expected in dental into the back half. Maybe just more broadly, if you're willing to touch on any key new products or general areas that we should be looking out for in that segment or in the rest of the business in 2H. Thank you very much. Yeah. In dental specifically, I'll give the team credit because they had a period of time where there were no product launches and they've done a nice job at really accelerating that machine and launching this year. That is what is going to drive their growth. It's products that they've already put out. I don't want to talk about any they launched yet. Clinpro Clear is a big one in fluoride treatment. The Filtek Easy Match, which is just a simplified process to be able to get a match when you use Filtek composites, and then the 3D printed Clarity Precision Grip attachment, which can be used with our Clarity trays or anybody else's trays as well. Those are great launches that they have that are building momentum in the field and that's what will drive that performance. Again, if you would like to ask a question, press star, then the number one on your telephone keypad. Your last question comes from the line of Wei Wang with Wells Fargo. Your line is open. Hi, this is Wei calling in for Vikramjeet Chopra. Thanks for taking the last question here and congrats on a nice quarter. You talked about some of the segments in terms of outlook, you know, that surge kind of underlying growth first half, second half. Can you talk about how do we, how should we think about quarterly cadence for growth in the second half in general and any additional comments around growth outlook for the other segments in the back half? Thanks again. I think maybe I'll take a shot at that. I got the question right. I would say from a cadence standpoint, if you come into the back half, we talked about the first half, second half kind of growth rates before and obviously when you look at on the surface, not underlying growth, but on the surface you're going to see a bit of a pressure point Q3 because we believe that's where we're going to get most of that order timing up and then you'll see improvement from Q3 and Q4, but that's probably the most cadence standpoint. Pressure in Q3 because of the order timing, unwind a little bit of Q4 but not as much. Yeah, I think you got it, Bryan. We're not giving specific quarterly organic sales growth rate, but just as you framed it, we're expecting a little lower sales growth rate in Q3 as a result of that pullback in orders that we saw in the first half and a little higher in Q4. I'll now turn the call back over to Amy for closing remarks. Great. Thank you, Kate. Thank you, everyone, for listening and for your questions. We do appreciate your interest in Solventum. If you have follow up questions or need anything else, please don't hesitate to contact the Investor Relations team directly. This concludes our second quarter fiscal year 2025 conference call. You may now close the call. This concludes today's conference call. You may now disconnect.