I think we can make a start here. I'm Michael Toomey, U.S. MedTech analyst covering with Matt Taylor, and I'm joined today by Solventum CFO Wayde McMillan and Investor Relations Amy Wakeham. Wayde, maybe just to set the tone and set the scene, you could go through what Solventum does for people less familiar with Solventum and what's changed since the spin a couple of years ago now. Okay. Yeah, really good. First of all, thanks for having us, Mike, and it's good to see people here. It was nice to see Matt walking in as well. Great place to start. Solventum, we are the 3M healthcare business that was spun off in April of 2024, and we are a diversified business in three segments today: MedSurg, Dental, and HIS. MedSurg is the largest, about 60% of our revenue, and then Dental and HIS, both just over 15%. I would say our core competency, our core capability, is material science and data science, and that is at our core what we're very, very good at. We brought over a lot of that DNA in our R&D teams, engineering teams, manufacturing areas. At the core, that's what we're driving in excellence in material science and data science in support of our new mission as a new healthcare IPO. Very excited about the mission that we've created. We've brought over just over 20,000 3M employees who are super excited about the focus coming out from an industrial company and the focus on a healthcare business. With that in mind, pivoting to the second part of your question, Mike, around where we're at in the story today. We set up a phase III transformation for this separation from 3M actually even before the spin. Our Investor Day in March of 2024 pre-spin, we said there's going to be three primary phases to the value creation for our business. The first phase is around commercial talent, structure, processes, and the separation itself, which is a large body of work. The second phase was our strategy and really building a strategy for our new healthcare business. That's culminated into a focus on five key areas for us, five growth drivers that are going to drive over 80% of our growth. We created our first long -range plan for our company, which we launched at our second Investor Day, and we're well on our way to achieving it. The third phase of our transformation was around portfolio management and portfolio optimization. We've done a lot of work in this area as well. In fact, last year we announced the divestiture of one of our businesses, Purification & Filtration, to a strong buyer in Thermo Fisher Scientific. We feel we got great valuation for that business and really unlocked shareholder value there. We also did our first acquisition last year of Acera Technologies, a fantastic synergy for us. That business is a nice, strong, growing technology right in the area of our negative pressure wound therapy. We're building on our advanced wound care capabilities here. We acquired that business right at the end of 2024*. In our first full quarter, we grew 40%, and that business is continuing its strong growth, and we're off to a great start, even ahead of our own expectations for that business in our first quarter. We're not done. We often say portfolio optimization is a continual part of our strategy. We're going to continue to work on that. We also say that it's not just total segments, it's sub-businesses as well as small product lines, whether we're either thinking about divesting them to unlock shareholder value or making acquisitions to create more shareholder value. Portfolio optimization certainly plays a large role in what we're doing to build value here. I'd probably just close by saying we're getting close to the end of the separation work. In any of these large-scale spinoffs that we're in, like we are here spinning out from 3M Healthcare, there is a very large body of work that has to happen to separate. Our teams have done a great job over the two years that we've been separate. We're now in our last large ERP cut-over, and we're getting to the end of our TSAs. We plan to be done with our transition service agreements, 90% of them by the end of this year. That will really free up a lot of our best and brightest, a lot of our resources from working on the separation to working on building the business going forward. A lot of exciting developments in our first two years. It's hard to believe two years have gone by so quickly, but we are executing very well across each of those three phases. Happy to jump into any of those today, Mike. Significant amount of progress, really engaged, excited group of employees across Solventum, and we think we're doing a great job for our customers in this new, more focused strategy to deliver improved healthcare for our customers. Yeah. I had to check that it was only two years. I'm sure it's felt like five. Maybe we could double -click on the recent results. A lot of moving parts with the guidance and the ERP cutover. I'm pretty sure there wasn't a real change to the full -year guide, but maybe you could walk us through that, and I guess now you're expecting the higher end of the EPS range. A lot of moving parts, tariffs. Maybe you can just recap and tell us what's baked into the year. Okay. Yeah. Great. That's another great holistic question here just to update, and it is related to the separation work we're doing because it is always a little more complex as you're working through the separation. After our first quarter, we had a really strong first quarter ahead of expectations, and that positions us to be very confident about achieving our full -year guide, as you said, Mike. One of the things we introduced on our Q1 earnings call was one of our mitigation strategies for our last large ERP cut-over, because that's in the U.S. and Canada. One of the mitigation strategies, because most of the business goes through distribution in the U.S., is that we're going to send advanced orders to our distributors here in Q2, basically increasing the amount of inventory in the channel. We're starting to cut over the ERP systems here in Q2, but the majority of the cutover starts in Q3. What that will allow is less orders have to be processed in Q3 because we got the advanced orders out in Q2, and that just gives a little mitigation to the ERP ramp-up throughout Q3. We've communicated that we think $100 million is approximately the range. At least $100 million in Q2 of advanced orders will increase our revenue in Q2. We think the mirror image of that, most of it, will come back in Q3. There may be a little bit left to take down in Q4, but we expect most of the $100 million that we're going to see extra in Q2 will be offset in Q3. I think to your point, Mike, the full-year guide is unchanged, and our expectations for it still have a strong year and continue accelerating sales growth rate. We did talk about our earnings per share as well. Given the strong start to the year, strong Q1, we moved the guide from the midpoint essentially to the higher end of our earnings per share guide because we're seeing some strong results in Q1 as well as strong expectations for the rest of the year. That was the one update to our full-year guidance, moving our EPS to the high end of the guide. When you're looking at the year, there are so many moving parts, I guess, what's the biggest upside and downside risk to guidance? Where do you have most certainty and where's least certainty, I guess, whether it's by segment or any of the moving parts really? Yeah, sure. Well, you mentioned tariffs in the previous question. I failed to cover that. That is one of the areas that we have to watch here as well. If I start on the top line for sales growth, market dynamics are always favorable or unfavorable. We pay attention to that across our businesses. Just on that one, I would say we are a very durable business. We are in the primary areas of healthcare and dental care, and our HIS business has a really strong position in its market. I think as you think about us as a diversified healthcare business, we have some of the most durable markets that we participate in. We're in over 90 countries and have tens of thousands of SKUs, so it's a very durable business. The market dynamics won't be as significant as, say, a single product company or a company that is more focused on elective or specialized procedural areas. Market dynamics do play into it, and we have to think about that as we set our guide. From there, the midpoint of our guide this year is continued accelerated growth that we saw last year. If we continue to accelerate from there, we'll be closer to the high end of our guide, and that's where we were in Q1. On a normalized basis, we're approximately 4% growth, which would put us right at the high end of the guide already in the first quarter of the year. Strong start. As you work your way down the P&L, puts and takes for us, certainly tariffs are something we have to keep an eye on. There's a lot of dynamics in the macro environment today, including oil pricing and other things. Again, what I would say is, although we have exposure to these areas, I think it's probably less than a lot of companies in the sense that oil doesn't play a major role in our raw material supply chain. It's certainly a factor for us. We do have resins for inputs, but not on a large scale. We have to keep an eye on the supply chain and distribution of our product and any oil-related increases there. What we've talked about is that for this year, we don't expect oil to be a major impact. Depending on where the prices go for the rest of the year, we have to be cognizant of. We have a lot of fixed pricing built into our contracts to start with that would delay any increase in oil pricing, as well as the capitalized variances. Whatever cost is being built into our inventory gets deferred a little over three months. Because of that and the oil hitting more in the middle of the year here, we don't expect that to be a major impact. From a tariff standpoint, we've said that we think the tariff headwind will be $100 million-$120 million. We've built that into our guidance, and we're just holding that estimate at this point in time. Very difficult to estimate what that is. If we see favorability to that, it could be an upside to our guide. If it ends up being more than that, depending on where tariffs shake out during the year, it could be a headwind. Those are some of the material puts and takes. We also have a lot of programs running to improve our margins. We've got two major programs that we talked about at our last Investor Day, programmatic savings as well as our Transform for the Future programs. Both of those are designed to ensure, number one, we have the flexibility to continue to invest in growth, and then, two, to drive margin expansion for us. That's why we've got a significant effort going in that area, because we want to continue to accelerate sales growth, and we want to make sure we're continuing with those investments. We also want to make sure that we're driving operating margin expansion each year in pursuit of our long-range plan goal of driving 10% earnings per share CAGR over that three-year period of time. Yeah. Maybe double-clicking on the LRP there and the margins, could you help us kind of build a bridge to that, where that margin expansion is coming from? You've got a lot more innovations coming out, higher prices. Maybe the moving parts of the gross margin, R&D, SG&A, just a bridge to the LRP. Okay. Yeah. You hit on a couple of the key ones there, Mike. I would probably start with, as sales accelerates for us, that's one of the larger drivers of margin expansion and profitability improvement for us because we can leverage that faster sales growth and drop through. You mentioned pricing. Pricing for us, we're thinking the normalized range is +1%--1%. It's not our expectation that we're going to be pressing hard on price, although we do have areas within our business where we do have good, strong brands and good brand recognition, and we do get pricing improvements every year. We've talked about it in our HIS business, in our long-term contracts. We've talked about it in areas like in dental. We've got very strong brand recognition. Overall, we're expecting the price to be consistent in that normalized range, ±1%. We like it if we're on the positive side of that, leaning to +1%. There may be years where there's negative pricing. Hopefully, that's because we're dictating that with achieving large -volume contract wins and things where we may give up some price for volume. As you mentioned, Mike, the key for us, and this is a change for the business, is really focused on that sustainable volume growth. Inside of that is the innovation engine that you just mentioned. We have done a lot of work to improve both our existing pipeline, but probably more importantly, the structure of our R&D organization and how we innovate. This is a change from a focused business under an industrial company that was more focused on the bottom line at 3M Healthcare. By pivoting our incentives and our focus to the top line, it brought a lens to our R&D pipeline. We had a very low vitality index in the business two years ago; we spent a lot of time on the existing pipeline. We took out a lot of products that did not have the value that we saw or had carried too much risk. We've doubled down on the areas that we think are good products to invest in and are going to drive a lot of that pipeline value. As a result, we've seen our vitality index move from 2% at spin to now mid-teens, and we're expecting that to continue to go up as we continue to improve it. Inside of that was also a structural change in innovation. We've moved a lot of the R&D spend that used to be corporate. In fact, more than half the R&D spend was at corporate. We've now moved all of those R&D teams and funding into the segment, so it's much more closely aligned with our strategy in each of the segments. The teams are working really well together. I'd probably just close out the work in innovation. We've also done a lot of work on the stage-gate process and how we innovate. We were typically a business that was creating hammers, looking for nails. We were innovating exciting new technologies and then looking for where we'd implement them. In our experience in med tech and dental areas, you really need to flip that around, and you need to focus on the customer needs, and then work it back up into the pipeline and develop products for those customer needs. We've been doing a lot of work over the last two years to turn that. It requires investments on the front end of that stage-gate process. We have made investments in upstream marketing and clinical affairs, working with the teams so that they can get the customer needs nailed down and then work that back through to our talented R&D team so that we're developing products for that process. With that in mind, innovation becomes the next layer for us and, to your question, becomes one of the bigger upside drivers for us over time. Are there any particular ones, catalysts, or events over the next kind of 18 months that you would point to on that pipeline? Or is it more a gradual increase on that vitality index, and it's kind of bit by bit? Yeah. None are being announced today. Okay. Yeah. We do have some exciting things in the pipeline that we will announce at the appropriate time as we go. We have announced some exciting new products recently. The Peel and Place product in our negative pressure wound therapy area is growing very strong. We've also just launched it in several countries outside of the U.S. that was new to the pro forma, was not planned to be launched outside the U.S., and so we've made the investment to launch outside the U.S., and it's getting great traction outside the U.S. as well. That's an exciting new product for us. The dental business has had a nice stream of new product launches over the last year. That business had not had new products in a couple of years, and the growth of our dental business is starting to improve. A lot of that improvement, in fact, most of that improvement, is on the back of the new products that we've been launching there. Then our HIS business as well, doing a great job of continually innovating inside of our core revenue cycle management area. As we've talked a lot about in previous conferences, layering in AI and creating new autonomous coding options for our customers that have multiple benefits. It helps customers on the cost side. It helps them capture more revenue. Certainly for us, allows us to same-store sales. Essentially, we're providing more benefit, more software, and more content to our customers, and that allows us to bill more for our services as well. You brought up AI, HIS business, and I guess that's been a question from investors. I think you have more flexibility now with the April expiration of the spin-related tax constraints. Not expecting an announcement today, but just wondering how you're thinking about rationalization of the portfolio now that you have more flexibility? Sure. Yeah. Why don't we talk about AI first, and then we can come back to that third phase, portfolio optimization? Around HIS and AI, and Amy was at a recent conference with our HIS leader, so Amy may bring you in on this one as well. Yeah. What we've talked about is that AI is an advantage for us, and our teams have been working on it for several years. The key for us, and really our strength in this business, is the critical mass of engineering talent that we have and the decades of experience that we have in working with the reimbursement system, particularly in the U.S. Most of our revenue here is in the U.S., and we have said that we're in over 75% of U.S. hospitals that use our software. We are heavily embedded with large scale and critical mass here. That investment over decades has built algorithms and content and capability that positions us very well with our customers. With that in mind, what we've done over the last few years and continue to do is build AI into our service offerings, and that's allowing us to provide more autonomous coding options. It is really only because we have all the content, all the algorithms, all the capability that sits behind it. For us, it's autonomous coding, not software coding, which I think we've seen a lot of the AI disruption more on the software side. For us, we think AI is an advantage. Amy, you had the recent conference. Anything else you'd add here? Yeah. I would definitely encourage any of you, if you didn't get a chance to listen to Garri Garrison, our president of our HIS business, speak at BofA. Hate to mention a competitor conference; it was a really great opportunity to hear from her. Specifically around building on what Wayde said, a lot of people think about it's, you just take the codes, and you just code them, and then submit the claim. It's the deep years of knowledge, and it's not as simple as a code to a claim. It's understanding the procedure and the nature of the visit, and that changes what the claim may be and making sure that we're doing it accurately. The hospitals and the health systems depend on that accuracy when they think about compliance. When they're submitting, they want to reduce denials. They want to make sure that they're de-risking their revenue, essentially, their ability to capture revenue. Building also on what Wayde said, one of the key areas is that decades of experience and all the years and the algorithms and the information not only help enable our autonomous coding, but it also is the layer on which many other payers and health systems are relying on. We partner with CMS in helping to build their reimbursement system. We're kind of the information engine behind a lot of the payers and the DRGs that support reimbursement across 30- 40+ healthcare systems across the U.S. from a state perspective. We're very much embedded, and that's because of the expertise and the accuracy and the dependency that our customers and the health systems have on us and the information and the data that we have behind the scenes. Great. Thanks, Amy. Then just pick up on the second part of your question on Portfolio Optimization. We're not going to talk about any specific segment other than to say that this third phase of our transformation that we call Portfolio Optimization, like all phases, is running in tandem. It's been a key for us as we talked about with the divestiture and acquisition that we've done to date, but it's going to be perpetual for us. We're going to continue working on our portfolio, and that means both potential divestitures and potential acquisitions over time. We've also talked about it's not just segment-level, but could be sub-business or even a small product line category that we may look to either divest or acquire. I'd say, as you said, no updates today. There's been a lot of speculation on different parts of our business that we may be able to unlock shareholder value. For us, we think about it in three categories. First, strategic rationale. Is it the right strategic rationale for us to keep a business or acquire a business or divest it? Then we think about the shareholder value unlock potential. We think like with the P&F divestiture we did last year, we unlocked significant value there. Then we think about remainco financial attractiveness and the attractiveness of the remaining business if we do make a divestiture or if we do an acquisition and layer it on top. We've got a significant amount of work perpetually running on our portfolio optimization lever and are thinking about how we can continue to unlock value here. All right. Great. We've got one minute left. Okay. Maybe we'll just touch on capital allocation. You talked about it a bit with tuck-in M&A, but you got the share buyback. Maybe just final thoughts on how you're thinking about capital allocation. Yeah, this is a great one for us in the sense that when we spun from 3M, we had a lot of debt, like a lot of spins do. The P&F divestiture brought in a lot of cash that we were able to pay down a significant amount of debt, and that got our balance sheet strong and got us in a much stronger financial profile. We're right in line with our competitors, so our access to capital and our ability to compete for deals, we're on par with our competition now. We feel really good about our debt position, and we don't feel like we need to pay down significantly more amounts of debt. What that leaves us with then, and what we've communicated, is a balanced capital plan strategy, one that's going to be focused on tuck-in M&A, like we've done with Acelity last year, and looking for the ability to add shareholder value by acquiring businesses over time. Importantly, these aren't large-scale transformational deals. We're very much focused on tuck-in acquisitions, and we've said that's anything up to $1 billion. Keeping it in that hundreds of millions or less type of range, because we really have a target-rich environment. We've got a broad swath of very strong positions and strong brands in the marketplace, and we think we can leverage that like we've done with Acelity and bring in strong growth categories for us. That's the key on the acquisition side. We're going to balance that with share repurchases. We announced a billion-dollar share repurchase program at the end of last year. We started that program in Q1. We also said publicly on our earnings call in the start of Q2 here that given the share price performance for our stock and a lot of stocks in med tech, if we see more value in acquiring more shares faster, we will do that. You should expect us to be accelerating share repurchases when we see our stock at lower levels than we would anticipate that they should be at. We're going to balance that over time. How does that play out over the next several years? We're going to continue to evaluate our acquisition pipeline and where we see value to acquire assets, we will. We'll continue to evaluate the value we can unlock from repurchasing our own shares. We've committed to a minimum anti-dilutive strategy, which means every year we will purchase at least enough shares to keep our share count approximately neutral. From there, we'll be opportunistic to deploy more capital, like we said that we're planning to do given current levels. Great. We're out of time. Thank you very much, Wayde, Amy. Thank you very much. Yeah. Thank you, Mike. Thank you. Thank you, everybody.