GE HealthCare has been trading independently since Jan 2023 and the stock is up nearly 50% since the spinoff. Fortune did an interview with CEO Peter Arduini about the transition and their strategy moving forward. Here are the main notes: - R&D spending has nearly doubled to over $1.4 billion compared to 2018 levels. - Supply chains are getting localized. They used to import most inventory into China, but now they make about 90% of it there. They are doing the same for North America to reduce risk. - The company is leaning hard into the 'lean' management style that Larry Culp brought to the wider GE organization. - Product cycles are 3-5 years, so the investments made now are for the medium term. The main driver seems to be that separating from the big conglomerate allowed them to double down on innovation without competing for capital internally.