GE HealthCare Q4 Profit Declines
(RTTNews) - Precision care innovator GE HealthCare Technologies, Inc. (GEHC), recently spun-off from General Electric Co. (GE), reported on Monday that profit for the fourth quarter declined from last year, reflecting higher interest and other financial charges. The company also initiated adjusted earnings guidance for the full-year 2023.
GE HealthCare President and CEO Peter Arduini said, "GE HealthCare delivered strong revenue growth in the fourth quarter and full year 2022 driven by robust end market demand, improved pricing, and easing supply chain pressures."
For the fourth quarter, net income attributable to GE HealthCare declined to $554 million or $1.21 per share from $564 million or $1.24 per share in the prior-year quarter.
Excluding items, adjusted earnings for the quarter were $1.31 per share, compared to $1.36 per share in the year-ago quarter.
Standalone adjusted earnings per share were $1.06, which includes the impact of standalone costs, interest, and tax.
Total revenues for the quarter increased 8 percent to $4.94 billion from $4.59 billion in the same quarter last year, primarily driven by growth in Imaging, Patient Care Solutions (PCS), and Ultrasound.
Organic revenues were up 13 percent to $5.16 billion, with acquisitions favorably impacting total revenue growth by 1 percent and foreign exchange negatively impacting growth by 6 percent.
Imaging segment revenues grew 11 percent to $2.71 billion, Ultrasound segment revenues improved 6 percent to $956 million and Patient Care Solutions segment revenues were up 7 percent to $786 million, while Pharmaceuticals Diagnostics segment revenues declined 5 percent to $473 million from last year.
Looking ahead to fiscal 2023, the company now projects adjusted earnings in a range of $3.60 to $3.75 per share on organic revenue growth of 5 to 7 percent.
"Looking ahead, we're confident that our accelerated investment in innovation, as well as standardization across platforms, will drive revenue and margin growth," added Arduini.
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