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GE HealthCare Announces Preliminary Fourth Quarter and Full Year 2022 Revenue Results; Introduces 2023 Outlook
Strong Revenue Growth Driven by Fulfillment and Demand CHICAGO--(BUSINESS WIRE)-- GE HealthCare (Nasdaq: GEHC), a leader in precision care innovation, today
About this update from Ge Healthcare Technologies Inc.
[{"type":"text","content":"\nStrong Revenue Growth Driven by Fulfillment and Demand\n\n CHICAGO--(BUSINESS WIRE)--\nGE HealthCare (Nasdaq: GEHC), a leader in precision care innovation, today announced preliminary unaudited revenue results for the fourth quarter and full year 2022. The Company also issued Organic revenue growth*, Adjusted EBIT margin*, and Free cash flow conversion* guidance for 2023. President and Chief Executive Officer Peter Arduini and Chief Financial Officer Helmut Zodl will comment on these results at the 41st Annual J.P. Morgan Healthcare Conference today in San Francisco.\n\nMr. Arduini said, “We delivered strong year-over-year revenue growth in the fourth quarter and full year, reflecting robust customer demand, backlog fulfillment, and improved pricing. While inflation remains a factor, we are seeing the supply chain environment continue to improve with demand for our products and services growing in 2023. We are also pleased to provide our financial outlook for 2023, reflecting continued growth as we execute on our strategic plan. As we look ahead, we see significant opportunities to innovate and solve some of the most significant clinical challenges with our precision care strategy.”\n\nPreliminary Fourth Quarter 2022 Results\n\nFourth quarter 2022 revenue was approximately $4.9 billion. Revenue growth for the quarter was approximately 7% year over year. Organic revenue growth* for the quarter was approximately 12% year over year. Unless stated otherwise, all numbers within this press release are presented on a GEHC basis.\n\nPreliminary Full Year 2022 Results\n\nFull year 2022 revenue was approximately $18.3 billion. Revenue growth for the full year 2022 was approximately 4% year over year. Organic revenue growth* for the full year 2022 was approximately 7% year over year.\n\nThe Company expects to deliver full year 2022 Adjusted EBIT* above outlook and Free cash flow* towards the low end of the range provided at GE HealthCare’s December 8 Investor Day on both a GE and GEHC basis.\n\n2023 Outlook\n\nThe Company expects full year 2023 results as follows:\n\n\nOrganic revenue growth* in the range of 5% to 7% year over year.\n\n\nAdjusted EBIT margin* of 15.0% to 15.5%, reflecting an expansion of 50 basis points to 100 basis points versus its 2022 Pro forma Adjusted EBIT margin*.\n\n\nFree cash flow conversion* of 85%+.\n\n\nThe ...