Business
GE HealthCare Reports First Quarter 2023 Financial Results
1Q Revenue growth of 8% year-over-year; Organic revenue* growth of 12% 1Q Net income attributable to GE HealthCare of $372 million versus $389 million for
About this update from Ge Healthcare Technologies Inc.
[{"type":"text","content":"\n\n1Q Revenue growth of 8% year-over-year; Organic revenue* growth of 12%\n\n\n\n1Q Net income attributable to GE HealthCare of $372 million versus $389 million for the prior year, Adjusted EBIT* of $664 million versus $599 million\n\n\n\n1Q Diluted EPS was $0.41 versus $0.86 in the prior year, Adjusted EPS* was $0.85 versus $0.96\n\n\n\nBoard of Directors declared a cash dividend of $0.03 per share for the first quarter of 2023\n\n\n\n CHICAGO--(BUSINESS WIRE)--\nGE HealthCare (Nasdaq: GEHC), a leading global precision care innovator, today reported financial results for the first quarter ended March 31, 2023.\n\n\nGE HealthCare President and CEO Peter Arduini said, “We saw strong revenue growth across all of our business segments and regions as supply chain challenges eased. We continue to expect 5% to 7% Organic revenue growth* for 2023 given increased fulfillment and commercial execution. Price and productivity had a positive impact on our margin performance, positioning us well as we continue to invest in innovation and growth.”\n\n\nFirst Quarter 2023 Total Financial Performance\n\n\n\nRevenues of $4.7 billion increased 8% reported and 12% on an Organic basis* year-over-year. Foreign exchange negatively impacted growth by 4%. Total company book-to-bill, defined as Total orders divided by Total revenues, was 1.01 times for the quarter, given strong revenue growth across all segments, led by Pharmaceutical Diagnostics (PDx) recurring sales.\n\n\n\nNet income attributable to GE HealthCare was $372 million versus $389 million for the prior year, and Adjusted EBIT* was $664 million versus $599 million.\n\n\n\nNet income margin was 7.9% versus 9.0% for the prior year, down 110 basis points (bps) primarily impacted by interest expense. Adjusted EBIT margin* was 14.1% versus 13.8%, up 30 bps driven by volume, partially offset by mix. Inflation and planned investments were mostly offset by price and productivity actions. Adjusted EBIT margin* for the first quarter of 2023 grew 150 bps versus our estimated 1Q’22 Standalone Adjusted EBIT margin*.\n\n\n\nEarnings per share (EPS) from continuing operations were $0.41 versus $0.86, down $0.45 from the prior year due to a noncontrolling interest redemption of preferred stock. Adjusted EPS* was $0.85 versus $0.96, down $0.11 from the prior year due to incremental interest expense. Adjust...