Business
GE HealthCare Reports First Quarter 2024 Financial Results
Revenues declined 1% year-over-year; Organic revenue growth* was approximately flat Net income margin was 8.0% versus 7.9% for the prior year; Adjusted
About this update from Ge Healthcare Technologies Inc.
[{"type":"text","content":"\n\nRevenues declined 1% year-over-year; Organic revenue growth* was approximately flat\n\n\n\nNet income margin was 8.0% versus 7.9% for the prior year; Adjusted Earnings Before Interest and Taxes (EBIT) margin* was 14.7% versus 14.1%\n\n\n\nDiluted earnings per share (EPS) were $0.81 versus $0.41 for the prior year; Adjusted EPS* was $0.90 versus $0.85\n\n\n\nCash flow from operating activities was $419 million versus $468 million for the prior year; Free cash flow* was $274 million versus $325 million; repaid $150 million of debt in January 2024\n\n\n\nReaffirming full year 2024 guidance\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, 2024.\n\n\nGE HealthCare President and CEO Peter Arduini said, “We made good progress against 2024 priorities in the first quarter. We delivered margin expansion, while continuing to invest in innovation to solve the evolving needs of customers and patients. This is reflected in our healthy backlog, orders growth, and positive book-to-bill. We also closed the acquisition of MIM Software earlier this month as we accelerate our precision care strategy. We expect to see business growth weighted toward the second half of 2024 consistent with our previous comments, and we remain on track to deliver our guidance for the year.”\n\n\nFirst Quarter 2024 Total Company Financial Performance\n\n\n\nRevenues of $4.6 billion declined 1% reported and were approximately flat on an Organic* basis year-over-year, with decreased volume partially offset by positive price.\n\n\n\nTotal company book-to-bill was solid at 1.03 times, defined as Total orders divided by Total revenues. Total company orders increased 1% organically year-over-year.\n\n\n\nNet income attributable to GE HealthCare was $374 million versus $372 million for the prior year, and Adjusted EBIT* was $681 million versus $664 million.\n\n\n\nNet income margin was 8.0% versus 7.9% for the prior year, up 10 basis points (bps). Adjusted EBIT margin* was 14.7% versus 14.1%, up 50 bps as both measures saw benefits from productivity and price.\n\n\n\nDiluted EPS was $0.81 versus $0.41, up $0.40 from the prior year due to a noncontrolling interest redemption of preferred stock in the prior year. Adjusted EPS* was $0.90 versus $...