Business
GE HealthCare Reports Fourth Quarter and Full Year 2022 Financial Results
4Q Revenues up 8% year-over-year, Organic revenues* up 13% 4Q Net income of $554 million versus $564 million for the prior year, Adjusted EBIT* of $844
About this update from Ge Healthcare Technologies Inc.
[{"type":"text","content":"\n\n4Q Revenues up 8% year-over-year, Organic revenues* up 13%\n\n\n4Q Net income of $554 million versus $564 million for the prior year, Adjusted EBIT* of $844 million versus $827 million\n\n\n4Q EPS were $1.21 versus $1.24 in the prior year, Adjusted EPS* were $1.31 versus $1.36\n\n\nReaffirmed 2023 guidance disclosed earlier this month; introduced 2023 Adjusted EPS* guidance\n\n\n CHICAGO--(BUSINESS WIRE)--\nGE HealthCare (Nasdaq: GEHC), a leading global precision care innovator, today reported financial results for the fourth quarter and full year ended December 31, 2022.\n\nGE 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. Revenue growth reflects our progress to offset delivery challenges and improve product fulfillment.\"\n\nArduini continued, \"Looking ahead, we're confident that our accelerated investment in innovation, as well as standardization across platforms, will drive revenue and margin growth. We're seeing customers continue to invest along with macroeconomic tailwinds, such as increasing healthcare digitization, expanding access to care, and an aging population globally. We are well positioned to deliver on our 2023 commitments.”\n\nFourth quarter 2022 total financial performance\n\n\nRevenues of $4.9 billion increased 8% and 13% on an Organic basis* year-over-year, driven by growth in Imaging, Patient Care Solutions (PCS), and Ultrasound. Acquisitions favorably impacted total revenue growth by 1% and foreign exchange negatively impacted growth by 6%. Total company book-to-bill, defined as Total orders divided by Total revenues within a given financial period, was 1.07 times for the quarter, led by strong order growth in Imaging and Ultrasound.\n\n\nNet income was $554 million versus $564 million for the prior year, and Adjusted EBIT* was $844 million versus $827 million.\n\n\nNet income margin was 11.2% versus 12.3% for the prior year, and Adjusted EBIT margin* was 17.1% versus 18.0%. Both measures were impacted by inflation, mix, planned R&D investment, and foreign exchange headwinds, partially offset by price and volume gains. Standalone Adjusted EBIT margin* for the fourth quarter of 2022 is estimated at 16.1%, which includes the im...