Business
GE HealthCare Reports Second Quarter 2023 Financial Results
2Q Revenue growth of 7% year-over-year; Organic revenue growth* of 9% 2Q Net income attributable to GE HealthCare of $418 million versus $485 million for the
About this update from Ge Healthcare Technologies Inc.
[{"type":"text","content":"\n\n2Q Revenue growth of 7% year-over-year; Organic revenue growth* of 9%\n\n\n\n2Q Net income attributable to GE HealthCare of $418 million versus $485 million for the prior year, Adjusted EBIT* of $711 million versus $719 million\n\n\n\n2Q Diluted EPS was $0.91 versus $1.04 in the prior year, Adjusted EPS* was $0.92 versus $1.15\n\n\n\nRaises full-year guidance for Organic revenue growth* and Adjusted EPS* on strong execution in first half of year\n\n\n\n CHICAGO--(BUSINESS WIRE)--\nGE HealthCare (Nasdaq: GEHC), a leading global precision care innovator, today reported financial results for the second quarter ended June 30, 2023.\n\n\nGE HealthCare President and CEO Peter Arduini said, “We are pleased with organic orders growth of 6% for the second quarter reflecting ongoing strong global demand, and we continued to see revenue growth across our segments. We’ve made good progress with our operating priorities in the first half of the year. As a result, we’re raising our top- and bottom-line guidance for the full year as we execute our precision care strategy.”\n\n\nSecond Quarter 2023 Total Company Financial Performance\n\n\n\nRevenues of $4.8 billion increased 7% reported and 9% on an Organic basis* year-over-year. Foreign exchange negatively impacted growth by 2%.\n\n\n\nTotal company orders increased 6% organically, driven by ongoing global customer demand.\n\n\n\nNet income attributable to GE HealthCare was $418 million versus $485 million for the prior year, and Adjusted EBIT* was $711 million versus $719 million.\n\n\n\nNet income margin was 8.7% versus 10.8% for the prior year, down 210 basis points (“bps”) primarily impacted by standalone interest expense. Adjusted EBIT margin* was 14.8% versus 16.0%, down 120 bps. Adjusted EBIT margin* for the second quarter of 2023 declined 10 bps versus the Company’s estimated 2Q’22 Standalone Adjusted EBIT margin* of 14.9%. Margins were impacted by inflation and investment, partially offset by price, productivity, and volume.\n\n\n\nEarnings per share (“EPS”) from continuing operations were $0.91 versus $1.04, down $0.13 from the prior year. Adjusted EPS* was $0.92 versus $1.15, down $0.23 from the prior year. Both comparisons were impacted by standalone interest expense. Adjusted EPS* for the second quarter of 2023 grew $0.10 versus the Company’s estimated 2Q’22 Standalone Adjuste...