Business
GE HealthCare reports second quarter 2024 financial results
Revenues were flat year-over-year; Organic revenue growth* was 1% Net income margin was 8.9% versus 8.7% for the prior year; Adjusted earnings before
About this update from Ge Healthcare Technologies Inc.
[{"type":"text","content":"\n\nRevenues were flat year-over-year; Organic revenue growth* was 1%\n\n\n\nNet income margin was 8.9% versus 8.7% for the prior year; Adjusted earnings before interest and taxes (EBIT) margin* was 15.3% versus 14.8%\n\n\n\nDiluted earnings per share (EPS) were $0.93 versus $0.91 for the prior year; Adjusted EPS* was $1.00 versus $0.92\n\n\n\nCash flow from operating activities was $(119) million versus $(67) million for the prior year; Free cash flow* was $(182) million versus $(136) million\n\n\n\nCompany updates full-year guidance for Organic revenue growth* and Adjusted EBIT margin*\n\n\n\n CHICAGO--(BUSINESS WIRE)--\nGE HealthCare (Nasdaq: GEHC) today reported financial results for the second quarter ended June 30, 2024.\n\n\nGE HealthCare President and CEO Peter Arduini said, “In the second quarter, we delivered year-over-year sales growth and margin expansion despite headwinds in the China market. We also reported solid orders growth with particular strength in the U.S., as healthcare systems invest in technologies that enhance patient care and improve productivity. We are pleased with our continued progress in advancing our margin goals, while continuing our investments for future growth.”\n\n\nSecond quarter 2024 total company financial performance\n\n\n\nRevenues of $4.8 billion were flat as reported and up 1% on an Organic* basis year-over-year, with positive price and volume\n\n\n\nTotal company book-to-bill, defined as Total orders divided by Total revenues, was solid at 1.06 times. Total company orders increased 3% organically year-over-year.\n\n\n\nNet income attributable to GE HealthCare was $428 million versus $418 million for the prior year, and Adjusted EBIT* was $742 million versus $711 million\n\n\n\nNet income margin was 8.9% versus 8.7% for the prior year, up 20 basis points (bps). Adjusted EBIT margin* was 15.3% versus 14.8%, up 60 bps as both measures saw benefits from productivity and price.\n\n\n\nDiluted EPS was $0.93 versus $0.91, up $0.02 from the prior year. Adjusted EPS* was $1.00 versus $0.92, up $0.09 from the prior year as both measures saw improved EBIT and lower interest expense.\n\n\n\nCash flow from operating activities was $(119) million, down $52 million year-over-year. Free cash flow* was $(182) million, down $46 million year-over-year.\n\n\n\nSecond quarter 2024 segment financial perfo...