Business
GE HealthCare Reports Third Quarter 2023 Financial Results
Revenue growth was 5% year-over-year; Organic revenue growth* of 6% Net income attributable to GE HealthCare was $375 million versus $487 million for the
About this update from Ge Healthcare Technologies Inc.
[{"type":"text","content":"\n\nRevenue growth was 5% year-over-year; Organic revenue growth* of 6%\n\n\n\nNet income attributable to GE HealthCare was $375 million versus $487 million for the prior year; Adjusted EBIT* $744 million versus $700 million\n\n\n\nNet income margin was 7.8% versus 10.6% for the prior year; Adjusted EBIT margin* was 15.4% versus Standalone EBIT margin* of 14.2%\n\n\n\nDiluted EPS was $0.83 versus $1.07 for the prior year; Adjusted EPS* was $0.99 versus Standalone Adjusted EPS* of $0.87\n\n\n\nCash flow from operating activities was $650 million versus $622 million for the prior year; Free cash flow* was $570 million versus $548 million\n\n\n\nThe Company raises low end of full-year Adjusted EPS* guidance range\n\n\n\n CHICAGO--(BUSINESS WIRE)--\nGE HealthCare (Nasdaq: GEHC), a leading global precision care innovator, today reported financial results for the third quarter ended September 30, 2023.\n\n\nGE HealthCare President and CEO Peter Arduini said, “We delivered another strong quarter of revenue growth with margin performance demonstrating progress on productivity and price. Cash performance was strong as we leveraged lean principles to improve inventory management. We remain confident in our 2023 outlook as we continue to innovate for customers and patients.”\n\n\nThird Quarter 2023 Total Company Financial Performance\n\n\n\nRevenues of $4.8 billion increased 5% reported and 6% on an Organic basis* year-over-year, driven by volume and price.\n\n\n\nTotal company book-to-bill, defined as Total orders divided by Total revenues, was 1.03 times for the quarter, as orders dollars outpaced revenues. Total company orders increased 1% organically.\n\n\n\nNet income attributable to GE HealthCare was $375 million versus $487 million for the prior year, and Adjusted EBIT* was $744 million versus $700 million.\n\n\n\nNet income margin was 7.8% versus 10.6% for the prior year, down 280 basis points (“bps”) primarily impacted by standalone interest expense. Adjusted EBIT margin* was 15.4% versus 15.3%, up 10 bps. Adjusted EBIT margin* for the third quarter of 2023 increased 120 bps versus the Company’s estimated 3Q’22 Standalone Adjusted EBIT margin* of 14.2%. Margin was driven by productivity and price, and partially offset by planned investments and inflation.\n\n\n\nEarnings per share (“EPS”) from continuing operations were $0.83 vers...