Ge Healthcare Technologies Inc. · NASDAQ:GEHC
Ge Healthcare Technologies — Q2 2025 Earnings Presentation
33 slides from Ge Healthcare Technologies's earnings presentation, Jul 30, 2025
Slide 1: 2Q 2025 Earnings Presentation
2Q 2025 Earnings Presentation July 30, 2025 © 2025 GE HealthCare. GE is a trademark of General Electric Company used under trademark license.
Slide 2: Forward-looking statements and additional information
Forward-looking statements and additional information This presentation contains forward-looking statements. These forward-looking statements might be identified by words, and variations of words, such as “will,” “expect,” “may,” “would,” “could,” “plan,” “believe,” “anticipate,” “intend,” “estimate
Slide 3: 2Q 2025 Update
2Q 2025 Update • Healthy orders and book-to-bill with record backlog reflect continued customer investment in capital equipment and healthy procedure growth • Revenue growth driven by strength in the U.S. and EMEA • Continued momentum with our precision care strategy, including new product introduct
Slide 4: 2Q 2025 Consolidated performance summary
2Q 2025 Consolidated performance summary Revenues Organic orders Adjusted EBIT* and Adjusted EPS* Free cash flow* growth**(1) Adjusted EBIT margin* $5.0B 3% YoY $729M $1.06 $7M 2% Organic growth*(1) Book-to-Bill** 14.6% Margin +6% YoY +$189M YoY 1.07x (80) bps YoY *Non-GAAP financial measure. See ap
Slide 5: 2Q and 1H 2025 Adjusted margin impacted by tariffs
2Q and 1H 2025 Adjusted margin* impacted by tariffs 2Q 2025 Adjusted Margin* (180) bps YoY (80) bps YoY • Margin impacted by tariff expense of <$50M in 2Q 2025 and <$10M in 1Q 2025 • Continued volume growth driven by innovation 1H 2025 Adjusted Margin* • Benefited from lean productivity initiatives
Slide 6: 2Q 2025 Imaging results
2Q 2025 Imaging results 2Q 2024 2Q 2025 YoY change Revenues $2,171M $2,204M 1%*(1) Segment EBIT $208M $188M (10)% Segment EBIT margin 9.6% 8.5% (110) bps Note: Results recast in line with move of Image Guided Therapies from Imaging to Advanced Visualization Solutions Highlights • Organic revenue gro
Slide 7: 2Q 2025 Advanced Visualization Solutions results
2Q 2025 Advanced Visualization Solutions results 2Q 2024 2Q 2025 YoY change Revenues $1,249M $1,289M 2%*(1) Segment EBIT $255M $267M 4% Segment EBIT margin 20.5% 20.7% 20 bps Note: Results recast in line with move of Image Guided Therapies from Imaging to Advanced Visualization Solutions Highlights
Slide 8: 2Q 2025 Patient Care Solutions results
2Q 2025 Patient Care Solutions results 2Q 2024 2Q 2025 YoY change Revenues $772M $778M —%*(1) Segment EBIT $78M $60M (23)% Segment EBIT margin 10.1% 7.7% (240) bps Highlights • Organic revenue* flat YoY with strong performance in Monitoring Solutions offset by a challenging YoY comparison in Life Su
Slide 9: 2Q 2025 Pharmaceutical Diagnostics results
2Q 2025 Pharmaceutical Diagnostics results 2Q 2024 2Q 2025 YoY change Revenues $639M $729M 5%*(1) Segment EBIT $200M $213M 7% Segment EBIT margin 31.2% 29.3% (200) bps . Highlights • Organic revenue growth* driven by price and volume, following 14% growth* in the prior year • EBIT margin declined Yo
Slide 10: 2Q 2025 Cash performance
2Q 2025 Cash performance Free cash flow* Cash highlights • Delivered $7M in Free cash flow* $7M • YoY Free cash flow* increased due to timing of annual employee compensation payments 2Q 2024 2Q 2025 • Focused efforts on working capital management $(182)M • Completed ~$100M of share repurchases • Iss
Slide 11: 2025 earnings outlook with tariff update
2025 earnings outlook with tariff update Mitigated ~50% of gross tariffs 2025 Adjusted EPS* guidance • Net tariff exposure from bilateral U.S. and China tariffs improved ~$0.13 $4.43 - $4.63 from 75% to 50% of total tariff impact due to new rates ~$0.40 • USMCA certification completed on 75% of elig
Slide 12: 2025 Outlook
2025 Outlook 2024A Previous 2025E Updated 2025E (1) Organic Revenue Growth*(2) 1% 2% - 3% ~3% FX neutral on revenue 50 bps FX tailwind on revenue Adjusted EBIT Margin* 16.3% 14.2% - 14.4% 15.2% - 15.4% (210) - (190) bps (110) - (90) bps Adjusted ETR* 21.8% 21% - 22% 20% - 21% Adjusted EPS* $4.49 $3.
Slide 13: Investing in nuclear medicine for future growth
Investing in nuclear medicine for future growth Neurology: Vizamyl™ Oncology: Cerianna™ Cardiology: Flyrcado™ Neurology: DaTscan™ (flutemetamol F18) (fluoroestradiol F18) (flurpiridaz F18) (Ioflupane I-123) • FDA label expansion • First FDA • Updated guidelines for amyloid PET approved imaging contr
Slide 14: Summary
Summary • Solid orders and revenue performance in 2Q and first half of the year supported by strong customer demand • Driving value through innovation focused on solutions that help deliver improved patient outcomes, productivity and efficiencies • Capital allocation strategy creates financial flexi
Slide 15: Slide 15
Slide 16: Q&A
Q&A © 2025 GE HealthCare. GE is a trademark of General Electric Company used under trademark license.
Slide 17: Upcoming events
Upcoming events 2025 Wells Fargo Healthcare Conference September 4, 2025 23rd Annual Morgan Stanley Healthcare Conference September 9, 2025 © 2025 GE HealthCare. GE is a trademark of General Electric Company used under trademark license.
Slide 18: Appendix
Appendix © 2025 GE HealthCare. GE is a trademark of General Electric Company used under trademark license.
Slide 19: Organic Revenue
Organic Revenue* ($ in millions) For the three months ended June 30 For the six months ended June 30 Unaudited 2025 2024 % change 2025 2024 % change Total revenues $ 5,007 $ 4,839 3% $ 9,784 $ 9,489 3% Less: Acquisitions(1) 53 2 67 2 Less: Dispositions(2) — — — — Less: Foreign currency exchange 36 —
Slide 20: Segment Organic Revenue
Segment Organic Revenue* ($ in millions) For the three months ended June 30 For the six months ended June 30 Unaudited 2025 2024 % change 2025 2024 % change Imaging revenues $ 2,204 $ 2,171 2% $ 4,344 $ 4,233 3% Less: Acquisitions(1) — — 14 — Less: Dispositions(2) — — — — Less: Foreign currency exch
Slide 21: Adjusted EBIT
Adjusted EBIT* ($ in millions) For the three months ended June 30 For the six months ended June 30 Unaudited 2025 2024 % change 2025 2024 % change Net income attributable to GE HealthCare $ 486 $ 428 13 % $ 1,049 $ 802 31 % Add: Interest and other financial charges – net 113 131 224 254 Add: Non-ope
Slide 22: Adjusted Net Income
Adjusted Net Income* ($ in millions) For the three months ended June 30 For the six months ended June 30 Unaudited 2025 2024 % change 2025 2024 % change Net income attributable to GE HealthCare $ 486 $ 428 13 % $ 1,049 $ 802 31 % Add: Non-operating benefit (income) costs (73) (101) (148) (204) Add:
Slide 23: Adjusted Earnings Per Share
Adjusted Earnings Per Share* (In dollars, except shares outstanding presented in millions) For the three months ended June 30 For the six months ended June 30 Unaudited 2025 2024 $ change 2025 2024 $ change Diluted earnings per share $ 1.06 $ 0.93 $ 0.13 $ 2.29 $ 1.75 $ 0.54 Add: Non-operating benef
Slide 24: Adjusted Tax Expense and Adjusted ETR
Adjusted Tax Expense* and Adjusted ETR* ($ in millions) For the three months ended June 30 For the six months ended June 30 Unaudited 2025 2024 2025 2024 Benefit (provision) for income taxes $ (113) $ (143) $ (216) $ (267) Add: Tax effect of reconciling items(1) (1) (10) (1) (24) Add: Spin-Off and o
Slide 25: Free Cash Flow
Free Cash Flow* ($ in millions) For the three months ended June 30 For the six months ended June 30 Unaudited 2025 2024 % change 2025 2024 % change Cash from (used for) operating activities $ 94 $ (119) 179 % $ 344 $ 300 15 % Add: Additions to PP&E and internal-use software (87) (63) (238) (209) Add
Slide 26: Non-GAAP P&L Reconciliations - 2Q 2025
Non-GAAP P&L Reconciliations - 2Q 2025 ($ in millions) Acquisition Amortization Non- and (Gain) loss on of Investment Operating Spin-Off and Tax effect of Spin-Off and Non-GAAP GAAP Restructuring disposition- business and acquisition- revaluation benefit separation reconciling other tax Reported cos
Slide 27: Non-GAAP P&L Reconciliations - 2Q 2024
Non-GAAP P&L Reconciliations - 2Q 2024 ($ in millions) Acquisition Amortization Non- and (Gain) loss on of Investment Operating Spin-Off and Tax effect of Spin-Off and Non-GAAP GAAP Restructuring disposition- business and acquisition- revaluation benefit separation reconciling other tax Reported cos
Slide 28: Non-GAAP P&L Reconciliations - 1H 2025
Non-GAAP P&L Reconciliations - 1H 2025 ($ in millions) Acquisition Amortization Non- and (Gain) loss on of Investment Operating Spin-Off and Tax effect of Spin-Off and Non-GAAP GAAP Restructuring disposition- business and acquisition- revaluation benefit separation reconciling other tax Reported cos
Slide 29: Non-GAAP P&L Reconciliations - 1H 2024
Non-GAAP P&L Reconciliations - 1H 2024 ($ in millions) Acquisition Amortization Non- and (Gain) loss on of Investment Operating Spin-Off and Tax effect of Spin-Off and Non-GAAP GAAP Restructuring disposition- business and acquisition- revaluation benefit separation reconciling other tax Reported cos
Slide 30: Acronyms
Acronyms AI Artificial Intelligence AVS Advanced Visualization Solutions bps Basis points CT Computed Tomography EBIT Earnings Before Interest and Taxes EMEA Europe, the Middle East, and Africa EPS Earnings Per Share ETR Effective Tax Rate FDA Food and Drug Administration FX Foreign Exchange MACs Me
Slide 31: Definitions
Definitions The estimated revenue expected from customer contracts that are partially or fully unperformed including amounts deferred Backlog in contract liabilities; contracts, or portions thereof, that provide the customer with the right to cancel or terminate without incurring a substantive penal
Slide 32: Non-GAAP Financial Measures
Non-GAAP Financial Measures The non-GAAP financial measures presented in this presentation are supplemental measures of GE HealthCare’s performance and its liquidity that the Company believes will help investors understand its financial condition, cash flows, and operating results, and assess its fu
Slide 33: Non-GAAP Financial Measures in Outlook
Non-GAAP Financial Measures in Outlook GE HealthCare calculates forward-looking non-GAAP financial measures, including Organic revenue growth, Adjusted EBIT margin, Adjusted ETR, Adjusted EPS, and Free cash flow based on internal forecasts that omit certain amounts that would be included in GAAP fin
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