GE HealthCare Q2 Performance: Beats Expectations, Lifts FY23 Outlook

GE HealthCare Technologies Inc GEHC has reported Q2 FY23 sales of $4.82 billion, up 7% Y/Y and 9% on an organic basis, beating the consensus of $4.79 billion. Foreign exchange negatively impacted growth by 2%.

Net income attributable to GE HealthCare was $418 million versus $485 million for the prior year, and Adjusted EBIT was $711 million versus $719 million.

Also Read: GE HealthCare's Solid Demand And Sensible Margin Targets: Morgan Stanley Sees Potential Upside Despite Street's High Expectations.

The company posted an adjusted EPS of $0.92, compared to $1.15 in the prior year, beating the consensus of $ $0.87.

Imaging segment revenues of $2.6 billion increased by 7% reported and 9% organic. Ultrasound segment sales of $839 million increased by 1% reported and 3% organic.

Patient Care Solutions revenues of $770 million increased by 8% reported and 9% organic. Pharmaceutical Diagnostics sales increased 19% reported and 20% organic to $568 million.

Guidance: GE HealthCare raised its FY23 organic revenue growth outlook to 6% - 8% Y/Y from a prior range of 5%-7%.

The company forecasts adjusted EPS of $3.70-$3.85 compared to previous guidance of $3.60-$3.75 vs. $3.74 consensus.

Price Action: GEHC shares are up 0.74% $81.23 during the premarket session on the last check Tuesday.