GE Healthcare Technologies Inc GEHC reported second-quarter sales of $4.84 billion, flat year over year and up 1% organically, with positive price and volume. However, it marginally missed the consensus of $4.87 billion.
Net income attributable to GE HealthCare was $428 million compared to $418 million the prior year, and Adjusted EBIT was $742 million compared to $711 million.
Total 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.
The company posted an adjusted EPS of $1.00, compared to $0.92 in the prior year, beating the consensus of $0.98.
Related: GE HealthCare Taps AWS for Groundbreaking AI Medical Solutions: Details.
Imaging segment revenues of $2.6 billion, down 1% Y/Y on the reported basis and flat organically.
Ultrasound segment revenues of $823 million declined by 2% (-1% organically).
Patient Care Solutions’ Revenues are $772 million, flat year-over-year (+1% organically)
Pharmaceutical Diagnostics’ revenues of $639 million increased by 12% reported and 14% organically.
GE 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.”
Guidance: Due to China market headwinds, GE Healthcare expects 2024 organic revenue growth of 1%- 2% year over year versus the prior guidance of approximately 4%.
The company expects 2024 adjusted EPS of $4.20-$4.35 versus consensus of $4.27.
Price Action: At last check on Wednesday, GEHC stock was up 4.03% to $85.98.
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