GE HealthCare just got pushed closer to the point at which it will have to spread its wings and fly unassisted from its parent’s nest.
The shove comes in the form of GE’s filing of a Form 10 document to register GE HealthCare with the U.S. Securities and Exchange Commission.
The form required GE to disclose such information on GE HealthCare as historical financial records, competitive advantages and business strategies.
Restating its intentions to complete the spinoff the first week of 2023 pending final board approval, GE says in an Oct. 11 announcement that GE HealthCare will organize itself into four business units.
These are:
- Imaging: solutions including CT, MR, molecular imaging, X-ray, women’s health, image-guided therapies, enterprise imaging software, service capabilities and digital solutions;
- Ultrasound: consoles and probes, handheld devices, intraoperative imaging systems, visualization software, service capabilities and digital solutions;
- Patient care solutions: monitoring, anesthesia and respiratory care, maternal infant care, and diagnostic cardiology, as well as consumables, service capabilities, digital solutions; and
- Pharmaceutical diagnostics: imaging agents that include contrast media and radiopharmaceuticals that enhance diagnostic images.
3 ‘Well-Capitalized, Investment-Grade Standalone Companies’
GE reiterates previous communications stating its intentions to spin off two other companies—GE Vernova in renewable energies and GE Aerospace in aviation.
The conglomerate, founded in 1892 by Thomas Edison, J.P. Morgan and colleagues, says GE HealthCare will hit the ground running with an established global market worth $84 billion and reputation as an innovative brand that enables “more precise, connected and compassionate care.”
GE adds that its own financial position is “strong to support forming three well-capitalized, investment-grade standalone companies, including GE HealthCare.”
GE reiterates that it expects to retain a stake of 19.9% in GE HealthCare.
Mission: ‘Create a World Where Healthcare Has No Limits’
The Oct. 11 announcement quotes GE HealthCare CEO Peter Arduini.
“This is a milestone day for the GE HealthCare team, who is dedicated to our mission to create a world where healthcare has no limits,” Arduini says. “We believe we have a clear path to deliver precision innovation for our customers and their patients while accelerating growth and optimizing our business as a standalone company.”
The announcement doesn’t mention GE’s planned but soon scrapped move in 2018-19 to spin off its healthcare business.
It does, however, offer links to supporting documents and previous announcements.
Dave P. has worked in journalism, marketing and public relations for more than 30 years, frequently concentrating on hospitals, healthcare technology and Catholic communications. He has also specialized in fundraising communications, ghostwriting for CEOs of local, national and global charities, nonprofits and foundations.