Q4 and full-year 2022 results in for GE HealthCare
GE HealthCare has some favorable tailwinds at its back as it proceeds into its first year unattached to a certain venerable parent corporation, according to financial results posted Jan. 30.
The newly independent company enjoyed an 8% revenue bounce in the fourth quarter of 2022 vs. the same period in 2021, the announcement shows.
In imaging alone, GE HealthCare saw revenues increase 11% overall and 18% on an organic basis year-over-year, to $2.7 billion.
The company says the strong revenue growth in imaging was largely propelled by CT, MRI and nuc med.
Full-year 2022 results were mostly healthy as well. Although net income was down—$554 million versus $564 million in 2021—adjusted earnings before interest and taxes were up, from $827 million in 2021 to $844 million in 2022.
Moreover, total revenues were close to $5 billion. That was close to an 8% increase overall, 13% organic.
Additionally, the company saw its ultrasound business grow by 6% and 7%, overall and organic, to $956 million. The ultrasound business was especially strong in radiology, primary care, women’s health, cardiovascular care and handheld offerings.
GE HealthCare president and CEO Peter Arduini attributes the overall promising performance to easing supply chain pressures as well as “robust end market demand and improved pricing.”
“Revenue growth reflects our progress to offset delivery challenges and improve product fulfillment,” Arduini adds in the Jan. 30 report. “Looking ahead, we're confident that our accelerated investment in innovation, as well as standardization across platforms, will drive revenue and margin growth.”
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.