- GE HealthCare Technologies Inc GEHC has reported Q1 FY23 sales of $4.71 billion, up 8% Y/Y and 12% on organic basis, beating the consensus of $4.63 billion.
- Foreign exchange negatively impacted growth by 4%.
- Net income attributable to GE HealthCare was $372 million versus $389 million for the prior year, and Adjusted EBIT was $664 million versus $599 million.
- The company posted an adjusted EPS of $0.85, compared to $0.96 in the prior year.
- Cash flow from operating activities was $468 million, flat year-over-year with working capital improvements.
- GE HealthCare President and CEO Peter Arduini said, “We saw strong revenue growth across all of our business segments and regions as supply chain challenges eased.”
- Imaging revenues of $2.5 billion increased by 8% reported and 12% on an Organic basis.
- Ultrasound revenues increased 5% Y/Y to $859 million (up 10% on an organic basis).
- Patient Care Solutions revenues of $781 million increased by 9% (11% organic).
- Pharmaceutical Diagnostics sales reached $558 million, up 15% reported (19% organic).
- Dividends: The company initiated a quarterly dividend of $0.03.
- Guidance: GE HealthCare reaffirmed FY23 organic revenue growth of 5%-7% year-over-year. It sees an adjusted EBIT margin of 15%-15.5%.
- The company forecasts adjusted EPS of $3.60-$3.75 vs. $3.72 consensus.
- Price Actions: GEHC shares are down 8.77% at $80.09 on the last check Tuesday.
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