GE HealthCare (Nasdaq:GEHC) shares were up on fourth-quarter results that include projected sales growth in 2023.
Shares of GEHC rose more than 3% at $72.36 apiece by afternoon trading today. MassDevice’s MedTech 100 Index — which includes stocks of the world’s largest medical device companies — was up more than 9%.
The Chicago-based company posted profits of $554 million in the quarter. That amounts to $1.21 per share on sales of $4.9 billion for the three months ended Dec. 31, 2022. Adjusted earnings per share (EPS) came in at $1.31.
GE HealthCare, which just this month spun off from GE, recorded a 1.8% bottom-line slide. However, sales grew by 7.6% year over year.
The company’s imaging (up 11%), ultrasound (6%) and patient care (7%) businesses all posted sales growth in the quarter. Only pharmaceutical diagnostics (down 5%) saw a decline in revenues.
“GE HealthCare delivered strong revenue growth in the fourth quarter and full year 2022 driven by robust end market demand, improved pricing, and easing supply chain pressures,” said GE HealthCare President and CEO Peter Arduini. “Revenue growth reflects our progress to offset delivery challenges and improve product fulfillment. Looking ahead, we’re confident that our accelerated investment in innovation, as well as standardization across platforms, will drive revenue and margin growth.”
Arduini added that, with customers investing and macroeconomic tailwinds, he feels the company is “well-positioned to deliver” on its 2023 commitments.
GE HealthCare reaffirmed its 2023 sales guidance, projecting organic growth between 5% and 7%. The company expects adjusted EPS to range between $3.60 and $3.75. That compares to a (standalone-adjusted) EPS of $3.38 in 2022.