GE HealthCare (Nasdaq: GEHC) shares ticked up today on second-quarter results that topped Wall Street’s earnings forecast.
Shares of GEHC ticked up nearly 5% to $86.64 apiece in midday trading today. MassDevice’s MedTech 100 Index — which includes stocks of the world’s largest medical device companies — rose slightly.
The Chicago-based company reported profits of $428 million. That equals 93¢ per share on sales of $4.84 billion for the quarter ended June 30, 2024.
GE HealthCare recorded a 2.4% bottom-line gain on a sales increase 0.5%.
Adjusted to exclude one-time items, earnings per share came in at $1.00. That landed 2¢ ahead of expectations on Wall Street. Sales, however, came up just shy of projections as experts estimated $4.87 billion in revenue.
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.”
The company now projects organic revenue growth between 1% and 2% year-over-year. That marks a slight decrease from a previous projection of 4% growth. GE HealthCare attributed this to headwinds in the market in China. The company estimates adjusted EPS between $4.20 and $4.35 for the full year.
