GE HealthCare
(Nasdaq: GEHC)
shares got a boost today on fourth-quarter results that came in ahead of the consensus forecast.
Shares of GEHC rose by nearly 10% to $79.95 apiece in early-morning trading today. MassDevice’s MedTech 100 Index — which includes stocks of the world’s largest medical device companies — rose 0.5%.
The Chicago-based company posted profits of $403 million in the quarter. That equals 88¢ per share on sales of $5.21 billion for the three months ended Dec. 31, 2023.
GE HealthCare recorded a 27.3% bottom-line slide on sales growth of 5.4%.
Adjusted to exclude one-time items, earnings per share totaled $1.18. That landed 9¢ ahead of expectations on Wall Street. Sales also topped projections as analysts forecasted sales of $5.09 billion.
Particular standout performances from GE HealthCare’s segments included 5% growth in Patient Care Solutions and 4% growth in Imaging. Pharmaceutical Diagnostics revenues increased by 25% as well. The only decline came in Ultrasound, which fell by 1%.
“After our first year as a publicly traded company, I’m pleased to announce robust fourth quarter and full-year results,” said President and CEO Peter Arduini. “This strong financial performance is a testament to our dedicated team and successful execution of our precision care strategy. We’ve made significant strides, including investing over $1 billion in R&D for future growth, helping drive more than 40 innovations in 2023. We bolstered our market position with strategic acquisitions, while at the same time paying down $1 billion in debt, setting a solid foundation for continued growth.
“We’re confident heading into 2024 amid the backdrop of an improved capital equipment landscape.”
GE HealthCare projects 4% revenue growth in 2024 as well. It expects adjusted EPS to range between $4.20 and $4.35.
