The U.S. Securities & Exchange Commission is reportedly investigating three of the world’s largest medical device makers for their alleged participation in a bribery scheme in China. The SEC probe involves Siemens (NYSE:SI), Royal Philips (NYSE:PHG) and GE Healthcare (NYSE:GE), which allegedly used local middlemen to bribe Chinese government and hospital officials to buy their medical equipment, Reuters reported, […]
General Electric
General Electric jumps on swing to Q1 black, confirms outlook
General Electric (NYSE:GE) shares got a bump this morning after reporting a swing to black with its Street-beating first-quarter results. The Boston-based industrial conglomerate reported profits of $3.55 billion, or 40¢ per share, on sales of $27.29 billion for the three months ended March 31, compared with Q1 2018 losses of -$1.18 billion. Sales were off […]
GE’s Datex-Ohmeda wins another DoD patient monitoring contract, this time for $100m
General Electric (NYSE:GE) division Datex-Ohmeda has won a $100 million contract to supply the U.S. Department of Defense with patient monitoring systems, accessories and training, according to a recently released DoD posting. The deal comes through a five-year base contract with a single five-year option period, according the release. The contract was competitive, with a total […]
GE CEO tables healthcare spinout
General Electric (NYSE:GE) chairman & CEO Lawrence Culp Jr. yesterday tabled the pending spinout of the GE Healthcare business so the industrial conglomerate can focus on the $21 billion sale of its biopharmaceuticals business. Boston-based GE yesterday agreed to deal the biopharm business to Danaher (NYSE:DHR) – which Culp led until 2014 – in an all-cash deal. […]
GE gains on Q4 revenue beat, swing to black
GE Healthcare (NYSE:GE) shares got a bump today after the company topped the consensus forecast for its fourth-quarter sales and swung to black ink for the period, with its healthcare business posting modest bottom- and top-line gains. The stock rise came despite a Q4 earnings miss and wider full-year losses for the Boston-based industrial conglomerate. GE […]
Report: GE secretly files for healthcare IPO
General Electric (NYSE:GE) reportedly filed confidentially for an initial public offering as it readies a spinout of its GE Healthcare business. The Boston-based industrial giant tapped Goldman Sachs, Bank of America, Citigroup, JPMorgan Chase and Morgan Stanley for help with the flotation, according to Bloomberg, which cited sources “who asked not to be identified as the […]
GE divests $1.5B in healthcare equipment loan portfolio to TIAA Bank
General Electric (NYSE:GE) has divested a portfolio of its healthcare equipment leases and loans from its GE Capital Healthcare Equipment Finance biz to TIAA Bank in a $1.5 billion deal as GE looks to trim down and narrow its focus, the companies said today. Jacksonville, Fla.-based TIAA Bank said today that the acquisition will expand its […]
Report: GE could put more of GE Healthcare on the table in spin out, IPO
General Electric (NYSE:GE) may be looking to put more of its healthcare business on the table in a planned upcoming spin-off and initial public offering, growing from a previous announcement of 20% to as much as 49.9% of the division, according to a Boston Business Journal report. CEO Larry Culp reportedly made remarks suggesting that an […]
GE Healthcare’s Q3 profits tick up despite flat sales
Profits for the healthcare business at GE rose despite flat sales growth for the third quarter, as the parent company posted a swing to red ink on a -$22 billion charge. The Boston-based industrial conglomerate reported healthcare profits of $861 million on sales of $4.71 billion for the three months ended Sept. 30, for bottom-line […]
Amazon-Berkshire-JPM healthcare bet taps Comcast’s Stoddard for COO | Personnel Moves, Sept. 10, 2018
Amazon-Berkshire-JPM healthcare bet taps Comcast’s Stoddard for COO The healthcare joint venture started by Amazon (NSDQ:AMZN), Berkshire Hathaway and J.P. Morgan tapped former Comcast executive Jack Stoddard to be its COO, reporting to CEO Dr. Atul Gawande. Stoddard was a co-founder of Accolade, a startup backed by the cable giant that helps workers manage their health […]
Report: Brazilian prosecutors accuse GE, J&J, Philips of running medtech ‘cartel’
Federal prosecutors in Brazil claim that General Electric‘s (NYSE:GE) Latin Americas chief exec Daurio Speranzini Jr. was involved in a medical equipment price-fixing scheme as part of an international health-care cartel, according to a new report from Reuters. The cartel, which includes Royal Philips (NYSE:PHG), Johnson & Johnson (NYSE:JNJ) and other medtech firms, reportedly engaged in bribing […]