GE HealthCare posts flat revenues in Q3

GE HealthCare (GEHC) reported a 1% growth in existing operation revenues and an increase in profitability in its second quarter of 2024, citing solid performance in its Pharmaceutical Diagnostics segment.

For the period (end-September 30), GEHC had total revenues of $4.86 billion, flat compared with $4.82 billion in the same period last year. However, existing operation revenues reached $4.863 billion, up 1% from $4.822 billion in the third quarter of last year. The company cited delayed China stimulus, yet strong performance in its Pharmaceutical Diagnostics segment of $625 million, up 6% compared with the same period last year.

Third quarter net income was $470 million compared with $375 million for the prior year. Adjusted earnings before interest and taxes (EBIT) was $795 million versus $744 million, with an increase in margin from 15.4% last year to 16.3% in the second quarter this year.

On an individual segment basis, GE HealthCare's Imaging segment had flat revenues year over year of $2.22 billion. However, imaging EBIT increased by 18% to reach $287 million.

The company noted that effective July 1, 2024, its Image Guided Therapies segment, previously part of the Imaging segment, was realigned to the Ultrasound segment to better match its clinical usage and its Ultrasound segment was subsequently renamed Advanced Visualization Solutions.