GE Healthcare reported lower revenues for the company's third quarter, mainly due to the loss of revenues from its BioPharma division, which GE sold earlier this year.
For the quarter (end-September 30), GE Healthcare posted sales of $4.565 billion, down 7% compared with revenues of $4.923 billion in the third quarter of fiscal 2019. The revenue decline was mostly due to the loss of revenues from GE's BioPharma unit, which GE sold to Danaher earlier this year.
Not counting BioPharma, GE Healthcare revenues were up 10%, mostly due to the sale of $300 million (257 million euros) in ventilators sold to the U.S. government as well as "strong delivery" of COVID-19-related products. This was partially offset by a decline in Pharmaceutical Diagnostics.
GE Healthcare reported a third-quarter segment profit of $765 million, compared with a profit of $974 million in the same period the year before. Profit was down 21%, but it was up 30% organically due to cost reductions, improved productivity, and growth in volume in the division's Healthcare Systems segment.
For the nine months of the year to date, GE Healthcare recorded revenues of $13.185 billion, down 9% compared with sales of $14.540 billion in the first three months of 2019. Year-to-date segment profit was $2.212 billion, down compared with $2.714 billion in the first nine months of 2019.
Orders for the division fell 20% in the quarter, but most of the decline was due to the loss of orders because it no longer includes BioPharma. Orders fell 4% organically, GE reported.
