GE Healthcare numbers stand out in gloomy Q3

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Industrial conglomerate GE reported third quarter financial results that saw its GE Healthcare business stand out as a bright spot in an otherwise gloomy picture.

For the period (end-September 30), GE Healthcare reported revenues of $4.724 billion, up 5% compared with sales of $4.482 billion in the same period of 2016. The healthcare segment turned in profit of $820 million, up 14% compared with segment profit of $717 million in the corresponding quarter of 2016.

Among the highlights for the division was the launch of Senographe Pristina with Self Compression, a new mammography system that allows for patient-assisted breast compression, and an eight-year risk-sharing relationship with Thomas Jefferson University.

Despite the good news from GE Healthcare, GE as a whole turned in disappointing financial results, with overall earnings half of expectations on Wall Street, according to an article on GE's Q3 numbers are "completely unacceptable," according to GE CEO John Flannery, who formerly ran the healthcare business before being named to replace Jeff Immelt as GE CEO in June 2017.

Flannery has promised to change GE's corporate culture, and has already been in the process of implementing cost-cutting moves, such as a crackdown on the use of corporate cars for senior executives and job cuts for corporate staff.

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