Higher market demand, improved pricing and an easing of supply chain pressure helped GE HealthCare to an 8% increase in revenues in its fourth quarter. Net income dipped slightly, however.
For the period (December 31), GE HealthCare had revenues of $4.9 billion, up 8% overall and up 13% on an organic basis compared with the $4.6 billion generated in the fourth quarter of 2021. The vendor had net income of $554 million, down slightly from the $564 million produced in 2021. Adjusted earnings before interest and taxes (EBIT) was $844 million, compared with $827 million in the same quarter last year.
Thanks to strong revenue growth for its molecular imaging, CT, MRI, and surgery products, the company's Imaging unit reached $2.7 billion in revenues, up 11% overall and 18% on an organic basis compared with the fourth quarter of 2021. The segment yielded EBIT of $321 million, compared with $317 million a year ago.
GE HealthCare's Ultrasound segment garnered $956 million in revenues, up 6% overall and up 7% on an organic basis compared with the $898 million in revenues from last year's fourth quarter. Highlights included strong revenue growth from its radiology and primary care, women's health, and cardiovascular products, as well as in handheld ultrasound, according to the vendor. The Ultrasound segment's fourth-quarter EBIT was $285 million, up from $278 million last year.
Meanwhile, GE HealthCare's Pharmaceutical Diagnostics segment had fourth-quarter revenues of $473 million, down 5% overall and up 2% on an organic basis compared with the $500 million produced in the fourth quarter of 2022. The company noted that revenue was impacted by fewer procedures in China and the normalization of U.S. customer inventory. The Pharmaceutical Diagnostics EBIT was $109 million, down from $139 million in the previous year.
For 2022, GE HealthCare had revenues of $18.3 billion, up 4% overall and 7% on an organic basis compared to the $17.6 billion achieved in 2021. Growth was driven by its Imaging and Ultrasound segments, according to the firm.
The company had 2022 net income of $1.9 billion, down from the $2.2 billion reported in 2021. Adjusted EBIT was $2.9 billion in 2022, down from the $3.2 billion produced in 2021.
GE HealthCare also reiterated its 2023 guidance and announced that adjusted earnings per share (EPS) is expected to range in 2023 from $3.60 to $3.75, up from 2022 standalone adjusted EPS of $3.38.