GE Healthcarewhich was officially split earlier this year, announced that it is increasing its guidance range throughout the year amid increased demand and easing supply chain issues.
The company reported $418 million in net income in the second quarter compared to $485 million in the year-ago period and revenue of $4.8 billion, an increase of 7% year-over-year and organic growth of 9%.
The health technology giant reported adjusted earnings before interest and taxes (EBIT) of $711 million versus $719 million last year.
The company’s orders grew organically 6% year-over-year, while cash flow from operating activities was $67 million compared to $19 million, down $48 million from last year due to standalone interest and post-retirement benefit payments.
Earnings per share (EPS) were $0.91 compared to $1.04 in the year-ago period, and adjusted EPS was $0.92 versus $1.15, down $0.23 from last year.
“With improving markets globally and strong execution in the first half of 2023, we are confident in our ability to deliver for the full year. As a result, we are raising our full-year guidance range for organic revenue growth by one percentage point and 10 cents in adjusted EPS at the midpoint,” company CEO Peter Arduini said during the company’s Q220 earnings call.
THE BIGGEST TREND
After completing its separation from General Electric in January, the company announced two acquisitions, the first being IMACTIS, developer of interventional computed tomography (CT) guidance technology.
The following month, the company announced plans for it buy Caption Health, maker of AI-enabled ultrasound guidance software.
In May, GE HealthCare announced it had acquired it FDA 510(k) clearance for its Precision DL software, which uses deep learning (a subset of AI and machine learning) to improve image quality on the company’s Omni Legend PET/CT, and allows for faster scan times and improved detection of small lesions.
