GE HealthCare (Nasdaq: GEHC), a leading global precision care innovator, today reported financial results for the fourth quarter ended December 31, 2023. GE HealthCare President and CEO Peter Arduini ...
Delivers Strong Financial and Operating Performance in First Year as Public Company
Fourth Quarter 2023
Full Year 2023
CHICAGO: GE HealthCare (Nasdaq: GEHC), a leading global precision care innovator, today reported financial results for the fourth quarter ended December 31, 2023.
GE HealthCare President and CEO Peter Arduini said, “After our first year as a publicly traded company, I’m pleased to announce robust fourth quarter and full year results. This strong financial performance is a testament to our dedicated team and successful execution of our precision care strategy. We’ve made significant strides, including investing over $1 billion in R&D for future growth, helping drive more than 40 innovations in 2023. We bolstered our market position with strategic acquisitions, while at the same time paying down $1 billion in debt, setting a solid foundation for continued growth. We’re confident heading into 2024 amid the backdrop of an improved capital equipment landscape.”
Fourth Quarter 2023 Total Company Financial Performance
Fourth Quarter 2023 Segment Financial Performance
Imaging
Ultrasound
Patient Care Solutions
Pharmaceutical Diagnostics
Full Year 2023 Total Company Financial Performance
Growth and Innovation
2024 Guidance
Full year 2024 guidance is as follows:
The Company provides its outlook on a non-GAAP basis. Refer to the Non-GAAP Financial Measures in Outlook section below for more details.
Consolidated and Combined Statements of Income |
|
| |||||||
| For the years ended December 31 | ||||||||
(In millions, except per share amounts) |
| 2023 |
|
| 2022 |
|
| 2021 |
|
Sales of products | $ | 13,127 |
| $ | 12,044 |
| $ | 11,165 |
|
Sales of services |
| 6,425 |
|
| 6,297 |
|
| 6,420 |
|
Total revenues |
| 19,552 |
|
| 18,341 |
|
| 17,585 |
|
Cost of products |
| 8,465 |
|
| 7,975 |
|
| 7,196 |
|
Cost of services |
| 3,165 |
|
| 3,187 |
|
| 3,215 |
|
Gross profit |
| 7,922 |
|
| 7,179 |
|
| 7,174 |
|
Selling, general, and administrative |
| 4,282 |
|
| 3,631 |
|
| 3,563 |
|
Research and development |
| 1,205 |
|
| 1,026 |
|
| 816 |
|
Total operating expenses |
| 5,487 |
|
| 4,657 |
|
| 4,379 |
|
Operating income |
| 2,435 |
|
| 2,522 |
|
| 2,795 |
|
Interest and other financial charges – net |
| 542 |
|
| 77 |
|
| 40 |
|
Non-operating benefit (income) costs |
| (382 | ) |
| (5 | ) |
| 3 |
|
Other (income) expense – net |
| (86 | ) |
| (62 | ) |
| (123 | ) |
Income from continuing operations before income taxes |
| 2,361 |
|
| 2,512 |
|
| 2,875 |
|
Benefit (provision) for income taxes |
| (743 | ) |
| (563 | ) |
| (600 | ) |
Net income from continuing operations |
| 1,618 |
|
| 1,949 |
|
| 2,275 |
|
Income (loss) from discontinued operations, net of taxes |
| (4 | ) |
| 18 |
|
| 18 |
|
Net income |
| 1,614 |
|
| 1,967 |
|
| 2,293 |
|
Net (income) loss attributable to noncontrolling interests |
| (46 | ) |
| (51 | ) |
| (46 | ) |
Net income attributable to GE HealthCare |
| 1,568 |
|
| 1,916 |
|
| 2,247 |
|
Deemed preferred stock dividend of redeemable noncontrolling interest |
| (183 | ) |
| — |
|
| — |
|
Net income attributable to GE HealthCare common stockholders | $ | 1,385 |
| $ | 1,916 |
| $ | 2,247 |
|
|
|
|
| ||||||
Earnings per share from continuing operations attributable to GE HealthCare common stockholders: |
|
|
| ||||||
Basic | $ | 3.06 |
| $ | 4.18 |
| $ | 4.91 |
|
Diluted |
| 3.04 |
|
| 4.18 |
|
| 4.91 |
|
Earnings per share attributable to GE HealthCare common stockholders: |
|
|
| ||||||
Basic | $ | 3.05 |
| $ | 4.22 |
| $ | 4.95 |
|
Diluted |
| 3.03 |
|
| 4.22 |
|
| 4.95 |
|
Weighted-average number of shares outstanding: |
|
|
| ||||||
Basic |
| 455 |
|
| 454 |
|
| 454 |
|
Diluted |
| 458 |
|
| 454 |
|
| 454 |
|
Consolidated and Combined Statements of Financial Position |
| |||||
| As of | |||||
(In millions, except share and per share amounts) | December 31, 2023 | December 31, 2022 | ||||
Cash, cash equivalents, and restricted cash | $ | 2,504 |
| $ | 1,445 |
|
Receivables – net of allowances of $98 and $91 |
| 3,525 |
|
| 3,295 |
|
Due from related parties |
| 32 |
|
| 17 |
|
Inventories |
| 1,960 |
|
| 2,155 |
|
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