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Is GE Healthcare Medtech’s Biggest Success Story of 2023?
The Chicago-based company has been firing on all cylinders since the beginning of the year. Now, the company has beaten top and bottom-line estimates for 2Q23.
July 25, 2023
1 Min Read
Image Credit: Igor Kutyaev via iStock / Getty Images
Everyone loves a success story and for all intents and purposes, GE Healthcare is one of those. In its second earnings report ever, the Chicago, IL-based company is raising its financial outlook.
GE Healthcare reported revenue of about $2.6 billion with 7% growth year-over-year for net income and 9% organic revenue growth.
The growth was “driven by supply chain fulfillment, stable demand, and NPI in Magnetic Resonance and Molecular Imaging and Computed Tomography, and price,” BTIG Ryan Zimmerman wrote in research notes.
Another growth driver that could impact GE Healthcare well into 2024 is the approval of Biogen and Eli Lily’s new Alzheimer’s Disease Drugs. The feeling is that the approvals would help increase equipment sales. GE Healthcare’s imaging offerings could be key in identifying an Alzheimer’s biomarker to determine patients’ eligibility for the treatment options.
“We are pleased with organic orders growth of 6% for the second quarter reflecting ongoing strong global demand, and we continued to see revenue growth across our segments,” Peter Arduini, GE Healthcare’s President and CEO said in a release. “We’ve made good progress with our operating priorities in the first half of the year. As a result, we’re raising our top- and bottom-line guidance for the full year as we execute our precision care strategy.”
GE Healthcare started off 2023 with a bang. The company’s spinoff from GE was completed in early January. About a week after it was spun-out, GE Healthcare announced it would acquire Imactis, a French Developer of CT interventional guidance technology.
About a month later, GE announced it would acquire Caption AI, a firm that specializes in using artificial intelligence to assist in conducting ultrasound scans.
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