GE Healthcare’s 4Q21 revenue took a beating because of inflation and supply chain issues – a common theme in earnings for many companies. The revenue drop for GE Healthcare comes hot on the heels of its parent company Boston-based General Electric announcing it would break up into three different businesses.
GE Healthcare said it had more than $4.6 billion in sales that’s a 4.1% decline when compared to this time last year. However, GE said the healthcare segment was in position for continued profitable growth.
The overall picture for GE, the healthcare unit’s parent company is similar. Overall, GE saw a 3% dip in revenue. The company said it expects adjusted profit in the range of $2.80 per share to $3.50 per share in 2022, compared with $1.71 per share in 2021.
A bright spot for GE is its aviation business, which saw a revenue increase.
GE Chairman and CEO H. Lawrence Culp, Jr. said, “2021 was an important year for the GE team, marked by significant strategic, operational, and financial progress. We delivered solid margin, EPS, and free cash flow performance in 2021, exceeding our outlook. Orders for the year were up double digits, supporting faster growth going forward, while supply chain challenges, commercial selectivity, and uncertainty surrounding the U.S. wind production tax credit impacted our top-line."