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GE HealthcareWho officially separated earlier this year announced it was raising its full-year guidance range amid rising demand and easing supply chain issues.
The company reported second-quarter net income of $418 million, down from $485 million a year earlier, and revenue of $4.8 billion, representing 7% year-on-year growth and 9% organic revenue growth.
The health-tech giant reported adjusted earnings before interest and tax (EBIT) of $711 million versus $719 million a year earlier.
The company’s orders were up 6% organically year-over-year, while cash flow from operating activities was $67 million versus $19 million, down $48 million from a year ago due to self-employment interest and post-employment benefit payments.
Earnings per share (EPS) was $0.91 versus $1.04 in the same period a year earlier, and adjusted EPS was $0.92 versus $1.15, down $0.23 from a year earlier.
“With improving markets globally and strong execution in the first half of 2023, we are confident in our ability to deliver throughout the year. Accordingly, we are increasing our full-year guidance range for organic revenue growth by one percentage point and 10 cents adjusted EPS at the midpoint,” CEO Peter Arduini said during the company’s second quarter 2023 earnings conference call.
THE GREAT TREND
After completing its spin-off from General Electric in January, the company announced two acquisitions, the first being IMACTISdeveloper of interventional guidance technology using computed tomography (CT).
The following month, the company announced its intention to buy Legend Healthmanufacturer of AI-based ultrasound guidance software.
In May, GE HealthCare announced that it had received 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 PET/CT, Omni Legend, and enables faster scan time and better detection of small lesions.
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