GE Healthcare Reports Q2 2024 Results: Revenue Growth Amid China Challenges

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On Wed, 31 Jul, 4:05 PM UTC

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GE Healthcare Technologies reported its Q2 2024 financial results, showing revenue growth despite challenges in China. The company adjusted its full-year revenue outlook while maintaining its profit forecast.

Q2 2024 Financial Performance

GE Healthcare Technologies (GEHC) reported its second-quarter results for 2024, demonstrating resilience in a challenging market environment. The company's revenue grew to $4.84 billion, a 6% increase year-over-year on a reported basis and 7% organically 1. However, this figure slightly missed analyst expectations by $30 million 2.

Earnings and Profitability

The company's non-GAAP earnings per share (EPS) came in at $1.00, surpassing consensus estimates by $0.02 2. This represents a significant improvement from the $0.92 per share reported in the same quarter last year. The adjusted EBIT margin expanded by 50 basis points year-over-year to 15.3% 3.

Segment Performance

GE Healthcare's Imaging segment led the growth with an 8% increase in revenues. The Ultrasound segment also showed strong performance with a 7% revenue growth. Patient Care Solutions grew by 4%, while Pharmaceutical Diagnostics saw a modest 1% increase 1.

China Market Challenges

Despite overall growth, GE Healthcare faced headwinds in the Chinese market. The company reported a low double-digit decline in China, attributed to pricing pressures and a shift towards local vendors 1. This challenge in one of the world's largest healthcare markets has prompted the company to reassess its full-year outlook.

Revised 2024 Outlook

In light of the challenges in China, GE Healthcare adjusted its full-year 2024 revenue growth outlook. The company now expects organic revenue growth in the range of 4% to 5%, down from the previous forecast of 5% to 7% 1. Despite this adjustment, GE Healthcare maintained its adjusted EBIT margin expansion target of 50 to 80 basis points and its adjusted EPS guidance of $3.70 to $3.85 3.

Management Commentary

Peter Arduini, President and CEO of GE Healthcare, commented on the results: "We delivered another quarter of strong top- and bottom-line growth... While we're seeing some near-term pressure in China, we're confident in our long-term strategy and are maintaining our full-year outlook for profit and cash." 3

Future Prospects

GE Healthcare remains optimistic about its long-term prospects, citing a robust order book and a focus on innovation. The company highlighted its AI-powered technologies and precision care solutions as key drivers for future growth 1. Additionally, GE Healthcare's strong cash flow generation, with free cash flow reaching $526 million in the quarter, provides financial flexibility for future investments and shareholder returns 3.

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