GE Health today released its third quarter results, noting revenue of $4.8 billion, revenue growth of 5% year-over-year and organic revenue growth of 6%, seeing its stock price increase.
The company, which officially separated from GE earlier this yearreported net profit of $375 million, up from $487 million from the prior-year period, with a net margin of 7.8% versus 10.6%, respectively.
Adjusted earnings before interest and taxes (EBIT) were $744 million in the third quarter, compared to $700 million in the same quarter last year.
The tech giant’s healthcare division reported cash flow from operating activities of $650 million versus $622 million, up $28 million year-over-year, which the company attributes to strong management stocks.
Free cash flow was $570 million, an increase of $22 million from last year.
“We delivered another strong quarter of revenue growth with margin performance demonstrating progress in productivity and pricing. Cash flow performance was strong as we leveraged Lean principles to improve inventory management. We remain confident in our outlook for 2023 as we continue to innovate for customers and patients,” Peter Arduini, president and CEO of GE HealthCare, said in a statement.
THE BIGGEST TREND
Since its official launch in January, GE HealthCare has seen a steady stream of revenue at $4.7 billion in the first quarter And $4.8 billion in the second quarter.
The company acquired Health of legendsmaker of AI-based ultrasound guidance software and French company IMACTISdeveloper of interventional guidance technology using computed tomography (CT).
It has received FDA 510(k) clearance for its DL accuracy deep learning image processing software and Mobile Portraitits wireless surveillance solution in smartphone format.
In September, GE HealthCare announced that it had co-developed an AI algorithm with General Brigham’s Mass to help plan forecasts and form a strategic plan partnership with the Mayo Clinicthrough which the two men will collaborate on the research and development of products focused on precision care, AI and theranostics.
The company also received a $44 million grant from Bill and Melinda Gates Foundation design AI-based applications and tools to help less experienced healthcare professionals in low- and middle-income countries perform ultrasound scans for fetal and maternal health and respiratory diseases.
The tech healthcare company also signed a $44 million deal with the Biomedical Advanced Research and Development Authority (BARDA) develop AI-based point-of-care ultrasound technology to help clinicians diagnose and treat lung pathologies and traumatic injuries to the head, chest and abdomen.
