By Rob Curran
GE HealthCare Technologies’ fourth-quarter net income fell 27% even as revenue rose, and the maker of medical machinery forecast growth in 2024 demand.
The Silver Springs, Md., maker of magnetic-resonance imaging scanners and other health-care machines, posted fourth-quarter earnings of $403 million, down from $554 million a year earlier. Per-share earnings from continuing operations fell to 88 cents a share from $1.21 a share.
Excluding certain one-off items, GE HealthCare posted adjusted earnings of $1.18 a share, topping the average Wall Street target of $1.07 a share, based on an analyst survey from FactSet.
Fourth-quarter revenue rose 5% to $5.2 billion, also surpassing the mean analyst estimate $5.09 billion, as tallied by FactSet. Imaging revenue rose 4% to $2.8 billion. Revenue from pharmaceutical diagnostics surged 25% to $591 million. Ultrasound revenue ticked down 1% to $944 million. Revenue at the patient-care solutions unit rose 5% to $827 million.
For 2024, GE HealthCare forecasts organic revenue growth, which excludes the impact of acquisitions and foreign-exchange, of 4%. The company booked 2023 revenue of $19.6 billion. The company projected adjusted earnings before interest and taxes margin in a range between 15.6% and 15.9%.
GE HealthCare expects 2024 adjusted EPS in the range of $4.20 to $4.35, reflecting a growth of 7% to 11% versus adjusted EPS of $3.93 for 2023. Analysts polled by FactSet expect $4.24
Write to Rob Curran at rob.curran@dowjones.com