GE Healthcare Technologies Inc (NASDAQ: GEHC) reported fourth-quarter 2023 sales of $5.21 billion, up 5% Y/Y on an organic basis, slightly beating the consensus of $5.09 billion, driven by volume and price.
Net income attributable to GE HealthCare was $403 million versus $554 million for the prior year, and Adjusted EBIT was $837 million versus $844 million.
The company's total book-to-bill was strong at 1.05 times. Total company orders increased 3% organically year-over-year.
The company posted an adjusted EPS of $1.18, compared to $1.31 in the prior year, beating the consensus of $1.07.
Imaging segment revenues of $2.8 billion increased 4% Y/Y on both a reported and Organic basis. Ultrasound segment revenues of $944 million declined by 1% reported and 2% on an Organic basis.
Patient Care Solutions' Revenues of $827 million increased by 5% reported and 4% on an Organic basis. Pharmaceutical Diagnostics' revenues of $591 million increased by 25% reported and 23% on an Organic basis.
"We bolstered our market position with strategic acquisitions while at the same time paying down $1 billion in debt, setting a solid foundation for continued growth. We're confident heading into 2024 amid the backdrop of an improved capital equipment landscape," commented President and CEO Peter Arduini.
Guidance: GE Healthcare forecasts for the fiscal year 2024 adjusted EPS of $4.20-$4.35, up 7%-11% Y/Y growth versus consensus of $4.24.
The company forecasts annual 2024 organic revenue growth of approximately 4% year-over-year.
GE Healthcare sees a fiscal year 2024 adjusted EBIT margin of 15.6%-15.9%, reflecting an expansion of 50 to 80 basis points versus the 2023 Standalone Adjusted EBIT margin of 15.1%.
Price Action: GEHC shares are up 12.60% to $82.69 on the last check Tuesday.