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CEO Peter Arduini attributed the growth in revenue to returning demand for hospital equipment and fading supply chain disruptions. The bulk of the company’s revenue came from its imaging unit, which grew to $2.5 billion and includes computed tomography and magnetic resonance imaging machines used by hospitals.
“I’m very pleased by the solid performance we delivered in our first quarter as an independent company,” Arduini told investors on an earnings call this morning.
Despite lower profits, GE HealthCare leaders maintained the company’s full-year guidance of 5% to 7% organic year-over-year revenue growth and adjusted earnings per share in the range of $3.60 to $3.75, representing 7% to 11% growth.
“We’re on track to achieve our margin expansion goals for the year,” Arduini said.
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Even still, GE HealthCare’s stock was down 9% this morning, trading at about $80.
GE HealthCare sells imaging machines, ultrasound equipment, patient monitoring products, and diagnostic agents to hospitals and other health care providers. The company employs 51,000 employees worldwide, 1,000 of which are in Illinois.
Since becoming an independent company in January, GE HealthCare has doubled down on research and development, as well as acquiring other complementary businesses. GE HealthCare purchased Imactis, a maker of advanced radiology equipment, for an undisclosed amount that same month. It later bought ultrasound software company Caption Health for an unknown price in February.
This story first appeared in Crain’s Chicago Business.
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