A jump in elective surgeries delayed during the COVID-19 pandemic boosted demand for medical equipment made by GE HealthCare Technologies (GEHC), and shares advanced.
The company posted third quarter fiscal 2023 earnings per share (EPS) of $0.99, with revenue up 5.4% year-over-year to $4.82 billion. Both exceeded forecasts.1
Revenue rose 5% at its Imaging unit and 9% at its Patient Care Solutions segment on higher productivity, pricing, and volume. Sales fell at its Ultrasound and Pharmaceutical Diagnostics groups.
The company has reported solid results since being spun off from General Electric (GE) in January, with sales of $4.70 billion in the first quarter and $4.82 billion in the second.
CEO Peter Arduini said the latest results demonstrated GE HealthCare’s “progress on productivity and price.” He added, “We remain confident in our 2023 outlook.”
The company increased the low end of its full-year EPS guidance to $3.75 from $3.70. It kept the top end at $3.85.
Shares of GE HealthCare gained over 5% Tuesday, and were up close to 19% year-to-date.
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