Sector: Healthcare|Industry: Health Information Services|Market Cap: $35.22B|Employees: 51K
GE HealthCare Technologies Inc. is a global medical technology, pharmaceutical diagnostics, and digital solutions innovator. The company operates at the center of the healthcare ecosystem, providing medical devices, consumable products, service capabilities, and digital solutions. They have a strong market position and competitive advantages due to their broad service capabilities, dedication to quality, and a strong operational culture. GE HealthCare serves customers in approximately 160 countries with a global team and a network of manufacturing sites.
Total revenues increased by 1% YoY, with sales of services increasing by 2% while sales of products decreased by 1%. This indicates a shift in revenue mix but overall flat growth.
Gross profit increased by $91 million or 150 basis points as a percent of Total revenues due to a reduction in cost of products sold and an increase in pricing of services. This indicates improved profitability at the gross level.
Net income attributable to GE HealthCare increased by 25% YoY to $470 million, driven by improved operating income and a decrease in the provision for income taxes. This indicates a strong bottom-line performance.