GE HealthCare (GEHC) has posted 2023 financial results, with reported revenue increases yet dips in net income in its first full year as a publicly traded company.
For the fourth quarter (end-December 31), the company posted revenues of $5.2 billion, a 5% increase over the same period last year, driven by price and volume, the company said. Net income was $403 million compared with $554 million for the prior year, a change in margin from 11.2% to 7.7% in Q4. The company noted it repaid $850 million of debt in the fourth quarter of 2023 and an additional $150 million of debt in January 2024.
For the full year, revenues of $19.6 billion increased 7% year over year, with growth across all segments and regions, the company said. Net income attributable to GE HealthCare was $1.6 billion versus $1.9 billion for the prior year, with an adjusted EBIT of $3 billion versus $2.9 billion over the same period last year. Net income was primarily impacted by standalone interest expense, the company said.
The company’s imaging revenues in Q4 were $2.8 billion, with an increase of 4% year over year, GEHC added.
