GE HealthCare reported a 1% drop in revenue but also higher net income for the first quarter of 2024 (end-March 31).
The company generated total first-quarter revenues of $4.65 billion, a 1% decline from $4.7 billion in the first quarter of 2023. Cash flow from operating activities was $419 million versus $468 million for the prior year, with the company noting it repaid $150 million of debt in January 2024.
Yet net income rose slightly to $388 million for the quarter over $383 last year, marking a margin increase of 8% versus 7.9% for the prior year, GE HealthCare reported. In addition, the company highlighted its double-digit increase in research and development spending, up to $324 million for the period from $270 million last year.
On an individual segment basis, GE HealthCare's Imaging segment had revenues of $2.466 billion, down 1% from $2.496 billion reported in the first quarter of 2023. Meanwhile, the Ultrasound segment generated revenues of $824 million, down 4% from the $859 million turned in during the same period a year ago.
