GE HealthCare reported 1% growth in organic revenues and a slight increase in profitability in its second quarter of 2024.
For the period (end-June 30), GE HealthCare had total revenues of $4.839 billion, flat compared with $4.817 billion in the in the same period last year. However, organic revenues reached $4.881 billion, up 1%, from $4.817 billion in the second quarter of last year. The company cited delayed China stimulus due to the country’s ongoing anticorruption campaign for modest growth.
Second-quarter net income attributed to GE HealthCare was $428 million versus $418 million for the prior year. Adjusted earnings before interest and taxes (EBIT) was $742 million versus $711 million, with an increase in margin from 14.8% last year to 15.3% in the second quarter this year.
On an individual segment basis, GE HealthCare's Imaging segment had revenues of $2.596 billion, down 1% from $2.62 billion in the second quarter last year. However, organic imaging revenue was $2.62 billion, representing flat revenue growth. Imaging EBIT increased by 3% to reach $286 million.
Meanwhile, the Ultrasound segment generated revenues of $823 million, down 1% on an organic basis over the same period a year ago. Segment EBIT was $178 million, down 7% from the second quarter of 2023.
The company’s Pharmaceutical Diagnostics segment generated $639 million in second-quarter revenues, a 14% increase on an organic basis over last year, GE HealthCare reported. Pharmaceutical Diagnostics segment EBIT was $200 million, up 31% over last year.
