Financial results were tepid for Chalfont St. Giles, U.K.-based GE Healthcare in the third quarter (end-September 20).
Revenues increased 4% to $4.1 billion, compared with $3.9 billion in the third quarter of 2006. Operating profit slipped to $692 million, compared with $699 million in the same quarter last year.
For the nine-month period, revenues rose to $12 billion, compared with $11.8 billion in the same period of 2006. Operating profit was down 2% to $2.02 billion, from $2.06 billion in the nine-month period of 2006.
While the results were in line with expectations, parent company General Electric of Stamford, CT, noted that GE Healthcare's U.S. imaging business continues to face pressure from effects of the Deficit Reduction Act (DRA) of 2005. In addition, the company's OEC subsidiary has not resumed shipping surgical supplies, as its regulatory suspension continues.
In its third-quarter report, parent company GE added that the balance of the healthcare business "is performing very well."
By AuntMinnie.com staff writers
October 12, 2007
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