GE Healthcare posted declines in revenue and profit for its first quarter, but mostly because the most recent figures did not include sales from the BioPharma subsidiary that it sold off in March 2020. GE Healthcare's organic numbers -- without BioPharma -- showed growth in the upper single digits.
For the period (end-March 31), GE Healthcare had revenues of $4.308 billion, down 9% compared to $4.727 billion for the same period last year. The company posted a net profit for the quarter of $698 million, down from 2020's $867 million.
However, not counting contributions from disposed assets like BioPharma, GE Healthcare saw revenues grow 7%, as well as a segment profit of $643 million compared with $493 million in the year-ago quarter.
As for orders, the company posted $4.472 billion in the first quarter of 2021, down 15% compared with $5.292 billion in 2020, although the company reported that orders were up 5% organically (accomplished by increased internal output and sales efforts).
The company reported growth across equipment and services, including imaging and ultrasound improving in double digits, the company said. In addition, orders for the company's pharmaceutical diagnostics grew 7%, and CT screening for cardiac disease and routine oncology and neurology screening are returning to levels seen before the COVID-19 pandemic.
In particular, ultrasound demand has been strong, according to the firm. It noted that during the quarter it launched Vscan Air, a wireless pocket-sized ultrasound device that can be used for whole-body scanning, and Venue Fit, a compact ultrasound device. During the period, the company also launched artificial intelligence software for cardiac imaging and a tool for displaying lung abnormalities for its Venue and Venue Go point-of-care ultrasound units.
