Supply-chain shortages resulted in a 4% dip in revenue and lower profitability for GE Healthcare in its fourth quarter.
For the quarter (end-December 31), GE Healthcare had revenue of $4.625 billion, down 4% on both a reported and organic basis from the $4.823 billion produced in the fourth quarter of 2022. The company attributed the division's revenue decline to ongoing industry-wide supply shortages.
Revenues in its Healthcare Systems segment dipped by 5% on an organic basis, more than offsetting 2% organic growth in its Pharmaceutical Diagnostics segment, GE said. GE Healthcare had fourth-quarter segment profit of $762 million, down from $949 million in the same period a year ago.
For the year, GE Healthcare had revenues of $17.725 billion, down 2% on a reported basis but up 1% organically from the $18.009 billion produced in 2020. The healthcare division had 2021 profit of $2.966 billion, down from $3.06 billion last year.
Looking ahead, GE Healthcare expects to produce low-to-mid-single digit revenue growth in 2022, driven by commercial efforts and new product launches.
