Ongoing supply-chain issues and global turbulence held back revenue growth and affected profitability for GE Healthcare in its first quarter. Orders were up 8%, however.
For the period (end-March 31), GE Healthcare had $4.363 billion in revenues, up 1% and up 2% on an organic basis compared with the $4.308 billion in revenues produced in the first quarter of 2021. Revenues from services were up 3% organically, while equipment revenues were flat organically.
The company said that growth was impacted by continued supply chain constraints, COVID-19 impacts in certain China regions, and lower volume in Russia and Ukraine.
On the bright side, orders reached $4.809 billion, up 8% from the $4.472 billion generated in the same period last year. These figures included 9% organic growth in healthcare systems and 4% organic growth from pharmaceutical diagnostics.
GE Healthcare had profit of $538 million for the period, compared with profit of $698 million a year ago.
