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GE HealthCare forecasts 2024 profit largely above estimates

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LA Post: GE HealthCare forecasts 2024 profit largely above estimates
Reuters
Reuters
February 06, 2024

(Reuters) - GE HealthCare forecast 2024 profit largely above Wall Street expectations and beat fourth-quarter profit estimates on strong demand for its imaging devices, sending the company's shares up 2% before the bell on Tuesday.

Demand for medical devices has seen a post-pandemic surge as customers, particularly older adults, in the United States are returning to hospitals for procedures such as hip and knee replacements.

Companies such as Johnson & Johnson and Boston Scientific topped sales estimates in the medical devices segment during their quarterly results.

GE HealthCare has four medical device businesses - imaging, ultrasound, patient care solutions and pharmaceutical diagnostics - with imaging being the largest.

The company's imaging segment reported revenue of $2.83 billion, narrowly beating estimates of $2.82 billion, according to LSEG data.

On an adjusted basis, GE HealthCare expects an annual profit of $4.20 to $4.35 per share, the midpoint of which was above estimates of $4.22.

Excluding items, the company earned $1.18 per share in the fourth quarter, compared to estimates of $1.07.

GE HealthCare reported total revenue of $5.21 billion, beating analysts' expectations of $5.09 billion.

(Reporting by Christy Santhosh in Bengaluru; Editing by Shounak Dasgupta)

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