Clicky

  • Login
  • Register
  • Submit Your Content
  • Contact Us
Saturday, August 24, 2024
World Tribune
No Result
View All Result
  • Home
  • News
  • Business
  • Technology
  • Sports
  • Health
  • Food
Submit
  • Home
  • News
  • Business
  • Technology
  • Sports
  • Health
  • Food
No Result
View All Result
World Tribune
No Result
View All Result

GE HealthCare stock rises with the release of Q3 earnings report

October 31, 2023
in Health
Reading Time: 3 mins read
A A
GE HealthCare stock rises with the release of Q3 earnings report
0
SHARES
ShareShareShareShareShare

GE HealthCare stock rises with the release of Q3 earnings report

GE HealthCare reported its third-quarter earnings today, noting revenue of $4.8 billion, a 5% year-over-year revenue growth and 6% organic revenue growth, seeing its stock price rise. 

The company, which officially spun out of GE earlier this year, reported $375 million in net income compared to $487 million compared to the prior-year period, with a net income margin of 7.8% versus 10.6%, respectively. 

Adjusted earnings before interest and taxes (EBIT) were $744 million in the third quarter compared to $700 million in the same quarter last year.

The tech giant’s health division reported cash flow from operating activities at $650 million versus $622 million, up $28 million year-over-year, which the company attributes to strong inventory management. 

Free cash flow was $570 million, an increase of $22 million from the last year. 

“We delivered another strong quarter of revenue growth with margin performance demonstrating progress on productivity and price. Cash performance was strong as we leveraged lean principles to improve inventory management. We remain confident in our 2023 outlook as we continue to innovate for customers and patients,” GE HealthCare President and CEO Peter Arduini said in a statement. 

THE LARGER TREND

Since its official launch in January, GE HealthCare has reported a steady stream of revenue at $4.7 billion in Q1 and $4.8 billion in Q2.

The company has acquired Caption Health, maker of AI-enabled ultrasound guidance software, and French company IMACTIS, developer of computed tomography (CT) interventional guidance technology. 

It received FDA 510(k) clearance for its Precision DL deep learning image processing software and Portrait Mobile, its smartphone-sized wireless monitoring solution. 

In September, GE HealthCare announced it co-developed an AI algorithm with Mass General Brigham to help with scheduling predictions and formed a strategic partnership with Mayo Clinic, through which the pair will collaborate on research and product development focusing on precision care, AI and theranostics. 

The company also received a $44 million grant from the Bill and Melinda Gates Foundation to design AI-enabled applications and tools to assist less experienced health professionals in low- and middle-income countries with performing ultrasound scans for fetal and maternal health and respiratory diseases.

The tech-enabled healthcare company also signed a $44 million contract with the Biomedical Advanced Research and Development Authority (BARDA) to develop AI-enabled point-of-care ultrasound technology to help clinicians diagnose and treat lung pathologies and traumatic injuries to the head, chest and abdomen.

Credit: Source link

READ ALSO

Synapticure, Pearl Health partner to give personalized care to Medicare patients

Fusion Health rolls out EHR system for Ohio Department of Youth Services

ShareTweetSendSharePin
Previous Post

Ayaneo's Kun gaming handheld is an exercise in decadence

Next Post

As Inflation Slows, Businesses Report Declining Profit Margins: NABE Business Conditions Survey

Related Posts

Synapticure, Pearl Health partner to give personalized care to Medicare patients
Health

Synapticure, Pearl Health partner to give personalized care to Medicare patients

August 24, 2024
Fusion Health rolls out EHR system for Ohio Department of Youth Services
Health

Fusion Health rolls out EHR system for Ohio Department of Youth Services

August 23, 2024
Hackensack Meridian Health, CancerIQ partner on cancer risk, early detection program
Health

Hackensack Meridian Health, CancerIQ partner on cancer risk, early detection program

August 23, 2024
MAUI emerges from stealth with M Department of Defense contract
Health

MAUI emerges from stealth with $4M Department of Defense contract

August 23, 2024
APAC’s growing focus on genAI and more briefs
Health

APAC’s growing focus on genAI and more briefs

August 23, 2024
Latest wearable sensor in Singapore tracks diabetes, stroke
Health

Latest wearable sensor in Singapore tracks diabetes, stroke

August 23, 2024
Next Post
As Inflation Slows, Businesses Report Declining Profit Margins: NABE Business Conditions Survey

As Inflation Slows, Businesses Report Declining Profit Margins: NABE Business Conditions Survey

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

What's New Here!

Microsoft plans September cybersecurity event after CrowdStrike outage

Microsoft plans September cybersecurity event after CrowdStrike outage

August 23, 2024
The events to watch at the Paris Olympics on Monday, August 5

The events to watch at the Paris Olympics on Monday, August 5

August 5, 2024
Yankees soak in awestruck Little Leaguers prior to Tigers game

Yankees soak in awestruck Little Leaguers prior to Tigers game

August 19, 2024
Food Industry Executive’s Top 5 Articles for July

Food Industry Executive’s Top 5 Articles for July

August 1, 2024
2024 Ford Mustang Mach-E GT review: A thrilling mix of pedigree and electricity

2024 Ford Mustang Mach-E GT review: A thrilling mix of pedigree and electricity

August 1, 2024
Nvidia supplier SK Hynix posts highest profit in 6 years on AI chip boom

Nvidia supplier SK Hynix posts highest profit in 6 years on AI chip boom

July 25, 2024
Modi’s BJP in ‘internal battle’ over whether India needs Chinese investments

Modi’s BJP in ‘internal battle’ over whether India needs Chinese investments

August 1, 2024

About

World Tribune is an online news portal that shares the latest news on world, business, health, tech, sports, and related topics.

Follow us

Recent Posts

  • Phil Simms has problem with Tom Brady’s young QB ‘tragedy’ comments
  • Mike Lynch yacht probe: Passengers were likely asleep as storm hit
  • Tommy DeVito the biggest Giants storyline to watch in preseason finale
  • Minor league Threshers’ bat dog does wrong duty, poops on field

Newslatter

Loading
  • Submit Your Content
  • Contact Us
  • Privacy Policy
  • Terms of Use
  • DMCA

© 2024 World Tribune - All Rights Reserved!

No Result
View All Result
  • Home
  • News
  • Business
  • Technology
  • Sports
  • Health
  • Food

© 2024 World Tribune - All Rights Reserved!

Welcome Back!

Login to your account below

Forgotten Password? Sign Up

Create New Account!

Fill the forms below to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In